In Ontario, the top marginal tax rate is 53.53%. Tax rates can’t go up any higher. Can they?? Although 53.53% seems like a lot, historically it is quite low. Can you believe that between 1936 and 1980, the top tax rate exceeded 70%, maxing out at 92-94% in the 1940’s and 1950’s?
Considering that both our National and Provincial Debt here in Ontario has ballooned over the last couple years because of the pandemic, there are only two options to get this under control. One, our governments must either spend less and cut back on services and programs, or two, hike taxes. I highly doubt that any government is going to spend less and cut back. This leaves raising taxes, and where are they going to do this? Either on the backs of mid to high income earners or wealthy Canadians.
What classifies a mid to high income earner?? Not as much as you think. If your income is $100 000, you are in the top 11% earners in Canada. Do you think now might be the time to engage in a system that makes your wealth, and your retirement income ‘Untaxable’? To schedule a discovery call about How to be ‘Untaxable’, visit http://surl.li/frbqk .