Wexit

I agree with the associated costs, but as it's a small plumbing business he runs, all his costs (tools, vehicle, a home office, gas, etc. can be claimed. Then you can write down some of those annually. Guys who run their own businesses, and have been in it long enough to have covered all those costs are laughing. At this point nearly every cent is income. Being able to claim fuel, maintenance, tool purchases, home office costs lowers his tax bill substantially.

That's the one thing I appreciate about small towns. If you're a shitty contractor, everyone knows it, but that also means the guys who do quality work can charge a premium. My folks had one guy build a deck for them 20 years ago, the thing didn't last more than 7 years. It was solid construction, but boards too close meant rotting, and it wasn't quality work. The next guy that did it was more expensive, but he knew his shit. I took pictures every phase of the build. Not sure if I still have them, but I recall enough that I could figure it out. This guy was booked a year in advance for all sorts of projects. It's like anything, if you are really good at what you do you are in demand.
Bwahaaa your business profits knowledge is a bit limited. I'm sorry, I'm not insulting you, I just find it very comical when people who have never owned a business know what the margins are. I know we are all rich, lol.

-25% off the top is the governments on any profit you make.
-Then there is his yearly license fee.
-Being written off, doesn't mean the government gives him the money back, only saves the tax on that item so 25% tax saved. You still pay the full amount minus the gst, depending on if your gst collection is higher than your payout then you get no gst return.
-Vehicle insurance
-vehicle maintenance
-consumables used on the job site
-gas

And I could go on and on.

My is very profitable and I have long paid for my equipment and not every cent is income. Fuck I wish, I'd be a millionaire, multiple times over by now.

A good business makes anywhere 12-30% net profit. You are really doing good if you are closer to the 30%. Vast majority make 15%. Majority of small business owner do not make 6 figures. Most are around $65,000. Plus a car and other little bonuses. SO maybe 90,000 take home at the end. Its not until you start doing multiple million dollar sales that you start to make some decent profit.

So if your buddy does 500,000 a year in sales, if he is the only employee then 75,000 would be his take home pay, give or take. Now this is all dependant on how cutthroat he was to get jobs and so on. Some jobs you do well, some you make very little and some you get stiffed on.
Now I'm just guessing, but I know like 20 business owners and am part of a group where we get together drink beer and talk about business and my numbers are pretty much on the money from when I talk to others about how their profits are.
 
I agree with Sorb's figures .
As for the vehicles you need a second separate from the business vehicle to avoid grief
Very few freebies are left,the gov is constantly on a revenue hunt.Every year they come back for more.
The masses of deadbeats that we support is absolutely staggering.
 
I agree with Sorb's figures .
As for the vehicles you need a second separate from the business vehicle to avoid grief
Very few freebies are left,the gov is constantly on a revenue hunt.Every year they come back for more.
The masses of deadbeats that we support is absolutely staggering.

it’s your social contract bud
Be thankful
 
Finance Minister Morneau has resigned.
He expects the economic recovery to be long and challenging.
I guess so.


if he did nothing wrong why would he resign??
and if he did something wrong would not others doing the same thing also be doing something wrong?
 
if he did nothing wrong why would he resign??
and if he did something wrong would not others doing the same thing also be doing something wrong?
I think he is resigning because he realizes just how bad the situation has become.He did claim he never intended to stay on for more than two terms.
When it comes to gov people,I believe the majority only care about the juicy pension when they retire.
Morneau does not need the money,or the headaches.
 
I think he is resigning because he realizes just how bad the situation has become.He did claim he never intended to stay on for more than two terms.
When it comes to gov people,I believe the majority only care about the juicy pension when they retire.
Morneau does not need the money,or the headaches.

You think trudope resigns too?
 
I agree with Sorb's figures .
As for the vehicles you need a second separate from the business vehicle to avoid grief
Very few freebies are left,the gov is constantly on a revenue hunt.Every year they come back for more.
The masses of deadbeats that we support is absolutely staggering.
Actually unless it’s a vehicle to deliver, like a cube van or something, you are not supposed to completely write off a vehicle. Only mileage, and only the mileage you do during business, not to and from work.
The government by all parties has slowly reduced the benefits of owning a business a little at a time.

Now I write off one completely and the other I own. I’m just playing the game. Mind you unlike most others in my line of business, I pay corporate ta es every year and don’t steal all the money and break even. Other than the vehicle I’m up and up.

I remember back in 2000 I put a $7000 stereo in my brand new chev 1/2 ton. 1000 watts, profesionalky installed. Fuck it was clear and loud, all phenix gold, except the head unit.
It was the work truck, I figured I could write it off, lol.
So my accountant comes in at year end (he was a family friend) gives me a piece of paper with an accountanting lawyers name on it, he told me if I kept doing stupid things like trying to write of insanely high priced stereos again I would need him and his rate was $300 and hour (2000 money). Then he said. Take the money in cash dumb ass and use that to buy the radio.

Truthfully I just stoped buying stupid expenditures after that.

I miss that truck, had the 327 equivalent, it was fast and the radio was loud. I beat the crap out of it so bad the motor was ticking after 40,000 km. My first new vehicle.

Mind you some days, driving home drunk from the bar (hum I mean I never did that), my wife and our buddy Super Dave (guy would crash his bike stunt riding all the time and lived, like Super Dave Osborne) would force me to play Cher full blast.
Kids would give me the strangest look at stop lights, then I’d smoke them and it didn’t matter, lol.
 
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