The Unknown Poster Posted March 23, 2017 Author Report Share Posted March 23, 2017 5 minutes ago, JCon said: I don't disagree with any of this, I'm just curious who is taking advantage of the program. I never had a problem being taxed on interest but like this program as a long-term savings program. It's easy to get in and has low barriers. It's far less complicated than RRSPs to explain to a layman. I think the made it unnecessarily complicated, making it difficult to move the money around between institutions but that's a mechanical thing that could be fixed. There should be a wall, where you can move money in and out and, as long as it stays behind that wall. I wish they made the whole tax code simpler. I *want* to put more into TFSA but I have to use my RRSP to decrease my tax burden every year. But I've read some stuff from people far smarter than me that implores people to max out TFSA first before RRSP's. I think you're right about RRSP's being complicated to people and it has this sort of magical aura that if you contribute you will be rich when you retire and TFSA seem so much smaller but the way they work can create a lot of money down the road...and since you've already paid tax, its "free" money. For my elderly parents, its annoys them that they have to convert their RRSP's because if they ddnt have to, they wouldn't right now. But they've got into the habit of taking the minimum RIF and dumping as much as they can into their TFSA. They arent rich, just very careful. It all gets more complicated when you factor stocks. For example, my job allows you to buy stocks and the company matches a percentage. I dont get it. But I know I have stocks in an RRSP account so, bully for me I guess. Link to comment Share on other sites More sharing options...
JCon Posted March 23, 2017 Report Share Posted March 23, 2017 1 minute ago, The Unknown Poster said: I wish they made the whole tax code simpler. I *want* to put more into TFSA but I have to use my RRSP to decrease my tax burden every year. But I've read some stuff from people far smarter than me that implores people to max out TFSA first before RRSP's. I think you're right about RRSP's being complicated to people and it has this sort of magical aura that if you contribute you will be rich when you retire and TFSA seem so much smaller but the way they work can create a lot of money down the road...and since you've already paid tax, its "free" money. For my elderly parents, its annoys them that they have to convert their RRSP's because if they ddnt have to, they wouldn't right now. But they've got into the habit of taking the minimum RIF and dumping as much as they can into their TFSA. They arent rich, just very careful. It all gets more complicated when you factor stocks. For example, my job allows you to buy stocks and the company matches a percentage. I dont get it. But I know I have stocks in an RRSP account so, bully for me I guess. My wife and I always marvel at the unnecessarily complicated tax code. I'm glad that governments are finally recognizing that there are too many regulations and too much duplication but it will take a smart government to invest resources into simplifying the tax codes here in Canada. Link to comment Share on other sites More sharing options...
The Unknown Poster Posted March 23, 2017 Author Report Share Posted March 23, 2017 One thing I worry about is the potential change to principal residence. For the first time, the feds require that information (if you've sold a principal residence). One could suspect they are doing so to see how much they lose by not taxing it... I bought a house in 2016 (and sold one) that I intend to live in forever, but that would be a crippling blow. When I did my taxes I made an error and when it did not exempt my house sale, I owed $20,000. The liberals will be droolling over that potential tax. Link to comment Share on other sites More sharing options...
JCon Posted March 23, 2017 Report Share Posted March 23, 2017 3 minutes ago, The Unknown Poster said: One thing I worry about is the potential change to principal residence. For the first time, the feds require that information (if you've sold a principal residence). One could suspect they are doing so to see how much they lose by not taxing it... I bought a house in 2016 (and sold one) that I intend to live in forever, but that would be a crippling blow. When I did my taxes I made an error and when it did not exempt my house sale, I owed $20,000. The liberals will be droolling over that potential tax. I don't see that happening anytime soon. They've been cooling the housing market over the past few years with the changes to CMHC. That would throw everything out. But, I never put it past any government. They may be looking at putting in minimum time thresholds for residency? Link to comment Share on other sites More sharing options...
The Unknown Poster Posted April 8, 2017 Author Report Share Posted April 8, 2017 I'm already sick of Wab Kinew. Link to comment Share on other sites More sharing options...
