Business and Farm Groups Call To Drop Federal Tax Changes For Small Business.

[blackpowder]

We do need to fight this.
Listened to Brekinridge talk show guest. Regarding same. Some Calgary economics professor.
3 times during interview stated it not fair rich have access to high priced accontants and lawyers to wriggle out of taxes.
What kind of an interview was that! Unfair advantage?!
Now consider that little prick is teaching our kids. The common mindset out there is shitty enough already.

[blackpowder]

Which leads to a question.
How many Canadians are affected by, or even understand capital gains.???
A very small number # I bet! And getting smaller with every generation as our culture 'matures'.

[sumdumguy]

We do need to fight this.
Listened to Brekinridge talk show guest. Regarding same. Some Calgary economics professor.
3 times during interview stated it not fair rich have access to high priced accontants and lawyers to wriggle out of taxes.
What kind of an interview was that! Unfair advantage?!
Now consider that little prick is teaching our kids. The common mindset out there is shitty enough already.

They may just wriggle out of the country now, how you like dat? No more geese to pluck, lil pluckers!

[blackpowder]

The point was,regarding the proposed changes. Those are "loopholes" that my $2k a year accountant would know.
Working poor are new middle class and everyone else deserves to pay more......

[helmsdale]

I don't know the ins and outs of this proposed tax change, but there is defiantly room to close some loopholes, and I would say most on that list are scared shirtless because that's how they make there living by screwing the system,sk3 how much does he write off globetrotting as farm tours, any one with a teacher to pay wages to, he'll she makes more than most farms, the motor home to take meals to field, write off gas to go fishing even booze for entertainment, and the list goes on, but you do have to be in the upper class to benefit from gimmies. As for poor hard workers there are a he'll of a lot of those and most don't farm. If it wasn't a good deal why are drs, dentists, lawyers, hockey players all using the corps to hide behind.

Sole proprietor, joint proprietor, or Corp it doesn't matter. You can "write off" whatever the hell you want. When You're sitting across the table from a CRA official, or worse yet across the aisle in a court room you'll find out what you were legally allowed to deduct. None of these things are loop holes, available only to the rich and powerful. Want to write off your living room furniture as shop supplies? Or your surround sound system piece by piece so as to not have to depreciate it but straight up expense it as a p.a. system for the farm? Or hell you can even deduct your wife's garden seeds and potted flowers as a yard maintenance or improvement expense. All depends on how confident you feel undergoing a full audit.

All of this "fair share" talk has everyone worked up into a lather about the rich and powerful being able to work the rules to their favor. On the one hand one government attempted to level the playing field in the common folks favor by allowing income splitting for all couples thereby treating each household as an income earning unit. Income sprinkling has no benefit when allowed to split income personally so long as income derived from dividends is roughly equal to salaries. Another was the implementation of TFSAs in small part to entice income out of Corp savings into personal. Take the hit once when you pull it out, but earn tax free for eternity.

On the other hand is another government that canned income splitting and reduced TFSA limits thereby incentivising incorporation which their previous incarnations had been strongly in favor of, and indeed many former and current members have taken and or currently take great advantage of.

When you're running near $30B deficits with no end in sight and can't get control of your spending everything has to be on the table. Even if everything you're doing is above board and by the financial rules, what you need to remember is that gov't can change the rules and pull the rug out from underneath an entire lifetime of prudent planning for You, your husband or wife, your family, and your multi generational estate. When they sic the horde on you and make you out to be the enemy of social progress where will you turn?

For a gov't that one way or another is going to need to balance the books, what's next? Full inclusion of capital gains at personal income tax rates with no exemptions? An insufferable inheritance tax? An annual net worth tax? All of a sudden those high land values look detrimental rather than beneficial. Perhaps it'll be a removal of all benefits like 50% of crop insurance, dyed fuel, or pst and carbon tax exemptions.

Call me a cynic, but these changes to small business taxation IMHO are only the beginning. Once they're done soaking those above you, they'll be after you and yours. And so long as they can keep the horde on their side and the target group outnumbered (equity rich farmers for example), everyone but the working poor is at risk.

[farmaholic]

Well said.

Best we get rid of the group of spend and tax eenthusiasts in the next federal election. Thou shalt not covet......

[Hamloc]

Listening to Charles Adler on my local radio station last night and he brought up an interesting point, the Liberals must have polling that shows that going after corporations and small businessman is a vote winning strategy. Let's be realistic most small businessman are going to vote conservative. Trudeau continues his pushing of the Liberals to the left of center closer to the NDP. Younger voters like milennials seem to like more government in their lives. If he feels this will get him re-elected we can squeal all we want but he will push it through.

