Quote:
Originally Posted by mikemhg
Ok, let's go with that.
You're proposing a carveout, which I'm sure will occur at some point.
Carveouts equate to complexity, and result in loopholes, something you want to see avoided. How is a "large" corporation defined, how do you differentiate that in a manner easily audited by the CRA, and not circumvented via a loophole approach?
That's the problem when you start to add specific exemptions, the people who don't need it, nor qualify, are the one's who end up utilizing those same loopholes.
The goal should be to minimize exemptions/loopholes in tax policy, not add them.
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I'm not going to pretend I'm qualified to make decisions on where cut-offs happen.
Do you feel good about this though?
RBC (for example) taxes:
Royal Bank Of Canada income taxes for the twelve months ending January 31, 2024 were $1.655B, a 57.6% decline year-over-year. Royal Bank Of Canada annual income taxes for 2023 were $2.669B, a 20.13% decline from 2022. Royal Bank Of Canada annual income taxes for 2022 were $3.342B, a 8.27% decline from 2021.
RBC (for example) profits:
Royal Bank Of Canada gross profit for the twelve months ending January 31, 2024 was $40.384B, a 3.68% increase year-over-year. Royal Bank Of Canada annual gross profit for 2023 was $41.614B, a 9.36% increase from 2022. Royal Bank Of Canada annual gross profit for 2022 was $38.052B, a 3.72% decline from 2021.
Profits keep going up, but somehow taxes are less than HALF what they used to be.