Could the Conservatives be lying about the taxes on the severance pay of the laid off GM workers?
“‘Many of them reached out to my office showing a massive withholding tax to their cheques. We saw pay stubs of folks that were supposed to be getting $60,000 gross, but are now only getting $24,000 after the withholding tax,’ [Conservative labour critic Arpan] Khanna said.”
https://www.ctvnews.ca/business/autos/article/liberals-reject-poilievres-call-for-tax-relief-on-gm-workers-severance-pay/
From McMackin Law’s website:
“Withholding rates in Ontario for lump sum severance packages at the time of writing [2020] are as follows:
• Up to $5,000.00: 10%
• Over $5,000.00 to $15,000.00: 20%
• Over $15,000.00: 30%”
https://mcmackinlaw.ca/is-severance-taxable-canada/
30% of $60,000 is $18,000 leavimg $42,000, not $24,000.
“Withholding is not the same as your final tax result. Your ultimate tax depends on your annual income, deductions, and the specifics of the payment.”
The workers could get part of $18,000 back when their annual income tax return is filed.
#ConservativeLies #NeverVoteConservative