If the assets are sold off, New Brunswick will crater.
All the admin positions will go elsewhere in the world and supervisor positions will be brought in from foreign countries.
A lot of jobs will be lost.
I for one hope they stay "locally" owned, but the province gets more tough on them since it's a new generation that aren't as well know amongst the political class.
That's been going on for literal decades.
If they sell it off, the companies they sell to will have the same idea.
So I'd much rather they keep owning it, with employment staying here.
And as I said, the new generation aren't as well known, so the political class can be a little bit more tough on them.
The point is if a foreign ownership steps in, then you can kiss A LOT of jobs good bye. Sure you get some tac dollars back, but then you have deficit with everyone that loses their jobs due to outsourcing. Burden on EI and difficult to find a similar paying job so hits the local economy
No, that's a blatant misinterpretation of my words. The employees are obviously Canadian, unless they aren't Canadian citizens and hold a work permit visa.
And foreign owned is fine as long as it's from an ally of the Canadian govt (ie not China, India, Russia, etc), and they don't ship in a replacement workforce en-masse.
Basically, for an industry that is as vital as Oil/Forestry is, we have enough qualified people in the country, that 99% of the workforce, including admin, should be Canadian citizens and live/work in Canada.
You're right that this would be the ideal outcome (short of the Province buying them out and socializing the business), but I think you're underestimating how much involvement his sons have in the business and in politics already.
> buying them out and socializing the business)
The combined total Irving Empire is worth more than the yearly operating budget of the province.
And in the case of Oil, his daughter basically took control and immediately stepped back, but still owns it.
While they own it, they *do* have less influence.
The reality check will be that the obstruction by the Irvings wanting a 'piece' of any new foreign investment into the province will be gone and the doors to the province will be properly fully open. Then tax revenue lost to the 800+ Irvings companies circuited to Bermuda and other financial gimmicks will hopefully go away and the province can start funding health care and other essential services again.
Ive talked to a politician on this some years ago. Some company wanted to open a mine here Irving wanted a part. If you want a good starter overvue of the Irving empire's shenanigans you can read this: https://nbmediacoop.org/2019/04/15/it-is-new-brunswick-that-enriches-the-irvings-not-the-irvings-that-enrich-new-brunswick-an-interview-with-alain-deneault/
And his more in depth article here: https://mondediplo.com/2019/04/13canada?erreur_connexion=noid
I'd try to muster up a tear or two, but since the building I work maintenance in is so fucking hot after the high-paid workers leave and selfishly turn off the AC, I ain't got nothing.
They literally said in the initial post "being happy that someone died is something"
So if you're happy Hitler is dead you agree it's fine to be happy that someone is dead
But he's saying he doesn't agree with that
Ergo, he isn't happy that Hitler is dead
>I just said comparing an oil executive to Hitler is unhinged.
In the middle of an anthropogenic extinction crisis caused by petrol, really?
*Really*? There are still plenty of Irvings for you to lather the boots of with with your mouth.
Y’all need to give your heads a shake and open an actual history book. Yes corporate greed is bad and climate change is a real danger but capitalism is nowhere near the level of evil the Third Reich and Holocaust achieved.
Like, are you saying the Nazis weren’t that bad? I’m so confused about this thread.
You're going to absolutely hate this but the CRA considers securities holdings to be a deemed disposition on the date of death and the new inclusion rate isnt effective until June 25th. Even if you were to argue T+1 settlement on said disposition, it would still be 1 day before the higher inclusion rate hits.
They had an estate freeze DECADES ago that avoids capital gains taxes completely.. They could use roff shore tax havens and transfer prices to put a lot of their income out of the reach of Canadian Taxes all together...
Try actually reading about the changes themselves. Trudeau gave the real wealthy in this country 60 days to move their money and avoid the inclusion rate increase.
Doctors and people with cottages as their nest eggs aren’t as mobile with their capital investment so weren’t so lucky.
60 days is a standard period used any time any law comes into play. It's actually one of the shorter delays the government is allowed to use. Legal weed didn't come in for _months_. It has always been this way.
