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