Yeah, bought a cheaper house!
Not cheap enough if your still "struggling".
Yeah, bought a cheaper house!
At least! I'm struggling under a $100 grand mortgage.
Not cheap enough if your still "struggling".
If someone came along right now and gave me $400K I'd be in exactly the same situation you're in. :lol:
It's O.K., you don't savvy English.
My understanding is it's technically a transfer and not a split. When one person is a high income earner it isn't unudual for the spouse to be stay at home.Then there is nothing to split if she is at home but that is rare these days. Getting a $500K mortgage will take two incomes.
Don't be silly JLM. We all know what's struggling means. Any senior in Canada today that is had the opportunity that your generation has had and is struggling....well...you either lack motivation or smarts
One of the reasons we're struggling is from "carrying" ne'er do wells who afford to flit off to Phoenix, as soon as the weather turns cold!
I see you live in Vancouver, so you have only yourself to blame!
I think the point of this was missed. The income splitting was supposed to help families. Not just some of them. Many of you seem to think that its unfair that the wealthier pay higher tax rates, but you seem to find little fault in a "family support program" that mainly benefits the well to do.
So, if the program is advertised to help Canadian families, and it doesn't, three possibilities exist, A, the present government is a bunch of liars, B, the present government is incompetent, or C, low income families are not Canadian citizens. Oh and if your a reformist, you can pick D.
I wouldn't think so. Most tax credits (payable) are based upon family net income, splitting doesn't change that. The non refundable tax credit is 15% of items (personal, spousal, child, cpp ei etc.), the lowest income rate is 15%. So if you share 11,138 income to your spouse, whom had zero income, there's no effect - on the one hand you lose the $1670 (11,138*15%) non refundable tax credit, but on the other hand you reduce your income tax by at least 1670 - dependent upon at was rate the ll,138 you transfered was previously taxed. So if net family income is 43953 or less, then nothing changes.A burning question............Are there any cases where income splitting has increased total taxes paid?
I wouldn't think so. Most tax credits (payable) are based upon family net income, splitting doesn't change that. The non refundable tax credit is 15% of items (personal, spousal, child, cpp ei etc.), the lowest income rate is 15%. So if you share 11,138 income to your spouse, whom had zero income, there's no effect - on the one hand you lose the $1670 (11,138*15%) non refundable tax credit, but on the other hand you reduce your income tax by at least 1670 - dependent upon at was rate the ll,138 you transfered was previously taxed. So if net family income is 43953 or less, then nothing changes.
Ok from the GOC site:That being the case I'm not sure how income splitting could be construed as a bad thing!
I disagree. A couple with 2 jobs making 50k each pay less tax than a couple where one makes 100k. This would help alleviate that. Wealthy, as in rich, already in general have assets split for income purposes and would not benefit from this.I think the point of this was missed. The income splitting was supposed to help families. Not just some of them. Many of you seem to think that its unfair that the wealthier pay higher tax rates, but you seem to find little fault in a "family support program" that mainly benefits the well to do.
So, if the program is advertised to help Canadian families, and it doesn't, three possibilities exist, A, the present government is a bunch of liars, B, the present government is incompetent, or C, low income families are not Canadian citizens. Oh and if your a reformist, you can pick D.
So to restate your comment, higher income earners pay more taxes, so they should get the higher reduction. Ok, but why burden Canadian people with added administrative costs of having to manage the program, assess the claims, audits etc., why not just increase the spousal tax credit, you know, "if married, and spouse earns nothing, enter 6000, if income earner earns 250,000 or more, enter 10,000." Simple enough?
Lefties hate it when people pay less tax.That being the case I'm not sure how income splitting could be construed as a bad thing!
Ok from the GOC site:
"The Government of Canada has proposed a package of tax cuts and increased benefits to make life more affordable for Canadian families. Here's how families can put more money in their pockets in 2015:"
Only single people will hate that deduction!
Lefties hate it when people pay less tax.