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Trudeau HAS TO GO.

Re: Trudeau HAS TO GO.

Postby Rwede » Sep 7th, 2017, 1:10 pm

Leaked from the Liberal caucus meeting.

The message is very clear.

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Re: Trudeau HAS TO GO.

Postby bob vernon » Sep 7th, 2017, 1:16 pm

Especially on the loopholers.
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Re: Trudeau HAS TO GO.

Postby Rwede » Sep 7th, 2017, 1:32 pm

bob vernon wrote:Especially on the loopholers.


What's a loophole?

If there is an ability to structure one's affairs to minimize or reduce tax burdens, then that ability is available to all taxpayers irrespective of income level.

The only ones who whimper about it are low intelligence people who worry more about what the other guy is paying instead of worrying about their own finances.

There is absolutely no advantage to anyone in making the other guy pay more. You'll never pay less if he pays more.
"I don't even disagree with the bulk of what's in the Leap Manifesto. I'll put forward my Leap Manifesto in the next election." - John Horgan, 2017.

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Re: Trudeau HAS TO GO.

Postby maryjane48 » Sep 7th, 2017, 1:35 pm

the top 10 percent need to pay more . when we have employers *removed* who pays pennies for wages its what has to happen :smt045
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Re: Trudeau HAS TO GO.

Postby Rider59 » Sep 7th, 2017, 1:49 pm

maryjane48 wrote:the top 10 percent need to pay more . when we have employers like you who pays pennies for wages its what has to happen :smt045


Why? Do 'rich people' use governmental services more than you or I? I could argue they use less so should pay less.

I will never understand this 'poor me' attitude. Getting wealthy should be an incentive not a punishment.

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Re: Trudeau HAS TO GO.

Postby Rwede » Sep 7th, 2017, 2:14 pm

maryjane48 wrote:the top 10 percent need to pay more . when we have employers *removed* who pays pennies for wages its what has to happen :smt045


The top 10% of wage earners pay 55% of the taxes in Canada.

The top 1% pay 21% of all the taxes in Canada.

Should they pay more, while the bottom 50% of wage earners contribute only 4% of taxes paid?

http://business.financialpost.com/perso ... y-in-taxes
"I don't even disagree with the bulk of what's in the Leap Manifesto. I'll put forward my Leap Manifesto in the next election." - John Horgan, 2017.

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Re: Trudeau HAS TO GO.

Postby sobrohusfat » Sep 8th, 2017, 12:08 am

"Get your facts first, then you can distort them as you please." - Mark Twain
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Re: Trudeau HAS TO GO.

Postby sobrohusfat » Sep 8th, 2017, 1:15 am

The Liberal tax hike on local businesses

While Canadians were enjoying the summer months, the Liberals tried to sneak through a massive new tax hike that would hurt every single local business in the country.

Despite the Liberal efforts to do this quietly, Canadians noticed. And they’re not happy.

Millions of Canadians have spoken out and signed petitions. Tax experts, economists, and thousands of small business owners have condemned their plan! And rightfully so.

This is just another Liberal tax grab designed to make Canadians pay for the government’s out-of-control spending habits and legacy of deficits.

The Liberals need to stop nickel and diming Canadians.

Sign if you agree: https://www.conservative.ca/cpc/the-lib ... usinesses/
"Get your facts first, then you can distort them as you please." - Mark Twain
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Re: Trudeau HAS TO GO.

Postby Rwede » Sep 8th, 2017, 9:40 am

sobrohusfat wrote:https://www.facebook.com/rob.s.boutilier/posts/10154811608835983


That sums it up perfectly.

Trudeau has to go. Now.
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Re: Trudeau HAS TO GO.

Postby erinmore3775 » Sep 8th, 2017, 10:45 am

It is important to examine the "group" of small business corporations that will actually be affected by the changes in the interpretation of the existing tax code and the changes being proposed.


http://saundassociates.com/principles-integration This article outlines the principle of integration.

The proposed changes affect "the dividends that would have been received by the primary owner/manager of the private corporation, say, mom or dad, would instead be paid to the spouse, partner or kids of the primary shareholder, who are often in lower tax brackets than the primary owner/manager and thus the family’s total tax bill would be reduced."


Currently, "...Private corporations can pay dividends to family members who, if they have no other income, can use their basic personal amounts to shield such income from tax...[this] income distributed to the family member[s] may exceed what would have been expected, having regard to the family member’s labour and capital contributions to the business, in arrangements involving arm’s-length investors.”

The present Income Tax Act rules for income sprinkling of salary income, "...are quite strict in that the Income Tax Act only permits “reasonable” amounts to be deducted from the corporation’s income when salary or management fees are paid to employees, including family members. This rule is meant to prevent a parent who owns a corporation from paying his spouse or child an annual salary when he or she doesn’t actually perform any work or provide services to the business.

"When it comes to dividends, however, there is no reasonableness test in that anyone who owns a share of the corporation may receive dividends. Nor is there a requirement that the shareholder's investment is related to the amount of their investment in the corporation. This is a requirement of normal shareholder investment in the stock market. The greater your investment (greater number of shares you own) the greater your dividend return. The original regulations, “tax on split income” (TOSI) did not anticipate/reflect the normal requirements of shareholder investing.

