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A Canadian payroll dependency chart

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Re: A Canadian payroll dependency chart

#261

Post by cbsmith »

quink wrote: post #260
TimPC wrote: post #213

Earlier quoted context omitted.

AMT is also completely insane when it interacts with legitimate deductions and deferrals that aren't loopholes. For instance stock options from start-ups for stock that can't yet be sold.

Ah, yes, what a horrible, awful burden the... consults notes... top 0.4% of taxpayers in the richest country on the planet are being asked to live with. I'll go find a tiny violin so I may weep for them. Edit: Hang on. I was wrong, I apologise. It would be a subset of those 0.4%. Now I'll have to find an even tinier violin. Edit 2: Investopedia says "The AMT is charged when you exercise your ISOs, hold on to your sha…

I think it's 0.1% of house holds, but it's not strictly the top 0.4% who are impacted. The more you make, the more likely it is that you are impacted, but your household income can be just a couple hundred thousand a year and you could be impacted.

Re: A Canadian payroll dependency chart

#262

Post by cachvico »

franga2000 wrote: post #180
cachvico wrote: post #124

Earlier quoted context omitted.

Also don't get me started that I can't use an api to get my account details and statements in Canada. Anyone know if there's any ongoing effort to this effect - i.e. to force banks to implement a common API for querying data held in their accounts? A brief search reveals that Canada is of course missing from https://en.wikipedia.org/wiki/Open_banking

Don't be fooled by the "open banking" propaganda, we've had it in the EU for years and we're still scraping web apps like in the old days. I tried to get API access to my bank account and was told by my bank that Open Banking is not for physical persons. I tried to the same for my nonprofit and was told that only licensed PSD2 TPPs ("third-party providers") can use it. The national bank issues those licenses, but pro…

Believable.

Re: A Canadian payroll dependency chart

#263

Post by cachvico »

itsoktocry wrote: post #127
cachvico wrote: post #124

Earlier quoted context omitted.

Also don't get me started that I can't use an api to get my account details and statements in Canada. Anyone know if there's any ongoing effort to this effect - i.e. to force banks to implement a common API for querying data held in their accounts? A brief search reveals that Canada is of course missing from https://en.wikipedia.org/wiki/Open_banking

> Anyone know if there's any ongoing effort to this effect - i.e. to force banks to implement a common API for querying data held in their accounts? Literally in the news as we speak! https://globalnews.ca/news/10195005/canada-banking-changes-2... What it ends up looking like, who knows.

hah! Nice. Although, $100 says we're gonna fsck it up.

Re: A Canadian payroll dependency chart

#264

Post by cachvico »

axus wrote: post #184
franga2000 wrote: post #180

Earlier quoted context omitted.

Don't be fooled by the "open banking" propaganda, we've had it in the EU for years and we're still scraping web apps like in the old days. I tried to get API access to my bank account and was told by my bank that Open Banking is not for physical persons. I tried to the same for my nonprofit and was told that only licensed PSD2 TPPs ("third-party providers") can use it. The national bank issues those licenses, but pro…

Crypto-currency was a test-run for what happens when you put a financial transaction API on the public Internet. And those servers were written by smart people with no regulatory compliance to worry about.

Result is a massive ecosystem, so yes it proves the point (regulation aside).

Re: A Canadian payroll dependency chart

#265

Post by betaby »

cmrdporcupine wrote: post #187
betaby wrote: post #45

Earlier quoted context omitted.

They won't. They have no mandate to provide a clear answer.

Honestly, I've always found CRA friendly, competent, and responsive. But, I also don't run a small business, and am just a tax payer. Though when I had a small consultancy and corporation they were also actually fine to deal with.

Do you have kids? If so, did you try to deduct extracurricular activities? I did and was audited, also 100% of my friends were audited for the kids related deductions. Anecdata of course. Also I find Canadian personal taxes are way too complicated. I can think only of Italy where allegedly personal taxes even more complex.

Re: A Canadian payroll dependency chart

#267

Post by mcmoor »

patrickmay wrote: post #161
mmastrac wrote: post #4

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.

And then there's other comments here that mocks people who think law as code hence you can cheat/glitch through it. They say law in the end is run by humans and there's something called "intent" that will still catch you. Tbf I lean more to law as code side myself and this intent thing sounds like arbitrary enforcement.

Re: A Canadian payroll dependency chart

#268

Post by sneak »

mixdup wrote: post #122
sneak wrote: post #103

Earlier quoted context omitted.

I’d take chaos that I actually participated in creating over the preexisting oligarchy any day. I’m also not sure why you think it would be any more chaotic than the existing run of government. Are we less competent at making laws today than we were a hundred years ago? In any case, it seems plainly ridiculous on its face that I am to be bound by laws I had no part in voting for. This idea that my ancestors get to de…

>Are we less competent at making laws today than we were a hundred years ago? Yes, absolutely. I have zero confidence that today we'd have public education, social security, or freedom from religion. I'd be terrified if we had to relitigate the Bill of Rights >In any case, it seems plainly ridiculous on its face that I am to be bound by laws I had no part in voting for. And then the next step is going to be "well I d…

> I have zero confidence that today we'd have public education, social security, or freedom from religion.

> You simply don't like that most people are content with the system we have.

I think perhaps these statements are contradictory, and I think it’s because the second statement is false.

I don’t think people in the US are generally content with the status quo whatsoever, but I do think that it is both actually hopeless and also perceived widely as hopeless that we have any chance of effecting meaningful change to it.

This is by design, so that those who do benefit from the status quo can make claims about representation similar to yours above, when no such representation exists. It’s a sort of “shut up and go away” to keep the existing socioeconomic order in place.

If we were actually represented in the way you posit, there would be candidates whose platform would primarily be the repeal of old laws that are invalid, unnecessary, or harmful. We see no such candidates, and we see no such trends.

Re: A Canadian payroll dependency chart

#269

Post by int_19h »

p_j_w wrote: post #132
cperciva wrote: post #33

Earlier quoted context omitted.

None of this complexity is from trying to plug tax loopholes. Most of it is from politicians wanting to name things. For example, for decades Canada has had a "personal amount" tax credit -- for arcane reasons, rather than saying "the first $X of income isn't taxed", the lowest tax bracket starts at $0 but there's a non-refundable credit equal to the lowest tax rate times $X. Then a politician came along and said "we…

>Both of those examples could have simply been implemented as tax brackets but voters get far more excited about a "Tax Reduction" than they do about a new tax bracket. Doesn't sound like the problem is entirely on the politicians here.

The temptation of populist pandering is always there, but the whole point of representative democracy is (supposedly) that politicians can resist it and do the right thing regardless.

Re: A Canadian payroll dependency chart

#270

Post by Aerbil313 »

cachvico wrote: post #124
Topgamer7 wrote: post #74

Earlier quoted context omitted.

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…

Also don't get me started that I can't use an api to get my account details and statements in Canada. Anyone know if there's any ongoing effort to this effect - i.e. to force banks to implement a common API for querying data held in their accounts? A brief search reveals that Canada is of course missing from https://en.wikipedia.org/wiki/Open_banking

Weird, is Open Banking only a thing in Turkiye? I have all my bank accounts added to my primary bank’s app, though it’s read only and I can view balances and transactions.
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