GST and Income Tax cuts announced - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

automaton 3 · 10-30-2007, 03:47 PM

Didn't see this posted anywhere yet:

http://money.canoe.ca/News/Economy/2...617532-cp.html

The retroactivity is nice.

jolinar of malkshor · 10-30-2007, 03:49 PM

I like the tax cuts but I am a little choked that for the last month he has said that he will not announce any tax cuts until the april budget. Just tell the truth you fricken idiots. WHy do you have to lie?

MarchHare · 10-30-2007, 03:51 PM

I wish the government would not cut taxes at all and instead use that revenue to aggressively pay down the debt.

If they're not going to do that, though, I'd rather they focus all their tax cuts on reducing personal income tax and corporate taxes. Almost every economist agrees that cutting the GST isn't as helpful as reducing other taxes.

jolinar of malkshor · 10-30-2007, 03:54 PM

Quote:

Originally Posted by MarchHare

I wish the government would not cut taxes at all and instead use that revenue to aggressively pay down the debt.

If they're not going to do that, though, I'd rather they focus all their tax cuts on reducing personal income tax and corporate taxes. Almost every economist agrees that cutting the GST isn't as helpful as reducing other taxes.

They were elected on the basis that they would reduce the gst. So they are only doing what they said they would do. But I agree with you.

photon · 10-30-2007, 04:03 PM

Quote:

Originally Posted by MarchHare

I wish the government would not cut taxes at all and instead use that revenue to aggressively pay down the debt.

If they're not going to do that, though, I'd rather they focus all their tax cuts on reducing personal income tax and corporate taxes. Almost every economist agrees that cutting the GST isn't as helpful as reducing other taxes.

Lol we just had this conversation in the office. Pay down the debt, and the GST is the only "fair" tax so leave it alone.

ken0042 · 10-30-2007, 04:04 PM

Can somebody post some of the key points of the article? For some reason the link isn't working for me. (Likely my work's proxy)

Bobblehead · 10-30-2007, 04:09 PM

Quote:

Originally Posted by ken0042

Can somebody post some of the key points of the article? For some reason the link isn't working for me. (Likely my work's proxy)

lowest bracket drops from 15.5% to 15% retroactive to Jan.1 '07
basic personal exemption jumps to $9600 retoractive to Jan.1,'07
GST to drop to 5% as of Jan. 1, '08

CaptainCrunch · 10-30-2007, 04:13 PM

I'm on the pay down the debt club, but I do think that we as Canadian's generally need a tax cut, I was looking at my paycheque today and saying to myself "Self, we need a tax break"

With the size of the surpluses coming through year after year, its apparent that we're still being taxed at the emergency economy collapsing oh crap tax rate.

jolinar of malkshor · 10-30-2007, 04:16 PM

It's a little funny in the fact that when Paul Martin was in he reduced the lowest tack rate to 15%. Then the conservatives upped it to 15.5% on there first budget. Now they are dropping it down to 15% making it seem like they are giving us a tax cut when they really aren't.

Bobblehead · 10-30-2007, 04:18 PM

Quote:

Originally Posted by fotze

Anyone remember the lowest bracket limit? i.e. .005 multiplied by that amount equalas the savings?

Up to 37,178

greyshep · 10-30-2007, 04:19 PM

Hmm. So we are currently building a new home that will likely have possession sometime early in January. Do we now get the benefit of a 1% decrease in GST?

Anyone know how that works. Or are we hooped cause we signed the offer to purchase when GST was at 6%? Sure would be nice to save $5000.

Mccree · 10-30-2007, 04:23 PM

Quote:

Originally Posted by greyshep

Hmm. So we are currently building a new home that will likely have possession sometime early in January. Do we now get the benefit of a 1% decrease in GST?

Anyone know how that works. Or are we hooped cause we signed the offer to purchase when GST was at 6%? Sure would be nice to save $5000.

Last time was based on Possesion date so you should be the 1% benefit

4X4 · 10-30-2007, 04:29 PM

Quote:

Originally Posted by jolinar of malkshor

It's a little funny in the fact that when Paul Martin was in he reduced the lowest tack rate to 15%. Then the conservatives upped it to 15.5% on there first budget. Now they are dropping it down to 15% making it seem like they are giving us a tax cut when they really aren't.

Hold on a minute... Paul Martin did something? News to me...

greyshep · 10-30-2007, 04:29 PM

Quote:

Originally Posted by Mccree

Last time was based on Possesion date so you should be the 1% benefit

When you say last time, I assume you are referring to when it was dropped from 7% to 6%?

I wonder where I can get a definitive answer to this. I would like to come armed when I take this info to the builder.

cSpooge · 10-30-2007, 04:31 PM

Quote:

Originally Posted by greyshep

When you say last time, I assume you are referring to when it was dropped from 7% to 6%?

I wonder where I can get a definitive answer to this. I would like to come armed when I take this info to the builder.

best place is GST Domestic Rebate... I don't know the number off the top of my head but I can grab you the number from work tomorrow (I work at the CRA).... But they aren't going to have an answer for a couple of days probably, but you could ask them how it worked last time because I suspect it will be treated the same way.

GrrlGoalie33 · 10-30-2007, 04:32 PM

Quote:

Originally Posted by Mccree

Last time was based on Possesion date so you should be the 1% benefit

When the GST was originally introduced, it was based on posession date as well, so I can't imagine that it would be any different than the last cut...

MarchHare · 10-30-2007, 04:38 PM

According to the Globe and Mail, this latest round of tax cuts will also see Canada have the lowest corporate tax rate of the G7 countries by 2012 -- lower even than the US. That should certainly help make Canada an attractive place to do business.

I'm not a supporter of the Conservatives, but I'm not so much of a partisan that I won't give credit where it's due. Good on Flaherty and Harper for this change.

Mccree · 10-30-2007, 04:38 PM

Quote:

Originally Posted by greyshep

When you say last time, I assume you are referring to when it was dropped from 7% to 6%?

I wonder where I can get a definitive answer to this. I would like to come armed when I take this info to the builder.

Yes that is what I am referring to and I do not think it will change for this drop

SeeGeeWhy · 10-30-2007, 04:41 PM

Quote:

Originally Posted by fotze

Not me, I was saying "you know what I would like to see more monies to fund grad students, because you know, they are the !".

You want use my tax dollars to feed what to grad students?

greyshep · 10-30-2007, 04:52 PM

Quote:

Originally Posted by cSpooge

best place is GST Domestic Rebate... I don't know the number off the top of my head but I can grab you the number from work tomorrow (I work at the CRA).... But they aren't going to have an answer for a couple of days probably, but you could ask them how it worked last time because I suspect it will be treated the same way.

OK. I will keep my fingers crossed on this.

If you can let me know what you find out, it would be appreciated.

From the other replies it sounds like we should see this benefit.