CANPOL: Today is election day

[Ben Kenobi]

Well, how else would their kooks get elected?

Dunno. Why don't you ask the NDP, since they seem to have no trouble getting their kooks in.

[Flubber]

Originally posted by Garth Vader


I am not going to argue too much on this because I don't know enough about capital gains. But I'd think if I had that kind of money I'd still invest it, even if I took a bit of a tax hit. You are still better off than if you just piled it up in your bathroom.

I won't get into it either because I don't care that much either way. I have just followed the debate back from when I took my first tax law course. Obviously some ventures will always find investors.

I think the argument is about "encouraging" investors. If you will see half your gains lost to tax, there are a whole bunch of investments that don't look as attractive. So while no you won't put your money under a mattress, you may choose a guaranteed small return rather than a speculative larger one.

Ben raises the "taxed twice" argument-- That one is simple. If any earned dollar is taxed once when earned, it is "unfair" to tax the money earned by that post-tax dollar. I never quite understood that argument since you are only taxed on your gains although there would be a solid argument for factoring in inflation somehow.

Consider -- I have 100,000 and buy a capital property. It produces no net income and after 7 some years, is sold for 200,000. So I should be taxed on the 100,000 gain right?? But what if inflation ran at 10%(extreme I know) for those years . Then my 200,000 now may be worth less than my 100,000 then yet I am taxed on a GAIN??

[Ben Kenobi]

It makes sense to me. You pay taxes on the money that you earn from work. Why should you have to pay an additional tax on that money that you have left over, just because you chose to invest the money, rather then spend it?

[Peter Triggs]

Originally posted by Garth Vader


RRSP's are already tax sheltered and deductable.

Not everybody wants to put money into an RRSP. For one thing, don't they involve significant administrative costs? (I don't know about them: I lived overseas for years and didn't have access to them.)

[Krill]

Because you get taxed on stuff you buy, right? You do have some form of VAT tax?

[Ogie Oglethorpe]

Question for our friends of the great white north,

Where do your liberals threaten to move if a conservative wins?

[Hot Mustard]

Originally posted by Ogie Oglethorpe
Question for our friends of the great white north,

Where do your liberals threaten to move if a conservative wins?

[Fake Boris]

Originally posted by Flubber
Consider -- I have 100,000 and buy a capital property. It produces no net income and after 7 some years, is sold for 200,000. So I should be taxed on the 100,000 gain right?? But what if inflation ran at 10%(extreme I know) for those years . Then my 200,000 now may be worth less than my 100,000 then yet I am taxed on a GAIN??

But taxation is indexed in the form of revenue increments. Surely, if inflation was at 10% for ten years, the amount of your personal exemption should incidentally triple.

[Ben Kenobi]

Because you get taxed on stuff you buy, right? You do have some form of VAT tax?

Yeah, introduced by the Liberal party, and promised to be slashed by the Conservative party.

[Wezil]

Originally posted by Ben Kenobi


Yeah, introduced by the Liberal party, and promised to be slashed by the Conservative party.

Huh? Isn't our VAT the GST...?

btw Ben, NDP in London-Fanshawe

[Kontiki]

Mulroney was a Liberal?

[KrazyHorse]

Originally posted by Ben Kenobi


Yeah, introduced by the Liberal party

Was that before or after they started the Iraq war?

[Fake Boris]

Ben, you're pwn3d

[KrazyHorse]

nm

[Richelieu]

NEWSFLASH - Weapons of mass destruction found in Paul Martin's basement!