Will SK PST apply to crop insurance premiums and vehicle insurance (at 6% remember)

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Will SK PST apply to crop insurance premiums and vehicle insurance (at 6% remember)

Mar 23, 2017 | 04:41 1 Just wondering why it wouldn't Reply With Quote
SASKFARMER3's Avatar Mar 23, 2017 | 06:42 2 So Gars would also be taxed along with Hail insurance, The gas tax is mute but the insurance side of average farm will get a big chunk from farmers.

That one hurts if its on farm insurance. Reply With Quote
Klause's Avatar Mar 23, 2017 | 06:58 3 I can't find any info if ag insurance is taxed or not... I'm guessing it is.


There's 3,000 right there out of pocket. You can drop income tax all you want... we have no income left.


Fuel Taz hits hard too when your semis are commercially licenses and running clear diesel to haul grain seed and feet on the farm. Reply With Quote
Mar 23, 2017 | 07:16 4 Farmers are going to pay for those overpasses and stadium. Tax on insurance premiums doesn't seem right. Reply With Quote
Mar 23, 2017 | 07:53 5 I'm guessing a lot of the drafters of this obscene tax forgot about that one. Or they thought it was for their few hundred dollar home insurance premium.

That one is going to hurt farmers a lot. Maybe there will be some slight back tracking when they start to get deserved shit for this cruel budget for farmers. Reply With Quote
Mar 23, 2017 | 07:55 6 Another way to look at it is to consider a lot of insurance to be too costly anyways. Save on some premiums and self insure ....or be willing to take risks in any event Reply With Quote
Mar 23, 2017 | 07:58 7 Every other input and supply company gouges the shit out of farmers so why not the government now. Don't worry I see bell and rogers are increasing their monthly rate for bars to broadcast live sports like on average 400 a month. The cost they say will be passed on to customers so just like what farmers can do......oh maybe not. Reply With Quote
Mar 23, 2017 | 09:37 8
Quote Originally Posted by oneoff View Post
I'm guessing a lot of the drafters of this obscene tax forgot about that one. Or they thought it was for their few hundred dollar home insurance premium.

That one is going to hurt farmers a lot. Maybe there will be some slight back tracking when they start to get deserved shit for this cruel budget for farmers.
I'm guessing that the drafters of this tax knew exactly what they were doing, it makes their share of crop ins. much smaller by applying tax on crop ins.

SK share of crop ins is 40%of our premium, with the new tax they now only have to cost share 36% of the premium, saving them 10% of what they had to put in previous years.
Last edited by Sodbuster; Mar 23, 2017 at 09:50.
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SASKFARMER3's Avatar Mar 23, 2017 | 09:51 9 Just off the phone you will pay tax o 6% tax on sask crop insurance after July 1 all premiums are not sent even if you sign up tomorrow or next week they are mailed July 10th so yes you are paying.

Gars hail life farmpolicy etc.

I would say the fuel was a way to divert attention as the insurance one is huge really huge ours will be more than a average Person in regina takes home after tax.

Maybe should of cut back on the donation. Reply With Quote
Mar 23, 2017 | 10:00 10 timing is bad.not now.Sask is an export province and extra taxes will just make us less competitive.Sound familiar? Reply With Quote
Partners's Avatar Mar 23, 2017 | 10:47 11 On our small farm we are estimating a 3000 dollar increase in expenses.
Some on here are 10 times our size..
On face book people think farmers got off easy... Reply With Quote
Mar 23, 2017 | 11:19 12 so the government raised coverage an it looks like they are putting more into agriculture.But if there is no claim they just gained an extra 6% in pst on the premium. Reply With Quote
Mar 23, 2017 | 12:19 13 The 6% will be an expense that will be a deduction for income tax purposes. Reply With Quote
farmaholic's Avatar Mar 23, 2017 | 12:29 14 Stubbly......at a corporate tax rate of say 15%....I saved 15 cents for every dollar of PST paid.....the 85 cents is gone and nothing to show for it.... Arguably.... Reply With Quote
Mar 23, 2017 | 12:37 15 Yes I'm pretty wild as a long time conservative I'm not impressed with what they pulled.
Full on kick to farmers. That PST on insurnace is a huge blow.
That's many thousands extra direct cost. But no carbon tax (which I'm thankful wall is fighting) but explain how all these other taxes are just ok??

