Quick Sunday Thought and Question

[Hamloc]

Lately our Prime Minister has been attacking small businesses and stating that they need to pay their"fair share", for that matter I get the impression he does not feel anybody with an income of$150K plus is paying their fair share. What doesn't make sense to me is this, higher income Canadians are already paying over 50% of the tax load but are not by any means receiving over 50% of the services. In fact I would wager that on a per person basis higher income Canadians are receiving less per person from government than low income Canadians. So why is it that it is popular to attack successful or well educated or simply well payed Canadians?

[fjlip]

They are only one percent, 99% will vote for Liberals...do the math...majority rules

[bucket]

Quicker thought.....why do 2 people that live on trust funds think they know anything about money and wealth creation?

[farmaholic]

......raise and lower everyone to a certain level of common denominator.
What political system is that actually called again?

[ajl]

Many Liberal voting Doctor's and Lawyer's are in this corporate group and so the final proposal's will be watered down. That being the sole reason. You do have to keep in mind that most wealthy in Canuckistan are that way due to some government policy. Were you able to expand your farm with below market rates of interest as a result of government policy? Why is Buffet so rich? Figured out government regulation was good for some business. I am also against these tax changes because government spending needs to be reduced first. That will be bad for those corporation whose primary business consists of infrastructure construction projects.

[sumdumguy]

What ticks me is that the Conservatives were in government but because of their big egos they didn't replace Harper with a charismatic. Whose fault is it again that we are gonna get killed?

[chuckChuck]

The other question is why does the government go soft on those wealthy Canadians who can hide from tax in tax havens? The Conservatives and the Liberals have both shown little interest in preventing and prosecuting the wealthy from sheltering their wealth in tax havens. KPMG was at the centre of this scandal as detailed in some of the following links from CBC and Huff post..

It doesn't seem to matter whether it is the Conservatives or the Liberals in power they both have strong connections to the rich and powerful in this country and won't prosecute tax evasion unless it is small potatoes and an easy target.

The current proposals for taxing small businesses were originally aimed at high income professionals who are using the advantage of small incorporated business to reduce taxes. I think there is merit to doing something about those problems.

Other less profitable and unique small businesses including farms are getting caught up in this broad approach. Fairness in the tax system is important.

http://www.cbc.ca/news/business/harper-government-partnered-with-industry-group-battling-cra-over-kpmg-case-1.3257994

http://www.cbc.ca/news/business/cabinet-ministers-met-publicly-with-kpmg-while-firm-s-tax-sham-under-cra-probe-1.3234876

http://www.huffingtonpost.ca/dennis-howlett/kpmg-tax-fraud-isle-of-man_b_15267920.html?utm_hp_ref=ca-kpmg

[sofa.king]

Holy crap I agree with chuck. The offshore tax shelters need to be stopped.

[chuckChuck]

Many Liberal voting Doctor's and Lawyer's are in this corporate group and so the final proposal's will be watered down. That being the sole reason. You do have to keep in mind that most wealthy in Canuckistan are that way due to some government policy. Were you able to expand your farm with below market rates of interest as a result of government policy? Why is Buffet so rich? Figured out government regulation was good for some business. I am also against these tax changes because government spending needs to be reduced first. That will be bad for those corporation whose primary business consists of infrastructure construction projects.

If you look at how agricultural subsidies usually pay out it is often the largest farms that get the majority of the subsidies and bigger share of support programs. There has been a bias towards supporting bigger farms. Targeting subsidies to help smaller and medium sized farms stay in business would be a better approach to supporting rural communities and keeping more farmers.

Encouraging and supporting bigger and bigger mega farms makes it more difficult for smaller and starting farmers to stay in business, let alone expand. 10,000 acres is not enough for some guys. Some guys want 20, 40, 60,000 acre farms. Perhaps they should consider that when you farm that amount property you are taking away some young families opportunities to grow to an economically sized operation. In effect you are killing someone else job and dreams.

[blackpowder]

How much capital gains tax do colonies pay?

[chuckChuck]

What is Wrong at
the CRA?
And How to Fix It.
Interviews and Conversations with Auditors, Investigators and Managers at
Canada’s Beleaguered Tax Agency
Canadians for Tax Fairness
December 2015

http://www.taxfairness.ca/sites/taxfairness.ca/files/pdf/what_is_wrong_at_cra_0.pdf

[Oliver88]

Holy crap I agree with chuck. The offshore tax shelters need to be stopped.

Agree on offshore tax havens but this would affect Morneau and Trudeau's social circles in a negative way.
Morneau has taken advantage of offshore tax havens already.

Likely why public traded companies, banks and unions are not being reviewed while small business is as well.

Gerald Butts knows which demographic votes Conservative and which doesn't.

[chuckChuck]

Agree on offshore tax havens but this would affect Morneau and Trudeau's social circles in a negative way.
Morneau has taken advantage of offshore tax havens already.

Likely why public traded companies, banks and unions are not being reviewed while small business is as well.

Gerald Butts knows which demographic votes Conservative and which doesn't.

Conservatives are in the same social circles as Liberals. Conservatives were implicated with the KPMG case. Neither party is willing to take on the biggest tax avoiders.

[LEP]

Once I have tax paid money in my personal hands it is legal to move it to offshore accounts, never to be taxed in Canada again.

The KPMG issue was trying to skip paying Canadian tax to start with.

If the liberals go through with their tax "fairness" reform expect that a lot of money will move offshore never to create growth or be invested in Canada. ALOT.

The liberals aren't above helping out a few friends regarding the first round of taxation when they let the Irvings skip out on a billion dollars of tax when taking the bulk of their investments offshore.

[chuckChuck]

All kinds of large multinational Corporations use tax havens to shelter profit and pay lower taxes in Canada by setting up shop in low tax jurisdictions and making sure their profit is moved there. The effective tax rate in Canada can be much lower that what is actually listed.

It will take a Canadian government with the guts and international cooperation to fix this problem.

If you make profit in Canada it is your Corporate duty to pay the tax owing since the corporation benefited from Canada's stable business environment, workers, subsidies, research and development, rule of law, education, healthcare and infrastructure, much of which is paid for by taxpayers.