Listen to a recording of a Recovery presentation by Burnaby Group Leader Gordon, member Ezra, and me, at the BC Humanist Society Meeting in Vancouver on Feb 18. Thanks so much to the Humanist Society for giving us the opportunity to speak. The podcast is 28 min in length.
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Presentation: Recovery International
February 18th, 2018Feminism? How about Human Rights?
January 31st, 2017According to current feminist ideology, males are privileged in our society. However, many more men than women are dying by suicide, work accidents, and murder. More than 70% of missing and murdered Canadian Indigenous are men and boys, but Canada launched a national inquiry into only missing and murdered Indigenous women and girls. Women outperform men at all levels of education. Men who are falsely accused of sexual harassment are persumed guilty prior to trial by society at large, and sometimes convicted on just hearsay. It’s time to move away from identity politics, and mind individual human rights.
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The case for Basic Income Guarantee
August 18th, 2016The welfare system is a poverty trap (see previous post). The system won’t help you unless you’re destitute; it won’t cushion you if you happen not to have supporting parents, and if you didn’t land that permanent, full-time, decently paying job with sick leaves and benefits. It won’t provide security if you want to pursue higher education, if you want to leave an unsatisfying job and look for alternatives, or if you need time off to take care of ailing parents, or children.
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What is it like to be on Welfare in British Columbia?
August 10th, 2016Application requirements for a single adult:
- Two previous years in a row earning income of at least $7,000 per year.1
- No more than $2,000 in cash, including RRSP (you’ll have to use up your RRSP before you apply). You cannot refuse to accept assets, income, or other means of support. You cannot dispose of any asset for less than its worth. If the amount is more than $2,000 the Ministry may reduce or cut off your benefits.2
- You are allowed to own a car of up to $10,000 in worth. If your car is more valuable, the Ministry will instruct you to sell it and live off that money before you can apply for assistance.2
Charitable donation vs. Political contribution
July 14th, 2016When you donate $100, you don’t always have to donate $100. You can get back a portion of your donation by paying less tax. In order to encourage you to give money to a political party, our leaders will entice you with an even more generous tax cut. Forget the Red Cross and the fight to cure cancer, the fat cats want to keep their seat in the next election, and they get to vote on the tax rules.
My Donation: $
I’m a first time donor (well, I didn’t get a charitable donations tax credit for any year after 2007)
Province:
Year:
| Charity | Federal party | Provincial party | |
| Federal non-refundable tax credits | 0 | ||
| Provincial non-refundable tax credits | 0 | ||
| Total |
If your taxable income in 2016 or 2017 exceeds $200,000, use the CRA calculator.
Further reading:
Donations Tax Credit on TaxTips.ca
Political Contribution Tax Credits on TaxTips.ca
The Canadian Election Expenses Act that subsidizes individaul political donations originated in 1974. It’s purpose was to reduce dependancy on large donors, and encourage small donations by a wider range of private citizens.
State subsidies and political parties by Harold J. Jansen and Lisa Young.
Medical expenses tax credits calculator
July 11th, 2016The equations spelled out, the meaning of the variables explained, with a simple calculator.
Read the rest of this entry »Should I defer paying my property tax?
June 27th, 2016BC property owners who are 55 or older may qualify to defer paying property tax. The interest charges are low, and they're not compounded. While this program is designed to help people with low means keep their home, even if you have the means it may be worth it to invest the money, earn compounded interest, and pay later. Or is it? Lets do the math.
Read the rest of this entry »Keeping money in the corporation
June 23rd, 2016You’re a sole, small business owner. Your corporation is making a profit. Should you keep the profits that exceed your living expenses inside the corporation, or pay it to yourself?
If you pay yourself, the money will be immediately taxed according to your personal income tax bracket.
If the money remains in the corporation beyond the end of the tax year, the principal will be taxed at a much lower rate (the Canadian Controlled Private Corporation tax rate). If the money is invested, any interest it may yield will be taxed at a much higher rate (the small business deduction is not applicable on passive income). But since the principal you invested is more substantial, would it be better to defer paying income tax and keep it invested inside the company?
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Paying yourself – taxation on salary vs dividends
June 22nd, 2016You’re the sole owner of a small business. Your business yielded a profit this year. If you pay yourself a salary1, the company will pay no taxes (salaries are deductible as company expense), and the the money paid to you will be taxed according to your personal tax bracket. If you pay yourself dividends, the corporation will be taxed; then, the dividends paid to you will be taxed. Canadian dividends are taxed at a reduced rate, since the company was already taxed on the earnings.
So which method of payment will leave more money in your pocket?
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Middle-class tax cut?
December 1st, 2015Early in their second month in office, the newly elected liberal party of Canada implemented their campaign promise marketed as “the middle-class tax cut”.
The so called middle-class tax cut is a $670 tax savings to anyone making more than 90k and up to 200k. These kind of salaries are over and beyond the salaries earned by the bottom 80% of Canadian.
As it happens, the new MP salaries falls within this range ($170,400; The MPs also awarded themselves a salary increase on March 2016).
Here are the fine details: Starting in the 2016 tax year, the federal tax rate on income between $44,700 and $89,401 will fall from 22% to 20.5%. At the same time, the rate on income $200,000 and over will rise from 29% to 33%.
Any tax savings from a tax cut to any specific income tax bracket trickles up to the higher income tax brackets. To see why, look at Canada Revenue Agency Individual tax rates page.
So this tax cut will save you $670 if you’re making between $89,400 and $200,000. Tax savings will still benefit those with incomes of up to about $217,000. At this point the tax cut of the middle tax bracket will balance the tax rise of the high tax bracket. But if you make $51,366 a year, it will save you merely $100. And if you make $44,700 or less, it won’t save you a penny.
Further reading:
The truth about Trudeau’s tax cuts: How Trudeau’s plan takes from the rich and gives to the almost-as-rich
John Geddes, Maclean’s magazine
How most Canadians will be left out in the cold by Trudeau’s proposed tax cut Jamie Golombek, National Post