Tax Comparison: USA vs Canada | Part 1: Tax Rates, Brackets and Other Taxes | Who pays more💰🇨🇦🇺🇸?
In this video, Jason Smith dives deep into a detailed comparison of tax brackets between Ontario, Canada, and Florida, USA, with a special focus on Toronto and Miami. Whether you're a Canadian looking to invest in a Florida vacation home or considering a move to the Sunshine State, this video will give you key insights into how tax systems differ across the two regions.
In this first part of the series, Jason compares federal and provincial tax rates in Ontario to the U.S. tax system, breaking down the rates for both individuals and married couples filing jointly (MFJ). He explains how tax rates change depending on income levels, highlighting the differences between the two countries.
You'll also get an in-depth look at:
Canadian Federal & Provincial Tax Rates for Ontario (up to 55% tax on high incomes).
U.S. Federal Tax Rates (from 10% to 37%) and the absence of state income tax in Florida.
The impact of Filing Status: How the U.S. tax brackets differ for singles and married couples.
Understanding Marginal vs. Effective Tax Rates: Jason explains how your last dollar of income gets taxed versus the average tax rate across all income.
Other Taxes: Payroll taxes in Canada (CPP, EI) vs. FICA, Social Security, and Medicare taxes in the U.S., and how they differ.
This video is perfect for Canadians looking to understand the tax implications of owning property in Florida or making a permanent move to the U.S. Jason also introduces the exchange rate (1.4 CAD to 1 USD) for a more accurate comparison.
What's Next in the Series?
Part 2: Taxes on specific income levels in Ontario vs. Florida.
Part 3: Healthcare costs comparison.
Part 4: Housing expenses and cost of living.
Part 5: High-income probabilities and potential earnings.
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