Expect the CRA to come if you 'hire' your spouse to split income: Golombek
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- čas přidán 20. 07. 2024
- Jamie Golombek, managing director at CIBC Private Wealth, joins BNN Bloomberg to share what to know about income splitting and taxes.
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CRA can chase after $800.00 but they don't know where the 60 million Arrive Can money went.
Or they don't care when $100, 000, 000 wen tmissing with the WE Charity scam is just one example
Cra collects taxes. That’s not their job. Go back to school
Pick the low hanging fruit the ordinary hard working folks who can’t afford to legally fight back
@@spyderativ2438 broke person cant fight it in court
Dictatorship
This is utter desperation by this failed govt.
This country is a paradise for refugees
Really? You must be one of them rich people gaming the system then. This is FAIR taxation. Are you just so angry that even smart policies mess you up?
@@JT.Pilgrimhow does that boot taste?
@JT.Pilgrim fair taxation are you kidding me nothing about this scumbag Liberal government is fair
Your wrong and I can show you. @JT.Pilgrim
At this point time to leave. When the tax man takes all your money and you get zero breaks no point in being a citizen anymore
When are you leaving?
< The "new guard" folks. Truning "I stand on guard for thee" into "When things get tough I flee"
@@brownnomad6805 When are YOU leaving ?
@smithwesson7765 I am staying just bought a few homes here but I don't mind renting out to you
@@Brinn848Well, to be fair, Covid certainly showed that Canadians are ot strong or free. Cowardly and happily oppressed would be a more accurate line in the anthem.
why arent CRA going after fed who are spending money without any transparency.
My spouse was on hold for THREE HOURS today with these idiots. They kept disconnecting her until she gave up. She is a supervising CPA with a private accounting firm so you can only imagine how a non professional will get treated.
Right. That's what happens when you overstaff the government with diver-city hires. They all slack more - because no matter what, they know they will never be sacked.
They cut off my line more than 10 times.
Those who know the law I think this is time to prevent innocent citizens.
Trudeau and his inept team need MORE of your money, to waste.
He's fishing for money to pay for Nato
250k airplane food bills dont pay themselves
@dootdoot1867 then he can go and get the $60 million from the ArriveCan scam .
As he shout at the top of his lungs " Vladimir Zelenskyy "
But they never come after offshore tax splits, what happened to those Panama papers again?
The Bronfman's should be investigated
The Panama papers all gone into a bonfire
CRA claimed they didn't have enough staff to investigate any of the Panama Paper names.
People go to school for so many years only to be taxed to the maximum!
Go investigate Trudeau's offshore investments...
Canada needs to end it's regressive tax laws. Tell your member of parliament to allow income splitting as they do in the United States, and if they do not, then you will not vote for them.
No, the economy is not totally down. So I think they must raise taxes, the growth for 2023 is 0.6%, we need something like -35% to cool down the taxes
Cra coming after Canadians for more taxes is normal at this point. Canadians are the highest taxed in fhe G7.
Really? So you are one of the rich ones gaming the system then. This is fair taxation. You are either rich (doubt it since you bothered to comment) or completely disillusioned to better taxation. I am with you that we are over taxed as poor people. Open your eyes, we are getting robbed by greed. These are loopholes that must be closed it we are to have a tax system at all.
Do you have some source documents for that claim of Canadians being the highest taxed in the G7? I'm not seeing that at all. Quite the opposite, in fact.
@@reejan8109 agreed. I’d say, we just need to get on the fairness issue and closing off free money and credit loopholes for the well off who aren’t carrying their weight. The poor have nothing left to give the tax man. Jig is up.
We need PPC
I could not find that
Where did you see it ?
I am not disagreeing with you. I just mean I am not able to find it.
Abolish income tax, take the chains off our economy.
Taxes brackets are based on a personal income, but all the benefits - on a family income 😂
Very valid pt
System is deliberately convoluted to keep a legion of CRA auditors employed on the taxpayer dime.