Here's an idea STOP SPENDING!!!! Reply With Quote
Mar 23, 2017 | 12:45 16 This insurance tax hardship only gets us half way to getting back to balanced budgets. Meaning expect another round of similar hardships next year to get rid of the other 640 million deficit. Assuming oil and potash increase by 25% which may not happen etc.


Now how big a genius is Bradley today tat crop insurance premiums for this year will now be up about 14+ per cent.

Always did say it is the boom years that get society in trouble.. We ask for "Rolls Royce's" and the politicians don't have the sense to say that saving and making do and prudent financial plans is an option that will make anyone look like they have their act together. Reply With Quote
Mar 23, 2017 | 12:49 17 Here's a good bad news summary from Global News

The Saskatchewan government announced a one percentage point increase to the provincial sales tax (PST) along with a number of other tax changes in the 2017-18 budget.
Here are how the changes will affect people and companies.
FULL COVERAGE: Saskatchewan Budget 2017: sales tax increasing to deal with $685M deficit
Provincial sales tax

RELATED

* Saskatchewan Transportation Company to cease operations
* Sask. government selling provincial railcars

Effective March 23, 2017, the provincial sales tax is increasing to six per cent. Officials expect the increase will raise an additional $242.1 million in revenue.
Children’s clothing
The PST exemption on children’s clothing is being removed on April 1, 2017. Officials said this will eliminate a source of abuse and result in tax compliance and better administration efficiencies and result in $15.6 million in revenue.
Restaurant meals and snack foods
PST will be applied to restaurant meals and snack foods starting on April 1, 2017, which is expected to add $94.7 million in revenue.
Vehicle trade-in allowance
The value of a vehicle trade-in will no longer be allowed to be deducted when determining the PST on the purchase of new vehicles or those that have not been previously taxed in Saskatchewan. The measure, which goes into effect on April 1, 2017, is expected to generate $17.8 million in revenue.
Construction services
PST will now be required to be paid on the total contract price for repairs, renovations or improvements to property. The measure affects any contracts entered into on or after April 1, 2017. Contractors will be eligible to acquire tax-free building material to fulfill a contract. The government expects to raise $344.6 in revenue.
Insurance premiums
The PST base is being expanded to include insurance premium payments on or after July 1, 2017, raising an estimated $157.9 million in revenue. This includes premiums for all life, accident and health insurance, along with property, vehicle, liability and casualty insurance. It will also include all agriculture insurance.
Fuel tax exemption
The fuel tax exemption for bulk gasoline purchases is being eliminated on April 1, 2017. For diesel, it is being reduced to 80 per cent of the purchase. Fuel tax revenue is expected to increase $40.2 million with the change.
Sin taxes
Smokers will have to pay more for cigarettes. The tobacco tax is going up two cents per cigarette starting on March 23, 2017.
The price of alcohol is going up on April 1, 2017 when new liquor mark-ups come into effect.
Most beer products will increase by 6.8 per cent, coolers by six per cent, wines by 5.3 per cent and four per cent for most spirits.
Personal income tax changes
The government is making some changes to the provincial income tax system.
Personal income tax rates will be reduced by a half-point on July 1, 2017 and on July 1, 2019. Government officials expect the change will save taxpayers $82.2 million in 2017-18.
Credits for post-secondary tuition and education expenses will be eliminated on July 1, 2017.
The employee’s tools tax credit will be eliminated for the 2017 tax year.
The labour-sponsored venture capital tax credit rate is being reduced from 20 per cent to 15 per cent in the 2018 tax year.
Indexation of the personal income tax system is being suspended starting in the 2018 tax year.
Corporate income tax changes
The general corporation income tax rate will be reduced by a half-point on July 1, 2017 and July 1, 2019, resulting in savings of $25.3 million to Saskatchewan businesses in 2017-18. Officials said it will be the lowest tax rate in the country.
The Saskatchewan commercial innovation incentive will offer a six per cent corporate tax rate on income earned from the commercialization of qualifying intellectual property in the province.
The research and development tax credit is being reformed on April 1, 2017. It will give small- and medium-sized innovation companies a refundable tax credit while putting a cap on the existing non-refundable tax credit.
The investment tax credit rate for capital acquisitions for use in manufacturing and processing will increase to six per cent on March 23, 2017.
The special provision allowing credit unions to apply the small business tax rate to income above the $500,000 small business income limit is being phased out over a four-year period starting in 2017.
The corporate capital tax rate for large financial institutions will rise from 3.25 per cent to four per cent on April 12, 2017.
© 2017 Global News, a division of Corus Entertainment Inc. Reply With Quote
Mar 23, 2017 | 12:55 18 Here us some simple math....the carbon thing on the power plants at best will maybe put away 800000 tonnes a year....had Brad thought this thru and paid the 10 dollar a tonne tax of justins it would have cost the province 8 million dollars.

