Flat Tax Math Yields a T-Bird

Here’s some interesting math for you.

Between 2011 and 2014, Alberta Premier Jim Prentice was a Vice-President for CIBC, with a salary “reportedly over $2 million.”

In Ontario, his 2013 provincial income taxes would have been calculated using a progressively increasing tax rate that topped out at 13.16% on income over $509,000. The provincial tax deducted from his salary would have been $249,311.

But, because he lived in Alberta (I assume) he would have filed his taxes at the Alberta flat rate of 10% on his income over $17,593. His total 2013 provincial tax bill would thus amount to $198,241.

Put this (Read more…)