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Peoples trust tfsa vs eq bank
July 11, 2016
9:57 am
christinad
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Am i right if i calculate that with the tax taken off the eq bank chequing account it works out to 1.78% if i make 60000 so i would be at a 20.5% tax rate. If it is is it appears it is a toss up between peoples trust tfsa savings account and eq.

July 11, 2016
9:17 pm
Norman1
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For taxable income of $60,000, 20.5% is just the federal marginal rate. Your province will also want their income tax too.

Those living in British Columbia will pay another 7.7%. Saskatchewan residents will pay another 13%. Ontario residents will pay another 9.15%.

CRA has a summary of marginal rates at Canadian income tax rates for individuals - current and previous years.

July 11, 2016
11:14 pm
Loonie
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It depends on whether christinad is talking about total income or taxable income. It would be difficult to get a 60K total income down to 41,536 taxable, which is the Ontario ceiling for 20.5% total, but not impossible in some circumstances.
http://www.taxtips.ca/taxrates/on.htm

July 12, 2016
9:43 am
christinad
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Thanks for the responses. I forgot about the bc tax. I do have some rrsps but not enough to bring it down that much. I think i'll move some money back to peoples trust. I was just one of those people caught up in eq hype.

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