The ccs isn't making money the maintenance is costly more than the revenue.

1.5 billion divided by 8 million is 200 years of a carbon tax.

No one will buy technology that costs more to maintain than the revenue it provides.....good for cenovus though. Reply With Quote
Mar 23, 2017 | 13:29 19 They didn't cut wages to big CEO's and crown top executives. 10% would have been reasonable to me. Reply With Quote
Mar 23, 2017 | 16:54 20 In reducing personal and corporate income tax and increasing the PST economists would argue that he is lowering a more penalizing form of tax that being income tax and raising a less economically penalizing sales tax. I realized that doesn't make anybody happy but in theory having the lowest corporate tax in Canada could attract business investment. I guess my question would be would you like a large yearly deficit like Alberta or what you have in Saskatchewan? Reply With Quote
ColevilleH2S's Avatar Mar 24, 2017 | 07:24 21
Quote Originally Posted by wiseguy View Post
The Alberta advantage !

# no pst !
Yes, until it comes time to reconcile the resulting debt. Reply With Quote
Mar 24, 2017 | 08:35 22
Quote Originally Posted by wiseguy View Post
The Alberta advantage !

# no pst !
Alberta is phasing out all of their coal power plants and have a carbon tax and will have $71 billion debt after the Notley's term.

Not the advantage you want. Reply With Quote
Mar 24, 2017 | 12:10 23 In Regina, fuel at Superstore is 89.9 but I heard on the radio that most gas stations are already at 96.9 because they are adding the PST on. Please can I have a little cheese with my whine? Reply With Quote
Mar 24, 2017 | 12:44 24 Sumdum i thought fuel tax was already applied on pump prices and only farmers would see increased price because they would lose exemption status.
Last edited by redleaf; Mar 24, 2017 at 12:46. Reason: Clarity
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Mar 24, 2017 | 13:54 25 The average consumer bitches that farmers get a break ....they are not smart enough to realize that a buck a liter for gas they are paying 25 cents too much themselves....

But they are happy that farmers are paying more....let the economics work themselves out....


Ever hear the story of Jack Turvey paying the ipsco employees in 2 dollar bills? He proved his point pretty quick....

The economics of farming in this province will do the same....too bad this government is full of sheep and stupid people now.... Reply With Quote
Mar 24, 2017 | 14:20 26
Quote Originally Posted by redleaf View Post
Sumdum i thought fuel tax was already applied on pump prices and only farmers would see increased price because they would lose exemption status.
Wasnt that a road tax emption ? Are we gonna pay road tax and pst now ? Reply With Quote
Mar 24, 2017 | 14:45 27 Wiseguy

Thanks but I have a serious flaw....I do not suffer fools gladly no matter their political stripe....

I have learned that good politicians are those that throw ideology aside for the betterment of those that they represent....

Wall could have weined us from tax exemptions over a 5 year period to see what happens in ag.

Getting rid of the rail cars without building new era cars is absolutely criminal...

And not looking for growth industry is incompetence....
Last edited by bucket; Mar 24, 2017 at 15:46.
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Mar 24, 2017 | 20:04 28 Wow, that insurance premium tax is a real kick in the balls! The crop insurance/hail one especially. Hope you light up your MLA 's phones, email, Facebook. That is a money grab on the agriculture industry. 😡 Reply With Quote
Mar 24, 2017 | 20:30 29 No sense in calling your saskparty mla ....they will just tell you to fuck off.....no kidding. Reply With Quote
Klause's Avatar Mar 24, 2017 | 20:57 30 300 million crop insurance revenue... 6% = 18 mil.
SGI 1.3 Billion in premiums.... 6% 62 mil.


80 million just those two. Now add private insurance, gars. etc.


And they said it'll add 11 mil... hahaha. Smoke and mirrors. Reply With Quote