New Liberal Small Business Tax

[eclipse1966]

first of all I hate accounting and rely 100% on my accountant who is also a small business owner. Originally, I was up in arms about any changes with the tax base but my accountant told me to calm down lol. She said that she has spent countless hrs on discussions and research on the new proposals. Yes, there are going to be some changes but overall, the majority will see zero changes to their taxes if they "play by the rules". I guess we are going to have to wait and see.

 

[catalac]

first of all I hate accounting and rely 100% on my accountant who is also a small business owner. Originally, I was up in arms about any changes with the tax base but my accountant told me to calm down lol. She said that she has spent countless hrs on discussions and research on the new proposals. Yes, there are going to be some changes but overall, the majority will see zero changes to their taxes if they "play by the rules". I guess we are going to have to wait and see.

I believe you are wrong re majority will see zero changes, if you currently take personal income from the corporation as dividends as a capital gain you effectively double your personal tax rate under Trudeau / morneau proposal.

 

[busted2x]

I believe you are wrong re majority will see zero changes, if you currently take personal income from the corporation as dividends as a capital gain you effectively double your personal tax rate under Trudeau / morneau proposal.

Yup, will work out to a 73%tax rate by the time it leaves the holding company. Tax the same income twice. Cause why should should hard work and personal risk be rewarded? We must all be equally rewarded, regardless of input, to satisfy the great drama teacher.

 

[busted2x]

Better off to just take a ridiculous salary and run 0 profit.... At least that way you are only taxed once.

 

[rknight111]

Selfie Boy and his bobble head libtards should control there spending and they wouldn't need to rob extra money from successful people. They should keep the Canadian dollar in Canada where it belongs and stop giving to everyone else. In general they have pissed off the small business owners all over Canada. People are successful because they have taken a risk, and put of sacrifices to get where they are.

 

[deaner]

I think one thing that gets lost in all of this is how ridiculous our tax rates are. When the "normal" baseline that is used is a 50% tax rate (plus the countless other taxes we pay).......then we compare the lower rate these corporations are paying, and by contrast it seems unfair. How about reducing the insane tax rate for people with good incomes. What is the incentive to work hard if you have to give half of it away? If people felt their tax dollars were being well spent there would be much less resistance. Bottom line is government needs to shrink, along with their spending. But im starting to feel a little apathetic towards seeing any real change in politics....

 

[Merc63]

I agree Deaner, the taxes on the hard working are way too high.

In the US they do it the opposite. Corp tax is higher and personal tax is lower. Companies sitting on tons of cash does nothing for the economy.

 

[Ron H]

While I don't sit on "tons of cash" (due largely in part to this hobby), the long and short is I have no pension, no benefits, no investment matching, no share options, and therefore no security (every invoice I send out is a "roll of the dice")....
If one considers all of the above at best in 95% of the cases your further ahead working for someone else.
The govt knows full well many of us are too stubborn to "punch a clock", even still I do like the freedom of time and will continue still slug on.
At this point I'll take less wages and more "company assets"....

If the money went into bettering Canada and Canadians it'd be an easier pill to swallow....but the narcasistic SOB we got runnin the show I fear may get a second term given his "chosen people" have the right to vote"... Don't kid yourselves they are being "strategically placed" in marginal rideings .....

I still maintain western separation is the only viable solution, the next best thing...GET YOUR UCP MEMBERSHIP...and vote for Brian Jean, while not as "polished" he truly is the only one that has our backs.. In terms of fighting for Alberta as well as the very demographic on this board.... And believe me the OHV community is quite large perhaps enough to influence the outcome...

It is worth a 1/2 hour of your time in the next few days to get your membership to vote for the next leader of the UCP...

 

[eclipse1966]

I am only going off what my accountant said. Unfortunately, I am too busy to read the details and can only focus on making more money for Ottawa

I believe you are wrong re majority will see zero changes, if you currently take personal income from the corporation as dividends as a capital gain you effectively double your personal tax rate under Trudeau / morneau proposal.

 

[ZRrrr]

I agree Deaner, the taxes on the hard working are way too high.

In the US they do it the opposite. Corp tax is higher and personal tax is lower. Companies sitting on tons of cash does nothing for the economy.

Except all the sheeple cry afoul when anyone tries to raise corporate taxes as they have been brainwashed by said corps to think investment and jobs will go elsewhere. As you have mentioned, years and years of corporate tax breaks and subsidies that were supposed to help these corps invest/spend....what did they all do....pocketed the money and used it to pad the books, create shareholder value. Very well documented that are they are indeed sitting on piles of cash ever since.

One accountant I have access too is quite high up in Deloitte. She also says small business owners playing by the rules will have nothing to worry about, that the roll out has been way overblown.

 

[busted2x]

One accountant I have access too is quite high up in Deloitte. She also says small business owners playing by the rules will have nothing to worry about, that the roll out has been way overblown.[/QUOTE]


Our very expensive accountant had a different opinion....

 

[Ron H]

The "repercussions" on a large scale...less investment in Canada, ....on a small scale (myself as an example) if I make less so do Audio Stores, And businesses related to THIS demographic....
Long and short less income disposable or otherwise in the economy....This affects everyone directly or indirectly...no matter how you cut it, it'll be a "cut in net pay" across the board...
All this so the "stammering village idiot" can subsidize his "generosity" to everyone except Canadians...

 

[catalac]

So on current events it appears the Trudeau incompetence machine feels the need to tax small business at a whole new level and concurrently Boeing slaps a 220% tariff on Bombardier jets after Trudeau had given another 400 million in tax payer subsidies and Boeing calls foul (regardless of their true motivation) of which 30 million went to his pals the senior managers at bombardier as bonus and I read Canada has received 12,000 walk across the border welfare immigrants according to CBC this year alone, wtf is with this moron we have as a pm, he can't tax me enough to pay for this. I fear the trick down effect for years to come of our liberal and ndp governments in canada.

 

[skegpro]

Ha check this out.

Bombardier is in bed with our Finance Minister.

http://m.torontosun.com/2017/10/20/morneaus-firm-doing-work-for-the-feds

 

[Mach1]

Mine also said nothing for me to worry about...