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Yachts & Taxes...

Discussion in 'General Yachting Discussion' started by YachtForums, Apr 11, 2006.

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  1. YachtForums, Apr 11, 2006
    #1
    YachtForums

    YachtForums Administrator

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    It seems like the number of people online today is pretty low. I got started early this morning on my taxes. I was beginning to wonder... where is everyone? Duh!

    As many are aware, 2nd home mortgage interest is deductible, and yachts can be considered 2nd homes. I heard this is a loophole that may find a noose around its neck soon. In the meantime, here's a story for those interested...

    http://seattlepi.nwsource.com/local/199197_boatshome11.html
  2. YachtForums, Apr 11, 2006
    #2
    YachtForums

    YachtForums Administrator

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    This time of year reminds me of the slogan...

    "Fight organized crime, abolish the IRS!"
  3. Codger, Apr 11, 2006
    #3
    Codger

    Codger YF Wisdom Dept.

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    When you started talking about taking a holiday I just dutifully followed your lead and took off.:D
    I tried doing my own taxes a few years ago just to prove to myself that I could actually complete that procedure. I cheerfuly admit that after a few hours I handed the whole mess back to the accountants and anything that I pay to have that all sorted out is money well spent. I did keep that years copy of the Income Tax Act and look at it every now and again when I've got a meeting scheduled with a government employee, just to prepare me mentally. :) Seems appropriate that the binding of the Canadian Tax book is a dark red, sort of like coagulated arterial blood.
  4. YachtForums, Apr 12, 2006
    #4
    YachtForums

    YachtForums Administrator

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    LOL!!! :D
  5. Kevin, Apr 12, 2006
    #5
    Kevin

    Kevin YF Moderator

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    Two bucks a gallon for gas and you can write off the interest on your boats? Geez you are guys are lucky.
  6. YachtForums, Apr 12, 2006
    #6
    YachtForums

    YachtForums Administrator

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    Yes, you are right. But you guys have healthcare. ;)
  7. Kevin, Apr 12, 2006
    #7
    Kevin

    Kevin YF Moderator

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    Which I don't even use... my card's been expired for a year or two already. This is the 2nd or 3rd time I've had my medicare card expire and not bother renewing. I'd much rather have a boat! :p
  8. Arniev, Apr 12, 2006
    #8
    Arniev

    Arniev Senior Member

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    Hi, Kevin.

    You guys are lucky because your Healthcare System is so affordable and accessible to many people. Which is why I envy my sister who lives in Vancouver.

    My wife's a doctor and we see how expensive U.S. medical insurance is.
    And for some people, specially the elderly, the high cost of prescription medicine means a decision between buying medicine or groceries.

    It's always good to have that Medicare Card ready ... "JUST IN CASE".

    Best regards,
    Arnie
    :)
  9. Codger, Apr 12, 2006
    #9
    Codger

    Codger YF Wisdom Dept.

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    Kevin, just wait a few years and you'll be happy that we've got medicare. Bust a leg in some countries and you'd have to sell your boat to pay for it.
    Getting tagged by a scorpion in west Texas is 30k including complications, been there, done that.



  10. Kevin, Apr 12, 2006
    #10
    Kevin

    Kevin YF Moderator

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    Trust me guys... our medicare system isn't as bright and shiny as you think it may be.
  11. cognac, Apr 12, 2006
    #11
    cognac

    cognac Senior Member

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    You're right. My family doctor is in Burlington Vt. Great in the summertime (boating on Lake Champlain can be fun) not so great in the winter time.

    Major difference between the two countries, as far as health care goes, is that you may get lousy care if you do not have insurance (in the USA.) Canada being a left leaning country, we all get lousy care.
  12. Ken Bracewell, Apr 12, 2006
    #12
    Ken Bracewell

    Ken Bracewell Senior Member

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    Salary Cap

    If I'm not mistaken, Canadian doctors still have a salary cap.:eek: When I lived up there, my doc used to work for the first several months of the year until he reached his cap and then he would go to a private clinic specializing in cancer treatment. That meant that we'd better get sick early in the year or risk having to go to the emergency room for a wait of MANY hours:mad: