Author Topic: Entitlement culture  (Read 998 times)

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Offline BC_cheque

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Re: Entitlement culture
« Reply #15 on: September 14, 2017, 02:58:56 pm »
Thanks for that info.  Ya, I don't need the figures for making 300K/yr.  LOL  ;D

I've never used EI and I've been told for the last 10-15 years or so that the CPP coffers will be long gone by the time I'm ready to collect, so I don't rely on that for retirement and view it as an additional "tax" for which I will get nothing in return.  Maybe I will be pleasantly surprised when I retire and receive a CPP cheque.  We'll see.  But I'm sure not counting on it.

CPP was in a bit of crisis 10-15 years ago but its assets are doing well now and as far as I know, it should be there when you retire.  Plus you'll have your OAS as well so the big evil government that takes your money will make sure you have a few things to fall back on. 

EI is an insurance premium and just like car insurance, it's ridiculously expensive and even if you don't need it, it's mandatory to have.  The max is ~$800/yr right now so without considering rate change and inflation and assuming a 40 year career based on today's amounts ($32,000), should you ever need it for one year it's paid for itself.  I'm self-employed and I've had to cover my own mat-leave both times and trust me, anything I saved being self-employed probably went right out the window for those two years.

To elaborate on something I said earlier, they're 6.4% if you make less than $50K, but your tax-rate is quite low at that point and if say you make 100K, combined they only make 3.4% of your income since they cap out.  That's even if we consider them along with tax, which I don't think we should.

I'm glad the numbers make more sense.  I don't like when people think the government is just out to rob everyone and they're convinced they're giving away more than they're getting. 

Personally, I agree payroll people have it worst and self-employed and corporations need to pitch in more in order for payroll tax rates to come down, but that's another argument. 

As far as this thread is concerned, a little perspective helps when people say they're paying 40% in tax on a modest income (or in SJ's case 50%+) when there is no way.
« Last Edit: September 14, 2017, 03:17:50 pm by BC_cheque »
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