The risk-takers

“But,” she argued, “absolutely all of my colleagues have one.” And I’m sure they do, I said. They’ll learn.

Yes, another encounter with a physician. Poor soul. She has no idea what’s coming. First Wild Bill Morneau went after the moisters with his hated mortgage stress test, and now – instructed by his boss T2 – he’s about to diddle the doctors.

You may remember that long ago when Stephen Harper still stalked the land (doesn’t he seem so, well, reasonable these days?) that a campaigning Trudeau said if elected he’d be lowering the boom on rich people. He didn’t actually mean people with great wealth. He just meant professional folks earning more than you do.

So the first target was anyone with an income above about $220,000. The feds created a brand new special income tax bracket of 29% for them, which (combined with the provincial levy) raised the marginal tax rate to more than 50%. Each year they start working for themselves sometime in July. Then he slashed the TFSA contribution by half, because only rich people could afford to take advantage of it (while leaving the RRSP – the real gift to the well-heeled – intact).

And the Liberals said this about incorporations: “We will ensure that the small business status is not used to reduce personal income tax obligations for high-income earners rather than supporting small business.” Huh? Whazzat mean?

We’ll know soon enough. There’s a budget coming in the next few weeks. But it would appear the government – which apparently wants everyone to be an employee, not an entrepreneur – is contemplating two changes which will shock doctors and seriously diminish some of the tax advantages other people get in return for taking risks most could never stomach.

Until now lots of self-employed have left earnings inside their corporations thinking it could grow there, be taxed at the lower small business rate, then fund their retirement through a steady stream of tax-advantaged dividends. Well, the CRA is already putting the kibosh to that plan. Corporations which cease to actively earn income are being restated as passive, investment entities, with a tax rate jacked to the 50% level. Ouch. The logic is simple: you did this to avoid tax. So according to the GAAR (general anti-avoidance rule) the feds can Hoover you. There are thousands of retired docs soon to learn this reality.

But it may get worse after the next budget (I hear). On the first $500,000 in business income, owners currently pay tax rate about half that of individuals, encouraging them to leave money there, invested, rather than paying it out as salary or taxable dividends. While the small biz rate is unlikely to increase, expect surplus funds – money not used to fund the operation, buy stuff, pay salaries or create jobs – to be taxed at a separate, higher level. This retained earnings tax would have accountants dancing in the streets (the complexity of reporting – and fees – would swell) and be spun as an eat-the-rich win for the Libs.

The second target’s income-splitting. Big. Today you can set up a corporation holding a business and issue shares (voting or non-voting) to your squeeze or your useless basement-dwelling spawn, then pay them a portion of the profits through dividends or (if they actually do some work) salary. This structure is common among doctors – in fact, squads of accountants and lawyers descend upon medical schools to preach exactly these strategies. It allows a doctor making, say $300,000, to escape T2’s new tax bracket and even out his income by paying half to his non-working spouse. That, says Ottawa, is tax avoidance. Bad doctors. You will pay.

While many Canadians would support this (as Trudeau is counting on) it could mean higher medical costs and a squeeze on the health care system as doctors demand higher compensation to balance out fatter taxes. Meanwhile, legitimate working couples, who both contribute to a small business and are paid by it, will face more hurdles in proving their status.

How all this will be structured is yet to be seen. We’ll know soon enough. It won’t be simple.

If you are incorporated, pay attention. Ditto if you’re thinking of becoming an indy contractor or starting a gourmet dog biscuit bakery. Life might be simpler, or cheaper if you use a sole proprietorship structure rather than establishing a corporation. And, yes, your doctor might also decide to go to Minneapolis, where she’ll make more and pay less. Changing how risk-taking business operators are taxed could mean there are fewer of them – and fewer jobs – since a large incentive is being removed.

The US president is a billionaire who brags about paying no tax. Can you imagine?

259 comments ↓

#1 Hillary's Foe on 02.06.17 at 6:48 pm

First in the room!

#2 Randy on 02.06.17 at 6:50 pm

Tax the Rich….using the NDP-NeoLiberal definition. If you have a job, you are rich

#3 ShawnG in TO on 02.06.17 at 6:53 pm

i was just reading about T2’s budget rumours today.

i don’t know what he can do to prevent income splitting. i mean, if i want to my my wife 100k a year as a ‘executive assistant’ who’s to say i can’t?

and paying out dividends according to the corporate ownership, is there another way that’s more legit?

i also heard about plans to temper with $500k cap gain.

then again, T2 has spent more than 1 year on this. there’s no telling what he’ll come up with. T2 sure works hard to kill small family businesses.

#4 Victoria Real Estate Update on 02.06.17 at 6:53 pm

DEMAND FOR DETACHED HOMES PLUMMETING ACROSS GREATER VICTORIA

JANUARY DETACHED HOME SALES FALL 18%

As I’ve noted in recent months, sales of detached homes across Greater Victoria have been declining with significant speed and momentum. April 2016 seems to be the month that things changed.

This trend continued in January with a year-over-year sales drop of 18%.

IN DIRECT CONTRAST TO THE TREND WE SAW IN JANUARY 2016

A changed market indeed.

In January 2016 we saw a 54% increase in sales of detached homes (year-over-year).

January 2017 just posted an alarming 18% drop over the same period.

DETACHED SALES HAVE TANKED SINCE APRIL

From April to January sales have fallen 72%.

From April 2015 to January 2016, that decline was only 43%, which was likely more typical for that period.

LOCAL BOARD: “DEMAND LIKELY TO CONTINUE IN 2017”

That statement was released on January 3, 2017.

Victoria’s R/E board wasted no time in 2017 to spread FOMO by attempting to convince locals that they should expect demand in the coming year to be similar to that which was seen in 2016.

We’ll be following their prediction throughout the year.

Already we can say that their above (FOMO) prediction is wrong, especially when considering sales of detached homes – the most important part of the market (most sales and most expensive properties). See the information above and below.

THOSE WHO ACTUALLY KNOW REAL ESTATE MARKETS

There are those who claim to know real estate (salespeople) and then there are those who actually have a well informed, educated, historically-researched knowledge base that allows them to view housing markets objectively and in the proper perspective.

Many of those from the well-informed group from around the world say that Canada’s housing bubble is bigger than the 2006 US bubble and no different (generally) than any housing bubble that has existed in history, whether you consider bubbles in Ireland, Japan, Greece, Spain, Iceland, etc. There are many other examples.

They also note that no housing bubble has had a happy ending, whether they put it exactly that way or not.

A VANCOUVER-STYLE PRICE CORRECTION?

It’s no secret that Victoria’s housing market is as dangerously overvalued as bubbles in Toronto and Vancouver (Garth‘s 450% mortgage chart is evidence of this).

Victoria’s housing bubble will deflate as all bubbles do.

The inevitable price decline of a bubble market can happen fast or slow. Vancouver’s certainly isn’t slow. The same can be said about Vancouver’s 1980s price decline (or Victoria’s).

When it comes to price declines of housing bubbles, there’s no historical evidence that points to a tendency for it to happen one way more often than the often (fast or slow).

The fact of the matter is, when it comes to price declines of housing bubbles, you just don’t know what you’re going to get.

LOW INVENTORY IS PART OF THE MARKET CORRECTION PROCESS

Vancouver’s market had extremely low levels of inventory a year ago. That changed as Garth said it would. Now buyers are in control as prices decline.

The same will happen with Victoria’s market. Virtually all bubble housing markets go through the same sequence of events as they peak.

Prices continue to rise on low inventory even as sales slow. Then prices peak. Sales continue to slow. Then many potential sellers who have been holding off from listing (due to fear and greed ) suddenly decide to list at once, creating a market that favours buyers. At this point, the price downtrend that has been well-established is pretty much irreversible as prices continue to fall until they reach the long-term price-to-income norm, often overcorrecting.

NO MAJOR RATES SLASH TO LIMIT CANADA’S PRICE DECLINE

In Canada, we’ll have rising rates as prices fall which will add fuel to the downward price momentum.

The US had the ability to slash rates from near-normal to emergency levels to limit their price decline, which turned out to be huge for them.

Canada didn’t experience what the US did during the GFC, largely due to its reckless us of CMHC as Canada’s economic action plan.

The result of that reckless strategy is that we now have record household debt levels that are higher than at the peak in the US, an even bigger housing bubble and an economy that is on the brink of entering recession again.

Another metric that shows when a housing market correction is over is when household debt levels have fallen back to long-term levels. Just ask our American friends.

Canada’s coming market correction will be a big one.

#5 common sense on 02.06.17 at 6:54 pm

What next?

Net Worth Test?

Lower the CCP OAS payouts to those only with a net worth less than $100, 000

Thank god I am a dual citizen…

#6 Frank on 02.06.17 at 7:01 pm

And we sit and wonder how events like the Panama Papers come to develop…

#7 Frank on 02.06.17 at 7:01 pm

Doctors don’t take risks. There aren’t enough due to their monopoly so income is gaurenteed and the person that pays them (govt) doesn’t bounce cheques so there is little risk. They are important for sure but doctor’s running businesses has always been a bit of a joke. This is a fine change.

Then you will need to finance their pensions, which you do not now. — Garth

#8 Brian Ripley on 02.06.17 at 7:02 pm

I have my 6 big metros real estate chart up now:
http://www.chpc.biz/6-canadian-metros.html

Calgary SFD prices have been in a tight flat range for the last 3 years. Not so with Vancouver and Toronto of course.

Energy Sector 2.0 and the Trumpster’s promise to become energy dependent is having a rational effect in Alberta … yes?

Some jobs cannot return in the same form that they left if Canadians are intent on competing in the resource and or manufacturing sectors.

According to realtors here in Vancouver, the bottom end (low end condos) is still hot with first time buyers taking advantage of Premier Clark’s helicopter drop of free money for 5 years as a 2nd mortgage.

If you can’t count on employment or investment income for 5 years, then newbies beware.

#9 CJBob on 02.06.17 at 7:03 pm

The feds created a brand new special income tax bracket of 29% for them, which (combined with the provincial levy) raised the marginal tax rate to more than 50%. Each year they start working for themselves sometime in July.
______________
I have a new rule, I’m going to read each post until I reach your first ‘alternative fact’ and then stop. Today it was easy. Marginal rate at 50% doesn’t mean 50% total taxes. That was easy. I’ll check back tomorrow.

Marginal tax rate is the rate at which all additional income is removed from the taxpayer. Add in HST, property tax, health tax and the rest of the load citizens carry, and the burden is far greater. — Garth

#10 Doug t on 02.06.17 at 7:03 pm

Blood from a stone

#11 Smoking Man on 02.06.17 at 7:04 pm

T2 is going to destroy the economy, and it’s on purpose if you follow the ideology. Climate change is about the destruction of capitalism as admitted by the chick at the UN who runs the file.

I have warned you guys for years to get your wealth of Canada.

Communism doesn’t work. Ever. It always fails. But going to be a whole lot of hert if you don’t act fast.

#12 crowdedelevatorfartz on 02.06.17 at 7:05 pm

Somewhat off subject Garth but a friend just moved most of his business and assets into a Trust
The heavily mortgaged house is in his wife’s name.
Is this a pending divorce strategy?

#13 Asama on 02.06.17 at 7:05 pm

First

#14 AACI Home-Dog on 02.06.17 at 7:06 pm

Nice bicycle.

#15 Wrk.dover on 02.06.17 at 7:09 pm

Catch 22: You need big income to live in Toronto or Vancouver in a million dollar shack with parking for none. Elsewhere with outbuildings and acreage….not much income needed at all.

#16 TurnerNation on 02.06.17 at 7:09 pm

I welcome to Cuba Canada. Soon to offer free education, guaranteed basic income. ..and that’s all.
Doctors will earn min wage. And all the weed you can puff.
His Dad’s buddy.

#17 Joe Schmoe on 02.06.17 at 7:11 pm

Garth,

Doctors who incorporate are forced to close/withdraw assets within a year of “non-income earning” currently…what has changed?

They have to set up a “professional corporation” (using their first initials and last name) to avoid liability dodging. Not sure how they can play around it under current rules.

The real advantage is level loading compensation. Doctor income can be peakish, so you can plan on a steady income to cover expenses like german cars, private schools and nannies for your dogs.

I don’t think the PCs are intended for retirement income …dishing out funds to the spouse/kids is definitely part of the action though.

I don’t doubt that taxes are going up…but what else is new?

I think they are trying to get blood from a stone. Like Ms. Notely who jumped the gun on taxing those rich oil patch workers after the market crashed…

Rumour has it in AB that most Drs will earn 30% less in 2018. ON and AB are on the same warpath, other provinces will quickly follow.

Maybe JT will copy Harper and start bringing in low cost TFWs as Doctors? Seems like that is the direction we are headed.

#18 Eco Capitalist on 02.06.17 at 7:15 pm

Former Liberal governments understood how capitalism works. What has changed? Why do T2’s advisors believe I will continue to take risks and employee others if they remove my incentives to do so? Something is amiss.

#19 Here comes the excuses. on 02.06.17 at 7:15 pm

#62 Smoking Man on 02.05.17 at 9:17 pm

Wow, not only did Lady Gaga drop the mic, she slammed it. Great performance, no politics, a kind message of unity. Found it sincere.

I’m now a fan.
===============

Gaga is the biggest LGBTQ and antitrump person around.

http://www.telegraph.co.uk/music/what-to-listen-to/land-land-lady-gaga-sang-anti-trump-protest-song-super-bowl/

https://youtu.be/0BsLd4Y060Q

Here comes the excuses.

#20 Damifino on 02.06.17 at 7:16 pm

How all this will be structured is yet to be seen. We’ll know soon enough. It won’t be simple.
———————————–

I wouldn’t expect the drama teacher from Papineau to get it right the first time. There may need to be several kicks at the can before everyone can be completely hosed.

#21 ShawnG in TO on 02.06.17 at 7:19 pm

we know that the fed gov is desperate for money. the Canadian economy is just not picking up as fast as they hoped / prayed / selfied to be. so a lot of efforts will be put in to extract more tax money from everyone.

we know a lot of people are selling their non-primary residences and not paying any cap gains. this is potientially $100s of million of lost taxes. starting from this year, you have to declare your housing sales, and CRA will check their notes very very carefully.

#22 Doug t on 02.06.17 at 7:19 pm

just another cheap move by a government lacking imagination – be more concerned with possible trade wars on the horizon – if they happen we are all in for a sh*t storm of hurt

#23 bring_it_on on 02.06.17 at 7:21 pm

I have no trouble whatsoever with making it a more even playing field for everyone. Closing this vehicle where doctors have been able to shelter income from taxation through the creation of a “passive” corporation is long overdue. When Garth calls them “risk-takers” and claims that many will be moving to Minnesota (and therefore Morneau is unwise to make these changes for this elite group in society), it is the same neoliberalism ideology on why CEO’s are worth 160 times more in salary than the average worker. Level the playing field for everyone; no “prized pigs” please. Many other jobs exhibit high risk-taking. If a 300K + Canadian salary is not enough for a doctor, let them move to the U.S. There are many here who would be happy to put in the hours and years of training needed.

#24 Pepito on 02.06.17 at 7:21 pm

Bottom line: the docs are cheating. Why should they get a break? Will they leave to the US? Who cares. Bring in well trained docs from other less fortunate countries that pay less. Big deal. Your scare mongering is tiresome.

#25 I'm NOT Poloz on 02.06.17 at 7:22 pm

Poloz our royal highness at Bank of Canada needs to talk down the Loonie.

Our Head of State, Her Majesty, Queen Elizabeth needs to talk down the Pound so that it is at 90 cents to the greenback. This will increase foreign investment in Canada & England real estate.

Our Canadian loonie is overvalued. It shouldn’t be at 0.76 US. Even at 65 cents is overvalued. 50 cents? Overvalued. 40 cents? Overvalued. Even 25 cents is overvalued.

It’s supposed to be at 10 cents. You hear me. 10 cents. This will boost exports. Poloz will cut interest rates to 0.00% on March 01, 2017 to boost spending in our oil dependent economy. I know Poloz personally, but I’m not Poloz.

Negative interest rates don’t sound all that bad. Neither does a 10 cent Loonie. It will boost our exports.