[farmaholic]

Listening to Charles Adler on my local radio station last night and he brought up an interesting point, the Liberals must have polling that shows that going after corporations and small businessman is a vote winning strategy. Let's be realistic most small businessman are going to vote conservative. Trudeau continues his pushing of the Liberals to the left of center closer to the NDP. Younger voters like milennials seem to like more government in their lives. If he feels this will get him re-elected we can squeal all we want but he will push it through.

aaaaah yes, catering and pandering to the wishes of the "Entitled". Until they run out of other people's money.....(amazing Thatcher quote)

[fjlip]

Sole proprietor, joint proprietor, or Corp it doesn't matter. You can "write off" whatever the hell you want. When You're sitting across the table from a CRA official, or worse yet across the aisle in a court room you'll find out what you were legally allowed to deduct. None of these things are loop holes, available only to the rich and powerful. Want to write off your living room furniture as shop supplies? Or your surround sound system piece by piece so as to not have to depreciate it but straight up expense it as a p.a. system for the farm? Or hell you can even deduct your wife's garden seeds and potted flowers as a yard maintenance or improvement expense. All depends on how confident you feel undergoing a full audit.

All of this "fair share" talk has everyone worked up into a lather about the rich and powerful being able to work the rules to their favor. On the one hand one government attempted to level the playing field in the common folks favor by allowing income splitting for all couples thereby treating each household as an income earning unit. Income sprinkling has no benefit when allowed to split income personally so long as income derived from dividends is roughly equal to salaries. Another was the implementation of TFSAs in small part to entice income out of Corp savings into personal. Take the hit once when you pull it out, but earn tax free for eternity.

On the other hand is another government that canned income splitting and reduced TFSA limits thereby incentivising incorporation which their previous incarnations had been strongly in favor of, and indeed many former and current members have taken and or currently take great advantage of.

When you're running near $30B deficits with no end in sight and can't get control of your spending everything has to be on the table. Even if everything you're doing is above board and by the financial rules, what you need to remember is that gov't can change the rules and pull the rug out from underneath an entire lifetime of prudent planning for You, your husband or wife, your family, and your multi generational estate. When they sic the horde on you and make you out to be the enemy of social progress where will you turn?

For a gov't that one way or another is going to need to balance the books, what's next? Full inclusion of capital gains at personal income tax rates with no exemptions? An insufferable inheritance tax? An annual net worth tax? All of a sudden those high land values look detrimental rather than beneficial. Perhaps it'll be a removal of all benefits like 50% of crop insurance, dyed fuel, or pst and carbon tax exemptions.

Call me a cynic, but these changes to small business taxation IMHO are only the beginning. Once they're done soaking those above you, they'll be after you and yours. And so long as they can keep the horde on their side and the target group outnumbered (equity rich farmers for example), everyone but the working poor is at risk.

Holy Crap, that all you say makes sense...just makes me want to RUN away from farming ASAP, it's all doomsday!
Business in Canada is screwed!

[15444]

Watching CTV and BNN this afternoon, where this topic was front and center. Think it was on BNN where a panel was discussing that anyone making over 100k a year was not part of the middle class and instead part of the 1% and should be hit hard by taxation to pay for entitlements. ****ing retarded Liberal scum. Said it would be a good move for Dumbo Junior because the 1% don't vote Liberal anyways.

[Hamloc]

Watching CTV and BNN this afternoon, where this topic was front and center. Think it was on BNN where a panel was discussing that anyone making over 100k a year was not part of the middle class and instead part of the 1% and should be hit hard by taxation to pay for entitlements. ****ing retarded Liberal scum. Said it would be a good move for Dumbo Junior because the 1% don't vote Liberal anyways.

So over $100000 is the 1%. So all members of Parliament are members of the 1%? How come when a government like Justin Trudeau's makes the conscious choice to run a deficit no cuts in pay are made to their members? When a small business is losing money the owner usually cuts his own pay. Nothing like that in government. What about exorbitant pensions? Some existing MP's if they retired before the next election or they lose are eligible for pensions in excess of $3 million dollars payed for by us the taxpayer. How many MP's mortgage their house to run? Or for that matter risk any of their own money? Trudeau and Morneau are both wealthy. They have projected a what $500 million to $1 billion dollar revenue increase, not much of a dent in the $25 billion dollar deficit. This government has a spending problem not a revenue problem!!!!! FML

[Hamloc]

One other thought, by comparison a 1% increase in the GST would bring in $5 billion dollars.

[blackpowder]

Bingo! Although govts will always spend it all, maybe gst shoulda been left at 7%?.
What does bug me is how 'doing well' is now bad. The are are now 2 economic classes. Us and them.
Guess everyone over $100k personal before tax is now 'them'. Inclusiveness applied to economics.
I think Mao tried that too?......

[MBgrower]

Bingo! Although govts will always spend it all, maybe gst shoulda been left at 7%?.
What does bug me is how 'doing well' is now bad. The are are now 2 economic classes. Us and them.
Guess everyone over $100k personal before tax is now 'them'. Inclusiveness applied to economics.
I think Mao tried that too?......

most federal govt employees probably make $100k a year, along with golden pensions and 6 weeks holidays and 2 sick days per month.

[danny W1M]

It's the "makers" vs. the "takers".

The Turd already has his wad, so just tax the shit out of the rest of those left, still ambitious enough to try and make our own little bundle. Truly you can see, he already has his tucked away already.

Aga Khan, is probably investing(hiding away) a little for the Turd too.

The dumb **** is going to cripple this country.

Tax an' give,,,, the way to get re-elected !