So if you don't have a family, you get nothing other than paying for someone else's family. It makes me sick
They treat people like morons
But also “we” the people just take it and follow like sheep. What is the point of the government at this stage. God forbid you steal the way they do our hard earned money, and for what? The amazing education system , or the abysmal healthcare system?
Get ready for thousands of small and medium sized businesses to pack up and leave Canada.
Already started
I’m moving my business to Florida
Houses are cheaper (500k us for a beautiful house )
My business pays 2% taxes
0% on dividends
Us dollar is stronger (cheaper to run the business)
Unfortunately my hard work has to pay off.
Good luck with all the damage Trudeau did in those past years
@@coolebAnd you'll live in the most fucked up state of the most fucked up country. Sure, if you're already successful, things are cheaper and your dollar goes further. But you pay for that living in a dysfunctional society that doesn't care about it's citizens.
Is it that easy as a Canadian to move a business to Florida?
Where do I go for information ?
which is what they want
The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.
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Do you mind if I ask you to recommend the coach you employed? It seems you've figured it all out.
My CFA, 'Leah Foster Alderman', is a well known figure in her field.
I recommend looking into her qualifications further. She has extensive knowledge and is a treasure trove for anyone seeking to manage the financial markets.
Thanks. her handler was simple to locate and appears to be extremely capable and adaptable. We scheduled a phone conversation.
The conservatives said they would cut the civil service in half. Let's hope.
I'm all for doing that but let's raise the cost to borrow money to 25% while getting rid of all the rules about commerce. If your business is so profitable use your own money to expand instead of using the banks.
I don’t have hope for that. All governments no matter which one will be the same
They won’t.
They are all same
These people are splitting families apart. That’s the only splitting they’re doing.
CRA still thinks two identical families should pay a different amount of tax based on how much each spouse earns.
Uhhh check your wording...
Two different family members? Yes if they're filing separately yes. If you're combining you pay it TOGETHER... Guy explains it at the end.
@@butwhytharumtalking about two families earning $100k. One where both people earning $50k and one where one earns $100k and the other earns nothing. The family still earned $100k but the taxes being paid are very different. This should not be the case. Not talking about income splitting but actual employment income.
@@MrWookie1981 three words for you: marginal tax brackets.
@@MrWookie1981 sooo you want to do the trump thing and say you guys each make 100k to borrow money from the bank to buy "investment" property but for the government and paying taxes you wanna have a 50/50 split with 100k combined.
Aka fraud.
Did I miss something?
@@elena6516so why is it fair that two families, all else equal, pay a different amount of taxes if they earn the same income? Marginal taxes are for taxing more the more you make. Not taxing more for the same amount
But how much does the average Canadian get back after paying more and more taxes? Nothing!
Why start a business in Canada ?
Didn't the Trudeau regime remove the income splitting
Yes.
Yes they did for salary ppl. This is talking about cheating businesses
Going after average Canadians while giving out tax money to WE charity, SNC Lavalin, CBC executives, corporations, etc., not to mention Trudeau's private trips including his lavish accommodations and gourmet meals🙄
Its only wrong when they say its wrong. But at the end of the day we already contributed to the government. What more do they want. Thye set the rules and when we found a legal loop hole they stop it. People are not running from their tax obligations but if they are taking more than 50 percent of what you've
work hard for its kinda criminal. Maybe they should learn to budget find a real solution rather than asking for more tax maybe reduce their salary, pensions, and other incentives.
💯💯💯
this!!!
Canada has become living Hell. I don’t know why did I come to this country.
I'm sorry that you were sucker enough to fall for the grift and now find yourself here during the most disrupted time in our history. If you can return to the land of your ancestors and birthright it's probably a good idea.
Dont like it leave 😂 Im doing great bc I aint lazy and know how to budget ❤
@@WANDERER0070 budgeting has got nothing to do with the decision of living or staying.. Canada has terrible taxation and healthcare
@@WANDERER0070I own 4 properties in Canada and these taxes will drive me to increase my rent. My tenants are hard working people there nothing to do with being lazy! People like u are making this country to suffer.
