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Taxes (pg. 8)
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| tw1tch |
| quote: | Originally posted by Slag
Why would you need to take out 100 grand a year? |
What do you suggest I take out then, if I'm not working anymore, and want to live a very comfortable life? Almost half of that will disappear to tax too. |
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| rabbitjoker |
| quote: | Originally posted by Crazy Serb
(I guess you never had a pleasure of filling a tax return as a business) |
Think before you speak. You have no idea what I've done.
I've started businesses and have managed them from inception through to venture capital financing (in the millions of dollars) through to sale (to publicly traded companies [NASAQ listed]).
I've started and held senior management positions in businesses that have grossed over $10 million US per year in revenues and have had over 100 employees.
My businesses have been audited by E&Y or PWC for the last 6 years - and I've personally hired senior partners from those firms to manage the corporate finances of the businesses I've founded - so I'm fairly familiar with corporate tax laws thanks. |
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| Crazy Serb |
^^^
and your point is?
ok, true, I have spoken too soon (it was just a guess anyway), and I truly give it up to you for doing all that and having all that experience under your belt (I sure wish I had that knowledge as well), but seriously, how much of those millions of $$$ have you managed to keep for yourself so far?
I just ask because I know a few people that earn 6-7 digit incomes, but some of them get to keep most of it for themselves, while others pay more than half of it in taxes and whatnot, and some of them work only few hours each week, while others are working like mad, 45+ hours each week, taking their work home as well, having no personal time and life whatsoever. |
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| j_spot |
crazy serb is the problem
he uses things, but s off when it comes time to chip in, and the rest of us get dinged for it.
so go off an pay your taxes honestly. |
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| Carney |
| gotta love my 13$ return........alomost enough for guvy |
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| Crazy Serb |
| quote: | Originally posted by j_spot
crazy serb is the problem
he uses things, but s off when it comes time to chip in, and the rest of us get dinged for it.
so go off an pay your taxes honestly. |
Hahhaa! Good one...
The thing is, I don't mind paying taxes, but why (OH WHY) should I pay more taxes than I have to...?
If you feel like giving up 50% of YOUR OWN income (or whatever the amount is) to the government that is using that money to pay off THEIR OWN business trips, expensive dinners and meetings is a good thing, you go ahead and do it up... I know I don't feel like "chipping in" to someone else's pockets, because all that "pay your taxes and we'll all get that back in form of free health coverage, better this, better that" is just B.S. Then again, you might completely disagree with me, but I don't care, I keep most of the money I make to myself. Honestly as well! I don't scam anyone or make fraudulent claims or something stupid like that... I just claim ALL the expenses that I am allowed to claim. Nothing wrong with that. |
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| rabbitjoker |
| quote: | Originally posted by Carney
gotta love my 13$ return........alomost enough for guvy |
Lol. That's awesome! :) |
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| AmbiguousBliss |
| quote: | Originally posted by Skipper
www.ufile.ca !!
You don't have to buy software. The software is yours to use online. If you make less than $20K/yr it's FREE! (Over 20K is only 12.95!)
I've used it two years in a row - simple and effective. Got my return in 9 days after I sent it in via netfile. |
Fantastic! Thanks for the link, Skipper. |
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| ShadoWolf |
| quote: | Originally posted by ahlamalek
:D:D DONT GIVE THEM TO YOUR PARENTS !!! KEEP THEM FOR YOU!! :D:D:D |
Can't do that in an Italian family. Gotta keep it tutti nella famiglia. :D |
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| dallasstar |
| TAXES SUK ASSSSSS!~~~~:sadgreen: |
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| JRinger |
| quote: | Originally posted by tw1tch
If I withdraw a $100,000/year from my RRSP when I retire, it's $100,000 income for that year, taxed no differently then someone EARNING $100,000 today. I fail to see these huge tax benefits. Unless of course the plan is to leave as cheap as possible throughout retirement. |
two key reasons (of the many):
1) b/c you will theoretically be in a lower tax bracket at the time you are declaring these funds as income...as a result, you're effectively deferring paying tax on this income until a time when you're paying a lower marginal tax rate
2) b/c you've been able to earn tax-free investment return on your originial principal
Generally speaking the arguments against maximizing your RRSP contributions are fairly weak. There was an article/opinion written by an actuary (his name escapes me right now) at Mercer HR Consulting (my company's main competitor, as it happens) a few years ago that outlined the main reasons why RRSPs were not the most effective use of your savings - some media outlets picked up on this article and really pushed it unfortunately. Generally speaking though, that view is in the vast vast minority in the financial planning and actuarial industry. |
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| tw1tch |
| quote: | Originally posted by JRinger
two key reasons (of the many):
1) b/c you will theoretically be in a lower tax bracket at the time you are declaring these funds as income...as a result, you're effectively deferring paying tax on this income until a time when you're paying a lower marginal tax rate
2) b/c you've been able to earn tax-free investment return on your originial principal
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If I were to be EARNING $100,000/year right now, would that not put me in the same tax bracket as someone who withdraws $100,000 from an RRSP and nothing else? Essentially, both people would be getting $100,000 of income, therefore you would be taxed accordingly? (ie. same tax bracket) |
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