Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

A Canadian payroll dependency chart

daemonology.net

Post reply on HN
Print view View original

191–200 of 301 posts

Re: A Canadian payroll dependency chart

#191

Post by newZWhoDis »

HorizonXP wrote: post #170
personomas wrote: post #164

[flagged]

I don’t think the “woke-mind-virus” superlative is conducive to the type of conversation we should be having but otherwise I fully agree. 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 t…

I disagree, I think those types of things need to be said and in more places than they currently are. It’s the only way to build momentum to achieve change. Sure, it might be uncomfortable but that’s a part of growth.

Re: A Canadian payroll dependency chart

#192

Post by franga2000 »

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.

Cryptocurrency is so wildly different from normal money in so many ways, that any attempt to look at just the "open API" aspect of it is futile.

Or do you see any conclusions about "money APIs" that can be reasonably made from crypto?

Re: A Canadian payroll dependency chart

#193

Post by dangerwill »

dhruval wrote: post #182
dangerwill wrote: post #178

Earlier quoted context omitted.

Milei is already trying to allow employers to pay employees in meat and milk instead of currency. Anyone who is looking towards Argentina as an exciting example of what Libertarianism can do in a crisis, get ready to be deeply disappointed. I agree that (western) government has a severe problem in how it can't keep regulations streamlined, up to date, and able to be realistically met, but looking to the situation in…

Given that they had 75% inflation in the previous year, pegging salary to cost of living or providing that cost directly is not such a terrible idea. The correct approach ofc would be to manage money supply responsibly but Argentina has failed to do that over and over.

It sounds like a nice alternative to engaging with a broken currency but it creates all these headaches/problems. How do we stop employers from leveraging the quality and quantity of these goods in such a way that employees are still provided and equivalent benefit as before? Even with refrigeration, food spoils, so if you give your employee their salary in perishables that institutes an effective top salary, set to the cost in USD to acquire (2k calories * number of days in the pay period * number of dependents). Everything after that is extra that you can't consume and will go bad. And if you try to trade the extra to get some hard currency, well everyone else in your boat will be doing the same, which will lead to increased inflation for these raw goods.

Alternatively employers could give all of the necessities of life in raw form (housing, medical treatment, food, water, internet, clothing, etc) but that doesn't scale well and is vastly more inefficient than just providing the currency required to procure those goods individually. Not to mention the leverage that gives employers into how you live your personal life which is a huge concern too.

It's hard for me to see a return to barter as anything other than a collapse in the economic complexity of a country.

Re: A Canadian payroll dependency chart

#194

Post by mikem170 »

guhidalg wrote: post #173
j45 wrote: post #140

Earlier quoted context omitted.

Canadian mortgages are a bit different than the US. First, they renew their interest rates every 5 years over a 20-30-40 mortgage. Think of it as mandatory refinancing. Unlike the US where a homeowner can lock in a low interest rate for a very long time.

That sounds terrifying. Do people just pay them off within quickly if interest rates rise?

It would be terrifying for any bank to give people 30 thirty year loans at historically low interest rates (because of the interest rate risk - rates have nowhere to go but up, and the bank could easily be upside down for most of the loan), so the U.S. government subsidizes/backs most mortgages (fannie and freddie). This tends to increase the cost of housing while taxpayers are taking on the interest rate risk instead of the banks.

The U.S. is an anomaly with these loans. Most countries don't do this 30 year fixed low rate mortgages like the U.S. It simply doesn't make sense for lenders to underwrite long loans at low rates.

Re: A Canadian payroll dependency chart

#195

Post by wolpoli »

mrstone wrote: post #181
huxley wrote: post #179

Earlier quoted context omitted.

