tax in canada (sales, mortgage, home)

[fatbench]

Sales tax and income tax are federal rate plus provincial rate?
how about property tax rate, e.g. in Toronto?just curious

[Cornerguy1]

There is a federal income tax and a provincial income tax.

There is a federal sales tax (5%), and most provinces have a provincial sales tax which is generally around 8%.

Property taxes in Ontario are determined through 2 factors: assessed value and municipal mil rate. Properties are assessed every 4 years and assigned a "market value". Mil rates are set by each municipal council at their yearly budget deliberations.

[fatbench]

Thanks for the reply. Just wonder normally what is the Mil rates comparing to US cities property tax?

[ajau]

Property taxes vary very widely between provinces and even cities. For instance a $300,000 home in Calgary will have a property tax bill of approx. $1,200 a year while in Kingston Ontario that would be around $4,000 a year. It varies just like in the US. Provincial sales taxes also. GST is 5% and Federal but PST is 7% in BC and Manitoba, zero in Alberta, 5% in Saskatchewan, 8% in Ontario, etc.

[fatbench]

Calgary property tax is really low. usually in the US it is around $1 per $100 market value in cities.

[snappy]

It is very low but just heard on the news today they will be raising it 23%over the next three years. They say it will still be lower than most. Uh huh

[fatbench]

revenue growth never catchs up with spending, so the politicians will try every method they can to raise taxes

[pandorasbox]

I just got back from Niagara Falls, ON. It is so beautiful there, I loved it. We arrived by Amtrak. I talked to a girl who was from Toronto. She said that Canada took out 51% tax out of your pay check for all the health care and other GOV. programs. Is this true? What are all the taxes you guys pay? Thank you. How is the gov ran health care up there?

[ajau]

Originally Posted by pandorasbox

I just got back from Niagara Falls, ON. It is so beautiful there, I loved it. We arrived by Amtrak. I talked to a girl who was from Toronto. She said that Canada took out 51% tax out of your pay check for all the health care and other GOV. programs. Is this true? What are all the taxes you guys pay? Thank you. How is the gov ran health care up there?

51%??? I find that hard to believe. With deductions I pay about 35% of my income in tax and I am in the upper tax brackets. Note that in Canada the income tax rates are progressive and climb rapidly. Also, mortgage interest is not deductable.

[Acajack]

Income tax varies from province to province in Canada just as it varies from state to state in the U.S. In Canada the range varies from the lowest level in Alberta (as Ajau mentioned, around 35%) to the highest rates in Quebec and Nova Scotia which are over 45%. The other provinces all fall in between 36% and 45%.

Sales taxes vary in Canada as well. There is a federal 5% Goods and Services Tax that is charged everywhere, then each province is free to tack on a provincial sales tax if they wish. Alberta has no provincial sales tax, so just the 5% federal GST applies there, whereas Prince Edward Island tacks on quite bit, which brings the total tax rate to 15.5%.