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I read today the cost of servicing the national debt exceeds the amount spent on health by the federal government and thats a whack of dough.
According to the fraser institute, it's not more, it's "almost". What would you expect when interest rates go from 0.25 to 5%? Most of the debt is held by rich canadians and canadian financial institutions. Public debt gives institutions a safe place to put money. Here is a graph of debt vs time. Why do you think it started going up in 2020? The other graphs shows we're not the banana republic many people think we are. Will polivivre or whatever his name is, do better? Do I think things are wonderful? No, but it's one of these careful what you wish for situations. I for one think there is too much immigration considering the state of our infrastructure housing and services
I haven't fully digested. But I believe there was no talk of cuts to anything? Correct?
Nothing to improve our productivity "emergency" either.
There are some counter measures to assist entrepreneurs when time comes to sell a business, to offset the capital gains tax increase a touch. But more and more, gives pause to consider why run a business here if you can run it in the US and generate income there. Haven't considered the full implications of that but on the surface seems more appealing. Live there most of the time too.
RBC Global Asset Management put out a good summary. This capital gains tax could impact inheritance. Any self-incorporated professionals here, doctors? you too are impacted
high income tax
luxury tax
sales tax
increased capital gains tax
housing tax
I like how low a bar here is used to define wealth. When compared to how wealthy is defined in the US.
Edit - I'm not a Jagmeet or NDP fan. But he's gotta go and get a proper NDP leader in-place.
These numbers are misleading. Not sure what they are but maybe only federal rates? Rates including state/provincial taxes are lower in the US and much lower in the dozen states with no state tax. I think the highest marginal rates that kick in at a much higher income level are around 37% while our max is around 54% and it kicks in around $250K income instead of around $600k in the US. If you consider all taxes in Ontario, you pay about 46% of your income in all taxes. US total taxes are much lower. Not sure if it was mentioned here but this latest increase in capital gains tax will screw kids of wealthier parents out of a huge chunk or their inheritance. Even when PP roles them back, the period until he does will remain a high capital gains tax period to be fair to the poor bastards who end up paying the black face rates.
Last edited by ronnie993tt; 04-17-2024 at 02:08 PM.
"In 2017, Justin Trudeau stood in front of a large building project with lots of hard-working Canadians behind him and promised a life-changing transformational National Housing strategy," Aitchison said.
"And we see the transformation: house prices have doubled, rent has doubled, mortgage rates have doubled and people can't afford to put food on their table and pay the rent."
If JT can promise me that my net worth will keep increasing as much as it has since he took office he has my vote hands down...
Even when PP roles them back, the period until he does will remain a high capital gains tax period to be fair to the poor bastards who end up paying the black face rates.
Excuse my ignorance here but what are "black face rates"?
These numbers are misleading. Not sure what they are but maybe only federal rates? Rates including state/provincial taxes are lower in the US and much lower in the dozen states with no state tax. I think the highest marginal rates that kick in at a much higher income level are around 37% while our max is around 54% and it kicks in around $250K income instead of around $600k in the US. If you consider all taxes in Ontario, you pay about 46% of your income in all taxes. US total taxes are much lower. Not sure if it was mentioned here but this latest increase in capital gains tax will screw kids of wealthier parents out of a huge chunk or their inheritance. Even when PP roles them back, the period until he does will remain a high capital gains tax period to be fair to the poor bastards who end up paying the black face rates.
This is bad. I was banking on inheritance to be able to retire before 60. Might have to work longer than expected.
What "marginal effective tax rate" are you referring to? Obviously the max marginal rate is 53.4% so I wonder what the 14.5% is. For average income?
I had the same question and wikipedia came back with " is the percentage of additional income that a recipient of government welfare pays in taxes or loses in welfare benefits and tax credits".
Jagmeet should team up with Conservatives to keep some aspects of his programs in place. And not vote in favour of the budget. There is value in some of them. The Liberals wouldn't roll them back because NDP drops support. But I bet he doesn't think his and NDPs election prospects are good should there be an election this year.
"The people being asked to pay more are among the ones "who've benefited from an economy that seems tipped towards them and away from everyone else, particularly young people," said Trudeau." Ummm......not quite sure how the economy is tipped toward all wealthy people. Goes back to Freelands comment last year on lux tax, "those people who did well during the pandemic".
Can't succeed too much above middle class without forgoing some of that success.
04-16-2024, 10:04 PM
