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Old 04-17-2024, 08:02 AM
densa44 densa44 is offline
 
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Smile The Budget!!

What do you think folks? Is isn't about any of the stuff you hear on the news it is about getting the Libs re-elected! BTW getting re-elected is the purpose of every politician and political party.

At the next election the Libs have to hang onto the seats that they have and add about 10. If they poach the 10 from the NDP that will do it.

The UPC lead by PP have got to win enough seats (168 I think) to win a majority because there is no other party that wants to form a government with them. They need to be able to convert JT low standing in the polls to a majority win.

Tactically the Libs have a big advantage, they are the government, if they can get both the NDP and the UCP to vote against the budget they have "won" the first round.

We will soon know, it will be great if anyone here gets one of those "carbon tax" checks lets us know, when and how much.

Interesting times, my offer of $100 to anyone's campaign, any party, if they run in the next election. We need new politicians and lots of you people would be great!
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Old 04-17-2024, 08:15 AM
britman101 britman101 is offline
 
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In an ideal world, it would make sense to have candidates running in an election regardless of their wealth, and work background. However, in Canada it does not work that way which unfortunately gives us the political landscape we have today. An interesting glimpse as to one's person view as to what her political experience was when she ran in a federal election:

https://www.cbc.ca/radio/costoflivin...time-1.5323781
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Old 04-17-2024, 08:17 AM
dmcbride dmcbride is offline
 
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Inflation will not be going down and Canada’s productivity will continue to decline with this budget. Throwing money on the inflationary fire and taxing the rich doesn’t work. It is clearly a vote buying budget at the expense of Canada. The NDP won’t be voting against this budget, they don’t want an election and the liberals don’t either. The conservatives would win a super majority if an election was held today.
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Old 04-17-2024, 08:48 AM
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A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
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Old 04-17-2024, 09:00 AM
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
It's quite significant. Here is the scenario, your grandpa bought some farm land in 1952 for $25k, he passed it to your dad. Your dad passes away, you inherit the land, now worth $2M, and the government says you owe taxes on $1.975M at 100%, lets say 40% tax rate, $790,000 in taxes. You wanted to keep the land, as it had been in your family for generations, but don't have the cash and have to sell. Same kind of thing with typical 1980's 1,200 sq. ft. homes in Vancouver/Toronto worth millions. That seems reasonable to you?
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Old 04-17-2024, 09:03 AM
JB_AOL JB_AOL is offline
 
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
In theory, yes.. the lower classes are the one that need breaks, in reality, the rich are the ones that usually own businesses (where the poor work), buy new houses/toys/etc that keep the economy going. Tax the rich and they have the ability (and money) to move to different markets/places or even just move. So that "rich" money is now gone, and so are the jobs/businesses that the rich money supported.

And actually, the poor are getting alot of the breaks.
Free dental care, free pharmaceuticals, free school lunches, cheap daycare, shall I go on.. although I use the term "free" sarcasticly.. essentially JT is going after the "uninformed/uneducated" for votes, hoping they're dumb enough to not see the real issue.


The
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Old 04-17-2024, 09:08 AM
Talleyrandophile Talleyrandophile is offline
 
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
A couple of things:

- I think, as a general policy, we want to encourage capital investment. Why would you risk your money as an investor if you're going to be taxed the same as just working for it as an employee with significantly lower risk profile?

- With this threshold it's going to hit a lot of doctors, lawyers etc. who use professional corps - while this may seem like "taxing the rich", these are people who work for a living, not the Galen Westons of the world.

- This is going to serve as an ad hoc inheritance tax. You may not have over $250,000 of capital gains in life, but your estate may on death.

