Random Questions Mega Thread v1.1

[Locke]

Originally Posted by Nufy

Only my VP. (Wife)

Still curious as to if you can claim on two separate policies.

I genuinely dont know, usually insurance companies will offer to compensate up to a certain percentage of income and thats that, and if you have two policies they might co-pay but only up to that guaranteed percentage of income.

You'd have to know the fine-print on the policies though.

[Slava]

You can claim on separate policies, but it is going to depend on the policies and how they interact. For example, if you’re getting benefits from the disability of an auto policy, that will pay you along with a standalone disability policy. If you have two through the same carrier though, it’s going to be an issue. The difference is that with the auto policy they’re not penalizing you for having your own coverage.

So…the answer is, it depends. I would put the claims in and see what they say. Worst case is they don’t both pay. I should say, that this is for disability. For benefits you can claim both but it depends on whose birthday is first in the year to determine coverage paid.

[Nufy]

Whats the cheapest (free) way to get rid of some old appliances.

Washer died on the weekend so we bought a new set.

Dryer is good but washer needs a bit of work.

Any worthwhile causes out there instead of Kijiji metal scroungers ?

[Nufy]

Originally Posted by Slava

You can claim on separate policies, but it is going to depend on the policies and how they interact. For example, if you’re getting benefits from the disability of an auto policy, that will pay you along with a standalone disability policy. If you have two through the same carrier though, it’s going to be an issue. The difference is that with the auto policy they’re not penalizing you for having your own coverage.

So…the answer is, it depends. I would put the claims in and see what they say. Worst case is they don’t both pay. I should say, that this is for disability. For benefits you can claim both but it depends on whose birthday is first in the year to determine coverage paid.

I'm thinking about shutting my company down and with it...all of the associated policies.

I have been an employee now for 3+ years and don't think I will be contracting again.

Trying to decide if I want / need to keep the STD and LTD policies associated with my company.

[Locke]

Originally Posted by Nufy

I'm thinking about shutting my company down and with it...all of the associated policies.

I have been an employee now for 3+ years and don't think I will be contracting again.

Trying to decide if I want / need to keep the STD and LTD policies associated with my company.

I would strongly recommend an actual conversation with Slava (or your Financial/Insurance Advisor of choice) and your Accountant. In scenarios like these the Devil really is in the details.

Talk to people who have gone through this before.

[cam_wmh]

Originally Posted by fotze2

He sells a mean pumpjack.
I’m gonna screencap this and text it to him.

Well?

[Slava]

Originally Posted by Locke

I would strongly recommend an actual conversation with Slava (or your Financial/Insurance Advisor of choice) and your Accountant. In scenarios like these the Devil really is in the details.

Talk to people who have gone through this before.

Yeah, I don’t know your situation, but you want to be careful in just shutting down policies like those for a few reasons. Generally speaking, you took those out and were younger, potentially healthier, maybe earning more and a whole host of factors that might make getting equivalent coverage difficult or not possible now. It doesn’t mean you should keep those forever, but you should just have a look through and consider the impacts before you make a decision. Sometimes you can move them from corporate ownership to personal ownership, which might be a consideration depending on what you’re going to do (if you’re retiring, that’s another story altogether!)

[Lubicon]

Is there a quick way to determine how much of a wage increase would be necessary to financially offset the tax paid on a taxable benefit? Is it as simple as x=y ? ie increase salary by the amount of the taxable benefit? Or is there more to it? (ie tax paid on increased wage in addition to tax on taxable benefit). Am I overthinking this?

End goal is to keep take home pay the same after introduction of taxable benefit.

[Weitz]

Taxable benefits get added to income and taxed as such. So you would need to calculate how much more income is required to offset it.

[calf]

Originally Posted by Lubicon

Is there a quick way to determine how much of a wage increase would be necessary to financially offset the tax paid on a taxable benefit? Is it as simple as x=y ? ie increase salary by the amount of the taxable benefit? Or is there more to it? (ie tax paid on increased wage in addition to tax on taxable benefit). Am I overthinking this?

End goal is to keep take home pay the same after introduction of taxable benefit.

It wouldn't quite be X=Y - the increase would actually only need to be a bit lower.

Say your tax rate is 40%.

If your taxable benefit is $15,000, you're out of pocket $6,000 in taxes.

To net the $6,000 lower take-home, your wage increase would actually need to be $10,000 (40% taxes would be $4,000, so net take home on the increase is $6,000).

Of course there's taking into account deductions, marginal taxes, etc, but simplistically, that's how it could work out.


Wage increase = taxes paid on your taxable benefit divided by (1 - your tax rate)

As a check, multiply the wage increase by your tax rate to see the taxed you'd pay on the increase. Subtract it from the wage increase to get your net. That should equal the taxes paid on your taxable benefit.

[bizaro86]

Originally Posted by Lubicon

Is there a quick way to determine how much of a wage increase would be necessary to financially offset the tax paid on a taxable benefit? Is it as simple as x=y ? ie increase salary by the amount of the taxable benefit? Or is there more to it? (ie tax paid on increased wage in addition to tax on taxable benefit). Am I overthinking this?

End goal is to keep take home pay the same after introduction of taxable benefit.

Sure. Multiply the amount of the taxable benefit by your marginal tax rate, and divide by 1 minus your marginal tax rate.

EG. if you got $1000 worth of parking and your marginal tax rate is 40% the math is: $1000 * 0.4 / (1 - 0.4) = $666.67 salary increase required.

The tax on your new $1,666.67 of income is $666.67

[fotze2]

I sometimes wonder if “Chinese food” is the worst food health wise in the world. It’s gotta be worse than McDonalds.

[WideReceiver]

I don’t think it’s worse than McDonald’s, which is horrible. Chinese is bad but so tasty. I over order and use excess to make my own stir fry.

[Titan2]

Originally Posted by fotze2

I sometimes wonder if “Chinese food” is the worst food health wise in the world. It’s gotta be worse than McDonalds.

Uh, mix in a salad heart surgery boy!

[undercoverbrother]

How many times a day do you poop?

[PaperBagger'14]

Once, usually mid morning after I finish my coffee.

Edit: 9:50am

[TheIronMaiden]

Originally Posted by undercoverbrother

How many times a day do you poop?

Probably twice. Sometimes three times.

[Brendone]

Originally Posted by undercoverbrother

How many times a day do you poop?

If the previous nights dinner had a bunch of garlic… once… with about 5 intermissions.

[Monahammer]

What are y'all eating that has you pooping multiple times a day?

I am with papper bagger here. Once, on cue about 30 minutes after my morning coffee.

[fotze2]

What is the % amount of CPP and EI deduction for 2025?

Is it 4% cpp and 5.95% cpp2 and 1.63% ei.