Keep telling yourself that bud.... But do keep on shooting the goose that lays the golden egg ~ just don't bore me with wondering why it don't come back
Alberta's credit downgraded following big-spending provincial budget
- Thread starter Locutus
- Start date
Keep telling yourself that bud.... But do keep on shooting the goose that lays the golden egg ~ just don't bore me with wondering why it don't come back
So, I gather you have no problem with politicians also using what ever they can as a tax shelter to keep from paying taxes. Correct?
As long as it is legal in the eyes of the CRA, why not.
And things like RRSPs are tax shelters too... Just a little FYI for ya
And things like RRSPs are tax shelters too... Just a little FYI for ya
Just so I know where ya stand.
Ya, never did like them. Save tax today, to pay tax later (possibly higher). I pay my taxes on what I earn the year I earn it.
I'm not sure I get you. You're saying he isn't moving there for tax reasons, or is moving there because taxes are cheaper?
Just to be clear, an RRSP isn't tax avoidance, it's tax deferral. You'll pay, just down the line somewhere.
As long as it's considered kosher by the people that make the rules, I don't have a problem with it.
I agree. There are a number of folks that have saved a lot of money in their RRSP and at a certain age, are forced to move that money into a RIF at which time they are subject to taxation.
I don't know the answer to this, but as there is a 'transaction' at that point, are there taxes payable?
Betcha SLM would know
All the same, I am definitely on the same page as you on RRSPs
He is moving there because he'll be subject to a lower tax rate... Not a massive difference in % points, but when you're making high 8 or low 9 figures, one or two percent equates to millions of dollars.
From Edwards' perspective, he saves millions (relatively speaking) by paying tax in the UK instead of Alberta, but the fact remains, the total tax contribution he makes is completely payable to Britain and not Canada.... That country gets the full benefit of literally 30 or 40 million dollars and Canada gets nothing (from the personal side, he still pays Cdn corp taxes).
You may be confusing tax-avoidance with tax-evasion.... Avoidance is (generally) completely legal whereas evasion is entirely illegal
I suppose in Mr. Edward's case, it's not so much a legal argument as a moral one. He's choosing to withdraw his tax support from the country that facilitated his making his fortune in the first place, and instead paying taxes into a country that really did nothing to earn it. I'm sure it's a matter of principle to him, it's just that the integrity of that principle is questionable at best.
My take is that Mr. Edwards has no moral conundrum to face on this issue in any way, shape or form. In my eyes, it's quite the opposite really in that gubmint needs to start thinking about the ramifications of their actions in disproportionate taxation at the top levels.... Edwards most likely left for that reason alone, so the Notley's and Trudeau's of the world also have to assume their share of moral responsibility on this
He is a well known philanthropist, gives generously (hugely) to charities, the arts and education (he put up enough cash to have a university business school in his name). In terms of the wealth he has amassed, he did so by creating companies, creating a great deal of employment, caused the investment of (literally) billions of $ in AB (and other parts of Canada), etc, etc, etc... The end result of this is that he made a ton of money for himself, but in doing so, a much larger multiple of what he made was dispersed throughout the community and population.
Given this factual description, think for one moment of the taxes that were generated from this.
Make no mistake, I am no cheer leader for Edwards, however, he's a great example because his path has been well documented.... Fact is, there are people like this in every city/town in every province throughout Canada representing every sector.
My message here is that continually leveraging this demographic will result in those people making similar decisions as Edwards and the biggest loser in the equation is Canada.
No matter what the case with oil prices, money, big money has to go into upgrading the Yellowhead and TransCanada into super highways.
The Feds, BC and prairie provinces are going to keep borrowing more and more until the infrastructure to get our goods to the Pacific with no bottlenecks is complete.
Vancouver, Calgary, Saskatoon's portions are complete. Edmonton, Regina and Winnipeg have 2-3 years to go.
Highway 1 will be completely twinned in 2 more years.
Highway 16 aka Yellowhead will take another 8 to twin to Prince Rupert and the Northern Gateway Port.
This is the biggest thing to hit Canada since the CPR went coast to coast 140 some years ago.
When done, our economy will explode.
The near future has unyielding potential.
Oil at $100+ bbl was funding this but...
The Feds, BC and prairie provinces are going to keep borrowing more and more until the infrastructure to get our goods to the Pacific with no bottlenecks is complete.
Vancouver, Calgary, Saskatoon's portions are complete. Edmonton, Regina and Winnipeg have 2-3 years to go.
Highway 1 will be completely twinned in 2 more years.
Highway 16 aka Yellowhead will take another 8 to twin to Prince Rupert and the Northern Gateway Port.
This is the biggest thing to hit Canada since the CPR went coast to coast 140 some years ago.
When done, our economy will explode.
The near future has unyielding potential.
Oil at $100+ bbl was funding this but...
Assuming of course that the Feds and Prov gvts don't raise taxes to the point we regress to 3rd world status
But his choice to go to such an extent to avoid taxes kind of flies in the face of his benefactor image, doesn't it?
http://rabble.ca/blogs/bloggers/djclimenhaga/2016/03/do-billionaires-fleeing-canadian-taxes-deserve-public-subsidies-
Interesting counterpoint on Mr. Edward's "defection". Makes you wonder really, when the actual spread between the overall tax rates in the two countries is only 3%, and that the political future of Britain is unsure with the Labour Party lurking in the wings. There are hints that there is something more in the mix than just tax savings here.
Interesting counterpoint on Mr. Edward's "defection". Makes you wonder really, when the actual spread between the overall tax rates in the two countries is only 3%, and that the political future of Britain is unsure with the Labour Party lurking in the wings. There are hints that there is something more in the mix than just tax savings here.
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