Trump is a misogynist who talks very crudely about our girls’ vaginal orifices, and Poloz will teach Trump that Canada is an exporting nation.

#26 LovethisBlog on 02.06.17 at 7:22 pm

Another nail in the coffin of the Canadian economy
As the brain drain begins. 2019 cannot come soon enough

#27 Looney Baloney on 02.06.17 at 7:22 pm

Good. I say tax everything to the hilt, let costs keep increasing until the system breaks. It is the quickest way for the great unwashed who voted for T2 get a crash course in Economics 101.

Socialism – ensuring everyone in the nation is equally poor. At all costs.

#28 RentYVR on 02.06.17 at 7:24 pm

Taxes are where I’m actually with Trump on an issue. there should be one tax rate for everything, period. Shouldn’t matter where it’s generated (income, dividends, interest) it should be fair and equal across the board. It’s only made complicated so that the wealthy can have their accountants and lawyers come up with strategies to avoid it.

#29 Jacky Au on 02.06.17 at 7:24 pm

Wtf

#30 BigBlockPower on 02.06.17 at 7:27 pm

Capital Flight now begins…

Brain Drain now begins..

Tune in and watch as Canada departs for the cesspool of unbridled socialism. Next stop Venezuala!

OhyeahOhyeahOhyeah

As always Garth, a pleasure to read! We know its not your fault ;)

Looks like we are pulling the plug after all….
Next we write, it will be from Central America.

Cheers!

#31 The Totally Unbiased, Highly Intelligent, Rational Observer on 02.06.17 at 7:27 pm

“The US president is a billionaire who brags about paying no tax. Can you imagine?”–G.T.

Yes, I can easily imagine. After all, he is a very, very smart man. He does not have to pay advertising costs either. The media gives him free advertising.

President Donald J. Trump, the great media relations genius, helpfully suggested recently that women who work for him in government should dress appropriately, that is, like women. This had the easily predictable effect of causing all the usual enemies of all good taste to start flapping their gums as if he had said something wrong, rather than give good, sound, sensible, decent, old-fashion fashion advice, as indeed he had. But hey, free publicity is free publicity, and a highly sophisticated, media savvy, well dressed man like Donald Trump certainly knows how to get it.

There is a line of clothing with The Donald’s name on it, so obviously he must know all about these things, and everyone would be very wise to pay close attention when he speaks. He himself dressed for success and became the president. What do you want to dress for? Would you like to end up in the White House, or would you prefer to end up on a transvestite float in some LGBT parade? It is entirely your own lifestyle choice, unless it is your mother who is dressing you funny.

Some people have an agenda of trying to get men to wear earrings and pink shirts, and to have long hair. They do not want men to look like, or act like, traditional men. They also want women to be dissatisfied with their lot in life, get very short haircuts, dress like men, and wear the pants, and wear the pants, and wear the pants. There was a time when what women really wanted was pantyhose that didn’t run. Now, what some women really want is to rule the world.

The labels on the DJT shirts currently say that they were made in such places as Indonesia and Bangladesh. It will be absolutely wonderful when Donald Trump, the world’s foremost fashion authority, brings back those jobs to America so men can dress better by wearing nice white DJT shirts that say “Made in the USA” on the little tags.

#32 White Privilege on 02.06.17 at 7:28 pm

Government of Canada tax policy theme song,
https://www.youtube.com/watch?v=NJzoBmVPeYw
Seek and destroy. The power to tax is the power to destroy.

#33 Michael King on 02.06.17 at 7:29 pm

I never voted for Harper but he’s starting to look good compared to Trudeau when it comes to fiscal policy. Trudeau is setting himself up to be a one term wonder if the Conservatives choose the right leader (not O’Leary or Leitch, please). The tax changes mentioned in the essay and reducing the annual TFSA contribution will cost him some support. Now there are rumblings that he might reverse his decision to keep CPP and OAS eligibility at 65. The Boomers would revolt. As for promised electoral reform he was flat out misleading, to put it politely. Classic federal Liberal bait and switch.

#34 Dean on 02.06.17 at 7:29 pm

re# 4
How much do we subsidize doctors for their education? Do they pay this back? No.

#35 Andrew Woburn on 02.06.17 at 7:30 pm

Great. From what I hear, Nanaimo is about to lose 6 GP’s to retirement and Qualicum couldn’t find enough doctors for a while and maybe still for all I know. If it’s hard to get medical people on the Island now, imagine Northern Saskatchewan after this change.

The sheer genius of Liberals astounds me. How many taxpayer/patients are clamouring for this change?

#36 Axe CMHC and Canada's problems go away on 02.06.17 at 7:30 pm

The government panders to the useless realtors, mortgage brokers and bankers who add zero value to the economy. These useless eaters have exploited CHMC to their benefit while destroying the Canadian economy. Remove CMHC and all the imbalances will vanish. It will be painful at first but needed to correct this gross imbalance/Ponzi scheme. Realtors , mortgage brokers and bankers would be exposed as useless eaters in the FREE and OPEN MARKETS which they hate.

#37 joblo on 02.06.17 at 7:32 pm

http://www.theglobeandmail.com/news/politics/morneaus-growth-council-calls-for-higher-retirement-age/article33908384/

And… Guberment wants thirsty underwear crowd workin longer,

#38 Tim on 02.06.17 at 7:33 pm

RE #23 bring_it_on

Exactly. Let the doctors move to the States and pay for the malpractice insurance their. And while we’re at it, maybe we can make them pay us back for their 10 years of subsidized education? And many of these CEOs are not worth anywhere near what they get paid–just look at the results they produce.

#39 Axe CMHC and Canada's problems go away on 02.06.17 at 7:36 pm

you vested interests talk about socialism and communism but not a word about CHMC? You communist realtors have destroyed the Canadian economy with your socialist ways. CMHC has to be STOPPED. The FREE and OPEN markets need to resume in Canada. Yes useless eaters like realtors, mortgage brokers and bankers would be rendered useless. Automation could RIGHT NOW eliminate these jobs.

#40 Seriously? on 02.06.17 at 7:39 pm

Where do you get your information from Garth? I can’t see anyone else writing about this.

#41 Tim on 02.06.17 at 7:39 pm

Re: #11 Smoking Man

Of course communism doesn’t work. That is why the Liberals policies do not reflect communism. Of course if you want to live in a society that is more geared toward winner take all and zero sum I think you would be welcome in Trumpland.

#42 Pete from St. Cesaire on 02.06.17 at 7:42 pm

‘The logic is simple: you did this to avoid tax’
—————————————
Not that that was against the law or anything, you understand. In fact you were precisely following the law. Tax avoidance is NOT illegal; yet the CRA has the GAAR (general anti-avoidance rule) which they can apply whenever they want, even retroactively.
That’s the same reasoning they’ll use to clean out your RRSP’s & TFSA’s when it becomes ‘necessary’, with the support of the indebted masses I might add.

#43 Tim on 02.06.17 at 7:42 pm

Re #17 Joe Schmoe

Until recently the medical association has done their best to prevent many foreign doctors from practicing in Canada and that is why we have a shortage and is also one of the reasons their salaries are higher than 90 percent of the population.

#44 Darryl on 02.06.17 at 7:47 pm

By the time T2 and Wynne are done we will have to pay them out of pocket just to work ( or invest ) . 100% taxation coming soon .
At least it will correct RE . This will also kill the small construction contractors.

What the hell happened to this country ?
Shame .

#45 Self Directed on 02.06.17 at 7:47 pm

Years from now, the general public will be too stupid to find a correlation between a further declining health care system and the tax law changes. And the media won’t cover the story because, hey… boring story! Taxes are high in this country. Same old song. No story there.

Few read this blog… Justin knows that much.

I don’t know if this crackdown is fair, but I do think it’s just petty.

#46 Andrew Woburn on 02.06.17 at 7:48 pm

#25 I’m NOT Poloz on 02.06.17 at 7:22 pm
Poloz our royal highness at Bank of Canada needs to talk down the Loonie.

It’s supposed to be at 10 cents. You hear me. 10 cents. This will boost exports. Poloz will cut interest rates to 0.00% on March 01, 2017 to boost spending in our oil dependent economy.
=======================

I guess we all better learn to grow our own vegetables because we sure won’t be importing them with a 10 cent Loonie.

On the other hand, the Loonie has been withstanding a torrent of bad news in the last two years. If for some unimaginable reason, global investors lose confidence in Trump, the Loonie could even creep up against the greenback as they park more of their cash somewhere a little more tweet-proof.

#47 Blog Loving Trump on 02.06.17 at 7:48 pm

I am glad to find a Trump friendly blog.

The guy in the pic with the manbun should be castrated for standing on a nice bike like that.

#48 Tony on 02.06.17 at 7:49 pm

Re: #4 Victoria Real Estate Update on 02.06.17 at 6:53 pm

Prices in the GTA fell 1.6 percent last month with Markham taking a 5 percent hit in the month of January 2017 alone. As we all know, we know how this housing ponzi started and how it will end. The 4 kingpins you follow are Markham, Unionville, Richmond Hill and Stouffville. Whatever happens in these cites will happen in the entire GTA. If the Chinese stop buying “bloodbath” seems like a good word.

#49 crowdedelevatorfartz on 02.06.17 at 7:49 pm

@#31 The President of the United States

WHERE do you find the time to “twitter” , run the world, AND pretend you’re someone else on Garth’s blog?

You ……are…… amazing !

#50 Trojan House on 02.06.17 at 7:51 pm

There’s also talk of taxing health and dental benefits.

Justin Trudeau – NOT MY PRIME MINISTER

#51 Nero on 02.06.17 at 7:51 pm

Garth,
Would this impact corporations that exist to hold real estate for investment purposes?

Also nicest “But” in far too long around here!

Pass me my fiddle….

#52 President-erect Trump on 02.06.17 at 7:52 pm

Dear Garth and Deplorables,

I am bulging tonight, with pride and a warm tingling sensation as I bask in the glow of my Patriots’ glorious victory last night.

(And it is not true that I ditched my Super Bowl party early when the Pats were down 28-3. I am not such a coward, only the Hillary supporters would believe crap like that. I stepped out briefly, returning well in time to Twitter for the celebration)

Now that you all see what horror awaits you with your left wing extremist government, I invite you to move here and exercise your business skills in America, creating jobs with me. You could be tremendous!

Your support in this comments section turns me on, almost as much as I turn you on.

#53 Tony on 02.06.17 at 7:52 pm

My father told me when I was just a young boy the phrase “show me an honest man and I’ll show you a poor man”. I never forgot that phrase. Sometimes you have to bend the rules and the reason offshore tax havens were set up was to pay less tax not evade tax.

#54 Kevin's Fanzone on 02.06.17 at 7:52 pm

Let’s see Mr Surfer Dude’s carbon tax go through once this is blown open:

http://www.dailymail.co.uk/sciencetech/article-4192182/World-leaders-duped-manipulated-global-warming-data.html

#55 For those about to flop... on 02.06.17 at 7:56 pm

Pink Snow falling in Richmond.

These guys bought this condo for 643k in July 2016 and must of gotten spooked and offloaded it for 658k in December crystallizing a small loss by the time you factor expenses in.

Maybe one for Selfie to polish up for me…

M42BC

https://evaluebc.bcassessment.ca/Property.aspx?_oa=RDAwMDBOQjRXVw==

#56 I'm stupid on 02.06.17 at 7:58 pm

To be fair… a general practitioner is no different than a auto technician. The majority of the time all they do is prescribe antibiotics. If the gov’t wanted to save money they could let pharmacists prescribe meds for cold and flu.

I can understand why doc’s make a bundle, if you look at the time it takes to get the degree it makes sense. If you worked as a general labour and saved and invested that money for 12 years then add in the cost doc’s pay for school it makes sense.

#57 Buffettology on 02.06.17 at 8:06 pm

“What the wise do in the beginning, fools do in the end.”

“Never ask a barber if you need a haircut.”

“Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.”

“When you combine ignorance and leverage, you get some pretty interesting results.”

“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy, and greedy only when others are fearful.”

“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.”

“Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, ‘I can calculate the movement of the stars, but not the madness of men.’ If he had not been traumatized by this loss, Sir Isaac might have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.”

#58 conan on 02.06.17 at 8:06 pm

Most people I know that are using corps to shelter tax are already ridiculously wealthy.

Alice in Wonderland trust strategies and dividend income to relatives ends up creating a giant “Reverse Robin Hood” within the economy.

I guess no one would care if that money ended up being spent to improve the economy, but that is not happening. Trickle down economics does not work anymore. It is broken.

I think I will offer to hold that bicycle. Maybe wear a hard hat. Tramp Stamp, yes or no?

#59 not 1st on 02.06.17 at 8:09 pm

Garth are dividends on T2s hit list? What have you heard?

#60 So sad on 02.06.17 at 8:11 pm

Just when Canada was getting a hold it’s graduating md’s/specialists T2 and trump come along

We will be losing our doctors to the US. A % will disappear -if ya’ll thought wait times were bad now ? You ain’t seen nothing yet

Sorry

#61 jay on 02.06.17 at 8:11 pm

Garth , you mean somebody has to pay for all those budget goodies,who would’ve thunk it. http://globalnews.ca/news/2595608/heres-how-much-the-new-canada-child-benefit-will-give-you-each-month/

#62 mathman on 02.06.17 at 8:12 pm

Dr’s do take risks – they forgo 5-8 years of income or more if they specialize. They are imperative to society and should be paid accordingly and given opportunities to lower their tax bills. A wise man once told me your income should correlate with the amount of people you help. In 2017, it has never been easier to pack your bags and leave and trust me people will. I know a radiologist and and ER Dr in my hood who left this year (Boston/Portland)

We live in a country where people who take zero risk, with air tight job security and gold plated pensions are rewarded already and we want to make it harder for successful people and entrepreneurs? I’m talking about teachers, Gov’t workers and minus the risk comment police officers and fire fighters. Public sectors workers are given a premium relative to the private sector and if you calculate the present value of future benefits they are making out like bandits.

Math

#63 For the established Doctors ? on 02.06.17 at 8:13 pm

They are already . This will do little -just make them a bit ‘less weathly’

It’s the newer grads /newer specialists

What a disaster

#64 MF on 02.06.17 at 8:18 pm

#18 Eco Capitalist on 02.06.17 at 7:15 pm

This brand of Liberal idiots are considered “modern progressive”. They are the reason why Trump got elected and Brexit happened. Eventually they will be the reason for the EU collapsing and the next world wide economic crisis too.

Their ideology stems from the UN. An organization run by third world dictators and socialists that is now essentially worthless by all accounts and should be ignored. The end goal appears to be the destruction/weakening of the west and all it’s allies. It sounds dark but it’s starting to get obvious if you look.

The rest of the western world has finally started to wake up and see past the propaganda (CBC is an example) but our elected Liberals are completely clueless and delusional with their heads in the sand.

Look at T2. Like Garth said, he is “counting on” full support for this idiotic plan. Guy is so out to lunch it’s hilarious. A couple of my friends are MD’s here in Toronto. They always talk about going to the US to make more money. These are professionals that we taxpayers subsidized heavily to get trained for many years. Professionals who went through a very tough qualification process to get in to their professional schools too. Losing these highly trained professionals is a big hit.

Maybe that’s what T2 (or his puppets, whoever they are) wants?

“You may remember that long ago when Stephen Harpar still stalked the land (doesn’t he seem so, well, reasonable these days?)”

-Harper was 10 times the leader T2 will ever be. Stood up to the corrupt and worthless UN, was pro business and oil, understood tax rates should be carefully tweaked. Not perfect but way better than the selfie king.

MF

#65 cecilhenry on 02.06.17 at 8:25 pm

This is communism in disguise. Earn what you like, develop the high valued skills if you want, but the government will control your income by taxing it away.

Forced redistribution of income is theft.

No free market, just parasitism every step of the way.

Well, you’ll be losing one of those doctors NOW. I know a radiologist (a couple actually) leaving the province in 1 month and soon the country. (Training 10 years) Major reason is tax. And regulation-Ontario thinks the productive is there to be fleeced. They won’t be a slave to someone else. Cut back those extra service hours too. Good on you!!!

