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Gic holders are discriminated against, ultra-wealthy lump themselves in 1% to avoid tax
March 31, 2019
3:14 pm
Bud
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The narrative is corporations are more valuable to society therefore they are taxed less.  Is a corporations money a different color is it more valuable than yours. No! Gic investors deserve the same tax benefits as small business first 500k tax free. Gic investors create jobs too contributing greatly to the economy. Gic holders don't sit on their a$% they research, get out there travelling for the best deals they should get to deduct more of their expenses like car on their personal tax returns. There should be an incentive to save.

Have you noticed the ultra-wealthy 100mill+ billionaire class helped by the right and left elites lump themselves in with the middle upper class then when governments tax this over-taxed group in their individual personal they claim they pay their fair share while continuing to be sheltered in other ways governments turn a blind eye. Have you noticed the legacy media never promotes an ultra-wealth tax. One billionaire alone can afford to buy every politician.

GIC King

March 31, 2019
7:21 pm
Peter
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I don't think small businesses get their first 500K tax free. Certainly mine does not.

Regarding GICs specifically, the rates we can get as a small business are worse than what I could get personally. Additionally, small business interest income is considered "passive income" and is currently taxed at over 50%.

March 31, 2019
8:05 pm
Norman1
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It is a myth. Small businesses don't get their first $500,000 of income tax free.

Profit from an unincorporated small business is transferred to the personal tax returns of the owners and is taxed at regular personal income tax rates.

First $500,000 of active business activity profit from an incorporated small business is taxed at a lower small business corporate tax rate. The catch is the profit has to remain or be used in the business. Should it be eventually paid out as salary or dividends to the owners, the combined corporate and personal income taxes on the payout add up to the same as if the business was not incorporated.

March 31, 2019
11:36 pm
Loonie
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In addition, the small business owner must pay double for CPP as they have to pay both the personal and business contributions. and they don't get a bigger pension as a result! - they just have to pay more to get it.

but if you want to focus on the 1%, that's a different matter.

April 1, 2019
3:40 am
Top It Up
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It's NOT the 1%ers who are eating your lunch it's the socialist governments and their gold-plated union supporters who will be this country's death knell.

April 1, 2019
4:32 am
Bud
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I am saying the billionaire class guys worth 75mill+ top .01% the legacy media likes to call 1% and help hide lump them into the professional and small business class. A clown like buffet who earns billions and wants everyones personal tax raised including his when he pays a token sum. The giving pledge is a big scam they end up paying little most of their assets dont flow thru their estates. Guys who receive 50mill+ dividends year after year. These guys are trying to make it seem they are one of us regular folks who pay their fair share. They've got the right and left advocating for them. They don't care about public sector unions earning whatever or government debts because they contribute little to the burden and take the money and run. A real estate developer doesn't care look at the tax structure it favours him and the progressive class takes the leftovers from the treasury while everyone above gets cheated.

GIC King

April 1, 2019
5:33 am
Alexandre
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In Canada, if you earn over $200,000 annually you'll make top 1%.

"Insanely rich" 0.01% in Canada are those who have annual income over $3 million. Impressive, but not mind blowing.
There could be people earning billions annually among them, for sure, but perhaps that would be 0.001% or less.

Also, that would be less than 3,000 people for the whole of Canada, those really rich 0.01% making $3M or more.
Even if you tax their income at 100% with ultra-wealth tax, it won't make much difference for Canadian budget and government debt.

My cynical take. There is not enough very rich people in Canada to take ultra-wealth tax as more than populist slogan.
People with limited means (politically correct term for poor) do not pay taxes in Canada.
So, a person honest with themselves, caring about how high Canadian government debt skyrockets and wanting to offset it with higher income taxes should advocate for increased taxes on middle class.

April 1, 2019
6:36 am
Bud
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The public sector unions cover for the ultra-rich because the ultra-rich benefit from money flow to them into the economy more money supply goes into their businesses. They dont care about debt cause their assets are more sheltered and mobile. They can exploit n move on more easily. The ultra-rich also fund progressive interest groups to stay on their good side. Also, the public sector with their guaranteed wages n indexed pensions is made whole no matter what they figure. Lower income for the rest is to their benefit they become richer.

GIC King

April 1, 2019
8:17 pm
Bud
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Are you kidding Alex whats 3000 × 1,000,000 the ultra wealthy could easily kick in another million each per year the top 100 10mill each more in total than the upper middle. That doesnt include increasing corp taxes on the largest corporations and its time to start taxing rich pension funds who compete lower yields for the rest of us. The irony the public sector pension funds feed the ultra wealthy stock bonanza. Id like to see their capital gains taxes increase. The guy who dumped yellow pages onto the public moved to switzerland and paid nothing. The condo builders who made a fortune on our dime tridel minto concord daniels im sure they can afford a few extra mill. The narrative they will leave is bs. Condo building isnt rocket science anymore as we've seen its more about muscling out your competition. And guess whose left holding the bag in every real estate downturn. I actually think taxpayers could start to build if politicians werent as corrupt.

GIC King

April 1, 2019
11:55 pm
Loonie
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CPP is much bigger, and invests in the same things (and more) as any large fund would. Do you want to get rid of that too?

April 2, 2019
4:11 am
Bud
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Cpp is more for taxpayers so no Loonie

GIC King

June 2, 2019
1:11 pm
Bud
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Somewhere there is a loophole maybe allowing former active businesses now passive to continue to pay the lower rate. Perhaps it was a lack of enforcement on the honor system. How else do you explain the backlash that happened i think it was more than sprinkling..

GIC King

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