khedrei wrote: ↑Thu Sep 26, 2024 9:15 pm
cdnavater wrote: ↑Thu Sep 26, 2024 6:35 pm
This is from last year and does mention the cost of buying a house in Canada has risen so much but other than that depending on where you live in both countries, they have their cost advantages and disadvantages.
I also found many other articles that basically say the same thing, the wages are generally higher in the US owing to the cost of living generally being higher.
Of course part of that is healthcare insurance which if your company pays, you have an advantage but when you retire, who pays then?
I also found an income tax comparison and in most states at the income level of 300k or more they will pay more tax, I just don’t see the argument here, you live and work in Canada, you are paid in CDN currency and you pay your bills in Canadaian currency.
https://www.springfinancial.ca/blog/lif ... -expensive
Scenerio Cost in the US Cost in Canada
Rent $1,702 $1,774
Utilities $429.33 $348
annual cost of food$5,259 $3,564
Annual car insurance $2,014 $2,000
Health insurance monthly $600 $0
Conclusion
Overall, both Canada and the US are fairly expensive to live in. Canada has much higher housing costs but healthcare costs are much more expensive in the US. While US salaries are slightly higher, Canadians have a much easier time making a higher salary with less education. Honestly, both of the countries have positive and negative aspects when it comes to being affordable. Overall though, the Canada cost parameters are lower. This means overall the cost of living and consumer prices are higher in the US, which justifies the higher wages. The affordability of these places is hard to base on an average because it all depends on the career that you choose as well. While the US has more startup companies and educated positions, a lot of Canadian careers are in other fields like trades. These things also make a big difference in which country is better.
I'm not sure what income tax calculator you're using but the State with the highest taxes (california) a 300k income would have you paying 113k. Same income in Ontario has you paying 121k.
If you lived in a state with no income tax like Florida, Texas Montana and many others, you'd have about 35k more money.
So tell me... how is 121k(ontario) less than 113k(california) or 87k(florida)
Waiting for more financial advice from the guy that thinks today's living wage isn't as important of a promise of a huge wage in 10 years...
https://theaccountingandtax.com/taxes-i ... in-the-us/
In Canada, federal income tax rates for individuals in 2023 are as follows:
15% on the first $53,359 of taxable income
20.5% on income over $53,359 up to $106,717
26% on income over $106,717 up to $165,430
29% on income over $165,430 up to $235,675
33% on income over $235,675
United States
In the US, federal income tax rates for individuals in 2023 are:
10% on the first $11,000 of taxable income
12% on income over $11,000 up to $44,725
22% on income over $44,725 up to $95,375
24% on income over $95,375 up to $182,100
32% on income over $182,100 up to $231,250
35% on income over $231,250 up to $578,125
37% on income over $578,125
Each Canadian province has its own tax brackets and rates, which are added to the federal tax. For example, Ontario’s 2023 tax rates are:
5.05% on the first $47,630 of taxable income
9.15% on income over $47,630 up to $95,259
11.16% on income over $95,259 up to $150,000
12.16% on income over $150,000 up to $220,000
13.16% on income over $220,000
United States
US states have varied income tax policies. Some states, like Texas and Florida, have no state income tax, while others, like California and New York, have multiple tax brackets. California’s 2023 tax rates, for example, are:
1% on the first $10,099 of taxable income
2% on income over $10,099 up to $23,942
4% on income over $23,942 up to $37,788
6% on income over $37,788 up to $52,455
8% on income over $52,455 up to $66,295
9.3% on income over $66,295 up to $338,639
10.3% on income over $338,639 up to $406,364
11.3% on income over $406,364 up to $677,275
12.3% on income over $677,275