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06/08/2010 06:52:05 PM · #26 |
| *Quietly marvelling at how heated this thread has become with so little input from OP!* :-) |
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06/08/2010 07:10:57 PM · #27 |
Originally posted by VitaminB:
Originally posted by Jac:
Originally posted by TrollMan:
Originally posted by Jac:
[quote=cpanaioti]
25% tax in Norway. What's your income tax rate? Probably a lot lower than ours. |
I pay just under 50% here in Norway. We also get taxed progressively higher as income increases. I seem to recall paying 44% in Canada the last full year I lived there (2004) based on CDN 140K/yr.
But we can deduct from our income 28% of absolutely all interest on loans and credit cards. So, there more debt, the less tax... Works particularly well on a fresh mortgage since most of the payment is interest. |
Surprised to see that. Love the tax deductions for interest, quite progressive thinking on the government's part but I have a question. Have people acquired more debt because of it? |
Only problem I see with having interest tax deductible, is that it rewards people who over borrow, or rely on credit. I prefer a system that rewards saving over borrowing. The tax free savings acount that was introduced is awesome. |
Well if interest on your mortgage is tax deductable(as it is in some countries) thats a great thing. Here in Canada the interest on your conventional mortgage is non deductable(so people don't over borrow).. unless of course you know how to work the loop holes to deduct that interest. So borrowing for items that cost you money, then yes it is bad. But borrowing to earn you money is GREAT! Just ask all the wealthy people. They dont use their own money to invest. They borrow, and then, deduct.
FTA..
They should not sugarcoat the name anymore and call it what everyone calls it.. FST ( F&^%$ing Sales Tax )
Message edited by author 2010-06-08 19:13:49. |
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06/08/2010 07:52:52 PM · #28 |
Originally posted by frisca:
Originally posted by glockguy:
Originally posted by K10DGuy:
British Columbia is also fighting the HST, which is due here as well. |
Where's your petition? ;) |
We know when we're licked. There is no way of getting out of having the HST. Its already being charged on some things out here. :( |
Yah, I see where you are coming from... Maybe at the centre of the Universe things are different....... |
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06/08/2010 09:14:09 PM · #29 |
There's other provinces in Canada besides Ontario? Huh. I learn something new every time I visit the DPC.
:-D
p.s. - HST will now be calculated on new home purchases...where these used to be exempt. That's a biiiiig chunk of revenue for the province.
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06/08/2010 09:55:41 PM · #30 |
Originally posted by Louis:
There is the usual sales tax credit at year end for low income earners, which will be the same as a combined PST/GST credit. Also, personal income tax in Ontario is being reduced. The reduction to business tax and red tape engendered in GST and PST is going to trickle down to consumers in a big way. There's a lot of bitching, but, as usual, little insight or understanding. |
...I hate to disagree with this viewpoint, but I seriously doubt that any savings that might be generated in favour of the business sector will ever find its way to the consumer. If we consider that the LCBO will be raising prices to their products to recoup the losses that they would have incurred by the lower taxes I more inclined to believe that the consumer will once again be hosed.
Anyone believing that this new tax is revenue neutral is living in a fantasy land. There is no such thing as a neutral tax and this tax will hit the all consumers to varying degrees. Regarding tax credits, I personally know of not one single person who gets it...maybe due to the fact that they are too busy working at two jobs to make ends meet.
As for insight, the powers to be should be thankful that people don't take the time to brush up on what is happening, otherwise they might have to deal with some rather unpleasant confrontations,like those that the natives promised to unfurl recently.
Just another person's view.
Ray |
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06/09/2010 12:25:30 AM · #31 |
Originally posted by glockguy:
Originally posted by frisca:
Originally posted by glockguy:
Originally posted by K10DGuy:
British Columbia is also fighting the HST, which is due here as well. |
Where's your petition? ;) |
We know when we're licked. There is no way of getting out of having the HST. Its already being charged on some things out here. :( |
Yah, I see where you are coming from... Maybe at the centre of the Universe things are different....... |
No, no. We have them too: //www.saynotohstinbc.ca/ |
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06/09/2010 11:59:25 AM · #32 |
Originally posted by RayEthier:
Anyone believing that this new tax is revenue neutral is living in a fantasy land. There is no such thing as a neutral tax and this tax will hit the all consumers to varying degrees. |
Yeah, you're right. They say the hardest hit will be average income earners in the bracket of between 35,000 and 65,000. They'll end up paying a whopping $45 extra a year in tax. Ouch.
*Shrug*
Edit: Here's the figures, from this story:
For example, by 2012, a family with a combined annual income of between $20,000 and $30,000 will save $235 a year. Overall, 49 per cent of families will be ahead after the tax is in place and 51 per cent will pay more. Once the $60,000 income threshold is breached, however, the tax burden escalates steeply:
* Between $60,000 and $70,000, it̢۪s a $45 hit for the 7 per cent of Ontario households in this bracket.
* Between $70,000 and $80,000, it̢۪s $95, affecting 6 per cent of households.
