Vancouver's Real Estate Market

[Hondaracer]

Dont have to look any further than JT's fucking finance minister, crooked fuck.

JT pretends to have the lower/middle class concerns on his plate when his finance minister making insider deals to profit millions of dollars for his family and their french villas

Politicians at all levels are completely disconnected with the realities of your average citizen.

[yray]

Originally Posted by twitchyzero

boomers could work during the summer in college/university and not ever have to think about loans

aside from a recession in the 80s, they also likely landed cushy jobs with benefits out of school

heck even 10 years back, there were recruiters going to schools. Now it's fighting for scrapes

its because of COOPS

Free work for businesses, why the fuck not

[yray]

Originally Posted by Gerbs

You never make less net income by working more hours (earning more gross income) It's odd how a lot of people misunderstand income taxation.

you don't make less but you get taxed more for the amount of work you put in.

$14 @ 1.5% vs $14 @ 2.25%

[GS8]

Originally Posted by Hondaracer

Dont have to look any further than JT's fucking finance minister, crooked fuck.

JT pretends to have the lower/middle class concerns on his plate when his finance minister making insider deals to profit millions of dollars for his family and their french villas

Politicians at all levels are completely disconnected with the realities of your average citizen.

You're being way too hard on him.

In 25 years from now, the Canadian Prime Minster will be issuing a formal nationwide apology to everyone who couldn't buy property in this country.

[B!tch]

Originally Posted by yray

you don't make less but you get taxed more for the amount of work you put in.

$14 @ 1.5% vs $14 @ 2.25%

I can explain this in the employment thread in more detail but using your numbers your are taxed at a higher rate at each threshold.

$14 @ 1.5%

if you make more (ie: raise to $15) then

$14 @ 1.5%
$1 @ 2.25%

I will take an increase in earnings, as my net income will be higher no matter how much more paid in taxes at a higher thershold.

[jasonturbo]

Originally Posted by Tapioca

Lots of people in here have mocked the Trudeau government, but if you had young children, you would benefit a lot from the child benefit program. Lots of couples with children receive hundreds of dollars, tax free, from the federal government each month. This puts a significant dent in expenses, like child care.

Once a woman takes home over $3000 per month, putting 2 kids in daycare does actually make sense as full time daycare for any child below 2.5 years is about 1300-1400 per month. Daycare becomes cheaper once the child hits 3 years old (about half). Assuming that there's a 2-3 year age gap between kids, daycare costs are around 2000-2500 per month. Using the child benefit and the daycare tax credit, those costs are roughly halved at the end of the day.

Federal Child Care Benefit increase, Daycare Tax Credit... it's very Quebecois. Consider in Quebec there is the Child Assistance Credit and 15$/Day Day Care... at the cost of exceptionally high provincial income taxes.

It's a bad time to be a high income earner in Canada, it's a great time to be broke as fuck with 5 kids and the desire to carry a massive mortgage.

The Liberal Party has continuously promised to cancel tax breaks and benefits for the wealthy... it's weird how we are essentially punished for being financially successful. They crank up the taxes, I crank up the tax avoidance strategies, at the end of the day the people who really suffer are the slightly upper-middle class types.

[Badhobz]

I never complain about taxes. Just a fact of life to live in this country.

[twitchyzero]

Originally Posted by yray

its because of COOPS

Free work for businesses, why the fuck not

aren't co-ops paid?
unless free internship a la Hootsuite is now our town's gold standard

[yray]

Originally Posted by B!tch

I can explain this in the employment thread in more detail but using your numbers your are taxed at a higher rate at each threshold.

$14 @ 1.5%

if you make more (ie: raise to $15) then

$14 @ 1.5%
$1 @ 2.25%

I will take an increase in earnings, as my net income will be higher no matter how much more paid in taxes at a higher thershold.

so what happens when you dont get a raise? you are working full time job + part time job at similar wages. Yes, your net income will be higher but if working that part time job throws you into the next bracket, is it really worth the time and effort as you will get taxed at a higher amount on that part time income. Of course theres TFSA and RRSP to help but working 2-3 income stream will probably mean you need the cash flow.

Originally Posted by twitchyzero

aren't co-ops paid?
unless free internship a la Hootsuite is now our town's gold standard

I thought kids pay the school to get into coop. Even if they pay you, its more of a stipend.

[Badhobz]

working two jobs is a dangerous proposition both to your physical/mental health and also if your employers find out.

I knew a guy who worked on the railroad full time and then held a union card as a casual longshoremen. He got fired from the railroad once they found out he had another job.

Employers dont like you working 2 jobs usually. Shows your not committed.

[MarkyMark]

Originally Posted by jasonturbo

It's a bad time to be a high income earner in Canada, it's a great time to be broke as fuck with 5 kids and the desire to carry a massive mortgage.

