If I do, it will be my fault because I wasn't carefull enough & got caught... NOT because I'm doing anything wrong....You wouldn't be the first one who has called me a fool.
BTW, hope they catch you
If I do, it will be my fault because I wasn't carefull enough & got caught... NOT because I'm doing anything wrong....You wouldn't be the first one who has called me a fool.
BTW, hope they catch you
Societies would not work if everyone acted like you.More & more reason why anyone who pays what they "owe" if they can get away with not doing so is a damn fool.....
It's not "cheating" if its right & not getting caught in this instance is pure gravy...
Right but but when they say June 20th they're working on the finance department's fiscal year which I think starts in March so in reality the June 20th date represents about a 33% tax rate which is closer to what the average Canadian pays.Well, on average we're paying almost or slightly over 50% now so how is 35% harsh? I think it is june 20th or something where we finally start "earning for us".......
There have been numerous studies on flat taxation and it is universally acknowledged that with a simple tax system in place, a tremendous amount of reduction in government would occur therefore tax levels could actually be reduced.
If you really want to get pissed I guess you don't know about the feds silver lining: once you served your term, no matter how short, you get a pension for life. Even if you only serve 1 yr, you still get it. Not like the real world where you have to work years plus age....
Ya and did you hear they are legalizing drugs and prostitution??We could implement a progressive flat tax and fire 2/3rds of the CRA, the CPP, the entire welfare office, the entire EI office, and so on.
Just do this:
Have the government mail a monthly cheque to everyone in Canada for an amount consided to be a minimum living wage. Say, $1250 per month. Then institute a flat tax high enough to pay for that and everything else the government needs to do, it might be a flat tax in the 30-35% range. The goal would be to have the same net revenue as now, to pay for everything we currently do, LESS the departments fired.
Why it works:
-- It acts as a form of welfare for anyone whose tax is less than $15000 per year ($1250 per month) so there is no need for any welfare, EI, CPP, OAS, etc.
-- It makes the flat tax progressive because essentially your tax rate goes from negative up to 35% as you earn more, even though there is only one flat tax rate
-- There is no perverse clawback: If you earn $1 in employment you are exactly $0.65 richer, none of this crap about people on welfare earning more by working less.
-- Most people would not have to file a tax return: Sources of income can deduct the tax at source and remit it to the government: employers, stocks, bonds, etc., can all simply remit 35% of all payments. Only people with other sources of income, like self employment, would have to file, and the would have to file only on their self employment income.
-- There would be no tax loop-holes, the tax code would be simple, and few people would even have the opportunity to cheat on their taxes as the tax would be paid before the money even got to their hands.
So basically you're looking for everyone else to subsidze your use of public services. I hope you don't complain about people getting handouts from the government becuase you're doing the same thing.If I do, it will be my fault because I wasn't carefull enough & got caught... NOT because I'm doing anything wrong....
I'm talking about smoking pot instead of studying and getting good grades. I'm talking about having unprotected sex and having multiple children before they can afford them. I'm talking about being a spendthrift instead of saving and investing.No....mental health issues are often implicated in their condition too, either diagnosed or, as is often the case, undiagnosed.
If my taxes went to the unfortunate one percent with Schizophrenia, the two percent who suffer from bipolar disorder, etc etc., then I would gladly pay them. The problem is that it goes to bloviating, self-absorbed fuckwits who scratch the anal cavities of our esteemed members of legislative assemblies across this grand country of hewers of wood and drawers of water.
Sure they would, & they HAVE..... oh yes, and they WILL AGAIN too......Societies would not work if everyone acted like you.
Exactly. I know we have healthcare and the like but we are also in the top ten (maybe higher) countries with the highest tax rates. I seem to recall we were in the top 5 but don't quote me on that......After they took a big chunk out of your paycheck, you still have to pay GST, PST, health tax and property tax. You figure out how much is actually yours?!!!!!!!
Yes, tax shelters, but 100% legal - right in the tax act - in fact take a look at your tax return from last year - it asks about CEE and CDE credits... I'm not talking about horse deals, book deals or anything like that - I'm talking about buying the CEE and CDE credits from exploration and development companies. Like I said, 100% legal, not a scam.Knocking off $26,000 of taxable income helps, but still doesn't make me feel any better.
Flow-through investments? Why don't you call them what they really are - tax shelters. Some work; many are scams. Caveat emptor.
how old were you when you moved to canada?If I do, it will be my fault because I wasn't carefull enough & got caught... NOT because I'm doing anything wrong....
Tboy, come on now, this is the google era, between you here and Rockslinger in the Mayor Miller thread.Exactly. I know we have healthcare and the like but we are also in the top ten (maybe higher) countries with the highest tax rates. I seem to recall we were in the top 5 but don't quote me on that......
Of course - same as every investment you make - you have to analyse it. There are some good ones and some bad ones out there - as I said, check with your financial advisor.There's a difference between tax-deductible vs. sound investments. A "good" tax shelter works because it gives you lots of deductions at the outset of the investment and eventually becomes profitable. A shitty tax shelter gives you deductions, but there's no investment return. Many tax shelters are scams because the promoters sell the tax breaks, but gloss over the underlying investment attributes. There's often nothing there.
Do you know what a "flow through" company is? It's a limited partnership. It can be one company, or it can be pool of companies.
My only point is, it ain't all roses, and tax shelters have a lot of thorns.
You might want to argue with KPMG on the above. According to their 2009 Tax Facts book, a single person living in Ontario with $10,000 of taxable income pays $38 of combined federal and provincial income tax. The same person earning $15,000 in taxable income pays $741. So that's $703 of tax on $5,000 increase or 14%.Actually peaople earning around $12k/year pay the highest tax rate. They are subject to all sorts of income top-ups which get clawed back at that rate. If they earn an extra dollar they may only see an extra ten cents in their pocket due to the loss of income top-ups, giving them a marginal tax rate of 90% or so.
so we're number 10. My first paragraph remains true TYVM.......but that chart only shows income taxes, not ALL taxes. For eg: many US states don't have PST, and don't even some of them not have INCOME tax? I know they all have federal.....Tboy, come on now, this is the google era, between you here and Rockslinger in the Mayor Miller thread.
http://en.wikipedia.org/wiki/File:Income_Taxes_By_Country.svg
The thing to note is that taxes in Canada will be trending down or stay the same, going forward. I don't necessarily agree with that as I'd like to see national daycare based on the Quebec Model, catastrophic drug and assisted living device coverage, basic dental cleaning and eye exams, and better subsidized post secondary education, and more money for RND and bringing research to market, but... This is contrasted by the fact that at a minimum the US, UK, Ireland, and Iceland will have to raise taxes, and most of the rest of the world doesn't have much room to cut.