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Thread: Post whatever is on your mind!!

  1. #18461
    Member 1986stangfan's Avatar
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    Quote Originally Posted by Stephen06GT View Post
    Looking forward to hearing about the results.
    So far have seen a Reduction of 4.5 decibels in the city. I forgot to do a before measurement on the highway. I still have to do all of the doors and the doghouse.


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  2. #18462
    Dech Boy Zippy's Avatar
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    Since I got my car it's been popping out of 4th gear here and there. Did it really bad at the track so decided to not drive it till I got a new tranny put in...
    Well I bought a spare trans last week and had some time to install it today.
    New trans feels amazing and the ZR magic of lubing everything up makes it feel like we did a brand new clutch at the same time. Pedal is as light as a feather.

    Also did some cleaning up beside the trans while it was out
    Plan is to rebuild the original and put it on the shelf for when I break this one LOL!
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    98 GT - Bright Atlantic Blue 'Dech'

  3. #18463
    Dech Boy Zippy's Avatar
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    "post whatever is on your mind"

    More power...



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    98 GT - Bright Atlantic Blue 'Dech'

  4. #18464
    Foxstang
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    It's brutal out there...

    I still need to maintain a job search as a backup. I know the business won't bring in revenue for the next 6 months or so, especially with a possible complete lock-down again. I need to be open to opportunities.

    But I have 20+ years experience in marketing, front-end development, IT leadership and PMO management. Looking at who is also applying for jobs (even shit coordinator roles @ 80k /year) I'm screwed. I'm competing with either people with a similar background, some coming from VP roles or candidates with MBA's and engineering degrees with little experience. I also suspect from all the literature on company "CSR" pages that they are doing a lot of racist hiring practices as well. Or not hiring strictly on proficiency and company cultural fit.

    Anyway that's me suspecting things but there is no arguing on how tough things are out there, even for an IT professional.

    I hope there are more jobs than carpenters / handymen (handypeoplekind?)... out there. lol

  5. #18465
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    Seeing these types of articles a little too frequently now which means folks in government are looking at it more seriously:



    Three ways the federal government may increase taxes on principal residences
    TIM CESTNICK

    UPDATED SEP 11, 2020 8:55AM EDT - Many Canadians have come to rely on homes for financial security, so a levy on principal residences may jeopardize savings - PUBLISHED SEP 10, 2020 6:07PM EDT
    Last week, I wrote about the possibility that our government might look to tax principal residences in some way. Here are the facts that we have working against homeowners: 1) The comments of those who are advising this government on housing wealth and inequality have revealed an attitude that many Canadians have “won the lottery” with the value of homes increasing so much, and that the glorification of home ownership is a “regressive canard”; 2) the principal residence exemption has been abused by some in the past who have claimed it when perhaps they shouldn’t have; 3) the homes of Canadians represent their largest store of value for most people; and 4) the support provided by the government during this COVID-19 pandemic is almost assuredly going to mean tax increases in the future.

    The question then becomes: What might the government do to increase taxes on principal residences? I think there are three possibilities.

    THE U.S. EXAMPLE
    The first possibility is that the government may introduce tax rules similar to those in the United States. South of the border, there’s a limit on the gain on the sale of a home that can be sheltered from tax. Specifically, there is a US$250,000 “exclusion” (that is, exempted from tax), which is increased to US$500,000 for a married couple filing jointly.

    There’s another catch here. To qualify for the exclusion in the U.S., you have to have lived in the home for two years out of the last five years leading up to the sale of the residence (there are a couple of other tests that must be met, but they’re generally not an issue for most U.S. taxpayers).

    Further, if a taxpayer in the U.S. owns more than one residence (a city home and a cottage, for example), they can’t simply choose which residence should be sheltered from tax. There’s a test that must be applied to determine which of the properties was really the “main home." In Canada, we can designate any eligible property as our principal residence, albeit we can only fully shelter from tax on one property for each family unit.

    As an aside, if you’re a U.S. citizen or green-card holder living in Canada and you own your Canadian home, a sale of your home may currently be tax-free in Canada but may be taxable in the U.S. So, speak to a tax professional about this.

