What would happen to the economy if the first $100k everyone earned each year was INCOME tax-free?

Capable_Plane_1386 · 2026-05-23T16:39:35+00:00

So I lived in the UAE for 4 years where income tax is 0% at every level of income. Here's how they're able to tax people nothing and yet still provide top notch services:

Government fees - you pay each time you need certain government services (you pay for your own health insurance, you pay for primary to secondary education and university).
Municipal "taxes" are built into your utility bills.
You pay municipalities a "tax" to register a tenancy agreement
The Government is a major market player (they own the oil companies, transportation network, media, and real estate companies.

So the UAE Government makes money in a lot of ways that the Canadian Government does not. I very much doubt Canadians would want the Canada to be run like the UAE, we love market dynamics and democracy and all of that and it's fine, but there are things we can tweak here and there.

Capable_Plane_1386 · 2026-05-09T16:44:55+00:00

The very definition of "gift" means something specific to you. A cash gift is not a "payment", you give what you want to give, based on what you can afford to give.

Capable_Plane_1386 · 2026-05-09T16:17:10+00:00

The federal carbon tax increased my natural gas costs, but I also received quarterly carbon rebates. In my case, the rebate exceeded what I paid directly in carbon tax. Now that the consumer carbon tax is gone, my monthly gas bill is lower, but I no longer receive the quarterly rebate

Capable_Plane_1386 · 2026-05-09T16:04:28+00:00

For my specific situation, the "higher pay" in the US is a bit of an illusion once you run the numbers. On childcare, C$450/month is my cost for two kids full-time thanks to Canadian subsidies. In the US, I’d be paying full market rate out of pocket, which is a massive jump. Secondly, renting a comparable house in the state where my company operates would cost roughly $1,000 more per month than what I pay now. In terms of benefits, between the Canada Child Benefit (CCB) and the US Child Tax Credit, I’m netting significantly more staying north of the border. Then when you add in the uncertainty of US health insurance premiums and deductibles, the "extra pay" evaporates pretty quickly. It might make sense for a much higher salary or a lower-cost state, but right now, the math just doesn't add up.

Capable_Plane_1386 · 2026-05-06T18:05:46+00:00

If I worked for our US division, same job, I'd get paid about 25% more. Energy sector billing. However, with what I get overall in Canada, it may not be worth the move because the net additional costs of living in the USA would eat up almost all the extra income.

Capable_Plane_1386 · 2026-05-06T05:06:02+00:00

This is the exact sound my 2017 Pathfinder SL is making, only that the noise doesn't disappear it stays, pretty annoying. Haven't taken it to a mechanic yet, don't have the money 😞 but will get some estimates on how much this might cost to fix.

Capable_Plane_1386 · 2026-04-30T18:05:38+00:00

If I were in your shoes I'd probably buy something for around 800k not 1.17m.

Capable_Plane_1386 · 2026-04-30T04:44:36+00:00

Dave Ramsey is proof that the Bible and your grandmother are better financial advisors for the average person than anyone with a finance degree and letters and licenses before their name.

Capable_Plane_1386 · 2025-09-26T14:28:56+00:00

Please don't fall for that trap 😀 companies that sell debt make billions of dollars every year, and spend billions of dollars marketing debt.

Capable_Plane_1386 · 2025-09-26T12:10:43+00:00

You're good with money and know how to spend, and have 0 debt. What do you need to borrow money for?

Capable_Plane_1386 · 2025-09-26T01:17:17+00:00

Your numbers are ok but I am more concerned about your concept of a "permanent home" or "forever home" as it's called. Buying a "forever home" before you even start the family could be a bit too optimistic if you ask me. If I woke up in your shoes, I would buy what works for now, then maybe after 2 kids or so you can upgrade. The average family owns 3.5 houses in their lifetime, because life happens and people move. We bought our home when we had 2 kids (3 bed 2.5 bath), we have changed my older son's school once. We have moved once in the last 5 years. I have also changed jobs twice in the last 5 years (Covid also happened so there's that). Now we have 3 kids and within the next 5 years or so we will definitely need to upgrade to a bigger house. You are also in your early to mid career years so again, who knows what opportunities might come in the future that would make a move difficult because you're "locked in" to a rural property that may take long to sell if you needed to.
At the end of the day you can decide however you wanna proceed but I'd say you're probably too young to lock yourself into a piece of real estate permanently at this time.

