Yep, it looks bad. Why farmers? It's because farmers don't vote Liberal anyway. I bet you could poll small business owners, and find a majority that also don't vote Liberal. So that makes them easy targets.
Yeah, I don't know about the small business thing. Seems like a pure miscalculation, if it was politically driven. Which seems odd, because the Federal Liberals are pretty savvy when it comes to this kind of thing.
I'm not a Liberal voter, but I am a small business owner and I know quite well what these changes mean to me. What? Nothing. The changes to the tax code as I've read affect a very small subset of small business owners, most of whom won't see a change at the end of the day. -- Passive income? Take the money out of the business and put it in an RRSP like the rest of the working bumbs have to. I always assumed the tax code treated active/passive corporate investment income the same in small businesses (AKA at non-small business rates). In the current system, the savvy investor is better off creating a shell corporation, dumping a ton of money into it, invest 'passively' then take the money out over time in dividends / capital gains at a lower tax rate than the unsophisticated individual without a shell corp. This is violates the government's 'tax neutrality' of small business vs. individual income which they need to maintain. Breaking this rule and they may as well institute a 'stupid' tax for people that are too lazy to pay less by jumping through hoops. -- Income sprinkling? It's a legal tax shedding loophole that is being closed. There's no reason to give non-working friends big payouts at 0% tax rate (non-working adults) for doing no work (or them giving it back to you tax free when you're simply trying to reduce tax). -- Capital Gains on transfer? The capital gains on company sales does hurt multi-generational corporations (that aren't farms because they already have an exemption). The hardest hit would be companies who's children never worked/owned a part of the business. It can certainly be justified that a child of the company is compensated with a part of the business as they perform their duties in the business incurring capital gains slowly over time instead of being beaten over the head with a big bill when their parent dies. The estimated 27%->40% jump should certainly signal to these families that simply passing on assets upon death may not be the best strategy to maximize profits.
As someone whose family runs a small business, these changes are going to hamper businesses similar to ours and discourage others from starting a business of their own. Entrepreneurs of all wealth levels have no problem paying their fair share. Of course, there's always room for improvement and no one is saying the current system is perfect. But don't lump all business owners together in this issue. There are ways of ensuring those with wealth pay more in taxes without also forcing middle class business owners to do so as well.
I was having a sip of coffee and choked when he said "You want proof that a government is starting to lose it's way? See if they'll pick a fight, with farmers"
I almost didn't watch this because I can't stomach Mercer anymore, but damn this was on point and funny. Honestly I would vote for a conservative party that would not only defund all environmental sciences, but also make it a law to kill all baby seals on sight with your bare hands just to have leadership with half a brain
A friend of mine is an oil well drilling consultant. He makes a varying income of 100-300 thousand dollars per year. This is about 3x what I earn, but he pays less in income taxes (not just %, but in actual $). The way he achieves this is he incorporates, and "employs" his wife and eldest son (neither of which actually work for him), claims his house, claims his truck, etc. Earlier this year, when doing his taxes he told me about this "trick", and told me that the government was, "crazy to let me do this." I can't blame him for taking advantage of loopholes that are there for him, but I am really impressed at the oppositions ability to make the closing of this loophole sound like an attack on our economy.
Unless you work for the federal government expect to be penalized. Entrepreneurs, small business and farmers my goodness why would we want to encourage that?!?!
I'm from a farming community and my parents are small business owners. They're right pissed about the tax changes but here's the thing.... people do use it as a legal loophole. My parents do it. Wealthy farmers do it too. First it was doctors and now farmers who it's effecting.... but it's not really that simple. These changes are arguably good and bad. Good because it allows people who aren't independent owners to have a fair sport because they can't juggle finances to make them pay less, it's bad because it will hurt small businesses as well. I don't know the answer to this but it may be something like a certain value to reduce the dodging effect of this whilst not encouraging lack of small business growth. I know lots of people who will be effected by this and who currently use it to do is say morally, ethically wrong, but not legally wrong, actions that are not in the spirit of these loopholes. Perhaps better define the loopholes to avoid that?
Maybe it is simple well past time for some real truth in taxation... rather than taxing 'people' and/or 'the situations they find themselves in', maybe we should just tax actual "income dollars"... and treat each one exactly the same as any other, regardless of the quantity, source... or who's hand they happen to be in.
I'm hoping that he'll do a rant with the Sudbury thing where the Liberals asked a disabled guy to stand down because they wanted to win promised him a position after it was all over then pulled it away.
This "Proposed Tax reform" has less to do with Farmers & "Small Biz" & more to do with legal Tax Avoidance. Fact is these changes won't effect majority of Cdn registered Corps. so the Farmers & the Small operators who Genuinely employ thr Families have 0 to be Concerned about. As for retirement Planning this won't affect RRSP's or TFSA's or for that matter majority of Plans afforded to All Canadians. remember taxes aren't going up the Deductions are being removed & that's not the same at all. Majority of Voters are fed up Usual Tax Cuts equalling Austerity for the Masses, we've tightened our belts now it's up to the top 7% to do the same. Canada has become an international Favorite for Corps to hide their wealth & that's not helping Anyone. "Tax Fairness" means Everyone including Corporate Canada
LMAO as far your assertion goes it appears a Mirror ought to be the next item you purchase. Why would your predictions be any more valid than Mine. This is why such tax deductions should have sunset clauses. deductions offered to Taxpayers during tough times to ease "burden" were never meant to be permanent. Seems to me given your use of Vulgarity / Expletives that you're the whiner here. perhaps you should actually READ the proposed changes to determine if they'll even effect YOU.
Rick or his writers didn't even explain what this is about. I've come to RMR to start understanding things he knows about, and when the video ended I'd learned nothing. This video is just angst compared to the rants I've seen up until now. Rick can do better to explain to me what he's talking about next time. Keep it up
Have you not watched the news for months? The Liberals are proposing tax changes that will hurt family farms and small business owners. That's what he's talking about. It's clear as a bell to me.
That's why you should actually read what the proposed change doing is before simply saying "They're taxing farms and things, BADDD" as some straw argument.
