Taxes
Does Canada have the highest income tax rate in the world? Yes or No?
Canada ranks 17th overall on the 2024 International Tax Competitiveness Index, two places worse than in 2023.
What percentage of Canadians have credit card debt?
As of May 2024, 55% of Canadians have credit card debt.
In which situations do you pay tax on a vehicle?
Buying a new car from a dealership.
Buying a used car from a dealership.
Buying a used car in a private sale.
You pay tax in all three situations in BC. At a dealership, you’ll pay a combination of GST and PST on the purchase of a used car. The GST is set at 5% and the rate of PST you pay depends on the sale price of the vehicle. In a private sale, you’ll only have to pay PST on the purchase. But there’s a catch: Even though you’re not paying GST, the PST rate is higher on privately sold vehicles in BC, as a way of essentially making up the difference from the missing GST
How much can rent be raised each year in BC?
In BC, the 2024 rent increase limit for residential tenancies is 3.5%.
Of the 5 acronyms, what do at least 3 of them stand for: RRSP, FHSA, CPP, EI, TFSA.
Registered Retired Savings Plan, First Home Savings Account, Canadian Pension Plan, Employment Insurance, Tax Free Savings Account.
When must you file income taxes by?
Before April 30th.
How much does the average Canadian owe on their credit card?
The average Canadian owes $3,929 on their credit cards. This is a concerning number, as credit cards often have high-interest rates, making it difficult to pay off the balance.
Vehicles are considered a depreciating asset. What does this mean and what factors contribute the most?
A depreciating asset is something that loses value over time. Factors that contribute are
Age: A majority of the depreciation happens in the first 5 years, then decreases at a slower rate.
Mileage: The longer the distance the car has driven, the more wear and tear it has.
Damage: A car that has a history of damage repairs, implies a lack of respect from the owner and therefore a potentially higher amount of wear to the vehicle.
Desirability: Some cars are more or less desirable than others, ie. Ferrari vs. Toyota.
How much did rental rates go up by in Calgary in 2023?
In 2023, Calgary’s rental rates increased by 14% because of high market demand and the rent cap removal.
What percentage of Canadians have vehicle debt? What are their average monthly payments?
28% of Canadians have vehicle debt. Their average monthly payments are between $500 and $1000 per month.
How long should you keep your tax records?
Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to AKA 7 years.
What is the total credit card debt in Canada, as of May 2023?
As credit cards are the most popular form of payment in Canada, it’s not surprising that as of May 2023, the total credit card debt in Canada was $96.9 billion.
Is it cheaper to buy, lease, or finance a new vehicle if you plan on only owning it for three years. Buy = pay the full price in cash; Lease = pay to borrow the vehicle; Finance = pay a percentage in cash and then have monthly payments towards the loan.
Generally it is accepted that leasing is cheaper because you are only owning the vehicle for three years.
What is the average price for an average 1 bedroom condo/townhome in Kelowna?
The average price for an average 1 bedroom condo/townhome in Kelowna is $1,750 (before utilities). Basic is $1,650 and luxury is $2,200. (averages can also increase or decrease depending on location - downtown, mission, dilworth is higher and vernon, lake country, black mountain are lower)
What is the average monthly cost of groceries for a family of four in Canada?
$1,227 per month ($307/week). The average increase in grocery spendings from 1019 to 2024 has gone up 26% for this family of four.
Should you decline a raise because you’ll be paying more, overall tax?
No. When you do the math, because of the bracketed tax system, even a slight increase into a higher tax bracket means you have a higher net income.
A survey was conducted in 2019 that asked Canadians about outstanding debt. What percentage of Canadians do you think have some sort of outstanding debt?
Results from the 2019 survey indicate that nearly three quarters of Canadians (73.2%) have some type of outstanding debt or used a payday loan at some point over the past 12 months. Almost one third (31%) believe they have too much debt.
Is it cheaper to buy, lease, or finance a new vehicle if you plan on owning it for 10-15 years? Buy = pay the full price in cash; Lease = pay to borrow the vehicle; Finance = pay a percentage in cash and then have monthly payments towards the loan.
Buying in cash is the cheapest option because you are not paying interest on borrowed money; however, most people generally do not have enough savings to outright buy a vehicle.
What is the BC organization that helps renters protect themselves called?
BC Residential Tenancy Branch
What do you think the average salary is in Canada? How much would you have to have saved for retirement to make this average salary?
$63,000 a year. It is suggested that you have 1.5 million saved in order to earn this salary.