The guy is raving, if he had imported it, he was going to get ripped off by private corporations not by the government. There are no duties on importing US agricultural equipment parts into Canada, HST is max 15% so $1.50 extra. At $10 it would fit under the de minimis tax/duty value which is CAD$20, so he wouldn't even have to pay tax on it and no broker is necessary. What did him in was the shipping cost plus UPS a…

Thanks for this comment. Duty? Customs? On a 10 dollar part? Especially for agricultural purposes - this guy is a little off his rocker. It seems like he tried to buy a part, found out shipping was expensive and the seller wanted to use a broker (probably $20), neither of which have anything to do with regulations.

There are options to paying the custom broker, but none of them are really great.

He is allowed to do the custom clearance himself instead of using the shipper's broker. He just needs to get the paperwork and take them physically into his local CBSA office, then get the CBSA paperwork back to the shipping company.

He could also have the item sent to a mailbox in the US and then pick it up from there.

Of course, the person has a business to run, so it probably would make more sense to just pay the broker ($20 + percentage of the Tax for fronting the money) to do rather than to spend an hour on handling paperwork and lining up at the office on one item or drive to the US and back.

Re: A Canadian payroll dependency chart

#196

Post by 1letterunixname »

Complexity is a signal of attempted fairness, selective corruption, or bureaucratic survival, stochastically mixed to conceal the latter 2.

Canadian and US governments have enough information to calculate taxes for you, but choose instead to impose all manner of additional complexity, cost, and time sink on taxpayers of varying degrees of sophistication because it's tradition. Norway has prepared statements automatically for taxpayers for 20+ years.

Re: A Canadian payroll dependency chart

#197

Post by 1letterunixname »

transcriptase wrote: post #54

The fun part about being Canadian is that you get to compete with the entire world for remote jobs with Canadian companies, but no company based outside of Canada wants to deal with hoops required to hire a remote employee based in Canada if they don’t already have a presence here.

This sounds like an under-exploited business opportunity for Canadian staffing and consulting companies. Where there is difficulty for some, there is defensibility for others.

Re: A Canadian payroll dependency chart

#198

Post by newZWhoDis »

IG_Semmelweiss wrote: post #125
orzig wrote: post #100

I'm in the US but I'll say for sure that things like this are about half the reason I haven't hired any employees for my LLC. I wish I could, but I'd be de facto hiring an accountant as well!

If you ever consider to, *given the remote work trends*, consider this: I'd place high importance on the employee state to the state you are hiring them out of. Some states are a nightmare to deal with. For example, NJ, CA, NY and OH. Once you are registered in X state, your company is fair game to be pursued for any kind of perceived (lack of) compliance by that state, long after that employee has left you for anoth…

This. I never hire anyone from NY or CA out of principle.

Re: A Canadian payroll dependency chart

#199

Post by throw0101d »

fadesibert wrote: post #115
cperciva wrote: post #105

Earlier quoted context omitted.

FWIW, being off by 10s of dollars sounds to me like different ideas of how to count days. Banks sometimes use calendar days, sometimes business days, and sometimes a fictitious calendar with 12 months of 30 days each.

BTW - the fictitious calendar is very often used in bond repayments - e.g. https://www.lawinsider.com/dictionary/bond-payment-dates It has historically been used to allow for bonds to have uniform repayments across maturities (when the principal of a bond becomes due) - useful in the context of a bank wanting to hedge risks such as interest rate risk, repayment risk (if the bond is callable it can be paid back early,…

> BTW - the fictitious calendar is very often used in bond repayments - e.g. https://www.lawinsider.com/dictionary/bond-payment-dates

Some sample calculations at:

* https://www.bondsavvy.com/bonds/accrued-interest-calculation

See also perhaps:

* https://www.investopedia.com/terms/d/daycount.asp

Re: A Canadian payroll dependency chart

#200

Post by aftbit »

jqpabc123 wrote: post #119
aftbit wrote: post #82

Earlier quoted context omitted.

The EU doesn't have income tax? I think that's false.

Neither the question nor my response ever specified "income".

>At the end of the year, there is nothing to report and nothing to pay.

That is what I was reacting to. You still need to file taxes in the EU right? I know they have streamlined it a lot in most countries, but there is indeed something to report, no?

Post reply on HN