Trudeau's First Moves

[Smallc]

So.....the new policy is Do what I say...not what I do.

It could also be argued that he knows what he's talking about, and we should listen to him.

[Smallc]

Middle income earners not saving enough but, they're going to lower the TFSA limit? Hmmm.

How many middle income earners are using their full TFSA? Right now, I have $5000 in mine total. I can't put much more into it, as I've decided, as low as interest rates are, I'm going to use this opportunity to eliminate the rest of my non car debt.

[socialist]

As I've demonstrated here (earlier in the thread), the Conservatives gave over $350M in 'loans' for the C series program over the last few years. They were also happy to join hand in hand with Ontario and the US Government to bail out two automakers. I have a pretty strong feeling that Trudeau will give 'loans' of some type to Bombardier. As they've already found a partner in the Quebec government, it's a pretty safe bet.

Listing being an advisor to Kathleen Wynne, as an example of your qualifications, is akin to saying you were an advisor to the Captain of the Titanic.

The only difference between the financial state of the the Province of Ontario and the Province of Quebec is, in Quebec it's done in French.

[socialist]

How many middle income earners are using their full TFSA? Right now, I have $5000 in mine total. I can't put much more into it, as I've decided, as low as interest rates are, I'm going to use this opportunity to eliminate the rest of my non car debt.

Many who know how to save and cut back on needless spending can. Not my fault you don't know how to save. My TFSA savings has to be reduced because people like you don't know how to manage money. I see, spoken like a true statist.

[drummindiver]

How many middle income earners are using their full TFSA? Right now, I have $5000 in mine total. I can't put much more into it, as I've decided, as low as interest rates are, I'm going to use this opportunity to eliminate the rest of my non car debt.

So if your argument is no one is using it, why are they bothering to change it?

btw, I do max mine, and I am nowhere near rich.

[Smallc]

The only difference between the financial state of the the Province of Ontario and the Province of Quebec is, in Quebec it's done in French.

Actually, last I checked, Quebec had really improved. Ontario is also shrinking their deficit (finally).

[socialist]

Actually, last I checked, Quebec had really improved. Ontario is also shrinking their deficit (finally).

Ontario is shrinking the deficit? How? When? Where? LOL

[Smallc]

Many who know how to save and cut back on needless spending can. Not my fault you don't know how to save. My TFSA savings has to be reduced because people like you don't know how to manage money. I see, spoken like a true statist.

I spend most of my money paying off debt and traveling the world. I feel I should travel now while I'm young and healthy rather than waiting for a time when i might not be able to do so.

[socialist]

I spend most of my money paying off debt and traveling the world. I feel I should travel now while I'm young and healthy rather than waiting for a time when i might not be able to do so.

So my TFSA limit has to be reduced because guys like you put travelling ahead of saving? Good grief.

[poochy]

No. If you make under $44K you stay the same. From $44K - $220K~ you'll pay less tax. After $220K~, you'll pay more tax because of the rate increase on those making more than $200K per year.

When that happens, we can look at it. I think they'll do it. I know the Conservatives would have.

I guess the information on their own website is a lie,

"Canadians with taxable income between $44,700 and $89,401 per year will see their income tax rate fall."

https://www.liberal.ca/files/2015/05/Fairness-for-the-Middle-Class.pdf

There is no change from 89-138k, and of course with no income splitting many of those families who earn that collectively will pay thousands more in tax. But im sure other people deserved it more.

Edited November 6, 2015 by poochy

[socialist]

I spend most of my money paying off debt and traveling the world. I feel I should travel now while I'm young and healthy rather than waiting for a time when i might not be able to do so.

So we have a Daddy's boy running the country and he appointed a Daddy's boy to look after our finances.

Great.

No seriously, awesome.

Why can;t we vote in a Government of hard working people that have achieved success through merit and not privilege?

I can't believe so many Canadians have had the wool pulled over their eyes just to spite Harper.

[Smallc]

Ontario is shrinking the deficit? How? When? Where? LOL

As much as they try to dress it up, even the Sun can't deny it:

Following last year’s $10.3-billion deficit, Wynne will load $8.5 billion more in debt on Ontario taxpayers in 2015-2016 and $4.8 billion more in 2016-2017, before, she says, balancing the budget in 2017-2018.

http://www.torontosun.com/2015/10/20/ontario-drowning-in-red-ink

Keep in mind though, they may miss that target by a year with the recent slowdown in the economy.

[Smallc]

So my TFSA limit has to be reduced because guys like you put travelling ahead of saving? Good grief.

There are other savings vehicles that you can take advantage of.

[drummindiver]

Actually, last I checked, Quebec had really improved. Ontario is also shrinking their deficit (finally).

