Do You Like The New Budget?

[Kyle86]

(yes and no are boring answers)

 

So it's been announced, what are your thoughts on the budget... do you think it'll fly?

[garsk]

yeah, didnt really vote cause the only thing i saw about the new budget is from "dose" a free paper that i get on the OC transpo...

 

 

 

i will vote when i read something credible about the new budget

[Matt]

I think the new budget doesn't work, like they're lowering corporate tax cuts, which isn't smart because they were already lowering the GST, so they raised the Income Tax, Income Tax is worth more than the GST... That's why if the Income Tax is lowered Canadians see real savings.

[Ravenous itchy]

yea income tax on money earned under $36k gets a .5% increase, but the basic exemption will go up to $10k and they added a bunch of very practical credits and such (scholarships, etc no longer taxable, credit for 15.5% of public transit passes, credit for children's sports fees up to $500/kid, etc).

 

The nicest thing for me will be the 1% GST cut, because with being a full time student and only working (besides under the table stuff) in the summer, I don't pay income tax anyways.

 

The 2nd nicest thing is that the amount parents are expected to contribute calculated for student loans will be reduced effective the 07/08 school year.

[little miss sunshine]

yea income tax on money earned under $36k gets a .5% increase, but the basic exemption will go up to $10k and they added a bunch of very practical credits and such (scholarships, etc no longer taxable, credit for 15.5% of public transit passes, credit for children's sports fees up to $500/kid, etc).

 

The nicest thing for me will be the 1% GST cut, because with being a full time student and only working (besides under the table stuff) in the summer, I don't pay income tax anyways.

 

The 2nd nicest thing is that the amount parents are expected to contribute calculated for student loans will be reduced effective the 07/08 school year.

I think there were a few misconceptions in here:

 

Minimum taxable exemption is not $10k, it's still something under $8400.

 

Scholarships are just no longer taxable at the federal level. I'm not sure, but I think you still pay provincial taxes on them?

 

With regards to the whole kids in sports issue...this helps the well-to-do people who can already afford to put their kids in sports. This does nothing for the lower class taxpayers who have no choice but to say no to sports so that their kids can have food on the table. I'm not saying that I have any solutions planned to offer, but there needs to be a way to help these lower income kids get a chance to get out and be active and healthy.

[Ravenous itchy]

I think there were a few misconceptions in here:

 

Minimum taxable exemption is not $10k, it's still something under $8400.

 

Scholarships are just no longer taxable at the federal level. I'm not sure, but I think you still pay provincial taxes on them?

 

With regards to the whole kids in sports issue...this helps the well-to-do people who can already afford to put their kids in sports. This does nothing for the lower class taxpayers who have no choice but to say no to sports so that their kids can have food on the table. I'm not saying that I have any solutions planned to offer, but there needs to be a way to help these lower income kids get a chance to get out and be active and healthy.

1) Like I said, it is going up to $10k, not at $10k.

 

2) There is nothing the federal government can do to change that, and it has nothing to do with the topic of the federal budget.

 

3) Most sports don't cost >$500 (hockey perhaps being an exception), so it is essentially a 100% rebate. I don't see any way that this could be better (except more money if the kid is in different sports year 'round).

[little miss sunshine]

I had just read that it was going to be $8839, not that it was going up to $10k. My paper must suck.

 

I was just pointing out that there I thought there was still going to be tax on scholarships and asking a question as to whether anyone knew about provincial taxes on scholarships (since it affects me), hence the question mark.

 

I'm just bitter about the whole sports issue cuz we were poor growing up and it didn't really matter how much they cost, we couldn't afford to shell out the money in the first place and wait for a tax exemption a year later.

[Ravenous itchy]

I was just pointing out that there I thought there was still going to be tax on scholarships and asking a question as to whether anyone knew about provincial taxes on scholarships (since it affects me), hence the question mark.

Ah, well I just pretty much despise my provincial government. The fucking socialists do their best to fuck students in the ass every year around this time.

