How the new ndp govt is downplaying the oilsands.....

[rzrgade]

I wish politics didnt have to be so polarized. I see the merits of both sides. I think the oilsands are a HUGE resource that cannot be ignored. But I also think that Alberta should be leveraging them to create a more well rounded economy. The right wing doesnt seem like they care about the environment enough, and are ok with letting foreign corporations come in and pull our resources out of the ground for next to nothing. Yes it creates a strong economy during the good times, but very short sighted in my opinion. The left wing is too idealistic and not realistic at all. We have oil and gas and they are a huge asset. We cant ignore that

I think a plan that utilizes the resources that are there, but leverages them to the full potential for the residents of the province with a long term plan is the way to go. We should be investing a portion of profits into research and development and "green" energy.

Seriously , do you really think BIG OIL have not already invested millions + in alternative and green energy .....?? Do you think they are that stupid ?
They are in business to make money .....if that means purple energy ....LMFAO.
There is a reason they are BIG corporations.....trust me ,they think a lot farther ahead than you and me..........

 

[winterax]

To the retards who voted in the ndp hopefully when you are laid off you go back from where you came. Oleary is so correct in saying biggest issue is they don't have a clue how to govern, rather than raising corp taxes 20% they should have cut them 20% and lowered royalties so companies could hold onto employees and weather this down turn.

Ummmmmm news flash, the oil companies started laying of people and shutting down new projects about 4 months BEFORE the NDP got in. Give your head a shake. Its a world wide thing, doesn't matter who runs the province. Its about time that companies are held accountable and pay their fair share. I`ve had the opportunity`to work at just about every major oil sands development during the construction phase over the past 12 years. The waste, stupidity and lack of being able see beyond lunch is incredible.
You want to work in an industry that shuts the door within 48 hours of a price drop, have at her. Just don't belly ache when it happens and THEN ask the gov to bail you out.

 

[mallard d69]

To the retards who voted in the ndp hopefully when you are laid off you go back from where you came. Oleary is so correct in saying biggest issue is they don't have a clue how to govern, rather than raising corp taxes 20% they should have cut them 20% and lowered royalties so companies could hold onto employees and weather this down turn.

like hell they would have held on to employees all they would have done is said thanks for the extra cash. They would have still laid off all the people they currently have, they don't care that much about their workers. all they care about is the almighty dollar. the oil sands slowed down because of the price of oil being so low not because the ndp got into governance

and catalac you hope when people get laid off we will go back to were we came form just because we may have voted for the ndp...how pathetic. what about all the thousands of people that were laid off when the pc's opened the flood gates for all the temporary foreign workers. did you secretly wish we would go home then too...screw you. if every single person in Alberta that was not born here left and took their children (that may or may not have been born here) there would not be enough true "Albertans" in all of Alberta to keep fort mac going. Alberta would be nothing but native land if NO ONE ever moved here form a different province or country.

 

[catalac]

Ummmmmm news flash, the oil companies started laying of people and shutting down new projects about 4 months BEFORE the NDP got in. Give your head a shake. Its a world wide thing, doesn't matter who runs the province. Its about time that companies are held accountable and pay their fair share. I`ve had the opportunity`to work at just about every major oil sands development during the construction phase over the past 12 years. The waste, stupidity and lack of being able see beyond lunch is incredible.
You want to work in an industry that shuts the door within 48 hours of a price drop, have at her. Just don't belly ache when it happens and THEN ask the gov to bail you out.

umm news flash captain obvious we all know when the oil price crashed... NDP elected as we were crashing and what did they do? Raise corporate tax 20% at the time of a huge crash... Big help in the short term until oil comes back. Then again what would Kevin O'leary know he's only worth $300 mill.

 

[catalac]

laid off just because we may have voted for the ndp....

well there we go first duffas in the patch that admits they voted ndp...

 

[X-Treme]

well there we go first duffas in the patch that admits they voted ndp...

*dufus

 

[ippielb]

NDP sounds the same here in Sask, seems like the parties are doing whatever it takes to get the votes. I hope you guys can pull through lol

 

[X-Treme]

I suppose the NDP are the reason for the falling oil prices too. Just saw that gas in the U.S. is now under $2 a gallon in more than a dozen states. Probably also the fault of the NDP government in Alberta that hasn't done fawk all yet.

