Canada vs USA

[hawk25]

Just wanted to get input on practicing in the US or Canada, which is better, pros/cons. Like for instance your not responsible for the cost of health insurance for employees in Canada as it is gov run, but are responsible for some of the cost in the US. Much appreciated.

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[mymouthsmells]

Stay in the US if you want to make money. Taxes in Canada (particularily in Ontario) are enormous. Free healthcare in Canada does not offset the amount of tax one has to pay here.

 

[DentalPearls]

Stay in the US if you want to make money. Taxes in Canada (particularily in Ontario) are enormous. Free healthcare in Canada does not offset the amount of tax one has to pay here.

You don't know what you're talking about. It is a very well known fact that Quebec (not Ontario) has the highest income taxes not only in Canada but in all of North America.

To all Canadians who think they will be earning big bucks in the US- NEWSFLASH! The Canadian dollar is at an all time high and economists are predicting it will get even higher in the future. Today the exchange rate for Canada/US = 1.05080 . The oil crisis and Bush's foreign policies are only weakening the US economy. I feel sorry for Americans.

As for making $ - it depends on which clinic you work at (mostly medicare patients or insured patients or cash patients).

 

[Daurang]

A montreal dentist told me his income tax is 55%. Is that true? I rather go on welfare there then if it's true.

I missed those time not too long ago when we got $1.6CAN/$1US exchange rate.

Unfortunately, I think the US empire has peaked and is on the decline so no president can do anything about it. As much as most people hate Bush, the thought of the Chinese, Russian, Venezuelan, and Iranian dictatorship rising and taking a leading role in the world sound even better.

 

[hawk25]

A montreal dentist told me his income tax is 55%. Is that true? I rather go on welfare there then if it's true.

I missed those time not too long ago when we got $1.6CAN/$1US exchange rate.

Unfortunately, I think the US empire has peaked and is on the decline so no president can do anything about it. As much as most people hate Bush, the thought of the Chinese, Russian, Venezuelan, and Iranian dictatorship rising and taking a leading role in the world sound even better.

Lots of provinces in Canada have booming economies right now, like the US in the 90’s. I know dentists do fairly well in Canada, but for how much they are taxed I’m not sure of this. 50% seems high, but Canada does tax more as you make more. For instance my dad lives in BC and makes slightly under six figures and loses about 26% to taxes, that’s not including the 14% sales tax on everything you buy.

 

[Daurang]

26% for six figures income is the same as the USA. It should be a lot higher unless your dad has Anderson for your CPA.

 

[hawk25]

26% for six figures income is the same as the USA. It should be a lot higher unless your dad has Anderson for your CPA.

I said slightly under six figures, and to conferm my statement I just looked at my income taxes from a few years back made around 80 thousand and got taxed nearly 30%, so my post is somewhat accurate. Once again this is for BC and Im not sure how comparable it is to the rest of the provinces. I think once you make 100K+ you really start to get screwed though.

 

[SMCohen]

A montreal dentist told me his income tax is 55%. Is that true? I rather go on welfare there then if it's true.

Income tax of over 50% is a reality here, in Canada. However, I wouldn't be so quick to choose welfare - dentists here can still afford million dollar homes, BMWs, and all the other luxuries despite the high taxes.

 

[LIer2010]

Exchange rates are irrelevant in this case, as long as you don't intend on living in one country and work in anther at the same time. What matters is income as it relates to the tax and cost of living of a particular country.

Btw, exchange rate has nothing to do with how well an economy is doing. It has more to do with trade balance and currency trading. Also, US dollar being devalued isn't so bad (unless you're a tourist wanting to travel in other countries) - it counters trade imbalance. Also, in the case of US at the moment, although there is federal budget deficit, the economy is growing at a robust rate and the tax rate is fairly low, esp. for those in higher income brackets (i.e. dentists) - although this will probably change a little bit once democrats come in to administration (which seems fairly likely at the moment).

Economic and tax conditions for running a small business (dental practice) is more favorable at US than any western European country or Canada at the moment.

 

[airwolfrocks999]

Also, in the case of US at the moment, although there is federal budget deficit, the economy is growing at a robust rate and the tax rate is fairly low, esp. for those in higher income brackets (i.e. dentists) - although this will probably change a little bit once democrats come in to administration (which seems fairly likely at the moment).

Not true. We have strong Republican contenders for the primaries and the next President could still be a Republican.

Healthcare workers generally appear to vote Republican. Especially now with the rising cost of healthcare and greater disparity between the rich and the poor, the Democrats are sticking towards their principle of a socialized healthcare system now more than ever.