discussion comment
10 years ago
@Dougster,
I am not as well versed in tax matters as I should be. After googling S-Corp I can tell you that my company is not organized along those lines. I can't even tell you if that sort of corporate organization exists in Canada.
My company is organized as a limited liability company. There are two shareholders. I am the 'talking' 90% shareholder. My young partner owns 10%. For both of us it makes no sense for the company's profits to come to us as individuals. Our individual tax rates are much higher than the corporate rate. I take no salary from the company. My partner takes a relatively modest salary.
In any event, this entire discussion is moot. The company is not profitable. The exploration costs of the nat gas play in NWT are rapidly eating up the company's capital. The company has tax loss carry forwards that will ensure that the company is not taxable for many years after the income stream starts.
discussion comment
10 years ago
Infertile.
discussion comment
10 years ago
Many entrepreneurs building their own companies take very little in salary for themselves, preferring to pump profits back into their businesses for expansion.
That is what I did for the 43 years of building my first company. I paid myself just enough salary so that I could contribute the maximum allowed premiums into the Canada Pension Plan (equivalent to Social Security in USA, I believe). I was thinking far enough into the future to allow myself some sort of retirement income. This was not then, and is not now, a rich person's wage. Current maximum employable earnings for Canada Pension Plan purposes are $52,500. At that income level employees contribute $2425.50/yr, an amount matched by an equal contribution from the employer. Contributions at the maximum rate for 40 (or more) years of employment ensure a current pension benefit at age 65 of $1038.33/mo.
Successful entrepreneurs most often don't capture their true wealth until the sale of their company. I realized some of my own wealth when I sold part of my company in 1995, allowing me to purchase the first home that I ever owned. I was 46 years old at that time. My big wealth arrived when I sold off the entire company thirteen years later. I lived the life of the big-spending nouveau riche asshole for about two and a half years, bored out of my gourd.
Since starting my second company 3+ years ago I have paid myself exactly $0/yr. All but one of my current employees are paid more than that $52,500 salary that I mentioned earlier. I have been a demanding employer for my entire career but I have also been a loyal employer and a generous employer. I have no guilt about enjoying the wealth that I created and I will defend that wealth with vigour and tenacity from any pitchfork-wielding horde.
discussion comment
10 years ago
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motorheadFat, drunk and stupid is no way to go through life
Tasty little tidbits for the coyotes around my farm.
discussion comment
10 years ago
SNAGs?
Shit, every drilling rig that I have ever crewed had at least 3 of them, usually specializing in the grease pit jobs or the mud jobs.
SNAGs are everywhere in the Canadian oil patch.
discussion comment
10 years ago
Who was the girl on the train wearing a velvet choker around her neck when Bond bedded her?
That girl and that scene got my teen aged pecker throbbing painfully.
discussion comment
10 years ago
The Canadian dollar bill went to dollar bill heaven in 1986. I don't miss it and I have come to appreciate the loonie as its replacement.
Whenever will you Americans get rid of those wretched rags that pass for $1 in your country?
I can tell you that strippers are much happier when a fin or a sawbuck is tucked into the g-string.
discussion comment
10 years ago
^^^^^
Exactly, rockstar666.
That is why I insist on Blackberry use for all corporate communications. My industry is rife with crooks, thieves, and spies.
I do very little SC stuff on a mobile device, none at all on my Blackberry.
discussion comment
10 years ago
How about the Blackberry products? I continue to use them and insist on their use by all of my employees for corporate business. I have unshaken confidence in Blackberry's security. Do cops have the capability of breaking Blackberry's encryption codes?
My understanding is that no person or government agency has yet broken Blackberry's encryption codes. This is the prime reason why Obama and the US military continue to support Blackberry.
Anybody know if this is still true? CIA, NSA, or GCHQ will never admit to breaking into Blackberry, of course.
discussion comment
10 years ago
When I look at myself in the mirror getting out of the shower I don't really consider myself to be an 'appreciating asset'.
discussion comment
10 years ago
I employ approximately 50 people, regular and contract employees. All but two of them are paid in excess of $100K/yr. None of them are top executives.
Among the office employees geologists, geophysicists, computer weenies, and my office manager all earn in the range of $110K to $200K, with occasional bonuses. The young receptionist is at $50K and a secretary is at $65K. Those salaries may seem inflated to you characters, but, in booming Calgary, that is what an employer must pay in a tight, competitive market. I have a helluva time keeping a receptionist even at that $50K salary.