You can go back to India.
fyi, the CRA employees are not that bright. I moved to the USA and stopped filing Canadian taxes. They wanted 35% of my entire US income. I filed a new tax return, and they ignored it. Fought them all the way up the ladder to the minister and won using all their own documents. I guess they were afraid to fight a Canadian who can read their own documentation.
185 were fired after they claimed Cerb during the pandemic.
Candian Boarder Services is another department having trouble with their own documents.
Liberal game book, spend spend spend, tax tax tax. What else is new ?
So they dont let you combine and spilt income as a couple/ family, but yet when i file my taxes after becoming common law they count my partners income and take away my gst payments?(i make 1/4 what my partner dose in a good year for him) Make up your damn mind. You cant do that if your not going to allow income splitting. All this talk about fair taxation yet thats not fair at all
They can go to hell.
In Canada, it is absolutely legal and encouraged by CRA for tax planning but not for tax evasion or avoidance.
But they won’t pick my call for 4 hours
They trying to tighten taxation so much that it make sense to move
Bring it home, Pierre!
Cra and the lieberals can FO!!!
Blame the Ukraine!!!
CRA is not to be involved in federal or provincial tax collection the courts are very clear on this .. the are no more government agency than federal express …. Always tell the agent you will be recording them and watch as they go away ! Hmmm? Not committing any crimes are they ! 😊
That's what I tell people to go look up what the CRA is, its a private collectors agency hired by federal and provincial governments to collect tax money which people voluntarily give every year. Where is the contract with the CRA that anyone owes them these pre determined, high levels of tax extortion. Just because they say you owe them, doesn't mean you have to give it to them. Where is the bill of sale/services? Why are people arbitrarily paying for services without having the option of opting out.
@@D33Luxif you don’t give them the money they will garnish your wages or take any refunds or benefits your entitled to lol
of course. meanwhile ppl are doing crimes in canada and let out of jail while hard working canadians are just trying to pay their tax and live life hoping their cars dont get stolen. where is the time spent to go after car thefts?
I love politically correct dance here. We all know the majority of these scenarios would be the husband listing his wife as an employee.
I think the majority of Canadians aren't self-employed or business owners, which is the only way you can do it. You can't do it against employment income. My spouse wants to take some time off to take care of our kids and spend time with her ailing father. Income splitting would be helpful for us - but it doesn't exist as an option.
You’d be surprised that many women are the breadwinners of their household. It’s just not mentioned due to the patriarchy system.
Great video.
I was a process control engineer (just retired 2/21/24) I would always stress test my projects just to make sure it would work under all conditions.
Also depending on the government.
But I found away of earning more income despite my Retirement. $67k weekly returns has been life changing, after so much struggles.
wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how do I make such weekly??
@@babytruca02Maria Angelina Alexander I really appreciate her efforts and transparency.
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement.
You're correct!! I make a lot of money without relying on the government.
Investing in stocks and digital currencies is beneficial at this moment.
Taxation without representation
To my mind hiring your spouse is not income splitting it is just your spouse getting a job.
And if I did hire my spouse why would I pay them out of my own salary? He said it in the first sentence income splitting is illegal in this country.
Income splitting is legal..think of sole proprietor businesses where the spouse provides accounting or clerical services. In these businesses there is often no point to becoming incorporated because it is so expensive.
People know if it’s legitimate or not. I work for my husband because I do all his admin. I bill him. I declare it. We are both self employed.
All I heard was a “wife to hire a husband as an assistant”…. lol when does this actually happen.
Remember when Harper was in government and this was allowed. One spouse could stay home while the other spouse worked and they could split the income in order to pay less taxes.
Half of the clinics in British Columbia do that !? From cardiology to dentistry.
Tax avoidance is not illegal !