I see alot of people going back and forth as to who should and shouldn't be paying these extra taxes but why does no one ask why is morneau/shapell taxes not raising by even a cent or Trudeaus trust funds and companies tax bills not being affected. A person who makes $100 grand a year is not rich why are we not going after the millionaires. Why is 2.7 billion being spent in foreign aid,or 25 million to Clinton foundation, 10 million to omar,217 grand for trudeau's nannies or 500 million to cover the cost of illegal immigration when children in northern communities dont have schools, or oil patch workers across the west are jobless, seniors losing benifits and taxes being raised for everyone. Instead of bickering about who should pay more shouldn't we be asking why do we all have to pay so much already? Why are these governments allowed to spend whatever they want? The enemy is not your neighbor ,the owner of the pizza shop, the guy who fixes your toilet. Its the people taking 30 to 50 cents of every dollar we make so they can recklessly spend on whatever suits them at the moment
Tax changes for small business and other segments of society need changes to make them fairer. Could some of the details of the Liberal tax changes need polishing? Sure. CBC radio ran through some of the tax benefits and they are simply not fair. Those need to be changed. This Global article also runs through the facts: globalnews.ca/news/3743459/trudeau-tax-reforms-tax-loopholes-small-business/
RMR is going into its 15th season, which mean Rick has now been rich for so long he's forgotten just how poor the poor people are. Sure, someone making 40,000/year and someone making 200,000/year can both technically be "middle class," but the 40k guys aren't going to shed a tear if people making 5 times their wages have to pay more taxes. The bottom is a long way from the top, but it's a long way from the middle too.
40k is technically not middle class. 80k and more is middle class, and that is when the tax "loopholes" start. The 40k earner may suffer because their 80k to 150k business owner/boss is getting shafted. Essentially if you are technologist working for a professional or will be working for a professional once you are done school, you are at less income or smaller raises or fewer opportunities.
Yes but now the business owners who make 40k a year now have to pay significantly more taxes... and any hopes they had of retiring are anchored. All the risk, no rewards, regardless of company size and you are supporting this. Get informed.
Brain Diesel There are almost no corporations (which is what the Liberal tax plan covers) making 40k a year. There's no point in creating a corporation if you have so little money, and this is just the kind of nonsense talking point the rich are trying to use to keep their tax loopholes open. Get informed.
Brain Diesel I didn't say 'small business owners,' I said corporations making 40k a year. It seems like you're trying to reframe the issue to make this about something that it is not. The number of corporations making less than 100k are a tiny fraction of the total number in Canada, and these proposed changes will have virtually no effect on people making that little money. They affect the top 10% of earners, so you have nothing to worry about.
This video did not go nearly far enough into this issue... People are so uninformed about what it means to be a business owner and are buying into Trudeau's bullshit.
Sort of disappointing with the farmers comment. Morneau says it will mostly hit professionals. Well, that is going to affect anyone working for those professionals. You are going to see less small-medium size firms and offices and you will see a lot more.. or only, large national, multi-national and global firms and offices. While I am sure the Conservative talking points are just that, this does hurt small businesses and help those elites.
As he isn't a business owner, he wouldn't be affected by any of the proposed changes. That's right, Tarathiel123, Trudeau has tricked you into thinking this affects the wealthy 1% when it doesn't. It affects small business owners' right to use tax strategies to both plan for retirement as well as save for unexpected down times. Many of those owners are not the 1% like he would make you believe, but even if they are, it's a fair tax strategy that reflects the unique situation a self-employed individual faces. If you're a 1%er like Rick but don't own a business, you can't incorporate like Trudeau keeps lying about.
yousufj56 so grow a set of balls and open your business. Employ people, make payroll, collect tax for the government for free, actually make a dollar then give most of it to the government so they can give it to some dumb fuck like you who has no fucking clue.
I think you are misrepresenting this tax reform issue. There are many loopholes in our tax system that primarily benefit the wealthy at the expense of the rest of us (by underfunding our government services e.g., health care/education/social services/infrastructure/etc...) and any honest effort to address income inequality and improve access to, and the quality of, services in Canada will mean closing those loopholes (and many others). These may not be the only loopholes or the worst loopholes (they have shamefully left some that nearly exclusively benefit the fabulously wealthy out of this reform package) but in general, this is one thing that I think the liberals should actually be applauded for being brave about doing (unlike all the great promises that they have reneged on, like reforming the electoral system). Please check out www.policyalternatives.ca/publications/reports/splitting-difference - www.taxfairness.ca/en/action/i-support-tax-fairness - act.leadnow.ca/fair-share/ - to learn more.
Good points Plushie, but I think it is exactly for that reason (that we can pretty much count on every partisan politician to defend their own party and attack the other parties - regardless of the merit of the policies/positions being debated) that we need our media to help cut through the BS, rather than just relaying an oversimplified and misleading (and often partisan) version of the debate. Rick may argue that this wasn't his point in this video, he was just saying that the Liberals are cocky and shouldn't think they have a mandate... but this could have been a really great moment to foster some sane and much needed conversation about the need of progressive taxation (e.g., eliminating loopholes for the wealthy/powerful) so that we can build the kind of modern nation that we find ourselves in but which has been struggling/declining due to many years of austerity and neoliberalism.
The majority of those affected by these tax reforms will be middle class families who run small businesses that employ a handful of people. I'm all for progressive taxation, but these changes don't accomplish what you think they do. They provide a dis-incentive for middle classers to start a buisness and punish those who take risks that ultimately benefit everyone through job creation, inovation, and economic growth. The 1%ers are more or less unaffected by this change. It's all the middle income buisness owners working hard to pay their rent/mortgage and save for retirement just like everyone else.
These comments are so disappointing. This is a devastating blow to hard working Canadians under the guise of closing a loophole. They could easily do other things to impact the wealthy, but the proposed changes are completely unfair to all small business owners and hearing that people actually support this is ridiculous
You're wrong on this one Rick. 'Small' businesses benefit very little from the present system that allows incorporated businesses ti 'hire' family members and get a tax break. Most of the individuals benefiting from this scheme earn upwards of $200,000.00 a year. They need to pay their fair share of taxes (worth billions to Canadian social programmes).
You guys be careful letting any party get too self important. We let the liberals turn the office of President into a dictatorship, now we got THIS freakin' guy acting like a king!
I'm surprised that Mercer took this simplistic perspective straight out of CPC talking points. There are small business millionaires cheating the tax system- The reforms will affect them, not farmers.
