Jean Posted May 2, 2006 Share Posted May 2, 2006 An analysis by the Canadian Institute of Chartered Accountants says the federal budget gives families modest tax breaks and benefits in 2006 compared with 2005. The findings below are based on families with two children, one of them under six years of age, and takes into account all changes to income taxes as well as the new $100 a month child-care allowance that starts July 1. The analysis does not include the one percentage point cut in the GST, which gives savings that are dependent on consumption patterns that can change from family to family, says the institute. The results: -A two-income family making a total of $30,000 ($20,000 and $10,000), with $5,000 in child-care expenses. Net savings: $836 -A two-income family making a total of $60,000 ($40,000 and $20,000), with $5,000 in child-care expenses. Net savings: $706 -A two-income family making a total of $100,000 ($66,000 and $34,000), with $5,000 in child-care expenses. Net savings: $594 -A one-income, two-parent family making $100,000, with no child-care expenses. Net savings: $771 -A single-parent family making $40,000, with $5,000 in child-care expenses. Net savings: $642 http://money.canoe.ca/News/Other/2006/05/02/1561208-cp.html Quote Link to comment Share on other sites More sharing options...
Peter Puck Posted May 2, 2006 Share Posted May 2, 2006 http://money.canoe.ca/News/Other/2006/05/02/1561208-cp.html Yeah, these tax cuts are almost enought to off set the rise in gas prices. Not quite but almost. Quote Link to comment Share on other sites More sharing options...
alexstream Posted May 3, 2006 Share Posted May 3, 2006 What's really important is the GST cut... It was about time that someone with some economical mind took the reins... GST cuts could actually create more wealth (in a perfect situation) and IMO, at worst, would just NOT CHANGE ANYTHING!!! Deadweight loss of taxations is EVIL. Quote Link to comment Share on other sites More sharing options...
CerebusClone Posted May 3, 2006 Share Posted May 3, 2006 Actually, what's even more improtant than the txt cuts in my opinion are some of the tax credits. For example, the fact that you can get a tax credit for bus passes will make a huge difference for eveyone living in/near big cities like Montreal, Toronto, Vancouver, ... I currently live in Montreal, and my wife and I both use public transit to work, so that represents 2x62$, so 124$/month. I can quite easily afford it, but even I would be extremely pleased to get part of this back in my pockets, so I can just imagine how happy low-income families will be; that could make a big difference in their lives. In addition, combined to rising gas prices, the gouvernment if finally doing something to encourage people to leave their cars at home. I will soon be moving to the south shore of Montreal (stupid housing situation in Montreal made houses unaffordable), and since I will actually be very close to work (right across the Victoria bridge), I wasn't sure if I would drive or take the bus... if I'm eligible for those tax credits (bus passes are nearly 100$), there is no way I'll drive to work... Quote Link to comment Share on other sites More sharing options...
Mont Royale Posted May 3, 2006 Share Posted May 3, 2006 What's really important is the GST cut... It was about time that someone with some economical mind took the reins... GST cuts could actually create more wealth (in a perfect situation) and IMO, at worst, would just NOT CHANGE ANYTHING!!! Too bad most economists support value added taxes (GST) vs. income taxes. Either one could create more wealth. Income taxes depress productivity, VATs do not. More countries abroad are relying on VATs compared to income taxes for this reason. Other than that, I'm fairly happy with the budget. Nice for those of us with young families: $1,200 per year per kiddie, plus a tax credit on organized sports. Time to pop out a few more and make some REAL money! OK... maybe not. Quote Link to comment Share on other sites More sharing options...
Mils Posted May 3, 2006 Share Posted May 3, 2006 Amazing, citizens in Canada understand what's going on with the budget. I'm moving to Canada. :hlogo: Quote Link to comment Share on other sites More sharing options...
Mont Royale Posted May 3, 2006 Share Posted May 3, 2006 Amazing, citizens in Canada understand what's going on with the budget. I'm moving to Canada. :hlogo: Don't get too excited, Mils - ALL of us don't understand. habs fans are the intelligentsia of this country. :king: :hlogo: :king: Quote Link to comment Share on other sites More sharing options...
jetsniper Posted May 3, 2006 Share Posted May 3, 2006 Don't get too excited, Mils - ALL of us don't understand. habs fans are the intelligentsia of this country. :king: :hlogo: :king: Quote Link to comment Share on other sites More sharing options...
