OT: Canadians Paying More Taxes Next Year

[puckhead103*]

i wonder with NHL free agency...high taxation may drive many NHLer free agents to the US and away from canada since some canadian cities have higher tax rates.....(montreal has higher tax rate)

and also many canadian hockey fans may stop buying tickets when they find out their disposable income is being eaten away by these same high taxes...

having to paying out higher taxes in canada may not be good for cities like edmonton, calgary, and quebec..... where those cities are seeking public funds to pay new arenas....it will cause anger among canadian taxpayers if they see their taxes going both into the government's and hockey owners' pockets....

http://money.canoe.ca/money/mymoney/canada/archives/2010/12/20101228-102410.html

Virtually all workers in this country will take home less of their paycheque next year, according to the Canadian Taxpayers Federation’s latest calculations.

The CTF’s annual projections found Canadians at a variety of income levels and in various family situations will fork over on average 2% more of their earnings to the government starting Jan. 1. That will amount to at hundreds, if not thousands, of dollars less in your wallet next year.

“Nearly every working Canadian will be paying more in income and payroll taxes in 2011,” said Derek Fildebrandt, CTF national research director.

Click to read more...

 

[MAROONSRoad]

In other news today, Loonie hits parity.

The Canadian dollar once again hit parity with the U.S. greenback on Tuesday.

The loonie glided to 100.05 US cents just after noon, up from 99.4 cents US at the start of the day.

http://www.torontosun.com/money/2010/12/28/16691096.html

GHOST

 

[GreatCanadian]

The way I see it, it might tighten the belt a bit, but all 6 Canadian teams are doing very well (Ottawa is at 96% attendance, and all five others are at 100%+ ). I think for a lot of people it is a matter of priority. Most people who are able to pay for NHL season tickets or game tickets, an extra few hundred in taxes will not necessarily stop them from going or put them in a mess financially.

I don't know what kind of demand for season tickets a city like Ottawa, Edmonton and Calgary have, but I know that for Montreal, Toronto and probobly Vancouver there is already a waiting list and all it might do is shift hands for a few of them, and maybe make a slight dent in the waiting list.

 

[Jeffrey93]

i wonder with NHL free agency...high taxation may drive many NHLer free agents to the US and away from canada since some canadian cities have higher tax rates.....(montreal has higher tax rate)

and also many canadian hockey fans may stop buying tickets when they find out their disposable income is being eaten away by these same high taxes...

having to paying out higher taxes in canada may not be good for cities like edmonton, calgary, and quebec..... where those cities are seeking public funds to pay new arenas....it will cause anger among canadian taxpayers if they see their taxes going both into the government's and hockey owners' pockets....

http://money.canoe.ca/money/mymoney/canada/archives/2010/12/20101228-102410.html

I'm sure a well paid NHLer can find ways to avoid 2% in taxes...well, their accountant/tax man can.

What do NHLers wind up paying in taxes in the US anyway? With all these States having these entertainment taxes (or whatever they are called). I seem to recall a thread about some Red Wing griping that a lower paid NHLer would be paying to play in Nashville or something like that.

I'm sure the NHLers are like me and piles of other people...not very educated on taxes and have 'a tax guy' that does all that for them.

 

[danishh]

if that's the price we have to pay to avoid the type of poverty that exists in countries like the US, i'm fine with it. I doubt this really effects nhlers decisions that much. They already knew they would pay more in canada, a slightly bigger gap wont be changing their decision.

 

[VelvetJones]

I thought I read that once you get into the really high income numbers it isn't that big of a difference between US and CDN tax rates (Montreal not included).

 

[Acesolid]

Pff... those taxes are more then completely nullified by the constantly lowering value of the US dollar (we're even at parity now) and the uncertain economic situation in the States.

So in my opinion it's more advantageous then ever for someone to go play hockey in Canada.

 

[Confucius]

Phht it's nothing compared to the increases coming to the U S, doubling from 15 to 28 percent. WTF?

Puckhead your avator is so appropriate

http://www.metrolic.com/us-citizens-could-end-up-paying-higher-income-taxes-135237/
Thus, unmarried Americans with annual incomes between 26,250 and 34,000 dollars, as well as families which earn between 43,850 and 68,000 dollars per year, which currently is on the stage of taxation of 15%, are likely to wake up in 2011, with a tax burden almost double, of 28%.

 

[kdb209]

Phht it's nothing compared to the increases coming to the U S, doubling from 15 to 28 percent. WTF?

Puckhead your avator is so appropriate

http://www.metrolic.com/us-citizens-could-end-up-paying-higher-income-taxes-135237/
Thus, unmarried Americans with annual incomes between 26,250 and 34,000 dollars, as well as families which earn between 43,850 and 68,000 dollars per year, which currently is on the stage of taxation of 15%, are likely to wake up in 2011, with a tax burden almost double, of 28%.

No. That article (from October) was what could happen if the Bush Era tax cuts were not extended. They were extended just before Christmas (on all incomes, not just those <$250K as the Democrats wanted), so there will be no increase in income tax rates next year- and actually a 2% reduction in FICA (Social Security payroll tax).

 

[AllByDesign]

NHL players, in general, are at the highest income tax levels regardless of which side of the border they reside. The changes will be inconsequential.

 

[Fourier]

These are increases in UI premiums and in contributions to the Canada Pension Plan. We are talking about a few hundred dollars not a 2% across the board increase.

BTW the top marginal tax rate in Alberta is 39% on earned income for incomes over $128K. For hockey players this is less than it would be in many states.

Of course how much tax someone actually pays is a complicated matter.

 

[King Woodballs]

if that's the price we have to pay to avoid the type of poverty that exists in countries like the US, i'm fine with it, I doubt this really effects nhlers decisions that much. They already knew they would pay more in canada, a slightly bigger gap wont be changing their decision.

I dont know where you get your info but there is a boat load of poverty in this country

I drive through it twice a day to get to and from work

 

[Fourier]

I dont know where you get your info but there is a boat load of poverty in this country

I drive through it twice a day to get to and from work

Compared with many other places in the world poverty in Canada is pretty isolated and much less severe. But given our resources, even the existing level is unacceptable.