New Liberal Small Business Tax

[snopro]

Any concerns out there on Turdeau's new tax on small business's out there? I know as a farmer it will affect me quite a bit. Interested if anyone else has read through all the Liberal tax agenda's to see how it will affect you?

 

[09 arctic cat m8]

My dads company will be getting it, it's a joke what a loser, just one more thing to go wrong

 

[Eagle]

Ya this country is a joke. The harder you work the more taxes you pay. This is why we are in the state we are right now. I have said this for years that there should be a flat tax for everyone. This would create more jobs and less freeloaders. With todays rules why would you start a small business when you can sit on your ass and have someone else give you all these breaks. Dip sh.t don't care he is rich. Canada pays the highest taxes of any developed country in the world. He is just trying make up some money for all of his crazy spending. We cannot get rid of these fu.king liberals fast enough.

 

[X-it]

The new generation votes for anyone that promises them the world. Seems they cannot make the connection what will go wrong when you spend too much. I guess history has to repeat it self for a correction, the snowflakes are going to melt and cry when this happens.

 

[ZRrrr]

I'm taking more a wait and see approach. I think some of this being blown way out of proportion. Spoke to my accountant and he seems to think this is targeted to more high net worth individuals (i.e. professional corps) and actual tax cheats. He has no shortage of stories about those in this province. Heck, during the good times in the patch, how many guys on here were bragging about all the chit they were writing off (illegally). My accountant has a client that has written off $65,000 in family vacations in one year, and doesn't make the income to justify it. Accountant cringes, warns this client about the ramifications, but the client continues on with these illegal write-offs. I think any above board small business will be fine. Both my bookkeeper and accountant are fabulous at pointing out what can be justified and what cannot.

Here is something I read about the 3 big loopholes:

1. income splitting, or income sprinkling - (example used: paying a spouse or young adult a reasonable wage for reasonable work is fine, paying pre-school aged children and deducting as an expense, not so much).
2. personal investing inside of corporations
3. taking income as capital gains which only tax 50% of amount

Of course I will be watching this closely to see how it plays out. Right now there is a lot of sqwaking form all sides. Truth lies somewhere in the middle.

 

[eclipse1966]

I hope you are right

A friend of mine has a brother in law who is a doctor in AB. This doctor has been saving up for 16 years all "free money" from big drug companies giving him kick backs to promote their latest drug. Last year he built a house with that money. Wonder if he declared taxable income on that. I have no problems the government going after that money.

I'm taking more a wait and see approach. I think some of this being blown way out of proportion. Spoke to my accountant and he seems to think this is targeted to more high net worth individuals (i.e. professional corps) and actual tax cheats. He has no shortage of stories about those in this province. Heck, during the good times in the patch, how many guys on here were bragging about all the chit they were writing off (illegally). My accountant has a client that has written off $65,000 in family vacations in one year, and doesn't make the income to justify it. Accountant cringes, warns this client about the ramifications, but the client continues on with these illegal write-offs. I think any above board small business will be fine. Both my bookkeeper and accountant are fabulous at pointing out what can be justified and what cannot.

Here is something I read about the 3 big loopholes:

1. income splitting, or income sprinkling - (example used: paying a spouse or young adult a reasonable wage for reasonable work is fine, paying pre-school aged children and deducting as an expense, not so much).
2. personal investing inside of corporations
3. taking income as capital gains which only tax 50% of amount

Of course I will be watching this closely to see how it plays out. Right now there is a lot of sqwaking form all sides. Truth lies somewhere in the middle.

 

[team dirt]

I'm taking more a wait and see approach. I think some of this being blown way out of proportion. Spoke to my accountant and he seems to think this is targeted to more high net worth individuals (i.e. professional corps) and actual tax cheats. He has no shortage of stories about those in this province. Heck, during the good times in the patch, how many guys on here were bragging about all the chit they were writing off (illegally). My accountant has a client that has written off $65,000 in family vacations in one year, and doesn't make the income to justify it. Accountant cringes, warns this client about the ramifications, but the client continues on with these illegal write-offs. I think any above board small business will be fine. Both my bookkeeper and accountant are fabulous at pointing out what can be justified and what cannot.

Here is something I read about the 3 big loopholes:

1. income splitting, or income sprinkling - (example used: paying a spouse or young adult a reasonable wage for reasonable work is fine, paying pre-school aged children and deducting as an expense, not so much).
2. personal investing inside of corporations
3. taking income as capital gains which only tax 50% of amount

Of course I will be watching this closely to see how it plays out. Right now there is a lot of sqwaking form all sides. Truth lies somewhere in the middle.

There's no such thing as an illegal write off. I can write off anything I want. It's when the auditors come asking that you better be ready to pay.

 

[X-it]

I can remember how much flack Harper took over Mike Duffy's 90000 dollar claim for expenses, now look Mike Duffy is doing!!! and probably the only honest one left in there. As far as auditors... you can still challenge them in court, surprising how many turbans you will see in there taking notes.

 

[Ronaha]

I wonder if Omar was a write off for the libtards?