* Between $80,000 and $90,000, it̢۪s $135, also affecting 6 per cent of families.
* Between $90,000 and $100,000, it̢۪s $195, affecting 5 per cent of households.
* Between $100,000 and $125,000, it̢۪s $240, affecting 10 per cent of households.
* Between $125,000 and $150,000, it̢۪s $295, affecting 7 per cent of households.
* Between $150,000 and $300,000, the highest bracket for which figures are available, it̢۪s $480, which affects 10 per cent of earners.
While the government claimed its assumptions are "very conservative," its
calculations are based on businesses passing along to consumers 90 per cent
of all savings realized through the streamlined tax by 2012.
Message edited by author 2010-06-09 13:11:08. |
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06/09/2010 12:08:45 PM · #33 |
| Don't fight it, enjoy the NEW lake! they are going to build with all your hard earned money! ROFL!!!! |
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06/09/2010 12:53:44 PM · #34 |
It isn't a lake. According to our esteemed Prime Minister, it's a "water feature".
Pfff. |
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06/09/2010 01:19:30 PM · #35 |
Originally posted by Louis:
It isn't a lake. According to our esteemed Prime Minister, it's a "water feature".
Pfff. |
Actually, it's a reflection pond only costing $60,000. :o/
Message edited by author 2010-06-09 13:20:23. |
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06/09/2010 04:38:25 PM · #36 |
Originally posted by cpanaioti:
Originally posted by Louis:
It isn't a lake. According to our esteemed Prime Minister, it's a "water feature".
Pfff. |
Actually, it's a reflection pond only costing $60,000. :o/ |
"only" $60,000 sounds a little ridiculous when education funding all over the country is going into the toilet. I don't know if you meant the 'only' as sarcasm or not, but felt I needed to say something.
We get more and more like that cess-pit the U.S. all the time.
No offense to my poor friends living in the cess-pit :D
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06/09/2010 04:47:11 PM · #37 |
Originally posted by K10DGuy:
Originally posted by cpanaioti:
[quote=Louis] It isn't a lake. According to our esteemed Prime Minister, it's a "water feature".
Pfff. |
A
No offense to my poor friends living in the cess-pit :D |
None taken, we just consider the source. :D
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06/09/2010 05:14:27 PM · #38 |
Originally posted by K10DGuy:
Originally posted by cpanaioti:
Originally posted by Louis:
It isn't a lake. According to our esteemed Prime Minister, it's a "water feature".
Pfff. |
Actually, it's a reflection pond only costing $60,000. :o/ |
"only" $60,000 sounds a little ridiculous when education funding all over the country is going into the toilet. I don't know if you meant the 'only' as sarcasm or not, but felt I needed to say something.
We get more and more like that cess-pit the U.S. all the time.
No offense to my poor friends living in the cess-pit :D |
If you read the article, was the indication of a reflection pond. (Quote from our fearless leader)
From the article (linked previously in this thread - Fake Lake)
Accused of failing to live up to their own claim of fiscal prudence, the ruling Conservatives went into damage control Tuesday, telling reporters that the lake was actually just a reflecting pond, would cost less than $60,000 and is part of a larger exhibit showcasing Canada.
Message edited by author 2010-06-09 17:27:46. |
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06/09/2010 05:29:26 PM · #39 |
| Can you say "damage control"? |
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06/09/2010 05:32:29 PM · #40 |
Originally posted by Louis:
Can you say "damage control"? |
That's for sure.
Think of the security costs they're saving by keeping the delegates indoors out of the public eye (away from a real lake). The cost for security to take them to a real lake would be enormous.
:oP |
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06/09/2010 05:52:03 PM · #41 |
I think this stupid lake is for the delegate's families, and for the media, the vast majority of which is not allowed anywhere near Huntsville. Not that anyone would want to go there anyway.
I kid! I love it up there. |
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06/09/2010 10:03:41 PM · #42 |
Originally posted by Louis:
While the government claimed its assumptions are "very conservative," its
calculations are based on businesses passing along to consumers 90 per cent
of all savings realized through the streamlined tax by 2012. |
Yes indeed... and I also seem to recall reading in certain history books that taxes in Canada were to be a "Temporary" measure to help defray the cost of WWI. Rather long and expensive war ...eh?
Perhaps the thing that bothers me the most is the fact that this tax will apply to heating fuels and other similar products which we as Canadians truly cannot do without.
Oh, and that bit about businesses passing savings on to consumers...yeah right.
Ray
Message edited by author 2010-06-09 22:04:38. |
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08/27/2010 09:06:29 AM · #43 |
I used to not have to charge tax on photographic services where the final product is supplied electronically. Does anyone know if I now have to charge HST, I'm assuming yes.
It's very difficult to find informnation on this as tax advice sites always assume all photographers are supplying physical prints, therefore they were charging tax already. I always supplied electronivally to avoid this. |
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08/27/2010 09:53:09 AM · #44 |
Originally posted by RayEthier:
...Anyone believing that this new tax is revenue neutral is living in a fantasy land. There is no such thing as a neutral tax and this tax will hit the all consumers to varying degrees. Regarding tax credits, I personally know of not one single person who gets it...maybe due to the fact that they are too busy working at two jobs to make ends meet.
