Reply With Quote
....sssshhhhh don't tell the capitalist, they'll all flee to Canada....
A working health care system, a balanced budget, declining government debt, falling income taxes, and USD parity.OTTAWA (Reuters) - Canada posted a $592 million budget surplus in January and nearly $10 billion for the first 10 months of the fiscal year, the finance department said on Friday.
The January surplus was down from the $2.40 billion recorded in January 2007, partly because of income and sales tax cuts introduced in the October economic statement.
The surplus of $9.96 billion for April through January was down from the year-earlier $10.60 billion but was most of the way to the $10.2 billion that Finance Minister Jim Flaherty predicted in his budget last month for the full fiscal year. It would mark the 11th consecutive surplus.
The surplus is slated to pay down debt. [emphasis is RG's] The surplus for the year starting on April 1 is expected to be a much smaller $2.3 billion and in the following year only $1.3 billion.
Government program expenses were up 5.6 percent in January from the year before, and were 7.2 percent higher in the first 10 months from the same period a year earlier.
(Reporting by Randall Palmer; Editing by Peter Galloway)
Bloody socialists.
Last edited by RandomGuy; 03-28-2008 at 02:45 PM. Reason: added an extra skewer for righties... HA!
....sssshhhhh don't tell the capitalist, they'll all flee to Canada....
$592 million?
$10 Billion
The U.S. has several STATES with bigger budgets; Medical or not.
What is your point?
..... a $600 billion national deficit just this year, me thinks....
Link to original context of quote
Budget: revenues: $565.8 billion
expenditures: $551.2 billion (2007 est.)
Cia factbook for canada
That kind of thing can happen when you are a pacifist nation that relys on your only neighbor to take care of any military work that needs to be done
j/k. I have a lot of respect for Canada.
US debt servicing, just the interest, added to by the bogus Iraq war financed with credit, is how many 100s of $Bs/year? For how many decades?
But Agggie's upset about Medicare/Medicaid.
http://www.budget.gc.ca/2008/news-no...velles-eng.aspBudget 2008 also provides the most important federally driven personal finance innovation since the introduction of the Registered Retirement Savings Plan (RRSP): the Tax-Free Savings Account. This flexible, registered, general-purpose account will allow Canadians to watch their savings—including interest income, dividend payments and capital gains—grow tax-free.
“The Tax-Free Savings Account is the first of its kind in Canadian history,” said Minister Flaherty. “It will provide all Canadians with a powerful incentive to save. An RRSP is primarily intended for retirement, but the Tax-Free Savings Account is like an RRSP for everything else in your life.”
Holy crap.
A working health care system, tax-free savings and investment, a balanced budget, declining income taxes...
Something to copy for our own country...
We can start with the bloated defense budget.
ing Canadians. Are they managing their country better than dubya?
''pacifist nation that relys on your only neighbor to take care of any military work that needs to be done"
Iraq "military work" was not needed, neither US nor Canada benefits from Iraq. The Canadians have helped out in Afghanistan.
I wonder what their tax rates are. Personal, Social Security
and Medical. Never mind I found it federal income taxes
* 15% on the first $37,885 of taxable income, +
* 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
* 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
* 29% of taxable income over $123,184.
All the Canadian providences have income tax anywhere
from 4 percent to 11 percent.
And their is a federal sales tax. As follows:
Definition: In Canada the goods and services tax or GST is a federal tax of five percent on most goods and services sold in Canada for domestic consumption. Some goods and services are exempt from the GST, for example basic groceries, prescription drugs and exports.
In the provinces of New Brunswick, Newfoundland and Labrador and Nova Scotia the five percent federal goods and services tax is combined with an eight percent provincial retail sales tax and is called the harmonized sales tax (HST).
So I guess they collect plenty of money so they can
have a surplus. The good old Socialist know how to get
that dough ray me.
I didn't bother looking up cost for their SOC or
health care.
You're far too smart to resort to such cheap false equivalence.A working health care system, a balanced budget, declining government debt, falling income taxes, and USD parity.
Bloody socialists.
Bloated defense budget? 21%?
Something to copy for our own country...
We can start with the bloated defense budget.
Start with the en lement programs. 60+%
What percentage of Canada's budget is "en lement" programs?
Smart schmart, I go for the fun...
I wish I could have seen the faces of the normal rogue's gallery of socialist bashers. It is fun to poke them with sticks on occasion.
Either way, it was interesting to see the tax-free savings plan idea.
As much as the income taxes might be here and there, if you live beneath your means you can really grow your wealth.
Like the DOD contractors?
Tell me again how many 200 million dollar jet fighters, trillion dollar nuclear submarines, and anti-satellite missles we really need to fight Osama bin Laden and company?
(shrugs)
I am with Ike on this one.
Every gun that is fired, every warship launched, every rocket fired, signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. The world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.
--Dwight D. Eisenhower
Last edited by RandomGuy; 03-28-2008 at 03:11 PM. Reason: added relevant quote
Well I live in Canada and in the province of Alberta. We have no sales tax and only pay 5% GST as compared to each other province that pays a minimum of 7-8% Sales tax on top of the 5% GST. Actually our GST has been reduced by 2% over the last 2 years. Still, living in Alberta (oil captial of Canada) helps with the surplus.
Yes sir, old Ike knew how to hit that old Golf Ball.
Canadian federal marginal tax rates of taxable income
2008
(est.)
$0 - $9,600 0%
$9,600 - $37,885 15%
$37,885 - $75,769 22%
$75,769 - $123,184 26%
over $123,184 29%
http://en.wikipedia.org/wiki/Income_taxes_in_Canada
oddly enough a similar bit is harder to find for the US.
I know that our marginal tax rates are pretty close.
Indeed it does. Increased prices for commodities and raw materials, Canada's main exports, have been very good for the economy.
One thing you left off you chart is the little "+"
at the end of each rate. lative like 15
percent plus 22 percent of anything over 37885
on second look it doesn't seem to be that far off.
Their national debt to GDP seems to be a tad higher than the US though at 64%, so paying it down probably helps.
Still, saving $2bn Canadian per year on interest charges has got to be good for the budget, even if it only represents .4% of overall expenditures.
The US tax system works identically. But it is good to point that out.
Between the standard deduction and personal exemptions the first 9,000 or so (9300 if memory serves) of income in the US is income tax free.
Then anything over that is 10% up until a certain level, etc...
Your right RG, our system works the same way.
Oh, and the canadian poster didn't point out that he
pays a state income tax.
One other thing in trying to look up the tax rate for
their national health, it seems, as far as I can see
each province sets their rate with help from the
federal government. But I could be wrong.
Stupid me, it's only going to bankrupt our country in our lifetime.
Of course, then we can all stand in line for rationing of toilet paper and bread. It'll be ing awesome![/boutons]
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
