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09-22-2017, 06:02 PM
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Join Date: Apr 2012
Posts: 274
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Trudeau new tax for farm/ranch
Anyone know a link or details about his new tax being rammed in concerning farmer/ranchers??
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09-22-2017, 06:47 PM
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Join Date: Feb 2008
Posts: 3,050
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Tax on all incorporated business. Big/small. Tax income sprinkling, Tax investment income at 73%.
Ex. $500,000.00 in Investment income earring 7%. $35,000.00 tax this income at 73%.
$35,000 x 0.73 = $25,500.00 for Government. And $9,500.00 for your business.
If you are utilizing this $9,500.00 as dividend. You cannot survive. Need to have $5,000,000.00.
Not many business have $5,000,000.00 in assets.
http://www.greaterfool.ca/2017/09/22/embarrassing/
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09-22-2017, 07:12 PM
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Join Date: Jul 2010
Location: North of Cochrane
Posts: 6,649
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Some background
They (the gov't) has being trying to prosecute tax cases of Doctors and Lawyer who own Race Horses and other exotic "farms" I guess they weren't winning cases that they thought that they should win and are now tightening the rules.
Stay tuned.
__________________
"The well meaning have done more damage than all the criminals in the world" Great grand father "Never impute planning where incompetence will predict the phenomenon equally well" Father
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09-22-2017, 07:38 PM
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Join Date: Nov 2010
Posts: 261
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Megz Reynolds will be on roy green show tomorrow 630 ched.
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09-24-2017, 10:59 PM
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Join Date: Jan 2014
Location: Edmonton
Posts: 5,509
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Just came across this on Facebook
Reposting :
I just came across this post on Globe and Mail. A fellow by the name of Jason Roy had seen it and reposted it. I'll do the same here. It is very interesting!
"An outstanding comment from an earlier G&M editorial from one Carmen MacKenzie....so much so that the Trudeau groupies, Liberal attack dogs/ankle biters and party media trolls had no response....definitely worth a repost...
"It's becoming clear that some very wealthy Canadian shareholders tied to Finance Minister Bill Morneau are positioned to benefit handsomely from the proposed federal tax changes for incorporated small businesses and professionals. As Canadians, we should be paying very close attention.
Just yesterday my husband and I learned about pension-type savings options for small business owners called Retirement Compensation Arrangements (RCAs) and Individual Pension Plans (IPPs, geared more towards business owners in their 50s).
These retirement savings plans/products were suggested to us as potential next steps if the proposed federal tax legislation affecting small business goes through. (For context, given our incorporated structure, if the legislation is passed, any income we draw when we retire will have been taxed at a rate of 73%. Clearly, this doesn't seem like a fair deal for a lifetime's worth of work, so we—like every other incorporated small business owner out there—are working hard to understand what our options are.)
Today, from an All Nova Scotia article (Sept 19), we learned that the largest provider of these pension plans in Canada is none other than Morneau Shepell.
That's right, Morneau Shepell—the multinational benefits/pensions consulting firm founded by Federal Finance Minister Bill Morneau's dad, William Frank Morneau, Sr. in 1966, with annual revenue in 2016 totalling $592 million Cdn. It's the largest benefits and pension firm in Canada.
Today, William Frank Morneau is listed as honourary chair and founder of Morneau Shepell on the company's website. And Bill Morneau, according to the All Nova Scotia article, "...controls over 2.2 million Morneau Shepell shares worth over $47 million based on the closing stock price on Monday."
If the federal government brings in their proposed tax changes, led by Justin Trudeau and Finance Minister Bill Morneau, incorporated small businesses across Canada will be forced to close their holdings companies and opt instead for other retirement savings strategies... like the private pension plans offered by Morneau Shepell.
So who really stands to benefit from the legislation that's being positioned as changes to make the tax system fairer?
That's right: Bill Morneau, major shareholder in Canada's largest pension corporation. Bill Morneau, Canada's Federal Finance Minister. Bill Morneau, the guy who keeps saying he's closing "loopholes" and "fancy accounting schemes" that give wealthy Canadians unfair advantages over the middle class (...you know, those greedy farmers and doctors and local business owners and such).
While doctors are making calls to healthcare organizations offering jobs south of the border, and small business owners nearing retirement are looking at having to work for several more years, and family farms and businesses passed on through generations face being penalized for passing them down to their kids (and rewarded for selling them to anyone other than their kids), and young couples who've put everything on the line to start their dream business come to terms with the fact that the rug has been pulled out from under them, Morneau Shepell directors and shareholders must be rubbing their hands together in eager anticipation of the windfall to come their way.
If there's a "fancy accounting scheme" that deserves the government's full attention right now, including a thorough Conflict of Interest investigation, I think it's staring them right in the face."
