KenC

@Methhoar @GadSaad If you mean "most people would find that is a fair rate" then no, I'm not kidding. Now I am not a polling company, so I haven't polled it out. But I do believe that most people (eg those not on X all day long) would say that is a reasonable rate of tax for cap gains.

@kencu_web @GadSaad You’re kidding right?

One more thought about parasitic taxation and I'll head off for some exercising. What should be the maximal ceiling of your yearly income that the governments should be able to take? Is it 50%? 60%? 70%? 80%? 95%? What is the philosophical, moral, and ethical precept that guides your response? For example, if you were to say that a government must create equal wealth distribution across all citizens then the government could conceivably take 99.99% of a a very wealthy person's income to achieve that objective. So in your view, how much of your earnings does a government have a right to in a free society? I'm being genuine here. You don't need to insult me, attack me, etc. I'm interested in your responses.

@Methhoar @GadSaad rcgt.com/en/tax-plannin…

@Kurtis_Hastings @GadSaad Quebec income taxes were described in a separate post. They are for all intents and purposes identical to "blue state" USA, eg New York state. We also have provincial sales tax (except Alberta), and, an additional "Goods and Services Tax". That last one was a tough sell, TBH.

@kencu_web @GadSaad So your answer is 26.65% - after that your exempt from all other forms of taxes?

@FunOfInvesting What would you suggest is a fair way to treat people who have substantial capital gains and plan to leave the country with them? Just let anyone who wants to do that be on their way, tax-free? Really?

The amount of people virtue signaling to blindly defend the idea of an exit tax from a moral perspective is not only staggering; it’s also the fundamental reason why Canada is in a state where it needs an exit tax in the first place to suppress the brain drain growing every year.

@wez569 @GadSaad You sound like a good, solid person, hard working, love your country and proud of it. Can't ask for more. Hope all works out well for you.

@kencu_web @GadSaad You're right, it's less than they could pay me, but it is what it is. My premium is $45 every two weeks, they pay like $200 - $300 a month. They also have to match the 15% they take out for social security too.

@wez569 @GadSaad I max mine out (TFSA) every year. It's the best deal out there, although not enough to retire on unless you invested it in NVIDIA or something similar. Some folks tell stories of those kinds of windfalls. Lucky pucks.

@kencu_web @GadSaad Roth is the smart thing to do... especially if you're young. All those gains, tax free.

@wez569 @GadSaad You sound like you deserve a good retirement. Hope it works out. A Canadian nurse would compare very favourably with the life you describe. My guess is the two of you, sitting poolside, couldn't tell the difference between you.

@kencu_web @GadSaad So, converting that amount, I have ZERO taxable income for 5 years. Get most out, and save myself a lot of taxes. Sounds better than continuing to work actually. I wont live forever.. I have never had any debt, and saved my entire life.

@wez569 @GadSaad Having your employer fund your health care premiums reduced your salary by that amount, and it is the exact same thing as paying that money in tax. It's just a matter of whose hands the money goes through.

@kencu_web @GadSaad My wage has gone up every year. I work 8 hour shifts, 7 days every 2 weeks. Was thinking of dropping to 5 days every 2 weeks. I may quit in 2 years. Haven't decided. I could quit now and live off my cash savings for at least 15 years alone. I've paid enough taxes over my life.

@wez569 @GadSaad So if a Canadian decided to only use his TFSA, funded with after tax $$ as it is, then that person could withdraw steadily over the years tax-free too, same as you. You already paid the taxes, basically (appreciation in both Roth and TFSA is tax free).

@kencu_web @GadSaad Standard deduction is right around $15,000. After 59 1/2 years old, no penalty. Before, a 10% penalty on withdrawals on top of ordinary income. I can move $15,000 - $20,000 a year from 60-65 til my pension kicks in, wait til 67 - 70 for social security, and pay no taxes.

@wez569 @GadSaad You paid for that with a decrease in your salary over the years, overtly or not. In Canada, it is paid by taxes. It's the exact same thing.

@kencu_web @GadSaad I have awesome health care... My Nurses Union has fought since the 1980's to simply not go backwards. I am covered 100% after my max out of pocket of $2250 a year, which is less than 1 ER visit.

@wez569 @GadSaad And if there is -- don't hold your breath that it will last much longer, because that is just silly policy.

@kencu_web @GadSaad I can retire at 59 1/2, show no income, live off my savings, convert my traditional 401 K/IRA to a Roth to avoid taxes, show no income, and get insurance for 0 dollars and 0 cents.

@wez569 @GadSaad That question came up - there were people who felt that should be supported, but after debate the overall population rejected that. theglobeandmail.com/opinion/articl…

@kencu_web @GadSaad Get depressed in Canada... they'll recommend assisted suicide...

@wez569 @GadSaad You can in no way lead me or anyone to think that the average non-rich American has anything like good health care. US life expectancy is at least 5 years less than in Canada.

@kencu_web @GadSaad My health care Premium is $90 a month. I have a $500 deductible. Max out of pocket in a year is $2250 and I can go to the worlds best doctors. There's a reason rich Canadians, the rest of the worlds richest people come to the USA for treatment.

@wez569 @GadSaad but @wez569 -- once you add in your -- what, $1500 monthly health care premium, and many other benefits that are included in Canadian taxes, you may feel it's not such a bad deal...

@kencu_web @GadSaad I like the USA's 15% max for any held over a year better...

@chowfun03 @Habs_1 @GadSaad I never indicated I was for it, and stop your childish insults. That's not how you discuss things. I'm indicating Canada is far from the worst for taxes. And there are many who would like to increase them. So vote wisely!

@kencu_web @Habs_1 @GadSaad The fact that you think that’s going to happen and are for it shows how dumb you really are. I know they’re trying but it won’t happen. Capital will flee and tax receipts will drop dramatically. Stop thinking the people work for the government. It’s the other way around

I’m unable to deal with the theft of much of my accrued book royalties and other creative endeavours. I’ve worked night and day for decades; nearly all of my money was generated outside of Canada, yet the provincial and federal governments felt that they are owed more than 55% of my earnings even though my taxes on my professorial salary is already more than what most Canadians pay in taxes. It is a criminal exercise bereft of fairness or morality. I hold out hope that I will somehow be granted financial cosmic justice.

@GadSaad About half of the US population supports increasing the tax rate to a higher level it appears.

@GadSaad The combined marginal tax rate in Quebec for earnings is 53.31% for income exceeding $258,482. The maximum total marginal tax rate for an individual earning W-2 wages in New York State is 54.126% if they live in New York City, or 50.25% if they live elsewhere.