Federal Budget 2016: $29B Deficit

[Enoch Root]

Originally Posted by Slava

Its not that cut and dried regarding interest rates though. We've seen high borrowing through the late 2000's and rates were cut. The reality is there are a lot of factors that go into the central bank setting the overnight rate. There are obviously drawbacks to increased borrowing, and I'm not denying that, but 21% overnight rates isn't a definitive outcome either.

The bold is referring to post 2008: first of all, the spending was economic stimulus; second, it was expected to be temporary; and third, it was in an environment of heightened risk of deflation.

VERY different than reckless government spending.

And I never said we are heading for 21%, I said higher interest rates. It doesn't take rates rising a whole heck of a lot before massive government debts, and high personal debt loads become a devastating problem.

[puffnstuff]

Originally Posted by rubecube

Wow, that's a bunch of bull####. Do you think this is going to affect carrying credits over from previous years? If so, I just got screwed big time.

Welcome to the club. Hands rube the lube...try it, it hurts less.

[rubecube]

Originally Posted by Weitz

Shouldn't you be happy if it helps more people then yourself?

If it does? Sure. As Locke said though, the grants and scholarships process is an absolute nightmare.

[Locke]

And the thing that really, really pisses me off about the removal of those credits for Education is that you are removing a tax credit for something and replacing it with what effectively amounts to:

"Easier access to Debt."

Which is really the absolute last thing that anyone should want for their children or the students in this country.

[Coach]

Yeah not a fan of those education cuts at all. When someone said that this morning I thought it might be for parents (over certain income levels) that pay for their kids. If not, it's pretty harsh. Textbooks are crazy expensive (torrents are your friends!!)

My understanding though is that student loans aren't going to need be be repaid until you;re making $25K or more, and then it will be a percentage of income. Any confirmation on that?

[Weitz]

Originally Posted by rubecube

If it does? Sure. As Locke said though, the grants and scholarships process is an absolute nightmare.

It was just a tongue in cheek comment at you

But yes, as someone who has gone through the system I am well aware of the difficulties.

[Enoch Root]

Originally Posted by rubecube

Well considering that the majority of the countries in the world aren't socialist, that would stand to reason wouldn't it? And which of the worst countries are socialist? I suppose you could stretch and call Greece and Portugal socialist, but Italy, Ireland, France, Spain, the UK, and the US certainly aren't. So you have on that list 22.6% of the countries are socialist, yet they make up 33% of the top-15 in debt:GDP; and 13.3% of the bottom-15. I don't think this necessarily demonstrates anything superior about socialism as their are obviously internal and cultural factors involved, but it kind of puts a dent into the whole "socialism always ruins the economy" mantra.

I am not going to go any farther with this because it's no big deal either way. However, I disagree with your list of socialist countries. I would classify Greece, Italy, Portugal, Iceland and France as socialist. And even Japan, in its own weird way, is quasi-socialist.

But if you feel that that list somehow casts a strong light on socialist countries, well okay.

[NuclearFart]

Originally Posted by rubecube

Wow, that's a bunch of bull####. Do you think this is going to affect carrying credits over from previous years? If so, I just got screwed big time.

Didn't you vote for the Liberals?

[rubecube]

Originally Posted by MattyC

Yeah not a fan of those education cuts at all. When someone said that this morning I thought it might be for parents (over certain income levels) that pay for their kids. If not, it's pretty harsh. Textbooks are crazy expensive (torrents are your friends!!)

My understanding though is that student loans aren't going to need be be repaid until you;re making $25K or more, and then it will be a percentage of income. Any confirmation on that?

That's kind of just shuffling the decks on the Titanic though.

"Hey we got rid of the thing that helps you save money, but don't worry, you'll have more time to pay it back!"

[rubecube]

Originally Posted by NuclearFart

Didn't you vote for the Liberals?

Nope.

[rubecube]

Originally Posted by Enoch Root

I am not going to go any farther with this because it's no big deal either way. However, I disagree with your list of socialist countries. I would classify Greece, Italy, Portugal, Iceland and France as socialist. And even Japan, in its own weird way, is quasi-socialist.

But if you feel that that list somehow casts a strong light on socialist countries, well okay.

What definition of socialism are you applying then (how are you identifying them as such)?

[Coach]

Originally Posted by NuclearFart

Didn't you vote for the Liberals?

That excludes us from being able to be disappointed with things in their budget?

I don't recall them ever mentioning cuts to post-secondary credits.

[Canuck-Hater]

http://www.thebeaverton.com/national...lancing-itself

Hehe

[Locke]

Originally Posted by Canuck-Hater

http://www.thebeaverton.com/national...lancing-itself

Hehe

Where is Red Hot Dancing Fata Gif when you need him?

Also, nice to see you Bertuzzied.

[rubecube]

Originally Posted by Canuck-Hater

http://www.thebeaverton.com/national...lancing-itself

Hehe

Beaten by 30 posts.

http://forum.calgarypuck.com/showpos...&postcount=164

[Coach]

Originally Posted by rubecube

That's kind of just shuffling the decks on the Titanic though.

"Hey we got rid of the thing that helps you save money, but don't worry, you'll have more time to pay it back!"

Yeah agreed. I didn't really expect the "free post-secondary" thing to actually come through, at least not right away, but this is going the wrong direction.

[Knut]

Originally Posted by NuclearFart

Spoke with my accountant this AM, so straight from his overpriced mouth. I know you are medical, but we might have different PC setups, as mine is structured around a partnership with equity.

http://www.theglobeandmail.com/repor...ticle29359040/

1) Small business deduction

The 2016 budget saw two types of changes made to the small business deduction. Under existing legislation, the small business deduction is available to corporations that earn business income up to $500,000. The tax rate is 15 per cent and the deduction provides tax savings of up to $55,000.

There was a perceived abuse of primarily professionals that used corporations to claim the small business deduction by charging fees to a partnership of which the shareholder was a partner. This perceived loophole has now been blocked, as these fees are no longer eligible for a full small business deduction.

Additionally, previous tax plans had allowed that under certain circumstances, groups of companies could potentially double up on the small business deduction by allowing for the conversion of interest income to active income. The 2016 budget has removed this planning and has closed the perceived tax loophole.

Is this the part that has changed for you ?

[Machiavelli]

Originally Posted by NuclearFart

Spoke with my accountant this AM, so straight from his overpriced mouth. I know you are medical, but we might have different PC setups, as mine is structured around a partnership with equity.

Ah, I see. Thanks.

[Locke]

Originally Posted by Hesla

http://www.theglobeandmail.com/repor...ticle29359040/



Is this the part that has changed for you ?

That'd be it.

[NuclearFart]

Originally Posted by MattyC

That excludes us from being able to be disappointed with things in their budget?

Of course you can be disappointed.

Given everything that was proudly said about removing tax breaks etc. by the Liberals, you shouldn't be surprised if you voted for them and then get affected by it. You elected a socialist policy.