64K salary

factor in an ex wife getting 1/2 and well....

someone's gotta have a run in with a hell's angel enforcer.
 
we need to move to a preventative health model for our system.

Or simply accepting that you're going to get a lower level of care as you age. People die, I suppose we might just have to get used to dying a bit earlier.
 
Now if my job requires a lot of travelling, which requires me keeping all my receipts; gas, food, cabs, cell phone bill, clothing receipts, restaurants (meeting with clients); of the $19,936 in deductions on a 64K salary, and $8020 in deductions on a 40K salary -- I can claim almost everything off my annual taxes , which would theoretically have the government give me money back.

I'm in business school and surprisingly, I have never learned this category of claiming receipts off taxes while on company time.

Not 100% but I believe you can only claim all those if you are self-employed.
If you have an employer, you can request to have them expensed and reimbursed for them, but that would need to be between you and your employer.
 
Or simply accepting that you're going to get a lower level of care as you age. People die, I suppose we might just have to get used to dying a bit earlier.

nah, i think people should have more responsibility for their health. if they insist on smoking two packs a day, drinking until their liver rots, or carrying around an extra 200lbs, then they haven't done their part.

everyone could live more responsibly.

i have a co-worker that is about 450lbs. his hips were going on him, and he was in constant pain. his doctor told him that his knees would go next, and that he wasn't going to operate and give him new hips unless he lost at least 150lbs. he dropped that weight in six months.

the hips got replaced and damn it if he didn't put all of that weight right back on.

now his knees are going.

should we be paying for his poor decisions? on elective surgeries, maybe not. maybe my colleague is going to have to use a cane for the rest of his life.

our health care system already costs too much. . .it would cost even more if we went the american route.
 
nah, i think people should have more responsibility for their health. if they insist on smoking two packs a day, drinking until their liver rots, or carrying around an extra 200lbs, then they haven't done their part.

everyone could live more responsibly.

i have a co-worker that is about 450lbs. his hips were going on him, and he was in constant pain. his doctor told him that his knees would go next, and that he wasn't going to operate and give him new hips unless he lost at least 150lbs. he dropped that weight in six months.

the hips got replaced and damn it if he didn't put all of that weight right back on.

now his knees are going.

should we be paying for his poor decisions? on elective surgeries, maybe not. maybe my colleague is going to have to use a cane for the rest of his life.

our health care system already costs too much. . .it would cost even more if we went the american route.

Props to the Doc though, He tried to give the man a healthier lifestyle.
 
nah, i think people should have more responsibility for their health. if they insist on smoking two packs a day, drinking until their liver rots, or carrying around an extra 200lbs, then they haven't done their part.

everyone could live more responsibly.

Be careful with that argument, although I don't entirely disagree with you, riding a motorcycle does not exactly do our part to make health care cheaper.
 
Check it at my salary..yeesh.. :-(

I may have misinterpreted, but it sounds like you're complaining about making too much money! :rolleyes:

I'm so sad I got a raise... think of the extra taxes I have to pay!

Actually, on that note, it is pretty depressing when you compare what your bonus was and what actually ends up in your bank account :sad7:
 
Be careful with that argument, although I don't entirely disagree with you, riding a motorcycle does not exactly do our part to make health care cheaper.

i thought i paid extra insurance fees to cover that contingency? i choose to ride, so i take on extra costs to cover that choice, no?
 
I may have misinterpreted, but it sounds like you're complaining about making too much money! :rolleyes:

I'm so sad I got a raise... think of the extra taxes I have to pay!

Actually, on that note, it is pretty depressing when you compare what your bonus was and what actually ends up in your bank account :sad7:
I probably would, too, if that were the case. Make more gross, then realize that it's just marginally more than before. Which would especially suck if you got a promotion that entails more work. I remember getting a promotion at one job where it wasn't worth the added stress. The raise was just like being paid overtime since you were working when you were supposed to be off work. So I was basically making just a little bit more than my old position if you counted the hours, but with way more responsibility and stress.

