Canada BS Thread

Better bank $30 per month for those child care checks to pay new taxes! So much for the NDP saying there was no method of adjusting these to income levels. My wife and I will definitely be hit with tax implications because of this.

http://www.ctvnews.ca/mobile/politi...h-as-much-as-advertised-experts-say-1.2481038

 

These new child tax credit cheques are politically motivated

 

No doubt. The ad runs on TV every few minutes. The first cheque we got for our 3 month old was "doubled" because they held back some from the month before to make it look huge. The whole thing chaps my ass because of the tax implications. I wish they'd just send the cheque with the tax knocked off already but that wouldn't look nearly as good.

The worst part, and someone might get upset at this but it's not my intention, is that the day the increased cheque arrived in the mail the local Wal Mart parking lot was packed with parents buying Xboxs, TV's, and other crap that isn't for the kids they have anyways. I drove by because my mom mentioned it and I couldn't believe it was true until I saw it myself. The next wings night at the local bar was also full with tons of single moms in attendance . It's Ralph bucks all over again.

 

Well yeah , people are stupid and they will just see free money

That dough is taxable income too , so it will cost you a lot more than $30/month to offset the tax on that money

 

The child tax credit has in the past equated to a slightly bigger refund in April. This seems like it will not only decrease that refund, but take a bite out of the RRSP credit too. Perception is going to be a double hit at tax time, all the worse for those who are already owing or with no other wiggle room.

 

Yup. I hope once the new government is formed they adjust it but they don't take it totally away from those who make a decent living. My wife and I earn good money but this extra money is nice. We went and bought a jogging stroller so mom and daughter can go for runs instead of mom running on the treadmill while our baby watches her when I'm not home.

It's nice to get a little bit extra for child care or things for the kid. That's what the point of the old baby bonus was anyways.

 

Not to mention the compound impact of all those little cheques vs a bigger spend. A million $300 cheques buys a million little toys and bunch of disposable consumer junk. One $300M cheque could build a legacy project or program that benefits a lot of people for a long time. My 2c.

 

$3 Billion

 

I'm guessing you have no kids?

This is like every other family/spousal/child tax break, it's not for everyone and that's the point. In theory it's supposed to help keep the population of developed nations up. IN THEORY, which is about as good as an opinion of course

 

LOL,

So the shortfall this year is about 1.5 billion and they though they were going to have a 1 billion dollar surplus. Coincidence .

Either way I think we can all agree that these cheques are motivated by the election and a PITA when it comes to tax time.

 

Yup, a seven year old, actually. We got our cheque the other day. And we do pretty much max out our tax breaks. But having spent the last 7 years dealing with limited childcare options, terrible school funding and overcrowding, and knowing dozens of other parents in the same situation, I do see the lasting impact of the infamous "ralph-bucks" here in AB... nothing. Spent, gone, forgotten. Whereas that money into a fund or program of some sort may have had a chance to have a broader impact, even for a narrow group.

 

I actually think the NDP's $15/day daycare plan would be more beneficial to the economy as a whole

 

Yeah, I agree if they plugged the extra amount from this program into a national sustainable childcare program I'd be extremely for that. It wasn't just the Ralph bucks that put us where we are, it was a lack of solid long term strategy for dealing with the 10% per annum population growth Alberta went through. Too late now. Hopefully this new government, along with the new national energy strategy, can figure out a way to keep the oilfield in good shape economically and maximize the benefits from having that industry with a plan for the future. It's going to be a tough job.

Sorry, I thought you were talking about how childcare money, or child and family tax breaks in general, were unfair to the single and childless which, again IMHO, is a very greedy and self centered point of view.

I max out my tax breaks and more. I've done very well in my career to be honest and sometimes I feel I get punished every year for that when I have to drop a 4 digit amount on taxes beyond what my proper deductions covered. I was looking forward to the child tax benefit maybe offsetting that a little bit, which now it won't. I have no problem with paying more tax when it goes to helping someone who can't physically or mentally get to the point where I am in industry, but it bugs me when that money is used at the bar for chicken wings instead of diapers by some who will remain un named.

 

Again, it seems we are all in agreement.

 

Did you go to Tofino?

 

Yes he did

English much ?

 

I was talking to The Traitor.

 

He did

 

I believe you.

I'm in serious need of sitting on a beach and assessing the subtle nuances of the waves for several...days.

 

He's been pm'ing me updates on his trip when he hits wireless hotspots , he's headed for Alaska now