News Article: Canadiens wrapped up in legal tax evasion leak - Paradise Papers

[Habs Halifax]

It simply does not look good. When your struggling young professional has to give up half of an already pretty low salary, only to see this huge business company try to avoid paying their share of taxes, it just does not look good.

It is true, it does not look good and I agree with you. However, it's not up to the young professional and the company to set the rules. They are only working within the rules or what they can get away with.

 

[le_sean]

If you give have your income in taxes, you don't have a "pretty low" salary.

Well he’s exagerrating a bit but if you make $45K, 20% goes to the feds and an additional 20% to the province. So almost half and that’s not a big salary at all.

 

[Kriss E]

If you give have your income in taxes, you don't have a "pretty low" salary.

How much tax do you pay if you make 50K in Qc?

 

[Adamcrazy3]

How much tax do you pay if you make 50K in Qc?

Around 11k.

 

[Habs Halifax]

The people who shamed Harvey Weinstein and Kevin Spacey disagree with you. I bet Geoff Molson and Galen Weston would have preferred this story was swept under the rug too.

Sexual Abuse vs Business Ethics. What matters to you more is an interesting conversation. Both need law to keep people accountable and hopefully keep them away from breaking the law.

 

[Kriss E]

Around 11k.

You counting federal and provincial there?

 

[Adamcrazy3]

You counting federal and provincial there?

Yes.

 

[CHaracter79]

Governments have tons of moneys after raping the restaurant and construction industries with unauthorized audits and penalties based on estimates and arbitrary assessments.... they have Agents posing as clients to see if a mom and pop shop dish out an invoice and if they fail to do so they get slapped with a 500$ penalty. Gst and Qst audits based on arbitrary assessments in a system where you are guilty until proven innocent. Thousand of montrealers closing their business because of high tax rates and no tax exemptions. Penalties equal to duties. Government agents getting kickbacks from their employer for collecting from these citizens. and so on and so on...

 

[ColinO]

Well he’s exagerrating a bit but if you make $45K, 20% goes to the feds and an additional 20% to the province. So almost half and that’s not a big salary at all.

The combine rate is about 37% but there is a basic exemption for the first $11,500 of income so it would actually be significantly less than that at about 27.5% combined on $45,000.

 

[MXD]

Well he’s exagerrating a bit but if you make $45K, 20% goes to the feds and an additional 20% to the province. So almost half and that’s not a big salary at all.

You don't pay taxes on your first 12K or something like that.
So that's really only 33K you pay tax on.

Plus you pay 20%X2 only for a tiny, tiny amount, since 45K isn't that much above the first bracket (and that 20% is pretty much the percentage for the second bracket, to both jurisdictions). So, really, you only pay 20%+20% for about 5K.

How much tax do you pay if you make 50K in Qc?

I don't know... maybe a bit more than 10K all in all?

 

[CHaracter79]

its actually 13k if you included pension parental and Employment insurance..

 

[MXD]

The combine rate is about 37% but there is a basic exemption for the first $11,500 of income so it would actually be significantly less than that at about 27.5% combined on $45,000.

Thanks for explaining clearly and intelligently what I explained unclearly and stupidly.

 

[CHaracter79]

employers pay 17% of employer benefits throughout the year including HSF which is medical.

 

[Hockey POTUS]

Sexual Abuse vs Business Ethics. What matters to you more is an interesting conversation. Both need law to keep people accountable and hopefully keep them away from breaking the law.

They both matter to me. Though not equally so, they are both shameful. And shameful behaviour, especially by the powerful, deserves to be shamed. Molson, Weinstein and Spacey all have power in common. And I'm all for interesting conversations.

 

[Adamcrazy3]

The combine rate is about 37% but there is a basic exemption for the first $11,500 of income so it would actually be significantly less than that at about 27.5% combined on $45,000.

It's only 31% for the first 43k..

You don't pay taxes on your first 12K or something like that.
So that's really only 33K you pay tax on.

Plus you pay 20%X2 only for a tiny, tiny amount, since 45K isn't that much above the first bracket (and that 20% is pretty much the percentage for the second bracket, to both jurisdictions). So, really, you only pay 20%+20% for about 5K.




I don't know... maybe a bit more than 10K all in all?

It's not even 40%.. it's 31% combined on the first 43k

 

[le_sean]

You don't pay taxes on your first 12K or something like that.
So that's really only 33K you pay tax on.

Plus you pay 20%X2 only for a tiny, tiny amount, since 45K isn't that much above the first bracket (and that 20% is pretty much the percentage for the second bracket, to both jurisdictions). So, really, you only pay 20%+20% for about 5K

And that is still higher than the corporate tax rate

 

[Habs]

Good, all of the hard working canadians and businesses pay too much taxes, so the many entitled and unwilling can live without lifting a hand. If you can find a loophole, you take it.

 

[Frozenice]

The central bankers will fix these cheating clowns in a few years. The bankers want to keep their monopoly on the money industry and they'll be ruthless and ugly about it. One day out of the blue they'll have a banking holiday, introduce crypto currency and blamo! like a baseball bat hitting their frontal lobes they'll make the tax cheats and their offshore money worthless. It's a game that never gets old, they just find new ways of gaming the system.

 

[MXD]

It's only 31% for the first 43k..


It's not even 40%.. it's 31% combined on the first 43k

Thanks. I mean, I gather that this DOESN'T include the base exemption. 31% @ 43K seems high.

 

[Kriss E]

You don't pay taxes on your first 12K or something like that.
So that's really only 33K you pay tax on.

Plus you pay 20%X2 only for a tiny, tiny amount, since 45K isn't that much above the first bracket (and that 20% is pretty much the percentage for the second bracket, to both jurisdictions). So, really, you only pay 20%+20% for about 5K.




I don't know... maybe a bit more than 10K all in all?

Weird, some people are telling me it's about 40%.
I recall paying way more than what would be 20% of 50K, but it was a while back so don't remember quite clearly.
Could be wrong.
Are you guys only talking about income tax? Because I am including everything, all form of taxes.

 

[CHaracter79]

the tax rate in quebec in 48% once you hit 100k

 

[Habs Halifax]

They both matter to me. Though not equally so, they are both shameful. And shameful behaviour, especially by the powerful, deserves to be shamed. Molson, Weinstein and Spacey all have power in common. And I'm all for interesting conversations.

Only fair and effective way to police is with LAW IMO. It's proven over time but we need to constantly review and improver our Laws as the people and world is evolving. Shaming people helps but I rather see rules set and enforced. If you break the law, you face a judge and you also get shamed.

 

[le_sean]

Weird, some people are telling me it's about 40%.
I recall paying way more than what would be 20% of 50K, but it was a while back so don't remember quite clearly.
Could be wrong.

It also seems to be more expensive to be single in Québec than it is to have kids.

 

[Adamcrazy3]

the tax rate in quebec in 48% once you hit 100k

48% only on the additional income.. anyone who makes over 100k is probably in the top 10% or 5% so majority of people don't pay 50% of their salary on income taxes

 

[Habs Halifax]

Weird, some people are telling me it's about 40%.
I recall paying way more than what would be 20% of 50K, but it was a while back so don't remember quite clearly.
Could be wrong.
Are you guys only talking about income tax? Because I am including everything, all form of taxes.

East coast of Canada is around 40% in income tax (Provincal, Federal, etc). Problem is the tax brackets you are in and this will change based on the salary you have and how much you invest to offset your taxes. The variables vary