silverpig Posted February 20, 2013 Share Posted February 20, 2013 I don't think that would work. Take this scenario: you have a corporation with, say, one shareholder, who's also the sole director. The corporation is generating money that it's not paying out. This person is doing pretty well, so they don't need to take the money right away. So what happens? Instead of the money being taxed as it comes to the corporation, it's not taxed at all. So the corporation can keep re-investing and re-investing, constantly making more money tax free. Eventually, the sole shareholder takes out some cash, but not all of it - a large chunk stays in there to invest. Maybe he only takes out what he absolutely needs, and never any more, knowing that, if he had to, the money's sitting in the corporation. The benefit to him is that he gets to defer paying income tax on his money until he wants to, and the money in his corporation isn't taxed at all while it's sitting in the corporation. If that were possible I think a lot more people would be setting up personal corporations and handling their money that way so that they can basically put themselves in whatever tax bracket they want, and pay tax on income only when they want. I think the government would lose a lot of money if this were to happen, which would mean cuts across the board to basically everything. Link to comment Share on other sites More sharing options...
silverpig Posted February 20, 2013 Share Posted February 20, 2013 The Liberals can't be trusted on a good day, why would anyone believe the garbage Mike DeJong served up today? But let's pretend the Liberals are trying to govern the province and not in say-anything-to-get elected mode. This budget has some of the NDP ideas that Dix has been saying for awhile now. Like the raising of corporate taxes and an increase to high end earners. But the Liberals trying to sell this as a legitimate balanced budget is laughable. It's balanced once we sell off 800 million is assets? lmao! And don't forget, DeJong relies on an increase in income from BC Hydro in this "balanced budget" We'll, do the math people. I did. If his projections are right, that will mean at least a 30% increase in everyone's Hydro bill to make up that revenue. But of course, DeJong didn't say that. And the MSP is going up yet again. That means the MSP has gone up 90% since 2001 (the year the Liberals took power.) The liberals lean hard on hard working families for their coffers. By the way, BC is the only province that charges MSP. Anyone who still drinks the Liberal kool-aid needs to wake up. They are not the fiscally responsible government they pretend to be. The B.C. debt has increased 1.4 billion every year since they've been in power. That's double the provincial debt we had in 2001 (the year the Liberals took power). They wasted 200 million on software that had to be junked. They axed BC Place having a new name that would have generated some revenue because Christy Clark had a hissy fit with the president of Telus. And on and on it goes. The Liberals are a joke. They are out of ideas. They are tired. They need to go. Link to comment Share on other sites More sharing options...
literaphile Posted February 20, 2013 Share Posted February 20, 2013 That doesn't make sense. If the cash is forever tied up in the corporation, the person can never access it. If they ever want to access it, it gets taxed. Link to comment Share on other sites More sharing options...
Grapefruits Posted February 20, 2013 Share Posted February 20, 2013 As someone who wasn't well off and had to pay MSP at one time, I'm annoyed that they are raising the rates, even though I don't live in BC anymore. Your Hydro rates issue is a bit of a red herring. Go compare electricity prices in BC to other places in North America. Link to comment Share on other sites More sharing options...
inane Posted February 20, 2013 Author Share Posted February 20, 2013 The B.C. Liberal government likely has the provincial NDP “jumping for joy,” says Martyn Brown, chief of staff to former premier Gordon Campbell, in a scathing critique of the budget during an interview with CBC News anchor Gloria Macarenko Tuesday. Brown, a longtime Liberal insider in B.C., said the budget had done the NDP’s tax-raising “dirty work” for them. “The budget basically conceded the tax turf to the NDP,” Brown said. “I think the only ones jumping for joy today, really, will be the NDP because, effectively, this government has done the dirty work of saying it needs to increase corporate taxes, it needs to increase personal taxes on higher income earners, it’s increasing MSP premiums.” He said the Liberals basically came up with the very tax agenda that the New Democrats had been suggesting. “And most of that won’t take effect until next January, a year from now, so you won’t feel it in this election year but you sure will feel it in the years to come,” said Brown. 'A lot to do about nothing' Brown also predicted the budget will be dead before it has much chance to be enacted. “It’s not going to matter. This budget won’t see the light of day no matter who gets elected. They’re going to have to introduce a new budget. All the assumptions will be re-evaluated in May and all of the spending will be re-evaluated in May. So really, this is a lot to do about nothing.” Brown, author of the e-book, Towards a New Government in British Columbia, has been highly critical of the two-year-old Christy Clark administration, and for months has been predicting an NDP victory in the May 14 election. He says he still is pulling for the Liberals to win, but isn’t holding out much hope. “Miracles do happen in politics, but it’s a long shot, to put it mildly,” Brown said.ttp://www.cbc.ca/news/canada/british-columbia/story/2013/02/19/bc-martyn-brown-budget-critique.html?cmp=rss J Link to comment Share on other sites More sharing options...
pwnstar Posted February 20, 2013 Share Posted February 20, 2013 Charging taxpayers their money to repay money used from the taxpayers. Link to comment Share on other sites More sharing options...