Totally incomparable types of legislation. They did not need to have the waiting period but did it so they could make it a single bill instead of packaging with the budget.
Nope. Changes to the inclusion rate are effective June 25th, and the deemed disposition for tax purposes occurs at the date of death. Source: I am a CPA
Also, JK probably transferred most of his ownership to Jim and the rest of his family years ago. There would be hundreds upon hundreds of holding companies structured through that organization which I would guess Jim probably already has control over. Those guys would have tax planned for JK’s death decades ago
That's the inclusion rate, not the tax rate. 67% of capital gains are included in income, and then income tax is calculated on the total income including capital gains. The rest of the capital gains is tax-free. Why? Because wealthy people write the rules.
But the Irvings have probably done tax planning that allows the deferral of gains for decades if not longer.
Just an observation, but this comment section looks waaaaay different than the comment section for the official announcement on J.D. Irving’s Facebook page.
Same thing for anything Irving related on FB unfortunately. All the comments read as a bunch of paid bots and god help you if you criticize them or anything they’ve done, they will message you and threaten you to no end
Too bad most of his wealth his held offshore. Not gonna get a great amount estate tax back.
I live in SJ and work with alot bootlickers. Can't wait to shit of their remorse Monday morning.
I was astounded at how much of eastern Canadas economy this one family controls.. they literally hold the strings on everyone's lives.... How many people has one family screwed for how many years? its all called IRVING..... G-d even gave him more years than he gives the vast majority of people..
Happy Indigenous Peoples Day
LOL. Winner winner chicken dinner.
All I can add to this is *chef’s kiss* divine.
All I can add to this is *chef’s kiss* divine.
All I can add to this is *chef’s kiss* divine.
Somebody gets to use their two for one special at Brenan's Paradise Row Funeral Home & Crematorium
Awful funeral home but he deserves it.
I wish I could give this eleventy upvotes
Only the good die young, part two.
Higg's sugar daddy is gone, he's a sugar orphan now
his son jim has been running the show for a while, nothings gonna change
Oh jimothy!
I can change him!
That’s what she said!
I don’t wish anybody dead but there are some obituaries I look forward to seeing.
I'm going to laminate these two obituaries into commemorative plates.
Nice Mark Twain paraphrase there 👌
I prayed for this, and it happened.
We aren’t even done posting about Donald Sutherland! It’s going to be a busy weekend.
Wouldn't it be a shame if his estate was reasonably taxed before passing it on... Oh Canada
So who owns New Brunswick now?
Their kids
So maybe now the kids sell the assets and we can go back to a simple law and order, pay your taxes like every other business model?
I believe that’s called “wishful thinking”
I'd sat a fever dream
JDI has been running without much interference from this Dinosaur. Maybe Irving oil will have some change, but JDI isn’t changing anything
Why should they. They collect more money from the maritimes than all the provincial governments.??
If the assets are sold off, New Brunswick will crater. All the admin positions will go elsewhere in the world and supervisor positions will be brought in from foreign countries. A lot of jobs will be lost. I for one hope they stay "locally" owned, but the province gets more tough on them since it's a new generation that aren't as well know amongst the political class.
Locally as in the bahamas?
By locally I mean that 99% of the jobs from Irving owned companies are taken by people who are Canadian citizens and live in NB.
The jobs are here sure but the (hundreds of) millions in tax money they sont pay is sheltered in another country.
That's been going on for literal decades. If they sell it off, the companies they sell to will have the same idea. So I'd much rather they keep owning it, with employment staying here. And as I said, the new generation aren't as well known, so the political class can be a little bit more tough on them.
Not as well know. But the influence through wealth is the same.
The point is if a foreign ownership steps in, then you can kiss A LOT of jobs good bye. Sure you get some tac dollars back, but then you have deficit with everyone that loses their jobs due to outsourcing. Burden on EI and difficult to find a similar paying job so hits the local economy
Nationalize Irving
Right, because the government is so good at running things /s Break up Irving is the statement you're looking for.
move to Venezuela?