I know it's instinct to hate taxes, but it makes me wonder whether this much is reasonable? I don't know enough about government policy, business, and all that jazz to figure it out.
 
64K x .3115% = $19,936 in deductions.

40K x .2005 = $8,020 in deductions ..

sound right ?

Then factor in 13% outgoing tax on most purchases... Canadians are taxed to the hilt, and it's thanks to our inferior healthcare, schooling, and governance models. I for one, am for a tiered healthcare system and less subsidized post secondary education, among others.
 
i thought i paid extra insurance fees to cover that contingency? i choose to ride, so i take on extra costs to cover that choice, no?

AFAIK Insurance companies don't cover in-province emergency care, surgeries etc. My understanding is insurance companies cover physio and other things that OHIP wouldn't be paying for anyway.
 
AFAIK Insurance companies don't cover in-province emergency care, surgeries etc. My understanding is insurance companies cover physio and other things that OHIP wouldn't be paying for anyway.

That's my understanding as well. I think we just have an expectation that we will do EVERYTHING in our power to keep our relatives alive for another few days. No matter the cost. That's great, but we do end up paying for it. I'm all for healthier living and preventative medicine. I don't know how you make that happen though.
 
Now if my job requires a lot of travelling, which requires me keeping all my receipts; gas, food, cabs, cell phone bill, clothing receipts, restaurants (meeting with clients); of the $19,936 in deductions on a 64K salary, and $8020 in deductions on a 40K salary -- I can claim almost everything off my annual taxes , which would theoretically have the government give me money back.

I'm in business school and surprisingly, I have never learned this category of claiming receipts off taxes while on company time.

If it is a salaried job you claim that back from your employer, effectively having them pay for it all, so you still earn $64k and still get taxed the ~$19k. If however your are your own business then you can deduct that from your earnings and thus appear to lessen your earnings to (making a number up here)...$52k, and this is what you pay taxes on. Now the key is to make your expenses become dual purpose, so as you spend on your business you also spend on your own lifestyle...an example would be to lease a car for business trips. You lease a beamer, deduct maybe 40% as business expense, and therefore pay 60% out of pocket. Or if you are smart you don't lease a beamer! Stuff like dinners people fudge all the time, claiming every second meal they eat is a business expense. Computers also, and so on. Things that don't fly as dual purpose would be suits for example, as the tax man believes them to be a personal item and not necessary to conduct business or way to flexible in terms of it being entirely possible to use it for personal use only, unlike say....a painter's van or a ladder (or a tool set if you are a mechanic).

There are no deductions if you are on salary.
 
i have a co-worker that is about 450lbs. his hips were going on him, and he was in constant pain. his doctor told him that his knees would go next, and that he wasn't going to operate and give him new hips unless he lost at least 150lbs. he dropped that weight in six months.

the hips got replaced and damn it if he didn't put all of that weight right back on.

now his knees are going.

should we be paying for his poor decisions? on elective surgeries, maybe not. maybe my colleague is going to have to use a cane for the rest of his life.

I worked at a hospital for two years. Ambulances can carry a max of 400 pounds. Anyone over that has to be brought in my firetruck.... I've seen them bring in a woman who was 600... then the hospital had to admit her and start a weightloss program cus the firemen refused to bring her home.
Felt crappy when I heard that woman cry (it was pretty embarrasing) but then I saw her after she had lost half her weight and she was totally happy and thankful for the life change.
 
(or a tool set if you are a mechanic).

Not true. Can only deduct $500 a year, and when you have $10-$15k worth of tools in your box and constantly replacing and buying new tools its not much help. Considering I spend close to $400 on boots pet year alone!!!
Probably one of the most expensive trades as far as tools and the only one that limits what you can deduct.
Apprentices can deduct for first 5 years only.
 
Make more gross, then realize that it's just marginally more than before.

I know quite a few people who do not want raises each year. They are at the point where they make enough money for their type of lifestyle and request vacation time only. More money also means more taxes as always.
 

Back
Top Bottom