 

[Ronaha]

I wonder if Omar was a write off for the libtards?

"Who cares? We can spend your money anyway we want...its you that can't have your money" - Turdeau

 

[freeflorider]

I hope you are right

A friend of mine has a brother in law who is a doctor in AB. This doctor has been saving up for 16 years all "free money" from big drug companies giving him kick backs to promote their latest drug. Last year he built a house with that money. Wonder if he declared taxable income on that. I have no problems the government going after that money.

Two words here. Paper trail! Unless it's cash there will be a trail and if they did deep enough they'll find it. Not many loop holes here in bc unless like I say cash deals! The H/A have this all worked out.

 

[X-it]

I am going to do anything in my power to take advantage of our tax system, 30 east Indians taking notes at the tax hearings...so I am going to be just like them. They will not return your money if you forgot to claim something (how dishonest is that?)....so make dam sure you claim anything you can and more.

 

[S.W.A.T.]

Going to see a lot of small contractors doing cash jobs now. Especially the smaller jobs. Why give them more then we already do

 

[catalac]

Excerpt from global today:

For argument’s sake, let’s compare two taxpayers. The first is an unionized Ontario teacher making $90,000 a year. She benefits from two months’ annual paid vacation, 11 fully paid sick days and one of the most generous pension funds in the country. She gets other perks as well: personal development training, free parking and the biggest perk of all — job security. She can retire with a full pension when her age and qualifying years add up to 85, which means that a teacher who has taught for 32 years since age 21 can hang up her Smartboard at 53.
The second taxpayer is a freelance communications professional making $90,000 a year. She benefits from … nothing. She has no paid sick days, no paid vacation, no pension plan. She has to pay for every paper clip, every computer upgrade, every tank of gas and every parking spot she needs to do her job. This takes a considerable chunk out of her take-home pay. She has no job security; she needs to hustle for work, fighting for clients and gigs in the real and virtual world, maintaining a web presence, networking constantly. She is staring 50 in the eye and doesn’t see herself retiring anytime soon.
But she’s not griping. Instead, she incorporates, which allows her to pay less tax. She deducts the items she needs to conduct her business. She pays herself dividends, which are taxed at a lower rate. She leaves some money in the corporation, which also is taxed at a lower rate. Those funds are directed to savings she puts away so that, like the teacher, she has security for a rainy day, or for when she retires. And whenever that day comes, and the money is taken out, it will be taxed, as income — with the government again getting its cut.

 

[catalac]

And maybe the bigger issue, Trudeau campaigned on reducing small business tax, seems an outright lie.

 

[team dirt]

It really p!sses me off that I get up everyday at 5 and head out to work. Some days I'm home by noon and some days I'm home by 11pm. Sometimes I don't get home for 24days. The harder I work the "richer" I become. The harder I try the more I'm penalized. At the end of the year there's not a lot left over for me after all my expenses and taxes are paid. Sometimes I think I would be better off doing a 40hr week at a lower paying job and collect some of the benefits that I have been paying for.

 

[snopro]

It really p!sses me off that I get up everyday at 5 and head out to work. Some days I'm home by noon and some days I'm home by 11pm. Sometimes I don't get home for 24days. The harder I work the "richer" I become. The harder I try the more I'm penalized. At the end of the year there's not a lot left over for me after all my expenses and taxes are paid. Sometimes I think I would be better off doing a 40hr week at a lower paying job and collect some of the benefits that I have been paying for.

^^^^^ This is the opposite of what a capitalistic society should be thinking. People need to start thinking with their wallets and vote in governments that let you keep your money. Flat tax for everyone, if the government goes into debt and doesn't budget properly they should be immediately kicked out of power.

 

[pipes]

^^^^^ This is the opposite of what a capitalistic society should be thinking. People need to start thinking with their wallets and vote in governments that let you keep your money. Flat tax for everyone, if the government goes into debt and doesn't budget properly they should be immediately kicked out of power.

Snopro for prime-minister.

 

[lloydguy]

It really p!sses me off that I get up everyday at 5 and head out to work. Some days I'm home by noon and some days I'm home by 11pm. Sometimes I don't get home for 24days. The harder I work the "richer" I become. The harder I try the more I'm penalized. At the end of the year there's not a lot left over for me after all my expenses and taxes are paid. Sometimes I think I would be better off doing a 40hr week at a lower paying job and collect some of the benefits that I have been paying for.

Years and years ago I worked at a plant on the north end of edmonton,in the coffee shack there was a poster with tax rates on it.
The more hours you work the higher the percentage of tax you pay.anything over 120 hrs in a 2 week period was almost ALL taken away
by tax. What a garbage system,they are penalizing the people that work the extra time to try and get ahead.In the last 20 years the tax
hikes have been insane.
Ahhhhhhhhh, I feel better now.lol

 

[Chump]

This is what you can expect from a socialist gov... They want you to be reliant on them, sheeple are easier to control this way.

Can't wait for somebody to put a bullet..... I mean give JT the boot.