93% corporate tax

[rockpile]

This is all targeted at the doctors and other professionals who are really wage earners but have been allowed to incorporate and essentially defer income as well as pay their wife and children. Essentially amounts to income splitting for doctors, lawyers, accountants ......

Amen! Someone finally read the fine print. And no guarantee it will happen. This would shit on way too many MPS.

[WiltonRanch]

This is all targeted at the doctors and other professionals who are really wage earners but have been allowed to incorporate and essentially defer income as well as pay their wife and children. Essentially amounts to income splitting for doctors, lawyers, accountants ......

Where does it stop though? I know that's the intent here but it's a slippery slope. Go after tax dodging professionals then turn the screws on small businesses producing tangible goods and services creating employment. considered incorporating but this may change my mind.

[bgmb]

Where does it stop though? I know that's the intent here but it's a slippery slope. Go after tax dodging professionals then turn the screws on small businesses producing tangible goods and services creating employment. considered incorporating but this may change my mind.

Yeah I don't disagree. I think it would be good to close loopholes and sneaky stuff and just make a level playing field for everyone. But that will probably never happen.

[blackpowder]

I think I'll continue with my plan to exit broke. All the bloodsuckers following my shadow can starve.

[SASKFARMER3]

This is why the feds the prov and the banks wanted farmers and all small mom and pop businesses to all incorporate. It was a way for them to get money from all business big or small

[sumdumguy]

I met an a old friend who has been an accountant all his life and he is flabbergasted at the Trudeau tax intentions. He ranted about how the productive part of society is being pillaged to squander it all. It looks pretty glum.

[sawfly1]

just a few points.
the content does not match the headline. anyway

as much as we love to hate Trudeau

mismanagement and the resultant tax increases are a product of the
conservatives just as well, as witnessed by the last provincial budget.

the same mismanagement , the rail crisis , a few years ago , which took billions and billions
from western farmers. and put it in the richardsons hands. while not a tax , has the same results
less take home pay .
except that no road is ever built , or nurse ever paid.

a lot of things govt.s do or do not do,
while not a tax, still take $ out of your pocket
and the money never goes to govt. coffers .

and do you really think scrapping public healthcare (even with it's flaws)
to reduce your taxes.
is a good idea.
only to adopt a private system ,like the USA that cost s 50 % more and at that does not cover everyone.

[burnt]

The doctor is "IN" on this subject -

[URL="http://nationalpost.com/news/politics/doctors-and-other-professionals-push-back-against-proposed-tax-reforms-aimed-at-high-earners/wcm/ca7871cb-f42a-4be7-9ce8-f54dbbe10394"]http://nationalpost.com/news/politics/doctors-and-other-professionals-push-back-against-proposed-tax-reforms-aimed-at-high-earners/wcm/ca7871cb-f42a-4be7-9ce8-f54dbbe10394[/URL]

But this planned tax change is going to hurt a lot more people than just doctors and other professionals.

It's going to hurt a lot of trades people and small businesses that utilize currently-legal means to reduce a burdensome tax penalty.

The pink pantzer said he was going to do this and here it comes - stopping all those "thieves" who are hurting the country by wanting to keep the money they earned fairly and by their own ability.

Sock boy is a neurologically challenged freak.

[farmaholic]

I never took the time to read the links and the thread title seemed too "alarmist" or "impossible" to comprehend so I didn't think it was worth commenting on. If I can find the time I'll read before I say much more. But then is the source material dependable. ....

[SASKFARMER3]

Sawfly your idiot is in charge its his show he is spending like a drunken sailor and its his baby.
Quit blaming harper for this shit.

its your useless piece of shit.

Its all yours baby.

[Oliver88]

I never took the time to read the links and the thread title seemed too "alarmist" or "impossible" to comprehend so I didn't think it was worth commenting on. If I can find the time I'll read before I say much more. But then is the source material dependable. ....

Some accounting firms have provided articles with virtually the same material. This appears to be an attack on the entrepreneur by Trudeau and Morneau.

Sad times when the wealth creators are attacked so our drunken sailor leader can shut down resource development projects which appease the "takers" in society.

[Richard5]

It's disasterous. I never was sold on the incorporation aspect with respect to family farms. The double taxation, first in corp, then in your own hands was destined to end badly. In the 70's we had 5-year income averaging. That was a god-send to farmers. Then accountants talked farmers into incorporating their operations. It was a make work program for accountants and farmers became so confused with the mixed books they never knew where they were at.

We now have 3 corps - all offfarm business and we know that we will be nailed by the tax man whenever we want to reap the fruit of our labour. That's the reward. Not impressed!

Sumdum, when you comment "double taxation" i am hoping you understand that if you manage a corporation properly there really is no such thing. If done properly, after you pay the corporate rate of 12.5 and then future dividends to yourself, the second tax rate to yourself is basically the difference. The total of the 2 rates gets you to a similar total tax as if the company never existed.

I have received several commentaries from my national Agricultural firm about these changes. The biggest proposed change will hurt those businesses that have a holding company where excess wealth is "parked". Some farms have this structure but more in private business.

As i understand it, the biggest impact on farms will be the potential change of no capital dividend in farm corps the remove the tax free portion of capital gains. The gains on land is huge for many farms that have land inside therlir corps. If the do change this it will cause the total tax on transactions like this to be the high number as posted.

I am hanging my hat on reasonableness. I know our leader isn't very smart however the impact on the growth of businesses, balance of underground economy is greatly impacted when you look at introducing a tax scheme like this.

For now, i think we all need to wait and see, its only a discussion paper of proposed changes.

[burnt]

Sumdum, when you comment "double taxation" i am hoping you understand that if you manage a corporation properly there really is no such thing. If done properly, after you pay the corporate rate of 12.5 and then future dividends to yourself, the second tax rate to yourself is basically the difference. The total of the 2 rates gets you to a similar total tax as if the company never existed.

I have received several commentaries from my national Agricultural firm about these changes. The biggest proposed change will hurt those businesses that have a holding company where excess wealth is "parked". Some farms have this structure but more in private business.

As i understand it, the biggest impact on farms will be the potential change of no capital dividend in farm corps the remove the tax free portion of capital gains. The gains on land is huge for many farms that have land inside therlir corps. If the do change this it will cause the total tax on transactions like this to be the high number as posted.

I am hanging my hat on reasonableness. I know our leader isn't very smart however the impact on the growth of businesses, balance of underground economy is greatly impacted when you look at introducing a tax scheme like this.

For now, i think we all need to wait and see, its only a discussion paper of proposed changes.

"I am hanging my hat on reasonableness" - a very small hat - maybe...

[farmaholic]

If the wealth is created and earned by legal means, and for the kind of risk I assume earning it why can't I squirrel a pile, or a bit, of it away from the taxman. For ****'s sake whether in an active Business Corp, a HoldCo, a RRSP, TFSA....its all accounted for! They know where it is! Tax the **** out of good hard working honest people and end up creating and underground economy or instead of letting the people who created their own wealth keep most of it....spread it around to slackers and create a whole ****ing welfare state. ....kind of a twisted "dog in the manger" attitude...."I don't want to earn mine but I don't want you to have what you earned either!"

Surely "common sense" will prevail.

[fjlip]

Just watch the SOB .....