Uh, no, they aren't.

http://www.torontosun.com/2015/11/05/wynnes-drowned-us-in-reckless-debt

[socialist]

As much as they try to dress it up, even the Sun can't deny it:

Following last year’s $10.3-billion deficit, Wynne will load $8.5 billion more in debt on Ontario taxpayers in 2015-2016 and $4.8 billion more in 2016-2017, before, she says, balancing the budget in 2017-2018.

http://www.torontosun.com/2015/10/20/ontario-drowning-in-red-ink

Keep in mind though, they may miss that target by a year with the recent slowdown in the economy.

Rainbows and UNICORNS!!!!!

You buy that crap, don't you?

[socialist]

There are other savings vehicles that you can take advantage of.

I like the TFSA the best. I was able to maximize my contributions because I know how to save and cut needless spending. I believe in being self-sufficient. Sadly, many others want the government to babysit them for the rest of their lives. Sad indeed. Sad.

[Smallc]

There is no change from 89-138k, and of course with no income splitting many of those families who earn that collectively will pay thousands more in tax. But im sure other people deserved it more.

I see that you don't understand how progressive taxes work.

The tax rate for people making $44K-$89K is being decreased from 22% to 20.5%. A new rate is being created at the top end for people making more than $200K per year. They will see the rate on their income over $200K go from 29% to 33%.

This means that someone making more than $44K will see their tax bill decline. The maximum drop is projected to be $670 per year. That would be true for anyone making between $89K and $200K. After passing $200K per year, the $670 in savings would get smaller, as the new, higher rate would eventually eat up the $670 total at approximately $220K per year.

Also, while it's true that income splitting for families has been eliminated, the Liberal child benefit plan will pay out a larger amount of money than the current arrangement to anyone with a household income of less than $140K per year, with the new plan paying nothing above $200K per year.

[drummindiver]

"How many middle income earners are using their full TFSA? Right now, I have $5000 in mine total. I can't put much more into it, as I've decided, as low as interest rates are, I'm going to use this opportunity to eliminate the rest of my non car debt."

"I spend most of my money paying off debt and traveling the world. I feel I should travel now while I'm young and healthy rather than waiting for a time when i might not be able to do so."

I feel I should max my TFSA. I'm glad you feel your needs more important than mine. I feel they are equal. If I want to save, give me the room in my TFSA. If I want to travel, I won't save, no harm no foul.

[Smallc]

Uh, no, they aren't.

http://www.torontosun.com/2015/11/05/wynnes-drowned-us-in-reckless-debt

Uhh, yes they are. Even if they miss their target, the deficit is still getting smaller and is projected to keep getting smaller.

[Smallc]

I feel I should max my TFSA. I'm glad you feel your needs more important than mine. I feel they are equal. If I want to save, give me the room in my TFSA. If I want to travel, I won't save, no harm no foul.

I don't feel I should pay higher personal taxes than necessary to pad your TFSA.

[drummindiver]

Uhh, yes they are. Even if they miss their target, the deficit is still getting smaller and is projected to keep getting smaller.

Sorry Smallc, I couldn't find any legit cites one way or another, but I have to disagree with you. Do you have a cite?

http://www.moneygeek.ca/weblog/2014/06/23/how-big-ontarios-debt-problem/

[Smallc]

Sorry Smallc, I couldn't find any legit cites one way or another, but I have to disagree with you. Do you have a cite?

http://www.moneygeek.ca/weblog/2014/06/23/how-big-ontarios-debt-problem/

If you want to start another thread I'll be happy to talk about it.

[drummindiver]

I don't feel I should pay higher personal taxes than necessary to pad your TFSA.

If you say so.

If you don't want to save and be responsible, I shouldn't have to suffer.

[Smallc]

If you say so.

If you don't want to save and be responsible, I shouldn't have to suffer.

Paying off debt is a very irresponsible thing. The reality is, neither is all that good for the economy at the moment. We need economic activity.

[poochy]

I see that you don't understand how progressive taxes work.

The tax rate for people making $44K-$89K is being decreased from 22% to 20.5%. A new rate is being created at the top end for people making more than $200K per year. They will see the rate on their income over $200K go from 29% to 33%.

This means that someone making more than $44K will see their tax bill decline. The maximum drop is projected to be $670 per year. That would be true for anyone making between $89K and $200K. After passing $200K per year, the $670 in savings would get smaller, as the new, higher rate would eventually eat up the $670 total at approximately $220K per year.

Also, while it's true that income splitting for families has been eliminated, the Liberal child benefit plan will pay out a larger amount of money than the current arrangement to anyone with a household income of less than $140K per year, with the new plan paying nothing above $200K per year.

You said you pay less tax from 44-220k, you do not, you pay less from 44-89k, so no. it's not a decrease to 220, its a decrease on the portion up to 89. A very small decrease, which will be completely offset for many who will pay MUCH more without income splitting.