Hi all. Apologies if this is not allowed here. I know people out there are struggling, but I just want to share my good news with someone.
It’s a big milestone of accomplishment in my life, but I feel weird just telling family members or my online friends about it. The only other people who know are my coworkers because we all got the same raise. Money doesn’t go as far nowadays due to crazy inflation post COVID and my area has higher cost of living than where I grew up, but I’m still very happy about this. I remember back when I used to only make minimum wage. All those years of schooling eventually made their way back to me. I’ll never make as much money as someone like a doctor, but it’s definitely enough for me to live comfortably as a single person.
Anyway, I’ll delete this in a bit (or sooner if it gets removed by a mod), but I hope you guys out there have a good weekend.
Edit: Thank you guys very much :)
Edit 2: Jeez there are so many more comments than I expected. You guys are so nice!!
Depends how much they went up by actually.
If they jumped from 60k to over 100k, he’ll definitely feel that on his paycheck.
Also for Quebec, our taxes are very high, and I think after 140k or so you lose 44% total. It’s too much.
Making $60k in Quabec your take home is: $44,428
Making $140k your take home is: $91,713
Using this example, all they’re going to feel is their take home pay more than doubling.
EDIT: Source: https://turbotax.intuit.ca/tax-resources/quebec-income-tax-calculator.jsp#
That’s still a tax rate of 31%, you earn (much) more, you will go up to almost 50% as well. (Plus in your example, the marginal tax rate is 47%)
Anyway, my “half” comment was a bit exaggerated but it still is a lot of money taken by the government.
People who earn more contribute more? They still take home more because it’s tax banded. No one goes “up a tax bracket” and earns less. It’s a nonsense statement.
But a golden classic nonsense statement as it seems. Keeps popping up every time someone speaks of raises
Also, other sites list the take home pay in Quebec as much less for 140, with a tax rate of 37.8%
https://ca.talent.com/tax-calculator?salary=140000&from=year®ion=Quebec