It's Official, Quebec Ranked #1 For Highest Taxes In All Of Canada
Despite the general low cost of living we get to enjoy in Montreal, there's one oft-forgotten fact that makes all of Quebec a fair bit less affordable to live in: the provincial income tax rate.
As most of you (should) already know, the federal and provincial government tax all of the money you make. Depending on your salary, the amount of income tax you have to pay will be higher or lower, and there are variations depending on one's province.
And unfortunately, when it comes to the highest provincial income tax rate in all of Canada, Quebec takes the top post.
Using a rather well-constructed interactive graph, CBC Montreal showcases the differing income tax rates of Canada's provinces in their recently published feature. Coloured lines are utilized to track each province's tax rate as salaries increase (from $25,000 to $130,000), and Quebec's reached higher than all the rest.
At the high-end of the salary range, so those who make up to $130,000, Quebec's income tax bill clocks in at $45,579, the highest in Canada. Quebecers remain the highest-taxed citizens of Canada at almost every other income-range as well, all the way to the $55,000 price point.
Somewhat fortunately, when you get to the lower salaries, (so between $25,000-$45,000) Quebec is no longer the province with the highest income tax rate. PEI and Manitoba take the top spots in the two lowest income levels presented on CBC's graph, but admittedly, Quebec isn't far behind.
So there is something of a silver lining: if you don't have that high of a salary in Quebec, you aren't getting taxed the most, though we're pretty close.
CBC Montreal also notes how the Trudeau government's recent reform to the tax rates imposed upon citizens with mid-range salaries will be lower come next tax season (the figures used in the feature represented the 2015 tax season) so Quebecers can expect to save a little more come next year.
To check out the tax-rate interactive graph,head here.