Every single political party in Canada will increase the deficit when in government. No exception.
Canadians want a wealth tax and are willing to vote for it
- Thread starter Claudia Love
- Start date
Americans have to renounce their citizenship to avoid paying taxes to Uncle Sam. Canadians simply have to get residency status somewhere else and apply to Revenue Canada to be a non resident for income tax purposes. Much easier for Canadians than Americans.
Correct , it is easier for Canadians, but you have to sever all financial links to Canada. Bank accounts, property etc. in order to cease being taxable. It is possible, but not easy, if you are older and have accumulated assets.
And it is not that easy anymore to get residence status somewhere else (where you would want to live).
If you plan on living somewhere else you would not need to have any financial ties to Canada, other things you would need to do are pretty simple, you have to cancel your OHIP coverage and get rid of your drivers license sell your car and any property you may own in Canada. Finding a new home is quite easy actually, as long as you have no criminal record and can prove you have the financial resources to support yourself and will not need to work or rely on government benefits in your new home country.
Correct
Justin Trudeau has foolishly created a structural deficit
A structural deficit which can not be reversed within a 4 year mandate. It will take decades if the cutting were to start Monday.
The lenders will stop lending if the plan is to borrow into perpetuity
I think the Trudeau's have their assets in a trust that was set up by grandfather. Don't ask me how it works, but apparently, it works so Justin doesn't have to work.
Don't tell anybody but I'll probably end up in Singapore where my university roommate is now Chairman (Chairwoman/Chairperson) of the family business.
If you are young, it is easy. If you are older with accumulated assets, not so painless.
I don't believe you are correct. Have you tried to get work permit/residence status in any first world country? I have experience with a few countries.
Question - Would a high paid accountant be able to find anything for lower income people? I highly doubt it.
Thus, low income people would never require the services of a "high paid" accountant.
Rich people are not just conservative men, they are male and female from all political stripes.
Per your situation, people who are able to earn a living on a cash basis generally take advantage of that position and do not report all of their income to the government. Since you have stated that you report every penny, then you are in the minority of those folks (I would even say a 1%'er).
Earlier this year I had a company re-shingle my roof. The provided me with two options - An invoice complete with GST or pay by cash and no GST. I know for a fact that if I paid cash they would not report that income and I am fine with that. I saved by not paying GST. Did I rip off the system and possibly cause some hardship to someone way down the tax line? Yes.
I would argue that letting the rich and powerful set the rules through lobbying influence, like in the US, is a disaster.
The US does just what you want yet fails on almost all the metrics, inequality, life span, happiness...
Sounds like you want the schools to teach trades, by the way,.
Well, ya see, there's another principle we've all heard: Charge what the market will bear. If you price you product or servce too high, then people can't afford it, and your business tanks. So the people at the top need to tighten their belts.
Yea that's it, the people at the top will tighten their belts lol
Lemme know how that goes
Average person goes years without a raise, everything in stores goes up on a regular basis and at the same time portions get smaller and smaller
Rich people didnt get rich by tightening their belts, they get rich cause they understand money and the world
Guess who owns businesses? Wealthy individuals
As a business owner myself I can tell you, any increase of taxes or my costs are passed on to the customer
Rich people got rich by tightening poor people's belts.
Have you ever shopped outside of Canada? You do realize we already pay extremely high prices for most goods Canadians get gouged most Canadian made goods are cheaper in the us
More bullshit Rich people got rich but either a inheriting it getting a good education working hard and earning what they have they don’t sit around and expect free handouts or think they’re entitled to everything free from the government
This thread is about how to tax wealthy individuals, not about how to tax small business owners.
You are just assuming without any facts. Taxable from salaries, interest and/or dividends is near impossible to hide. KMPG set up an offshore dodge in the Channel Islands, I believe which is being shut down. This type of scheme are caused, in good measure because are tax rates are so high now. Increasing tax well only make it worse and you will lose even more high achieving individuals, and their investment capital. Do you really want that just so you can get more of a free ride at their expense? I getting damn tired of paying tax at at 53% and still having you mopes complain that it isn't enough.
You should be tired of paying 53% of your income in taxes.
The highest MARGINAL tax rate if you live in Ontario is 46%.
For the first $100,000 of income, you pay 22% in taxes.
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You are making my point. People with a lot of income and/or assets have the financial ability and motivation to seek out these schemes. There are many perfectly legal deferral opportunities to which only the rich have access. The point is that the marginal rates are irrelevant if people are not paying them.
By the way I am in the highest bracket and I do not pay at that rate. I make use of some of these deferral and saving opportunities, all legal. I think that theses opportunities should be examined as most serve no purpose whatsoever other than to allow people like me to pay less tax. An increase in my tax burden would not affect my decision to stay in Canada one bit. Do I like paying a lot of tax? Not at all. But I understand that is the cost I pay of being successful financially which Canada has made possible. And I also understand the BS that goes into these arguments about how excessive our tax system is and how it is impeding business at a time when stock markets and corporate profits are at record highs. So lets get real and just say people with a lot of money don't like paying a lot of tax. Or any tax for that matter. That is the only argument which is true.
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