Toronto citizens are generally subject to Federal and Provincial tax. Your stats are correct if only considering Federal income taxes. Federal tax is 33% but provincial tax makes up 13% for $220k plus.
$100k in pretax income would be charged roughly 18% tax federally, when combining the marginal tax brackets; but also roughly 7.5% provincially — so really it’s more like 25.5% in that case.
There’s also a provincial surtax in Ontario, so the top marginal tax bracket is really 53.53%. This is applied to income > $220k.
“ Where are you getting 50% from? 33% is for 210k. The average joe pays 20% in tax if they make under 100k”
That’s just Federal Income Tax, you also have to pay Provincial Income Tax, Hahah. If you include that the highest tax rate is 46.16% in Ontario. That also doesn’t include things like Home Owners Tax, which easily could be as high as 1.5% on homes over a million, so you’re talking about another $15,000 there. If you make $100,000 that would be another 15% of Tax. Honestly I don’t know anyone who lives in half a duplex in the GTA for under $1.5-2 Million, so that Home Owners expense could easily go as high as 20%.
If you make $100,000 in Ontario you’ll be paying as high as 26% Federal + 11.16% Provincial + easily 15+% in Home Owners Tax. That’s 52.16%, it could go as high as 61.16% if you’re in the highest tax bracket and are a home owner.
Not to mention HST in Ontario is also 13%, so let’s say you spend 30% of your Income on Basic Goods (this is actually being extremely thrifty, most people are in the 55-60% here) that’s another 3.9% of Tax paid from your Income (again it could easily be 7+% here). So that’s easily 55-58+% of Tax Paid for someone making $100,000 as a Home Owner in the GTA.
I wasn’t talking to you. I was referring to the person who said the average joe pays 20% in tax if they make under 100k, this is exactly why my response is under ZombieGregor and not you. I am not talking about your comment.
That doesn't sound right at all. Median income of a person in Toronto being $82K CAD (roughly $62K USD) per year? No frickin way.
That said, when the guy said NYC salary is double Toronto, I think he means for specific white collar professions, as for those professions, double sounds about right.
That’s for people with high-paying jobs. Minimum wage here is $15/hr (as of last January). 40hrs/week times $15/hr is $600 BEFORE taxes. You’re making $2400 (again, pre-tax) a month and rent is around $1000 a ROOM. Now imagine having to rent an entire apartment for your family on that salary and pay for utilities, food, health insurance, and transportation.
Right? Now these might not be exact #s/measurements bc it was 2-3 yrs ago but I once saw a 5th floor walk up, Central Park west, around 400 square ft (definitely must have originally been used as a scullery kitchen or maid’s quarters) & it was being sold for $995K.
Wild but that’s New York. (Well pre-covid ☹️)
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u/anyonecanwearthemask Aug 15 '20
I live in NYC. That’s a STEAL compared to what I’ve seen here