Regardless of whether this or any of the other budget changes have the desired effect, I'm not in favour of giving this government any more money to spend on filling the country full of "students" and dumping all over the West.
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Old 04-17-2024, 09:09 AM
DRhunter DRhunter is offline
 
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Originally Posted by Trochu View Post
It's quite significant. Here is the scenario, your grandpa bought some farm land in 1952 for $25k, he passed it to your dad. Your dad passes away, you inherit the land, now worth $2M, and the government says you owe taxes on $1.975M at 100%, lets say 40% tax rate, $790,000 in taxes. You wanted to keep the land, as it had been in your family for generations, but don't have the cash and have to sell. Same kind of thing with typical 1980's 1,200 sq. ft. homes in Vancouver/Toronto worth millions. That seems reasonable to you?
Qualified Farmland is a bad example given there is a $1.25 million capital gains exemption (up from the current $1.0 million CGE), but certainly the example of the houses makes sense.

Ultimately, higher tax rates reduce investment. At a time where the productivity of Canadians is decreasing combined with fleeing investment to friendlier tax jurisdictions, adding higher taxes to those that are willing to invest and create jobs/wealth in this country is not ideal.

From a high level look at this budget, it is primarily focused on housing. Typical government, create a crisis and then attempt to look like a Saviour to the problems they created.

DR
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Old 04-17-2024, 09:11 AM
flydude flydude is offline
 
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
With the dividend tax credit the dividends that are distributed to shareholders have already been taxed at the corporation's level so really the shareholder is getting their dividend via the corporation's after-tax profit. Not everyone that own dividend stocks are rich either.
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Old 04-17-2024, 09:34 AM
2 Tollers 2 Tollers is offline
 
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On the --- "Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief." --- the best break would be to raise the the personal excemption tax threshold for people making less than what is considered minimum income level in Canada. If you make less than $30,000 a year you pay zero federal tax.

This concept is mind numbing to a government wanting to keep their fingers in everyones pockets.

On densa's hopes for a return of a Liberal government --- I do think the Canadian voter has smarten up to the Sunny Ways - Sunny Days --- the anger on the street to the Liberals / NDP is significant and cannot be bought off. More and more media is coming out calling out the problems created by this coalition of weasels.

Not the tame and bought press gallery but the opinion pieces and social media are getting more and more like watching Rocky's body blows.
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Old 04-17-2024, 09:37 AM
Grizzly Adams1 Grizzly Adams1 is offline
 
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According to Friedland, opponents don't understand Economics.
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Old 04-17-2024, 09:46 AM
densa44 densa44 is offline
 
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Default I don't care who wins...

I see them all as pretty much the same. Once they get in power they can't let go! The budget IMO has nothing to do with running the country better but what they think will get the Libs re-elected. They have been very good at this over the last 100 years.

Is there a strategy that youcan think of that will help PP win the next election?
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Old 04-17-2024, 09:56 AM
dmcbride dmcbride is offline
 
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Originally Posted by densa44 View Post
I see them all as pretty much the same. Once they get in power they can't let go! The budget IMO has nothing to do with running the country better but what they think will get the Libs re-elected. They have been very good at this over the last 100 years.

Is there a strategy that youcan think of that will help PP win the next election?
PP just needs to keep on the affordability message. This budget is going to do nothing to lower inflation or increase Canadians standard of living that is currently falling. The liberals might get a little bumb in the polls from this budget but the election is a long ways off, unless Singh changes his tune, Bloc and conservatives said they are voting against it.
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Old 04-17-2024, 09:58 AM
Outbound Outbound is online now
 
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Originally Posted by densa44 View Post
What do you think folks? Is isn't about any of the stuff you hear on the news it is about getting the Libs re-elected! BTW getting re-elected is the purpose of every politician and political party.

At the next election the Libs have to hang onto the seats that they have and add about 10. If they poach the 10 from the NDP that will do it.

The UPC lead by PP have got to win enough seats (168 I think) to win a majority because there is no other party that wants to form a government with them. They need to be able to convert JT low standing in the polls to a majority win.

Tactically the Libs have a big advantage, they are the government, if they can get both the NDP and the UCP to vote against the budget they have "won" the first round.

We will soon know, it will be great if anyone here gets one of those "carbon tax" checks lets us know, when and how much.

Interesting times, my offer of $100 to anyone's campaign, any party, if they run in the next election. We need new politicians and lots of you people would be great!
Who are the UPC? The UCP are not lead by PP.

Perhaps you're thinking of the CPC?