Under the proposed new rules, an adult family member will be expected to contribute to the business, either in labour or capital, in order be exempt from the TOSI on income received. In other words, the amount received by such adult family members must be “reasonable.” There is a stricter test for 18-24 year olds. In a nutshell, if the amount isn’t reasonable, then a top rate of tax will apply, putting an end to the current strategy of dividend sprinkling among non-involved family members.

http://business.financialpost.com/personal-finance/taxes/what-the-new-income-sprinkling-rules-mean-for-tax-planning

I do not believe that this change in the small business tax regulations will adversely affect the normal small business corporation. Most of these are run by principals who are actively involved in the business. Their spouses, adult family members, and shareholders actively contribute significant hours to the success of the enterprise. They are not $5 shareholders, whose only contribution to the corporation is their signature on the incorporation papers. These are the ones that the changes in these regulations will affect.

If a contributor can demonstrate how the small Ma & Pop incorporated business (where the principals are equal contributors) is going to be adversely affected please demonstrate it here. I believe that these changes are directed are those like the Trudeau's and Moreau's who have taken advantage of this lack of regulation to sprinkle dividend earnings to non-contributory shareholders.
"Justice will not come until those who are not injured are as indignant as those who are injured."
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"You make a living by what you get; you make a life by what you give." - Winston Churchill

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Re: Trudeau HAS TO GO.

Postby The Green Barbarian » Sep 8th, 2017, 11:02 am

bob vernon wrote:Especially on the loopholers.


LOL
Pierre Trudeau was an epic disaster for Canada. Like father like son.
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Re: Trudeau HAS TO GO.

Postby frazdog » Sep 8th, 2017, 2:59 pm

GB, I am in total agreement with many Canadians who are disappointed with Trudeau. *removed*
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Re: Trudeau HAS TO GO.

Postby Glacier » Sep 13th, 2017, 7:44 am

Trudeau's Bahamas vacation cost over $215K — far more than initially disclosed
RCMP refuses to say how it spent $153,504, cites security concerns

http://www.cbc.ca/beta/news/politics/tr ... -1.4286033

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Re: Trudeau HAS TO GO.

Postby Merry » Sep 14th, 2017, 1:17 am

The small business tax credits were never intended to be a way for wealthy Canadians to reduce the size of their tax bill. So all the Libs are now doing is trying to eliminate the unintended consequences of some well meaning but poorly thought out legislation.

Incorporation exists to allow companies to operate as legal entities distinct from their owners, limiting the latter's legal and financial liability. There are many good reasons for someone to incorporate; tax reduction isn't supposed to be among them. Your taxes shouldn't be lower simply by virtue of signing papers changing your legal structure from J. Smith, Sole Proprietor, to J. Smith, Inc.

However, it appears that's exactly what a good number of Canadians, generally with incomes well-above average, are doing.

https://beta.theglobeandmail.com/opinio ... dmail.com&
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Re: Trudeau HAS TO GO.

Postby Merry » Sep 14th, 2017, 2:01 am

The following quotes provide a little bit of background on the reason for the small business tax rate, and how it has come to be used by various groups for whom it was never originally intended.

The Regional Small Business tax rate was devised in the tax reform of 1972. Two different tax rates were enacted—one for small business (private corporations) and another one for larger businesses (public corporations). In a nutshell, it gave businesses—both small and big—lower tax rates. Why small business? Because back in 1971 small business had trouble getting loans from Canadian banks to grow their companies. The low tax rate meant they could keep extra capital in their business to invest and ultimately use when they needed it for expansion or other expenses. “So that was the justification for the low tax rate,”

The low tax rate was not put in place because small business owners take more risk. This is a popular—yet false mantra—trotted out by politicians and lobby groups who have created their own stories and rationalizations around why small business “deserves” the tax break.

until 1990, professionals such as doctors, dentists, lawyers, and accountants were not allowed to incorporate. They had to be sole proprietors or partnerships. But since small businesses could incorporate for the limited liability advantages, professionals wanted this advantage as well. So they too were allowed to incorporate for the liability coverage and lower tax rate.

Then in 2000, a new twist—Ontario doctors wanted a fee increase and the province had an idea. They allowed doctors with corporations to split income by being named shareholders in the corporation. So the province gave doctors the tax break and then, according to Krishna, lawyers and dentists screamed “that’s unfair” and they too were allowed to tax split with family members in the corporation. “So Ontario saved tax money and the federal government had to pick up the tab, and all the while the province thought they were brilliant,” says Krishna. “And the doctors didn’t care who paid for this, as long as they got more.”

What are the main benefits of corporations for small business?

There are several benefits, including litigation protection, a lower business income tax rate (about 15%), and the ability to sell your business for up to $750,000 tax-free ($1.5 million tax-free if jointly owned with a spouse). But perhaps one of the most lucrative for families (besides the super low 15% tax rate) is a tax strategy that will minimize the overall taxation of company income, called “Dividend Sprinkling.”

http://www.macleans.ca/economy/money-ec ... loopholes/
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