Are you top 1%?

[westcoastresident]

If your pre tax income is $201,000 or above, cong! Your income is top 1% of Canadians.

http://www.statcan.gc.ca/daily-quoti...30128a-eng.htm

[ACC-Major]

nope.

[speedyforme]

nope

[Shaner]

I wish

[kashirin]

I wonder if there any particular stats what doctors file?
I understand they make somewhere around $400k gross in average but it would be interesting to see how much they declare and what tax is paid

[Binary Pants]

yup!

*wakes up*

[bgallagher]

Not even close! Not in my wildest dream!

[cash_717]

A lot of people on this forum is in the top 1% of the world population, if you believe these guys got their math right: http://www.globalrichlist.com/

Kinda puts things into perspective.

Very cool, I bet almost all of us are within the top 10 percent in the world.

[laptop-tech]

Yes.

[cassandra111]

I wonder if there any particular stats what doctors file?
I understand they make somewhere around $400k gross in average but it would be interesting to see how much they declare and what tax is paid

Although I don't have the actual stats, I actually know a specialist who pulls in half a million and told me he hires an accountant who caters mainly to doctors and dentists. I believe the taxes he paid was closer to the range of his employees! That was a shocker for me. He gets audited quite a bit but I don't think he's ever been jailed and the penalties, if there ever was any, doesn't deter him. Having said that, I'm sure most of the doctors and dentists don't do tax evasion.

[punisher101]

On the entire planet. Yes I am part of the 1%.

[Brock15]

lol, what this accountant does is tax planning, not tax evasion. There are lots of legal ways to reduce tax for high income earners, which is probably why the income gap keeps growing. What your friend probably has is a professional corporation, family trusts, wife as a shareholder, etc which are effective ways of reducing tax. Plus he could have just left the money in the corporation and pay tax at 15.5% rather than 48%.

Although I don't have the actual stats, I actually know a specialist who pulls in half a million and told me he hires an accountant who caters mainly to doctors and dentists. I believe the taxes he paid was closer to the range of his employees! That was a shocker for me. He gets audited quite a bit but I don't think he's ever been jailed and the penalties, if there ever was any, deters him. Having said that, I'm sure most of the doctors and dentists don't do tax evasion.

[cassandra111]

lol, what this accountant does is tax planning, not tax evasion. There are lots of legal ways to reduce tax for high income earners, which is probably why the income gap keeps growing. What your friend probably has is a professional corporation, family trusts, wife as a shareholder, etc which are effective ways of reducing tax. Plus he could have just left the money in the corporation and pay tax at 15.5% rather than 48%.

Interesting and probable. But then why the audits?

[Pointseeker]

There are no need for taxes, just reduce the bureaucracies, welfare and subsidies for the 1%-ers like hockey players, other athletes, artists, etc. Take a bit from vehicle owners for roads and elect leaders that will pass stupid laws for free. We all would end up the top 1% then...

[Brock15]

Good question. If there was fraud the audits would likely have caught it, and he would have been charged interest and penalties greater than the tax he would have avoided. But maybe they were clean audits, as you weren't sure what the outcome was. Plus if his accountant is permitting tax evasion and is in an accounting body (ca, cma, cga), his career would be over.

Interesting and probable. But then why the audits?