They screwed everyone that’s why I now spend my money buying food for all the pigeon and rats that roam Toronto
Vote
I hate being Canadian. As an 80’s kid born in 1980, this country is done and the good ole days are soooo long gone and not coming back.
Need more taxes to fund all the progressive programs.
running small businesses in this cou try is becoming impossible.
Looks like a WAR on SMALL business to me. Gee why would ANYONE want to LEAVE?!!!
First you have to have …a great income to split…which is far and few in Canada these days!
Why do anything productive, gain education, work hard, take risk, make sacrifices to build career or business when your govt. doesn't let you keep much of what you earn or save/invest? CRA doesn't even answer phone calls or letters!!
CRA compensate it's itself back by the benefits it give out this July . It's always win win for them.
10% income tax for everyone across the board, shouldn't be punished for being more successful than others.
Why be careful? It’s a common practice offfered by CRA and law
He probably also increases the billion dollar budget of the CPP who can’t even match the returns of a basic ETF
My God this country SUCKS … this is not a country for those who want to work and save money but rather a country for people on welfare who get back thousands of our tax dollars .
You don't hire your spouse and it doesn't work like that get your facts straight we income split in retirement, and we get more money back with no issues and I believe it's only after your spouse is 60
Trudeau must go….. and every rule he changed should probably be reversed
Canada is going down sadly but it’s true 🥹
What if the spouse is actually working ? 🧐😒
Trudeau needs more of your money to support business in Ukraine.
Just to continue for cpp .
Thanks Canada..i am glad i left to u.s
These makeshift hotels are in trouble.
Keep up the good work…but watch for the boiling kettle of water..it’s not cool anymore
Why government always want more money
They want to send more to Ukraine so Zelenskis wife can buy another Bugatti
Now that WW1 has been over for 108 years now, will we be ending the temporary emergency war measure of income tax anytime soon?
There is always a test or similar that is needed. People will ensure they havethe required proof, and the circus continues.
Surprise! I payed all the cpp then hit with ccp2 for another 186$!!
WHEN IS THE CRA GOING TO GO AFTER THE MOOSE,DEER, BEARS, SQUIRRELS, WOLVES ETC...... HOW FAR AWAY ARE WE FROM THIS?????? LOL SHEEP WILL BE SHEEP!!!
There should be a 10% income tax for everyone straight across the board no matter how much you make. If you work hard and make more, you pay more. People should be punished and forced into supporting the lazy people just because they are ambitious and make a good earning for themselves.
It should be a prorated system based on a percentage of what you earn instead of brackets. Its absolutely rigged against people to keep them down
If you have the opportunity to leave that country. Get out now. If you can't buckle up. Canada future looks bleak like an upcoming communist country.
Where is the private Canadian citizen app to collectively offset this aggressive attack on our families? Really, this is abuse of our ability to raise our children. It's WRONG! C'MON, get on it.
We can beat this collectively
I would never hire this accountant. Gosh, will drain me just to pay Trudeau
🤣🤣🤣🤣 if you want to pay less taxes, you have to leave Canada.
Government keeping the ordinary citizen in their place.
When are the ordinary citizens going to keep this government in its place I wonder?
good
Is this the “math will work itself out” mathing Trudeau??
Sounds petty asf if you ask me.
And good luck to the CRA to prove your spouse doesn’t work.
they dont have too, the burden of proof is on you too prove she does work. sadly
^ this
Trudeau must go..
and at the same time they give that money as a gift for ukraine
They should get rid of income splitting.
They all do that. Hire your wife, hire your kids, they all do this. CRA needs to go in and claw it all back for the last few decades.
Claw back what exactly? Most taxes are FKn scams.
How can they do that when the cops violated my human rifht on my will of my grand father n god father the generational inheritant an inherit n merit right of mine all woman in th3 world r all my spouse n i will protrct every single on including all children becasue there is no authorit6 in federal law that r protecrin in community in all atlantic provinxes on every counry in bounty n country per country in capital citys
Why do they care