aGENT Posted February 20, 2013 Share Posted February 20, 2013 I don't think that would work. Take this scenario: you have a corporation with, say, one shareholder, who's also the sole director. The corporation is generating money that it's not paying out. This person is doing pretty well, so they don't need to take the money right away. So what happens? Instead of the money being taxed as it comes to the corporation, it's not taxed at all. So the corporation can keep re-investing and re-investing, constantly making more money tax free. Eventually, the sole shareholder takes out some cash, but not all of it - a large chunk stays in there to invest. Maybe he only takes out what he absolutely needs, and never any more, knowing that, if he had to, the money's sitting in the corporation. The benefit to him is that he gets to defer paying income tax on his money until he wants to, and the money in his corporation isn't taxed at all while it's sitting in the corporation. If that were possible I think a lot more people would be setting up personal corporations and handling their money that way so that they can basically put themselves in whatever tax bracket they want, and pay tax on income only when they want. I think the government would lose a lot of money if this were to happen, which would mean cuts across the board to basically everything. Link to comment Share on other sites More sharing options...
RUPERTKBD Posted February 20, 2013 Share Posted February 20, 2013 Sinclair bashing the the government for cutting public service jobs, lol. Link to comment Share on other sites More sharing options...
ahzdeen Posted February 20, 2013 Share Posted February 20, 2013 A sole shareholder would likely most commonly be a small-to medium business. Seems to me it would be helpful to help those guys be more competitive... Link to comment Share on other sites More sharing options...
bolt Posted February 20, 2013 Share Posted February 20, 2013 The BC Liberal election platform; The worst of both worlds (left and right) -Increasing Corporate taxes -Increasing General Taxes -Inceasing MSP every year averaging 5% a year -Raising tuition rates (what were you paying 5 years ago?) -Selling profitable crown corporation assets -Spending millions of dollars of self serving praise government ads -Paying millions of dollars to defend a corrupt Basi and Virk -HST -Increased the debt to the highest levels in BC history Why vote for these clowns? Link to comment Share on other sites More sharing options...
literaphile Posted February 20, 2013 Share Posted February 20, 2013 -HST Link to comment Share on other sites More sharing options...
RUPERTKBD Posted February 20, 2013 Share Posted February 20, 2013 The BC Liberal election platform; The worst of both worlds (left and right) -Increasing Corporate taxes -Increasing General Taxes -Inceasing MSP every year averaging 5% a year -Raising tuition rates (what were you paying 5 years ago?) -Selling profitable crown corporation assets -Spending millions of dollars of self serving praise government ads -Paying millions of dollars to defend a corrupt Basi and Virk -HST -Increased the debt to the highest levels in BC history Why vote for these clowns? Link to comment Share on other sites More sharing options...
RUPERTKBD Posted February 20, 2013 Share Posted February 20, 2013 The HST was one of the best things the Liberals have done (and I'm not a supporter). Going back to the PST is a big part of why we're going to be strapped for cash for years to come. Most people against the HST are against it because they don't know how taxes work, don't know how the HST is actually better for everyone, and just think that the government is always trying to screw them. Link to comment Share on other sites More sharing options...
Langdon Algur Posted February 20, 2013 Share Posted February 20, 2013 Historically way more trustworthy than the BC Dippers. Link to comment Share on other sites More sharing options...
Wetcoaster Posted February 20, 2013 Share Posted February 20, 2013 BC Rail Scandel, HST lies, Drunk driving, gov't funded election ads, previous pre-election budget that ended being totally ignored and replaced with a massive debt and now another pre-election budget that's magically predicting turning a huge debt into a surplus by selling off assests. How are the Liberials more trust worthy than the NDP again? Link to comment Share on other sites More sharing options...
Langdon Algur Posted February 20, 2013 Share Posted February 20, 2013 The HST was one of the best things the Liberals have done (and I'm not a supporter). Going back to the PST is a big part of why we're going to be strapped for cash for years to come. Most people against the HST are against it because they don't know how taxes work, don't know how the HST is actually better for everyone, and just think that the government is always trying to screw them. Link to comment Share on other sites More sharing options...
JollyJet Posted February 20, 2013 Share Posted February 20, 2013 The B.C. Liberal government likely has the provincial NDP "jumping for joy," says Martyn Brown, chief of staff to former premier Gordon Campbell, in a scathing critique of the budget during an interview with CBC News anchor Gloria Macarenko Tuesday. Link to comment Share on other sites More sharing options...
Wetcoaster Posted February 20, 2013 Share Posted February 20, 2013 Perhaps but the issue was right before being elected last time the Liberials said they had no plans to bring the HST in than almost immediately after being elected they brought in the HST. How can you trust a gov't that does that? Link to comment Share on other sites More sharing options...
bolt Posted February 20, 2013 Share Posted February 20, 2013 Because the "clowns" on the other side still believe that the HST is part of the election platform. It should be, BTW, but the stupidity ship has already sailed.... Link to comment Share on other sites More sharing options...
RUPERTKBD Posted February 20, 2013 Share Posted February 20, 2013 so vote for a corrupt party who raise taxes just because you think the other clowns believe that the HST is part of their election platform? Their actions don't deserve them for me to make a trip to vote for them; sorry that those phony government ads aren't working on at least on me. Link to comment Share on other sites More sharing options...
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