overseas (1)

How to find a billion dollars

https://www.wealthprofessional.ca/market-talk/canadas-tax-system-holds-business-back-costs-people-money-251503.aspx?utm_source=Pinpointe&utm_medium=20181205&utm_campaign=WPCA-Morning&utm_content=4D882C9C-D810-4168-B4E8-779653A9540C&tu=4D882C9C-D810-4168-B4E8-779653A9540C

Canada’s tax system holds business back, costs people money

 

"The report notes some key issues that should be addressed:

  • Canada's tax system does not align with international trends nor does enough to promote global competitiveness.
  • Canada's tax system needs to do more to help businesses grow and innovate.
  • Questions remain about whether or not Canada's tax expenditures are achieving intended goals at the right cost, but it is clear they do make the system more complex.
  • Canada's personal tax system discourages compliance in many cases, and there may be better ways to deliver social benefits more efficiently and effectively.

The full report can be seen at www.cpacanada.ca/taxsystem

 

One idea I thought about is on the personal tax side of the system. There is a lot of Canadian's not living in Canada anymore. Some are paying taxes, many are not. What the "are not" is I have not found out yet.

Here is some random thoughts and articles regarding the matter for future consideration and updates.

"People and politics, thank the good Lord we won the birth country lottery ! "

 2.8 million Canadians live abroad , I wonder how many making over 20,000 a year pay no taxes to Canada?

 

 

View of Hong Kong taxes  https://www.scmp.com/comment/blogs/article/1399900/2014-may-be-taxing-new-year-hong-kong-canada-dual-residents?fbclid=IwAR163LErNrNZrQvooX0YO3S4t1ry2FnmfWRHqrvY2Ot3v0z-W2NNooxRMAE

I think a tax no matter what your residency status should be considered. No doubt about it. Only exception would be those that were never in a hospital, seen a doctor, never went to a school. Parents never collected any form of social assistance. That’s probably enough nevers. Beyond that they would have some value for being born here before they had to leave.

https://www.cbc.ca/news/politics/grenier-polls-2019-election-1.4870074?fbclid=IwAR0o7iYPiKXhzMztOyWsDm8jHE2ubaKyScu0SQ7MrPRzE_B-vXjdYyAraIk

Thanks for sharing the article, looks like Scheer needs to work on getting more known .... “though a majority of voters no longer have a positive impression of him. But he leads Conservative Leader Andrew Scheer” perhaps the win on our local shores yesterday is a sign of things to come, in the meantime expect the cash flow to increase to grease the political economy, the kids can pay for it .... maybe , just maybe we should start taxing those who are non residents, living and working abroad, why should they have the benefit of access to our embassies if they get in hot water, need advice, or the luxury of returning if they get a better offer on our Country’s soil ? I think that would be a good conservative policy to implement. I was just thinking about this yesterday. It would be good for Canadians and business, we live in a global economy, it’s time to focus in on this little tax opportunity and reinforce our nations citizenship capital.

https://www.fraserinstitute.org/sites/default/files/authors/093015%20fig1rev.jpg?fbclid=IwAR3LyN61E2krWZrsgEqIdXY1X9FGExECScmQqEVdDanuzIrTctnCSt16r2g

So how many Canadians are living abroad not paying any income tax to their nation ?

surely a more effective way would be to close the loopholes that allow corporations to hide billions offshore to avoid taxation.

The CRA knows full well that countless large corporations are hiding money in tax havens abroad to avoid paying but they do nothing about it.

And for the record, Canadians working overseas do have to file their taxes, it’s just there’s a high threshold before they are required to pay taxes on it

 

The threshold should probably be dropped down to the middle class level, Fair is fair , you have to get the pennies from those that benefit

 

Like Ford, a little bit here, a little bit there and you get your budget back in line

 

you mean like, a little from the hospitals, a few nurses here, a few nurses there. A few schools here and there. A little from the poor, a little more from the poor. A little from green energy subsidization. Sell off some profit generating aspects of the government.

Back to the days of Mike the Knife Harris before we know it

 

No, if your a Canadian living abroad, you pay the same tax rate less what you pay in the country you live in, simple, effective, fair

 

fair in what capacity? Pay for services I can’t use? Pay 20-30% of my income to a government that isn’t providing any services for me? Then pay another 17% to the Korean government in income tax. Get real.

If that’s the case, are we going to see your men of the people Ford and Scheer go after corporate tax avoidance, their use of tax havens, and questionable loopholes to not have to pay their share? Cut the unnecessary and pointless subsidies they get from the government, which they pocket and do not re-invest.

There’s a better chance of the Green Party winning the next election than there is the conservatives (or liberals for that matter) go after their rich friends and demand they pay their fair share

 

Your a Canadian, that’s is worth a couple bucks a day in my books

 

2 billion dollars from those abroad every yr will help hire a few auditors for sure

You will get to vote as well, sounds like a bargain to me

this is a great idea, I am sure the Green Party and ndp will love it. It’s a bit socialist, but very capitalist at the same time, Canada invested in a person, they should get a return for that investment. Especially if that person win the birthplace lottery and found themselves getting the benefit of a doctor, school teacher, bus driver, born in a hospital, took a bus somewhere, drive a car over a bridge or on a 4 lane highway after it was plowed after a snow storm, they should pay a little back for winning that lottery. If they managed to get a decent job overseas , why they should pay at least a percentage of that extra just like everyone else that decided to stay. Alternatively, pay an exit fee , kinda like buying your pension back, you can scale anything and make it fair.

 

that system is already there. Canadians working abroad making a certain amount of money are required to pay back. Those who benefited from Canada’s services and high standard of living are asked to give back. Your idea is to lower the threshold and squeeze the smaller folk, which has always been the policy of the conservatives. Protect the wealthy, and crush the poor

 

Collect extra 2 billion dollars, that’s the goal

 

 from those who can afford it the least? Why not start by cutting our subsidies to those who have more than enough?

We give subsidies to corporations and the rich and instead of re-investing the money, they hoard it. As we’ve seen with GM, and in recent years, Heinz, Proctor-Gamble, Caterpillar, that regardless of how profitable they are, and the subsidies they receive, their greed will never be satisfied and they will abandon their workers

 

 Have tax laws and processes changed since the Trudeau government began, or are they the same as the Harper government's policies and laws?

 

Announcing foreign aid alongside celebrities is a long standing tradition. https://www.thestar.com/.../aga_khan_prime_minister... Yes...thanks that we can speak freely about attempts to politicize aid announcements, either by governments, or by criticizing governments.

 

If your confused about this article, don't worry, that is what we are here for :)

Timothy L. Ross Family Advisor, Since 1988

Helping Families Achieve ...Life’s Major Goals ®

OMEGA STEWARDSHIP  ®
* One Stop Process Driven Approach for Retirement & Income Planning
* Personalized Tax Management Solutions for Individuals & Business Owners
* Confidential Wealth Management Solutions 

 Brock Shores Financial 
#ImprovingFutures

We help families plan and implement strategies to accomplish "Life's Major Goals"

  • Tax Smart Planning & Investing
  • Worry Free Retirement
  • Education of Our Children & Grandchildren
  • Quality Care For Our Parents
  • Meaningful Financial Help For Our Loved Ones
  • Meaningful Legacy

 

Read more…