Cost of housing in Canada

[mariomike]

Last update October 28, 2024

Which cities have the highest property taxes in Ontario for 2024?​

Which cities have the lowest taxes in Ontario for 2024?​

 

[IKnowNothing]

Who are all these boomers that made 100,000 a year plus pensions? I doubt the vast amount of people qualify for that category

Posted up thread

Income Explorer, 2021 Census

This interactive chart is comprised of two visualizations to show statistics of selected income sources by various characteristics and geographies.

www12.statcan.gc.ca

As of the 2021 census (2020 tax year) the clawback range of 79-128k covered the 90th to 97th percentiles of respondents over 65. The same census put the total age cohort at 7million. 7% of that = 490,000. Max OAS for 2020 was $7362. Call the average payout 60% for those in the range- that's 2.16 billion to those with a retirement income of 79k or more. Another 15% (the 75th to 90th percentiles), or 1.05mm seniors were 54k to 81k. Assuming the full amount of OAS to each that's 7.73B. So rough numbers, a combined 9.89 billion in just because money to Canadians with individual retirement incomes over 54k.

That number will have grown. I don't want to make this a generational pissing match, or about generational equity- the same exercise should happen with the Canada Child Benefit. We need to cut spending and get finances in order, every dollar needs to be justified as accomplishing a societal objective within the jurisdiction of the Federal government. Just because money is an easy cut.

To the concept of the "social contract" it would be breaking (or not), two things- primacy of parliament, and force majeure.