Mils Posted May 3, 2006 Share Posted May 3, 2006 I think there are 4 people in the states who unserstand the tax code. And that's being generous. Quote Link to comment Share on other sites More sharing options...
alexstream Posted May 3, 2006 Share Posted May 3, 2006 I think there are 4 people in the states who unserstand the tax code. And that's being generous. LOL well Macroeconomics principle and Tax Code are quite different, you need 1 year of post grad studies to learn thoroughly the tax code (although you can learn how to cope with it in three years as an undergrad - accountant) you need only 30h of classtime to learn marcroeconomics and you can take it right out of highschool Quote Link to comment Share on other sites More sharing options...
revvvrob Posted May 4, 2006 Share Posted May 4, 2006 yep - i have 2 kids under 6 and i'm already making plans on how i'll spend my $2.400 ... i'm thinking entertainment system! (the kids can use it ... when they are older ... as long as the Habs aren't on!) Quote Link to comment Share on other sites More sharing options...
Mont Royale Posted May 4, 2006 Share Posted May 4, 2006 Here's some further commentary and opinions, for those who are interested: Tax cuts yep - i have 2 kids under 6 and i'm already making plans on how i'll spend my $2.400 ... i'm thinking entertainment system! (the kids can use it ... when they are older ... as long as the Habs aren't on!) Shhhh! Now simonus will be coming say we need a national daycare scheme because of people like you! Quote Link to comment Share on other sites More sharing options...
revvvrob Posted May 4, 2006 Share Posted May 4, 2006 Shhhh! Now simonus will be coming say we need a national daycare scheme because of people like you! no way - i'm already the President of a daycare, so i know daycares ... i'd rather keep the entertainment system and let my wife be our daycare! Quote Link to comment Share on other sites More sharing options...
simonus Posted May 4, 2006 Share Posted May 4, 2006 Here's some further commentary and opinions, for those who are interested: Tax cuts Shhhh! Now simonus will be coming say we need a national daycare scheme because of people like you! i do love huge federal programs.... Quote Link to comment Share on other sites More sharing options...
Jean Posted May 5, 2006 Author Share Posted May 5, 2006 i do love huge federal programs.... Note : I got no idea if this post is your real opinion or not I certainly don't like huge spending programs, and that's a big reason why I voted Conservative in 2004 and 2006 and would do so again in an heartbeat .I want less governement in my life, not more. Another reason whny I vote CPC : I'm still pissed at the liberals because of adscam . Quote Link to comment Share on other sites More sharing options...
alexstream Posted May 5, 2006 Share Posted May 5, 2006 Note : I got no idea if this post is your real opinion or not I certainly don't like huge spending programs, and that's a big reason why I voted Conservative in 2004 and 2006 and would do so again in an heartbeat .I want less governement in my life, not more. Another reason whny I vote CPC : I'm still pissed at the liberals because of adscam . Anywhere between the Liberals despotism and the USA's free for all is good. CPC, being in the middle, looks good up to now. Quote Link to comment Share on other sites More sharing options...
The-Habby2919 Posted May 5, 2006 Share Posted May 5, 2006 yep - i have 2 kids under 6 and i'm already making plans on how i'll spend my $2.400 ... i'm thinking entertainment system! (the kids can use it ... when they are older ... as long as the Habs aren't on!) Or teach them the joys of being a Habs fan with it. :hlogo: Quote Link to comment Share on other sites More sharing options...
MAK Posted May 10, 2006 Share Posted May 10, 2006 In addition, combined to rising gas prices, the gouvernment if finally doing something to encourage people to leave their cars at home. I will soon be moving to the south shore of Montreal (stupid housing situation in Montreal made houses unaffordable), and since I will actually be very close to work (right across the Victoria bridge), I wasn't sure if I would drive or take the bus... if I'm eligible for those tax credits (bus passes are nearly 100$), there is no way I'll drive to work... we'll be neihbors( spelling??) victoria bridge is great and there nothing compare to tascherault blvd!!! can't wait to have kids !! well not as much as my girlfriend but...) I figure that I could by season tickets with that 1200$ Quote Link to comment Share on other sites More sharing options...
Jean Posted May 10, 2006 Author Share Posted May 10, 2006 One day, this will be known as the budget where everything changed. This is the budget that will put an end to decades of relentlessly expanding federal power, of meddling in provincial jurisdictions, of Ottawa's smothering embrace. (...) Instead, a new Conservative government is moving to fundamentally restrict Ottawa's power, giving back to the provinces responsibility for managing the day-to-day relations between the citizen and the state - John Ibbitson,Globe and Mail Link All I can add to that is.. God, I hope he's right! Quote Link to comment Share on other sites More sharing options...
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