There’s never a problem that someone else shouldn’t be compelled to fix (taxpayers) and never a failure that more government won’t solve. .

Every time you work you feed the parasite. Every time you ‘do the right thing’ or ‘Lean IN’ you enable others to continue exploiting your responsibility and sacrifices.

If you’re retired – more government is ever better, after all you won’t pay. Again a sure way to make MORE people ‘retire’ (ie STOP working) — and fast because only workers PAY, and the more educated, the more productive, the more sacrifices, stress, and responsibility you take on, the more you PAY.)

Got that raise and 10 more hours a week responsibility– well not to worry, most of the benefit will go to the government anyways.

Will you be available for after hours assistance?? – Nope.
Call T2 and Wynne.

So many people who imagine themselves as peaceful and non-violent are only too happy and insistent that the state use force and violence against others to control their private lives and resources.

To hell with it. Tax tax tax someone else of course. No need for ethics, ethics are done in Canada. We want Venezuela here– theft by government force.

#66 Torontonian on 02.06.17 at 8:26 pm

Re #23 Bring_it_on
I agree. It’s about time doctors and others pay a fair tax rate. As other posters have mentioned, drs for one, take on no risk. As for the fact they have no pension, hey, most of us don’t have one either. I’ve been fortunate enough that I have maxed my rrsp and tfsa and could take advantage of Harper’s tfsa higher limit. But I still support Trudeau lowering the amount, because these are shelters that benefit the wealthiest the most.

I wish there was a way to take on the ridiculous salaries CEO’s, directors and upper management give themselves these days. Yes, they need to earn more, but these amounts are obscene and unethical. Taking advantage of the ‘say on pay’ at AGMs is one way I make my voice heard.

#67 MF on 02.06.17 at 8:27 pm

#61 mathman on 02.06.17 at 8:12 pm

Nope. The average government worker is on a 3 month contract with zero job security. Like the private sector, the workers who have been there for way too long, are unproductive, and are milking it are the ones who have the job security. The guy at the service Canada desk or on the phone not so much. You might want to qualify that in your little rant.

#59 So sad on 02.06.17 at 8:11 pm

That’s funny……When I was in undergrad I knew like 10 people who were the cream of the crop in terms of intelligence, grades, charisma, experience..and very very few got in to medical school. Maybe 2. A lot when down south to train. We definitely do not have a lack of willing applicants. I always wondered WHO gets in? Oh yeah, the guy that goes down south who we never see.

MF

#68 not 1st on 02.06.17 at 8:28 pm

Docs and laywers have no risk at all. They direct bill ever hour to the govt or clients. They have no product or expense risk at all. Time to pay up.

#69 Alberta Ed on 02.06.17 at 8:28 pm

What else can you expect from a silver-spoon socialist? Both our sons have joined the Canadian diaspora and are now living in the US.

#70 MF on 02.06.17 at 8:30 pm

#55 I’m stupid on 02.06.17 at 7:58 pm

Time in school means zip. Lots of unemployed PHD’s out there working at Kelseys with 8-10 years of schooling.

Not saying Dr’s are not trained or worth it, but time in school means zilch since 1990.

MF

#71 crowdedelevatorfartz on 02.06.17 at 8:31 pm

The govt trying to pander to the plebian masses by “punishing” the “rich”.

Unfortunately the “rich” can leave………

When the last tax paying worker is gone……who will fund welfare?

#72 Cyclist on 02.06.17 at 8:33 pm

Risky? You bet! No helmet!!

#73 BobC on 02.06.17 at 8:34 pm

At $29k a year each the tax money has to come from someone. Thousands more to come? At least everybody is happy.

https://www.yahoo.com/news/worried-trump-asylum-seekers-walk-cold-road-canada-183626789.html

#74 mathman on 02.06.17 at 8:34 pm

the public is absolutely getting fleeced by the public sector in Ontario. Torontonians are being bent over by the police union, check out the sunshine list to see how many $120k + constables we have in this city, may shock you.

The irony is most TO cops live outside of the city like kings and tell all their neighbours how dangerous the city is, which perpetuates the myth and justifies their engourged budgets. There are a tonne of great cops out there, it’s just they are grossly overpaid relative to the skills required for the job. Teachers …another story.

Point is if we want to remain competitive globally we need to support innovation and entrepreneurs. Google started in a garage in 1998 and now has 57,000 employees.

math

#75 millmech on 02.06.17 at 8:35 pm

Pepito
That’s awesome,anytime someone gets ahead in our country you want them to be replaced by foreign workers because they make more than you.Doesnt matter that they spent hundreds of thousands of dollars and up to 10+years in school getting highly specialized training
I am sure that if you ever need their skills you will ask for the lowest paid least educated Doctor to go to work on you or your loved ones as why reward the over paid, highly qualified Canadian Doctor who is just too greedy and trying to bring down the system.
Its the Canadian way.

#76 not 1st on 02.06.17 at 8:40 pm

I want everyone to remember what T2s first action in govt was 18 months ago.

He proceeded to stroke a check for $2.6B that went to overseas govts to deal with climate change. Thats enough money to build a new hospital in every major city in canada.

O leary looks like the only guy that can hammer some sense back.

#77 crowdedelevatorfartz on 02.06.17 at 8:41 pm

@#61 mathman

Total agreement.
Know a guy who’s son went to med school in Canada on a scholarship. Brilliant kid. Province would pay for his tuition if he agreed to work as a GP in a rural area upon graduation….Done deal.
He graduated.
Budget cutbacks.
The Province couldnt hire him and let him go…no debt. No job.
So?
He went back to school to Specialize( Heart doc)
Same thing.
Another Province paid his tuition with the promise that he would work in small city Bumblefrack nowhere upon graduating.
Grads with honors….
Budget cutbacks
Hiring freeze.
Frack this.
Goes to the States.
They give him a multi million dollar budget to start his own research as well as work in a prestigious hospital.
He’s rolling in money and they love him.
And…… he pays less taxes
Canadian politicians and beaurocrats
The reason we all stand in endless lines for our “free” medicare

#78 mathman on 02.06.17 at 8:41 pm

#66 MF – There may be a trend toward contractors but show me the stats at the federal and provincial level or ratio of contract to full time employees. Relative to full time workers of the current population of public sector workers, I would bet the percentage of contract workers is very small.

#79 Sideshow Rob on 02.06.17 at 8:42 pm

Money tends to go where it’s treated best. The libs must really, really want a lot fewer doctors in Canada. Most won’t leave of course but the lure of double salaries, in real money at half the tax rate is going to swing some south for sure. Not to worry though. I’m sure the libs will just spin it as “those greedy doctors”…
We voted for the idiot socialist party so we can’t be surprised at idiot socialist policies can we?

#80 South Etobicoke Trump White House Liaison Office on 02.06.17 at 8:42 pm

>#46

This is not a Trump-friendly blog. We are merely sentries, tasked with protecting humanity from the myriad forces of chaos and corruption that threaten the Empire of Man.

Trump, the immortal ruling monarch and the father, guardian and God of humanity. He is the greatest embodiment of universal order in the galaxy today.

The Emperor protects..

#81 Smoking Man on 02.06.17 at 8:49 pm

#40 Tim on 02.06.17 at 7:39 pm
Re: #11 Smoking Man

Of course communism doesn’t work. That is why the Liberals policies do not reflect communism. Of course if you want to live in a society that is more geared toward winner take all and zero sum I think you would be welcome in Trumpland.
……

Winner take all works in the animal world, what make you or us any different. Oh forgot T2 elitest know it all.

You disinsetifize risk you lose your economy and everyone gets poorer espacialy the poor. Only winners are govt teet suckers and that’s temporary.

#82 Nonplused on 02.06.17 at 8:51 pm

The plan, as I see it, is to raise taxes to the point that nobody is well off but the 1% and lower wages through excessive immigration until the poor have no choice but to rely on the government. “From each according to his ability, to each according to his needs.” It’s an already proven failed strategy.

The problem lies in government spending, and in particular government borrowing. A government that borrows eventually has to seize the wealth of the nation to pay back the creditors, because governments do not generate wealth themselves, they only consume it. Eventually the “lenders” want all the digits they lent to the government back in terms of real physical assets.

It’s a hard thing for most people to understand. Money does not exist in any real way in today’s world. It is simply math. It is a mathematical way of saying a plumber’s labor is worth $x per hour but a doctor’s labor is worth $3x per hour due to complexity, scarcity, and education. But what Glamboy and his ilk are trying to do is say the plumber and the doctor should both only keep $x, or 1/2 x. It won’t work, because the invisible hand always has it’s way and doctors will simply raise their rates such that the plumber pays his part of the bill when he hurts himself at work.

This is why I think the tax rate should be flat. “Progressive” taxes don’t work as intended, all they do is drive up the cost of specialized and skilled labor.

And it has another even worse effect. The tax cigarettes and alcohol because they don’t want anyone smoking or drinking. It is a deterrent. It is supposed to stop people from doing it. Ok, what happens if you tax people for working? Do they really think taxing doctors more will lead to lower medical fees and an increase in enrollment in med-school?

They are a bunch of idiots, and they are destined to ruin us all.

And again I say the rich and corporations never pay tax, they just raise their fees. You pay it. You always have and you always will. The invisible hand dictates this must be so.

#83 Debtslavecreator on 02.06.17 at 8:51 pm

Junk neo liberal economics. They are following the standard path into collapse – no amount of tax will help them. The main driver of spending and hence income has been and is an out of control debt bubble which cannot mathematically be maintained
The state continues to consume private wealth like a gigantic parasite killing its host.
This is nothing yet folks. They have already take all of our income and our kids and now the bill is coming due.
Funny how these corrupt socialists always insist on bringing people together but when others money runs out they attack the small minority who make more money and vilify them. As if stealing all the wealth of the few that actually make up the tax base will help
Not even close

#84 Vampire studies GMST 454 on 02.06.17 at 8:53 pm

57 Conan. Maybe you are just ridiculously poor.

#85 Joe Schmoe on 02.06.17 at 8:57 pm

Hmmm…some interesting points.

#42 Tim: Medical Association creates a monopoly. Aren’t they called academic standards…most professions have them. How many Nurses/Teachers/Engineers can’t practice in Canada either?

#67 – I think you need to re-think risk…for a Dr earning more than 300K they are likely a specialist and put 12+ years of school and at least $250K of debt before they can save a penny…I wouldn’t take that risk on.

My wife is a physician so I am biased…she put in 70+ hrs this week due to a higher than normal frequency of issues in her speciality. If she worked her “hours” and went home, dozens of people would have died. There was no one else to do the work.

She works for the government…doesn’t hire or fire other Drs. I guess they should pay her less because people are all upset about wage imbalance.

The increase in taxes don’t bother her a bit…it’s the obvious wastage in tax dollars that gets upsetting.

#86 InvestorsFriend on 02.06.17 at 8:58 pm

Taxing Investment Income Earned by Corporations

“Corporations which cease to actively earn income are being restated as passive, investment entities, with a tax rate jacked to the 50% level. Ouch.”

*****************************************
And if a corporation still has active income will there be some limit to how much retained earnings and investment gains it can build up, before being subject to the 50% tax?

What if the retained earnings and investment gains become 95% of the assets or the investment income is far larger than the active income?

As it now stands in Alberta a small business pays I think 2% provincial tax and about 11% federal on operating income. Investment income is already taxed differently and at much higher rates. But there is no tax on unrealised capital gains until realised and THAT is the huge reason to invest within the corporation if you don’t need the money for spending.

#87 ccc on 02.06.17 at 9:00 pm

To punish entrepreneurial people at a time when its clear that the gov and traditional institutions cannot handle the employment demands of our society is just plain suicidal. I’m starting to realize that T2 may have spent more vacation time down south with Castro in past days than with the Aga Khan. But then again, the state coffers are probably running low and someone has to pay to fill them. As has been the case for as long as history remembers the choices are clear: a) bags can be packed and people can leave b) affected people can organize and demonstrate and/or boycott such ruling and c) people need to fight to change the gov
The challenge for the 1%ers is to convince the bulk of the deplorables that their status-quo is worth fighting for.

#88 MF on 02.06.17 at 9:00 pm

#77 mathman on 02.06.17 at 8:41 pm

Close family member works for the federal government. All new hires, the young people, are all contract with no stability. The permanent employees have all been there years and years. When there is a restructure guess who gets let go? Guess who has the most benefits? Guess who has the highest pay?

Go do your own research. If you have spoken to anyone employed by the government, or have looked at the job openings yourself, you would see.

MF

#89 Nonplused on 02.06.17 at 9:05 pm

Correction

I should have said the rich never pay more tax than you do, a a percent of adjusted market value of the labor.

It’s a complicated thing to think through, but let’s say the average tax rate on all citizens is 25%. If you raise the taxes on one class of citizens (say doctors, Garth’s favorite example, he must have a few as customers), and lower taxes on immigrants working at Starbucks, what happens is med-care becomes more expensive and coffee becomes cheaper, but in the long day everybody spends the same amount of money, just through different channels.

Taxing doctors, lawyers, and engineers (and financial planners) at a higher rate than their customers and clients is simply a communist attempt at enslavement, and it won’t work because those doctors, lawyer, etc. will just raise their rates or as Garth suggested move to Minnesota. But if they move, that just makes their service more scarce and rates go up again.

#90 Joe Schmoe on 02.06.17 at 9:06 pm

One more rant:

Within the corporation you basically get 85 cents on the dollar to invest (of retained earnings)…most Canadians invest heavily in Canadian equities…the money goes back into the economy. When you pull the money out of the company you pay at least marginal rate in income tax. It’s deferred tax, but the equity still stays active.

IF JT forces the personal tax rate on these folk, 50 cents gets invested…the other 35 cents goes into his jeans to do what he pleases (majority government after all). The 35 cents will just go to support a bigger government and lobby efforts (see 2016 spending)…the tax payers won’t see a cent.

But I guess that’s ok. This is a punitive tax after all. Not intended to do any good for Canadians. The last punitive tax ended up adding to the deficit.

#91 Nonplused on 02.06.17 at 9:13 pm

I’m obviously on this but here is a thought experiment:

Why do civil servants pay taxes at all? Wouldn’t we reduce bureaucracy and costs a lot if teachers and policemen and firefighters just got paid their “after tax” income and paid no tax on that income? So instead of paying a teacher $86,000 a year which is taxable, why not pay her I don’t know what it would be but let’s say $65,000 a year tax free? You would get to reduce costs substantially by firing a bunch of CRA folks. They could go pose as immigrants and try and get a job at Starbucks. Again lowering the cost of coffee.

#92 Bdwy sktn on 02.06.17 at 9:14 pm

SNOWMAGEGGON!!!

Vancouver disaster in white. We are in serious trouble, please send aid – salt, shovels, and scotch preferred.

Lives hang in the balance.

#93 I'm stupid on 02.06.17 at 9:15 pm

#55 MF

I agree, a PHD in philosophy is as useful as a horse and wagon to go to work.

#94 H Epstein on 02.06.17 at 9:16 pm

Canadian masses enjoy misery.

They are about to get more of it.

#95 BG on 02.06.17 at 9:18 pm

I read Canadian businesses can legally avoid a lot of taxes by creating a branch in Barbados and billing using this branch.

Anybody know if this worth it for one man corporations?

PS: [Insert horny/sexist comment about today’s blog picture].

#96 Nonplused on 02.06.17 at 9:19 pm

I’m hitting the “Submit” button too often tonight, but as to my last post taxes on civil servants really is silly. The money goes out from the government just to come right back in after they buy TurboTax. It’s silly. Just pay them a tax adjusted amount less.

#97 Mr_raider on 02.06.17 at 9:21 pm

Garth your statement is slightly misleading. Passive investment is always taxed at the highest rate in a CCPC, whether the business owner is retired or not.

There is no magical switch at retirement. You can still withdraw dividends after retirement from the accumulated capital.

#98 Entrepreneur on 02.06.17 at 9:22 pm

Some of us are just so Canadian Smoking Man. We love our land and will stay no matter what. And I guess that is where Brexit/Trumpxit comes in and so should Canada.