The Liberal Party has continuously promised to cancel tax breaks and benefits for the wealthy... it's weird how we are essentially punished for being financially successful.

Is there ever really a bad time to be wealthy? Less lucrative times perhaps but we can't really compare the squeeze of someone who's put all of their money on the line trying to buy a place to someone who's already set for life.

[haymura]

Originally Posted by yray

so what happens when you dont get a raise? you are working full time job + part time job at similar wages. Yes, your net income will be higher but if working that part time job throws you into the next bracket, is it really worth the time and effort as you will get taxed at a higher amount on that part time income. Of course theres TFSA and RRSP to help but working 2-3 income stream will probably mean you need the cash flow.

Can someone dumb this down for me. What yray is explaining is exactly what my situation is right now. Im working a full-time job making 40k a year and I took a part-time job that pays $12/hr for 30hrs a week. Are you guys saying my 2nd job is fruitless and not worth it?

[twitchyzero]

Originally Posted by Badhobz

Employers dont like you working 2 jobs usually. Shows your not committed.

Unless you turned down a higher paying position from your employer and worked a second job with the competitor right next door, i dont see a conflict of interest.

if your employer can't understand that you need to pay bills and got mouths to feed and your current salary is being stretched, then you need a better employer.

[Hondaracer]

Originally Posted by haymura

Can someone dumb this down for me. What yray is explaining is exactly what my situation is right now. Im working a full-time job making 40k a year and I took a part-time job that pays $12/hr for 30hrs a week. Are you guys saying my 2nd job is fruitless and not worth it?

My understanding of situations like this, especially when you’re just working insane amounts of OT which push you into the next tax bracket, is that eventually you’re getting taxed so heavily on that OT income that it cuts into your hourly wage fairly substantially.

I knew a landscaper who worked stupid OT like 60-70 hours a week type thing, he said his accountant told him that for some of those hours like the 67th, 68th, 69th hours, you’re essentially working for $7-$8 dollars an hour because of the tax implications.

Not sure how accurate that is but it kind of makes sense as you’re only getting paid X per hour, but you’re grossing substantially more than that job would pay annually without OT

[CivicBlues]

Law of Diminishing Returns

[yray]

Originally Posted by Hondaracer

My understanding of situations like this, especially when you’re just working insane amounts of OT which push you into the next tax bracket, is that eventually you’re getting taxed so heavily on that OT income that it cuts into your hourly wage fairly substantially.

I knew a landscaper who worked stupid OT like 60-70 hours a week type thing, he said his accountant told him that for some of those hours like the 67th, 68th, 69th hours, you’re essentially working for $7-$8 dollars an hour because of the tax implications.

Not sure how accurate that is but it kind of makes sense as you’re only getting paid X per hour, but you’re grossing substantially more than that job would pay annually without OT

Yes, that is what happened to me when I worked FT+PT jobs.

My PT job ended up paying 9$/hour after all the taxes and stuff... and its a shift for 4hrs, you realized, whats the fucking point.

[haymura]

ok I get it now. So in essence, with the total gross income with both FT + PT job it puts you at a higher bracket and with that deduction it puts your 2nd job at an hourly rate of almost nothing (in my case $12/hr will become $7 - $9) which is not worth my time, effort, and physical stress.

Did I nail that right in?

[Gh0st]

Originally Posted by Badhobz

working two jobs is a dangerous proposition both to your physical/mental health and also if your employers find out.

I knew a guy who worked on the railroad full time and then held a union card as a casual longshoremen. He got fired from the railroad once they found out he had another job.

Employers dont like you working 2 jobs usually. Shows your not committed.

Okay I know this is a RE thread but that is a pretty silly comment.

Employers generally don't give a crap if you work two or three jobs. You do what you need to do to survive. As long as there are no performance issues and you're following through with your work commitments, there is zero issue.

What's the conflict working for railway industry and waterfront industry? I'm not sure why your buddy got canned from the railway industry. They are two separate unions - ILWU for longshore / Teamsters (I believe) for railway.

It's expected that once casual longshoremen start work they have other means to supplement their income because they will not always get jobs once they arrive at the hall each shift. Most of them work as mechanics, cab drivers, and other jobs on the side.

I work in a position of hiring and I used to work for the employers of the waterfront industry who employ the longshoremen.

In my years of working with management and HR professionals I've never once heard "employers don't like you working two jobs, shows your not committed". Most people I know, including my Director / VP's have second jobs. My past VP was a also professor at BCIT. My past CEO was also the BC Commissioner for the Trucking & Container industry. My current Director does consulting work for BC Housing. Soooo many of my ex and current colleagues have second jobs, including myself! It's not frowned upon - at least not at the corporations I've worked at.

[yray]

Originally Posted by Badhobz

working two jobs is a dangerous proposition both to your physical/mental health and also if your employers find out.

