Simon Tanner

@JS_Sports @movingtomerritt Thanks John. Happy for the boys to be able to advance. Should be a great final.

@movingtomerritt Atta boy @dynamicplanning Liam Tanner game winner ! Go Cam Keith and Eagles win it all against the golden team or should I say silver spoon team.

What. A. Save. Let’s go Dawgs! 🐕 #BCHL

@ssolyom @prairiecentrist @MarkMcGrathCFP Agreed. I’ve searched and searched and have yet to find a universal criteria/definition for “wealthy” “middle class” or “poor”. In accumulation enough is never enough and the same goes for taxation. Money is a limited resource yet there are unlimited ways to spend it.

@dynamicplanning @prairiecentrist @MarkMcGrathCFP There are criteria for these things, but the problem is that self-perception often doesn't align with the reality. At what point is enough enough? Never.

@ssolyom @prairiecentrist @MarkMcGrathCFP …What I contend is that the changes to the personal capital gains rate may only impact <1% of Canadians. The changes to the corporate policy directly impacts far more and indirectly nearly all Canadians.

@ssolyom @prairiecentrist @MarkMcGrathCFP a defined term we may not agree on is “well off” , “wealthy” and or “working class”. If we define well off as better than someone else than every Canadian is well off. I think we may also disagree on the actual benefit of the policy, but that’s another discussion….

@MarkMcGrathCFP @ssolyom @prairiecentrist I think people hear “business tax increases” and think mega caps. They don’t think of their Dry Cleaner, Doctor, Plumber or Chiropractor as a “business” in the same way. For every Royal Bank there are 10,000 “mom and pop” businesses.

@dynamicplanning @ssolyom @prairiecentrist Also everyone seems to think entrepreneurs all sell their businesses for millions.

@ssolyom @prairiecentrist @MarkMcGrathCFP I’d argue it’s not significant for the largest of corporations because they can just past the additional tax onto the consumer. The “mom and pop” business can’t necessarily do that without the risk of the customer going elsewhere

@dynamicplanning @prairiecentrist @MarkMcGrathCFP No, that's right. I got ahead of myself. But the exclusion rate increase is still not a significant change for all but the largest businesses, and if they are not using other means to protect their capital gains, what are they doing?

@ssolyom @prairiecentrist @MarkMcGrathCFP We often think when “business” tax changes of Telus or Bell or Loblaws. The big bad corporations. But the reality is they will have tax impacts that they simply pass on to the consumer. It’s your dry cleaner (in my example) who these changes really impact. They aren’t the wealthy

@ssolyom @prairiecentrist @MarkMcGrathCFP In cap gains tax. If they sell in July they’ll pay ~ $85,500 in cap gains tax. Sure it’s not huge but that’s a big chunk of cash and likely a difference in their plan.

@ssolyom @prairiecentrist @MarkMcGrathCFP …year but if they have them when the realize those gains now or in the future they will pay a higher rate on those gains from dollar $1.

@ssolyom @prairiecentrist @MarkMcGrathCFP LCGE doesn’t apply to businesses. Only to individuals who sell a qualifying business. I don’t have the data on how many in Canada declare capital gains but the numbers in my practice would be fairly universal I would think. They may not declare them in every given….

@ssolyom @prairiecentrist @MarkMcGrathCFP As a business owner, if I realize a $1 capital gain in my business I am paying a higher rate of tax come July. There is no “first $250,000” for businesses. So the whole “large capital gains” argument doesn’t hold water when it comes to small business.

@dynamicplanning @prairiecentrist @MarkMcGrathCFP I guess I look at it and say because the programs that benefit so many can be paid for (in part) by this change. And I don't understand your argument. I'm okay with some people realizing large capital gains paying relatively modest amount more tax in return for funding services.

@ssolyom @prairiecentrist @MarkMcGrathCFP Also, businesses don’t benefit from a progressive tax rate on capital gains like individuals do. They pay the highest possible rate (~51% in BC) from dollar 1.

@dynamicplanning @prairiecentrist @MarkMcGrathCFP 241 are going to see growth in capital gains of over $250,000 this year alone? Wow. That's just over $64 million AT A MINIMUM in gains to get to the threshold. This change should be expected to bring in $12-20 Billion in new revenues! How? Help me out here.

@ssolyom @prairiecentrist @MarkMcGrathCFP Great point!If the perceived loser is the business owner who now pays more tax on a cap gain within the business who is the perceived winner with this ITA change? I guess I look at it and say why the need to make a small business pay more cap gains tax than they would personally?

@dynamicplanning @prairiecentrist @MarkMcGrathCFP ...since there are always cases where successful outcomes are contingent upon specific regulations and frameworks, and when those are changed, they tend to be the most impacted.

@ssolyom @prairiecentrist @MarkMcGrathCFP 256 businesses owned by people I work with. 241 of them impacted negatively by these changes. Sorry my numbers were off. 94% impacted with higher tax because of this change.

@dynamicplanning @prairiecentrist @MarkMcGrathCFP Can we see your numbers?

@TheFrankDomenic Complicated stuff to discuss in 140 character or less.

@dynamicplanning I appreciate you taking the time to chat. Not everyone has been so calm or patient.

@TheFrankDomenic Appreciate the dialogue Frank and you searching for facts. I’d welcome the opportunity to chat anytime about this budget or any tax/financial information. It’s important stuff that we need to get right

@dynamicplanning Appreciate the information. Video will be taken down shortly 👍

@TheFrankDomenic It’s not. They are synonymous in accounting terms. You either take a draw as salary or a dividend.

@dynamicplanning So how is income different from a draw?

@TheFrankDomenic As a business owner. If my company has money in it and I want to get it out into my personal account I can pay a wage (salary) , or dividends. I cannot pay myself a capital gain. Only way I can realize a capital gain is by selling some or all of the company.

@dynamicplanning I didn't say income though, I said wealth. My question is what alternatives are available. If any.