161–170 of 301 posts
It's a shame that we don't have open formulas in code form published by the government. The only way that I know how to do this reliably is using the web form provided by the CRA here: https://www.canada.ca/en/revenue-agency/services/e-services/... As you can imagine, doing this by hand is quite painful and error-prone.
[1] https://observablehq.com/@nitaku/tangled-tree-visualization-...
Props to the author. At this point, CRA should just post a reference implementation of all the formulas, so that small businesses can benefit from it.
Also they'd probably lose a lot of revenue they collect from fines.
Personal anecdote about how you don't fuck with the CRA. Back in college in I got "free" room and board for year because I was a resident advisor. When I, an idiot 20 year old, filed my taxes, I did them wrong and under reported by around 1k. First time doing Canadian taxes as a US citizen. A few years later I got a fine for around $5500, which was a huge sum for a college kid working part time. Turns out BC can match the fine levied by the CRA. In hindsight, I would have been better off just not having that job - I think I would have come out ahead. For the rest of the time I lived in Canada I hired a CPA.
The IRS is warm and fuzzy by comparison. At least if you screw up, the fine is proportional to the amount you under report. (unless you're super rich...but that's a different thing)
Earlier quoted context omitted.
Anecdotally, the bank often cannot tell you how much. It has come up multiple times on /r/personalfinancecanada that the bank isn't really sure or generates a few different calculations. I also worked for a mid sized Canadian bank where the advisors couldn't consistently do it either.
If you're on a fixed rate mortgage it seems like this should be trivial...? Variable rate throws it out of whack of course.
New schedule is calculated with new rate and consists of payments till the end of the term, with additional info about interest and principal amounts.
Same if you do additional payment into the principal - they will give you a new schedule.
It's a shame that we don't have open formulas in code form published by the government. The only way that I know how to do this reliably is using the web form provided by the CRA here: https://www.canada.ca/en/revenue-agency/services/e-services/... As you can imagine, doing this by hand is quite painful and error-prone.
All laws should be expressed in code. It would quickly show how many either conflict with each other or are incoherent.
It's a shame that we don't have open formulas in code form published by the government. The only way that I know how to do this reliably is using the web form provided by the CRA here: https://www.canada.ca/en/revenue-agency/services/e-services/... As you can imagine, doing this by hand is quite painful and error-prone.
I want something similar for my mortgage calculation. For example I cannot get my bank (TD Canada) to inform me of how much each payment goes towards my principal. I'm pretty sure I've calculated it properly, however the number is often in the 10's of dollars off from what the bank reports my outstanding balance is after a payment is made. Also don't get me started that I can't use an api to get my account details an…
Can you do that anywhere else? Even under the EU's "open banking" system, this is basically impossible unless you use an intermediate that charges absurdly high fees, because they themselves had to pay hugr licensing and insurance fees to be granted access to the "open" APIs. The only other way is scraping, which I imagine is just as possible in Canada as everywhere else.
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Unfortunately, the same people who are in position to change things for the better (ie. to make a country more competitive, innovative) stands to benefit from more bureaucracy, not less.
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Canada does nothing to promote home-grown economic prosperity. What is the value in adding those taxes and fees on a $10 part? Do we honestly believe that type of protectionism is going to create a bunch of jobs domestically?
Our GDP has grown mostly due to real estate. I work in tech and run a software-based business that does very well. But every time I look to secure new clients, I always look south. I haven’t been employed by Canadians in over 10 years.