93% corporate tax

[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 .....

[macdon02]

http://www.internationalman.com/articles/this-5-trillion-time-bomb-will-devastate-americans


What happened in Illinois...

[MBgrower]

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.

Don't most farmers hold the land outside of the corporation? I wonder what % have it in

[sumdumguy]

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. ....

I hope Trudeau and/or Morneau don't need a doctor in the future. They might have to look pretty far to find one that will touch them with a ten-foot pole - maybe a Haitian doctor.