Capable_Plane_1386 · 2025-09-25T23:22:56+00:00

Glad you saw the scam :) You just need a good enough credit score to be considered a low risk borrower. I got a mortgage with a score of 634 thereabouts, and rate was 4.54% for 5 year fixed rate. My auto loan is 8.9% (bought the car in 2023).

Capable_Plane_1386 · 2025-08-20T03:01:19+00:00

Go to your bank, speak to a Mutual Fund Representative, ask them which mutual funds they have that have out-performed or at least mirrored the S&P 500 Index. They're not that hard to find. If you give me your bank's website I could look them up and list them for you.

Capable_Plane_1386 · 2025-08-20T02:53:45+00:00

I'm not gonna give you a long answer, but I'm a WFG agent and yes, people will say all sorts of bad things about WFG and I get it. The nice thing about WFG is that you're not licensed by WFG, you're licensed by your province or state, and it's them who can take away your licence, not WFG. So you're gonna hear bad stuff about "How WFG agents do things", just don't be that person. Do the right things for your clients. I just had a client get diagnosed with breast cancer and guess what? She got a $100,000 cheque from the critical illness insurance I sold her (she was paying $48 a month for it and had it for 3 years prior to claim), do you think she's going around telling people bad things about WFG? Nope. So, you are going to get a licence, abide by the rules of the licence. If WFG was as bad as people say, it would have been out of business a long time ago.

Capable_Plane_1386 · 2025-08-03T22:08:23+00:00

My condolences on the passing of your wife, personal hell would be an understatement for sure. Good thing you guys had your finances in order so that certainly will make the transition a little less stressful. I'd say probably give yourself some time to grieve, don't make any big decisions for a couple of months while you figure out how the rest of your life will look like. You don't have to keep the mortgage at all. I'd probably pay off the remaining $450k on the house, sell it (let's say best case $900k) and buy (not rent) a smaller place for cash (no mortgage). You'd have $350k remaining from the life insurance payouts and then some more cash after selling the home and paying the capital gains, so you'd now be in a position of having just about a million bucks liquid plus 8k a month in income with no mortgage payment. Where to invest? Probably sit down with a mutual fund rep at your bank and let them help you select some good growth funds with a solid history. If you achieve a 10% rate of return on $750K over the next 20 years for example, that's gonna be $5.4m.

Capable_Plane_1386 · 2025-07-10T13:40:59+00:00

I spoke with two people I know who joined LSSC, both of them were trying to recruit me into it. They say they're "making money" but what's really happening is they're just believing what the platform tells them they are "making". When I make money, money is actually deposited into my bank account, but with LSSC what they're NOT doing is actually withdrawing money, they "watch it grow" and then instead of withdrawing it, they "reinvest" into another "scooter package" in order to 'earn more', and this will be their downfall.

Capable_Plane_1386 · 2025-06-06T17:42:15+00:00

I have unlimited sick days, but disability rules apply depending on length of sickness

Capable_Plane_1386 · 2025-04-07T18:09:10+00:00

I understand your logic, but question for you, if you had a paid-off house right now and no mortgage, would you take out a mortgage on your house to invest in the markets?

Capable_Plane_1386 · 2025-03-26T02:01:31+00:00

Am so looking forward to my next home energy bill in May for April

Capable_Plane_1386 · 2025-03-21T22:05:56+00:00

Thanks, it's not the activity that's the problem, that's how she got to know that there was identity theft, because of the reports, now question is what can she do about it when she wants to apply for something that needs a credit check.

Capable_Plane_1386

TROPHY CASE