 

[lloydguy]

All you guy's talking about 20% tax hike,like it's the end of the world.lol
Drama queen's. it's 2%...................................for christ sakes. Tax was 10% ( a joke)
Now it's 12% BIG DEAL................How many of you would be crying and screaming if you paid
12% income tax?........................
If these milti billion dollar company's paid their fair share, maybe the average working joe
wouldn,'t have to give 50% of every dollar he made to big brother.

AND......it was called the "TAR SAND'S " for 30 years and no-one gave a crap,now this pollitically
correct BS is main stream ,so they changed it to "oil sand's" .change the name to "environmental pit"
if you want, but it is what it is.

 

[catalac]

Quote from financial post August 6

Canadian Natural Resources Ltd. reported a second-quarter loss, and even though the company is feeling the impact of low oil prices, it’s blaming the loss on the corporate tax increase imposed by Alberta’s newly elected NDP government.
Canadian Natural took a $579-million “deferred income tax charge” to account for Alberta’s decision to hike provincial corporate income tax rate to 12 per cent from 10 per cent, effective July 1. As a result of the charge, Canadian Natural reported a second quarter net loss of $405 million or 37 cents a share, compared with a profit of $1.07 billion, or 97 cents, in the year earlier period.
Without the charge, the company would have reported a adjusted earnings of $174 million or 16 cents a share. Analysts surveyed by Bloomberg and Thomson Reuters I/B/E/S had expected adjusted earnings of 10 cents a share.
The corporate tax increase was introduced by the government of Rachel Notley, who took office as Alberta’s first NDP preQuote te from financial postmier on May 17.

“This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business,” said Corey Bieber, chief financial officer.
“Based upon third party research, this lower future capital reinvestment likely equates to about 4,100 fewer person years of direct, indirect and induced employment, with follow-on impact of higher income taxes on future income streams.”

 

[Stompin Tom]

All you guy's talking about 20% tax hike,like it's the end of the world.lol
Drama queen's. it's 2%...................................for christ sakes. Tax was 10% ( a joke)
Now it's 12% BIG DEAL................How many of you would be crying and screaming if you paid
12% income tax?........................
If these milti billion dollar company's paid their fair share, maybe the average working joe
wouldn,'t have to give 50% of every dollar he made to big brother.

AND......it was called the "TAR SAND'S " for 30 years and no-one gave a crap,now this pollitically
correct BS is main stream ,so they changed it to "oil sand's" .change the name to "environmental pit"
if you want, but it is what it is.

ahhh, I can see this debate rearing its head again.

The calculated tax rate went from 10 to 12% which is an actual increase of 20% in tax costs to the company.

 

[snopro]

ahhh, I can see this debate rearing its head again.

The calculated tax rate went from 10 to 12% which is an actual increase of 20% in tax costs to the company.

You know I have had a hard time getting my head around this 2%-20% discussion but have decided to believe Kevin O'Leary. If a multi-millionaire says its 20% then I'm tending to believe his math over someone on a chat forum. Lol.

 

[doorfx]

20% of 10 is 2
add 20% (2) to 10= 12
10% to 12% = 20% increase

 

[rzrgade]

Don't worry , NDP provincial governments always turn out well in the end....

 

[rzrgade]

All you guy's talking about 20% tax hike,like it's the end of the world.lol
Drama queen's. it's 2%...................................for christ sakes. Tax was 10% ( a joke)
Now it's 12% BIG DEAL................How many of you would be crying and screaming if you paid
12% income tax?........................
If these milti billion dollar company's paid their fair share, maybe the average working joe
wouldn,'t have to give 50% of every dollar he made to big brother.

AND......it was called the "TAR SAND'S " for 30 years and no-one gave a crap,now this pollitically
correct BS is main stream ,so they changed it to "oil sand's" .change the name to "environmental pit"
if you want, but it is what it is.

Wow , you got all the answers.... You should just start your own company. If it is that easy! Pay more than anyone else. Pay more tax too! You will still have billions ! It's easy right!
I have to ask why you work for these big company's though.... Obviously they are ripping you off... Start your own ...it's easy !!!!

