Top 5 Things MSM Won’t Tell You About The Budget

24 Replies to “Top 5 Things MSM Won’t Tell You About The Budget”

1. I know why the Liberals figure they’ll get a lot more in personal income tax this year. They’re aggressively going after the ordinary taxpayer, demanding “proof” of just about every deduction, and reassessing vigorously any taxpayer who isn’t able to give the required “proof”. And they get to decide what is adequate “proof”. So – to all you who are getting ready to file taxes this year – make certain you have iron-clad proof of any expenses or deductions you have claimed. And for those of you relying on bank or Visa statements to back up your claims: forget about it. CRA just laughs at those.

2. So how do you know this? CRA is a joke.

3. I know why the Liberals figure they’ll get a lot more in personal income tax this year.
   They certainly will from me as I’m in the process of settling my father’s estate. I have to file the tax return for it and Juthtin, Morneau, et. al. will be making a lot of money.
   Ah, but there’s no inheritance tax, is there?

4. Your experience should be a heads up to anyone whose parents are approaching the end of their life. Get legal advice on structuring their estate before they die so you get more and the government lets far less.

5. You are correct. The actual visa receipt for the transaction is required, the statement alone isn’t adequate proof.

6. Indeed.
   First the provincial government makes a nice profit through the probate fee.
   Then the estate is liquidated on paper and both the federal and provincial governments get a lot of income tax from the resulting capital gain.
   It doesn’t end there. If the estate generates revenue during the time between the death of the person in question and the change of title to the beneficiary, there’s tax on that.
   Ah, but what if there isn’t enough money on hand to pay those taxes, assets may have to be sold to cover that, possibly generating even more government revenue.
   Nice system we have in this country, isn’t it?

7. I’ll bet the liberal douchebag who first coined the term FAKE news (Hillary Clinton?) … is really sorry about it. Now that the lieberal news media is called out DAILY for their dissemination of FAKE news … Really, really sorry that THEY constructed the perfect weapon to DESTROY their lies.

8. And on another note fellow sda’ers it is now blasphemous to speak ill of islam.Thank you Turdeau and your fellow traitorous stooges in the Islamic Liberal peoples party of Canadistan.It is to weep.

9. As I said, a good estate lawyer will help one avoid most of that. In short, you and the parent become business partners before they die. The lawyer can explain it in more detail.

10. Sometime it doesn’t work out. Family dynamics often get in the way of making such arrangements.
    For example, I heard of one group of beneficiaries quarreling with each other over certain assets for so long that they were worth nothing by the time the matter had been settled.

11. You’re quite correct that family dynamics can be counterproductive. If planned well in advance, a good estate lawyer can make a convincing argument that quibbling gives the government more and everyone else less than a cooperative approach would.

12. Zoolander is keeping his promise of not raising taxes. However, his regime is erasing tax deductions for the middle class.
    It’s like making a deal with the devil. Devil keeps his end, the deal makers don’t get what they expected all the same.

13. My mom told me I’ll be getting a lot of money when she dies. I told her that instead I preferred that she live long enough to spend it all. I think my approach is better.

14. any liberal government is a disgrace to hard working people. Now we have an immigrant passing a bill that says we can’t fear Islam. This country is going downhill so fast there is no stopping it.

15. not much can be said about the budget that does nothing more than suck more money out us.

16. One thing I’ve found out through the work I’ve done so far in settling my father’s estate is that death is enormously profitable….. for anyone but those named in the will.
    For starters, I’ll need to borrow money in order to pay the probate fee. No fee, no letter of probate. No letter of probate, no selling any investments in order to pay the estate’s income tax. None of those expenses can be claimed on my return for next year.
    Of course, I wouldn’t expect anyone like PM Cardboard Cutout to understand that.

17. Just wondering if its intended or not….likely not.
    But I have noticed that now matter the angle or perspective of the photo Morneau always looks cross eyed.
    This should in no way imply the man is deficient I’m sure he didn’t achieve previous success as an HR expert if he didn’t have some level of competency. ….however the contents of the budget seem to suggest economics or financials isn’t one of them.

18. There is one quibble. The notion that there are 100,000+ more kids per year born, and thus 100k+ per year more children ignores the notion, that in the course of a year 100k+ children grow to and become adults.
    To make the argument that 40k new childcare spots is not enough, would require that you show the demographic of new born to 6 year old, as an aggregate, has grown by over 40,000 spots and that demographic to continues to grow.
    But, on the other side, federal government should *NOT*, I will repeat should *NOT* be in the business of providing day care.
    But, in the name of honesty, we need to be able to show that we will note inaccuracies on both sides.

19. I would also love to point out the brilliance in this report, how can gross revenues from income tax go up by over 5% *IF* there are no new taxes.
    HA
    double HA
    I cry for my native land. Granted, living in Texas, we have our own challenges down here. But I digress.

20. The LIE BRALS want to make you income tax poor. Fascism on it’s way….the gov’t doesn’t work for us anymore we work for the gov’t!! OR everyone quits work social programs are a live and doing well!

21. And we should also mention what happens to any cash left in a RRSP or RRIF: the entire amount is added to the income of your estate beneficiary (unless your spouse is still alive, which only defers the above).
    And as you mention, any capital asset (home, cottage; farm or land) will be assessed for capital gains, and taxed accordingly.
    So ‘no inheritance tax’ is baloney. The only thing that actually can be transferred tax-free is cash, and if you intend it for your children, it’s probably wise to give it to them in small amounts while you’re alive.
    And another one: if you die at 65, and have no living spouse, all that you put in CPP is gone. Your children will get 2,500$, not even a fraction of the cost of a funeral.

22. M-103 was a Motion, not a Bill. Spreading misinformation doesn’t help our cause and only destroys credibility. Read the parable about “The Boy Who Cried Wolf” for clarification.

23. You’re right. I told my Mom the same thing and she agreed. She’s 96, ‘going strong’, and the plan is working well.

24. to avoid probate I have everything in cash and g I c s with my wife signed as beneficiary of both insurance and money. it goes one way and a will is not really necessary for that. on the other hand if we both die then a will is activated and my kids will have to worry about the government. if I am no longer travelling and in good health then I will start spinning things off to my kids while I am still alive, one should do a little planning.