Trudeau does not like small business and thinks they are in business to tax evade as he mentioned on Peter Mansbridge on election time. Trudeau does not have any concept of the average person on the street.

As for doctors I think attack the drug companies first and make doctors doctors (another topic) like in New Zealand.

On the news today it/they/whoever said that people are happy with the housing and the Canadian economy. Really! What a bias report! Reporting has become one-sided like government one-sided.

#99 John in Mtl on 02.06.17 at 9:24 pm

@ #25 I’m NOT Poloz on 02.06.17 at 7:22 pm

You’ve been blabbin’ on and on about a lower loonie for weeks. It may be good for exports but I sure don’t want to pay 15 bucks for cauliflower because I can no longer pay a decent price with a 10-cent loonie. Same for everything else we buy from the world.

Besides, what are we going to export? Oil – the world is awash in oil at the moment. Real Estate? Sure, and now those local Canadians really be priced out forever!

At least, if lowering the loonie would foster local entrepreneurship to the point where it would be affordable to buy (locally made) what was formerly an imported product, then I might consider it worth it.

#100 John in Mtl on 02.06.17 at 9:25 pm

oops- missed an HTML tag, sorry about all the bold text!

#101 Trudeau has a majority on 02.06.17 at 9:26 pm

The average Canadian cannot afford a tax lawyer and tax accountant like the top wage earners can and do.

The average Canadian sees what Garth describes, as tax avoiding schemes privy to the wealthy, while they are stuck with base and marginal tax rates. Why they voted Trudeau in with a majority.

From 2013 to 2015, GDP has fallen by 15.5% in dollar terms while the population increased.

That’s a LOT less pie to go around.

Questionable strategy of blaming the rich to hide from Canadians that their affluence is dropping fast and in short order.

In the mean time, Trudeau praying for an economic miracle to save GDP…so far, none on the horizon.

Trudeau fiscal policy: opiate for the masses.

Trudeau $80 billion stimulus to bridge the GDP drop:

Like taking a piss in the Pacific Ocean and measuring how much the water level went up by.

#102 Pete from St. Cesaire on 02.06.17 at 9:28 pm

What next? Net Worth Test?
Lower the CPP OAS payouts to those only with a net worth less than $100, 000
———————————————–
Yep, that’s right around the corner and will be supported by those who are insolvent due to their real estate acquisitions, or otherwise financially ruined by the terrible economy.

#103 Blacksheep on 02.06.17 at 9:33 pm

Re: Bird on a wire….

Most would asses the risk to this precariously perched woman, to be that of falling down to the padded Berber.

Well you would be very wrong my friends.

Sure the untrained eye would be distracted by the retro flat bar and single speed/coaster brakes, but there is something more sinister on display here.

Let me share the true evil, hidden within the smooth fillet joints of this particular model. The bike in this young woman’s possession is the infamous ‘glass framed’ Cannondale (Crack-and-fail) brand of bikes.

I thought they banned these death machines back in the mid 90’s due to the head stay, breaking clean off from the rest of the frame, sending the front wheel/fork in one direction and rider/frame on an alternate tangent.

Garth, please contact the appropriate emergency response team (SWAT!) once you’ve pinged her I.P. because this woman’s life is in very real danger if she tries using this “bicycle” (and I use the word loosely), for anything more than trendy living room furniture.

#104 Dominoes Lining Up on 02.06.17 at 9:33 pm

Unfortunately it’s hard to see politicians doing any less of things such as increased taxation in the years ahead.

Just take a look at the employment sh*tstorm brewing ahead:

http://www.canadianmanufacturing.com/operations/40-per-cent-of-canadian-jobs-could-be-lost-to-automation-mckinsey-co-chief-says-183865/

40% of all jobs could be gone in Canada, within a decade. Yikes!

Let’s be honest with ourselves – much of what we each do could already be done as well or better by automation right now. Even white collar jobs, legal work, customer service, financial work, could all be automated already.

How we will survive this transition without massive increases in taxation and general spreading of the wealth?

Good thing we can just keep investing in our real estate ponzi scheme and making money that way, huh!

#105 Craven Moorehead on 02.06.17 at 9:44 pm

My Doctor always says he would have been better off becoming a school teacher, and i believe him, although he lives very comfortably, he is still working at 70

The problem is government spending and waste, taxation is no longer reasonable, they have resorted to confiscation. The biggest expense anyone pays in their lifetimes is taxes, our wealth is being stolen from us, and it seems the more money they take, the more we hear about government boondoggles

Anyone posting here who advocates for increased taxes on anything or anyone is a fool

They need to stop wasting money period

#106 boonerator on 02.06.17 at 9:46 pm

Orthopedic surgeons doing all those hip and knee replacements earn a lot of $.
I wonder if many in the “tax the rich” crowd are waiting for a rich surgeon to work on their knee.
And what would they say if their surgeon cut back his operations by 30% making them wait another 6 months.

Surgeons don’t have to go to the US, they can just work less.
Be careful what you ask for, you just might get it.

#107 HoskinsFan1 on 02.06.17 at 9:47 pm

I spent 8 hrs last night with a 55 year old trying to die. He almost did it 5 times. Ohip won’t pay me for the last 6 hours of this work. Max you out at 2 hours. One of the last guys that did the same completed the job- his relatives are suing me. Some can’t outlive their genetics or lifestyle – but expect me to pay. All for $325 less the Wynne-Hoskins discount. What were you doing between 11:30 and 6am last night?

I work at 5 hospitals, 3 clinics. I pay for staff at 4 of these places. Rent/office space at 3. I oversee a hospital program with a $70M budget and 250+ staff. I averaged 85 worked hours a week in 2016. I pay my own costs. School for 16 years (years where your mom made your lunch don’t count). How much is this worth?

No “risk” and not a business? Fine I’ll be an employee- pay me a salary, reimburse my costs and contribute to my pension. Kind of like a nurse practitioner. Just dont call me after 4:30. Or on weekends. Or to get your out of a jam.

If not, Mr. Trump, where do I sign?

#108 White Crock BC on 02.06.17 at 9:50 pm

We’re all communists/ socialists Smoking man, it’s just a question of degree.

Look at the USA.

Unemployment insurance.
Social Security
Welfare
Food Stamps
Medicare
Medicaid
Housing assistance.
Hell, you can even send your kid to school even if you have no income.

I’m sure I’ve missed others.

Not all on Obama. None of it on Obama. All were there during Bush 43, Bush 41 and Reagan.

We’re all socialists.. to a degree.

As you Trumpanzees like to say: Get over it.

#109 TurnerNation on 02.06.17 at 9:51 pm

It’s funny how upper class people think they are smart reading periodicals with The.
The New Yorker, The Economist, The Atlantic.

Really it’s all the same military-intelligence social control….wrapped in larger words. Gatekeepers.

#110 Ole Doberman on 02.06.17 at 9:55 pm

Gartho was right again about Calgary:

“In 2015, more than 5,000 condo apartments were started, many of which are now hitting the market.”

“Meanwhile, the benchmark price of a resale condo apartment has fallen nearly 5% from January 2016, reports the Calgary Real Estate Board, to $269,000, and apartment sales are down 30% from two years ago.”

“Times are hard for every single landlord with whom I’ve spoken in the past eight to 12 months. Empty rental properties abound, and no obvious solution to the province’s empty rental property phenomenon exists.”

http://www.westerninvestor.com/news/alberta/calgary-s-new-condo-sales-plunge-1.9713067

When I was viewing a rental property this weekend the lady said things are on the up and that she bought her house at the “low” and things are coming back – LOL!

#111 John in Mtl on 02.06.17 at 9:57 pm

Thanks for fixing the html mistake, Garth.

#112 Ret on 02.06.17 at 9:57 pm

#49 “There’s also talk of taxing health and dental benefits” I thought that they already were taxed as taxable benefits.

https://www.sunlife.ca/ca/Learn+and+Plan/Money/Insuring+your+health/Employee+benefits+Taxable+or+not?vgnLocale=en_CA

Never-the-less, Toronto taxpayers must feel they are getting a little bit shafted with poorly administered, open ended carte blanche, drug and benefit plans.

‘Last year the city spent $1.9 million covering claims for ED drugs such as Cialis and Viagra.” Five employees claimed over $5000 of the little blue pills.

Others claimed enough opioids and/or pain medication from three pharmacies on the same day. I wonder what’s going on with that?

https://www.thestar.com/news/gta/2016/10/26/mayor-calls-for-terminations-after-medication-fraud-report.html

#113 Stock Picker on 02.06.17 at 9:57 pm

Until I retired for the third time I chose Dallas over Toronto or Vancouver. It seemed like a no brainer. First, I earned over twice as much for the same job, increased both my standard and quality of life. A 5000 sq ft home is $350 k….cars cost half….insurance super cheap…gas is cheap….prop tax is half…clothes half….food a third….huge steaks every night. Booze very cheap but I don’t drink. And my personal taxes were 40% cheaper federally and zero state tax…..no state sales tax…..of course there’s no carbon tax, green tax…or any of that crap. George out place to live….and if I wanted to switch jobs there opportunities on every corner. Home office towers proliferate like mushrooms in Dallas. Rent is also super cheap and very high quality offerings.

If it hadn’t been for CRA demanding I liquidate all my holdings in a deemed disposition and lose my statua in Canada I would have stayed. But that becomes complicated. Also having to file income tax in both countries is expensive and complicate so be forewarned.

Doctors, teachers, specialists of all kinds are highly employable in Texas…just go….especially if you’re young and have no savings investments that the CRA can rip off when they arbitrarily decide you’re tax status changed.

If you’re technical, managerial specialist Asia is the new world of opportunity and high paying jobs abound. Get out of Canada and live. The Liberal Party doesn’t want you anyway.

#114 Ole Doberman on 02.06.17 at 10:02 pm

Can you say timmmmber!

“CMHC’s annual rental report also showed that Calgary’s average rental rates are falling while the number of purpose-built rental units increased by 1,296 units in 2016 from the previous year to 36,523 units – the highest annual gain since 1994.”

Doberman P.I does it again

#115 Pete from St. Cesaire on 02.06.17 at 10:07 pm

Nonplused
So instead of paying a teacher $86,000 a year which is taxable, why not pay her I don’t know what it would be but let’s say $65,000 a year tax free?
————————————————
Here’s why: The ‘powers-that-be’ who create all money out of thin air, and as a debt to be repaid with interest, want to be creating as much money as possible to further in-debt the world. You see, the govt. doesn’t pay the people out of their own pockets, they borrow the money from the money creators to pay the salaries of their workers. All money coming out of the government is borrowed money. In fact, all money everywhere is borrowed money, created out of thin air by these secretive money-creators.

#116 Spectacle on 02.06.17 at 10:09 pm

Hey Kevin, thanks for the link, I heard it was exposed. Nice! This should also have better honesty for developing our economy,mbusinesses,many refute lies that enable T2 to justify his lying Agenda 21! M.

#53 Kevin’s Fanzone on 02.06.17 at 7:52 pm
Let’s see Mr Surfer Dude’s carbon tax go through once this is blown open:

http://www.dailymail.co.uk/sciencetech/article-4192182/World-leaders-duped-manipulated-global-warming-data.html

Pretty much amazing how we have all been lied to. Trumps recent announcement regarding the blowing open of the Environmental Global warming scam makes sense now.

#117 hope & ruin on 02.06.17 at 10:13 pm

Federal employees pointing the finger at doctors?!? You mean the people keeping us healthy and saving lives? If we need to save a few bucks let’s start looking at the public sector, of course that will never happen.

#118 Chaddywack on 02.06.17 at 10:15 pm

I wonder how this is going to impact Vancouver real estate?

People were counting on high income earners to pay $4M+ for a house now that all the Chinese have stopped buying!

#119 Smoking Man on 02.06.17 at 10:16 pm

#92 I’m stupid on 02.06.17 at 9:15 pm
#55 MF

I agree, a PHD in philosophy is as useful as a horse and wagon to go to work.
…….
How about a PhD in Herdonomics. Toughest to earn trust me.
…….

Making preperation to leave this commie waste land. The drama. The wife. Grand kids soon. She don’t get the fact that she’s married to Hiesenburg. I don’t cook meth. My business is out of this world and tax treaty jurisdiction. And I can’t collect while I stay here.

Huge problem for me.

Should I stay and fight the good fight. Or should I run. And enjoy the rest of my days in the tropics living it up like Johnny Depp.

Going to Panama city, Cuba, and Equidor to try and talk her into one of those places.

Knowing her. Will she pick 6k sqft beach house in the tropics vs changing diapers on a new grand kid in butt Guelph.

I’m doomed. And for any of you old dogs that still love your bitches. You know what I’m talking about.

#120 Wait There on 02.06.17 at 10:17 pm

It is a bit biased to say the least when doctors are used evaluate the small corporation.
What you salaried people don’t get is that after 8 years of meager earnings sometimes none, I get a break and my company picks up business. My wife and I put in 12 hour days and we have to make up for the lost years of no earnings to speak of. Now we have to plan for the future. We’ve begun hiring a part timer and creating employment now. If this T2 move stinks on us, we are moving to the USA. Most of my sales are to there and international anyways and if Trump puts in his BAT, then we are gone. So long Canada, it was nice. I could also reduce my shipping costs and get the state of NY to give my SB a small tax holiday. That Part time job I created……GONE.
This is no joke. You think that taxing small business is going to help. You’re dead wrong. The problem with Canada is lack of PRODUCTIVITY. Has T2 put in any sweat and taken risks that could jeopardize food on the table for his family? Show me. Until you have done that you don’t know what it takes to run a business and meet a payroll. It ain’t sunny times I can tell you.

#121 Canada on 02.06.17 at 10:29 pm

housing bubbles at vcr/tor. generalized unaffordable housing with largely stagnant incomes

a healthcare system overloaded and you are guaranteed to WAIT for nearly every elective surgical procedure. Often as long as 6 months. You can be in chronic pain, it’s still considered ‘elective’.

housing in clear distress……and healthcare may get way worse. Our hope is that foreign muslim physicians say no thanks to USA and come here.

#122 MF on 02.06.17 at 10:30 pm

#106 HoskinsFan1 on 02.06.17 at 9:47 pm

Although I agree partially,

Do not forget that you are guaranteed employment and a high wage. Most people have to fight to stay employed and have a livable wage. This cannot be ignored. A lot of people who are underemployed with 3 part time garbage jobs wish they had your “problem”. Perspective.

Although Dr’s make more in the US, they also have to try to sell themselves and have all kinds of liability insurance. Competition is fierce too. It’s not all roses for Dr’s down south.

MF

#123 jay on 02.06.17 at 10:30 pm

#103 Dominoes Lining Up Isn’t that the same guy who want’s to increase immigration to Canada to 100 million.http://www.huffingtonpost.ca/2016/10/24/100-million-canadians-2100_n_12618314.html The more the merrier. He seems to be talking out of both sides of his mouth , it sounds as though his vision of Canada is a lower standard of living.Lets hope Trudeau throws his report in the garbage where it belongs.

#124 Wait There on 02.06.17 at 10:31 pm

#105

I can guarantee you it’s not only the doctors. They’ll retire earlier. Think it is hard to get a family doctor today. Ha! Wait till later.

The good professionals especially those in technology are literally gone. What graduating engineer would prefer to stay in Canada as opposed to joining something similar in the USA.

In the 80s I was stupid and did not make the move.

Pretty soon the immigrants will figure it out and not move to Canada….especially when the benefits are gone due to lack of government revenue.

#125 Kevin's Fanzone on 02.06.17 at 10:37 pm

DELETED

#126 Joe Schmoe on 02.06.17 at 10:38 pm

#115 – I don’t know about the data presented in your link. I am a big believer in global warming…I currently live on land that was a glacier 40,000 years ago…

The arguments around proving microscopic change over irrelevant time periods has been a fantastic industry creator though.

If you ever get a chance to go to the Royal Tyrell museum you should…interesting perspective on timelines. it is estimated over 99% of species to exist on earth are extinct.

The only constant is change.

However, throw the taxes and other garbage science away and look at population/consumption curves, and we know we have a pollution problem. Ignore the C02 rhetoric and look at rapidly emerging cities and the fact that our current state of pollution emissions are unsustainable is sort of obvious.

