27% Of Canadians Not Returning To Work When Asked Because Of Benefits

[COOOK 76,406]

The fact that @Economy has ha own tag for threads... I want one too, @mods!!!

[Webb7 438]

1 minute ago, Economy said:

I feel like most ppl are completely ignoring the tax factor

not related to your topic but what do you think about this article?

The world loves the US dollar. Trump and the pandemic could change that...

When the novel coronavirus sent investors running for the exits in March, there was a mad dash to snap up US dollars, the world's ultimate safe haven asset. 

But as the United States struggles with fresh Covid-19 outbreaks weighing on the economic recovery, the dollar has stumbled. Now, some on Wall Street warn it could fall further, due in part to President Donald Trump's handling of the crisis and isolationist policies. 

"We expect the US dollar to follow a path of reduced dominance and weaken over the long term," Nomura said Monday in a report to clients.

https://www.cnn.com/2020/07/16/investing/us-dollar-coronavirus-trump/index.html

[Delulu Rogers 7,662]

27 minutes ago, Economy said:

Ummm I dunno. Did u pay any taxes?

 

U can't get a tax refund from CERB if u never deducted any of it to begin with

 

Unless ur other deductions are enough to offset what u owe then yes on a net basis u could still get money back

 

It would be hard for anyone that was on it for a long time to still get a tax refund. But if u were on it for a short time and rest of year made good deductions u still could get a refund

Oh I think I know what you’re saying. I’m extremely bad with taxes and all that Jazz even though I’m good with my money. All I know is that all these years of working I’ve always gotten money back from the government for being a student, making less than $15,000 a year etc. So when you said it’s like income I just thought that even with my CERB I’ll still be under my average salary and I’m still a student with all those expenses so I might get something back. But idk anything lol. I get the whole no deductions on CERB part though 

[Economy 52,844]

15 minutes ago, Webb7 said:

not related to your topic but what do you think about this article?

The world loves the US dollar. Trump and the pandemic could change that...

When the novel coronavirus sent investors running for the exits in March, there was a mad dash to snap up US dollars, the world's ultimate safe haven asset. 

But as the United States struggles with fresh Covid-19 outbreaks weighing on the economic recovery, the dollar has stumbled. Now, some on Wall Street warn it could fall further, due in part to President Donald Trump's handling of the crisis and isolationist policies. 

"We expect the US dollar to follow a path of reduced dominance and weaken over the long term," Nomura said Monday in a report to clients.

https://www.cnn.com/2020/07/16/investing/us-dollar-coronavirus-trump/index.html

There have been calls about the end of the US Dollar dominance for decades by pessimists and it never happens.

 

Currencies gain and loose favour among investors as markets change up and down that's normal. Covid won't last forever so whatever impact on the currency now of investors leaving for the exit won't either

 

The US is loosing dominance in the sense that it's making a smaller and smaller share of the global economy

 

Also I dunno that I'd consider any currency the "ultimate safe heaven" even tho many investors call the US Dollar that simply because of its reserve currency status

 

Any fiat currency can loose a tone of value under the right (or rather wrong) circumstances. Think of the the high inflation in the 1970s. The US Dollar was not such a safe heaven then

[GregJA 5,531]

50 minutes ago, Delulu Rogers said:

Well don’t they have to go to work or be laid off? That’s what my option was and even though I’m back to work they’ve been giving my one 4 hour shift a week so I still am eligible of CERB anyways cause if the reduced hours/less than $1000 a month rule. 
 

Anyways, since you always seem to be on top of all the economic stuff, do you have any insight to how much taxes we’ll have to pay back next year @Economy

The EI people told me put away 20-30% of what we paid you to cover it AND if you do not use all original 16 weeks (8000) the 2000$ advance they gave at the start will need to be returned.

 

i only used like 7 weeks or less so as of now I owe them $2000 + taxes on all of it BUT he advised me not to pay it as the laws might change and I said... probably because good luck getting back $2000 from *most* of the people who were on CERB because *most* never used all the weeks allowed. 
 

‘the government will be super messy next year but considering I work and worked before, plus school full time it always gives me a nice big return so worst case if they do hound everyone for all of it - it should be covered. Plus currently ever since I returned to work in mid May every paycheque I get is taxed MASSIVELY by the federal government (at least twice as much as before) so if they come at me for money I’ll be having a word or two with them 

[LaLuna 12,732]

Yeah, they want to have the whole summer off 

[Webb7 438]

1.3M American s file for 1st time EI .. 51.2M total claim since pandemic started mid March 

[Economy 52,844]

2 hours ago, Delulu Rogers said:

Oh I think I know what you’re saying. I’m extremely bad with taxes and all that Jazz even though I’m good with my money. All I know is that all these years of working I’ve always gotten money back from the government for being a student, making less than $15,000 a year etc. So when you said it’s like income I just thought that even with my CERB I’ll still be under my average salary and I’m still a student with all those expenses so I might get something back. But idk anything lol. I get the whole no deductions on CERB part though 

Students in particular tend to always get money back not just because of expenses but also because sometimes they dont work the entire year

 

Your deductions every pay check are done under the assumption that u make that annually

 

For example say you make $600/week if you worked the entire year that's $31,200 and every week you pay taxes for that bracket

 

But if your only working half the year let's say you only made $15,600 but the other half you did work you were paying the same taxes as if you were making $31,200 annually. So students which tend to be off work part of the year always end up overpaying in taxes which is why during tax season u get a refund because you always overpay

 

That's even without expenses u can write off

 

In my last job I always got a lot back every year because I'd work overtime occasionally some weeks and my taxes those weeks were high but my overall annual income didn't reach those income tax brackets because I didn't do overtime every week so I'd always end up getting those extra taxes I payed back

 

That's basically what income taxes do. They adjust over payments or under payments because inconsistent income throughout the year tends to make people not pay the right amount they are supposed to for the year as a whole

 

 

 

[blankpaper 21]

awesome, maybe i'll be able to find a job up there 

[Runway 27,876]

Suddenly I’m canadian