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09-25-2017, 12:39 AM
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Join Date: Oct 2016
Posts: 1,392
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I will not be commenting much in this thread (if at all after this post), but I will say this. The crackdown on small private corporation has been coming for years, in one form or the other. No need to believe me (and, quite frankly, I do not really care), but this is a fact. Conservatives were looking at all remedies for quite a while. The "wrap-up" of small corporations was incoming and it was no secret to those who employed a good accountant.
P.S. The 73% tax is also bs as far as Alberta is concerned.
P.P.S. Those who were incorporated purely for the purpose of tax saving, should tighten their belts as you guys will pay more taxes if you leave a chunk in the retained earnings.
P.P.P.S Wait until they take a closer look at the dividend income as conservatives were going to do.
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09-25-2017, 05:05 AM
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Join Date: May 2007
Location: Calgary
Posts: 5,140
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Imagine the rucus if this conflict of interest happened to one of Harper's ministers. But because it is Morneau, the silence is deafening.
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09-25-2017, 09:09 AM
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Join Date: Jul 2011
Posts: 665
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Quote:
Originally Posted by Unregistered user
Imagine the rucus if this conflict of interest happened to one of Harper's ministers. But because it is Morneau, the silence is deafening.
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No kidding love to see the CBC jump all over this but know that will never happen .
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09-25-2017, 11:07 AM
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Join Date: Jan 2014
Location: Edmonton
Posts: 5,509
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The Facebook already blocked this article!
Now try to find it in Globe and Mail - good luck with that!
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09-25-2017, 03:48 PM
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Join Date: Nov 2009
Location: Southern Alberta
Posts: 1,777
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Quote:
Originally Posted by Y2K
Anyone know a link or details about his new tax being rammed in concerning farmer/ranchers??
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Lots of information out there. The proposals will affect almost every small business corp, not only farmers and ranchers.
Consultation document put out by the Liberals - https://www.fin.gc.ca/activty/consult/tppc-pfsp-eng.pdf
"Proposed Changes to Tax Planning Using Private Corporations" (Webinar-45minutes) from GGFL, Chartered Professional Accountants
- https://www.youtube.com/watch?v=5FiL5hPvA9o
"Proposed Tax Changes May Hit Your Family Farm Hard!" -
Kingston Ross Pasnak -
http://www.krpgroup.com/files/2017_0..._Farm_Hard.pdf
Moodys Gartner Tax Law LLP - Myths & Facts - http://moodysgartner.com/wp-content/...factsV4.5a.pdf
Hugh Neilson, FCPA, FCA, TEP of Kingston Ross Pasnak in Edmonton breaks down and gives his perspective on the Liberal’s tax proposals - http://alberta.ctvnews.ca/video?binI...699400#1215606
Consultations on these changes are on-going until October 2, 2017. To have your voice heard, send comments to fin.consultation.fin@canada.ca as well as you local MP.
On top of that, here a few petitions that will be presented to Honourable Minister of Finance, Bill Morneau as well as presented to the House of Commons:
https://petitions.ourcommons.ca/en/P...etition=e-1239
https://petitions.ourcommons.ca/en/P...etition=e-1249
https://www.change.org/p/honourable-...=7259882&jb=12
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09-25-2017, 05:12 PM
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Join Date: Feb 2008
Posts: 3,050
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09-25-2017, 05:36 PM
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Join Date: Jan 2012
Location: 204
Posts: 5,397
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Are they looking at taxing dividends more?
Because that would really bone me.
Gotta love when they change the rules in the middle of the game.
Sent from my iPhone using Tapatalk
__________________
"I like to quote my own quotes" ~ Dewey Cox
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09-25-2017, 05:59 PM
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Join Date: May 2007
Posts: 3,922
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the Cupboards are BARE!!!!
The problem with a Resource Economy that plays to the so called Environmentalists, is that eventually the multi nationals who feed so much money to the economy and Canadian Based businesses, simply decide to LEAVE!!
Look at the Stats over the last couple of years of the number of oil companies that have divested their Canadian holdings.
Look at the Stats of the Mining Companies choosing to explore and develop projects ANYWHERE but Canada.
Now ask yourself why?
We are Hewers of Wood and Drawers of Water. That was Canada's strength, because you could force some Multi National to pay as much as $54 an hour plus benefits and overtime to get the Canadian Worker on site. No offshore manufacturing there!
Now they are leaving or choosing to invest elsewhere, but that's fine, lets break the Small Corp's Piggy Banks and help ourselves!!!
We wonder why so many successful Canadians choose to leave.
We wonder why Canadian Companies set up divisions in the Bahamas and Bermuda and keep the assets off shore.
Its really no wonder. Its the excessive tax rates.
