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Our families progress!

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Re: Our families progress!

Postby thecrownsown » Tue Jan 30, 2018 2:37 pm

peppercorn wrote:You two arnt making sense to me....what inheritance tax? Canada doesn't have a inheritance tax that I know of. A Province might as I don't know each provinces policies. I thought I heard Ontario might have a very small one but it would be the exception in Canada if it does. Estates are wrapped up upon death just as if the person was alive and had sold their assets, capital gains are paid on assets, yes but that is not a inheritance tax, just the normal tax on a form of profit. If I am wrong please find something to point to and I will read it.

Insurance, really? for medically necessary things? First good on you for being able to afford extra private insurance, I have no problem with that and if your situation allows for that great! that is not the case for everyone, not for most people and should not be needed in any developed society, You hit the nail right on the head when you say that insurance companies can make you redo health checks if you miss a payment, they can dramatically up your rates, they can deny you coverage if they declare a condition pre existing, or even find a error or omission you made, They can cap your benefits, dictate drug coverage, or even at their discretion dictate what doctors or hospital you may use.
The land of Private insurance for medical care is just down south. No other developed nation still operates that way. That nation flat lined in life expectancy a decade ago, while other nations including our own advanced, we live on average 3 years longer than a American. For 2015 and 2016 US life expectancy declined, that's unheard of in the developed world, data is not in for 2017 yet but I bet it will be the same.
I am just saying if you can afford extra coverage great, but a better long term strategy for everyone is to advocate for better health care coverage, and more inclusive coverage at that, like some basic dental.

I don't recall mentioning an inheritance tax...but I think your article proves the point about how much the government will take upon your death if certain investments go to anyone other than your spouse. The % taken by the government when its taxed at the time of your death is staggering. In a progressive tax system the more you make and earn, the more the tax man taketh... Anyone with any semblence of a retirement fund invested should best know what will happen to it before the remainder goes to a child...and perhaps act accordingly if you get my drift.

I encourage anyone to click on Peppercorns article above and read it carefully. Definite food for thought.

https://www.theglobeandmail.com/globe-i ... le4171500/

As for the comments on insurance and America...that can be left for another politics thread. Correlating single variables in such a complex issue is daring......but not for this thread. Don't get me started on making others pay for poor people's insurance in a "developed" country. :)
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Re: Our families progress!

Postby Protector » Tue Jan 30, 2018 3:20 pm

Insurance isn't taxed. That's why paid off insurance is the only sure way to leave $ for generations to come. I'm a nurses aid and I see Ppl all the time that make this key financial mistake. You have to give away all your wealth 5 yrs before moving into and old age home. The government facilities will charge your loved ones 2000-3000 a month until they must sell your home and your wife must move from the family home. For me step one is to be ready for emergencies up to 3 months. Then I will pay off my kids life insurance. Then in five yrs once my house is paid. I will buy another or invest in a business. Houses can be 55000 with 100 acres. Old house but it's 300 a month. Pay for as much schooling as they need and once grandkids are old enough. Pay for their insurance too. The cycle of poverty stops with me. A policy is 8-10 grand for a kid. If you have a newer car. You can afford this Np. That newer car will be worth nothing down the road. This insurance will allow generations to come to prosper. To me it's my duty. I'm different like that!
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Re: Our families progress!

Postby scrounger » Tue Jan 30, 2018 10:16 pm

Financial literacy is in my opinion, the number one prep skill to acquire. So much good flows from making sound financial choices.
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Re: Our families progress!

Postby HopeImReady » Tue Jan 30, 2018 11:59 pm

There are estate taxes in most provinces/territories, for example in Ontario they call it the estate admin tax: https://www.fin.gov.on.ca/en/tax/eat/

Plus any income tax from the last/final year.

One can reduce the tax owing on death, if a good chunk of the assets are transferred not through the formal "estate", but rather, paid via beneficiary, like for insurance (as mentioned by Protector), or held jointly like a residence, or gifted in advance, etc. When you do up a will (everyone should have one), a good lawyer or accountant should be able to point these out to you, or you can do a bunch of research like I did, depending on your own situation & family.
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Re: Our families progress!

Postby peppercorn » Wed Jan 31, 2018 6:07 am

I had to re-read your post as I would have sworn you said inheritance, but I cant dispute that the word isn't there, just the word tax, So I stand corrected on that. Though it was strongly implied, other wise you have just been saying, the amount paid at death in taxes is the same as if you liquidated your assets.
I will take the liberty to re phrase you post as Such....The amount taken by the government at death in taxes is the same as if you sold your assets and I think it is too much.
It does lack dramatic effect, shows that both cases are the same, actually better in the case of death if you have a spouse, but I wont quibble.

'As for the comments on insurance and America...that can be left for another politics thread. Correlating single variables in such a complex issue is daring......but not for this thread. Don't get me started on making others pay for poor people's insurance in a "developed" country. :)'

Now there is where your wrong, its a common mistake though, Not at all a political thread but a moral one :D but again lets not quibble, we can both be right and agree its for another thread.

Correlating single variables in such a complex issue is daring.... it is, I will give you that using a single variable as I did may not be fully accurate in causation but much as a flasher gets a thrill at opening his trench coat and watching the reaction, I get the same entertainment value making a bold claim, often against the Americans and seeing who blushes :)and how much.
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