The recently released Federal budget reduced the Federal Goods and Services Tax from 7 % to 6 %. This 1 % reduction will be effective July 1, 2006
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GST reduced 1%
The recently released Federal budget reduced the Federal Goods and Services Tax from 7 % to 6 %. This 1 % reduction will be effective July 1, 2006
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Uhhh....have you been living in a cave??
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lmao, yes..yes he has hahaOriginally posted by Altezza
Uhhh....have you been living in a cave??
Hayan Namja
Well, he technically he hasn't as the bill went for its third reading this week and was passed.Originally posted by Altezza
Uhhh....have you been living in a cave??
If the BQ voted against it, GST would still be 7%.
Funny thing was that the budget this year was passed with no vote at all.
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I heard about this a while back, didnt know that it had passed...
1% less GST... roxxor!
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Yay!
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The difference the average joe is going to see from this is minimal. It's the big players with huge transactions that this will benifit. This is basically a tax break for big businesses disguised as something nice for the general public. I'd rather see a plan that directly affects the low-middle income folks instead of losing revenue from businesses that could just trim a little off of their corporate paychecks.
Well, that and I now have to memorize the cost of my regular purchases again.
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Originally posted by benyl
Well, he technically he hasn't as the bill went for its third reading this week and was passed.
If the BQ voted against it, GST would still be 7%.
Funny thing was that the budget this year was passed with no vote at all.
True as that may be, the BQ have stated since May 2nd that they support the (then) proposed budget. They have re-affirmed that support many times since then. Technically, yes, you are right the PQ could have fucked the budget implementation. After 3rd reading in the House, the bill went thru the Senate the other day. However, for all practical purposes, the general sentiment was that it was a done deal and rest was formalities.
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what are you talking about, its gonna affect everyone the same...Originally posted by freakin
The difference the average joe is going to see from this is minimal. It's the big players with huge transactions that this will benifit. This is basically a tax break for big businesses disguised as something nice for the general public. I'd rather see a plan that directly affects the low-middle income folks instead of losing revenue from businesses that could just trim a little off of their corporate paychecks.
Well, that and I now have to memorize the cost of my regular purchases again.
It's going to affect everyone by 1%!
Whether they spend 10 million or 10 dollars, its still 1%
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This depends heavily where you are in your spending cycle. A GST cut will statistically favour very particular groups, namely those in their mid-late 20s and early 40s.Originally posted by freakin
The difference the average joe is going to see from this is minimal.
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Further to this, GST is only charged to the END-USER only, corporations don't really get any advantage whatsoever. Bottom line, remitting 7% is the same as remitting 6% as it stands that money was never yours anyways. If you purchase goods from a supplier, you pay 6%, but you also charge 6% on the goods you sell. When it comes time that to remit your GST you deduct the amount of GST that you payed out from the amount of GST that you collected on behalf of GOC and remit the difference. As such, I really don't see how this is advantageous to corporations whatsoever. Bottom line, it's never the corporation's money, they don't get to keep it.Originally posted by Altezza
This depends heavily where you are in your spending cycle. A GST cut will statistically favour very particular groups, namely those in their mid-late 20s and early 40s.
Last edited by boi-alien; 06-08-2006 at 03:36 PM.
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Exactly!Originally posted by DeeK
what are you talking about, its gonna affect everyone the same...
It's going to affect everyone by 1%!
Whether they spend 10 million or 10 dollars, its still 1%
For someone who only spends $10, then I only save $0.10. Someone who spends $10,000,000 saves $100,000. It is proportional, and that is why you won't see much if any benifit and big companies will.
