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Post new topic Reply to topic  [ 30 posts ]  Go to page Previous  1, 2
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 Post subject:
PostPosted: June 8th, 2005, 1:08 pm 
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Joined: March 19th, 2004, 7:00 pm
Posts: 10735
Location: Charlottetown
Quote:
If I didn't pay my taxes in previous years, then I could certainly see why they would. Not that I'd be overjoyed, by any means.


There is no law that allows them to pre-collect taxes. If you fail to pay, then you can be charged, taken to court and hit with heavy fines.

They are allowed to pre-collect for the current year, by deducting amounts from your pay based on what the pay is for the period.

I have just waded thru the Tax Act. While the entire document is not online, I can find no references to pre-collecting based on projections.

view, Who decides whne the business is a risk? I think that is my biggest issue here. Also the fact, that if these two owed money from a previous venture, then they would have lost the $24,000 they had to invest. The gov takes a dim view to people flipping over companies to avoid the tax bill.

I do agree that many businesses use their tax flow as cash flow. It is just to tempting - when you have whack of cash laying around for 30 days and slow periods. Or just plain stupidity.

In todays computerized world it would be fairly easy for the gov to set up a daily collection scheme based on the actual sales that day. While no one wants big brother - taping into the information passing thru a cash register is child's play - and is being done all the time. And yes, this might open up an even bigger underground economy - but it would give the gov quicker and surer access.

Sandra Devlin had a great article Sat. about how the maritimes are about to get hit with massive tax searches. Seem we have a number of part-time, waiteresses, low paid workers, and other at the bottom of the heap who are trying to keep as much as they can in their pockets. Shame on you!

Philip W

_________________
----------
"They shall grow not old, as we that are left grow old.
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We will remember them".


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 Post subject:
PostPosted: June 8th, 2005, 8:56 pm 
A couple of years ago in Quebec restaurants were using a computer screen and a program to write up the customers bills. The program had a hidden program within it so the owner of the restaurant could hide how many meals he was serving thus not pay taxes on the meals. There was a coule of high profile restaurants that had to close because the the government figured they were owed hundreds of thousands of dollars.
I might also add that the Quebec Government can pretty well tell with some accuracy how much a wattress/waiter will make in tips in one year.
Governments are very good at collecting taxes! :lol:


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 Post subject:
PostPosted: June 9th, 2005, 7:33 am 
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Joined: April 9th, 2004, 12:14 pm
Posts: 2866
Location: Summerside and beyond
philipw wrote:
There is no law that allows them to pre-collect taxes. If you fail to pay, then you can be charged, taken to court and hit with heavy fines.

I have just waded thru the Tax Act. While the entire document is not online, I can find no references to pre-collecting based on projections.

view, Who decides whne the business is a risk? I think that is my biggest issue here. Also the fact, that if these two owed money from a previous venture, then they would have lost the $24,000 they had to invest. The gov takes a dim view to people flipping over companies to avoid the tax bill. Philip W


Phillip they are not precollecting taxes. They are asking for a security bond in the case of future tax remittence failure. If you do as the laws says then you get to cancel your bond after 5 years.

Check around maybe section 36 of the act, I will have to search again to find the exact spot. Don't have time for that today.

As for risk they searched their own records and determined by history which sectors were the highest risk. Not a hard thing. As for business failures, restaurants rate #1 in PEI. Everybody thinks they can run one, very few realize that they cannot surive in the long term on 2-3% margins.

I never once said that these two in Victoria owed any back taxes. If they did bond or not they wouldn't likely get a license until a settlement was made. Once burned twice shy.

_________________
When I'm 65 I'll need enough money to pay off what I borrowed at 45 because I spent too much at 25 buying cool stuff I couldn't afford at 15.

Never hold your farts in. They travel to your brain and that's where shitty ideas come from.


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 Post subject:
PostPosted: June 9th, 2005, 8:27 am 
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Location: Charlottetown
Quote:
Phillip they are not precollecting taxes. They are asking for a security bond in the case of future tax remittence failure. If you do as the laws says then you get to cancel your bond after 5 years.


See bold above - watch your spelling. :{)

View - there has been no mention in any article about this story about any bond or any type of insurance. It has been stated over and over that the $24,000 will be paid up front to the gov.

The gov also states that they have done this before and have the money on hand for when the business fails.

I am not disputing the failure rates of any business - I am disputing the underhandidness of the gov in applying this practice to small business.

I have always felt that every new small business on PEI should be allowed a one year break in taxes - not just the ones that the gov lures here. And if the business does get going well - and increases employment for an area - then there should be further tax considerations. To prevent flipping, the current practice of numbered companies would have to be dis-continued - and all business owners would be restricted to a one time tax break on start up of their first business.

The current stupidity of tossing buckets of money AND tax incentives to friends of the gov is ludicrious. What is good for the goose is good for the gander. If a company with a proven track record and millions or billions in assets can have tax forgiveness (often for years and years) then why not new start up SBE's?

Philip W

_________________
----------
"They shall grow not old, as we that are left grow old.
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We will remember them".