    Now, there’s also the issue of mortgage interest. In Canada, we can’t generally deduct it. The government’s rationale is that we don’t generally pay tax on the sale of a principal residence, and so there shouldn’t be a deduction for interest to buy the place. If the government were to start taxing principal residences, you might expect that we’d be entitled to deduct our mortgage interest – but don’t hold your breath.

    Taxpayers in the U.S. can deduct mortgage interest on up to US$375,000 of debt (US$750,000 for a married couple filing jointly). The limits are higher (US$500,000 and US$1-million, respectively) for mortgages taken out on or before Dec. 15, 2017. There are other limits, too, that can apply in certain situations.

    Allowing mortgage interest deductibility is not guaranteed if our tax rules change here in Canada. In fact, I’d be surprised if we were granted this benefit, because it would mean a loss of tax revenue in the short term, which the government might make back at the time a home is sold – potentially years down the road.

    THE WEALTH TAX
    Rather than simply copying the approach in the U.S., our government could introduce a wealth tax. This type of tax is common in several European countries (France, Spain, the Netherlands, Norway, Switzerland and Italy come to mind). In some cases, the wealth tax has morphed into a tax on real estate alone. In France, for example, the rules changed in 2018 to exclude financial assets and to only tax real estate with a value of €1.3-million ($2-million) or more.

    Wealth taxes generally range from 0.5 per cent to 1.5 per cent of the value of the assets being taxed. Could something similar be introduced in Canada? Well, it’s being done at the municipal level already. Property taxes are something all homeowners are generally familiar with. It wouldn’t be difficult to add a federal tax to a system already being administered by municipalities across the country.

    THE GST/HST
    Currently, the goods and services tax (or harmonized sales tax) is paid by purchasers of new or substantially renovated homes in Canada. Even resale homes can be subject to GST/HST if the property was used primarily for business purposes. It wouldn’t be difficult for our government to collect GST/HST on the sale of all homes, and to change the rules around GST/HST rebates currently available.

    There are, of course, problems with all these taxes. That will be a debate for another day.

  6. #18466
    Foxstang
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    Pretty soon trudeau will find a way to charge income taxes on savings (savings aquired from net pay no less lol)... "Oh you have a 100k in the bank, I guess you need to pay $13,000 a year on taxes on that"... "Oh your house that you bought in 1980 for 200k that's now worth 900k... you need to pay taxes on the difference, even if you're not selling anytime soon"...

    I so want to make min wage and live in a 60k house somewhere in the middle of the woods... So I can be just another liberal voter expecting conservatives to pay for my living expenses.

  7. #18467
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    Quote Originally Posted by Foxstang View Post
    "Oh your house that you bought in 1980 for 200k that's now worth 900k... you need to pay taxes on the difference, even if you're not selling anytime soon"...
    That is one of the considerations in the wealth tax being focused on real assets - your annual property taxes are a version of that but only municipal whereas the Feds (and even Prov) might want to add theirs on top.

  8. #18468
    Club Supporter hammerhead's Avatar
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    ^^^I believe I read recently of a wealth tax already put into effect in the usa very recently - I believe somewhere in New York State (NJ comes to mind)
    1979 Pace Car 302 4spd
    1981 Cobra t-top option - power to be determined, in the works

  9. #18469
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    Quote Originally Posted by hammerhead View Post
    ^^^I believe I read recently of a wealth tax already put into effect in the usa very recently - I believe somewhere in New York State (NJ comes to mind)
    Haven't read about that but the Federal tax package in the US a couple years ago actually reduced the benefit that Americans were getting with the real estate deductions so it effectively increased taxes for properties with higher values/mortgages (similar ranges as to what you'd see in major Canadian cities).

  10. #18470
    Club Supporter hammerhead's Avatar
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    Quote Originally Posted by 92redragtop View Post
    Haven't read about that but the Federal tax package in the US a couple years ago actually reduced the benefit that Americans were getting with the real estate deductions so it effectively increased taxes for properties with higher values/mortgages (similar ranges as to what you'd see in major Canadian cities).
    I read it this morning on CBC and a possibility that Ontario may adopt it or even the feds - sorry I suck at linking lol
    1979 Pace Car 302 4spd
    1981 Cobra t-top option - power to be determined, in the works

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