How do they spend your money?
A: “The tax rates charged for your personal income tax in British Columbia are the same in British Columbia as they are around the world. You’re not paying any more tax.”
Q: What other countries pays the same rates or below tax rate on money earned in B.C.?
A: “Yes, Switzerland and Japan. Canada as a tax jurisdiction can be quite competitive, compared to most of the world.”
Q: What the heck is going on with our tax rates?
A: “The Canada Revenue Agency (CRA) is the tax agency for the provinces/territories of Canada and Alberta. You are going to find that they charge the same tax rate for Canadians as they do elsewhere around the world.”
Q: Why is it a Canadian government agency? Why doesn’t the federal government (in all honesty) tax me like the Brit’s do on $80,000 in income?
A: “For several reasons. One, the C.D. Howe Institute shows that people in B.C. get more revenue from us in tax than people in any other jurisdiction.”
There seems to be some confusion about the rates charged by the CRA. “One of our biggest misconceptions is that we pay no tax,” said B.C. Finance Minister Mike de Jong. That’s not correct either since the C.D. Howe Institute’s report lists the difference between your total tax bill and the B.C. tax rate as “only a 1.68 per cent reduction.”
Q: I am an engineer by trade. Does any B.C. company send you a copy of their tax return to fill in?
A: “The CRA is the tax agency responsible for collecting your tax bill. They look at the basic income tax brackets and how much income you earn, and then determine your income taxes based on your tax bracket and the rate you paid. Those rates are different across the country. It is important that you understand the differences between the different tax rates.”
Q: Do you have the same tax rate as the Brit’s paid on $100,000 from their income?
A: “You are paid the same income tax rates as any Brit working in the country. The only difference is that Canada generally collects no VAT and does not use your personal information to rate you. Many of our services use the personal information of our clients to determine their tax rate.”
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