RE:RE:RE:RE:RE:For All Holding CWB, I hope This Goes Through Anyway, on the personal income taxes. You should check all your facts. I just did a taxtips test and a person with OAS of 8600, CPP of 10,500, and dividends of 50,000 pays total tax of $1935 in BC compared $2954 in AB. That's a whooping 52.7% more.
Ciao
Sarge
Hey SARGEX__I Just RAN Your Numbers in My TAX SpreadSheet FOR BC
EVERY YEAR My SpreadSheet Has Been DEAD ON to the PENNY With the RESULTS
I Get Using ONLINE Tax Software__So THESE Numbers ARE 100%% Accurate for BC.
YOUR SCENARIO Shows a TOTAL TAX of $2,420.06__On TOTAL INCOME of $88,100__Consisting of NO BC Tax - $2241.86 of FED TAX - Plus $178.20 REPAYMENT of OAS as NET INCOME BEFORE ADJUSTMENTS is OVER the 2023 LIMIT of $86,912
ALSO NoteWorthy IS that AS SOON AS Dividend Income EXCEEDS $54,516.25 the AMT
(ALTERNATIVE MINIMUM TAX) Kicks IN and WILL ADD to the TOTAL TAX Making $3624.04
Payable on TOTAL INCOME of $94,332.43.
With 100K Dividend Income the TOTAL TAX Rises to $17,429.33__Which is ACTUALLY
Pretty Good @ ONLY 14.634 %% on TOTAL INCOME of $119,100.
In COMPARISON__IF That 100K Dividend Income Were SALARY or STRAIGT INTEREST
the TOTAL TAX Would SHOOT UP to $31,283.96__Or 26.267 %% on TOTAL INCOME
of $119,100.
FINALLY__You COULD HAVE a CAPITAL GAIN of 200K__And the TOTAL TAX Would REMAIN at $31,283.96__On TOTAL INCOME of $119,100