XPost: can.general, can.politics, ott.general   
   From: Canuck57@nospam.com   
      
   On 15/06/2011 7:12 PM, John Fleming wrote:   
   > On Wed, 15 Jun 2011 09:23:46 -0400, while chained to a desk   
   > in the scriptorium "Fred Williams"  wrote:   
   >   
   >> $One thing you didn't mention, is that now our income tax has to be paid   
   >> $in 4 3-monthy installments, rather the whole annually. As seniors, our   
   >> $income tax burden is 10% of our pensions - and the above change   
   >> $only makes it more burdensome.   
   >   
   > Anybody who owes more than, what, $3,000 per year in taxes   
   > at tax time have to pay by installments--not just seniors.   
   > Seniors are perhaps "luckier" than most in that they often   
   > don't have taxes deducted at source the way employees do.   
      
   Yep.  And greedy Ottawa is going to be wildly disappointed in me this   
   year.  My taxable income is in my control, so I decide how much taxes I   
   pay.  Which will be a small fraction of the last 35+ years.   
      
   In December I will do my pro-forma taxes accounting for dividends, gains   
   in cash accounts, then decide what to haul out of the RRSP to top up low   
   taxed room.  Maybe decide only to only pay $1000 or $2500.   
      
   One nice thing about a no-debt lifestyle, saving a lot and getting the   
   financial freedom is that you have the flexibility to do this.   
      
   TFSA is a wonder, amazes me how we go that gift.  Already pays me over   
   $150 tax free and no paperwork a month.  And no capital gains BS   
   paperwork.  Wish I had that since I was 20.   
      
   For the quarterly payments if I go over $3000, I am going to write them   
   a letter and say, why should I make quarterly installments when the   
   payout is in December?  I will pay in the quarter of realization.  Not   
   sure they can mess with that as it is fair.  You don't pay taxes on   
   December income in January.   
      
   I could always simplify it for Ottawa and move off shore and enjoy a   
   Costa Rica permanent resident life style.  But do believe if living   
   abroad, you can't add to TFSA.  Big deal.   
   --   
   Government isn't the solution to the bad economy, it is the problem.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)