XPost: can.general, can.politics, ott.general
From: Canuck57@nospam.com
On 19/06/2011 8:35 PM, John Fleming wrote:
> On Sat, 18 Jun 2011 15:08:52 -0600, while chained to a desk
> in the scriptorium Canuck57 wrote:
>> $On 16/06/2011 10:50 PM, John Fleming wrote:
>> $> On Wed, 15 Jun 2011 21:13:25 -0700, while chained to a desk
>> $> in the scriptorium "merlin!" wrote:
>> $>> $"John Fleming" wrote in message
>> $>> $news:hkliv6d5fam9sf90dn7gi7gp22vehhajbb@4ax.com...
>> $>> $> 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.
>> $>> $
>> $>> $yeah, most of the taxes fall on working guys who are trying to raise a
>> $>> $family. That's the Canadian socialist version of "fairness".
>> $>
>> $> If you are middle class, you tend to get hosed.
>> $>
>> $> Unless you are retired, the bulk of your income is salary.
>> $> And as you point out, if you have kids to raise, you have
>> $> extra expenses and can't take advantage of things like RRSPs
>> $> and TFSAs to help reduce the tax bite.
>> $>
>> $> At least there are now a few more family oriented tax
>> $> deductions.
>> $
>> $If your savvy middle class and you have a good credit rating you can
>> $beat the screwing. Just depend on your situation. I have no problems
>> $with the banks charging $2 at the ATM for a $500 balance depositor with
>> $lots of debt, bounced checks and the like getting the fees.
>> $
>> $While I get no fees. But then I pay in full every month, have good
>> $reserve balances and a hefty portfolio there. Certianly well above the
>> $$50K of assets required to request no fees.
>> $
>> $Kids are an excuse. Had them too and use the old adage, save a little
>> $often. Ya, you might have an off year because you need a roof job or
>> $furnace replacements, but to have a 3 or 4 decade lifestyle this way?
>> $99% of the people just have their priorities dead wrong. At least 70%
>> $should have to watch 20 episodes of "til Debt Do Us Part!" 5 times over,
>> $and still probably not get the message.
>
> Had to replace my own furnace, and with a contingency fund
> for just such a purpose, I was able to pay cash. As an
> added bonus, because I paid cash, the company that did the
> installation gave my a $500 credit. You don't get those
> kinds of spinoffs if you have a life style where you have
> too much month at the end of the money and are always
> struggling to make ends meet.
You and I think alike. Did exactly the same last fall but had to do 2
furnaces. Played the game, asked for a cash discount, got 10%. Plus
timing was right and got $1300 back in kickbacks and eco kickbacks.
>> $An example, $5000 credit balance is $100/mo in compound interest of tax
>> $paid dollars. Now if you had a zero balance and put the $100 into a
>> $TFSA, 40 years later at say 7% return is over a quarter million tax free
>> $dollars.
>> $
>> $People spend more a month on crap junk food, Tim Horton's, iPad,
>> $disposable diapers they could wash instead, TVs, cars, more BS...
>> $
>> $Even bet most spend more than $100/mo on booze, cigs and/or pot. Could
>> $make that $400/mo and be an assured millionaire if in a TFSA.
>
> A pack a day smoking habit costs close to $4,000 a year in
> after tax dollars. That's money that's not available for a
> TFSA contribution. Contributed to an RRSP instead, that's
> taken from before tax income with a nice tax credit to boot.
Yep. Just about priorities.
If you see the 40%+ tax bracket, you must do RRSP if you are at all sane
about financial planning.
--
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)
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