posted
Crunch time .... Deadline for filing taxes in Canada, wrote the cheque today but to my surprise the bite was less than expected. As explained by my CA, because we're in manufacturing; any new equipment qualifies for investment tax credit of about 10% of the purchase price. The new equipment I bought last year helped lower my tax bill.
However an individual would have to earn over 18,000 to clear the 11,500 (marginal tax rate 38%)
Just think about how much more buying power a business has over an individual. A business with earnings of 100,000 has more than twice the buying power of an individual with the same earnings.. Just something to think about when you're deciding whether to put that new vehicle in your name or the company name.. of course its used for deliveries.
... Don't know what brought that on ... must be trying to justify to myself a big new toy....
posted
But remember Mike, according to King Jean, Canadians like to pay taxes!
-------------------- Dennis Veenema The Sign Shop Dresden, Ont. but what do I know anyway...I've only been doing this for 20 years! Posts: 368 | From: Dresden, Ont.,CAN | Registered: May 1999
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-------------------- Dave Grundy retired in Chelem,Yucatan,Mexico/Hensall,Ontario,Canada 1-519-262-3651 Canada 011-52-1-999-102-2923 Mexico cell 1-226-785-8957 Canada/Mexico home
posted
If Canadians like to pay taxes.. then NY might as well join Canada .... I think we will soon be up to your standards.
The local property taxes are going up 36%, NY is going to raise sales tax and some of the counties are raising sales tax. We are looking forward to a 10% sales tax and all the fees are going up as well. And by the way.... don't smoke in any buildings either.
Oh well It gives us something to complain about
ernie
-------------------- Ernie Balch Balch Signs 1045 Raymond Rd Malta, NY 518-885-9899 Posts: 405 | From: Malta, NY | Registered: Jan 2003
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posted
I've never quite bought into the theory of spending more money in order to pay a little less on taxes. Just seems like an excuse to spend money to me.
Now if you just so happen to be in the market for a new machine, then it could be looked at as a way of getting a nice discount on the purchase.
-------------------- Bruce Evans Crown Graphics Chino, CA graphics@westcoach.net Posts: 913 | From: Chino, CA | Registered: Nov 1998
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posted
I'm dragging my heels on whether to buy a fast thermal printer. It's 43K us or nearly 65K can. It just sounds better (ie. easier to justify) if I think of it in terms of net cost to shop of 47K can..
-------------------- Mike O'Neill
It has yet to be proven that intelligence has any survival value. - Arthur C. Clarke
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