I knew a guy who worked on the railroad full time and then held a union card as a casual longshoremen. He got fired from the railroad once they found out he had another job.

Employers dont like you working 2 jobs usually. Shows your not committed.

I think its because he works 8 @ port and then 8@ railways, he would've violated mandatory rest times rules or something. It was probably stated clearly that he is not allowed to work consecutively on another job when he signed a contract or the union would've covered his ass.

Otherwise, a company wouldn't give two shits what you do after work as long as you show up to work ready to work.

[quasi]

Originally Posted by Gh0st

Okay I know this is a RE thread but that is a pretty silly comment.

Employers generally don't give a crap if you work two or three jobs. You do what you need to do to survive. As long as there are no performance issues and you're following through with your work commitments, there is zero issue.

What's the conflict working for railway industry and waterfront industry? I'm not sure why your buddy got canned from the railway industry. They are two separate unions - ILWU for longshore / Teamsters (I believe) for railway.

It's expected that once casual longshoremen start work they have other means to supplement their income because they will not always get jobs once they arrive at the hall each shift. Most of them work as mechanics, cab drivers, and other jobs on the side.

I work in a position of hiring and I used to work for the employers of the waterfront industry who employ the longshoremen.

In my years of working with management and HR professionals I've never once heard "employers don't like you working two jobs, shows your not committed". Most people I know, including my Director / VP's have second jobs. My past VP was a also professor at BCIT. My past CEO was also the BC Commissioner for the Trucking & Container industry. My current Director does consulting work for BC Housing. Soooo many of my ex and current colleagues have second jobs, including myself! It's not frowned upon - at least not at the corporations I've worked at.

I'd agree, the only time I'd see a problem is if it was a conflict of interest.

I'd love to pickup work on the side contracting out my construction estimating services the problem is I'd be providing pricing to our competition. Even if I didn't provide pricing on the same projects it would look super sketchy to my employer and no doubt if they found out (which they would) I'd get fired.

My only option would be contracting in another Province where my employer is not bidding any work and being very upfront about it.

[stewie]

If hes referring to the performance part I've seen it first hand of people fired from unionized jobs over working 2 jobs. They hire to to be committed to them 5 days a week. Once the union finds out you're using "sick days" to cover other shifts or going on stress leave from being burned out working 16 hour days the union will no longer support you. Its no different than telling our hr dept a lie. If they know you're lying and they've proof. Goodbye.

My employer could care less what you do on your own free time unless its side jobs that you're doing that are work related or soliciting or if your performance slips and you go the route I said up top.

[Traum]

Originally Posted by haymura

ok I get it now. So in essence, with the total gross income with both FT + PT job it puts you at a higher bracket and with that deduction it puts your 2nd job at an hourly rate of almost nothing (in my case $12/hr will become $7 - $9) which is not worth my time, effort, and physical stress.

Did I nail that right in?

Yup, that's what the guys have been saying.

In extreme cases (when you're pulling in over $200k), the combined federal and provincial marginal tax rate is 47.7%. So your $12/hr job is only giving you less than $6.27/hr.

(But pulling in $200k from a $12/hr job... Hmm...)

[winson604]

Originally Posted by Badhobz

Employers dont like you working 2 jobs usually. Shows your not committed.

I think you've had some pretty shitty employers in your life time. Often people feel the complete opposite that the person working multiple jobs is a hard worker. Sure you worry about possible burn out long term as a red flag but by no means is my thought oh this person isn't committed. This is the very definition of committed, I don't give a fuck if it's committed to money, greed, or to survive but nobody works multiples jobs for fun. Not committed is reserved for folks who constantly change jobs after a very short period of time imo.

[yray]

Originally Posted by haymura

ok I get it now. So in essence, with the total gross income with both FT + PT job it puts you at a higher bracket and with that deduction it puts your 2nd job at an hourly rate of almost nothing (in my case $12/hr will become $7 - $9) which is not worth my time, effort, and physical stress.

Did I nail that right in?

Yes, of course you can look at it in a bigger perspective and say you gained more money by working those extra hours.

If you have RRSP or TFSA, go for it and it will be worthwhile to have 2 jobs.
But if you decide to waste that money as soon as the cheque comes out...

[Hakkaboy]

When someone moves into the next "tax bracket", it doesn't mean that all of their income is suddenly taxed at the new rate. It just means the portion of the income above the previous tax bracket gets taxed at the higher rate.

I'm just going to simplify and give an example that below 50K, you get tax at 25%, above 50K you get taxed at 50%.

So if you make 60K, it means that the first 50K gets taxed at 25% ($12.5K), and then the rest, 10K, gets taxed at 50% ($5K).

So the total taxes you pay is $17.5K which means your effective tax rate is 29% @ $60K, not 50%.

Of course, there's a lot of different tax brackets in real life, but just remember that portions of your income are all taxed differently.