Beyond RRSP deductions, how does a high income earner save on taxes?
I am not talking of a business owner, I am talking of someone, that makes 150k $ in salary. In Ontario, the marginal tax rate is well over 30%.
After maxing out RRSP, what do these folks do? Do they just bite the bullet and pay the CRA? Or do they open up fake corporations and hide the money there? But that would be illegal, right?
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That's not especially high income, and while I can't speak for Canadians, most of us south of the border just pay the tax. There are tax-advantged retirement savings plans, and charitable donations are often offset by a tax credit, and there are some tax incentives for mortgages, and so on.. but generally the right answer is to just accept that the income tax money was never yours to begin with.
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