QuickTidal, on 17 January 2025 - 12:40 PM, said:
LinearPhilosopher, on 16 January 2025 - 09:37 PM, said:
A few things
1. Uh...do you make north of 250k per year? And if you do you, it's weirdly disingenuous to be massively excited about not paying your fair share...
2. Do you actually BELIEVE the Conservatives when they campaign saying they will do something? ESPECIALLY Pollievre?
3. Are you dancing about all the social programs the Cons will cut while they are giving the extra rich such handouts?
1. I don't no. But that bill has made my life as a tax professional incredibly difficult. Because of the bullshit implementation of the tax. And that 250k only applies at the individual level. If the feds wants to increase the CG rate they can. Just don't
1) Do it part way through the year
2) Give all affected parties 10 weeks notice
3) Do it in a way where you actually pass the legislation.
As it stands the NWMM was introduced but never voted on as a result, despite the fact it seems incredibly unlikely the motion will pass, the CRA is still acting as if its the law the land, even when it isn't' (you know, just some good old taxation without representation).
It's pure bullshit because
1) I believe the taxpayer's bill of rights should be more then just an aspirational documents. Taxpayers should have a right to complete, accurate, clear and timely information. This bill violates all of that. Having to do emergency consultations with clients during busy season, with a 10 week period to take action is ridiculous. It's also ridiculous as we don't have clarity as to whether this will be law. The CRA is fully expecting everyone to file with the new rate in mind. If the bill dies, then thats a whole other can of worms.
2) It means taxpayers who had latent gains had 10 weeks to make an informed decision. If its just securities you just push a few buttons and done. But if it's hard assets it's another thing entirely. And I will note this affects a variety of people. In the letters to the editor to the globe a farmer was complaining about it because he'd purchased some real estate and that was his retirement plan.
3) I was working for Intuit. The degree of changes to the tax return was absolutely ridiculous. CG changes impact a substantial amount of forms in the tax returns (it's substantially more then just the jacket and the gains schedule, CG have a profound impact on many shceudles). And this impacts more then just the t1 modules. Add to that the AMT changes on top of that and it's a giant administrative nightmare... If instead however, they changed the inclusion rate to take effect idk... Jan 1, 2025 all of this hassle would have been avoided.
4) It's bullshit because it's essentially a retroactive tax. Since the CG is the tax you pay on the difference between the initial cost and eventual selling price, it means that your average gain per year is being taxed at a higher rate despite your gain having occurred in a prior period. It's no different then passing a retroactive law. It would be akin to say... passing a law like no smoking on a sunday, and then passing it to affect anyone who was smoking on sundays when the practice was perfectly legal.
5) Even the head of the ontario medical doctor's association was sounding the alarm bell as this impacts most medical professionals. There's a shortage of them, and one of the reasons is that, why practice medicine in Canada for $120k CAD per year when you can move south and practice medicine for $380k USD per year (happened to someone in my network).
6) What is or isn't a fair share of tax is a nebulous term at best. It's a value laden comment that assumes a million things. If the government decrees that higher taxes are fair so be it. Just do it in a way that isn't a blatant cash grab on the middle class, and do it in a way that isn't needlessly disruptive. Dont make proclamations about the law, instill a sense of urgency in the taxpayer, and then not even be able to pass the law.
This combined with the UHT, the bare trust fiasco, the latest GST holiday (which is a regressive tax btw... ie the more you make the less tax you pay) i'm sick and tired of this goverment. I want a tax system that actually works and makes sense. Not one that creates trust return obligations because a parent decided to open a savings account for their child.
Do I believe PP? On something like this I do believe him since FEDERAL tories don't like taxes (provincial it's another story), but hey, he could take office and be like, hey we need $$$$ lets go through with it anyways.
I don't look forward to all the cuts the tories will make.
Also this isn't a handout.
This post has been edited by LinearPhilosopher: 17 January 2025 - 05:55 PM
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Abyss, on 07 January 2025 - 07:21 PM, said:
