The "LOLCANADA" thread...again
So what's new?
I've noticed the Liberals are now ahead in all major polls and Trudeau hasn't even started to campaign yet...i'd be shocked if they lost the election now.
Just shows just how incompetent Conservatives are.
250k from salary , u make it every year and u pay taxes once !
250k from real estate takes a lot of year ,
massive investment (roof/windows replacement ,etc) to keep it liveable,
u pay taxes every year from tax properties already ,
u payed the house already with money that was already taxed from ,
u payed the rest of the mortgage with interest rates , etc.
Furthermore let’s say u make 250k in 10 years .
That represent 25k per year of income , u think it’s fair to tax it at 66% while so
You are correct here.
Here is a development project I did a few years ago broken down simply:
Empty commercial building 22 000 square feet.
Bought it for $1.5M.
Renovations over 2 years: $1.5M
Converted it into 79 student housing rooms.
The $1.5M in construction costs, half of it went to construction labour, the other half to materials. Plus I added housing supply to the market that didn't exist before.
Why on God's green earth is my work here equal to someone that just did labour input? Canada in fact desperately needs more people like me to go out there and create housing stock. Probably on the 1st order of priority since there is a massive housing crisis across Canada right now.
Regardless, politicians and non real estate folk have zero clue as usual, and the closer they get to leftism on taxes the dumber their policies.
Because people that boot lick the government from both sides truly believe the government is supposed to just keep growing and spending.
When in fact there is so much worthless bloat and fat that we need to do automatic 10-20% across the board firings every 5-10 years.
This is incorrect.
We should always reward capital deployment because that is the main driver of the economy and a ton more valuable to society than simple labour input.
Risking capital needs to be rewarded, not punished unless you are a regressive society.
The capital gains tax should be no more than 10%.
When capital gains taxes are lower than dividends, it encourages spending on stock buybacks to increase stock price. The tax code should be neutral on the choice of way to return value, but if you want to reward more than cut tax rates while maintaining equilibrium between different mechanisms.
You are correct here.
Here is a development project I did a few years ago broken down simply:
Empty commercial building 22 000 square feet.
Bought it for $1.5M.
Renovations over 2 years: $1.5M
Converted it into 79 student housing rooms.
The $1.5M in construction costs, half of it went to construction labour, the other half to materials. Plus I added housing supply to the market that didn't exist before.
Why on God's green earth is my work here equal to someone that just did labour input? Canada in fac
doesnt the gst removal on student housing directly help your exact situation here?
Of course it does. Lowering taxes on the GST is going away from leftism on taxes and it was a smart move.
And then on the other hand they raise my taxes if I sell the building?
I won't sell that building to just park the money in my bank account, I will sell it to deploy the capital into other development projects. Why disincentive me from doing so?
It's in Canada's best interest to see capital constantly deployed, sold, redeployed in real estate for more housing construction. The more you directly increase the cost of doing this process the less of it you get.
Well if you are making over 250,000 a year in capital gains - firmly in the top 0.13 - you should be well incentivized to continue making tonnes of money. What’s your plan, a long nap now that Trudeau both helped and hurt you?
When capital gains taxes are lower than dividends, it encourages spending on stock buybacks to increase stock price. The tax code should be neutral on the choice of way to return value, but if you want to reward more than cut tax rates while maintaining equilibrium between different mechanisms.
We're talking about real estate since this is what this tax went right after.
Right now, if you waved a wand and said I could sell every single building I own and pay 0% in taxes. I would offload the entire portfolio. I would aggregate the cash and do more projects.
I personally own a building without any partners with $1M in capital gains. I flip flop between selling it or keeping it and the deciding factor to keeping it boils down to how much taxes I have to pay.
If I sold it, as a real estate crack head, I wouldn't just go buy GIC's or stocks with it, I would go do more development projects.
Well if you are making over 250,000 a year in capital gains - firmly in the top 0.13 - you should be well incentivized to continue making tonnes of money. What’s your plan, a long nap now that Trudeau both helped and hurt you?
Take a nap?
I'm converting a building as we speak right now. Bought a semi commercial building last November and will be done with renovations for the final apartment mid May.
Last year I completed another commercial conversion project in a C area.
Give me more capital to work with and I will be doing more of these.
The capital gains inclusion rate is broad spectrum across the entire economy, it wasn't focused on real estate at all. When I speak about things like making income/capital gains/dividents all cost the same basic amount in taxes so there isn't an imposed bias one way or the other, this is thanking over the entire economy. There were billions of dollars of incentives for housing in the budget, though, that is a sector getting a tonne of privileged treatment which makes sense given the need for housing.
Give me more capital to work with and I will be doing more of these.
Sure, that's nice, but this isn't an argument for capital gains specifically. If you had a higher inclusion rate but a lower corporate tax, it would be the same thing. If personal income tax was less, the corporation can pay less in salaries for the same benefit to individuals and again have more capital to invest. Same for lowering the taxes on dividends. I gave an example earlier where because capital gains were previously less than other mechanisms of returning value to shareholders, that this incentivizes stock buybacks specifically over dividends as a mechanism. So yes, more capital in any industry creates the potential for more growth, but it is better to be tax neutral and lower rates than to be asymmetric.
Gotta love Calgary spend $5 million on consultants to come up with the new city slogan
Blue Sky City
#liberals
Agreed but 5 million could you not have had high school contest or SAIT marketing students do a project .
Something to do with gateway to the mountains and who even needs a slogan
Politician lost the sense of value toward money .
Reminds me of the idiotic 5 millions given by Quebec to nhl in subsidies to have 2 nhl games in October …
As if they needed it .
so the polls are in and 50% of the folks think its a bad budget. 21 % think its good
Funny it was only a short time ago Trudeau said housing not a federal responsibility and now he is building 4 million homes by 2030. Its like planting 2 billion tress its never gonna happen but sounds great
Even the CTV host says its total BS
Mulcair doesnt think Trudeau runs again but admits with his ego who knows
Broken YouTube LinkI get the big old Climate scare but the province of BC baffles me
They have a 12% sales tax or fossil Fuel tax on all gas appliances, furnaces and fireplaces and will ban these all in 2030. They are 100% all in on Electrical power. Problem is they do not have enough electrical power and in many parts of BC heat pumps will not do the trick when it gets colder than minus 20 .
Also BC imports power from Alberta which is powered by coal and NG. So if all the snow caps are melting or disappearing will those rivers powering those damns run out
On a lighter note drove to Lethbridge and there must have been a 1000 wind turbines around pincher creek. Great idea tons of wind in that area
7 Ways to kill the CDN Dream
Yawn
So Pierre gets kicked out of parliament for calling Trudeau a Wacko but Trudeau just earlier called Pierre Spineless and nothing
Speaker is biased as hell
Liberals calling it right wing rhetoric
Lol at poilievres little temper tantrum. He didn’t get kicked out for his clearly unparliamentary language, unable to control himself, but for failing to follow parliamentary procedure and withdraw the comment. Instead he insisted at throwing more barbs in each time.
Transmountain pumping oil. Yet another promise fulfilled by the liberals in support of albertan oil.
Transmountain pumping oil. Yet another promise fulfilled by the liberals in support of albertan oil.
Did you seen what it's going to do for Canada's GDP? It's also good for the oil industry/world and will increase production in the oil sands. Yet another example of the carbon tax saving the world.
Ya, it'll do big numbers. Great example of fearless leadership by our PM to put Canadian oil, Canadian jobs, and the Canadian economy first. At this point we should make a new acronym YATPA, Yet Another Trudeau Promise Accomplished.
Good article talking about how the easy-to-report top line number sometimes hides that this is really a very good deal for taxpayers even with cost overruns etc: https://thehub.ca/2024-04-30/trevor-tomb...
Lol at poilievres little temper tantrum. He didn’t get kicked out for his clearly unparliamentary language, unable to control himself, but for failing to follow parliamentary procedure and withdraw the comment. Instead he insisted at throwing more barbs in each time.
Why should he when the PM can call him spineless
