Tag Archives: income tax

(1144) Tragedy & comedy in the financial trenches


Breaks for earners over $100K per year.
Breakdowns for workers.
Tragedy:
Financial challenges mount for millions of Canadians because of income volatility, study finds
business.financialpost.com
Comedy:
CBC Investigates: number of highest-earning Canadians paying no income tax is growing. CBC analysis reveals about 6,000 earning more than $100,000 got legal break in 2014
cbc.ca/news
image: Images Money via Flickr/CC

(871) Tax the rich

7134294207_4beca17693_zGood numbers from the Canadian Centre for Policy Alternatives indicating the rich here could cough up a little more.  Presently, the one percenters in Canada pay income tax at a rate of just over 30%.  CCPA suggests a rate of 65%.  Seem steep?  This demographic paid 70% from the Second World War to 1980.  Incidentally, those decades contained some of years in which Canada posted record economic growth and development.

How much income tax could Canada’s top 1% pay?

image: Philip Taylor via Flickr/CC

(861) Tom & Mary

2983227746_b222448175_zElection 42 is peaking as we write.  What a doozy: far too long and no attention for poverty.  Too much focus on personalities.  And wasn’t that a Tory Prime Minister flaunting his relationship to track-suited one-time wild man Rob Ford at some kind of rally in Etobicoke the other day?  We certainly heard about the economy a fair bit over the last several weeks.

Lowest point: the high level disinterest in the women’s issues debate.  Highest point: …uh, we’ll get back to you on that.

Setting aside the big picture, waiting for the polls to come in all across our very wide nation we can zoom in on one particular economic situation in search of Canadian reality.  Think we’ll forward this to the legal department. Tax evasion advice from a major newspaper?  Don’t know, maybe?

How a couple with a net worth of $10 million and annual income of $215,000 can pay $0 in income tax
financialpost.com

image: Philip Bond via FLickr/CC

(716) Mad money

big splitCanada’s federal Tories have talked up their income splitting plan as a form of relief for families, something to strengthen the country.  Critics are pointing out that the benefits of this three billion dollar giveaway are directed nowhere near those most in need.  The Broadbent Institute has released material that mocks the new tax mechanism as belonging to a long gone era.

Op-ed: Income splitting a tax gift for the affluent

How much money is $3-billion infographic

image: screenshot Broadbent Institute site