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Psssst! Deloitte & Touche, LLP .. has updated their “Quick Tax Facts 2007” publication. It’s worth printing it out these 2 pages and keeping a copy on your pegboard for quick perusal …

I keep a printout of something like this on my pegboard for quick estimates while I am on the phone with clients. For instance, if an individual in Manitoba makes $100,000 per year, the combined taxes would be about $32,270. If two individuals each make $50,000 per year, the combined taxes would be about $12,204 each (or $24,408 total). Just knowing this “on the fly” is helpful at times. In Canada, our marginal tax rates are ‘graduating’ in a sense, that once you reach a certain level of tax, the excess is taxed at a higher rate until the next level. In Manitoba, if you earn $100,000 income, you are effectively taxed at 32.27% .. but, if you earn $1,000,000 you are effectively taxed at 44.92%. It’s different in all areas of Canada, because in addition to the federal rates, each provincial or territory have their own tax rates.

As I mentioned earlier above - it’s just easier to sometimes look at a two page report than do all of the calculations!

Deloitte’s Tax Fact includes …

Source: From the Newsletter - See the link at the bottom of this page