JCon Posted April 10, 2017 Report Share Posted April 10, 2017 On 2017-04-08 at 6:07 PM, The Unknown Poster said: I'm already sick of Wab Kinew. It will be an interesting, if not unremarkable, leadership campaign. I thought maybe Niki Ashton would come back and run but she set her sights much higher. I wonder if Robinson rejoins the party or continues down the path of a new, alternative lefty party? Link to comment Share on other sites More sharing options...
Atomic Posted April 11, 2017 Report Share Posted April 11, 2017 Is this the place to ***** about Manitoba politics? Pallister keeps ramming me in the ass!! Goalie and FrostyWinnipeg 2 Link to comment Share on other sites More sharing options...
JCon Posted April 11, 2017 Report Share Posted April 11, 2017 26 minutes ago, Atomic said: Is this the place to ***** about Manitoba politics? Pallister keeps ramming me in the ass!! That's a different sort of topic. What change most affects you? Link to comment Share on other sites More sharing options...
Atomic Posted April 11, 2017 Report Share Posted April 11, 2017 Just now, JCon said: That's a different sort of topic. What change most affects you? Several things... but most immediately, he is cutting the income tax tuition fee rebate. I'm trying to understand whether it affects me or whether people who have already been claiming it will be able to finish out the cycle. It was previously 60% of tuition is refunded over 6 years and I'm 3 years in. So that's 50% of my rebate I could potentially be losing. Link to comment Share on other sites More sharing options...
JCon Posted April 11, 2017 Report Share Posted April 11, 2017 Just now, Atomic said: Several things... but most immediately, he is cutting the income tax tuition fee rebate. I'm trying to understand whether it affects me or whether people who have already been claiming it will be able to finish out the cycle. It was previously 60% of tuition is refunded over 6 years and I'm 3 years in. So that's 50% of my rebate I could potentially be losing. That's hitting my wallet to the tune of $25K. We were just about to start claiming. Link to comment Share on other sites More sharing options...
Atomic Posted April 11, 2017 Report Share Posted April 11, 2017 3 minutes ago, JCon said: That's hitting my wallet to the tune of $25K. We were just about to start claiming. My total tuition cost was about $18K and so the rebate would be around $10,800. I've claimed half so far so I could be losing out of $5400. Not as bad for me as it is for you, but it's not insignificant. Well thank God we are investing 20 million into housing for refugees skipping the border. Link to comment Share on other sites More sharing options...
Fatty Liver Posted April 11, 2017 Report Share Posted April 11, 2017 2 hours ago, Atomic said: My total tuition cost was about $18K and so the rebate would be around $10,800. I've claimed half so far so I could be losing out of $5400. Not as bad for me as it is for you, but it's not insignificant. Well thank God we are investing 20 million into housing for refugees skipping the border. Education rebate? What the hell, no such thing in my day, consider yourself fortunate. Link to comment Share on other sites More sharing options...
Atomic Posted April 12, 2017 Report Share Posted April 12, 2017 19 hours ago, Throw Long Bannatyne said: Education rebate? What the hell, no such thing in my day, consider yourself fortunate. Yeah your education was probably a lot cheaper too JCon 1 Link to comment Share on other sites More sharing options...
Fatty Liver Posted April 12, 2017 Report Share Posted April 12, 2017 Just now, Atomic said: Yeah your education was probably a lot cheaper too Started out that way but in the end I was paying $4500 US per semester and that was back in 1990 when the CDN. dollar bottomed out at 60 cents. The program I was enrolled in was not eligible for student loans at the time as it was also offered in MB. I worked 2 jobs, 16 hour days/nights during the summer months to make a go of it. I ain't bitchin, I had a blast and came through it about $6000 in debt to the bank, and I'd do it all again in a heartbeat. Link to comment Share on other sites More sharing options...
Atomic Posted April 12, 2017 Report Share Posted April 12, 2017 17 minutes ago, Throw Long Bannatyne said: Started out that way but in the end I was paying $4500 US per semester and that was back in 1990 when the CDN. dollar bottomed out at 60 cents. The program I was enrolled in was not eligible for student loans at the time as it was also offered in MB. I worked 2 jobs, 16 hour days/nights during the summer months to make a go of it. I ain't bitchin, I had a blast and came through it about $6000 in debt to the bank, and I'd do it all again in a heartbeat. Well OK Ivy League, I went to school in Manitoba, not at Harvard Link to comment Share on other sites More sharing options...