[little miss sunshine]

I'm a bitter about every aspect of OSAP.

 

I live in Ontario year round but i commute every day to school in the states. The max I can get $210/week i'm in school as opposed to something like $365/week for a Canadian school. I know I made my choice to go in the states but I really didn't have a choice. I couldn't up and move to TO (the only place in Ontario with a pharmacy program) because I have an elderly grandmother to take care of at home.

 

Therefore, I had to sell my soul to my employer in exchange for a "scholarship" which i am being taxed up the ass on.

 

Only one more fricking year of this crap.

 

oh, oh - maybe their little textbook allowance or whatever will help me out. not likely. i'm too young to be this cynical

[ecnarf]

I'm just pissed off that the government is using the phrase "...Canadians..." at any possible moment. For example:

 

"Tax cuts that Canadians will benefit from."

 

"A budget Canadians can support."

 

I mean, come on. We fucking know what country we're from. Stop it, it's condescending and intellectually lazy.

[Matt]

The Sports money is only for registration it's not for equipment. Also the income tax is going to affect students too sooner or later, so it may look good the GST is going down now, but what happens in the income tax keeps going up?

[Kyle86]

most people think tax cuts = great!

 

sure, they are... but we can't forget where their cutting taxes from. Taxes pay for services we utilize and enjoy. Cutting taxes leads to privatization.

[Spritzup]

It's a fine line to walk. Cutting taxes give people more money to spend, which ultimately leads to more money back to the government.

[Monochrome Rainbow]

I think it's interesting that even though the budget is full of tax cuts and softwood lumber has for the most part been resolved the Conservative party support has dropped 4% since April.

 

Clicky

 

Of course polls don't really mean that much at all, especially since there's like a 3 point margin of error. But the main thing is there hasn't been a whole lot of talk about the budget. Are people generally happy with it? Most people I talk to were not really impressed at all, others had no idea what I was talking about.

[ecnarf]

Having discovered that the income tax rate for low-income individuals is actually going to be raised from what it was before, I just can't support the budget.

 

People that earn less than 20K a year and have mouths to feed and bills to pay (and are actually working for their money) need all the help they can get. Raising their income tax level hurts more than it will help.

[avieth]

It's a good budget, but they do give away a lot of money.... day care ;) nobody care.

 

GST down 1% :angry:

[ecnarf]

Now you can save an extra penny when you buy a can of pop from the store!

[avieth]

Now you can save an extra penny when you buy a can of pop from the store!

Those pennies can go a long way my friend.

Edited May 9, 2006 by avieth

[Ravenous itchy]

Or a few hundred bucks on a new car...

[ecnarf]

Or a few hundred bucks on a new car...

Because, of course, everyone buys a new car every day.

 

Let's face it: the people who will benefit the most from the GST tax cut are the people who spend the most. I'm not necessarily in favour of taxing the shit out of rich people, but it's not as though they need any favours from the government.

 

Like I said before, the tax rates for the lowest income bracket is actually going up. I don't understand why. Rich people are going to save more money on the GST cut, while the poorest are going to have to pay more to Revenue Canada.

[Matt]

Actually everyone is going to be taxed more if you think about it. The GST only taxes when you buy a good or service, how many people spend their entire income on Goods and Services in a year? Where as income tax is your total money earned in that year. Wouldn't it be more likely that you'll have less money at the end of the day if you have less of your money earned going to your bank account or somewhere else you want to spend it on and more of it going to the government?

[ecnarf]

The GST tax cut means you spend less money buying things. Meaning that the more you spend, the more you'll save compared to what you would have paid in GST last year. Meaning you'll have more money to buy more things with.

[Matt]

But, the income tax was raised. Which, means more of your money from your income will be going to the government.

[ecnarf]

Only for certain income levels.

[glo]

Yay, I'm just under that.

 

I'm talking just bearly. Yes!