Personal Finance

What percentage did you pay in taxes this year?

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  • Jun 25th, 2014 5:14 pm
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Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely

What percentage did you pay in taxes this year?

People always like to quote Warren Buffet famously paying 17% in taxes. How do you come up with that calculation?


Is it Total Payable Taxes [435] / Total Income [150]

?

If that's the case, then mine is 15%
50 replies
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
techcrium wrote: People always like to quote Warren Buffet famously paying 17% in taxes. How do you come up with that calculation?


Is it Total Payable Taxes [435] / Total Income [150]

?

If that's the case, then mine is 15%
26.2%
Deal Guru
Apr 11, 2006
12390 posts
6571 upvotes
Vaughan
Only two months have passed this year - I'll know come December 31, 2014...or rather when I prepare 2014 income tax filing. If you're asking about 2013, then we'll have to wait until 2013 income tax filing is done to determine what that looks like.
Newbie
Jan 10, 2011
85 posts
36 upvotes
Calgary
techcrium wrote: People always like to quote Warren Buffet famously paying 17% in taxes. How do you come up with that calculation?


Is it Total Payable Taxes [435] / Total Income [150]

?

If that's the case, then mine is 15%
Should it be Taxes Paid/(Gross-RRSP contributions) (Line 435/[150-208]) as you're moving the tax liability for that income to another year - not avoiding it altogether like you do with some other deductions?
Deal Addict
Jul 11, 2008
1791 posts
184 upvotes
Ottawa
pretty sure the equation is wrong... i come up with 4% and 0.15% from my last 2 returns (2012 and 2011).

should it be (435 + 437) / 150?
Member
Jan 7, 2014
247 posts
35 upvotes
Richmond Hill
blai4754 wrote: 26.2%
not bad...assuming you are in BC/AB/ON, you are probably making over $100,000 with a 26% average tax rate.

Canada tax rate really isn't that bad compare to the rest of the world...an individual with $45K income gets an average tax rate of 16% only.
that's actually comparable to China's income tax rate (do you prefer the Canadian government or the Chinese government? ;) )
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
bigwhite418 wrote: not bad...assuming you are in BC/AB/ON, you are probably making over $100,000 with a 26% average tax rate.

Canada tax rate really isn't that bad compare to the rest of the world...an individual with $45K income gets an average tax rate of 16% only.
that's actually comparable to China's income tax rate (do you prefer the Canadian government or the Chinese government? ;) )
In AB, but its more the amount instead of the % :/
Deal Expert
User avatar
Feb 11, 2009
20055 posts
9837 upvotes
Toronto
If you include my backlog of tuition credits that I will be using this year...It's going to be less than 10% :) . Otherwise close to 20% (still working final figures for taxes owed from my business)
Deal Addict
User avatar
Sep 10, 2009
1289 posts
255 upvotes
Montreal
I live in Quebec, earned ~65,000 in 2013 and paid 6,500 in income tax, which results in a 10.5% rate.
Sr. Member
Nov 28, 2010
979 posts
176 upvotes
Toronto
What is the point of the thread?
What can be concluded based on numbers from random people with different incomes/credits/losses/etc.?

Edit: Just start a poll with ranges 0-10, 11-20, etc. :)
Deal Guru
Dec 31, 2005
13306 posts
750 upvotes
in 2012 was around 110k. Paid 20k in taxes.
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
cmoibenlepro wrote: I live in Quebec, earned ~65,000 in 2013 and paid 6,500 in income tax, which results in a 10.5% rate.
nalababe wrote: in 2012 was around 110k. Paid 20k in taxes.
Are your taxes so low because of rrsp contributions?!
Deal Addict
User avatar
Oct 4, 2004
4349 posts
1588 upvotes
Vancouver
0%- student.

Tuition debates aside, I think most young people don't know how good they have it. Earning a good entry level income, I think most students pay a very bare minimum or none at all for the first few years of their working career in addition to being eligible for a GST/HST credit.. so aside from the sales tax I pay, the government pays me. It's nice while it lasts.
Removed external link in signature.
Deal Addict
Oct 9, 2005
1884 posts
230 upvotes
13.2% but that doesn't include payroll taxes and health insurance tax.
Deal Expert
User avatar
Feb 11, 2009
20055 posts
9837 upvotes
Toronto
lhsonic wrote: 0%- student.

Tuition debates aside, I think most young people don't know how good they have it. Earning a good entry level income, I think most students pay a very bare minimum or none at all for the first few years of their working career in addition to being eligible for a GST/HST credit.. so aside from the sales tax I pay, the government pays me. It's nice while it lasts.
First few years? I'm still in school and pay taxes in the thousands. Although your right in the sense that it took it down to a minimum, but after this year the backlog of tuition credits is going to be used up and won't have much help in the future. Realistically it just depends on how much money one makes.
Deal Addict
Aug 4, 2010
1030 posts
247 upvotes
deal_with_singh wrote: First few years? I'm still in school and pay taxes in the thousands. Although your right in the sense that it took it down to a minimum, but after this year the backlog of tuition credits is going to be used up and won't have much help in the future. Realistically it just depends on how much money one makes.
This. All of my tuition credits are used up as of 2013 and I only started working FT in 2013. Guess it also depends if students had jobs while going to school and how much they made.
Sr. Member
Feb 5, 2009
664 posts
150 upvotes
lhsonic wrote: 0%- student.

Tuition debates aside, I think most young people don't know how good they have it. Earning a good entry level income, I think most students pay a very bare minimum or none at all for the first few years of their working career in addition to being eligible for a GST/HST credit.. so aside from the sales tax I pay, the government pays me. It's nice while it lasts.
More like how little real life bills that actually have to be paid... :razz:
Deal Guru
Dec 31, 2005
13306 posts
750 upvotes
blai4754 wrote: Are your taxes so low because of rrsp contributions?!
That was a good portion...

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