Yay free monies!

[Red Squirrel]

Actually, I might invest this money anyway, so it all comes up to the same thing in the end. I'll probably put it in my TFSA as GICs or something. I can select when I go to deposit, does not have to be just savings.

 

[brianmanahan]

I made 74k and paid 16k tax, if I'm reading the form correctly. The tax is actually way lower than I figured given the high income. Of course there's other deductions too, but as far as taxes go, it's 16k for the whole year. And remember, we don't pay taxes on game winnings here, so if you win the lotto, or win in a casino, or win a new car from some contest, you don't pay taxes on that here. And we get free healthcare! :biggrin: People may argue "but it's not free" but look at it this way, if they suddenly decided to charge for it, do you really think they'd lower the taxes? Of course not. So it's free.:biggrin:

whoa, is that including province and local? if so, its only like %1 more than i paid

and thats with getting a big deduction because of 401k

and doesnt include the couple thousand i had to pay for health insurance!

:hmm:

 

[Red Squirrel]

whoa, is that including province and local? if so, its only like %1 more than i paid

and thats with getting a big deduction because of 401k

and doesnt include the couple thousand i had to pay for health insurance!

:hmm:

That's just income tax, so federal only I think? Provincial is HST (sales tax) and municipal is separate too, paid per month. Or maybe some of it is provincial too... I honestly don't know. Municipal is a hard hitter though, I pay close to 400 per month including sewer and water. Then again pretty sure it's way higher in bigger cities, where the houses themselves are much higher too. So I'm fairly well off making this money and being in the north.

 

[Schfifty Five]

what a tool. Don't you know you could have put that money in a .01% savings account instead of overpay to the gov. I mean you'd have a a whole $27.60 more that way. So worth the hassle :awe:

$2,760 * 0.01% = $0.276