Let’s just give JT more money, I’m sure he is eager to tackle that tough problem. Just as hard as he tackled electoral reform…er…nevermind.

#127 Smoking Man on 02.06.17 at 10:38 pm

But looped, I’ve really been trying to cut down. Have my way with my woman from a stragic perspective.

We got to get out of this place if the last thing we ever do.

She’s a mom. I’m an artist but not a lefty one. Go figure that one out.

I wrote a brilliant book. Very few sales. 100 or so.

But the feed back. Incredible. …

A true artist does not give two shits about commercial success. Just one book Sale with a comment Smoking Man amazing book.

Worth the 6 year effort.

People don’t understand that. They try and live up to a fake standard of real success.

How many phd schooled have took a shot a fiction writing. My bet zero.

You lose all credibility if the book is good and worth the read.

#128 indeed on 02.06.17 at 10:40 pm

……Investment income is already taxed differently and at much higher rates. But there is no tax on unrealised capital gains until realised and THAT is the huge reason to invest within the corporation if you don’t need the money for spending.’

if they dont touch the capital gains until realized, its still a go.

anyway, these people are damn rich already, not like this will make them ‘average’ earners…good grief/ They can save at a MUCH higher rate than the average Canadian– 20-30%, if they’d like

#129 Fuzzy Camel on 02.06.17 at 10:41 pm

If you can’t see Mr. Trump has been set up to take full responsibility for the greatest crash of this century, you are blind. These feminists marching against Trump aren’t mad that he is orange and has bad hair, no, they are marching against him because he is the poster child for capitalism. These feminists are socialists, and many are outright communists. The government is intentionally getting everyone deep in debt, for their OSB clad palaces. When Trump crashes the global economy, the new system will be communist. People will be quite happy to sign on the UN because they will get to stay in their house, as tenants, but they can stay.

Here is a list of buzzwords decoded for real meaning:
Feminist = communist with dyed hair & cat eye glasses
Climate change = bogus idea of overpopulation
UN = communist super government

Our housing bubble is just a means to an end. Their goal is to get everyone deep in debt, kick out the can holding it up, everyone goes broke together. Trump is a useful idiot to the bankers. He is creating the problem, trade barriers, currency wars, trade wars, etc. The new global currency by the UN will be brought in with claiming to fix these problems. It’s a hoax. People will be so desperate and terrified they’ll swallow a global government to keep the OSB palace.

Invest wisely, T2 and Wynne are communists and will steal every penny you have.

Memo to self: fix blog moat. — Garth

#130 Foreign Capital in Victoria on 02.06.17 at 10:41 pm

“January 2017 just posted an alarming 18% drop over the same period.”
——–
I am glad to see VREU has come out to play, and espouse her chicken little predictions of the Victoria market.

There are only a couple of fact you need to know to about the Victoria market:

1. Sales are low because inventory is low. Sales do decline on low inventory – its not rocket science. And a 18% drop in sales is not ‘alarming’. Alarming is the drop in Vancouver prices by 50-70% – prices yet to follow of course…

2. Foreign buyers went from 0.68% of sales in 2015 to over 4.6% in 2016 in Victoria – a seven fold increase. I wonder if they had any impact…

3. Prices went up almost 25% in Victoria proper and 15-25% in the surrounding communities. No correlation (ahem…cough) to the rise in foreign buyers. Nope, it must be the static government services economy and peoples new found knowledge of low interest rates which spurned the increase in prices.

4. The current provincial government is now ‘tweaking’ the foreign buyers tax that was so successfully in crushing sales in Vancouver – and showing everyone that foreign buyers were more than the 5% that is touted by the real estate industry.

Once the tax is loosened, watch for Vancouver prices to resume and watch for the Vancouver refugees to cash out and move to Victoria -placing upwards pressure on prices.

VREU, you need to adopt a systems approach if you want to figure out the market. You, like others, will be coming here in a year starting to finally admit that maybe, just maybe, foreign capital has influenced the local market.

#131 John in Mtl on 02.06.17 at 10:44 pm

@ #106 HoskinsFan1 on 02.06.17 at 9:47 pm

Thank you for telling folks about the reality of the life of some doctors.

#132 Al on 02.06.17 at 10:46 pm

#7 – Frank. I agree with you 100%. Ontario taxpayers also finance the doctors’ legal fees when they get sued for screw-ups like chopping off the wrong breast, etc. They screw up, patient sues, and patient’s taxes are used to fund the Doc’s legal fees!. Only in Ontario you say!. Now the Docs take courses on how to avoid paying their fair share of the income taxes.

#133 Self Directed on 02.06.17 at 10:50 pm

#54 For those about to flop… on 02.06.17 at 7:56 pm

Pink Snow falling in Richmond.

These guys bought this condo for 643k in July 2016 and must of gotten spooked and offloaded it for 658k in December crystallizing a small loss by the time you factor expenses in.

Maybe one for Selfie to polish up for me…

M42BC

https://evaluebc.bcassessment.ca/Property.aspx?_oa=RDAwMDBOQjRXVw==
……………………………………………………………..

The question I have: Does CRA consider this a capital gain.

Yes, they probably netted between a 5-10K loss after you factor in PTT, Realtor fees, strata payments, taxes, etc. But CRA might only see a 15K taxable gain (658K-643K)

They lived in it under a year, only 6 months (or did they? hmmm…)

Maybe someone knows the answer to this.

Anyway, nice work M42BC. Keep em’ coming.

#134 CANADA on 02.06.17 at 10:51 pm

God, are doctors ever greedy.
If 300,000 + per year isn’t enough then BEAT IT and leave Canada NOW.
I had no idea they earned so much money.
If helping people isn’t enough incentive to be a doctor then get out of my country now!!!!!
I think i’ll be hating them now.

#135 Calgary Guy on 02.06.17 at 10:52 pm

A friend I know is a doc and I have asked him in the past about heading south to make some USD at lower tax rates. He said that it’s not that easy for many doctors to do this as they basically have to retake a bunch of courses and get reaccredited in the states. The same happens if a USA doc tries to come up north.

So there is a barrier to docs leaving en masse, and the T2 gang probably know this.

#136 Joe Schmoe on 02.06.17 at 10:55 pm

Seems like a bunch of people here should have become Doctors.

It is that easy and risk free.

If we were all Doctors the compensation would have to go down as so many of us would be competing for the same job!

Let’s show those Doctors by becoming Doctors and proving to them how easy it is!

#137 Smoking Man on 02.06.17 at 10:55 pm

DELETED

#138 Evan on 02.06.17 at 10:57 pm

Hi Garth – I’ve heard that they also want to change the tax rate for selling corporations, no longer allowing it to be taken as a dividend. Is this true?

#139 Al on 02.06.17 at 10:58 pm

Most of Ontario’s Health care funds end up in Doctors pockets with little left for Nurses, Hospital upgrades and medical technology. And it gets worse every year with wage increase demands by doctors. Most of them could and should be replaced by Robots.

#140 Long Branch Deplorable on 02.06.17 at 11:02 pm

#118 Smoking Man on 02.06.17 at 10:16 pm

#92 I’m stupid on 02.06.17 at 9:15 pm
#55 MF

I agree, a PHD in philosophy is as useful as a horse and wagon to go to work.
…….
How about a PhD in Herdonomics. Toughest to earn trust me.
…….

Making preperation to leave this commie waste land. The drama. The wife. Grand kids soon. She don’t get the fact that she’s married to Hiesenburg. I don’t cook meth. My business is out of this world and tax treaty jurisdiction. And I can’t collect while I stay here.

Huge problem for me.

Should I stay and fight the good fight. Or should I run. And enjoy the rest of my days in the tropics living it up like Johnny Depp.

Going to Panama city, Cuba, and Equidor to try and talk her into one of those places.

Knowing her. Will she pick 6k sqft beach house in the tropics vs changing diapers on a new grand kid in butt Guelph.

I’m doomed. And for any of you old dogs that still love your bitches. You know what I’m talking about.
..

I thought you already built a house in Ecuador with a giant Trump approved wall and a heli pad!.. all set to go.. what ya waiting for !!

#141 liberals on 02.06.17 at 11:04 pm

‘God, are doctors ever greedy.
If 300,000 + per year isn’t enough then BEAT IT and leave Canada NOW.
I had no idea they earned so much money.
If helping people isn’t enough incentive to be a doctor then get out of my country now!!!!!
I think i’ll be hating them now’

lol

#142 HellYeah on 02.06.17 at 11:05 pm

Nice fixie. Should put a brake on that.
Is that a threaded to threadless headset conversion?

#143 karlhungus on 02.06.17 at 11:06 pm

Garth I do not understand the CRA. Enlighten me. Sometimes tax avoidance is okay and encouraged (taking out RRSP’s when you are laid off or ill), and other times it is frowned upon (as per your example). What gives?

#144 CP on 02.06.17 at 11:10 pm

Like I said before the last election, Should have done a simple wealth tax and lowered corporate taxes and everyone’s income tax. That way entrepreneurs and working people can get wealthy, and wealthy people who don’t work become less so. But that leads to a meritocracy which may not popular.

#145 Star Stuff on 02.06.17 at 11:11 pm

#126 Smoking Man on 02.06.17 at 10:38 pm

But looped, I’ve really been trying to cut down. Have my way with my woman from a stragic perspective.

We got to get out of this place if the last thing we ever do.

She’s a mom. I’m an artist but not a lefty one. Go figure that one out.

I wrote a brilliant book. Very few sales. 100 or so.

But the feed back. Incredible. …

A true artist does not give two shits about commercial success. Just one book Sale with a comment Smoking Man amazing book.

Worth the 6 year effort.

People don’t understand that. They try and live up to a fake standard of real success.

How many phd schooled have took a shot a fiction writing. My bet zero.

You lose all credibility if the book is good and worth the read.

Carl Sagan.

#146 For those about to flop... on 02.06.17 at 11:14 pm

Pink Snow falling in West Vancouver.

These guys are on the hook for 3 million when they signed on the dotted line in May 2016 for a 90 year old house.

The tide has turned…but we are talking about Vancouver and a lot of people aren’t paying attention…

M42BC

2160 Mathers Avenue, West Vancouver

Oct 26:$3,685,000
Feb 6: $3,350,000
Change: – 335000.00 -9%

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAyOTlDRQ==

#147 Chico on 02.06.17 at 11:23 pm

#56 Buffettology on 02.06.17 at 8:06 pm

“What the wise do in the beginning, fools do in the end.”

“Never ask a barber if you need a haircut.”

“Interest rates are to asset prices what gravity is to the apple. When there are low interest rates, there is a very low gravitational pull on asset prices.”

“When you combine ignorance and leverage, you get some pretty interesting results.”

“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy, and greedy only when others are fearful.”

“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”

“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.”

“Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, ‘I can calculate the movement of the stars, but not the madness of men.’ If he had not been traumatized by this loss, Sir Isaac might have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.”

——–

“Look mom, I can copy and paste!”

Freedom First…is that you?

#148 Joe Schome on 02.06.17 at 11:26 pm

Congratulations –

It’s $40,000 a yr tuition to attend medical school .

Want to guess how many years are required ?

You still in? ……hehe…….poor Joe now sits down and has his green tea

#149 Blobby on 02.06.17 at 11:28 pm

I’m self employed. Some years, like last year, I earn a fair whack (last year I earned 300k). Other years I earn f-all, two years ago I earned around 38k.

I am incorporated so I can keep taxes low, and pay myself a consistent wage thru good and bad years.

This whole idea, if true, will duck (sic) me right up!

And i voted liberal… arse!

#150 Smoking Man on 02.06.17 at 11:30 pm

People don’t get it. It’s not about consensual aproval.
True Life is all about being diffrent.

Put that one in my obituary.

#151 Smoking Man on 02.06.17 at 11:35 pm

Every time I talk about the best book ever written it gets deleted

I hate you Garth. Not realy.

if I maneged to get away with it just once.

Every am way salesmen would swarm this shit blog.

Selling a hair piece.

#152 WUL on 02.06.17 at 11:43 pm

#131 Al:

When did the Canadian Medical Protective Association disappear and leave legal fees to be paid by the Ontario taxpayer?

I doubt that happened. I will look. They were a terrific client when I was doing med mal defence work back in the day.

Boy, could they afford justice!

#153 SI2K on 02.07.17 at 12:02 am

‘Nonworking’ spouses are usually working. If there’s a high earning partner, the other frequently gives up their career to move wherever the higher earning spouse needs to live. He/she takes care of *all* the family care giving, not just half, and often does *all* the day-to-day life admin for the high earner, not just half. Not compensating that spouse fairly through some kind of income splitting is slavery, pure and simple. I’m way over on the left, socially, but on this issue the Libs just don’t seem to get it.

#154 TS on 02.07.17 at 12:06 am

Oh Please Garth,

I know of husband’s of doctors who sit around the house all day and get $100,000 salary because they’re the IT Manager of their wife’s doctor’s office

Tax Avoidance is tax avoidance. Don’t make it seem like a orthodontist in downtown Toronto took unimaginable risk to open his business.

#155 Ponzius Pilatus on 02.07.17 at 12:10 am

#52 Tony on 02.06.17 at 7:52 pm
My father told me when I was just a young boy the phrase “show me an honest man and I’ll show you a poor man”. I never forgot that phrase. Sometimes you have to bend the rules and the reason offshore tax havens were set up was to pay less tax not evade tax.
————
You are a sick person.
Please use some of your tax evading money to get professional help.

#156 Craig on 02.07.17 at 12:19 am

“On the first $500,000 in business income, owners currently pay tax rate about half that of individuals, encouraging them to leave money there, invested, rather than paying it out as salary or taxable dividends. While the small biz rate is unlikely to increase, expect surplus funds – money not used to fund the operation, buy stuff, pay salaries or create jobs – to be taxed at a separate, higher level.”

I don’t get this part. The small business tax rate applies to the first $500K of operating income after expenses. If the small business tax rate is “unlikely to increase”, then what on earth would change? The 500K limit? Or would businesses need to somehow prove this income has been spent for active business purposes (i.e. future expenses or CapEx), with the remainder of the 500K getting taxed higher?

Also would this “retained earnings tax” apply to future retained earnings (and if so, is this actually the same thing as the diddling with the small business tax rate already covered in the quote above), or will they go after retained earnings from prior years, which may already have been spent on capital expenditures, investments, etc.

Then there’s the matter of operating company earnings that have already been intercompany dividended up to a holding company for investment or allocation to other subsidiaries.

Investment income inside companies is already taxed at rates approacing 40-50% (same tax rates regardless of company size). I can’t see how they can do anything more than tighten up future access to the small business deduction, and go after dividend sprinklers. Perhaps they will jack up the personal tax rates on non-eligible dividends but then that breaks the tax integration.

What can they really do here?

#157 Ponzius Pilatus on 02.07.17 at 12:25 am

#92 I’m stupid on 02.06.17 at 9:15 pm
#55 MF

I agree, a PHD in philosophy is as useful as a horse and wagon to go to work.
——————
I agree.
You are stupid.
Philosophers going back to the ancient Greeks have shaped all of our believes, values and ways to govern.
Garth, time to delete posters based on their low IQs.

#158 NoName on 02.07.17 at 12:35 am

#128 Fuzzy Camel on 02.06.17 at 10:41 pm
Feminist = communist with dyed hair & cat eye glasses

—-
oh, rocky and bullwinkle…
https://www.youtube.com/watch?v=NUSouLf6BNw

that movie was mooseterpice

#159 Evilc76 on 02.07.17 at 12:37 am

My wife is a specialist and US trained. We’re young and have lots of doc friends in both the US and Canada. Reality check here folks…most Canadian kids which go to the US for training already don’t come back. They simply earn more, life is less expensive and the taxes are lower in the US. More taxes will act as more incentive not to return. It’s math not fear mongering. $300k is a lot of money but you need to pay rent, staff, etc. The doctor is usually left with $180k-$200k before taxes. I know let the moaning begin. Anyway, the key here is that we’re all being strung along. If we as a society can’t pay $300k, then we need to get creative and figure out how to reduce the costs, much like a business would do. Funny that the people that moan aoutthe $300k are also likely the ones calling companies cheaters for moving to low cost districts (an othe discssion). Being creative shouldn’t mean confiscating wealth through taxes however. Doesn’t it seem unreasonable to pay 53% in taxes? I believe in fairness and balance, but sinice when is our society going to prosper by punishing people that tried, spent years and $500k on schooling! This is only one segment and one profession. If we’re building road blocks to discourage docs from practicing here…how many other roadblocks to business do you think exist in Canada? How many people do we think we can fleece with taxes before they move, get frustrated or refuse to report their income and cheat on their taxes?

