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36 sats \ 5 replies \ @grayruby 10 Aug \ on: Canadians Pay More in Taxes than Food, Housing, and Clothing econ
I have a good strategy for avoiding high taxes in Canada. Don’t have an income!
Boom. Take that Trudeau.
And that’s precisely what excessive taxation incentivizes. Fortunately for Trudeau he has made the cost of housing, food and energy also skyrocket so very few people can utilize my strategy and survive.
That's an utterly brilliant strategy. I'm still trying to figure out how to pull it off.
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I do actually have some income. I still get some commissions from the business I sold for a couple accounts I helped to bring in and managed after we finalized the sale. It's just not enough to meet the minimum income threshold to pay income taxes.
This is not my game, but some people play it, if you are shrewd enough you can probably earn 40k-50k as a household (dual earner) through a business where you can write a bunch of stuff off and still get under the dual earner threshold for income tax (around 27k) and qualify for a bunch of low income earner benefits for the government, especially if you have kids. You could feasibly between your salaries and benefits earn up to 70k as a household without paying any tax. But if you are an individual earner with no kids and only employment income you would pay around 17k in taxes on 70k.
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Plus some off-book income, allegedly.