Collection Agencies - How much in taxes would the government take if I was to report 6 million as an income? - Canada

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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby canadadisability » Mon Dec 20, 2010 05:48:04 PM

Yes you need first to contact for your personal lawyer, I strongly agree with monteloree..
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby Smither » Fri Mar 05, 2010 12:07:59 PM

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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby MaskedAgent » Thu Mar 04, 2010 09:05:17 PM

Only 500$ or so more than Quebec... 0.01%.

How accurate is this calculator?
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby average_joe » Wed Sep 23, 2009 06:22:03 PM

I found a Canadian Income Tax Calculator 2009 online and if you input your income, it will figure out what you have to pay in. I noticed in the province of Nova Scotia we pay the highest on $6,000,000,000.

http://lsminsurance.ca/calculators/canada/income-tax

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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby average_joe » Wed Sep 23, 2009 01:42:40 PM

I'm sure your relative had a lot of tax deductions.
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby franniee2003 » Wed Sep 23, 2009 01:40:06 PM

In answer to part of your question A relative of mine is a very sucessful business man last year he only paid $650,000 in taxes and that was on 4.5 million dollars Income
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby average_joe » Wed Sep 23, 2009 01:33:24 PM

Luisafer3,

If I were you; I would wait till you have six million dollars and then you can worry about what kind of taxes your going to pay. If I were a betting man; I would say without any write offs, the government will place you in a tax bracket 50% or higher.

Cheers
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby montyloree » Wed Sep 23, 2009 04:34:36 AM

luisafer... it's a great question....however it's really complicated...

the tax laws are very complicated...

When you get to that level of income, you hire tax accountants, lawyers, etc to help you pay the least amount of taxes.
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby Luisafer3 » Tue Sep 22, 2009 07:35:48 PM

Is not that I actually have that kind of money, i just ask out of curiosity because I see that people make so much money on tv that i wondered how much does the government actually takes. I guess is not the right site to ask this question, sorry.
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RE: How much in taxes would the government take if I was to report 6 million as an income?

Postby RichardC » Wed Sep 23, 2009 12:35:18 PM

That is a pretty odd question eh Monty?

You would think someone making that kind of money would have a handle on their personal tax planning and a good accountant.

This is one of the more useful websites on Canadian tax tips. You can get some info here: http://www.taxtips.ca/calculator/cdncalculator.htm

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