#160 Ponzius Pilatus on 02.07.17 at 12:42 am

Open letter to the Smoking Man:
Mr. Smoking Man.
You used to be much more funny and informative as a JD swilling alcoholic.
No you’re just a boring asshole pretending to hate socialists/communists.
Get a new schtick, or just get lost.

#161 stage1dave on 02.07.17 at 12:51 am

Guess I better jump in before that damned blog moat gets fixed…haha

I’ve been wondering about this “Doctor” business for several decades, and I still don’t understand…my original idea was that aspiring doctors were motivated by their sincere desire to help others, cure disease, fix damaged individuals; and of course spend a decade getting accredited…whilst spending 200K on school.

In addition to the long working hours, and quite often a very depressing work enviornment…

Anyway, I would not go thru any of the above unless someone was going to pretty much guarantee me an esteemed social position and a great deal of money. For the rest of my life. (and 300K yearly ain’t enuff, btw) I’m pretty sure that’s a good part of the allure.

I’m not here to dump on the trade, btw; simply question it’s collective motivation and suggest some corrective action.

So here’s a solution…firstly, to get people into the trade who truly care about helping others, and to keep good people in the trade; lets change the admission priorities. Who cares about perfect math scores and high school attendance records? I want to see above average curiosity, a genuine concern for others, perhaps a scientific bent, and all those other “snowflake” ideals so out of fashion these days.

Secondly, lets treat prospective applicants like the Air Force treats it’s pilots; we’ll teach you, and if yer good enuff to graduate, then we tell you where you’re based and what yer flying…for 7 years. (you’re also told what you will be paid) At that point, you can take your training and expertise ANYWHERE.

Unfortunately, you may wind up initially plying your medical trade on the res, in some crappy prairie town, or perhaps metro Nanaimo, but ya won’t be 200K in the hole. You will be where there is need.

Come to think of it, lets try the same thing with lawyers, another trade that could use some fresh blood. (and a lot less interference from it’s umbrella societies and management)

Like, does anyone go into a law college worrying about dumb stuff like right and wrong? Or ethics? Or what’s fair and what ain’t? Or is it the $350/hr down the road and potential elite social status?

#162 Stock Picker on 02.07.17 at 1:22 am

Talking greed….let’s look at what it costs to get dental work done in Canada. Since dentists are unregulated, they are also unhinged. In my days as a financial player I always found the dentists were the worst investors in the game…..they had too much money and not enough brains to manage it.

but….the fees dentists charge in Canada are unconscionable . I assume it’s because they’re backstopped by the public service unions giving 100% dental to civil servants….the same gouging applies to the rest of us…except we don’t have the taxpayer to subsidize our dental work.

I just had a crown done here in Bangkok….$280 bucks. Vs the $1300 a dentist wanted in Vancouver after my insurance paid 50% !!!!’ Meaning that $280 crown cost $2600 in Vancouver to someone with zero insurance.

IMHO….the dentist I have here does very good work….better service that the rushed slam bam thank you ma’am you get in Canada.

Meanwhile the dentists are invested in goofy speculation that always loses big….but since they can charge whatever the unions allow…..they don’t have to face the fact that they are lousy doctors and lousy investors.

#163 TheUnhealthy on 02.07.17 at 1:42 am

Reading the comments here, it feels as if all the people happy about these changes are only happy out of spite. A true sign of unhappiness.
I imagine the people targeted by these changes aren’t happy either.
I promise one thing though, complainers will always find something to complain about.

#164 BC_Doc on 02.07.17 at 3:15 am

#123 Wait There on 02.06.17 at 10:31 pm
#105

“I can guarantee you it’s not only the doctors. They’ll retire earlier. Think it is hard to get a family doctor today. Ha! Wait till later.”

You’ve nailed it. I’m a 50 year old MD. I’ve hit my magic number but work because I enjoy (most of) what I do. Where I live, half of the MDs are 50+ and doctors are in short supply– government here in Lotus Land needs to be careful or they will make a bad situation worse by encouraging MDs to pull down their shingle and retire earlier than they might otherwise have.

#165 Leo Trollstoy on 02.07.17 at 5:18 am

My father told me when I was just a young boy the phrase “show me an honest man and I’ll show you a poor man”. I never forgot that phrase.

Sounds like an insecure poor man who is trying to make themselves feel better and morally superior by supposedly being more “honest”

Nice try

#166 DoomandGloomer on 02.07.17 at 6:35 am

#7 Frank

“Doctors don’t take risks. There aren’t enough due to their monopoly so income is guaranteed…”
——————————————————————-

Hey dickhead…why don’t YOU try getting into medical school? HA!

Compensation is related to supply and demand of uncommon skills. hardly anyone can become a doctor. Run the numbers.

#167 DoomandGloomer on 02.07.17 at 6:39 am

Taxation is theft.

https://www.youtube.com/watch?v=0TclZGmtnVs

#168 T. on 02.07.17 at 7:27 am

I’ll be following this like a hawk, as I incorporated last year so that I could split income with my wife. I’m a new-ish enough physician (graduated 3 years ago) that I don’t have real roots yet and I’m willing to go south in the beat of a heart if this is the game the Liberals want to play.

#169 Doctor_Offspring on 02.07.17 at 7:40 am

@HoskinsFan1

Thank you for posting this. My father also was 80+ hours per week, and, often times, he’d be loosing money.

Most certainly, he was not as well off financially as he could have been had he just worked as a teacher, or even a factory worker, and would have been around for “family occasions”. He loved the work, because he loved helping people; money had nothing to do with it.

Lots of people posting here have NO CLUE…

#170 pBrasseur on 02.07.17 at 7:41 am

What? No talk of reducing capital gains tax exemption this year?

Can’t Wait to see Maxime (or O’Leary) become PM and completely eliminate capital gains tax though :-)

#171 MF on 02.07.17 at 7:43 am

#156 Ponzius Pilatus on 02.07.17 at 12:25 am

Low IQ?

Buddy do you talk to people outside in the real world? Do you have any human friends?

How old are you? Over 45? Than you are delusional about education like a lot of boomers (including my parents).

If you did, you would see that the most educated are often not the most prosperous. Education inflation is real, as is the debt most are saddled with for years afterward.

MF

#172 DBB on 02.07.17 at 7:54 am

Thanks Garth for digging into the potential unintended consequences of Trudeau’s nasty little tax fetish. I hope Morneau reads this blog. Hopefully Rona Ambrose too – she took Trudeau to task last week for not ruling out taxes on employer sponsored health benefits (he finally denied in what appeared to be an about face). Keep up the great posts!!

#173 GAAR on 02.07.17 at 8:16 am

Canada Revenue Agency issued the income tax information circular IC88-2 to provide guidance for and various examples of the application of the general anti-avoidance rule (GAAR), section 245 of the Income Tax Act (see the link below for details).

http://www.cra-arc.gc.ca/E/pub/tp/ic88-2/ic88-2-e.html

#174 your loyal servant on 02.07.17 at 8:22 am

“Memo to self: fix blog moat. — Garth”

Let me know if you need help.

#175 Reply to #146 on 02.07.17 at 8:22 am

Chico, I suggest you up the dosage of your medication. Go consult your doctor.

#176 pBrasseur on 02.07.17 at 8:23 am

Norway economy in trouble…

http://uk.reuters.com/article/uk-norway-economy-idUKKCN0VP1LZ

Problems are quite similar to Canada, oil boom and household debt made the economy look quite good for a while. With the downturn in oil the economy has slowed and escaped recession only because household debt is still rising as well as government spending. Currency drop is causing inflation while not helping exports much probably because productivity is too low in that very socialist nation. Central bank stuck between a rock and a hard place thinks of lowering which would certainly make the household debt satiation worse.

Low productivity is the basic problem but the inevitable outcome is delayed only by rising household debt and more government spending, sound familiar?

#177 MF on 02.07.17 at 8:24 am

#165 DoomandGloomer on 02.07.17 at 6:35 am

So you basically agree. Med schools keep the supply down by artificially limiting the amount of students. They sure don’t mind taking application fees though.

And we have people on here saying our docs should go down south after all that? The med schools are part of the problem. Saw tons of great friends get denied entry.

Was a joke.

MF

#178 crowdedelevatorfartz on 02.07.17 at 8:28 am

@#161 Stock Picker
“the fees dentists charge in Canada are unconscionable .”
*******************************************
Stop the presses. Stop the presses. I agree with S P

My dentist just spent 6 months and hundreds of thousands to expand his business from 4 chairs to 8….
Now it seems I need 2 cleaning/exams per year instead of 1….?
So I wait about a week and cancel the future 6 month appointment and reschedule in another 6 months…problem solved

Mind you people will pay anything to stop the pain.

#179 crowdedelevatorfartz on 02.07.17 at 8:32 am

@#175 PBrasseur

Well it a good thing “socialist” Norway has a trillion dollar “rainy day” fund unlike the former 40 year conservative govt in Alberta that urinated the money against the wall and ended up with a virtually bankrupt ,useless “Heritage Fund” and finally being booted from office.

http://www.google.ca/url?url=http://www.cnbc.com/2016/03/07/norway-taps-its-oil-fund-for-the-first-time.html&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiX25m2jP7RAhVD-mMKHaGtC30QFgggMAM&usg=AFQjCNFQeZqDocg5TJMEJnOK4pCoP4iPBw

#180 MF on 02.07.17 at 8:35 am

#168 Doctor_Offspring on 02.07.17 at 7:40 am

So let’s get this straight. You are complaining that your dad had too much work??? What about the unemployed or underemployed struggling to survive. It’s real hard to “feel bad” for someone who is guaranteed work and a high wage for life…especially since they often choose how many patients they see.

MF

#181 Vanrentor on 02.07.17 at 8:44 am

Check out this thread on Red Flag Deals.

http://forums.redflagdeals.com/investoment-condo-vancouver-advise-2078928/

Requesting “investoment” advice from people who are even dumber than him. This won’t end well.

#182 Chico on 02.07.17 at 8:48 am

#174 Reply to #146 on 02.07.17 at 8:22 am

Chico, I suggest you up the dosage of your medication. Go consult your doctor.

____

Perhaps I should try the brand of anti-depressants you’re on Freedom?

#183 Bat Flipper on 02.07.17 at 8:53 am

I guess it’s time to close my business, fire all my workers, and go back to the workday world and get on the payroll. Not many benefits for taking risks and being a business owner. It’s MUCH easier just to invest in some solid ETFs with a good ROI while working a 9-5.

I have seen many big franchises advertise a 12% ROI on small businesses. I would much rather take the cash and get a little bit lower ROI while working and not have to worry about these tax rates, new rules, etc. while getting a paystub.

#184 IHCTD9 on 02.07.17 at 9:00 am

#9 CJBob on 02.06.17 at 7:03 pm

I have a new rule, I’m going to read each post until I reach your first ‘alternative fact’ and then stop. Today it was easy. Marginal rate at 50% doesn’t mean 50% total taxes. That was easy. I’ll check back tomorrow.
__________________________________________

I have an even better plan for you: How about you don’t read any more blog posts, and don’t check back tomorrow?

#185 Bat Flipper on 02.07.17 at 9:08 am

Does the higher tax brackets mean that higher paid Canadian workers are even more expensive?

Let’s be real here, doctors, lawyers, C-Level Execs, etc. look at their total compensation after taxes. If tax rates go up, then they will look for employment that will compensate them for the difference. With our CAD much lower than the USD, and our tax rates/cost of living much higher, someone earning 250K will take home $ 152,365 in Ontario.

In the USA, someone making 200K will pay 49,606.25 in taxes with an exchange rate to Cad which brings the total income to $198,113.69 in Canadian dollars.

#186 Euro observer on 02.07.17 at 9:18 am

Non retirement/work until death while ‘leadres’ hand out with billionaires on their vacations.

Sure. m….rf..ers

#187 Euro observer on 02.07.17 at 9:18 am

https://ca.finance.yahoo.com/news/ottawas-economic-growth-council-set-091503198.html

an the link

#188 IHCTD9 on 02.07.17 at 9:26 am

#27 Looney Baloney on 02.06.17 at 7:22 pm
Good. I say tax everything to the hilt, let costs keep increasing until the system breaks. It is the quickest way for the great unwashed who voted for T2 get a crash course in Economics 101.
__________________________________________

I hate to think this way also, but it’s true. I’ll be voting for Wynne next year. Any talk of austerity, cuts, or public job losses, will have the Ontario Citizenry scrambling to vote in a baboon as long as it says the opposite. There’s no will in Ontario (and soon maybe all of Canada) to endure any hardship to improve our collective condition.

But the hardship will come, is coming, and the longer it takes to get here, the tougher its going to be.

I’ll be voting Wynne for a mercy killing, fixing the problems here any other way will take at least as long as I have left on the planet.

#189 Euro observer on 02.07.17 at 9:27 am

Ottawa/Bill M can take a hike. Simply move your Businesses offshore.

Let’s start first taxing capital gains on houses before going after doctors/professional corporations.

Idiots. the health system is already a disaster.

#190 Stock Picker on 02.07.17 at 9:41 am

DELETED

#191 pBrasseur on 02.07.17 at 9:47 am

#178 crowdedelevatorfartz

Norway has a trillion dollar “rainy day” fund unlike the former 40 year conservative govt in Alberta.

Yeah well Norway didn’t have to subsidize nine other provinces…

You’ll be surprise how little that great fund will help anyway, so far the sense of security it provided, along with the welfare state, encouraged Norwegians to a debt binge while remaining oblivious to productivity concerns. It is very likely to continue and while the fund may provide bailout money it will not encourage productivity, being a state driven affair and all. If that economy falls into a serious rut you will see that money dissipate in a hurry.

#192 IHCTD9 on 02.07.17 at 9:49 am

#41 Pete from St. Cesaire on 02.06.17 at 7:42 pm

That’s the same reasoning they’ll use to clean out your RRSP’s & TFSA’s when it becomes ‘necessary’, with the support of the indebted masses I might add.
_____________________________________

Just imagine if that ever happened. Good grief!

Those Panama guys got it right. Park it where they can’t touch it, and then listen to the CRA offering one consequence free deal after another asking them ever so politely to pay it back…

#193 IHCTD9 on 02.07.17 at 9:51 am

#42 Tim on 02.06.17 at 7:42 pm

Until recently the medical association has done their best to prevent many foreign doctors from practicing in Canada and that is why we have a shortage and is also one of the reasons their salaries are higher than 90 percent of the population.
____________________________________

Colossal load bunk.

#194 IHCTD9 on 02.07.17 at 10:02 am

#49 Trojan House on 02.06.17 at 7:51 pm
There’s also talk of taxing health and dental benefits.

Justin Trudeau – NOT MY PRIME MINISTER
_________________________________________

You can count on it. We can’t avoid this one and still claim the benefits, and all those without benefits will be pumping their fists in support.

Welcome to Canada.

I think budget 2017 is going to get down to the usual Liberal business of fleecing any Canadian that still has a pot to piss in.

#195 Unbelievable Greed and Treason on 02.07.17 at 10:29 am

Ex president of Treb seems very proud of how he sells out Toronto to foreign money. The arrogance of him is pretty clear in this article, he thinks chinese millionaires should own our city. He thinks foreign students should be living in $3 million homes. He’s basically saying, go f%$# yourselves Toronto residents, im selling as many homes as I can to Chinese and foreign money. And the CBC gives this idiot airtime??

