Federal Budget 2016: $29B Deficit

[Slava]

Originally Posted by NuclearFart

Not sure if opto's have a similar PC structure, but the I'm going from 13.5% to 27% on my corporate tax rate

Trudeau is pooping in my mouth.

At least you're allowed to incorporate. We have to take everything personally...

[gladaki]

No more education credits. What about the credits you have so far for students ?

[rubecube]

Originally Posted by Enoch Root

If you want to play that game...

11 of the 15 aren't.

More pertinently, most of the worst countries are socialist.

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.

[rubecube]

On a lighter note:

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

OTTAWA - Prime Minister Justin Trudeau has silenced critics by carefully placing the Liberal government’s budget halfway off of a table, where according to sources it teetered precariously but nonetheless balanced itself.

“There were those who mocked me during our campaign last year when I said the budget would balance itself” said Trudeau, addressing the press in front of the delicately perched booklet that threatened to fall at any moment.

“I’m proud as your Prime Minister to be able to table this government’s first budget and that, well, see for yourself.”

[Fuzz]

Pics or it didn't happen.

[NuclearFart]

Originally Posted by Slava

At least you're allowed to incorporate. We have to take everything personally...

Yes 27% is better than 48%, but I'll still have to pay more taxes when I take it out of the PC.

[Locke]

Just reading through this, so they have eliminated:

- tax credit for children under 16
- the arts and fitness credits for children
- the income splitting program for people with children
- Education and Textbook credits (I strongly disagree with this)

But they're instituting a new tax credit for teachers who choose to pay for classroom supplies out of their own pocket?

[polak]

Originally Posted by Locke

Just reading through this, so they have eliminated:

- tax credit for children under 16
- the arts and fitness credits for children
- the income splitting program for people with children
- Education and Textbook credits (I strongly disagree with this)

But they're instituting a new tax credit for teachers who choose to pay for classroom supplies out of their own pocket?

I've been harsh on teacher salaries before but knowing a few of them they pay for stuff for their class ALL of the time. This seems completely fair.

[Locke]

Originally Posted by polak

I've been harsh on teacher salaries before but knowing a few of them they pay for stuff for their class ALL of the time. This seems completely fair.

Its also small dollars. Coincidentally its the exact same amount as the Child Fitness credit used to be.

An I disagree that its fair at all. Some teachers do it, sure, but they should be getting the school board to pay for these supplies. Its not as though the Education system is underfunded.

[Machiavelli]

Originally Posted by NuclearFart

Not sure if opto's have a similar PC structure, but the I'm going from 13.5% to 27% on my corporate tax rate

Trudeau is pooping in my mouth.

Wait....what? I'm also incorporated and thought taxes would be going down (small business rate under 500K)

[Kavvy]

Originally Posted by Locke

Its also small dollars. Coincidentally its the exact same amount as the Child Fitness credit used to be.

An I disagree that its fair at all. Some teachers do it, sure, but they should be getting the school board to pay for these supplies. Its not as though the Education system is underfunded.

Good luck with that.

Teachers pay for a bunch out of pocket and the system has been more then happy to allow that for years to save money.

If teachers pay for items in their class, and it is justified, I don't see how that isn't a businesses expense.

[heep223]

Originally Posted by Locke

Just reading through this, so they have eliminated:

- tax credit for children under 16
- the arts and fitness credits for children
- the income splitting program for people with children
- Education and Textbook credits (I strongly disagree with this)

But they're instituting a new tax credit for teachers who choose to pay for classroom supplies out of their own pocket?

Can you please elaborate on this? Are you talking about post secondary?

[Simanium]

Originally Posted by NuclearFart

Not sure if opto's have a similar PC structure, but the I'm going from 13.5% to 27% on my corporate tax rate

Trudeau is pooping in my mouth.

I know that the Liberals were talking about removing eligibility of PCs as qualifying as a small business (<$500,000), but my understanding is that they did not proceed with this in the budget. Is there another reason for this tax increase?

[Locke]

Originally Posted by Kavvy

Good luck with that.

Teachers pay for a bunch out of pocket and the system has been more then happy to allow that for years to save money.

If teachers pay for items in their class, and it is justified, I don't see how that isn't a businesses expense.

Couldnt agree more. But if its a justified expense then the Board should be paying for it.

And its a credit not a deduction and it isnt a Business expense because teachers arent in business.

Just because the board is unwieldy and doesnt want to doesnt mean they should have to pay for it themselves.

To be clear, I'm not against the credit I'm against the fact that teachers are required to pay for supplies out of their own pockets period.

[NuclearFart]

Originally Posted by Machiavelli

Wait....what? I'm also incorporated and thought taxes would be going down (small business rate under 500K)

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.

[Locke]

Originally Posted by heep223

Can you please elaborate on this? Are you talking about post secondary?

Yes, Post-Secondary.

I've actually read the tax-related portions of the budget. You ever read a Federal budget? Like actually read it? I want to scrub my eyeballs with steel wool.

Anyways the coles notes of it is that there are 3 tax credits involved when claiming post-secondary education.

- Tuition - For what you pay
- Education - A set amount per month full/part time
- Textbook - Same, a set amount per month full/part time

It appears that they're leaving the Tuition credit alone but eliminating the other two. They claim to be doing this in exchange for 'more scholarships and grants and easier access to them.'

Good luck with that.

[Locke]

Originally Posted by NuclearFart

Spoke with my accountant this AM, so straight from his overpriced mouth. Are you a GP? We might have different PC setups, as mine is structured around a partnership with equity.

Oh yeah man. They eliminated and reduced a whole lot of stuff for that setup.

[rubecube]

Originally Posted by Locke

Anyways the coles notes of it is that there are 3 tax credits involved when claiming post-secondary education.

- Tuition - For what you pay
- Education - A set amount per month full/part time
- Textbook - Same, a set amount per month full/part time

It appears that they're leaving the Tuition credit alone but eliminating the other two. They claim to be doing this in exchange for 'more scholarships and grants and easier access to them.'

Good luck with that.

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.

[Locke]

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.

I would imagine that any carryforwards would be unaffected but current students just got a huge shaft.

The thing that really pisses me off is:

"More grants and easier access to them.'

Has anyone ever applied for any grants, loans or scholarships? That process is a nightmare and I dont buy for one second that Justin's smiling face and stellar hair is going to make the process any easier for the actual 'boots on the ground' process.

[Weitz]

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.

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