Timeline for Minimize taxes now that I earn more
Current License: CC BY-SA 4.0
35 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jun 16, 2020 at 10:49 | history | edited | CommunityBot |
Commonmark migration
|
|
| Sep 19, 2019 at 8:22 | comment | added | Mazura | @Roger - "Do you trust your wife?" [gets thrown off of roof] | |
| Sep 19, 2019 at 7:24 | comment | added | Criggie | Does your employer offer company shares in lieu of salary/wages ? That will likely delay the tax until you sell those shares, if ever. | |
| Sep 19, 2019 at 3:15 | history | protected | Chris W. Rea | ||
| Sep 18, 2019 at 20:25 | comment | added | Beanluc | "Arnold loves paying taxes. He always says, 'if I'm paying a lot in taxes, I must be making a lot of money.' --stated to the press by Arnold Schwarzenegger's campaign manager in his first California gubernatorial run. Most honest statement about tax and income I've ever heard. I wish people would stop pretending that when they make more money they take home less because of the progressive tax structure. | |
| Sep 18, 2019 at 15:58 | comment | added | Michael Seifert | @Roger: Note that in Canada, the OP would have to marry someone who has very little income (less than ~ CAD 12,000 per year) to see any tax benefit. There's no "married filing jointly" status in Canada like there is in some other countries; you just get a credit on your individual return if you're supporting a spouse. (You may already have known this, but I figured I'd throw it out there for other readers just in case.) | |
| Sep 18, 2019 at 14:41 | comment | added | IronSean | @jcm It's not impossible that's the case, but only Nunavut has a Marginal rate at or below 45%, so statistically there's a better chance he's from QC and actually paying that much in average.But mostly just wanted to put out that both are possible. | |
| Sep 18, 2019 at 14:34 | comment | added | jcm | @IronSean thanks for clarifying, I misunderstood from the OP that 45% was the marginal rate. The way it was phrased made me think OP was under the common misconception that getting a raise somehow lowers take-home pay. | |
| Sep 18, 2019 at 14:26 | comment | added | IronSean | @jcm 45% is applied to his whole salary if he lives in Quebec or NS where the average rate across his income rounds to 45%. | |
| Sep 18, 2019 at 14:06 | comment | added | IronSean | @Gainz at $350,000 salary income the Average taxes paid in Quebec and NS are 44.84% and 44.58%, with marginal rates at 53.31% and 54%. That also raises one solution: Move to Nunavut and pay average 36.17% taxes. | |
| Sep 18, 2019 at 3:20 | comment | added | jcm | Just to clarify, 45% isn't applied to your whole salary. | |
| Sep 17, 2019 at 20:38 | answer | added | Jeutnarg | timeline score: 7 | |
| Sep 17, 2019 at 18:15 | answer | added | user1781498 | timeline score: 2 | |
| Sep 17, 2019 at 17:18 | comment | added | JBentley | @R.. Per the OP's question, he is "perfectly fine with gifting to people I know personally". The "personal loss" that you question the logic of is cancelled out by the fact that he is giving money to people he is happy to give money to. | |
| Sep 17, 2019 at 16:56 | comment | added | Criticizing Israel not allowed | @brian To play devil's advocate: if there is a way to reduce your tax, then the government put that there because they want you to pay less tax, and if you don't use it, then you are donating extra money to the government. People have the responsibility to pay tax, but they have the responsibility to pay the right amount of tax, not the responsibility to pay as much tax as possible. | |
| Sep 17, 2019 at 16:08 | history | edited | Ganesh Sittampalam♦ | CC BY-SA 4.0 |
removed the controversial and irrelevant "living wage" from subject
|
| Sep 17, 2019 at 15:51 | comment | added | Upper_Case | Would you be willing to mention how much you were earning before this promotion, and what your tax rate was then? As described it sounds like your question is calling for relatively high end tax strategies as a result of your recent income rise, and some other options may be left out of answers if they are available to more people, as it might be assumed you're already employing them. | |
| Sep 17, 2019 at 15:49 | comment | added | Gainz | Anyway you will not be able to save a lot of taxes while being an employee for a company. You already knows the easy ways to save some taxes. While I agree that we pay too much taxes in Canada, we still get free healthcare and cheap schoolarship fees. Anyway congratulation for the promotion! But you're salary is not a living wage also if you want more info on reduction of taxes, you'll have to tell us what province you live in because Canada itself doesn't take 45% in taxes. | |
| Sep 17, 2019 at 14:38 | comment | added | Gainz | @Tonio In which province do you live? | |
| Sep 17, 2019 at 14:35 | comment | added | Aubreal | Not saying I agree with it, just explaining some people's rationale. | |
| Sep 17, 2019 at 14:34 | comment | added | Aubreal | @R.. a lot of Canadians resent our current government, and want to contribute as little as possible to the causes on which they are spending national funds. In this case it's like saying "I'd rather waste my money than have it spent on that". | |
| Sep 17, 2019 at 12:49 | comment | added | R.. GitHub STOP HELPING ICE | So, you want to take action to harm others even if it results in personal loss to yourself? Why?? | |
| Sep 17, 2019 at 1:30 | history | became hot network question | |||
| Sep 16, 2019 at 21:36 | answer | added | Dugan | timeline score: 4 | |
| Sep 16, 2019 at 19:00 | comment | added | Roger | How do you feel about marriage? | |
| Sep 16, 2019 at 18:19 | comment | added | Cloud | @DStanley Maybe OP thinks that he/she can gift money to friends who can't max out their RRSP headroom so that they can contribute more to their own RRSPs (and receive a refund at year end, which would draw more from the taxpayers' coffers). OP seems obsessed with minimizing money paid as taxes in general or finding creative ways to siphon from the tax pool and passing the benefit on to friends (i.e. views the government as an adversary). | |
| S Sep 16, 2019 at 18:12 | history | edited | yoozer8 | CC BY-SA 4.0 |
trimmed to essentials
|
| S Sep 16, 2019 at 18:12 | history | suggested | Charles Fox | CC BY-SA 4.0 |
trimmed to essentials
|
| Sep 16, 2019 at 18:00 | history | tweeted | twitter.com/StackFinance/status/1173657983752056832 | ||
| Sep 16, 2019 at 17:59 | comment | added | D Stanley | According to this, gifts are not deductible for the giver, so how would this reduce your tax burden? | |
| Sep 16, 2019 at 17:54 | answer | added | Pete B. | timeline score: 61 | |
| Sep 16, 2019 at 17:39 | comment | added | brian | Trying to minimize taxes used to pay for welfare and subsidized university? I'm with you philosophically on reducing taxes but the irony is too much. | |
| Sep 16, 2019 at 17:35 | review | Suggested edits | |||
| S Sep 16, 2019 at 18:12 | |||||
| Sep 16, 2019 at 17:30 | review | First posts | |||
| Sep 16, 2019 at 17:35 | |||||
| Sep 16, 2019 at 17:29 | history | asked | Tonio | CC BY-SA 4.0 |