Recent posts

#11

Off the Record / Re: Israel-Hamas War 2023

Last post by jimmy olsen - April 18, 2024, 09:43:15 PM

Not good.

Understatement

#12

Off the Record / Re: Israel-Hamas War 2023

Last post by Razgovory - April 18, 2024, 09:42:55 PM

Not good.

#13

Off the Record / Re: Israel-Hamas War 2023

Last post by jimmy olsen - April 18, 2024, 09:42:17 PM

Yeah, I've seen reports that they've hit the main nuclear site and an air force base.

#14

Off the Record / Re: Israel-Hamas War 2023

Last post by OttoVonBismarck - April 18, 2024, 09:39:38 PM

Israel has struck targets in Iran, reports right now suggest Isfahan, but details sketchy.

#15

Off the Record / Re: [Canada] Canadian Politics...

Last post by viper37 - April 18, 2024, 09:39:30 PM

And remember this is not just about shares in a company, there a lot of properties throughout Canada that are about to change hands.  That will all be fully taxed in the hands of the beneficiaries after the 250k amount.  Which all properties in Canada.

My prediction:

The Conservatives will tear their shirts on this, campaigning on how Justin Trudeau hurt the economy.  They will form the next majority government.

In their first budget... They won't touch this new taxation measure.  All provinces have now followed suit.  They all want the money.  There is no turning back.  The Feds just gave them the perfect excuse: "We need to harmonize our taxation systems".

#16

Off the Record / Re: 2024 US Presidential Elect...

Last post by viper37 - April 18, 2024, 09:39:16 PM

Oh, I guess I was mistaken. I thought I read somewhere that recording was not allowed in this court room.

Canada does not allow recording in court rooms.  But the US does.

#17

Off the Record / Re: [Canada] Canadian Politics...

Last post by viper37 - April 18, 2024, 09:35:12 PM

I think it's 7k now? It's cumulative though, right? You can add in the current year any unused cap amount from previous years?

It varies from year to year. Usually around 5 000$, but Harper made it 10 000$ in 2015. It's 7000$ now and will be indexed to inflation and rounded to the nearest 500$.  And yes, it's cumulative.


TSFA

#18

Off the Record / Re: [Canada] Canadian Politics...

Last post by viper37 - April 18, 2024, 09:28:31 PM

Now guess what, it is now deemed a bare trust, and we get to the pay the taxes on the account at my marginal tax rate!!!!

I would oppose that decision if I were you.  Having a joint account and power of attorney for someone who has trouble making his own financial payments is not the same has having a bare trust.  It is something I should know...  Granted, common law is different than our civil code.  Still...

You'll obviously need an accountant to help you sort this out, but the CRA is totally wrong on this.

#19

Off the Record / Re: Israel-Hamas War 2023

Last post by Razgovory - April 18, 2024, 09:25:39 PM

"That's offensive to black people"
"No, it isn't"
"Why don't we let black people decide what is offensive to them"
"Okay, that makes sense"


 "That's offensive to LGBTQ people"
"No, it isn't"
"Why don't we let LGBTQ people decide what is offensive to them"
"Okay, that makes sense"

 "That's offensive to Jewish people"
"No, it isn't"
"Why don't we let Jewish people decide what is offensive to them"
"Fuck you, Jew"

#20

Off the Record / Re: [Canada] Canadian Politics...

Last post by viper37 - April 18, 2024, 09:20:41 PM

I need to read more about that.

they are raising the exemption threshold so that is good.
They are taxing more the sale of rentals and secondary homes, so that is good.

The rest, I'm not sure of what I'm reading.

This reminds me of the discussion in the UK thread.  The government has stated that they wish to create incentives for the creation of rental properties.  They cut the GST and increased amortization rates for those purposes.  Now taxing properties built for rental when sold seems to run contrary to the policy objective of getting people to invest in the creation of more rental properties.  Why would I do that when I am going to be hit with a larger capital gains tax?  And again, realize that this is mainly corporations doing the building and now the inclusion rate just went up for them on the very first dollar of capital gain.

Corporations weren't building the units we need.

They weren't investing more when the exemption went from 75% to 50% under Chrétien and Martin (I had to double check, I thought it was under the Mulroney Conservatives).  Investments remained the same and productivity remained stable in some sectors, dipped in other.

What affect our productivity the most is our Canadian $.  It sucks, but we don't produce technology.  It's imported and mainly sold in US$, even when made in Asia.

I still have not read through the finer prints, so I am unsure if it affects everything like a business reselling a particular piece of equipment (or a building) after some years for more than its amortized value.  Medias only concentrate on secondary homes and business resale.  

Imho, going from 50% to 66% is not going to hurt productivity or investments a lot, most entrepreneurs do not go in it with the idea "I'm going to resell my business in 50 years and make a fuckton of cash at 50% tax rate".  Only in the tech sector would that mentality exists.

There is an increase for the exemption and that is a good thing, but it could be increased further, particularly for agriculturists who face high land value.