At 42.1%, taxes eat up more of your income than any other single family expense If you asked average Canadian families what their largest expense is, many would probably say: housing. And, you can’t blame them. Mortgage and rental payments are a painful monthly reminder of how much we pay for this basic necessity. But
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Income
Income Splitting
on April 16th, 2012
Under our current tax system, the higher one’s income; the greater the percentage of taxes that must be paid to CRA. As a result, a family with 2 people earning $50,000 each would pay far less taxes than a family with one person earning $100,000. With this in mind, it makes sense to spread income among family members in order to lower the overall tax burden.
Why Measurement Matters in Income Inequality
Oversimplifying this issue to arrive at predetermined results risks making the situation worse Canada, like most industrial countries has its fair share of economists and politicians arguing that Canada has an inequality crisis requiring large-scale, even unprecedented government intervention to solve. More often than not the issue of inequality and how we measure it is