Tara M these tax changes will affect small business more than the rich,and that includes farmers. With these changes if you were to sell your farm to your son he would have to pay taxes on it, but if you were to sell it to a corporation from overseas they would pay zero taxes. Not a penny.
You are totally wrong on this. I just hope most Canadians are able to see through their boogey man arguments, which is actually the simplistic perspective that the Liberals are touting, not the CPC. Small businesses are the backbone of our economy and the middle class. Taking away incentives and tax strategies that allow small businesses to both stay afloat during bad times as well as plan for retirement are going to kill us, not help. If you think the extra $280 million it will generate will offset the $80 billion in debt that Trudeau is building up, you aren't thinking of the billions in lost economic output when we actually stifle economic growth. Again, it's more difficult than the way you paint it.
So individuals should be allowed to cheat the tax system? If the legislation needs to be amended to protect farmers and honest individuals, that's one thing, but the principle of making everyone pay their fair share is correct and should be supported. These benefits weren't written into the system, they're loopholes that some incorrectly use.
Tara, are you willing to pay higher taxes to cover my CPP, EI, vacation, overtime, maternity leave, stat holiday pay, health benefits, sick leave, and other benefits that I don't receive as a small business owner? If so, then I 100% agree with you about closing these tax benefits I receive by being a business owner. These are not loopholes or cheats, they are established systems that help to level the playing field between business owners and employees. To accuse me of not paying my fair share, when I pay tens of thousands of dollars every year in benefits that you receive from your employer completely tax-free, is a bit hypocritical. Do you see what I"m saying now?
The details are not shady, Rick. I am a bit disappointed that you seemed to lack any research into this topic. Fact: 2/3 of small businesses clear 73,000 or less. This is less than HALF of the threshold of 150,000. This means that the Tax changes are clearly NOT targeting small business. Fact: In the last ten years, incorporations have exploded, NOT small businesses, just people who incorporated to get a lower tax rate. Where could this be coming from? Well, a quick analysis showed that the majority of new incorporations are Rich people spreading out their money in order to pay SIGNIFICANTLY less in taxes. Taxes, which by the way, end up still having to be made up of us regular folks who make around the Canadian average of 45k, i.e., THREE TIMES LESS THAN THE THRESHOLD. Some Doctors expressed concern, but there was a whole group of Doctors who came out in support of this because case after case has come out and in some instances a Doctor clearing 250k a year pays as much in taxes as the Nurse who makes 70k a year OR LESS, through the adjusted tax-rate incorporation gives them. I want Doctors to be well paid. That is why they are. But in addition to extremely good pay, do I want them to be taxed less than me? No. You can make whatever you want a year, but pay YOUR fair share of taxes, I will pay mine. As for the while "safety net" argument... I pay CPP and EI, Lawyers and Doctors do not. Given their already large salaries, having no benefits but not paying into them either seems like a wash at best. If you cannot plan for an emergency making a quarter MILLION a year, you really need more help than CPP or EI can provide anyway. This is a very complex issue but what the facts are simple: 1) This mainly and primary targets Rich people, NOT small businesses, who the VAST MAJORITY would not even come close to qualifying for incorporation. 2) People greatly mis-understand this and there is a real push with real dollars behind it to stop it. But why would someone put money behind a cause? Oh, right. Because those affected ARE the Rich and they have money and they are trying to demonize the attempt to make them pay more in taxes. What bothers me most about this is that this was NEVER a secret. As someone involved with charities and politics for a while, it is WELL KNOWN that the Rich have accounting schemes that allow them to basically reduce their tax burdens by 10 times or more with numbered companies and shifting (or "sparkling") income around. The fact that people seem baffled and are attacking the Liberals for trying to address this serious issue with fair taxation just goes to show that irrational hatred for Trudeau trumps logical tax policy when it comes to what do you believe. But then again... it is a Rich guy who likely is incorporated and would face a larger tax-burden telling us that it is a bad idea. Personally, I find it hard to sympathise with someone who says they should be able to clear 150k a year and pay less taxes than me who makes a third of that because "risk". So people taking risks should be able to earn three times as much as me and pay less taxes as me? Man, too bad I was born into poverty and have to work myself out of it. I "risked" university only to be unable to afford it and had to move part-time while I work. Year 17 of this "risk" and I got no extra benefits from it. Just a giant student loan and massive debt, JUST like the Doctor. I just don't get anywhere near his salary, yet somehow have the honour of paying roughly the same in taxes for my "risk". Lucky me, I guess.
Your facts are all incorrect. The rich aren't allowed to incorporate, so there's no mechanism for rich people to do what you claim. Only self employed individuals can incorporate, many of whom are not rich. So right aways, you're dead wrong on that. Someone making 250k NEVER pays less than a nurse even if they left all their money in their corporation, so again you are DEAD WRONG on that. Furthermore, as soon as money comes out of the corporation it's always taxed at the full personal rate. Stop spreading lies. As to whether it's fair that a corporation can retain money to save for their retirement, holidays, maternity leave, health benefits, or a bad fiscal year when they still have to pay their employees and run in the red, I'll have to say you aren't comparing apples with apples. The tax rate is lower to account for these differences. I'll leave it as simple as this: If you want everything to be equal and "Fair" and remove the benefit of small businesses from investing, then that means you are willing to pay my vacations, health insurance, CPP, EI, pension plan, sick leave, maternity leave, and also an insurance against bankruptcy for a bad business year. Your tax rate will go up a bit to pay for this, mind you, but then I'm totally fine letting go of the lower tax rate. Case in point, we didn't like the tax increase on marginal income last year (54%), but you didn't see anyone complain or feel it was unfair the same way you are now with this outrageous money grab.
