Another F'n Tax season over!

[Mellow Yellow]

Its midnight do you know where your taxes are????

RANT ON

Another tax deadline has come and gone.

I prepared over 300 tax returns this year, with no assistance (I have no staff...too f'n cheap). As I get older I get less tolerant of people and what they expect me to accomplish.
Bitch and complain that they owe. Bitch and complain they don't have a bigger refund.

Does no one realize if you are getting a refund you are getting your own money back? Its not like the government is giving you anything!
Except maybe the Trillium benefits and the Canada Child Benefit.

I am tired....need sleep!

Bright side.....more money for car parts!

RANT OFF


goodnight

[5.4MarkVIII]

I'm happy this year, smallest loan the government ever took from me, $1.46

[NickD]

Had to pay for the first time, no matter how looking at last year's vs this year's return assuming the same percentage taken off it still doesn't add up.

Sent from my Nexus 9 using Tapatalk

[stangstevers]

Had to pay nearly 2 grand this year... Glad I get to pay for things like illegal "refugees" coming from the USA and other true-turd things. I swear if I ever get to meet that piece of shit, I'm going to jail with a broken hand from punching right through his ugly skull.

[Laffs]

Kevin your saying the same thing I keep telling people. There's no magic bullet for most individuals that results in a huge tax credit beyond either over paying up front or wildly contributing to RRSPs or having school credits, and then like you pointed out you're just getting the money you gave to the government back not new money. I feel like tax planning is a whole lot smarter than relying on returns but no one seems to pay any attention to that.

Have a drink now, those February/March corporate year end returns won't file themselves.

[Stephen06GT]

Finished just in time for spring track day. ;)

[Burns]

Thread title should be: another wealth redistribution season over

Post of the day right there.

We work harder so that some don't have to work at all...damn that feels good doesn't it.

[92redragtop]

Thread title should be: another wealth redistribution season over

Isn't that everyday?

[92redragtop]

Agreed, the perpetual proctologist exam recurs every day. I’m thinking between fed/provincial tax followed by sales tax when using after tax dollars that the total rate must be approaching 50%.

I’m thinking that either the black market (untaxed) economy or simply swapping over to the social assitance side of the fence may soon be more lucrative.

I've seen numbers higher than 50% fully loaded when you stack up HST, fuel taxes, hotel and F&B taxes, etc, etc. I think there may have been a change to how food is taxed in groceries also because some things that never used to be taxed how have taxes applied....noticed this over the past couple months.

The progression of big data will have interesting implications for the underground economy is they can figure out how to use it effectively. A lot of things can be trackable if you triangulate the appropriate raw data points.

[92redragtop]

I believe it. I hadn’t considered using big data to crack the underground economy, but it sounds very doable unless all cash transactions for both income and purchases. You’d be screwed on big ticket items

My vote is lower taxes for a more prosperous economy and higher total tax revenues, like maybe the recent US example. I forget though this doesn’t fit the socialist agenda

If they figure out how to use big data (eg. vehicle registration, building permits, travel plans, investments, cross-border customs/broker data, etc) and tie back to CRA data and generate patterning and exception triggers they can do it. They haven't figured it out yet but as the public service employee base turns over they may figure out they can do it - the data is there now, they just have to envision the relationships.

[Laffs]

CRA is already doing that. Know of several people who were busted because they reported low low income but the CRA determined they were spending well above that YoY. Maybe you bought a car for cash but you're filling up with gas daily sort of thing.

[92redragtop]

CRA is already doing that. Know of several people who were busted because they reported low low income but the CRA determined they were spending well above that YoY. Maybe you bought a car for cash but you're filling up with gas daily sort of thing.

Yes they are but I don't think they're doing it well (not sure if they consolidate vehicle registrations and building permits, etc and match back to tax return history). I don't think they've figured out how to scale it yet - maybe as AI goes more mainstream they may adopt the algorithms to do it enmasse and do robo letter generation to contact those identified. I hope they don't figure this stuff out too soon....but that's how I would approach it if I was there.

[92redragtop]

For now I’ll bet on lazy inept government employees not being up to the task. Maybe instead of black market I’ll just declare myself a person of color, female midget, LBTQXXX, unnamed phobic religion, illegal migrant, and stick my hand out.

While I'd prefer the lower tax option, given the above scenario, I'd rather make $1 million and pay the going tax rate and take home ~$500K than be in one of those stated groups and get a $20K, $30K, $40K handout or whatever it is the government currently pays out. I think seniors probably get about $16K max now so I can't imagine it's that much higher (maybe $25K tops hypothetically).

[Black Sheep]

I feel like tax planning is a whole lot smarter than relying on returns but no one seems to pay any attention to that.
.