All employees out in the field make over $125K (the starting wage for 18 year old rig pig grunts). Tradesmen and rig managers make considerably more. My drilling contractor will be drilling more complicated holes this coming winter and one new rig manager will be needed. The drilling contractor has warned me that I will be on the hook for $300K salary for that guy. Again, these hyper-inflated wages are a product of the red hot oil and nat gas sector in western Canada.
discussion comment
10 years ago
In Canada 18 is the age for drinking, voting, financial independence (mortgages, loans, etc.), medical independence (abortion, intervention decisions, etc.), all legal niceties, and virtually anything else that I can think of.
There is even a movement in two provinces to lower the voting age to 16.
discussion comment
10 years ago
My house is long ago mortgage free.
I pay virtually nothing for utilities; I have my own water well, solar panels, an emergency diesel generator, and a wind turbine (this makes money for me since excess power from my wind turbine enters the power grid at a very juicy price). I use some natural gas from the local rural co-op.
My retirement account has all the money that I will ever need.
I live in Canada so my medical expenses are minuscule. I pay $0 for my standard health coverage and $40.87/mo for extended health care coverage, pharmaceuticals, some dental, and vision care.
I am single with no dependents, no need for a nickel of life insurance.
I use company vehicles for most of my traveling.
My strip club visits are now very infrequent.
Toronto sweetie dumped me; no more expensive vacations with her.
My hobbies are mostly inexpensive save for old car restoration, vacation trips to Europe, and single malts and Bordeaux.
I have abandoned my fatal fascination with expensive fast cars, F-150 suits me fine now for my personal vehicle.
I grow much of my own food and buy most of my meat direct from the producers.
My property taxes are embarrassingly low compared what you urban guys will be paying for any middle class home on an average lot.
My biggest expense, by far, is my annual personal tax bill.
I don't have a clue what my monthly budget might be to maintain my current life style but I am guessing that it would be less than $2K per month if I were to cut out my expensive hobbies. My personal income taxes have no part in this guesstimate.
discussion comment
10 years ago
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impalaThe People's Republic of Pennsylvania
Fracin' right, it is, motorhead.
discussion comment
10 years ago
I was kicked out of the old French Maid in Calgary twice. The first time was for justifiably smacking an asshole customer. The second time was for bitching about short pours from the bartender.
After the second eviction I never returned to the club, effectively banning myself.
That old joint has been razed; a skyscraper is being built in its place.
discussion comment
10 years ago
I have always been curious about strippers' earnings. The single time when I saw real proof of what strippers might earn was when Toronto sweetie was trying to entice me into investing in her dream retail fashion store. She showed me current statements in her name showing various investments and savings totaling almost $500K.
I was gobsmacked to see that. Granted, Toronto sweetie is an older (now 43, I think) dancer who put in at least 15 years as a stripper willing to do extras. Alcohol was the only drug that Toronto sweetie ever consumed in my presence.
I didn't give her business dreams any prospect of success and didn't give her a nickel of my money for her cockamamie scheme.
Toronto sweetie has dumped me.
discussion comment
10 years ago
The 'no panties' style is to be strongly encouraged.
discussion comment
10 years ago
No strip clubs in Saskatoon to my knowledge. It is a booming city with lots of young guys making pots of money. Who knows?.....could be enough of those young guys to support this silly business plan.
jack, how on earth do you come up with these stories in your Detroit home base? You must have some sophisticated search software focusing on all variations of the words 'strip club', 'strippers', etc???
The tagline on that story is Global Edmonton. Edmonton happens to be the big city closest to Rancho farmerart, about an hour away.
discussion comment
10 years ago
There is a movie based on this outrageous premise?
discussion comment
10 years ago
I'm a good oilman.
All the others are greedy, rapacious, blood sucking bastards.
discussion comment
10 years ago
Scream in horror.
Then I wake up and realize that it is all just a dream (or nightmare).
discussion comment
10 years ago
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shailynnThey never tell you what you need to know.
During my retirement I took a bi-national cross continent trip focused entirely on strip clubs......Alberta to Montreal via the US Mid-West then back to Alberta via the northern Great Lakes route - a return trip of about 9,000km.
discussion comment
10 years ago
Grief, grief, and more grief; expect nothing but grief as a manager of a SC.
discussion comment
10 years ago
I have much experience in my family (parents, uncles, and aunts) with dementia/Alzheimer's. There was never any worry about strippers or the like of ever taking advantage but I learned very quickly that staff in the long term care facilities that house dementia sufferers must be watched like hawks.
My parents had (and have) the income to pay for trusted private companions to augment the institutional care that they needed (and continue to need). I helped out an indigent aunt in this situation with my own income.
I don't know what exists in USA for elderly dementia sufferers but Canada's treatment of the elderly dementia population is the shame of our otherwise excellent health care system.
discussion comment
10 years ago
Waffle House.....qu'est-ce que c'est?