All incorrect? The RIch aren't allow to incorporate? Well, can someone tell THEM that. Also, the rules are fairly simple. You can read them here: www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs06642.html So, interesting statements. Wrong, but interesting. You set up a number of numbered companies, almost untraceable and not connected to each other. Make your children directors and pay them a salary from it. Boom, you are a corporation and you pay taxes at a significantly lower rate through the numbered company. Sure, there is a lot of work to it and usually people hire lawyers to do it, but it is completely correct, and super easy if you have the money (which rich people tend to have). About the Doctor Nurse thing. Don't take my word for it. Here is a website set up by a company that helps Doctors incorporate. It pretty well lists out the scheme where a Doctor could, easily, pay less taxes than someone making 50k a year, all the while making up to 500k. hospitalnews.com/doctors-pay-lower-taxes-and-keep-more-of-your-earnings-now-2/ Like I said, this is a non-secret to people involved with politics or high-end finance. People have whole careers setting up accounts like this for people. Please, post any evidence you may have that I am incorrect. All I see are statements with no evidence, such as I provided. Otherwise, your points are not taken: lack of evidence for claims.
Yes, all incorrect. Did you even read your own link? You first have to have an actual BUSINESS, that generates INCOME, in order to put money into your corporation. That also means you are someone who does not collect the generous amount of tax-free benefits that an employee gets from their employer. Hence the tax deductions. If you're a rich person you can't just pretend to own a business and put money in your corporation that you didn't earn through a business. That's called fraud. Your second link shows the doctor paying $156,000 in taxes. A nurse's average salary of $75,000 would mean they pay about $15,000 in tax, or less than 1/10th the taxes that the doctor pays (www.ey.com/ca/en/services/tax/tax-calculators-2017-personal-tax). That's not even accounting for the $250,000 that the doctor will have to pay in taxes once he withdraws it from his corporation to actually spend it. So please, stop spreading misinformation as I said before.
Kirk I appreciate your attempt at explaining the situation, but your information is wrong or misleading. Example point 1) only the rich can incorporate and many small businesses can’t? - that is completely false. Incorporation isn’t based on income level. You need to have a viable business earning income to incorporate, thus all small businesses can incorporate. That’s the entire reason for the small business deduction. Corporations are not just scapegoats for rich people having to pay taxes.
"only the rich can incorporate and many small businesses can’t? " Please direct me to where I said this as I did not find I had and I do not believe this statement. My statement was that in order to incorporate for tax-saving purposes requires a lot of background work setting up numbered companies and board of directors. There are companies that sell this service or you can go through all the red tape yourself. If you can afford it, the whole process is rather easy. If you cannot, it is a lot of extra work most people would be unwilling or unable to do and unwilling or unable to pay someone else to do. "Corporations are not just scapegoats for rich people having to pay taxes." Great! If they are not, let's stop them from being used as scapegoats for people to pay less in taxes. Again, this is a veritable truth, I personally know for a fact with my years of experience in politics and working for charities this is how people shelter money. Like I said, you can find people providing these services. I provided links and evidence. Please, if you wish to counter any point I have, I am more than willing to read unbiased, well-sourced evidence on the matter. Otherwise, just simply stating "you are wrong" solicits very little discussion. I, unlike 99% of people, am willing to be convinced otherwise. It just so happens I personally have a lot of experience with these types of accounts and people trying to avoid taxes and when I investigated all the parts of this plan, it seemed like a great plan with relatively little in terms of collateral damages. The money that is lost in taxation also seems to be the issues with Harper's Revenue projects over the last five years. Like.. it all makes sense that this is a huge deal and makes no sense that it is not. Yet you shout "Wrong", provide no evidence and run away and expect me to accept your point? Point not taken: No evidence, provided false statements and tangibly wrong on the points made.
They said they would backtrack on the farmer thing, give them a special provision for the bad years or something. Your point of view is already obsolete. Also, he attacks tax dodges, not small business owners. Your rant has no substance, you only give the same old god awful bad argument that Trudeau is only here for his hair and selfies and because he would do. Please stop.
Rich people register as corporations to reduce their taxes, the rest of us have to pay our fair share. Now the rich have to pay like the rest of us.You can cry for the rich if you want, but I think they'll manage.
lostinthefogofwar it ain't the rich their going after. It's the middle class. Rich are still allowed to hold their money overseas after these changes. The rich won't be affected at all.
Ridiculous rant. The Liberals campaigned on a platform of (much needed) tax reform and they are trying to follow through. The greater good for Canadian society as a whole is clear to see. Some additional points to consider: behindthenumbers.ca/2017/09/27/5-things-about-small-business-income-splitting
You know Liberal is screwed when even Rick turns on them.
greentjmtl ya I haven't been much of a fan. His pay is subsidized by my tax dollars and then he gets to use his platform to trash the pc's?
@@carpspudpicker3031 oof
@@carpspudpicker3031 its never been hard to trach a pc
Yep, it looks bad. Why farmers? It's because farmers don't vote Liberal anyway. I bet you could poll small business owners, and find a majority that also don't vote Liberal. So that makes them easy targets.
Although the farmer one MAY be correct, I highly doubt the small business one is.
Yeah, I don't know about the small business thing. Seems like a pure miscalculation, if it was politically driven. Which seems odd, because the Federal Liberals are pretty savvy when it comes to this kind of thing.
What about Farmers are they attacking? Are they enforcing stronger environmental regulations on them? Because if so that would be a good thing.
small business owners tend to vote with the voting trends of their area.
I'm not a Liberal voter, but I am a small business owner and I know quite well what these changes mean to me. What? Nothing. The changes to the tax code as I've read affect a very small subset of small business owners, most of whom won't see a change at the end of the day.
-- Passive income? Take the money out of the business and put it in an RRSP like the rest of the working bumbs have to. I always assumed the tax code treated active/passive corporate investment income the same in small businesses (AKA at non-small business rates). In the current system, the savvy investor is better off creating a shell corporation, dumping a ton of money into it, invest 'passively' then take the money out over time in dividends / capital gains at a lower tax rate than the unsophisticated individual without a shell corp. This is violates the government's 'tax neutrality' of small business vs. individual income which they need to maintain. Breaking this rule and they may as well institute a 'stupid' tax for people that are too lazy to pay less by jumping through hoops.
-- Income sprinkling? It's a legal tax shedding loophole that is being closed. There's no reason to give non-working friends big payouts at 0% tax rate (non-working adults) for doing no work (or them giving it back to you tax free when you're simply trying to reduce tax).
-- Capital Gains on transfer? The capital gains on company sales does hurt multi-generational corporations (that aren't farms because they already have an exemption). The hardest hit would be companies who's children never worked/owned a part of the business. It can certainly be justified that a child of the company is compensated with a part of the business as they perform their duties in the business incurring capital gains slowly over time instead of being beaten over the head with a big bill when their parent dies. The estimated 27%->40% jump should certainly signal to these families that simply passing on assets upon death may not be the best strategy to maximize profits.