Oh,,,I pay very close attention to that. This bs that the libtard was trying to change " passive investments " and tax the crap out of it, scared me big time,,,thankfully it was not that bad for me....but bad for many other small business owners.

[IanGTCS]

Kevin your saying the same thing I keep telling people. There's no magic bullet for most individuals that results in a huge tax credit beyond either over paying up front or wildly contributing to RRSPs or having school credits, and then like you pointed out you're just getting the money you gave to the government back not new money. I feel like tax planning is a whole lot smarter than relying on returns but no one seems to pay any attention to that.

Have a drink now, those February/March corporate year end returns won't file themselves.

I'm an office guy at a landscaper. The bulk of our labourers don't get this to any degree at all. I mean comically not understanding anything about taxes or payroll deductions. One genius went on a solid 10 minute rant about how weekly or biweekly pay totally changes the amount of tax you pay over the year. Our accountant, general manager and myself couldn't get through to him that pay period doesn't make any difference at the end of the year. Working there has made me realize how much we need to teach some sort of basic personal finance in the school system. Just thinking about it makes me mad at how some of the guys have been taken on car loans,

I've always aimed to get a small refund (sub $100) simply because it feels nicer than paying. Yeah, I'm paying the exact same amount at the end of it, just feels better.

[Laffs]

Ya now try doing that but with Roofers.

[IanGTCS]

Ya now try doing that but with Roofers.

My brother in laws family owns a flat roof company. Same type of people, different drug choices.

[Harbinger]

My employer didn't deduct properly so CRA made a monumental rectal invasion and pulled out a nice chunk out of my cobra savings.

Sent from my SAMSUNG-SM-G891A using Tapatalk

[Mellow Yellow]

Kevin your saying the same thing I keep telling people. There's no magic bullet for most individuals that results in a huge tax credit beyond either over paying up front or wildly contributing to RRSPs or having school credits, and then like you pointed out you're just getting the money you gave to the government back not new money. I feel like tax planning is a whole lot smarter than relying on returns but no one seems to pay any attention to that.

Have a drink now, those February/March corporate year end returns won't file themselves.

Chris

You HAD to bring that up!!! LOL

[Mellow Yellow]

Has anyone noted the question on the tax return regarding "have you sold your personal residence?" and they want details of how much it was sold for.

Seems inconsequential doesn't it? After all gains on personal residences are not taxable.

Think again!

Myself and a few other CPAs/CAs have discussed this...the only thing we can figure is that the government is getting ready to tax those gains.
The likely scenario is say in 2020 they have decided to tax personal residence gains; they will require you to get an appraisal on Dec 31, 2019. Any gain to that point would be tax exempt; anything after that taxable.

Of course, this is an opinion/hypothesis but with the way governments are burning through cash I can see the possibility.

We think they are gathering data to make a case for this....if you don't answer the question I think there are consequences.

Hope I'm wrong!

[92redragtop]

Has anyone noted the question on the tax return regarding "have you sold your personal residence?" and they want details of how much it was sold for.

Seems inconsequential doesn't it? After all gains on personal residences are not taxable.

Think again!

Myself and a few other CPAs/CAs have discussed this...the only thing we can figure is that the government is getting ready to tax those gains.
The likely scenario is say in 2020 they have decided to tax personal residence gains; they will require you to get an appraisal on Dec 31, 2019. Any gain to that point would be tax exempt; anything after that taxable.

Of course, this is an opinion/hypothesis but with the way governments are burning through cash I can see the possibility.

We think they are gathering data to make a case for this....if you don't answer the question I think there are consequences.

Hope I'm wrong!

That is a strong possibility over the long term but can be political suicide without adopting a US style cap gains on property approach, to also allow mortgage interest tax deductibles. There has been a house/condo flipping tax-free party for years (including unfinished condos) and they definitely want to identify and tax those gains versus true primary residences which would lose the so-called "middle class" vote. The private access condo sales and flipping news out of Vancouver today is another version of this. Bureaucrats can't keep up with all the ways to deal in real estate. There is another one emerging in BC now which is a crowd-sourced platform for real estate investing although they are not actually using the crowdsourcing exemption now but using the BCSC exempt investor rules instead.

[92redragtop]

My employer didn't deduct properly so CRA made a monumental rectal invasion and pulled out a nice chunk out of my cobra savings.

Sent from my SAMSUNG-SM-G891A using Tapatalk

That's not a bad thing - it means you had use of your money during 2017 plus 4 months in 2018 instead of giving it to the government.

[Laffs]

My brother in laws family owns a flat roof company. Same type of people, different drug choices.

Flat Roofs is the company I'm at now, problem know em lol.


Chris

You HAD to bring that up!!! LOL

Sorry LOL. Just because we're currently in the midst of that at work.

