Tax Comparison: USA vs Canada | Part 2: How Much Tax on $100,000 | Who pays more💰🇨🇦🇺🇸?
In this detailed tax comparison video, Jason Smith breaks down the key differences between living in Ontario, Canada, and Florida, USA, specifically comparing Toronto and Miami. Using the $100,000 US dollar (or $140,000 CAD) income from last week's tax bracket discussion, Jason dives into five critical areas:
Taxes on $100,000 US – A side-by-side comparison of Canadian federal and provincial tax rates vs. US federal taxes, including a detailed look at Ontario’s provincial taxes and the impact of married filing jointly (MFJ) versus married filing separately (MFS).
Healthcare Costs – Jason highlights the significant differences in healthcare systems, with an upcoming video focused on healthcare costs, wait times, and quality of care in both countries.
Housing Expenses – A comparison of the cost of living in Toronto versus Miami, factoring in housing costs and local living expenses.
Income Probabilities – Understanding income opportunities in both regions and how the tax brackets impact net take-home pay.
Final Summary – A clear overview of the tax differences, including the impact of benefits like the Canada Child Benefit and the US Child Tax Credit, and an exploration of the substantial advantage Florida offers due to no state income taxes.
Jason emphasizes the importance of understanding tax brackets, especially for married couples with children, and discusses the impact of additional benefits like the Canada Carbon Rebate. If you're considering relocating or just curious about the tax systems, this comparison is for you!
Stay tuned for our next video, where we’ll dive into healthcare costs, wait times, and quality of care in both countries, helping you make a more informed decision. Don’t forget to like, subscribe, and comment with any suggestions for future comparison topics!
What's Next in the Series?
Part 3: Healthcare costs comparison.
Part 4: Housing expenses and cost of living.
Part 5: High-income probabilities and potential earnings.
Don't forget to like, comment, and subscribe for future updates on this tax comparison series!
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