As someone whose family runs a small business, these changes are going to hamper businesses similar to ours and discourage others from starting a business of their own. Entrepreneurs of all wealth levels have no problem paying their fair share. Of course, there's always room for improvement and no one is saying the current system is perfect. But don't lump all business owners together in this issue. There are ways of ensuring those with wealth pay more in taxes without also forcing middle class business owners to do so as well.
That final understated punchline is my favourite part of this
I was having a sip of coffee and choked when he said "You want proof that a government is starting to lose it's way? See if they'll pick a fight, with farmers"
I almost didn't watch this because I can't stomach Mercer anymore, but damn this was on point and funny. Honestly I would vote for a conservative party that would not only defund all environmental sciences, but also make it a law to kill all baby seals on sight with your bare hands just to have leadership with half a brain
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A friend of mine is an oil well drilling consultant. He makes a varying income of 100-300 thousand dollars per year. This is about 3x what I earn, but he pays less in income taxes (not just %, but in actual $). The way he achieves this is he incorporates, and "employs" his wife and eldest son (neither of which actually work for him), claims his house, claims his truck, etc. Earlier this year, when doing his taxes he told me about this "trick", and told me that the government was, "crazy to let me do this." I can't blame him for taking advantage of loopholes that are there for him, but I am really impressed at the oppositions ability to make the closing of this loophole sound like an attack on our economy.
Agree with you 100%. Justin has lost the plot. We need family farms. You can't eat Chewbacca socks.
Unless you work for the federal government expect to be penalized. Entrepreneurs, small business and farmers my goodness why would we want to encourage that?!?!
Justin is trying to force all the capitalists out of Canada so he can create his socialist 'utopia'.
DCARA06 makes me sick that I turned a profit this year. I feel like going on business strike and run the ship into the ground! Tax that assholes!
I'm from a farming community and my parents are small business owners. They're right pissed about the tax changes but here's the thing.... people do use it as a legal loophole. My parents do it. Wealthy farmers do it too. First it was doctors and now farmers who it's effecting.... but it's not really that simple. These changes are arguably good and bad. Good because it allows people who aren't independent owners to have a fair sport because they can't juggle finances to make them pay less, it's bad because it will hurt small businesses as well. I don't know the answer to this but it may be something like a certain value to reduce the dodging effect of this whilst not encouraging lack of small business growth. I know lots of people who will be effected by this and who currently use it to do is say morally, ethically wrong, but not legally wrong, actions that are not in the spirit of these loopholes. Perhaps better define the loopholes to avoid that?
Both parties represent themselves and their "elite" friends.
Maybe it is simple well past time for some real truth in taxation... rather than taxing 'people' and/or 'the situations they find themselves in', maybe we should just tax actual "income dollars"... and treat each one exactly the same as any other, regardless of the quantity, source... or who's hand they happen to be in.
Well said Rick.
I'm hoping that he'll do a rant with the Sudbury thing where the Liberals asked a disabled guy to stand down because they wanted to win promised him a position after it was all over then pulled it away.
This "Proposed Tax reform" has less to do with Farmers & "Small Biz" & more to do with legal Tax Avoidance. Fact is these changes won't effect majority of Cdn registered Corps. so the Farmers & the Small operators who Genuinely employ thr Families have 0 to be Concerned about. As for retirement Planning this won't affect RRSP's or TFSA's or for that matter majority of Plans afforded to All Canadians. remember taxes aren't going up the Deductions are being removed & that's not the same at all. Majority of Voters are fed up Usual Tax Cuts equalling Austerity for the Masses, we've tightened our belts now it's up to the top 7% to do the same. Canada has become an international Favorite for Corps to hide their wealth & that's not helping Anyone. "Tax Fairness" means Everyone including Corporate Canada
LMAO as far your assertion goes it appears a Mirror ought to be the next item you purchase. Why would your predictions be any more valid than Mine. This is why such tax deductions should have sunset clauses. deductions offered to Taxpayers during tough times to ease "burden" were never meant to be permanent. Seems to me given your use of Vulgarity / Expletives that you're the whiner here. perhaps you should actually READ the proposed changes to determine if they'll even effect YOU.
Rick or his writers didn't even explain what this is about. I've come to RMR to start understanding things he knows about, and when the video ended I'd learned nothing. This video is just angst compared to the rants I've seen up until now. Rick can do better to explain to me what he's talking about next time. Keep it up
Have you not watched the news for months? The Liberals are proposing tax changes that will hurt family farms and small business owners. That's what he's talking about. It's clear as a bell to me.
Poe? You come to a comedian for details on a complex tax policy? ok, you seem smart.
That's why you should actually read what the proposed change doing is before simply saying "They're taxing farms and things, BADDD" as some straw argument.
Thanks Rick!
I'm tired of knowing more about America's politics more than my own. Rick is what I need. (And he's _leaving!_ *_why_* )
I see alot of people going back and forth as to who should and shouldn't be paying these extra taxes but why does no one ask why is morneau/shapell taxes not raising by even a cent or Trudeaus trust funds and companies tax bills not being affected. A person who makes $100 grand a year is not rich why are we not going after the millionaires. Why is 2.7 billion being spent in foreign aid,or 25 million to Clinton foundation, 10 million to omar,217 grand for trudeau's nannies or 500 million to cover the cost of illegal immigration when children in northern communities dont have schools, or oil patch workers across the west are jobless, seniors losing benifits and taxes being raised for everyone. Instead of bickering about who should pay more shouldn't we be asking why do we all have to pay so much already? Why are these governments allowed to spend whatever they want? The enemy is not your neighbor ,the owner of the pizza shop, the guy who fixes your toilet. Its the people taking 30 to 50 cents of every dollar we make so they can recklessly spend on whatever suits them at the moment
The father gave farmers the finger and the son is trying to finish the job
And don't forget doctors. Yes, nothing like politicians picking a fight with doctors. The politicians can't lose, Right? Just ask Tommy Douglas.