UCP - United Conservative Party, Alberta's provincial conservative party, lead bu Danielle Smith.

CPC - Conservative Party of Canada, federal conservative party, led by Pierre Pollieve.
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Old 04-17-2024, 10:02 AM
elkhunter11 elkhunter11 is offline
 
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Originally Posted by densa44 View Post
I see them all as pretty much the same. Once they get in power they can't let go! The budget IMO has nothing to do with running the country better but what they think will get the Libs re-elected. They have been very good at this over the last 100 years.

Is there a strategy that youcan think of that will help PP win the next election?
No, they are not all the same. They do all want to stay in
power, but no Canadian government has ever stooped to the levels of the liberal/ndp mafia. Our only hope is that enough voters get desperate enough financially, to vote them out.

And if you keep insisting on posting thread after thread about politics, at least learn which federal parties exist in Canada, there is no federal UCP party.
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Old 04-17-2024, 10:06 AM
Sundog57 Sundog57 is offline
 
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.

I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.

Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
Capital gains were taxed a 50% for two reasons.
1. When you buy something which appreciates, a significant part of the appreciation typically comes as a result of inflation as result of bad government management.
2. The idea is to encourage investment - that is to put up and risk your money with no certainly of any return or even a return of your investment so that companies can use that money to buy things like new equipment, to hire more people and in general to help to increase economic activity. This is vastly different than say going to work every day, putting your own labour but nothing else on the line and earning a wage for your services.

Increasing the capital gains tax is a disincentive to investment.
It is also a boot to the shorts of anyone who is self employed and has hoped to see their retirement funded by the sale of shares in the company that they have founded.
This would be folks who have busted their backsides for years for sometimes no pay at all and certainly no consideration of anything like overtime, paid corporate and personal income taxes, hired and paid people like you and hoped to retire on the sale of the shares in the company that they founded and shepherded through the years.
Why would anybody bother
In the Jagmeet/Clown Prince world the correct answer is to get a safe government job, put in your time and retire with a fully indexed pension.

As for the dividend tax credit... Dividends are paid out of tax paid income That is the corporation paying the dividends has already paid something to the tune of 30 to 40% on the income. The dividend tax credit adjusts the tax payable on dividends received so that the original income is not double taxed - for sake of argument, a company pays 40% on the original dollar earned. that leaves $.60 to pay a dividend. if that is then taxed at a further 40% that would leave $ .36 of the original dollar with the government having taken $.64. The dividend tax credit reduces the second layer of tax on the original dollar to a level that is closer to the maximum personal income tax rate.
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Old 04-17-2024, 10:11 AM
Big Grey Wolf Big Grey Wolf is offline
 
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You tax guys, I need some clarification. I always though(So Far) our homes are exempt from Capital gains. If you have farm land first $1.25 million is exempt??
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Old 04-17-2024, 10:16 AM
flydude flydude is offline
 
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In the Jagmeet/Clown Prince world the correct answer is to get a safe government job, put in your time and retire with a fully indexed pension.
You forgot the requirement while in power to practice nepotism in hiring so as to produce a long line of family wealth and power.
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Old 04-17-2024, 10:16 AM
Buckhead Buckhead is offline
 
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Your designated principle residence is exempt from
capital gains tax.
And even if a house is not then there are at least a couple ways around the capital gains tax. One is registering the house or property as Joint Tenants, then the house or property passes directly to the survivor. Or a beneficiary could claim an inherited house as their principal residence. Either way the capital gains tax is avoided.
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Old 04-17-2024, 10:23 AM
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Twisted Canuck Twisted Canuck is online now
 
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Originally Posted by CanuckShooter View Post
A tiny little change to the capital gains isn't what I'd call taxing the rich.



I always wondered why they don't tax capital gains at 100% the same as interest or wages. The claiming 50% of your gains for taxes is really a tax break for the rich isn't it? Same with the dividend tax credit, flow through shares etc etc etc.



