The Budget!!

[Trochu]

Oh my, you know you're in trouble when a federal budget address cheaper Taylor Swift tickets.

Surely past Liberal voters can see this.....

[roper1]

Originally Posted by Trochu

Oh my, you know you're in trouble when a federal budget address cheaper Taylor Swift tickets.

Surely past Liberal voters can see this.....

And hilarious that he's promised this before in a previous budget & didn't deliver....like most people today give a rat's patootie about concert tickets. Egad!

[KGB]

Originally Posted by dmcbride

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."

I thought this was a fake news when I read it but I guess it’s not…
https://www.hindustantimes.com/world...326127838.html
Can I demand a kosher mortgage?

[JB_AOL]

The apparent reality of these halal mortgages, is that they don't pay Interest, but the fees paid are so much that it actually costs more than the interest one would pay. Its also very misleading (quelle surprise), all banks BUT the large 5 already offer these.

So. Yeah. But I wouldn't doubt JT would somehow fudge this up.

[Armorman]

Originally Posted by dmcbride

......The conservatives would win a super majority if an election was held today.

You have much more faith in the average dumb Canadian than I do. Plus I don't believe the marxists will relinquish their power so easily. You can anticipate trickery and crookedness from their side going into the elections.

[Au revoir, Gopher]

You know it's a bad idea when
https://financialpost.com/personal-f...gains-tax-hike
Bill Morneau says hiking the capital gains tax will stunt Canada’s economic growth.

ARG

[CanuckShooter]

Originally Posted by Trochu

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?

s. If you decide
to sell your farm, you may be able to take advantage of the lifetime
capital gain exemption. This exemption allows you to receive up to
$813,600 (for 2015, indexed thereafter) of your capital gain tax free*.
Assuming a marginal tax rate of 45%, this could result in tax savings
of $183,000.


Other than that it's an asset, why should wages be fully taxed but capital gains get a bye? I get that it would hurt but they wouldn't be in that situation if the value hadn't gone up so much.

[densa44]

has an IQ of less than 100 and they all vote. Armorman may be on to something. The the members who said that they will do anything to stay in power are of course correct. Just what are they offering and to whom? As I have said they need to hold on to the seats that they have, not a sure thing by a long shot and get 10 more, the 10 can come from anywhere, the Bloc or the NDP are the most likely.

Are there enough devote Muslims for this to help the Libs? If there is nothing wrong with the idea, will PP follow suit?

If the Libs move up in the polls we may have an election sooner than later.

[Cement Bench]

Originally Posted by CanuckShooter

s. If you decide
to sell your farm, you may be able to take advantage of the lifetime
capital gain exemption. This exemption allows you to receive up to
$813,600 (for 2015, indexed thereafter) of your capital gain tax free*.
Assuming a marginal tax rate of 45%, this could result in tax savings
of $183,000.


Other than that it's an asset, why should wages be fully taxed but capital gains get a bye? I get that it would hurt but they wouldn't be in that situation if the value hadn't gone up so much.

do you know what section of the tax act it is specifically

[CanuckShooter]

Originally Posted by Talleyrandophile

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.

You make it sound like [highlighted] working is just a walk down the garden path. A lot of people work their tails off in all kinds of weather and in pretty crappy conditions, just to make that paycheck. They spend years away from their families and put their health and life at risk in some instances. I personally think people that actually work to make money deserve to keep more of it than the investors that only put their spare cash at risk in the stock market, or buy a rental unit where inflation makes it's value go up tenfold.

[CanuckShooter]

Originally Posted by Cement Bench

do you know what section of the tax act it is specifically

https://www.rbcroyalbank.com/busines...he_farm_EN.pdf

[Talleyrandophile]

Originally Posted by CanuckShooter

You make it sound like [highlighted] working is just a walk down the garden path. A lot of people work their tails off in all kinds of weather and in pretty crappy conditions, just to make that paycheck. They spend years away from their families and put their health and life at risk in some instances. I personally think people that actually work to make money deserve to keep more of it than the investors that only put their spare cash at risk in the stock market, or buy a rental unit where inflation makes it's value go up tenfold.

I don't disagree, Canuck. However, I think we're confusing a couple of different types of risk here. I'm talking strictly about compensation - payroll is a priority for any well-run business/investment, so employees still get paid even if things take a turn for the worse (with some exceptions, obviously). Whereas the investor will take a haircut the moment that happens. How many small business owners do you know that earn less than their higher-paid employees or are the first to take a pay cut when things go poorly? I know I know several.

[Dewey Cox]

Originally Posted by CanuckShooter

You make it sound like [highlighted] working is just a walk down the garden path. A lot of people work their tails off in all kinds of weather and in pretty crappy conditions, just to make that paycheck. They spend years away from their families and put their health and life at risk in some instances. I personally think people that actually work to make money deserve to keep more of it than the investors that only put their spare cash at risk in the stock market, or buy a rental unit where inflation makes it's value go up tenfold.

If business isn't going well, the owner doesn't make any money, but they still have to pay the worker.
Employees all want a bigger share of the profits, but they shoulder none of the risks.