Justin Trudeau got elected because DUDE WEED LMAO
YES THANK YOU
Lol all the liberal tears just because he said something you don't like. So tasty
Mathieu MacAdam He said nothing of substance.
He doesn't have to say anything of substance, if you don't know what he's talking about you've been living under a rock for months.
Ouch. That last joke was so cold and dirty, it better be in the ground!
I have a small business *cries* I get away with nothing lol
Rick must be upset that he will not be able to use those loopholes anymore. Lol
Tax changes for small business and other segments of society need changes to make them fairer. Could some of the details of the Liberal tax changes need polishing? Sure. CBC radio ran through some of the tax benefits and they are simply not fair. Those need to be changed. This Global article also runs through the facts: globalnews.ca/news/3743459/trudeau-tax-reforms-tax-loopholes-small-business/
Gonna miss you Rick! Maybe after this last season you can do a rant once a week on TH-cam still?
I don't think Rick read the actual proposal.
What's with that weird video filter?
Replay this two years into ANY Liberal government in perpetuity.
Say it like it is Rick. Excellent!
Definitely a one term government thank god
RMR is going into its 15th season, which mean Rick has now been rich for so long he's forgotten just how poor the poor people are. Sure, someone making 40,000/year and someone making 200,000/year can both technically be "middle class," but the 40k guys aren't going to shed a tear if people making 5 times their wages have to pay more taxes. The bottom is a long way from the top, but it's a long way from the middle too.
40k is technically not middle class. 80k and more is middle class, and that is when the tax "loopholes" start. The 40k earner may suffer because their 80k to 150k business owner/boss is getting shafted. Essentially if you are technologist working for a professional or will be working for a professional once you are done school, you are at less income or smaller raises or fewer opportunities.
Yes but now the business owners who make 40k a year now have to pay significantly more taxes...
and any hopes they had of retiring are anchored.
All the risk, no rewards, regardless of company size and you are supporting this.
Get informed.
Brain Diesel There are almost no corporations (which is what the Liberal tax plan covers) making 40k a year. There's no point in creating a corporation if you have so little money, and this is just the kind of nonsense talking point the rich are trying to use to keep their tax loopholes open.
Get informed.
Osiris Malkovich lots of small business owners like myself incorporate so... you are incorrect.
Brain Diesel I didn't say 'small business owners,' I said corporations making 40k a year. It seems like you're trying to reframe the issue to make this about something that it is not. The number of corporations making less than 100k are a tiny fraction of the total number in Canada, and these proposed changes will have virtually no effect on people making that little money. They affect the top 10% of earners, so you have nothing to worry about.
Maybe it's time to stop the liberal - conservative cycle and vote NDP (hopefully Nikki Ashton!)
This video did not go nearly far enough into this issue... People are so uninformed about what it means to be a business owner and are buying into Trudeau's bullshit.
Truth.
WHY THE FUCK IS THIS ON TRENDING?
Because it's trending. If you're not sure what that word means maybe you should go bounce a ball.
Wow. That was good. 🙂
Justin can, uh, um, walk and, um uhhhh, talk at, uh, the same, um, time?
Totally off topic but.. Do us Canadians really have that big of an accent haha?! I've never noticed it was that bad before!
Marci Robertson merk, herper smert lol
Sort of disappointing with the farmers comment. Morneau says it will mostly hit professionals. Well, that is going to affect anyone working for those professionals. You are going to see less small-medium size firms and offices and you will see a lot more.. or only, large national, multi-national and global firms and offices. While I am sure the Conservative talking points are just that, this does hurt small businesses and help those elites.
2019 Removal!!
So which perk are you losing the rest of us don't get Rick?
As he isn't a business owner, he wouldn't be affected by any of the proposed changes. That's right, Tarathiel123, Trudeau has tricked you into thinking this affects the wealthy 1% when it doesn't. It affects small business owners' right to use tax strategies to both plan for retirement as well as save for unexpected down times. Many of those owners are not the 1% like he would make you believe, but even if they are, it's a fair tax strategy that reflects the unique situation a self-employed individual faces. If you're a 1%er like Rick but don't own a business, you can't incorporate like Trudeau keeps lying about.
Small businesses claim everything under a business expense even if it's personal. Major major tax evasion.
Agreed with you, but that is already illegal, and the CRA actively tries to stop this. So your point is completely irrelevant to this discussion.
yousufj56 so grow a set of balls and open your business. Employ people, make payroll, collect tax for the government for free, actually make a dollar then give most of it to the government so they can give it to some dumb fuck like you who has no fucking clue.
I think you are misrepresenting this tax reform issue. There are many loopholes in our tax system that primarily benefit the wealthy at the expense of the rest of us (by underfunding our government services e.g., health care/education/social services/infrastructure/etc...) and any honest effort to address income inequality and improve access to, and the quality of, services in Canada will mean closing those loopholes (and many others). These may not be the only loopholes or the worst loopholes (they have shamefully left some that nearly exclusively benefit the fabulously wealthy out of this reform package) but in general, this is one thing that I think the liberals should actually be applauded for being brave about doing (unlike all the great promises that they have reneged on, like reforming the electoral system). Please check out www.policyalternatives.ca/publications/reports/splitting-difference - www.taxfairness.ca/en/action/i-support-tax-fairness - act.leadnow.ca/fair-share/ - to learn more.
as much as we all love rick, he is rich as well so he might taking advantage of the loop holes
hey don't get me wrong i do agree with the tax reform
Good points Plushie, but I think it is exactly for that reason (that we can pretty much count on every partisan politician to defend their own party and attack the other parties - regardless of the merit of the policies/positions being debated) that we need our media to help cut through the BS, rather than just relaying an oversimplified and misleading (and often partisan) version of the debate. Rick may argue that this wasn't his point in this video, he was just saying that the Liberals are cocky and shouldn't think they have a mandate... but this could have been a really great moment to foster some sane and much needed conversation about the need of progressive taxation (e.g., eliminating loopholes for the wealthy/powerful) so that we can build the kind of modern nation that we find ourselves in but which has been struggling/declining due to many years of austerity and neoliberalism.
The majority of those affected by these tax reforms will be middle class families who run small businesses that employ a handful of people. I'm all for progressive taxation, but these changes don't accomplish what you think they do. They provide a dis-incentive for middle classers to start a buisness and punish those who take risks that ultimately benefit everyone through job creation, inovation, and economic growth. The 1%ers are more or less unaffected by this change. It's all the middle income buisness owners working hard to pay their rent/mortgage and save for retirement just like everyone else.