But it does not really make any difference. The only reason the Feds are doing this is that raising the GST would be electoral suicide, and they have already promised that the Carbon Tax will be neutral with all the Grants and Incentives offsetting the Carbon Tax collected. Raising the Income Tax rates for the Middle class would be electoral suicide as well, so instead, they create a new BAD GUY to justify the tax grab they are going to do anyway: The Professional and the Entrepreneur.
Drewski
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10-02-2017, 08:48 AM
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Join Date: Jun 2007
Location: Fort Saskatchewan
Posts: 620
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I'm guessing its quiet because most people aren't business owners and are not affected by it. I think its a little heavy handed from the government but I do get angry when when i'm hunting with my buddy who is a small business owner and he's collecting all of the bills he can because he "needs" write offs. Whether it is gas, food, lodging all can be "legally" claimed against his business. This is the abuse that upsets me and its rampant.
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10-02-2017, 09:07 AM
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Join Date: Jan 2012
Location: 204
Posts: 5,397
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Quote:
Originally Posted by sirmike68
I'm guessing its quiet because most people aren't business owners and are not affected by it. I think its a little heavy handed from the government but I do get angry when when i'm hunting with my buddy who is a small business owner and he's collecting all of the bills he can because he "needs" write offs. Whether it is gas, food, lodging all can be "legally" claimed against his business. This is the abuse that upsets me and its rampant.
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If this upsets you so much, phone it in to revenue Canada, and maybe they'll audit your buddy.
Sent from my iPhone using Tapatalk
__________________
"I like to quote my own quotes" ~ Dewey Cox
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10-02-2017, 09:17 AM
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Banned
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Join Date: May 2009
Location: https://t.me/pump_upp
Posts: 84
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I think in 2 years time it will be time to send Justin back to drama school!!!
We need a good laugh today after a terror attack in Edmonton, a mass shooting in Las Vegas and a snowy day in Alberta.
Cheers - hoping good hunting & fishing for you!!!
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10-02-2017, 09:36 AM
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Join Date: Mar 2008
Location: Caroline
Posts: 7,204
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Quote:
Originally Posted by sirmike68
I'm guessing its quiet because most people aren't business owners and are not affected by it. I think its a little heavy handed from the government but I do get angry when when i'm hunting with my buddy who is a small business owner and he's collecting all of the bills he can because he "needs" write offs. Whether it is gas, food, lodging all can be "legally" claimed against his business. This is the abuse that upsets me and its rampant.
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Collecting? As in he is paying all the bills?
__________________
Two reasons you may think CO2 is a pollutant
1.You weren't paying attention in grade 5
2. You're stupid
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10-02-2017, 10:37 AM
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Join Date: Jun 2007
Location: Fort Saskatchewan
Posts: 620
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Yah saving all of his bills from his expenses while on a hunting trip which has nothing to do with his business to be applied to his business as an expense. That is abuse of the system and its rampant and dishonest.
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10-02-2017, 10:44 AM
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Join Date: Oct 2009
Location: Calgary
Posts: 1,507
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Quote:
Originally Posted by sirmike68
I'm guessing its quiet because most people aren't business owners and are not affected by it. I think its a little heavy handed from the government but I do get angry when when i'm hunting with my buddy who is a small business owner and he's collecting all of the bills he can because he "needs" write offs. Whether it is gas, food, lodging all can be "legally" claimed against his business. This is the abuse that upsets me and its rampant.
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He better be careful, drywaller friend got an audit, and tossed ALL his gas receipts cause he tried to claim gas from Kelowna and could not prove he did work there. He said they where nice to him and could of really nailed him. However he got a slap on the wrist as a bit of a warning to make sure he was only writing off true business expenses
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10-02-2017, 12:46 PM
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Join Date: Feb 2008
Posts: 3,050
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Quote:
Originally Posted by sirmike68
Yah saving all of his bills from his expenses while on a hunting trip which has nothing to do with his business to be applied to his business as an expense. That is abuse of the system and its rampant and dishonest.
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Maybe your buddy, owns whole sale sports, Product review?
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10-02-2017, 01:04 PM
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Join Date: May 2007
Location: Calgary
Posts: 5,140
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Quote:
Originally Posted by sirmike68
Yah saving all of his bills from his expenses while on a hunting trip which has nothing to do with his business to be applied to his business as an expense. That is abuse of the system and its rampant and dishonest.
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If he's any kind of a friend he would teach you how to work within the system, hang on to more of your money and stop whining so much.
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10-15-2017, 03:20 PM
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Join Date: Apr 2012
Location: Edmonton
Posts: 8,269
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Quote:
Originally Posted by lmtada
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One can only hope!
If JT has any balls he'll fire Morneau and kick him out of the liberal party. However that'll most likely not happen as we all know JT doesn't have what it takes.
BW
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