canadian tax law question...

rw86347 · 04-19-2007, 10:46 PM

France has a wealth tax, in which you are taxed simply because you have resonsibly saved for the future. (it is based on NW)

Does Canada have such a tax?

bosco · 04-20-2007, 12:32 AM

not yet

chinaco · 04-20-2007, 03:51 AM

Quote:

Originally Posted by rw86347

France has a wealth tax, in which you are taxed simply because you have resonsibly saved for the future. (it is based on NW)

Ouch! I am not suprised... sounds a little socialist. :P

rw86347 · 04-20-2007, 10:19 AM

Quote:

Originally Posted by bosco

not yet

Moving to Canada may be the only way I can afford to RE. I will need health care.

kcowan · 04-20-2007, 11:56 AM

No gift taxes nor inheritance estate taxes either. But you have to demonstrate financial independence. And you might be surprised at all the other taxes you must pay.

rw86347 · 04-20-2007, 12:21 PM

Quote:

Originally Posted by kcowan

No gift taxes nor inheritance estate taxes either. But you have to demonstrate financial independence. And you might be surprised at all the other taxes you must pay.

Here in America, people earning less than $35,000 per year pay almost nothing in taxes. And if that $35k came from investments, then it is free of Social Security tax too.

There must be some equivalent in Canada.

At what income level to taxes start to kick in?

Red-y · 04-20-2007, 01:29 PM

Quote:

Originally Posted by rw86347

At what income level to taxes start to kick in?

Depends on which province...income exclusion amounts for tax years 2006 and 2007 are here: http://www.taxtips.ca/nonrefundablec...m#2006baseamts

And you can play around with some Canadian tax calculators here: http://www.walterharder.ca/index.html

04-19-2007, 10:46 PM	#1
rw86347 Recycles dryer sheets Join Date: Jun 2006 Posts: 133	canadian tax law question... France has a wealth tax, in which you are taxed simply because you have resonsibly saved for the future. (it is based on NW) Does Canada have such a tax?

04-20-2007, 11:56 AM	#5
kcowan Thinks s/he gets paid by the post Join Date: Jul 2006 Location: Pacific latitude 20/49 Posts: 1,545	Re: canadian tax law question... No gift taxes nor inheritance estate taxes either. But you have to demonstrate financial independence. And you might be surprised at all the other taxes you must pay. __________________ For the fun of it...Keith

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04-20-2007, 12:32 AM	#2
bosco Full time employment: Posting here. Join Date: Jul 2005 Posts: 936	Re: canadian tax law question... not yet __________________ I have an inferiority complex, but it's not a very good one.

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