🚀 go-pugleaf

This is an article that you might find interesting:

http://www.mondaq.com/canada/x/228596/tax+authorities/Federal+Budget+2013+Improving+The+Integrity+Of+The+Tax+System&email_access=on



On Monday, 25 March 2013 20:32:09 UTC-5, uts...@hotmail.com  wrote:
> Greetings,
> 
> I’ll just come out and say I need my curiosity satisfied with an education.  Jim Flaherty announces he is going to close loopholes,  corporate loopholes.  I consider myself moderately knowledgeable in tax laws but I’m an individual, so my knowledge of corporate taxes is limited.  So what precisely are these loopholes?
> 
> An individual has to declare foreign income,  don’t corporations have to do the same?  Tax treaties and such.  Aren’t the days of “hiding” your money in Swiss banks accounts over?  Doesn’t Canada Revenue Agency (CRA) get you on the money transfer out?
> 
> My theory is politicians are not complete smucks when it comes to collecting money.  Politicians will not allow these ‘loopholes’ to persist for long durations.  Politicians come out with news sound bites such as “we’re going after corporate cheaters and close their tax loopholes”  because it sounds good to voters who may not know any better.  Or am I wrong?  If so please tell me.  What are these loopholes?

On Tuesday, 26 March 2013 11:13:14 UTC-4, Alan Baggett  wrote:
> This is an article that you might find interesting:
> 
> http://www.mondaq.com/canada/x/228596/tax+authorities/Federal+Budget+2013+Improving+The+Integrity+Of+The+Tax+System&email_access=on
> 

Allan,
I took a look at the link but had trouble understanding it.  Guess it would help if I was an accountant?  The parts I did understand still didn’t help me and still does not dispel my theory.  
The credit to buying and upgrading machinery,  I would hardly call that a loophole.  
These synthetic dispositions, from what I understand these use ‘creativity’ in determining and claiming your property value at time of purchase and sale.  With this creativity, yes, you can avoid capital gains,  but… the flipside is also true,  you would not benefit from capital loss.  Synthetic dispositions do not appear to be exclusive to mega corporations,  an individual could had utilized this.  So this soon to be formal loophole was not exclusively a corporate tax loophole.  
Some more rule changes to trusts.

In the end, I’m still lost.  Perhaps I shouldn’t compare and individual to a corporation, be more fair and compare apples to apples and oranges to oranges.  I still don’t see a  tax advantage loophole that mega-corporations have that a more modest convenience store owner for example do not have access too.  If there was an advantage, that would be the essence of this so-called ‘loophole’  right?

Thanks

On 26/03/2013 3:02 PM, utsuxs@hotmail.com wrote:
> On Tuesday, 26 March 2013 11:13:14 UTC-4, Alan Baggett  wrote:
>> This is an article that you might find interesting:
>>
>> http://www.mondaq.com/canada/x/228596/tax+authorities/Federal+Budget+2013+Improving+The+Integrity+Of+The+Tax+System&email_access=on
>>
>
> Allan,
> I took a look at the link but had trouble understanding it.  Guess it would help if I was an accountant?  The parts I did understand still didn�t help me and still does not dispel my theory.
> The credit to buying and upgrading machinery,  I would hardly call that a loophole.
> These synthetic dispositions, from what I understand these use �creativity� in determining and claiming your property value at time of purchase and sale.  With this creativity, yes, you can avoid capital gains,  but� the flipside is also true,  you would not benefit from capital loss.  Synthetic dispositions do not appear to be exclusive to mega corporations,  an individual could had utilized this.  So this soon to be formal loophole was not exclusively a corporate tax loophole.
> Some more rule changes to trusts.
>
> In the end, I�m still lost.  Perhaps I shouldn�t compare and individual to a corporation, be more fair and compare apples to apples and oranges to oranges.  I still don�t see a  tax advantage loophole that mega-corporations have that a more modest convenience store owner for example do not have access too.  If there was an advantage, that would be the essence of this so-called �loophole�  right?
>
> Thanks
It is fair to compare individual and corporate taxations.  The dumb 
envy/greed driven statism-left can't see the obvious relationship 
between corporate and individual taxes and think 15% isn't enough.

Envy/greed driven statism-left fail to recognize the taxes developed 
from economic activity, GST, HST, employment taxes are all above and 
beyond the 15%.  And when share holders get their gains and dividends, 
it is taxed again without any real breaks on inflation.  That is, all 
earnings buy companies end up being double taxed, once at the 
corporation and again in the shareholders income tax.

Taxing gov'mint slackers and political chair mushrooms isn't real income 
to the government, just a money move.  The taxation from companies is 
however real income and not a money move.  The idea is to remove wealth 
from producers to fund bailout corruption, big gov'mint waste and 
provide as little as possible in services for the people.

We really are talking of gov'mint tax greed.  Of course he should be 
able to deduct expenses.  But when you get a nazi like CRA on your ass, 
well, Ottawa is greedy.

Yet if you were one of the 105 super-rich corrupt Canadians in 
Lichtenstein that can afford millions for lawyers....and political 
contributions you get forgiveness and don't even have to pay the full 
amount.

Its all about f'king the middle class.  Keep them working hard, taxed 
poor and funding gov'mint bloat and corruption.  75% of Ottawa spending 
will never benefit Canadians coast to coast.  Over 2 million able people 
paid to be idle.  Porked up gov'mint and union pensions for back room 
bribery/lobby.....

No one _really represents the middle class.  TO Ottawa the middle class 
are tax slaves of corrupt state.
-- 
Liberal-socialism is a great idea so long as the credit is good and 
other people pay for it.  When the credit runs out and those that pay 
for it leave, they can all share having nothing but debt and discontentment.