Personally I don't think the rich need tax breaks, the working poor are the ones that could use tax relief.
A little change...no biggie....eat the rich. Other posters addressed your line of thought adequately so I won't bother, but I will say that it is exactly your kind of low-information and limited understanding thinking that this budget was intended to appeal to. And it worked. Don't let the evidence of your own eyes and wallet get in the way of buying the magic beans. At what point are things bad enough that you realize the cycle of taxing and spending and taxing and spending and taxing and taxing and taxing is the problem, not the solution?

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Old 04-17-2024, 10:26 AM
Bigwoodsman Bigwoodsman is offline
 
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It's going to cost 54 Billion Dollars to service the debt this year. That is more money than all of the GST collected in this country, and that is a tax on a tax on a tax.

Think about that for a second.

I'm pretty confident that millenials Gen Z whatevers will see through this Liberal BS. IF they don't well we were screwed before and nothing will even begin to change.

BW
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Old 04-17-2024, 10:27 AM
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walking buffalo walking buffalo is online now
 
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I don't care who wins...


I see them all as pretty much the same. Once they get in power they can't let go! The budget IMO has nothing to do with running the country better but what they think will get the Libs re-elected. They have been very good at this over the last 100 years.

Is there a strategy that youcan think of that will help PP win the next election?
"I don't care who wins... blah blah blah"

Nothing you say or ask matters after starting with "I don't care"....
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Old 04-17-2024, 10:32 AM
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Densa44 I am guessing you are an ex teacher?
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Old 04-17-2024, 11:16 AM
I’d rather be outdoors I’d rather be outdoors is offline
 
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Originally Posted by Bigwoodsman View Post
It's going to cost 54 Billion Dollars to service the debt this year. That is more money than all of the GST collected in this country, and that is a tax on a tax on a tax.

Think about that for a second.

I'm pretty confident that millenials Gen Z whatevers will see through this Liberal BS. IF they don't well we were screwed before and nothing will even begin to change.

BW
This is a Hail Mary “budget” for them. They’ve had how many years to try to address the challenges young people face? If polls are any indicator, they do see through it, and will vote accordingly. Drop the writ already…
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Old 04-17-2024, 11:54 AM
Sundog57 Sundog57 is offline
 
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Have posted this before on this forum but needs repeating
Margaret Thatcher said it best

"The problem with socialism is that eventually you run out of other people's money"
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Old 04-17-2024, 01:17 PM
glen moa glen moa is offline
 
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When will the gov loons start eating each other.
That’s the kind of entertainment we need around here. Some loon with 1 brain cell is going after a loon with two brain cells. Then the books. “I never liked him at all”. Story to be released after the reckoning.
I can’t wait.
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Old 04-17-2024, 01:43 PM
the hammer the hammer is offline
 
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Our grand children and great grandchildren are so screwed. This budget has no forward thinking. In a few years 40-50 % of all revenue will go to service the debt.
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Old 04-17-2024, 01:45 PM
elkhunter11 elkhunter11 is offline
 
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Our grand children and great grandchildren are so screwed. This budget has no forward thinking. In a few years 40-50 % of all revenue will go to service the debt.
The liberal/ndp voters don't care, as long as they get some petty handouts now, they don't care about future generations.
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Old 04-17-2024, 02:51 PM
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Our grand children and great grandchildren are so screwed. This budget has no forward thinking. In a few years 40-50 % of all revenue will go to service the debt.
That is patently false: At least according to our financially astute Turd'O. We, the unbelievers in his righteous financial wisdom are the ones who are NOT forward thinking.
The Lieberal government is ruled by fools who prey on the unwise.
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Old 04-17-2024, 03:28 PM
dmcbride dmcbride is offline
 
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Default Budget 2024 is pitching a long list of new laws

This will get votes by dividing Canadians,

https://www.cbc.ca/news/politics/bud...laws-1.7175815

Ottawa exploring Halal mortgages

The federal government says it plans to explore new measures to expand access to "alternative financing products, like halal mortgages."

For many Muslims, religious beliefs include restrictions on paying and receiving interest. Halal mortgages can be structured differently.

There's no commitment yet of new money, legislative changes or regulatory updates, but the government said it started consulting last month with financial services providers and communities "to understand how federal policies can better support the needs of all Canadians seeking to become homeowners."
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