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 Post subject:
PostPosted: June 9th, 2005, 9:42 am 
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Joined: April 9th, 2004, 12:14 pm
Posts: 2866
Location: Summerside and beyond
philipw wrote:
See bold above - watch your spelling. :{)

View - there has been no mention in any article about this story about any bond or any type of insurance. It has been stated over and over that the $24,000 will be paid up front to the gov.

The gov also states that they have done this before and have the money on hand for when the business fails.

I am not disputing the failure rates of any business - I am disputing the underhandidness of the gov in applying this practice to small business.

I have always felt that every new small business on PEI should be allowed a one year break in taxes - not just the ones that the gov lures here. And if the business does get going well - and increases employment for an area - then there should be further tax considerations. To prevent flipping, the current practice of numbered companies would have to be dis-continued - and all business owners would be restricted to a one time tax break on start up of their first business.

The current stupidity of tossing buckets of money AND tax incentives to friends of the gov is ludicrious. What is good for the goose is good for the gander. If a company with a proven track record and millions or billions in assets can have tax forgiveness (often for years and years) then why not new start up SBE's?

Philip W


Sorry Philip on the spelling its just natural.

Do you think that maybe who ever is telling the story hasn't released all of the facts? That is possible.

As for tax incentives I agree, but you are confusing corporate tax with the collection of sales tax. Businesses collect sales tax on the governments behalf to be remitted on the 20th of the month following. It is the failure of some businesses to remit as per the law that this bond issue was put in place.

With tax incentives to lure new businesses big or small I agree, but we cannot have these businesses collecting PST/GST and keeping that money for their own use. Christ what will our personal tax rate be then.

_________________
When I'm 65 I'll need enough money to pay off what I borrowed at 45 because I spent too much at 25 buying cool stuff I couldn't afford at 15.

Never hold your farts in. They travel to your brain and that's where shitty ideas come from.


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 Post subject:
PostPosted: June 9th, 2005, 11:28 am 
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Posts: 10735
Location: Charlottetown
view, PST can also be part of gov largesse. Anything upp to 100% can be forgiven, or rebated.

In order to create an attractive business climate, the Federal and Provincial governments created a tax free zone for aerospace companies who locate to Slemon Park. This incentive program is administered through Prince Edward Island Business Development, with assistance from Atlantic Canada Opportunities Agency (ACOA). The incentive program includes an annual 100% rebate of Provincial Sales, Income Tax and Property Tax until the year 2012. This is only one attractive reason for establishing a presence at Slemon Park. Other key reasons include:

Philip W

_________________
----------
"They shall grow not old, as we that are left grow old.
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We will remember them".


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 Post subject:
PostPosted: June 9th, 2005, 12:03 pm 
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Member
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Joined: April 9th, 2004, 12:14 pm
Posts: 2866
Location: Summerside and beyond
philipw wrote:
view, PST can also be part of gov largesse. Anything upp to 100% can be forgiven, or rebated.

In order to create an attractive business climate, the Federal and Provincial governments created a tax free zone for aerospace companies who locate to Slemon Park. This incentive program is administered through Prince Edward Island Business Development, with assistance from Atlantic Canada Opportunities Agency (ACOA). The incentive program includes an annual 100% rebate of Provincial Sales, Income Tax and Property Tax until the year 2012. This is only one attractive reason for establishing a presence at Slemon Park. Other key reasons include:

Philip W


Philip you are wrong on this. They can claim back a credit equal to the PST paid on purchases of equipment etc for their own use. Under normal circumstances companies have to pay PST on anything they purchase that is not for re-sale. If they purchase goods outside of PEI they must also declare this on their PST return and remit the tax due. The taxes we are talking about in this thread is the PST companies collect for selling their wares. Using your example you lead people to beleive that companies set-up in Slemon Park can keep the PST they charge on their sales and that is wrong.

_________________
When I'm 65 I'll need enough money to pay off what I borrowed at 45 because I spent too much at 25 buying cool stuff I couldn't afford at 15.

Never hold your farts in. They travel to your brain and that's where shitty ideas come from.


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 Post subject:
PostPosted: June 9th, 2005, 1:31 pm 
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True Islander
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Joined: March 19th, 2004, 7:00 pm
Posts: 10735
Location: Charlottetown
Re-reading my quote - you could be right view - and at the mo I do not have time to research it deeper.

Philip W

_________________
----------
"They shall grow not old, as we that are left grow old.
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We will remember them".


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 Post subject:
PostPosted: June 10th, 2005, 1:50 pm 
Kreskin wrote:
philipw wrote:
Surel;y not the same gov reponsible for Polar Foods, closing Little Christos or the blueberry fiasco up east?


Or the looming Sandwich Factory fiasco (you heard it here first).


Herring about all these sandwiches is making me kinda hungry. Anyone got a spare one on hand? MMMmmmm......Sandwich. :lol:


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 Post subject:
PostPosted: June 10th, 2005, 9:26 pm 
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Joined: November 1st, 2003, 7:55 am
Posts: 16903
Location: Brackley Beach PE / Lake Wales FL
kratz wrote:
Herring about all these sandwiches is making me kinda hungry.

And hearing about Kratz's herring sandwich has given me a sudden urge for seafood :lol:


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