Ballmer Says Tax Would Move Microsoft Jobs Offshore
Posted on 06/29/2009 1:55:42 PM PDT by AKSurprise
Tim Hortons Inc., the quintessentially Canadian coffee and doughnut chain, wants to become even more Canadian.
The company has filed a notice with the U.S. Securities and Exchange Commission stating that it wants to reorganize itself as a "Canadian public company" in order to take advantage of decreasing Canadian corporate tax rates.
The reorganization would regroup the company's U.S. and Canadian business units under a single entity incorporated under Canada's federal company statute, the Canada Business Corporations Act.
The new company would maintain the name Tim Hortons Inc.
The federal government is whittling down the federal corporate income tax rate to 15 per cent by 2012 from 22.12 per cent in 2007.
"Management and the board believe that the proposed reorganization would be in the best interests of the company and our stockholders by creating operational and administrative efficiencies over the long-term, enhancing the company's ability to expand in Canada and internationally, and improving the company's position to take advantage of lower Canadian tax rates commencing in the year following implementation," the company said.
(Excerpt) Read more at canada.com ...
Ballmer Says Tax Would Move Microsoft Jobs Offshore
when people begin looking at Canada as some kind of tax haven, we are REALLY in trouble, folks!
Tim Horton- great Canadian, Hockey Hall of Famer, and one time Pittsburgh Penguin and Pittsburgh Hornet
“...Tim Horton- great Canadian, Hockey Hall of Famer, and one time Pittsburgh Penguin and Pittsburgh Hornet...”
What about the Sabres!!? His #2 jersey is hanging in the rafters at HSBC Center!
Also, I read somewhere that his widow sold-out the family’s interest in the chain after only 3 or 4 stores were opened, so unfortunately, they aren’t getting any benefit from recent growth....
I don’t blame Hortons for this move at all.
Wow, that was fast. Of course, a 32% reduction in taxes could make even this Southern boy say, "eh", eh?
Canada really isn’t that much better on corporate taxes according to that chart. But, nevertheless, a little bit better in these days means a whole lot better.
Bah!
You notice how the vast majority of those countries with corporate tax rates lower than the U.S. also have a personal tax rate higher than the U.S.? You sure that’s what you want?
They are dropping their corporate tax rate from 22% to 15% next year. Read the article it states that in there.
All those countries also have massive bureaucratic social systems. So Obama’s going to give us a double-whammy. We will have higher corporate taxes, and higher income taxes, just to cover the expansion of the bureaucracy, that is the all to apparent result of socialism.... If the energy bill passes the Senate, that is just the first of many taxes to be piled onto the backs of the middle-class American taxpayer.
ouch. it hurts just to look at him.
did he drop the gloves?
**Read the article it states that in there.**
I admit, I was being lazy and just looking at the chart! LOL! Thanks for the additional info.
(I’m so glad I sold my business!)
They got some great food and an iconic brand name. Wendy’s even partnered with them.
More like 30 or 40 stores. She got a million bucks for her share and years later when to court , claiming she'd been taken advantage of . She lost.
Just don’t hand him keys to the Pantera.
I’ve been to Tim Horton’s in both US and Canada, and I am shocked these things aren’t spread across the entire US. If you want good coffee (and not a $16 perfume-infused cup of milk with oily coffee residues sipped in the company of limp-wristed metrosexuals lamenting the various corporate forces conspiring to keep them perpetual failures) for around $1 and good cheap donuts, this place is for you. Good chili too. They don’t make a lot, but what they do offer seems to be a bargain and good.
And yeah, expect the exodus of companies to begin. Canada is close, not a third-world country, the tax rates are now basically harmonized with America’s (some US states have higher taxes, some lower, most about the same). Subtract a few points from the corporate tax rate in Canada and watch what happens. I think Canada dropped taxes on certain software development 3-4 years ago which caused a bunch of European software companies to HQ+staff there. The WTO then sued Canada for “anti-competitive” tax policies (gotta love so-called “free trade” organizations) or some such, I can’t remember because I only skimmed the article.
Watch the modern USSA try the same.
Horton was one of the strongest and toughest players ever but I don’t think he did much fighting because he wasn’t a vicious fellow and people also usually had the good sense not to mess with him. I think Derek Sanderson tried to start something with him and Horton just put in him a bear hug that settled Sanderson down quite effectively.
bump :)
ABSOLUTELY. We love Tim's up here. All our donuts for the after liturgy coffee at our parish come from TH. Some years back my wife and I went to her ancestral village in coastal NE New Brunswick. The little village is full of Scotsmen, an island of anglophones in a sea of Frenchmen and Indians as one of her cousins said. They were also the most unfriendly, miserable bunch of people I ever met. Anyway, while she did her genealogy stuff, I drove 20 miles south to a larger town and sat in Tim's drinking coffee, eating apple fritters and talking French with some Frenchmen and two Chinamen. Nicest folks you'd ever want to meet!The three days I spent a Tim's and the restaurant of one of the Chinamen across the street were great!
Excellent post!
That’s why I;m here from canada. That observation was well known ever since Tv and movie productions went to Vancouver, BC. The personal income tax rate varies from province to province but the average is still 56% of what you make goes to Ottawa (the washington DC of Canada).
Would anyone want that? BTW, I miss Tim Hortons coffee..way better than the crap at Starbucks.
Today we re-take Timmy’s . . . tomorrow we annex the entire country! Mwa-ha-ha-ha-ha!
Hey will it matter, Obama is bankrupting the country, the only thing you’ll end up annexing is a pile of debt your kids, grandkids, and their kids will never be able to pay off. Oh and don’t forget, the healthcare system won’t be any better either, once the Obama regime is finished with it...
This must be what Obama means to “save and create” jobs.
Yes “save and create” jobs for foreign countries.
Timing is everything.
Brilliant move by the closest Nation to the US to lower its Corp Tax rate by 7%!
Now the giant sucking sound will come from the North.
True, but those are 2005 numbers. Ottawa and most provinces have been steadily reducing corporate income tax rates for the past couple of years and have committed to further reductions.
Wendy’s owned them for several years. They spun it off as a separate company a couple of years ago.
Speaking as an Alaskan who has to drive through Canada in order to get to the rest of the country... I’d love to see Tim Hortons in Fairbanks and Anchorage (and Tok and Delta and Valdez and Nome and Barrow and Bethel... you get the idea).
I need to think about those donuts or I’ll start to cry thinking about Obama’s destruction of my country.
.
well said.
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