Fatty Liver Posted April 12, 2017 Report Share Posted April 12, 2017 Just now, Atomic said: Well OK Ivy League, I went to school in Manitoba, not at Harvard Perhaps Poison Ivy League at best. :-) Link to comment Share on other sites More sharing options...
sweep the leg Posted April 12, 2017 Report Share Posted April 12, 2017 On 2017-03-23 at 11:08 AM, The Unknown Poster said: One thing I worry about is the potential change to principal residence. For the first time, the feds require that information (if you've sold a principal residence). One could suspect they are doing so to see how much they lose by not taxing it... I bought a house in 2016 (and sold one) that I intend to live in forever, but that would be a crippling blow. When I did my taxes I made an error and when it did not exempt my house sale, I owed $20,000. The liberals will be droolling over that potential tax. The Liberals would be voted out of office if they tried to tax that. Imo it will never happen. On 2017-03-23 at 11:31 AM, JCon said: They may be looking at putting in minimum time thresholds for residency? The number of times you sell residential properties would have to be taken into account, along with the time threshold. Link to comment Share on other sites More sharing options...
kelownabomberfan Posted April 12, 2017 Report Share Posted April 12, 2017 my first year at University of Calgary tuition was $500 a semester. Heh heh heh IC Khari 1 Link to comment Share on other sites More sharing options...
Atomic Posted April 12, 2017 Report Share Posted April 12, 2017 1 minute ago, kelownabomberfan said: my first year at University of Calgary tuition was $500 a semester. Heh heh heh But did that include ink well and quills? Fatty Liver, IC Khari, bigg jay and 1 other 4 Link to comment Share on other sites More sharing options...
kelownabomberfan Posted April 12, 2017 Report Share Posted April 12, 2017 Just now, Atomic said: But did that include ink well and quills? no, but I got a free stall to park my horse between classes Fatty Liver and Atomic 2 Link to comment Share on other sites More sharing options...
Fatty Liver Posted April 12, 2017 Report Share Posted April 12, 2017 Just now, sweep the leg said: The Liberals would be voted out of office if they tried to tax that. Imo it will never happen. The number of times you sell residential properties would have to be taken into account, along with the time threshold. Years ago during the last boom people in AB. would build a house live in it for a year or two and build another one and never pay capital gains. I know a few that did this multiple times when the price was climbing, I don't imagine there is a market for that activity any longer. Link to comment Share on other sites More sharing options...
Mark H. Posted April 12, 2017 Report Share Posted April 12, 2017 On 11/04/2017 at 3:40 PM, Atomic said: Is this the place to ***** about Manitoba politics? Pallister keeps ramming me in the ass!! Concur. Balanced budgets and cuts sound great - until they land on your doorstep. In our case, it was cut backs at Manitoba Housing affecting the cabinet work we do for them. Link to comment Share on other sites More sharing options...
rebusrankin Posted April 13, 2017 Report Share Posted April 13, 2017 What's the saying, Canadians wants 1970's social programs but 1950's taxation levels, while making 2010's level incomes? IC Khari 1 Link to comment Share on other sites More sharing options...
IC Khari Posted April 13, 2017 Report Share Posted April 13, 2017 I'm really looking forward to that legalized pot! Link to comment Share on other sites More sharing options...
kcin94 Posted April 14, 2017 Report Share Posted April 14, 2017 As someone who is directly affected by both, I am (begrudgingly) okay with the wage freeze and losing my recent graduate rebate, as long as everyone has to share the burden. However the premier/cabinet just voted themselves a 20% wage increase before heroically volunteering to pay back their future increases (which is not the same as a wage freeze) and increased tax credit for political contributions which of course benefits their friends the most. All this is doing is changing who gets the money. In the meantime, U of M will be cancelling some classes starting in the fall because the University will claim they can't give money to the departments to hire teachers to run them. Link to comment Share on other sites More sharing options...
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