 

[Bnorth]

Quote from financial post August 6

Canadian Natural Resources Ltd. reported a second-quarter loss, and even though the company is feeling the impact of low oil prices, it’s blaming the loss on the corporate tax increase imposed by Alberta’s newly elected NDP government.
Canadian Natural took a $579-million “deferred income tax charge” to account for Alberta’s decision to hike provincial corporate income tax rate to 12 per cent from 10 per cent, effective July 1. As a result of the charge, Canadian Natural reported a second quarter net loss of $405 million or 37 cents a share, compared with a profit of $1.07 billion, or 97 cents, in the year earlier period.
Without the charge, the company would have reported a adjusted earnings of $174 million or 16 cents a share. Analysts surveyed by Bloomberg and Thomson Reuters I/B/E/S had expected adjusted earnings of 10 cents a share.
The corporate tax increase was introduced by the government of Rachel Notley, who took office as Alberta’s first NDP preQuote te from financial postmier on May 17.

“This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business,” said Corey Bieber, chief financial officer.
“Based upon third party research, this lower future capital reinvestment likely equates to about 4,100 fewer person years of direct, indirect and induced employment, with follow-on impact of higher income taxes on future income streams.”

They're playing a numbers game, deferred tax is not cash. They booked a big deferred tax expense based on future earnings in future periods. The actual expense in the quarter was only 2.4M and net earnings would still have been 120.6M.

They are playing games because most people can't be bothered to actually look at their financials and do the math.

http://www.cnrl.com/upload/media_element/941/02/0806_q215.pdf page 41

 

[lloydguy]

YES it is a 20% tax increase,but when you only give partial information. The whole
20% thing gives a WOW factor........ when you say tax's are going from 10% to 12%
the wow factor isn't there.
RZ you sound like a child making fun of me because I don't feel sorry for some of the big oil boy's
not making another 2 billion in a quarter.
Oil hit a little bump in the road,SO WHAT..............Is hurt's the working man far more than it hurt's
the big boy's. Oil has always made money and it always will. CNRL as an example has made let's
say 20 BILLION dollars in the last 10 years(grabbed # out of thin air) and you want to feel sorry for them
because they posted a 100 million dollar loss for one quarter? Maybe you can set up a go fund me page
for them and donate your check's. I won't be helping out ,sorry I got my own problem's and I pay 3 to 4 times
in tax's than what they do..........
OR if you want the WOW factor......... 300 to 400%......................
The average working joe pay's tax's up the ass, and the milti billion dollar companies laugh all the way to the bank
quarter after quarter/ year after year..

IMO.

 

[Stompin Tom]

YES it is a 20% tax increase,but when you only give partial information. The whole
20% thing gives a WOW factor........ when you say tax's are going from 10% to 12%
the wow factor isn't there.
RZ you sound like a child making fun of me because I don't feel sorry for some of the big oil boy's
not making another 2 billion in a quarter.
Oil hit a little bump in the road,SO WHAT..............Is hurt's the working man far more than it hurt's
the big boy's. Oil has always made money and it always will. CNRL as an example has made let's
say 20 BILLION dollars in the last 10 years(grabbed # out of thin air) and you want to feel sorry for them
because they posted a 100 million dollar loss for one quarter? Maybe you can set up a go fund me page
for them and donate your check's. I won't be helping out ,sorry I got my own problem's and I pay 3 to 4 times
in tax's than what they do..........
OR if you want the WOW factor......... 300 to 400%......................
The average working joe pay's tax's up the ass, and the milti billion dollar companies laugh all the way to the bank
quarter after quarter/ year after year..

IMO.

If you pay 3 to 4 times the amount that big companies do you musta took that job with no outhouses or running water cause last time I heard you were unemployed. The compensation for no facilities must be pretty good.

 

[X-Treme]

If you pay 3 to 4 times the amount that big companies do you musta took that job with no outhouses or running water cause last time I heard you were unemployed. The compensation for no facilities must be pretty good.

Do you NOT pay 3-4 times what these corporations do? Cause I sure as fawk do. I pay anywhere from 25 - 39% income tax which is a 250 - 390% increase over the measly 10% you're bitching about. I just don't make the billions that the oil companies are crying about. I, personally, will reserve my judgement about the NDP government until they actually DO something worth complaining about. You whiners are free to do whatever you choose also. That's the best part of living where we do. We can make our own decisions. Even to vote who we want to vote.

 

[101110101101]

You call it whatever you want, I call it FT chit hole or some times Camp gedmedafukouttaher.

It reminds me of a forced labour prison out of a science fiction movie. lol

Prior to it being called Suncor, it was GCOS... this was in the early 70's and I still have the beer mugs....... GCOS = Great Canadian OIL Sands......

But really who gives a **** what it's called..... a pile of **** by any other name.... and all that.