These comments are so disappointing. This is a devastating blow to hard working Canadians under the guise of closing a loophole. They could easily do other things to impact the wealthy, but the proposed changes are completely unfair to all small business owners and hearing that people actually support this is ridiculous
You're wrong on this one Rick. 'Small' businesses benefit very little from the present system that allows incorporated businesses ti 'hire' family members and get a tax break. Most of the individuals benefiting from this scheme earn upwards of $200,000.00 a year. They need to pay their fair share of taxes (worth billions to Canadian social programmes).
thanks ontario for the worst prime minister ever.
Trudeau was born in Quebec.
nice finish on that one
Honestly...y would u target small businesses???? Its just gonna lead to more unemployments!!!
Typical camera from this guy
You guys be careful letting any party get too self important. We let the liberals turn the office of President into a dictatorship, now we got THIS freakin' guy acting like a king!
I'm surprised that Mercer took this simplistic perspective straight out of CPC talking points. There are small business millionaires cheating the tax system- The reforms will affect them, not farmers.
Tara M these tax changes will affect small business more than the rich,and that includes farmers. With these changes if you were to sell your farm to your son he would have to pay taxes on it, but if you were to sell it to a corporation from overseas they would pay zero taxes. Not a penny.
You are completely wrong on this... this will affect the middle class, not the top
You are totally wrong on this. I just hope most Canadians are able to see through their boogey man arguments, which is actually the simplistic perspective that the Liberals are touting, not the CPC. Small businesses are the backbone of our economy and the middle class. Taking away incentives and tax strategies that allow small businesses to both stay afloat during bad times as well as plan for retirement are going to kill us, not help. If you think the extra $280 million it will generate will offset the $80 billion in debt that Trudeau is building up, you aren't thinking of the billions in lost economic output when we actually stifle economic growth. Again, it's more difficult than the way you paint it.
So individuals should be allowed to cheat the tax system? If the legislation needs to be amended to protect farmers and honest individuals, that's one thing, but the principle of making everyone pay their fair share is correct and should be supported. These benefits weren't written into the system, they're loopholes that some incorrectly use.
Tara, are you willing to pay higher taxes to cover my CPP, EI, vacation, overtime, maternity leave, stat holiday pay, health benefits, sick leave, and other benefits that I don't receive as a small business owner? If so, then I 100% agree with you about closing these tax benefits I receive by being a business owner.
These are not loopholes or cheats, they are established systems that help to level the playing field between business owners and employees. To accuse me of not paying my fair share, when I pay tens of thousands of dollars every year in benefits that you receive from your employer completely tax-free, is a bit hypocritical. Do you see what I"m saying now?
Pretty mad for a gay guy .
Rick Mercer for Prime Minister! ❤
The details are not shady, Rick. I am a bit disappointed that you seemed to lack any research into this topic.
Fact: 2/3 of small businesses clear 73,000 or less. This is less than HALF of the threshold of 150,000. This means that the Tax changes are clearly NOT targeting small business.
Fact: In the last ten years, incorporations have exploded, NOT small businesses, just people who incorporated to get a lower tax rate. Where could this be coming from? Well, a quick analysis showed that the majority of new incorporations are Rich people spreading out their money in order to pay SIGNIFICANTLY less in taxes. Taxes, which by the way, end up still having to be made up of us regular folks who make around the Canadian average of 45k, i.e., THREE TIMES LESS THAN THE THRESHOLD.
Some Doctors expressed concern, but there was a whole group of Doctors who came out in support of this because case after case has come out and in some instances a Doctor clearing 250k a year pays as much in taxes as the Nurse who makes 70k a year OR LESS, through the adjusted tax-rate incorporation gives them. I want Doctors to be well paid. That is why they are. But in addition to extremely good pay, do I want them to be taxed less than me? No. You can make whatever you want a year, but pay YOUR fair share of taxes, I will pay mine.
As for the while "safety net" argument... I pay CPP and EI, Lawyers and Doctors do not. Given their already large salaries, having no benefits but not paying into them either seems like a wash at best. If you cannot plan for an emergency making a quarter MILLION a year, you really need more help than CPP or EI can provide anyway.
This is a very complex issue but what the facts are simple:
1) This mainly and primary targets Rich people, NOT small businesses, who the VAST MAJORITY would not even come close to qualifying for incorporation.
2) People greatly mis-understand this and there is a real push with real dollars behind it to stop it. But why would someone put money behind a cause? Oh, right. Because those affected ARE the Rich and they have money and they are trying to demonize the attempt to make them pay more in taxes.
What bothers me most about this is that this was NEVER a secret. As someone involved with charities and politics for a while, it is WELL KNOWN that the Rich have accounting schemes that allow them to basically reduce their tax burdens by 10 times or more with numbered companies and shifting (or "sparkling") income around. The fact that people seem baffled and are attacking the Liberals for trying to address this serious issue with fair taxation just goes to show that irrational hatred for Trudeau trumps logical tax policy when it comes to what do you believe.
But then again... it is a Rich guy who likely is incorporated and would face a larger tax-burden telling us that it is a bad idea. Personally, I find it hard to sympathise with someone who says they should be able to clear 150k a year and pay less taxes than me who makes a third of that because "risk". So people taking risks should be able to earn three times as much as me and pay less taxes as me? Man, too bad I was born into poverty and have to work myself out of it. I "risked" university only to be unable to afford it and had to move part-time while I work. Year 17 of this "risk" and I got no extra benefits from it. Just a giant student loan and massive debt, JUST like the Doctor. I just don't get anywhere near his salary, yet somehow have the honour of paying roughly the same in taxes for my "risk".
Lucky me, I guess.
Your facts are all incorrect. The rich aren't allowed to incorporate, so there's no mechanism for rich people to do what you claim. Only self employed individuals can incorporate, many of whom are not rich. So right aways, you're dead wrong on that. Someone making 250k NEVER pays less than a nurse even if they left all their money in their corporation, so again you are DEAD WRONG on that. Furthermore, as soon as money comes out of the corporation it's always taxed at the full personal rate. Stop spreading lies.
