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RRiF withdrawals tax free to compensate for inflation and corporate welfare
August 5, 2022
7:36 am
AllanB
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Make RRiF withdrawals tax free.

Seniors should be able to withdraw from their RRiFs tax free to compensate for inflation. The amount of tax revenue lost will be less than corporate welfare and other abuses. Seniors were ripped off more than anyone in the past 2yrs with their lives and inflation.

August 5, 2022
10:24 am
savemoresaveoften
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Super biased policy if implemented.
If make RRIF withdrawal tax free, so should RRSP withdrawal too.

August 7, 2022
4:01 am
RetirEd
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This is just bad policy. It violates the principle of tax deferral and will benefit only folks with lots of untaxed wealth. And it's unfair in many other ways.

Seniors haven't been "ripped off by inflation" for the last 2-1/2 years - only the past year, more or less. Inflation was negligible for the first half of the pandemic. And most corporations (other than on-line and delivery scammers) lost money for a good while, too.

And exactly how would this affect "corporate welfare"? The excess-profits tax might be a better option - but higher progressive corporate income tax rates are a long-term solution. And it wouldn't cut into government revenue required to support benefits for the poor and elderly.

NOTHING that is a one-time or stepped decrease of cost (like fuel-tax reduction) can fight inflation; it just slows it for a brief instant. Inflation must be tamed by controlling its drivers. A landlord who gives you a $5 present or a phone company offering a couple of months at a discount don't make up for the fact that the rates will rise (or in the case of internet and phone companies usually double) after the pause.

For phone and internet, of course, you can switch companies. But everyone I know who has tried to move to a cheaper home has ended up paying more for a poorer accomodation.
RetirEd

August 7, 2022
8:11 am
AllanB
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RetirEd said
Seniors haven't been "ripped off by inflation" for the last 2-1/2 years - only the past year, more or less. Inflation was negligible for the first half of the pandemic. And most corporations (other than on-line and delivery scammers) lost money for a good while, too.
RetirEd  

Price index is a scam as everyone knows in Canada they hid inflation in real estate. In US phoney stock market drives inflation.

Much of the stimulus hundreds of billions was given to wealthy corporations. Even some of the losers came out ahead. "I didn't need to take it but my accountant said I should." Corporate welfare showed its true colors this past two years. They mopped up the rest of the loot given to individuals and are now reaping inflation.

Of course they don't want individuals to benefit they want all the tax benefits. Corporate cash is not more worthy than a RRiF.

No money No vote.

September 4, 2022
4:30 am
RetirEd
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How did inflation get hidden in real estate when housing costs are such a big part of the price indices?

Lots of individuals took benefits even if they could survive without them, too. We even heard several admitting, on television, that they spent their benefits (including rent aid) on other things than rent because of the eviction ban.

I think the eviction ban was a good thing, though it may have outlived its time a while. But the feds admitted they had to get the money out first and then do the qualification checks later, to sustain the economy. That is not an unworthy plan.
RetirEd

September 4, 2022
12:05 pm
HermanH
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RetirEd said Lots of individuals took benefits even if they could survive without them, too. We even heard several admitting, on television, that they spent their benefits (including rent aid) on other things than rent because of the eviction ban.

I think the eviction ban was a good thing, though it may have outlived its time a while.

There were even individuals who stated publicly that they knew that they would be evicted after the ban and thus refused to pay any rent, at all.

The governments pandered to renters due possibly to the false belief that the majority of landlords are large investment companies. Instead, many landlords are small owners with additional properties who also rely on rental income to pay mortgages and daily expenses. The moratorium transferred welfare subsidies from the government onto the backs of private individuals.

September 5, 2022
6:10 am
RetirEd
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HermanH:

The moratorium transferred welfare subsidies from the government onto the backs of private individuals.

Anyone who doesn't pay their debts is screwing someone, corporate or individual. I don't see how the moratorium transferred subsidies from the government onto the backs of those victims, though. It just protected the deadbeats from eviction for a long time. I certainly think the government should include lessor restoration in its clean-up of the benefit programs, much as they are reclaiming excess benefits to a variety of other unqualified beneficiaries, save those who complained they misunderstood the programs and spent money they should have known they had to repay.
RetirEd

September 5, 2022
11:52 am
HermanH
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RetirEd said
HermanH:

The moratorium transferred welfare subsidies from the government onto the backs of private individuals.

Anyone who doesn't pay their debts is screwing someone, corporate or individual. I don't see how the moratorium transferred subsidies from the government onto the backs of those victims, though. It just protected the deadbeats from eviction for a long time. I certainly think the government should include lessor restoration

You seem to understand how lessors/landlords were converted into homeless/subsidized shelters just fine.

September 6, 2022
5:54 am
RetirEd
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The welfare subsidies did not affect who paid their rent with them. Lessors have always had to deal with deadbeats - for which they get tax relief to partially offset their losses.
RetirEd

September 6, 2022
10:32 am
HermanH
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Deadbeats can be evicted so that the property can be re-rented to paying customers. The moratorium forced the landlord to use his private property to provide free rent, heat, power, and water to the deadbeat for the privilege of using those losses as an tax deduction. There was no recourse. That is ludicrous.

September 7, 2022
4:16 am
Hellohello
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Who needs rent to pay mortgage pull out equity inflation will cover your expense

September 8, 2022
10:02 am
Hellohello
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Another corporate freebie gov is indiscriminately increasing hst rebates, unverified rent and dental cheques. The herd will use it to buy junk at their local store.

Does anyone know what this handout to business is going to cost? Bank stocks are up today I wonder why :rolleyes:

September 8, 2022
10:36 am
Bill
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So if it's a game, and a rigged one, then why wouldn't you buy the investments that allow you to participate in the profits for the winners (e.g. as you say, big banks) of this game? Win-win, you'd get rich plus be happy

September 8, 2022
10:45 am
Hellohello
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Bill said
So if it's a game, and a rigged one, then why wouldn't you buy the investments that allow you to participate in the profits for the winners (e.g. as you say, big banks) of this game? Win-win, you'd get rich plus be happy  

Glad you brought that up. That old argument is wearing thin and I suggest not using it as it opens up banks to criticism that their profits are too large and should be taxed more. But go ahead better to tax them not me.

September 8, 2022
11:47 am
Bill
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It wasn't an argument, it was a question to you. You're in the know, you claim, so why are you not using that info to profit?

September 8, 2022
12:35 pm
Hellohello
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Bill said
why are you not using that info to profit?  

Is a static investment going foward more downside. They no longer keep up with inflation. Look at the majors now worth a trillion banks haven't kept up. Fannie Freddie could be their future.

September 8, 2022
1:22 pm
Bill
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You're not clear, whatever. In any event, if you really know the score you can make big, big money, either in long or short positions, either way.

September 8, 2022
3:31 pm
savemoresaveoften
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I really think Hellohello or AllanB is the same person or siamese twins...

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