this post was submitted on 17 Jan 2024
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Smh how 250k is the cutoff for highest bracket. Add brackets all the way up to 10M / 60% please.
I make less than $16k per year yet am in the same bracket as someone making $55,867 per year ... which seems like some dystopian hellhole I'm never gonna dig myself out of.
Just because you're in the same bracket it doesn't mean you end up paying the same overall percentage at the end of the day.
Like the other comments mentioned, there's a basic personal amount to be deducted from so they don't start taxing you the first dollar you make.
Also in those income levels you get more back in the form of Canada Workers Benefit, a refundable tax credit which alone is probably enough to put your tax balance in the negative. On top of that you get more GST/HST credit, and if you're in BC a $0 deductible with pharmacare.