Please slap a foreign buyer tax on this a-hole soon , Tory or Wynne.

http://www.cbc.ca/news/canada/toronto/programs/metromorning/richard-silver-foreign-buyers-treb-1.3968484

#196 sue on 02.07.17 at 10:34 am

Hmmm…alot of haters out there. A lawyer friend told me ‘people love to hate lawyers …until you need one!’ The same can be said for Doctors, Dentists and whoever else people are complaining about. Mom got cancer? Ever had a toothache? Insurance company bullying you? If its so easy and so rewarding get off you butt and get yourself into med school,dental school or law school. Perhaps these professions should all strike just for one week so the haters can see how the world functions without them. We need to reward the risk takers.

#197 Pre-retiree on 02.07.17 at 10:42 am

I don’t always understand this blog – the comments are not consistent. Surverys taken by Garth say the followers are relatively wealthy and well educated. Yet, many just love to spew hate at doctors who spent over 10 years of their lives learning their crafts in a pressured environment to take care of patients. The vast majority of doctors I know care a great deal about doing their best for patients. I just do not understand the jealousy and the hate displayed in some of these comments. It takes one or a loved one to be truly sick to appreciate why doctors exist at all, and why you should care that there are enough of them that are competent when you need them.

The demographics of the readers are not always are not always reflected in the demographics of the posters. — Garth

#198 Truthbetold on 02.07.17 at 10:53 am

“This structure is common among doctors – in fact, squads of accountants and lawyers descend upon medical schools to preach exactly these strategies. It allows a doctor making, say $300,000, to escape T2’s new tax bracket and even out his income by paying half to his non-working spouse. That, says Ottawa, is tax avoidance. Bad doctors. You will pay.” Sounds to me like this is tax avoidance and should be stopped. If the spouse or children actually work for the doc, then pay them a fair wage. If not, it is an accounting trick and should stop immediately so the docs pay their taxes. Same for anyone else setting up such a corporation – if it’s legit, great, if not pay up.

#199 Twitter Crackdown on 02.07.17 at 10:54 am

Twitter is cracking down on online trolls with more abuse controls (see link below).

http://time.com/3829973/twitter-trolls-abuse-controls/

#200 When Will They Raise Rates? on 02.07.17 at 10:57 am

#196 Pre-retiree on 02.07.17 at 10:42 am

I don’t always understand this blog – the comments are not consistent. Surverys taken by Garth say the followers are relatively wealthy and well educated. Yet, many just love to spew hate at doctors who spent over 10 years of their lives learning their crafts in a pressured environment to take care of patients. The vast majority of doctors I know care a great deal about doing their best for patients. I just do not understand the jealousy and the hate displayed in some of these comments. It takes one or a loved one to be truly sick to appreciate why doctors exist at all, and why you should care that there are enough of them that are competent when you need them.

—————

Like moths to a flame, talk of more taxes on the “rich” draw out the leftists and the clueless.

#201 Tony on 02.07.17 at 11:00 am

Re: #164 Leo Trollstoy on 02.07.17 at 5:18 am

My father wasn’t honest nor was his father.

#202 When Will They Raise Rates? on 02.07.17 at 11:02 am

… not that those two groups are mutually exclusive.

#203 AJ on 02.07.17 at 11:11 am

When are we going to see leadership at the federal level? This tweaking and twerking of status quo is not going to deliver Canada out of our commodity and real estate dependent Slump. We need hopey changey things.

#204 Gonkman on 02.07.17 at 11:16 am

#193 IHCTD9 on 02.07.17 at 10:02 am

I think budget 2017 is going to get down to the usual Liberal business of fleecing any Canadian that still has a pot to piss in.

*********************************************

Exactly… and if the Liberals win again in 2018 in Ontario I think I will just quit working.

I can live better as a 1 Income family and then “Benefit” from whatever else I need from the Government because I am now “Poor”.

Why pay 30K+ more in taxes when I can get the Milk for free….and not work!

Then I can come back here and complain about the RICH people and how they have it sooooo easy… lol

#205 45north on 02.07.17 at 11:24 am

Shared Services: government taxes to spend. One of the big expenses of the Federal Government is Shared Services:

https://www.canada.ca/en/shared-services.html

Shared Services is costing $1.4 billion. A year. It was created to save money but it hasn’t and it won’t. It was created under the Conservative Government but in my opinion it is the creation of the senior civil service who should be held to account.

#206 IHCTD9 on 02.07.17 at 11:27 am

#64 cecilhenry on 02.06.17 at 8:25 pm
_______________________________

Good post. There are obese levels of stupidity in the 1st world right now. The effect on me is interesting. I feel less and less like going to work. I feel more and more like doing something on my own, and earn much less income. Strange that is… maybe this is what happens when the BS is stacked so high you can barely shovel it out of your way. I like the idea of putting a barrier between my future, and the influence of others on it.

As taxes, fees, and the overall costs of living here continue to increase, it’s going to start making as much financial sense as it does ideological.

#207 604renter on 02.07.17 at 11:29 am

Wow. Lots of doctor haters here. Keep in mind – 15 years of education. For many its more. No pension. No disability. If doctors dont work they dont get paid. No benefits package. And spare me the ‘subsidized’ education rubbish. As a student and then as a resident I worked 80 plus hours a week.
Why do Canadians insist on cutting down what appears to be the taller poppy? We do not want doctors to leave Canada. That would be a right mess. We want T2 to leave.

#208 When Will They Raise Rates? on 02.07.17 at 11:38 am

#190 pBrasseur on 02.07.17 at 9:47 am

#178 crowdedelevatorfartz

Norway has a trillion dollar “rainy day” fund unlike the former 40 year conservative govt in Alberta.

Yeah well Norway didn’t have to subsidize nine other provinces…

You’ll be surprise how little that great fund will help anyway, so far the sense of security it provided, along with the welfare state, encouraged Norwegians to a debt binge while remaining oblivious to productivity concerns. It is very likely to continue and while the fund may provide bailout money it will not encourage productivity, being a state driven affair and all. If that economy falls into a serious rut you will see that money dissipate in a hurry.
———-

Being of Norwegian ancestry, and having spent most of my summers as a child in Norway, I can shed some light on this subject from a purely anecdotal perspective.

Norway is a socialist country, socialist in a way that actually works for them.. at least, it did.

There used to be zero crime in Norway. In fact, my mother’s town didn’t even have a police station. The closest police station was the next town over, about a 20 minute drive. I would ride my bike to the the train station and leave it there with the other bikes, unlocked… No worries about it being stolen. My cousins didn’t even know what a bike lock was; The town general store didn’t accept my money – Instead, knowing who my mother was, the store owner would take out his ledger and write down the amount of my ice cream and candy purchases (knowing this, I racked the bill up). Even got a Christmas card every year from the store owner too…

Now, things have changed. Why? I can’t say it and have this post be published, but… ask Soros.

Indeed, that fund will dissipate quickly as the country turns to sh#t along with the other European nations – like Sweden in particular – that have been flooded with “newcomers”.

#209 cramar on 02.07.17 at 11:58 am

Income share of bottom 50% is ‘collapsing’ in the U.S.

http://www.marketwatch.com/story/income-share-of-bottom-50-is-collapsing-finds-researchers-including-piketty-2017-02-07

Wonder how Canadians are fairing?

#210 Damifino on 02.07.17 at 12:01 pm

#161 Stock Picker

I just had a crown done here in Bangkok….$280 bucks. Vs the $1300 a dentist wanted in Vancouver after my insurance paid 50% !!!!’ Meaning that $280 crown cost $2600 in Vancouver to someone with zero insurance.
———————————————
Something seems wrong.

I have no dental insurance. I just had a molar crowned here in Vancouver. The total cost to me was $1050.17 broken down as follows:

Dentist services = $702
Cost of Crown = $348.17

My dentist did a fabulous job. She was a fully qualified dentist in Romainia for many years. The dental college in Canada would not let her practice without three more years of further education at her own expense.

Yes, crowns are expensive but, in your case, it sure sounds like somebody was trying to pull a rip-off.

#211 conan on 02.07.17 at 12:03 pm

#161 Stock Picker on 02.07.17 at 1:22 am

Re: grief about dentists

I know a little bit about benefits and stuff. With Canadian dentists there are two types, “Hollywood and non- Hollywood.”

When you walk into reception, turn on the Spidey senses. If the reception area looks a little too “Trumpish”, or the receptionists looks like she could double as a Victoria Secret model, then your dentist is of the “Hollywood” variety.

They charge more.

Own a company? Try removing dentistry benefits from group, and self insure on them. The biggie is health benefits, don’t play with that. That requires “stop loss” insurance, and not worth the effort.

Talk to your group broker, or get a new one if they never told you about this trick.

#212 Pritzl on 02.07.17 at 12:15 pm

Excuse me for not feeling sorry for small businesses exploiting the system. I have seen first-hand what gets written off as “business expenses” and how tortuous and quite fraudulent their accounting can become.

I say this not out of envy – my wife is a physician and I’m well past moister age, regrettably – but out of a misplaced sense of moral indignation. Call me crazy, but I think everyone wins when no one is left behind. I may have serious reservations about how well governments spend our money, but what’s the alternative? A wild west free-for-all with everyone looking out only for themselves? If people get desperate enough, no one and nothing is safe.

No thanks. Tax the rich, including my wife, and we all win.

#213 InvestorsFriend on 02.07.17 at 12:19 pm

Actually, Alberta does not subsidize other provinces

#190 pBrasseur on 02.07.17 at 9:47 am
#178 crowdedelevatorfartz

Norway has a trillion dollar “rainy day” fund unlike the former 40 year conservative govt in Alberta.

Yeah well Norway didn’t have to subsidize nine other provinces…

*******************************************
False claim as you will find, if you look into it, that the Alberta government does not send ANY money to the feds or other provinces.

It is true that when the federal government applies the same tax rate it uses in the rest of the country it does not turn around and spend all the taxes collected from Alberta companies and residents in Alberta. Nor does it spend all the taxes it collects from me on me personally. Nor should it.

The notion that Alberta subsidizes other provinces is a complete myth.

Does the federal government collect any royalties on oil and gas production? No, it does not.

By the way, I live in Alberta and have since 1989 and my kids were born here. My citizenship however is Canadian. Period.

Perhaps the reason that Alberta has no giant heritage fund has something to do with the fact that the extremely high cost oil sands developments simply cannot support much in the way of royalties. (The usual rate was zero for a long time, and there were howls when Stelmac raised it a bit above zero)

#214 Stock Picker on 02.07.17 at 12:19 pm

Moroneaus brain trusts brilliant idea is to set up a national day care which means…..another excuse to increase the price of real estate and cars with the additional family income where the wife can now be free to pick mushrooms and stock shelves in this job abundant country. Hasn’t the unions been trying to sell unionized daycare for decades? Shame on you Moroneau. It’s another increase in taxees.

OK…I have a full position …my pick of the year starts with a C.

#215 For those about to flop... on 02.07.17 at 12:20 pm

Not sure what is happening in Kelowna but this Spa owner wants out.

Mainly posting because it’s not everyday you see a 77% price reduction.

Commercial strata unit.

Assessment is 228k

Devils Advocate,what’s going on here…

M42BC

5 – 3185 Via Centrale Drive, Kelowna

Jan 7:$298,300.00
Feb 4: $69,900.00
Change: – 228400.00 -77%

http://www.royallepage.ca/en/property/british-columbia/kelowna/5-3185-via-centrale-street/5598975/mls10128621/

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDBBOFlKNA==

#216 TrumpForTheAges on 02.07.17 at 12:21 pm

You think that the stock market isn’t a bubble too? Market cap as a percentage of GDP shows stock market grossly overvalued? I wonder what Ryan would say about that? for every $1 of growth it is costing $2 of investment and as article points out to recalibrate to normal levels the US would need 8% growth for 8 consecutive years to recalibrate to normal levels.

http://www.cnbc.com/2017/02/07/by-this-measure-stocks-are-massively-overvalued.html

#217 Ace Goodheart on 02.07.17 at 12:25 pm

#205 IHCTD9

If you want to beat the powers that be, you need to act like them. First thing to remember is, these people don’t work. They never have, and they never will. They are mostly trust fund kids and the spawn of billionaires. That is why they are in politics (they had a lot of spare time and a lot of money).

They derive their income, not from working, but from investing. They live on dividends and distributions.

So they tax their own incomes, less than yours and mine.

You can actually try this out and you’ll see it’s true. Go here:

https://simpletax.ca/calculator

Say, you’re a trust fund kid, who doesn’t have to work (and gets into politics for fun). Just imagine, you earn 100K per year off your investments. Say 40K is capital gains, and 60K is dividends. Your after tax income is $94,297.00. That’s right, you, as the son or daughter of a billionaire, not working a day in your life, earn $94,297.00 after taxes, on a $100,000 per year income.

Let’s try the same situation with us lowly working folks. $100,000 per year, entered into the tax calculator, as employment income…..after tax income is $74,797.00.

You pay over $25,000 of your income as tax, if you work for a living.

Doctors, like the rest of us, are not independently wealthy. They work, so they are a target for taxation. They earn more than most of us, so they are a target for the so called “super tax” brackets of over 50%.

Moral of the story: If you can’t beat them (you can’t), then join them. Set yourself up to earn income off of dividends, distributions and capital gains.

The trust fund kids that rule us can’t tax you if you do that, because they’d have to tax themselves too.

#218 IHCTD9 on 02.07.17 at 12:54 pm

#133 CANADA on 02.06.17 at 10:51 pm
God, are doctors ever greedy.
If 300,000 + per year isn’t enough then BEAT IT and leave Canada NOW.
I had no idea they earned so much money.
If helping people isn’t enough incentive to be a doctor then get out of my country now!!!!!
I think i’ll be hating them now.
_________________________________________

It would be nice if you left Canada as well.

#219 IHCTD9 on 02.07.17 at 12:58 pm

#143 CP on 02.06.17 at 11:10 pm

..But that leads to a meritocracy which may not popular.
______________________

Well Canadians voted for “eat the rich” so I guess it wasn’t.

#220 IHCTD9 on 02.07.17 at 1:08 pm

#153 TS on 02.07.17 at 12:06 am
Oh Please Garth,

I know of husband’s of doctors who sit around the house all day and get $100,000 salary because they’re the IT Manager of their wife’s doctor’s office
__________________________________________

Right, are you incorporating Garths Blog posts into your memory banks as personal experiences? Let me guess, the Doc wife’s name is Jen?

#221 Brokerizer on 02.07.17 at 1:08 pm

Garth, this study has a flaw:

The 17,000 that the average canadian is taking out includes money that retirees take out to live.
We need the study to EXCLUDE retirees.

Can you confirm or say a word about that?

#222 pBrasseur on 02.07.17 at 1:18 pm

@#212 InvestorsFriend

False claim as you will find, if you look into it, that the Alberta government does not send ANY money to the feds or other provinces.

One word: Equalization.

Quebec alone gets 9 billion each year, Alberta gets zip!

#223 Hicksville Alberta on 02.07.17 at 1:24 pm

I wish there were at least 500 more posts to read on this thread.
It’s way more entertaining than watching the movie ” Titanic ” and perhaps more rewarding too.
Don’t worry folks, just another reality check for all of us to further support the NWO globalist agenda of TPTB at multi levels of government in this country on our 150th birthday as a nation.
And it will never get better, as from my life experience, it’s only got worse year by year with nary an uptick ever.
Perhaps the ” off ” people like those who quit and are living in S E Asia or some lesser developed country, or those that preach simplicity living and even shopping at thrift stores aren’t nearly as ” off ” as some may think.

#224 Johnny Boy on 02.07.17 at 1:26 pm

#159 Ponzius Pilatus on 02.07.17 at 12:42 am

Open letter to the Smoking Man:
Mr. Smoking Man.
You used to be much more funny and informative as a JD swilling alcoholic.
No you’re just a boring asshole pretending to hate socialists/communists.
Get a new schtick, or just get lost.
………………………………………………………………
Ha, ha, ha, now that was truly funny. Can hardly wait to see the look on his wife’s face when she lands in Panama or Ecuador! Hey Smoking Dude you’re a millionaire right? So what the hell are doing by telling us you’re going to retire in a third world country? Any millionaire with an iota of common sense would definitely not retire in a county where your assets are subject to search and seizure by the ruling autocrat of the day. Good luck smoking hombre.