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That's a good point, I never thought about it that way. There is markup on the goods produced and sold, so there is still a margin there. I forgot about the money being paid to purchase raw materials.Originally posted by boi-alien
Further to this, GST is only charged to the END-USER only, corporations don't really get any advantage whatsoever. Bottom line, remitting 7% is the same as remitting 6% as it stands that money was never yours anyways. If you purchase goods from a supplier, you pay 6%, but you also charge 6% on the goods you sell. When it comes time that to remit your GST you deduct the amount of GST that you payed out from the amount of GST that you collected on behalf of GOC and remit the difference. As such, I really don't see how this is advantageous to corporations whatsoever. Bottom line, it's never the corporation's money, they don't get to keep it.
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Originally posted by Altezza
Uhhh....have you been living in a cave??
you oughta watch news more often.
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The point is it JUST GOT PASSED the other day. Before it was just proposed, so whether or not it would have been a sure thing was up in the air.Originally posted by WWJAI
you oughta watch news more often.
"A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.”
—Cicero, Roman statesman and lawyer
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aight..then my bad..i always thought it was gonna be effective July 1st, for sure..thats what the news made it seem likeOriginally posted by Seanith
The point is it JUST GOT PASSED the other day. Before it was just proposed, so whether or not it would have been a sure thing was up in the air.
Hayan Namja
It will never be fair if you keep that train of thought.Originally posted by freakin
Exactly!
For someone who only spends $10, then I only save $0.10. Someone who spends $10,000,000 saves $100,000. It is proportional, and that is why you won't see much if any benifit and big companies will.
How about this example:
GST is removed.
Someone who spens $10 saves only 70 cents!
Someone who spens $10 million saves $700,000!
Is it less fair that the large company saves more money when there is no tax?
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Tesla new owner FAQ: https://forums.beyond.ca/threads/411...37#post4928237
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Thats why I havent purchased my vehicle yet..waiting til July 1
Originally posted by GTS Jeff
You know those bored stay at home moms who's entire lives revolve around driving their kids to soccer, various cleaning accessories, and worrying about neighbourhood rapists? The kind of people that watch the View and go "uh huh..." Those unfulfilled people who try to fill the void in their empty lives by writing whiny letters to the editor complaining about shit that no one really cares about?
Well imagine if instead of writing that letter to the editor, she just posts on a car forum for car enthusiasts. That's Kritafo.
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It's time to whip this out again.Originally posted by freakin
The difference the average joe is going to see from this is minimal. It's the big players with huge transactions that this will benifit. This is basically a tax break for big businesses disguised as something nice for the general public. I'd rather see a plan that directly affects the low-middle income folks instead of losing revenue from businesses that could just trim a little off of their corporate paychecks.
Suppose that every day 10 men go to a restaurant for dinner. The bill for all ten comes to $100. If it was paid the way we pay our taxes, the first four men would pay nothing; the fifth would pay $1; the sixth would pay $3; the seventh $7; the eighth $12; the ninth $18. The tenth man (the richest) would pay $59.
The 10 men ate dinner in the restaurant every day and seemed quite happy with the arrangement until the owner threw them a curve. Since you are all such good customers, he said, I'm going to reduce the cost of your daily meal by $20. Now dinner for the 10 only costs $80.
The first four are unaffected. They still eat for free. Can you figure out how to divvy up the $20 savings among the remaining six so that everyone gets his fair share? The men realize that $20 divided by 6 is $3.33, but if they subtract that from everybody's share, then the fifth man and the sixth man would end up being paid to eat their meal.
The restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same percentage, being sure to give each a break, and he proceeded to work out the amounts each should pay. And so now the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of $59.
Outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” complained the sixth man, pointing to the tenth, “and he got $7!” “Yeah, that's right,” exclaimed the fifth man. “I only saved a dollar, too. It's unfair that he got seven times more than me!”
“That's true,” shouted the seventh man. “Why should he get $7 back when I got only $2? The wealthy get all the breaks!” “Wait a minute,” yelled the first four men in unison. “We didn't get anything at all. The system exploits the poor.”
The nine men surrounded the tenth man and beat him up. The next night he didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They were $52 short!
And that, boys, girls and college instructors, is how America's tax system works. The people who pay the highest taxes should get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table any more.
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