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Being self-employed changes the tax situation depending on a lot of factors. Income taxes in BC are lower unless you are earning ~$140k/year or more because of Alberta's ridiculous flat tax. That said sales tax in Alberta is 0%, fuel is cheaper, car insurance is cheaper, so it usually works out cheaper in AB for those reasons. Private (extended benefits) healthcare will supplement the public healthcare, and can cover dental, prescription drugs, ambulances, etc, but as a self-employed individual you are probably looking at a higher cost for that. If you end up with a chronic disease and have high prescription costs eventually the provincial plans will start picking up the bill, so extended benefits usually limit their coverage to the portion not covered by the province.
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May 28, 2014 19:39
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| # ¿ May 9, 2024 13:43 |
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Eau de MacGowan posted:Thanks for all the information. You've actually above and beyond and a little too focused on healthcare, my most pressing question was whether there is a federal or provincial tax beyond the personal income tax? Currently I live in Japan where I pay 20% income, 10% prefectural to separate agencies, and then health insurance beyond that (oh, and as a self-employed a 5% retroactive tax on income two years previous, which is why I want to get the gently caress out of here). Do I get one bill on income alone in Canada, or two, or three? Taxes in Canada are: Federal Income Tax Provincial Income Tax Like mentioned before, these two are assessed as part of one return through Canada Revenue. Which province is based on where you finish the tax year as a residence. Also: 5% GST on most retail goods. Provincial Sales tax on many other retail goods (0% Alberta, 7% BC) Property taxes if you decide to purchase property (varies based on property value and region) I think that covers the main individual taxes.
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May 30, 2014 13:10
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