c9d12ecf
XPost: can.politics, ott.general
From: Canuck57@nospam.com
On 26/07/2011 6:27 AM, Alan Baggett wrote:
> On Jul 23, 11:31 am, Canuck57 wrote:
>> On 22/07/2011 11:15 AM, Alan Baggett wrote:
>>
>>
>>
>>
>>
>>> On Jul 22, 11:20 am, Canuck57 wrote:
>>>> On 21/07/2011 11:01 AM, Sum Guy wrote:
>>
>>>>> Canuck57 wrote:
>>
>>>>>> Ask the RCMP, $1000 bills are only used for criminal activities.
>>>>>> No honest activities occur with his volume of cash, the idea
>>>>>> was to keep it from showing on the income account.
>>
>>>>> Speak for yourself.
>>
>>>>> I've had a few dozen of those $1000 bills in the past.
>>
>>>>> And frankly, I'd rather just as well keep my money in cash at home in
>>>>> the form of $1000 bills vs having to split my money up across 3
>>>>> different banks, keeping just under their $100k per account limit.
>>
>>>>> The reason why we don't have them any more is not because of organized
>>>>> crime (they much prefer $100 and $50 bills anyways).
>>
>>>>> The reason is because too many people with high net worth would hord too
>>>>> much of the money supply and keep their money in that form at home, out
>>>>> of circulation, vs having that money sitting in bank accounts where
>>>>> (theoretically) the banks can loan that money out and keep the wheels of
>>>>> the economy turning (not that that policy is working here in Canada or
>>>>> the USA).
>>
>>>> Funny, I would rather keep it in gold in my safety deposit box as not to
>>>> worry about home invasion or theft.
>>
>>>> As for hoarding, you can do that electronically and internationally. In
>>>> fact, offshore outside of Canadian fraud banking you can get 4.5% and up
>>>> interest with AAA asset backed loans. Panama Canal for example.
>>
>>> And that's part 4 and the final part of the BM story - tax havens.
>>
>> I must admit, I like the TFSA tax haven the best. Just wish they would
>> let me put more in.
>>
>> In fact, since CRA is probably watching this, and we know Ottawa greed
>> wants more money, they could let us do a RRSP to TFSA rollover like the
>> USA. Give us a favorable rate of say 10%, dump the whole RRSP/LIRA mess
>> into one big TFSA for one big tax hit. USA has this and a lot of people
>> used it, rolling the IRA into a ROTH.
>>
>> Looking forward to part 4. I definitely see going offshore as in move
>> out as a possibility.
>>
>> --
>> Obama, enslaving Americans with debt-tax slavery for a spending binge.
>> Doesn't even borrow real money, Bernanke just creates it like a
>> counterfeiter. .- Hide quoted text -
>>
>> - Show quoted text -
>
> The TFSA is really the 'carrot before the mule'.
>
> Most people believe that the TFSA is revenue negative i.e. it is (or
> will) cost the government money.
>
> But that's not the case.
>
> Over time the TFSA will generate more money for the government then
> the 'lost' revenue on the tax-free interest income. Because what the
> TFSA is designed to do is to get Canadians to report their income AND
> to report all their income at tax time.
Agreed. Sort of like planting food, let it grow to the reward. You
could cut it early, but not get the full value.
> The CRA manages the TFSA program so they have access to all the TFSA
> data - not just the interest paid out but the deposits made. So if
> someone is not filing (or claiming little/no income) but is socking
> bucks away in a TFSA account then the CRA can figure this out at the
> touch of a button and then swoop in with an audit. And make them pay
> up.
And their data is messed up bad. Been back in Canada since 2004, paying
taxes from a Canadian residence from a Canadian employer in Canadian
dollars with RRSP contributions and PA adjustments and all. TFSA folks
thought I still lived overseas. They wouldn't even check their own
damned records. Given how much taxes I paid in the period, I wish I was
living abroad.
What a bunch of losers.
Banks are also partially behind it. Gets a better balance sheets having
all the money sitting in there for criminally low interest rates.
> So the governmnet gains revenue by getting dodgy filers to file
> properly and by getting non-filers to file so that they can access the
> TFSA without. This is a huge revenue gain for the government because:
>
> 1) they have fewer people to chase down
> 2) they don't need as many employees because you do their work for
> them
> 3) they gain more in tax revenue from properly filed returns then they
> lose in tax revenue on a low paying TFSA account
>
> So Canadians think we're getting a reward but...
My TFSA is over $23K, over $8K in gains. Reasonable productive but I do
it in the investment account, not a bank. Best part I like is les
paperwork and gains BS. But the TFSA is so small, just wish I could put
more in...say let people over 50 put more in.... ;)
I don't see that other than to get a SIN and cashable account...which is
only of value for fraud cases. Say I refuse to pay taxes, they swoop in
and get the TFSA.
But if it ever got down to that, I would be banking in Panama, living
elsewhere and Ottawa can suck to the taxes. And I could really avoid a
lot of taxes doing that. Legal too if I am not a resident.
I look at it this way, I am one tax grab, one NDP government away from
leaving Canada permanently. Never been easier to liquefy job creating
investments and capital as it is today. Right click, gone....
Socialism and corruption are great ideas as long as someone else pays
for them or it can be on credit. When there is no one left and credit
runs out to pay for it, they can all share having nothing.
--
Obama, enslaving Americans with debt-tax slavery for a spending binge.
Doesn't even borrow real money, Bernanke just creates it like a
counterfeiter. .
--- SoupGate-Win32 v1.05
* Origin: you cannot sedate... all the things you hate (1:229/2)
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