Canada loves to use income taxes when it is one of the least productive taxes. Income taxes don't impact the rich. Instead they tax productivity which is the worst thing you want. Want people to stop smoking so much? Use taxes. Want people to stop drinking alcohol so much? Use taxes. Taxes are a double edged sword to raise revenue but also de-incentivize the behaviour that you're taxing -- so when income taxes are so high, you de-incentivize labour productivity. In Ontario, once you hit $150k/year, you're effectively taxed at almost 50% (45% to be exact) for ever marginal dollar above $150k. For every extra dollar you make above 150k, it gets taxed at 45%. There’s a reason why we have an upper middle class brain drain to the USA. "But $150k/year is a lot, they're rich!". No, this is approaching upper middle class at best and are people who are relying on income still. These are your accountants, doctors, engineers, programmers, electricians, lawyers etc... Especially if it’s single earner with a stay at home parent. The solution? ⁠At a minimum, introduce income tax splitting just like the USA. A household income of $150k/year where just one parent is working should be able to split their taxes with their spouse. ⁠Expand the tax brackets, so yes income taxes eventually rise to 50%, but at a much higher income bracket. Even in California, one of the State's with the highest income taxes, the 50% tax bracket kicks in closer to $400k salaries. ⁠To mitigate the loss of revenue from reducing provincial income taxes (will be harder with federal), provinces should rely more on property taxes. Progressively tiered Property taxes are one of the best forms of taxes to tax the wealthy and it's a much less productive asset, especially when compared to labour. For all the shit Texas gets, they have the most optimal tax structure where there's no state income tax, but property taxes are very high. For lower value home, they pay less property tax, but in fancy neighbourhoods/high value properties, they pay more. ⁠Lower government spending. Particularly old aged security which steals from the young to give to the old. At the least, there needs to be stricter requirements that incorporate household income, and not just individual income. A retired couple who each earn $80k/year on income, thus having a household income of $160k/year should NOT be receiving any OAS. More on reddit.com

Probably in November or December of 2025. I rely on this regularly updated report on IRMAA brackets for planning. More on reddit.com