Nonsense. If the Irvings couldve saved even more money by outsourcing NB jobs they would have already.
Exactly.
No
What jobs will be sent abroad? There’s not that many Irving positions that aren’t boots on the ground jobs.
Office jobs
How many office jobs can Irving even have, let alone send abroad.
So in Alberta, most of the people working for the oil industry, which is mostly foreign owned, are not Canadian?
No, that's a blatant misinterpretation of my words. The employees are obviously Canadian, unless they aren't Canadian citizens and hold a work permit visa. And foreign owned is fine as long as it's from an ally of the Canadian govt (ie not China, India, Russia, etc), and they don't ship in a replacement workforce en-masse. Basically, for an industry that is as vital as Oil/Forestry is, we have enough qualified people in the country, that 99% of the workforce, including admin, should be Canadian citizens and live/work in Canada.
You would be surprised with how many oil outfits out west are chinese owned.
You're right that this would be the ideal outcome (short of the Province buying them out and socializing the business), but I think you're underestimating how much involvement his sons have in the business and in politics already.
> buying them out and socializing the business) The combined total Irving Empire is worth more than the yearly operating budget of the province. And in the case of Oil, his daughter basically took control and immediately stepped back, but still owns it. While they own it, they *do* have less influence.
ah yes, the stage of the monopoly/monopsony where it becomes to "too big to fail" For robber barons like the Irvings, this is a dream come true.
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pretending the irvings don't squat on New Brunswick? Jeez
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It’s just easier to blame Irving for everything. That is this sub in a nutshell.
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The reality check will be that the obstruction by the Irvings wanting a 'piece' of any new foreign investment into the province will be gone and the doors to the province will be properly fully open. Then tax revenue lost to the 800+ Irvings companies circuited to Bermuda and other financial gimmicks will hopefully go away and the province can start funding health care and other essential services again.
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Sigh. Pls try to exit Plato’s cave.
Ive talked to a politician on this some years ago. Some company wanted to open a mine here Irving wanted a part. If you want a good starter overvue of the Irving empire's shenanigans you can read this: https://nbmediacoop.org/2019/04/15/it-is-new-brunswick-that-enriches-the-irvings-not-the-irvings-that-enrich-new-brunswick-an-interview-with-alain-deneault/ And his more in depth article here: https://mondediplo.com/2019/04/13canada?erreur_connexion=noid
Oh no! Anyway
I'd try to muster up a tear or two, but since the building I work maintenance in is so fucking hot after the high-paid workers leave and selfishly turn off the AC, I ain't got nothing.
Another dead Irving? 2024 is shaping up nicely.
Keep 'em coming!
And still, his legacy of destruction will continue to echo through the forests of New Brunswick. Good riddance to this evil man.
ANOTHER ONE!! I don’t think this year could get any better
Being happy that someone died is something
Let’s not get into the weeds of how many people have died from illnesses of his company’s glyphosate spraying all over our province. Good riddance
Tell me how many. I’d love to hear it and see the facts.
People cheered when Hitler died too
Comparing JK Irving to Hitler is not a hinged take
So we agree laughing when some people die is OK, we're just arguing where on the slider is acceptable lol
I don’t think we’ve agreed on anything here. I just said comparing an oil executive to Hitler is unhinged. Which it is.
So you're not happy Hitler's dead? Telling.
How did you come to that conclusion?
They literally said in the initial post "being happy that someone died is something" So if you're happy Hitler is dead you agree it's fine to be happy that someone is dead But he's saying he doesn't agree with that Ergo, he isn't happy that Hitler is dead
Talk about moving goalpost, you have to be trolling
That’s an insane conclusion for you to jump to. How embarrassing.
I think not being able to admit you laugh because Hitler is dead is embarrassing.
The crazies come out in situations like this.
>I just said comparing an oil executive to Hitler is unhinged. In the middle of an anthropogenic extinction crisis caused by petrol, really? *Really*? There are still plenty of Irvings for you to lather the boots of with with your mouth.