[5.4MarkVIII]

That is a strong possibility over the long term but can be political suicide without adopting a US style cap gains on property approach, to also allow mortgage interest tax deductibles. There has been a house/condo flipping tax-free party for years (including unfinished condos) and they definitely want to identify and tax those gains versus true primary residences which would lose the so-called "middle class" vote. The private access condo sales and flipping news out of Vancouver today is another version of this. Bureaucrats can't keep up with all the ways to deal in real estate. There is another one emerging in BC now which is a crowd-sourced platform for real estate investing although they are not actually using the crowdsourcing exemption now but using the BCSC exempt investor rules instead.

wouldn't surprise me. seen a lot of people over the last ten years that buy a house, move in while "renovating" which usually includes painting everything and the cheapest materials possible, then selling for a profit and moving to the next flip. that way they can claim as personal residence

[Laffs]

wouldn't surprise me. seen a lot of people over the last ten years that buy a house, move in while "renovating" which usually includes painting everything and the cheapest materials possible, then selling for a profit and moving to the next flip. that way they can claim as personal residence

I have no problem with this. If you want to go through the headache of living inside a reno, the stress of doing or having the renovations done, and the shit show of selling/buying and moving every 12 month by all means make some profit.

[stangstevers]

you know if you make 200k today, the assholes take away 73 grand!!! 73k!!!!

One of my life goals was to reach over 200k just for the sake of getting there, now I'm thinking what's the point!? You just get punished for working your arse off! I'm not against taxes but it's a big pill to swallow with all the theft going on and mismanagement of funds.

Why the hell are our tax dollars going towards illegal immigrants? Why is toronto hiring a "black relations manager" (or whatever the title is) at over 130k a year, I thought the people in this city are beyond stupid racism and how can you be racist in a city where TECHNICALLY (according to stats) the visible minority is actually white folk!!! Why are we paying a hydro CEO over 6 million bucks when Quebec is not even a million (and that job is harder than in ontario). People like morneau should be shot repeatedly in the head, why is our tax dollars continuing to pay for such a moron and, even worse, allow that idiot to manage "finances"?

I wish we could opt out of paying taxes until governments are held accountable for some sort of cost/benefit. Right now the ratio is skewed to ridiculous levels. They're addicted to spending our money.

[5.4MarkVIII]

true but the problem is a lot I see are far from done right. noting to code no permits. little expertise
just slap on some new paint, trim and floor, then list at completely renovated

I know of one down the street from me that was still full of galvanized pipe and knob and tube

they replaced everything visible, then bulkheaded the connections and filled them full of spray foam. then sold it as being rewired and all new plumbing

seems the ones trying to skip on the taxes are also the ones screwing over the new buyers

[Harbinger]

you know if you make 200k today, the assholes take away 73 grand!!! 73k!!!!

One of my life goals was to reach over 200k just for the sake of getting there, now I'm thinking what's the point!? You just get punished for working your arse off! I'm not against taxes but it's a big pill to swallow with all the theft going on and mismanagement of funds.

Why the hell are our tax dollars going towards illegal immigrants? Why is toronto hiring a "black relations manager" (or whatever the title is) at over 130k a year, I thought the people in this city are beyond stupid racism and how can you be racist in a city where TECHNICALLY (according to stats) the visible minority is actually white folk!!! Why are we paying a hydro CEO over 6 million bucks when Quebec is not even a million (and that job is harder than in ontario). People like morneau should be shot repeatedly in the head, why is our tax dollars continuing to pay for such a moron and, even worse, allow that idiot to manage "finances"?

I wish we could opt out of paying taxes until governments are held accountable for some sort of cost/benefit. Right now the ratio is skewed to ridiculous levels. They're addicted to spending our money.13 percent tax is enough. Why should someone making more get taxed more? Makes no sense to me

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[Mellow Yellow]

Had a taxpayer who tipped the scales at $250K.

His marginal tax rate, including surtaxes hit 53%!

[92redragtop]

Had a taxpayer who tipped the scales at $250K.

His marginal tax rate, including surtaxes hit 53%!

That rate kicks in at $200K or $250K income I believe - courtesy of Justin and Kathleen.

[5.4MarkVIII]

That rate kicks in at $200K or $250K income I believe - courtesy of Justin and Kathleen.

is that combined income or only single in the case of spouse?

[92redragtop]

is that combined income or only single in the case of spouse?

I'm not sure if that applies to family income (I assume it does)...perhaps one of the accountants know?

[Mellow Yellow]

I'm not sure if that applies to family income (I assume it does)...perhaps one of the accountants know?

The rates are per individual. The only reason family income is considered in Canada is for the income tested credits: such as GST credit and (in Ontario) the Trillium credits.