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Big Tuna





Joined: 28 Nov 2007
Posts: 368
Reputation: 15
votes: 6

PostPosted: Tue Jan 08, 2008 8:23 am    Post subject: Reply with quote

FF_Canuck wrote:
Quote:
It's not as simple as just abolishing it.


Agreed ... Senate Reform is the ideal path. However, if the only options are status quo or abolition, I choose abolition.


I have no idea how this ever became the only options. I think the option of abolishing the senate is the most difficult to implement. Reforming it is more realistic.
dotconservative





Joined: 10 Jan 2008
Posts: 49
Reputation: 26.2Reputation: 26.2Reputation: 26.2

PostPosted: Thu Jan 10, 2008 10:45 am    Post subject: Reply with quote

Could someone break down income splitting for me, the basics and the advantage.

Also, where could I find any information or a breakdown of constitutionaly mandated powers from Federal down?

Thanks.
TorontoCon





Joined: 14 Aug 2007
Posts: 796
Reputation: 50.5
votes: 5

PostPosted: Thu Jan 10, 2008 4:26 pm    Post subject: Reply with quote

Better to give an example to explain. I'm just your average guy... Not exactly an accountant so the below example is pretty rough...

Heres' how I understand it:

Myself: $125,000 base salary
My wife: $49,000 base salary

Normally I would be taxed at a 29% rate due to my tax "bracket" (so the feds get $34,800 of my $$$)
My wife would be taxed at a 22% rate due to her tax bracket (so the feds get $10,780 from my wife's paycheque).

Total TAXED between us = $45,580 OUCH! And that doesn't even count PROVINCIAL TAXES!!!!!

WITH INCOME SPLITTING:

My salary ($125,000) + my wife's salary ($49,000) divided by two = $87,000

Therefore my wife claims $87,000 of taxable income and I ALSO claim $87,000 and both of us are in the same tax bracket of 26%

Total TAXED = $45,240 (Still OUCH but at least a savings of $340)


NOW HERE"S WHERE INCOME SPLITTING REALLY HELPS!!!!!!!!

My wife plans on being a stay at home Mom when we have children, at least until they are in all in school (grade 1). During that time, she will not be drawing a salary and I will be the SOLE bread winner of the family.

THEN THE SAVINGS REALLY HELP:
My salary: $125,000
Wife's salary: $0

Currently, I would have to pay out 29% of my income ($34,800)

But under income splitting, my wife would claim HALF and I claim HALF (effectively putting my salary at a much lower tax bracket of 22%)

My wife claims $62,500 and I claim $62,500, each in a 22% tax bracket (as opposed to 29% if I claimed ALL of the salary myself!).

Thats a difference of 7% that my family would get to KEEP!

WITHOUT income splitting, the feds get $36,250
WITH income splitting, the feds get $27,500

Thats a difference of $8750!!!!!

THAT'S ALOT OF EXTRA $ THAT OUR FAMILY CAN USE!

Absolutely THE best family friendly policy being floated around out there and I sure hope it becomes reality.

Sorry if this post was a little confusing. Hope it helps (and is accurate??)
FF_Canuck





Joined: 02 Sep 2006
Posts: 3360
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Location: Southern Alberta

PostPosted: Fri Jan 11, 2008 9:59 pm    Post subject: Reply with quote

Quote:
Absolutely THE best family friendly policy being floated around out there and I sure hope it becomes reality.


It also has a lot of benefits for retired couples, where the primary breadwinner has at least one or several pensions, while the other partner, like in the scenario above, focused on child-rearing and did not work long enough in the same place to acrue pensions...

Quote:
Also, where could I find any information or a breakdown of constitutionaly mandated powers from Federal down?


Check this: Constitution Act, 1867 (formerly known as the British North America (BNA) Act).
dotconservative





Joined: 10 Jan 2008
Posts: 49
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PostPosted: Sat Jan 12, 2008 12:08 am    Post subject: Reply with quote

Excellent, thank you both.
TorontoCon





Joined: 14 Aug 2007
Posts: 796
Reputation: 50.5
votes: 5

PostPosted: Mon Jan 14, 2008 12:54 pm    Post subject: Reply with quote

The next question is "will it happen?".

Answer: No, not for a while.... (maybe in 5 years..)

The Conservatives have already committed to broad based tax cuts to both personal and, more aggressively, business taxes for the next while.

I HOPE that it becomes a reality by the time I start having kids, in about 3 or 4 years but that will take a MAJORITY Conservative government, which I don't see happening (realistically) any time soon.
TorontoCon





Joined: 14 Aug 2007
Posts: 796
Reputation: 50.5
votes: 5

PostPosted: Thu Jan 24, 2008 12:42 pm    Post subject: Reply with quote

When is the next budget expected? I'm anxious to see it's content.

I'm assuming it will be an extension of the "mini budget":

The North:
Development
Housing and Education for northern peoples and training for the new jobs created there
Arctic Research Station built and functioning by what date?
Seabed mapping funding
BUILD PATROL SHIPS (contract liscenced to which province? BC, NS?)

Military:
MODERNIZE with funding for new technologies, gear, helicopters, develop our OWN missile defense system apart from the US.

Afghanistan:
Follow through with Manley reccommendations and be done with it. Vote on it in parliament.

Intra-Provincial Free Trade:
Speaks for itself

Senate:
A Keep as is
B 8 year limit
C Abolish.

I think that we need to take the decision OUT of liberal senators' hands and hold a referendum with these three choices. Let Canadians decide.

Infrastructure GREEN Plan:
Leave roads and bridges to the provinces with "top up" support only. Concentrate on building a light rail system between Edmonton and Calgary out west and between Toronto, Ottawa and Montreal in Ontario/Quebec. Powered by NEW Nuclear Energy source built in Deep River (Expand and modernize the existing facility there).
- Reduces #of Flights
- Reduces highway gridlock
- Reduces pollution
- Reduces C02
- Creates jobs
- Will enhance productivity
- Ease of travel

Farms:
Biofuel initiatives and incentives, and money into agricultural research.

Fisheries and FORESTRY:
???? not sure ???? Forestry especially needs help somehow.

Environment:
Focus on CLEAN WATER and CLEAN AIR by cracking down on major polluters. Scientific RE-assessment of "acceptable levels" of known toxins in food, water, air....

Health:
Continue with reducing wait times. Increase the # of family physicians in cities and communities. Initiate a National CANCER initiative to build world class cancer treatment facilities in major cities, separate from the hospital systems. Higly efficient care from diagnosis, biopsy, pathology/histology, imaging, surgery, chemotherapy and radiation therapy. ALL-IN-ONE building/facilities. All the same, every city IDENTICAL and efficient. Increase taxes on cigarettes in order to help pay for it... (well.... maybe don't have that as part of your platform....).

Family:
Double the existing National Child Benefit plan to $200/month. Make the INTEREST amount payed to mortgages A TAX FREE WRITE OFF for first time buyers for the first 5 years of the mortgage. Promote new PRIVATELY owned daycare facilities.

Crime and Accountablility:
Find a way to hold judges accountable for being soft on crime, handing out BARE minimum sentences and catering more to the accused than that of the victim. A review of "Judge performance" should be initiated. I think MOST judges do their job to the expected level but somehow I think there are some judges out there with a "weaker" record, so to speak.
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