As for insight, the powers to be should be thankful that people don't take the time to brush up on what is happening, otherwise they might have to deal with some rather unpleasant confrontations,like those that the natives promised to unfurl recently.
Just another person's view.
Ray |
Whoa, Ray, I always thought you were a shill for the government! :-O |
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08/27/2010 09:58:57 AM · #45 |
Originally posted by rob_smith:
I used to not have to charge tax on photographic services where the final product is supplied electronically. Does anyone know if I now have to charge HST, I'm assuming yes.
It's very difficult to find informnation on this as tax advice sites always assume all photographers are supplying physical prints, therefore they were charging tax already. I always supplied electronivally to avoid this. |
That's a very good question. I did a quick search in google and that question didn't even come up. However, I did find references indicating that goods are treated the same way under HST as they are under GST. I'd suggest you verify that though.
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08/27/2010 10:45:46 AM · #46 |
oh, man.
do you know what came to my mind when i saw the title? "Hubble Space Telescope"(HST)!!!
i thought: "why people in Canada would want to fight Hubble Space Telescope?!!"
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08/27/2010 10:47:40 AM · #47 |
Originally posted by cpanaioti:
Originally posted by rob_smith:
I used to not have to charge tax on photographic services where the final product is supplied electronically. Does anyone know if I now have to charge HST, I'm assuming yes.
It's very difficult to find informnation on this as tax advice sites always assume all photographers are supplying physical prints, therefore they were charging tax already. I always supplied electronivally to avoid this. |
That's a very good question. I did a quick search in google and that question didn't even come up. However, I did find references indicating that goods are treated the same way under HST as they are under GST. I'd suggest you verify that though. |
I use the Quick Method of accounting. Here's a link to the government pages. I'll be giving them a phone call before I do my quarterly payment, though. From what I've read, my little "holdback" seems like it will be even smaller now, which is bad for my wallet. Also, my clients are paying a whole lot more for me now. :-/
My guess is yes, you charge the whole shmear for your electronically delivered electronic files. I charge the whole shmear for my consulting, as confirmed by a phone call to the government. But who ever really knows if the person on the other side of the phone is right, as it's usually a snot-nosed kid or someone who doesn't speak English OR French.
Message edited by author 2010-08-27 10:50:45. |
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08/27/2010 11:00:01 AM · #48 |
Originally posted by AmirTaheri:
oh, man.
do you know what came to my mind when i saw the title? "Hubble Space Telescope"(HST)!!!
i thought: "why people in Canada would want to fight Hubble Space Telescope?!!" |
LOL
Harmonized Sales Tax
The Canadian government has forever dirtied the word harmonized. ;) |
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08/27/2010 11:38:29 AM · #49 |
Originally posted by Strikeslip:
From what I've read, my little "holdback" seems like it will be even smaller now, which is bad for my wallet. Also, my clients are paying a whole lot more for me now. :-/ |
If you're talking about ITCs (input tax credits), they should be *higher*, because you should presumably be paying 13% HST on services you buy to run your business instead of 5% GST. That means your net payment should be *lower* despite the fact that you are collecting a higher percentage from your customers, which is better for your wallet.
As for your customers, if they are businesses, they are likewise entitled to ITCs -- that is, the tax is 100% refundable if the purchase is made by the business. The tax is good for businesses.
And about not having to charge GST for services delivered electronically, I'm concerned that's not accurate. I suppose it's moot now, but the only waiver I'm aware of is that a business doesn't have to collect if their annual revenue is below $30,000. |
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08/27/2010 12:12:29 PM · #50 |
Originally posted by Louis:
Originally posted by Strikeslip:
From what I've read, my little "holdback" seems like it will be even smaller now, which is bad for my wallet. Also, my clients are paying a whole lot more for me now. :-/ |
If you're talking about ITCs (input tax credits), they should be *higher*, because you should presumably be paying 13% HST on services you buy to run your business instead of 5% GST. That means your net payment should be *lower* despite the fact that you are collecting a higher percentage from your customers, which is better for your wallet.
As for your customers, if they are businesses, they are likewise entitled to ITCs -- that is, the tax is 100% refundable if the purchase is made by the business. The tax is good for businesses.
And about not having to charge GST for services delivered electronically, I'm concerned that's not accurate. I suppose it's moot now, but the only waiver I'm aware of is that a business doesn't have to collect if their annual revenue is below $30,000. |
I use the Quick Method so I don't have to keep track of ITCs. Of the 5% I collected for the government's steak dinners and whores, I paid them 3.3% on the first $30,000 and 4.3% on the remainder. Nevertheless, every fucking year they somehow reassess it and charge me more even though it's a simple calculation. I just pay it because I can't be bothered to deal with them.
I don't know what the percentage(s) is/are yet for HST. I typically wait until things are due, or overdue enough that the government calls me. |
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