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canadian tax law question...
Old 04-19-2007, 10:46 PM   #1
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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?
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Re: canadian tax law question...
Old 04-20-2007, 12:32 AM   #2
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Re: canadian tax law question...

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Old 04-20-2007, 03:51 AM   #3
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Re: canadian tax law question...

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
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Re: canadian tax law question...
Old 04-20-2007, 10:19 AM   #4
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Originally Posted by bosco
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Re: canadian tax law question...
Old 04-20-2007, 11:56 AM   #5
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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.
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Re: canadian tax law question...
Old 04-20-2007, 12:21 PM   #6
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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?
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Re: canadian tax law question...
Old 04-20-2007, 01:29 PM   #7
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Re: canadian tax law question...

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
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