TAX THE RICH?? Not So Fast | Are Canadians Paying Too Much in Tax? | Understanding the Marginal Tax Rate
Control and Compound with Darren Mitchell · Control and Compound Financial | BNV Media
Audio is streamed directly from the publisher (traffic.libsyn.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
On today's episode it's all about the tax! Darren and Christina break down federal and provincial income taxes and go through what Canadians pay at different income levels. They also chat about the importance of paying attention to your marginal tax rate. Do the rich pay enough in tax? You might be surprised by the answer. Tune in now!
Show notes:
00:00 - Introduction
1:55 - Breaking down the federal income tax
3:35 - Breaking down provincial income tax
5:00 - What do federal taxes on yearly income of $106,000 look like?
7:30 - Example of using tax calculator for provincial tax on yearly income of $50,000
10:15 - How is overtime taxed?
11:45 - Example of using tax calculator for provincial tax on yearly income of $100,000
13:00 - Example of using tax calculator for tax on yearly income of $1,000,000
15:50 - Measuring the progressiveness of taxes in Canada
TAKE CONTROL OF YOUR MONEY NOW: https://www.controlandcompound.com/contact-us
FIND US ON:
INSTAGRAM: https://www.instagram.com/controlandcompound/
TIKTOK: https://www.tiktok.com/@controlandcompound?lang=en
FACEBOOK: https://www.facebook.com/controlandcompound
JOIN OUR FACEBOOK COMMUNITY: https://www.facebook.com/groups/controlandcompound
TAX TIPS: https://www.taxtips.ca/index.htm