[Cement Bench]

Originally Posted by CanuckShooter

https://www.rbcroyalbank.com/busines...he_farm_EN.pdf

I know about the farm and we have farmland a section of it but wondering if the old personal exception was still in existence or just this one

Thanks

[lmtada]

Originally Posted by Dewey Cox

If business isn't going well, the owner doesn't make any money, but they still have to pay the worker.
Employees all want a bigger share of the profits, but they shoulder none of the risks.

Sounds like the NHL…….

[Trochu]

Originally Posted by CanuckShooter

If you decide to sell your farm, you may be able to take advantage of the lifetime capital gain exemption. This exemption allows you to receive up to $813,600 (for 2015, indexed thereafter) of your capital gain tax free*.

Assuming a marginal tax rate of 45%, this could result in tax savings
of $183,000.


Other than that it's an asset, why should wages be fully taxed but capital gains get a bye? I get that it would hurt but they wouldn't be in that situation if the value hadn't gone up so much.

I'm not talking about selling it, I'm talking about an asset being passed down. CanuckShooter can't keep the family farm because it was bought for $20k in 1915 and now the government says it's worth $6M, you own $2.4M in taxes please.

[Scott h]

Originally Posted by Big Grey Wolf

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??

You are correct

[Scott h]

Originally Posted by Trochu

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?

There isn't capital gains to be paid on your example of the increase in price of that 1980's home if it was a principal residence.

[pikergolf]

Originally Posted by Scott h

There isn't capital gains to be paid on your example of the increase in price of that 1980's home if it was a principal residence.

He said it was farm land, second sentence.

[Scott h]

Originally Posted by pikergolf

He said it was farm land, second sentence.

He gave two examples; the first was farmland (which has a $1.25 mil. exemption), and the second was a 1980's home in Van or T.O. which would fall under the primary residence capital gains exemption of the person who bequeathed it.

"Same kind of thing with typical 1980's 1,200 sq. ft. homes in Vancouver/Toronto worth millions."

[Twisted Canuck]

Succinct and accurate assessment on damage this capital gains tax will cause. The implications are far more widespread then the obvious.

https://nationalpost.com/opinion/ben...-in-canada-now

[I’d rather be outdoors]

Spend spend, tax tax, cry “the cupboard is bare!”. Rinse, repeat. Lieberal handbook sentence #1.

Should have titled the “budget”: Unfairness for everyone!

[Sundancefisher]

Forgot to mention Singh and Trudeau screaming hatred at grocery stores… yet when Vashey put Singh to the question about is 4% profit margin unreasonable and he wouldn’t answer it.

Now the woke are putting up shop lifting posters.

https://dailyhive.com/vancouver/stea...ws-day-posters

[DirtShooter]

Originally Posted by Sundancefisher

Forgot to mention Singh and Trudeau screaming hatred at grocery stores… yet when Vashey put Singh to the question about is 4% profit margin unreasonable and he wouldn’t answer it.

Now the woke are putting up shop lifting posters.

https://dailyhive.com/vancouver/stea...ws-day-posters

Wow. That will make em lower prices for sure.

[Bigwoodsman]

Originally Posted by I’d rather be outdoors

Spend spend, tax tax, cry “the cupboard is bare!”. Rinse, repeat. Lieberal handbook sentence #1.

Should have titled the “budget”: Unfairness for everyone!

What ya mean! These things (budgets) balance themselves you know! This from a guy who has no concept of economics!

BW

[I’d rather be outdoors]

Originally Posted by Bigwoodsman

What ya mean! These things (budgets) balance themselves you know! This from a guy who has no concept of economics!

BW

Lipstick on a pig. It’s not that they don’t understand, it’s that they’re still selling us woke chit right till the bitter end. Drop the writ already. Lieberals aren’t going to pivot, expect more of the same. They’re not deaf, they just don’t care.

[Bigwoodsman]

Originally Posted by I’d rather be outdoors

Lipstick on a pig. It’s not that they don’t understand, it’s that they’re still selling us woke chit right till the bitter end. Drop the writ already. Lieberals aren’t going to pivot, expect more of the same. They’re not deaf, they just don’t care.

Couldn't agree more! They're not stopping until the country is in ashes. They'll make it so difficult that successive governments will have a tough time making it right or begin to make it right.

BW

[Fradaburidi]

Originally Posted by dmcbride

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

What a BS. In the end they still pay interest.

I had religious friends that they were supposed to be fasting. I was eating meat sausages and they were eating plant based ones missing the point that fasting is about refraining from eating, not eating something else.

Same here, they pay interest but call it something different.

[KGB]

Well the way it goes we all are going to be fasting soon, lol!

[traderal]

Bobble head made a statement that people with savings in their account should be out there spending it to bolster the economy. Me thinks she has her eye on that source of extra money they can scam us out of once the digital I.D./currency kicks in down the road. Once they have access to our accounts then it will be like play money for them especially when they can restrict our access. Something like the musings of power companies using millions of EV's to store their power and being able to draw on that power whenever they need it. Go to use your EV in the morning and the battery is drained, go to use your account and money not accessible. What a future.