LOSS OF GAIN
THE DISCOURAGING TAX PRACTICES WHICH CAUSE LOSS OF GAIN
An Essay from Drunky Cocamo an economist who pays attention to the treatment of poor people who do manage to make some money but not enough.
Many people of retirement age have pensions which are adequate or good. Do not do too well at this or you will find yourself facing dollar for dollar cuts.
All Canadian citizens, and residents I think, who are over 65 years of age, are entitled to a guaranteed income.
All earnings are totalled and deducted from the guaranteed income. If there is a greater amount of guaranteed income than earnings GAIN payments are made.
Every dollar the pensioner earns or receives is deducted dollar for dollar from GAIN PAYMENTS. This deduction includes other pension payments as income.
Canada Pension or other pensions are still able to be collected by the pensioner.
Canada Old Age Pension ( around $600. per month ) can also be lost through any form of earnings or pension payments. It goes little by little but when the CANADIAN PENSIONER EARNS $64,000. IT ALL GOES AWAY TO ZERO.
LOSS OF GAIN, LOSS OF OLD AGE PENSION AND BRUTAL UNDIMINISHED TAXATION OF ALL OF THE REMAINING EARNINGS IS THE END RESULT.
I have earnings which pay interest and also pay mortgage principal. The mortgage repayment is added to my income wiping out all Gain and OAP.Every year money has to be put aside for the inevitable Capital Gains Tax. Every Dollar the Rental Properties go up will require a Quarter to be paid to the Tax System in addition to income taxes.
ReplyDeleteYou would think that was OK perhaps but I as a result get very little money for myself. I feel like a sucker supporting a hostile Government.