As to whether it's fair that a corporation can retain money to save for their retirement, holidays, maternity leave, health benefits, or a bad fiscal year when they still have to pay their employees and run in the red, I'll have to say you aren't comparing apples with apples. The tax rate is lower to account for these differences.
I'll leave it as simple as this: If you want everything to be equal and "Fair" and remove the benefit of small businesses from investing, then that means you are willing to pay my vacations, health insurance, CPP, EI, pension plan, sick leave, maternity leave, and also an insurance against bankruptcy for a bad business year. Your tax rate will go up a bit to pay for this, mind you, but then I'm totally fine letting go of the lower tax rate. Case in point, we didn't like the tax increase on marginal income last year (54%), but you didn't see anyone complain or feel it was unfair the same way you are now with this outrageous money grab.
All incorrect? The RIch aren't allow to incorporate?
Well, can someone tell THEM that. Also, the rules are fairly simple. You can read them here:
www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs06642.html
So, interesting statements. Wrong, but interesting.
You set up a number of numbered companies, almost untraceable and not connected to each other. Make your children directors and pay them a salary from it. Boom, you are a corporation and you pay taxes at a significantly lower rate through the numbered company. Sure, there is a lot of work to it and usually people hire lawyers to do it, but it is completely correct, and super easy if you have the money (which rich people tend to have).
About the Doctor Nurse thing. Don't take my word for it. Here is a website set up by a company that helps Doctors incorporate. It pretty well lists out the scheme where a Doctor could, easily, pay less taxes than someone making 50k a year, all the while making up to 500k.
hospitalnews.com/doctors-pay-lower-taxes-and-keep-more-of-your-earnings-now-2/
Like I said, this is a non-secret to people involved with politics or high-end finance. People have whole careers setting up accounts like this for people. Please, post any evidence you may have that I am incorrect. All I see are statements with no evidence, such as I provided. Otherwise, your points are not taken: lack of evidence for claims.
Yes, all incorrect. Did you even read your own link? You first have to have an actual BUSINESS, that generates INCOME, in order to put money into your corporation. That also means you are someone who does not collect the generous amount of tax-free benefits that an employee gets from their employer. Hence the tax deductions. If you're a rich person you can't just pretend to own a business and put money in your corporation that you didn't earn through a business. That's called fraud.
Your second link shows the doctor paying $156,000 in taxes. A nurse's average salary of $75,000 would mean they pay about $15,000 in tax, or less than 1/10th the taxes that the doctor pays (www.ey.com/ca/en/services/tax/tax-calculators-2017-personal-tax). That's not even accounting for the $250,000 that the doctor will have to pay in taxes once he withdraws it from his corporation to actually spend it.
So please, stop spreading misinformation as I said before.
Kirk I appreciate your attempt at explaining the situation, but your information is wrong or misleading. Example point 1) only the rich can incorporate and many small businesses can’t? - that is completely false. Incorporation isn’t based on income level. You need to have a viable business earning income to incorporate, thus all small businesses can incorporate. That’s the entire reason for the small business deduction. Corporations are not just scapegoats for rich people having to pay taxes.
"only the rich can incorporate and many small businesses can’t? "
Please direct me to where I said this as I did not find I had and I do not believe this statement. My statement was that in order to incorporate for tax-saving purposes requires a lot of background work setting up numbered companies and board of directors. There are companies that sell this service or you can go through all the red tape yourself. If you can afford it, the whole process is rather easy. If you cannot, it is a lot of extra work most people would be unwilling or unable to do and unwilling or unable to pay someone else to do.
"Corporations are not just scapegoats for rich people having to pay taxes."
Great! If they are not, let's stop them from being used as scapegoats for people to pay less in taxes. Again, this is a veritable truth, I personally know for a fact with my years of experience in politics and working for charities this is how people shelter money. Like I said, you can find people providing these services. I provided links and evidence. Please, if you wish to counter any point I have, I am more than willing to read unbiased, well-sourced evidence on the matter. Otherwise, just simply stating "you are wrong" solicits very little discussion. I, unlike 99% of people, am willing to be convinced otherwise. It just so happens I personally have a lot of experience with these types of accounts and people trying to avoid taxes and when I investigated all the parts of this plan, it seemed like a great plan with relatively little in terms of collateral damages. The money that is lost in taxation also seems to be the issues with Harper's Revenue projects over the last five years. Like.. it all makes sense that this is a huge deal and makes no sense that it is not.
Yet you shout "Wrong", provide no evidence and run away and expect me to accept your point?
Point not taken: No evidence, provided false statements and tangibly wrong on the points made.
the poor should pay more taxes because they use more, i never have to use government stuff so why should i pay higher taxes
How the fuck is this trending?
Well said.
That was a waste of 2 minutes for me
This shit should not be on trending
what a lie paid to trend
I don't care, just legalize weed.
Doesn't help to have weed legal if the government fucks up the economy so bad no one can afford it anyhow....
They said they would backtrack on the farmer thing, give them a special provision for the bad years or something. Your point of view is already obsolete.
Also, he attacks tax dodges, not small business owners.
Your rant has no substance, you only give the same old god awful bad argument that Trudeau is only here for his hair and selfies and because he would do. Please stop.
I've made a new hybrid Potatoe, I call it the Trudoe
walk and "talk" - he cant talk... er um ahhh like stuff
They're not going after farmers, but I suspect Rick is losing a tax loophole.
lostinthefogofwar I was thinking the same thing
Government is always a mess, who said otherwise? What's the matter buttercup you loose a tax loophole to?
lostinthefogofwar bullshit their not. It's every small business.
Rich people register as corporations to reduce their taxes, the rest of us have to pay our fair share. Now the rich have to pay like the rest of us.You can cry for the rich if you want, but I think they'll manage.
lostinthefogofwar it ain't the rich their going after. It's the middle class. Rich are still allowed to hold their money overseas after these changes. The rich won't be affected at all.
That wasn't very informative or entertaining.
#preeeeeeeech
Ridiculous rant. The Liberals campaigned on a platform of (much needed) tax reform and they are trying to follow through. The greater good for Canadian society as a whole is clear to see. Some additional points to consider: behindthenumbers.ca/2017/09/27/5-things-about-small-business-income-splitting