#225 ummmm on 02.07.17 at 1:33 pm

Love the photo for this article…

This girl wouldn’t be riding a bike and living in an apartment like that if she hadn’t fallen for broke chump who still thinks he’s going to make it big in the music business..

#226 IHCTD9 on 02.07.17 at 1:35 pm

#216 Ace Goodheart on 02.07.17 at 12:25 pm
________________________________

Being ‘like them” has been in the works nearing 20 years, but my ability to save and invest has it’s limits. Unfortunately, I will not be living off my investments anytime soon. My kids will get a nice head start though. Who knows, maybe my grandkids will sail off into that sunset if everyone is smart and disciplined.

For me here and now, I have what I need. I am concentrating on offsetting the costs levied on me where I have not been afforded the choice of not paying said costs. Federal and Provincial revenues have to be hurting after 2016, and the dirty deeds to get revenues back up probably going to really start in earnest early 2018.

It’s debatable how much of what I’ve managed to save will even be transferable to my kids. But the climb to living off of capital gains/dividends is generational for us little folks, It’ll take 2-3 generations being dedicated and smart.

I’m happy enough as I am – if I succeed in modifying my consumption sufficiently to thwart what is coming.

#227 Looney Baloney on 02.07.17 at 1:37 pm

@ #56 Buffetology
That was epic, thanks for that. It’s for nuggets like these that I dredge through the comments on this pathetic blog while relieving myself..

#228 IHCTD9 on 02.07.17 at 1:49 pm

#209 Damifino on 02.07.17 at 12:01 pm
#161 Stock Picker

I just had a crown done here in Bangkok….$280 bucks. Vs the $1300 a dentist wanted in Vancouver after my insurance paid 50% !!!!’ Meaning that $280 crown cost $2600 in Vancouver to someone with zero insurance.
———————————————
Something seems wrong…

I have no dental insurance…

…Yes, crowns are expensive but, in your case, it sure sounds like somebody was trying to pull a rip-off.
___________________________________________

The next time you have a cracked windshield in your car, complete the following exercise:

1. Call Auto Glass Co.#1 and tell them you need a windshield replaced in your car. They will immediately ask you if it is an insurance job or not. To this inquiry, answer YES.

2. Call Auto Glass Co.#2 and tell them you need a windshield replaced in your car. They will immediately ask you if it is an insurance job or not. To this inquiry, answer NO.

Compare the two quotes and gain wisdom.

#229 Victor V on 02.07.17 at 1:55 pm

More Canadians are raiding their RRSPs to buy a house, make ends meet and pay off debt

http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/personal-finance/retirement/rrsp/more-canadians-are-raiding-their-rrsps-to-buy-a-house-make-ends-meet-and-pay-off-debt&pubdate=2017-02-07

#230 The Wet Coast on 02.07.17 at 2:04 pm

Many Canadian’s and American’s cross the Mexican boarder from Arizona into Nogales Mexico for dental treatment. First rate treatment at 35% of the cost. My Father in law did it, and it was a first rate job. For may Canadian’s this covers the cost of their winter travel to Arizona. Not sure if the Trumpster is gonna put a tax on it though.

#231 neo on 02.07.17 at 2:13 pm

#47 Tony on 02.06.17 at 7:49 pm
Re: #4 Victoria Real Estate Update on 02.06.17 at 6:53 pm

Prices in the GTA fell 1.6 percent last month with Markham taking a 5 percent hit in the month of January 2017 alone. As we all know, we know how this housing ponzi started and how it will end. The 4 kingpins you follow are Markham, Unionville, Richmond Hill and Stouffville. Whatever happens in these cites will happen in the entire GTA. If the Chinese stop buying “bloodbath” seems like a good word.

********************************************

What are you talking about? Markham is on fire…

https://www.zolo.ca/markham-real-estate/trends

#232 ANTIFA the Western ISIS on 02.07.17 at 2:24 pm

#207 When Will They Raise Rates? on 02.07.17 at 11:38 am
#190 pBrasseur on 02.07.17 at 9:47 am
#178 crowdedelevatorfartz

Now, things have changed. Why? I can’t say it and have this post be published, but… ask Soros.

—-

Like in Denmark?

https://www.youtube.com/watch?v=lMAelxOMcaE

#233 Dental work in non-western countries on 02.07.17 at 2:29 pm

Careful . Do your homework . Standards are not the same, especially with materials . They have to make out with lesser quality materials largely do to cost /availability

A crown in Philippines /Thailand is likely NOT the same as you’ll be getting in North America .

If you insist on having work done abroad :

-try to see a specialist (prosthodontist)
-ask about choice of materials , don’t assume

#234 Blacksheep on 02.07.17 at 2:41 pm

This one goes out to all the ball less employees, whining about partner incomes / shareholders splitting income from a General Practice or a Private Business:

How was the doctor / business manager, financially able to go to school for 4-8 years?

Whom exactly subsidised the education of this person and looked after the family while the person focused on his / her career?

Once the schoolings all done, who took a very real risk, going all in $ wise by mortgaging the shit out of only asset they had (their home) to finance the private practice or business in the hopes of one day beating the odds and making a decent living?

You got it, the non professional, often stay at home partner.

Any body that says they don’t deserve income is talking out their ass, from inexperience.

I’m just thankful my wife of thirty years tolerates my coming home and bitching about business when I realize she’s stuck at home with the cycle of: Cooking / cleaning / laundry / bills / repeat, at infinitum.

We got where we are through joint sacrifice and hard work and I never could have done it with out her.

I think I’m going to start telling her this, every chance I get….

#235 InvestorsFriend on 02.07.17 at 2:46 pm

Equalization?

#221 pBrasseur on 02.07.17 at 1:18 pm responded to me:
@#212 InvestorsFriend

False claim as you will find, if you look into it, that the Alberta government does not send ANY money to the feds or other provinces.

*************************

One word: Equalization.

Quebec alone gets 9 billion each year, Alberta gets zip!

*************************************
That may be, but who writes the cheque to Quebec or transfers money? I believe you will find it comes entirely out of federal tax that is collected at the same rate across this country. I don’t think the Alberta government transfers a dime. For example not a dime of oil royalties.

See the following link to correct your misconception, which is a common one:

http://thoughtundermined.com/2012/04/24/equalization-misconceptions/

#236 DBB on 02.07.17 at 2:56 pm

Is Trudeau seriously considering a change to the capital gains exemption (i.e. back to 66% or 75% at marginal rate) or worse? On top of everything else? Not sure I can stand this tax purgatory that are the weeks leading up to a Liberal budget!

It is being floated. What a mistake that would be. – Garth

#237 SeeB on 02.07.17 at 2:57 pm

Those poor old professionals pay the same tax as everyone else on all the money that comes before $220k.

#238 When Will They Raise Rates? on 02.07.17 at 2:57 pm

#211 Pritzl on 02.07.17 at 12:15 pm

Excuse me for not feeling sorry for small businesses exploiting the system.
———–

Hey Pretzel, riddle me this:

Do businesses rely on the system, or does the system rely on businesses?

Who’s extracting money from who?

Who’s exploiting who?

#239 For those about to flop... on 02.07.17 at 3:04 pm

This is another condo owner or flipper that got spooked or realized there was no greater gain to be had

Purchased in October 2016 for 515k

Put back on the market pretty much straight away and sold again in Dec 2016.

After a price reduction they had it listed for 548k ,pretty much a break even case, if they got the asking…

M42BC

https://evaluebc.bcassessment.ca/Property.aspx?_oa=RDAwMDBTUzdKTA==

#240 TRT on 02.07.17 at 3:10 pm

USA going to cut immigration level to 500,000 per year. England to 100,000. Canada at 300,000 per year. Populations much higher in those countries.

Who’s to blame for these backward policies which will do much damage to minority rights??

It is ‘pumpers’ of immigration who do not address (or ignore) the concerns of people already living in areas of high immigration. Housing costs, low wages, traffic, access to doctors, etc., aids in breeding resentment to high numbers.

The racists come out of the closet. The snowflakes paint everyone who wants dialogue about numbers with a xenophobic label.

Everyone to blame.

Going forward, Canada and Australia will take in more immigrants than USA and England.

This is not going to end well here unless people having a dialogue and address concerns.

Where did your family come from? — Garth

#241 TRT on 02.07.17 at 3:10 pm

http://freebeacon.com/national-security/congress-moves-cut-immigration-u-s-half/

#242 Blacksheep on 02.07.17 at 3:11 pm

liberals # 140,

“If helping people isn’t enough incentive to be a doctor then get out of my country now!!!!!”
—————————————-
Just want to drop a line to all the Dr’s that frequent this blog and state: This dipshit, does not represent the opinion of the average canadian citizen.

Having personally needed the medical system (and your skills) when my daughter was very young, I can not say enough to support your efforts. We are all getting older and will be needing your services more than ever.

If T-2 F–ks you over, Kevin O’Leary will be waiting in the wings to correct things.

#243 jess on 02.07.17 at 3:21 pm

The head of Deutsche Bank Israel was arrested Tuesday on suspicion of tax evasion amounting to tens of millions of shekels.

#244 When Will They Raise Rates? on 02.07.17 at 3:22 pm

#231 ANTIFA the Western ISIS on 02.07.17 at 2:24 pm

#207 When Will They Raise Rates? on 02.07.17 at 11:38 am
#190 pBrasseur on 02.07.17 at 9:47 am
#178 crowdedelevatorfartz

Now, things have changed. Why? I can’t say it and have this post be published, but… ask Soros.

—-

Like in Denmark?

https://www.youtube.com/watch?v=lMAelxOMcaE
————————–

These are the newcomers to Norway:

https://www.youtube.com/watch?v=bV710c1dgpU

#245 When Will They Raise Rates? on 02.07.17 at 3:40 pm

DELETED

#246 IM in C on 02.07.17 at 3:46 pm

#166 DoomandGloomer
Taxation is theft
*****************
No it is not!
Taxation without representation is theft ( tyranny )

#247 Dental work on 02.07.17 at 3:59 pm

If you’re going get work done abroad do your due diligence . Standards of care can vary widely .As can material options (ie,, you may be saving a lot of your crown ; what kind of crown did you get , what material is it made off ?

Abroad , a few tips ;

Try to see a prosthodontist . If not see a well respected GP
Ask questions as to material options . Don’t
Assume

#248 Johnny Boy on 02.07.17 at 4:08 pm

T2 is toast! He is the worst Prime Minister ever. A Nobody, from the second worst Prime Ministers lineage.
He has done nothing except spurn on the potheads.

#249 Johnny Boy on 02.07.17 at 4:20 pm

The days of a loving country here are coming to an end! I wish foreigners could come here and live in peace and prosperity but it really never has been easy in Canada. My father came here after WW2 from Italy, he was called the “W” word, “D” word and every other despicable name you could think of. The reason? He was different, spoke a different language and came from a country that Canada had just fought a war against. The bitterness from others ran deep. Every day of his life he had to endure it until the last years of his life. He said I don’t like it but I don’t blame them. This country will provide a bright future for my family. I am the family and I thank him for hanging in there. When I hear someone call me a name I just ask, so where did your family come from?
Thanks Garth.

#250 DentalTourists on 02.07.17 at 4:27 pm

To all the clowns who go outside the US and Canada to get “great quality” first rate dentistry might I ask from where did you get your dental degree? And you can tell it’s first rate without so much as an xray right? Can’t begin to tell you how much junk I’ve had to fix up from people going somewhere to get it done for $280. The dentists that do it for less in a sunny climate are glad to see you leave because they know when it blows up, they’re not the ones that are going to deal with it, it’s guys like me. Dental school education costs roughly $60-100K per year now. Want to set up a new office? That’s about $120K per operatory. Want to buy an existing business? That’s about 7X earnings. You could be a million in the hole right out of the gate. No pension no benefits no risk right? Like Jay Leno used to say, “Shhaaaddupppp!”

#251 jess on 02.07.17 at 4:30 pm

deplorable!
http://columbusfreepress.com/article/real-story-recount

#252 brathgumble on 02.07.17 at 4:38 pm

#245 Dental work on 02.07.17 at 3:59 pm

Try to see a prosthodontist . If not see a well respected GP
Ask questions as to material options . Don’t
Assume

Any recommendations on a Fernwood tonite style chinodontist

#253 Metaxa on 02.07.17 at 4:47 pm

…a healthcare system overloaded and you are guaranteed to WAIT for nearly every elective surgical procedure. Often as long as 6 months. You can be in chronic pain, it’s still considered ‘elective’.

Or you can get off your butt and go online and find a Doc and hospital where the wait time is less or even non-existent and get your GP to refer you there.

It maybe farther than a day trip, you might have to take a motel room or some such but if you don’t demand a certain specialist in a certain hospital right in your city wait times go away.

Figure it out or wait, choices, eh?

Same as the Doctors, they will figure it out too.
All my life I managed to construct my businesses and deals such that they were advantageous to me. (Except the ones that weren’t.) and I was and remain a simple worker bee. My lawyers/accountants and now financial planners and advisors served me well and life is gooder than good.

I gladly pay my taxes because I gladly live in Canada…all you haters simply need to figure it out.
Because I’m glad when my pros construct my life such that I pay the absolute minimum in tax.

Don’t like where or how some of your taxes are used?
Lining up the Docs and shooting them isn’t an answer, being a bagman for O’Leary isn’t either.

#254 yorkville renter on 02.07.17 at 5:02 pm

as a small CCPC I can assure people there is a TON of risk. no work = no billing… plus I have to wait 30 days for that invoice to get paid. no benefits. no vacation pay. I only eat what I kill, and eventually someone can come around and do it for less.

I’m acting like any other corporation- big and small – so why shouldnt I have the same tax advantages?

#255 Barb on 02.07.17 at 6:18 pm

” #133 CANADA on 02.06.17 at 10:51 pm

God, are doctors ever greedy.
If 300,000 + per year isn’t enough then BEAT IT and leave Canada NOW.
I had no idea they earned so much money.
If helping people isn’t enough incentive to be a doctor then get out of my country now!!!!!
I think i’ll be hating them now.”

————————————————–
That’s the most ignorant post I’ve ever read here.
And there were quite a few contenders.

#256 Ace Goodheart on 02.07.17 at 6:25 pm

Re: #225 IHCTD9 on 02.07.17 at 1:35 pm:

True most of us can’t actually set up enough flow in our investments to enable us live off of dividends and capital gains.

It appears to me the magic number is $500,000.00. That is where things get juicy. It’s like a snowball. The little ones don’t roll as far. 500K seems to be the “sticky point” where stuff starts catching on other stuff.

I started mine out at $600 per month in dividends and distributions and I ran it for a few years to see if it would hold. It did. So I kept adding to it. It took a long time. But it got to the point where I was reinvesting about 2k per month in addition to adding new money, and that was the 500K level. From there, things get really good.

But you have to start early. That is what all the young folks on here need to hear every day. Start doing it early. Things add up, but it takes about 20 years before you notice it.

#257 Armando on 02.07.17 at 9:28 pm

As usual, Socialists can only make a bad situation worse. T2 will now do his best to turn Canada into a frozen version of hell. The only solution is to be slacker dependent on government handouts. But just like Venezuelans have only themselves to blame for Hugo Chavez, Canadians only have themselves to blame for T2. Enjoy!

#258 Helen on 02.08.17 at 1:25 am

#217, “doctors are greedy”?!?!? Omg. What? Are you a nun? I want the best and the brightest looking after me and family. Just like I want the best and the brightest pilots. I live in BC and it’s IMPOSSIBLE to get a family practice Dr as it is. Theese people sacrifice for decades and graduate at 30 with $200k debt and they should work for minimum wage because healing is a prvlage?!?!? I live in Vancouver. ER wait times are insane. No one can find a family doctor. Keep squeezing the Docs till they go to the USA and are respected for their efforts.

#259 Snow34 on 02.09.17 at 1:28 pm

Hi Garth, long time lurker, first time poster.
Your blog of Feb. 6 mentions federal tax rates but I think you understated them. Top federal income tax rate for 2017 is 33% on income over $202,800. See link. Their hands are deeper in your pocket than you thought!

http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html