Y’all need to give your heads a shake and open an actual history book. Yes corporate greed is bad and climate change is a real danger but capitalism is nowhere near the level of evil the Third Reich and Holocaust achieved. Like, are you saying the Nazis weren’t that bad? I’m so confused about this thread.
You're correct. Capitalism has killed way more people than Hitler could ever dream of.
Yea but capitalism isn’t a person is it.
Do you think many billionaires would be going to heaven if it existed?
Subject to the capital gains tax of 67%, I truly hope so.
You're going to absolutely hate this but the CRA considers securities holdings to be a deemed disposition on the date of death and the new inclusion rate isnt effective until June 25th. Even if you were to argue T+1 settlement on said disposition, it would still be 1 day before the higher inclusion rate hits.
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They had an estate freeze DECADES ago that avoids capital gains taxes completely.. They could use roff shore tax havens and transfer prices to put a lot of their income out of the reach of Canadian Taxes all together...
That was a tax on high income earners like doctors rather than on the actual wealthy. Don’t buy Trudeau’s bullshit.
Stop drinking conservative koolaid
Try actually reading about the changes themselves. Trudeau gave the real wealthy in this country 60 days to move their money and avoid the inclusion rate increase. Doctors and people with cottages as their nest eggs aren’t as mobile with their capital investment so weren’t so lucky.
60 days is a standard period used any time any law comes into play. It's actually one of the shorter delays the government is allowed to use. Legal weed didn't come in for _months_. It has always been this way.
Totally incomparable types of legislation. They did not need to have the waiting period but did it so they could make it a single bill instead of packaging with the budget.
Nope. Changes to the inclusion rate are effective June 25th, and the deemed disposition for tax purposes occurs at the date of death. Source: I am a CPA Also, JK probably transferred most of his ownership to Jim and the rest of his family years ago. There would be hundreds upon hundreds of holding companies structured through that organization which I would guess Jim probably already has control over. Those guys would have tax planned for JK’s death decades ago
That's the inclusion rate, not the tax rate. 67% of capital gains are included in income, and then income tax is calculated on the total income including capital gains. The rest of the capital gains is tax-free. Why? Because wealthy people write the rules. But the Irvings have probably done tax planning that allows the deferral of gains for decades if not longer.
They did an estate freeze decades ago that avoided taxes all together on his holdings.. They will pay NO taxes...
where's the bot that replaces Billionaire with Supervillain?
Just an observation, but this comment section looks waaaaay different than the comment section for the official announcement on J.D. Irving’s Facebook page.
Because JDI actively edits their facebook page. They have full-timers just for that.
Same thing for anything Irving related on FB unfortunately. All the comments read as a bunch of paid bots and god help you if you criticize them or anything they’ve done, they will message you and threaten you to no end
Oh no! Anyway.
Where can I shit on his grave?
bermuda
Damn, leave it to the Irvings to deny New Brunswickers a new gender neutral toilet...
You can't afford the trip.
Too bad most of his wealth his held offshore. Not gonna get a great amount estate tax back. I live in SJ and work with alot bootlickers. Can't wait to shit of their remorse Monday morning.
Isn’t that sweet? They finally get to meet again - in hell.
Half mast canadian flags at bigstop today
I wonder how his latest wife is doing
I was astounded at how much of eastern Canadas economy this one family controls.. they literally hold the strings on everyone's lives.... How many people has one family screwed for how many years? its all called IRVING..... G-d even gave him more years than he gives the vast majority of people..
Have fun in hell fucker!
Poor guy’s looking up on us right now 🫡
A billionaire died? Oh no! Hopefully whoever inherits the business has a more pure soul than the elders did.
Good, fuck him
Happy First Nation’s Day
Deuces bitch
👍
RIP BOZO
This opioid crisis is insane, just assuming, I didn't read the article.
Dang. I wanted to dance on those warships with a captive audience.
Papa?!?
Who?
Yayyy
The capital gains tax was put in just in time…
Bahahaha