The lower income tax actually offsets the premium I pay to live here vs other provinces. Or at least that's how it worked out when I had a job last March. The rent keeps coming, but the money ain't.
There's a threshold of savings under which things start getting very risky, that encroaches on my happyness, but on the flipside there's no amount of money I can think of that would make me work endlessly, because it doesn't make me happy beyond that
I always say "Money doesn't buy happiness, but a severe enough lack of money can certainly cause unhappiness"