OT: Ticketmaster hacked. Data breach of over half a billion users.

[disoblige]

As a software engineer, I can say the sad reality is nothing is unhackable. That said I wouldn't be even slightly surprised to find out their security is garbo.

Just watched the Ashley Madison doc and learned that for the amount of money they made in 1 day they could have hired the best ID Security firm in the world. Instead, they lied about security measures that didn't exist.

I'm a Director of Product for a company that acquires independently created apps, and some of the security I've seen (or not seen) is mind boggling. While absolutely no system is unhackable, based on my experience, I would say they had **** infrastructure, rather than some borderline impregnable setup that a world class group got through

Especially these bigger companies, the amount of times I've have VPs and C levels say it's a low priority, I've lost count.

"Our endpoints are exposed, we need to deal with that."
"Yeah but how easily can someone find this stuff out."
"Just by using inspect on Chrome."
"No one really knows how to do that, we'll be fine."

Security is a cost center. "Who cares?"

They are selling info because the hackers can't extract the numbers from the hashed credit card and passwords. Hacking something these days is not a clear easy money because banks and other websites have implemented two way verification.

[DelAbbot]

I'm a Director of Product for a company that acquires independently created apps, and some of the security I've seen (or not seen) is mind boggling. While absolutely no system is unhackable, based on my experience, I would say they had **** infrastructure, rather than some borderline impregnable setup that a world class group got through

Especially these bigger companies, the amount of times I've have VPs and C levels say it's a low priority, I've lost count.

"Our endpoints are exposed, we need to deal with that."
"Yeah but how easily can someone find this stuff out."
"Just by using inspect on Chrome."
"No one really knows how to do that, we'll be fine."

Security is a cost center. "Who cares?"

They are selling info because the hackers can't extract the numbers from the hashed credit card and passwords. Hacking something these days is not a clear easy money because banks and other websites have implemented two way verification.

Ok... that's on par with your commentary on the Raptors

[DelAbbot]

I've been working under a corp for the last 12 years. I'm currently with Disney Streaming.

that cap gain tax inclusion increase pain...

Sell everything now to reset cost basis

For me I put it on my T4 but once I'm ready to buy a house the corp can "loan" me the downpayment and I apparently never have to pay it back.

You have to pay it back into the corp before end of the year you withdrew it. Otherwise it's a stockholder loan.

[disoblige]

Security is a cost center. "Who cares?"

They are selling info because the hackers can't extract the numbers from the hashed credit card and passwords. Hacking something these days is not a clear easy money because banks and other websites have implemented two way verification.

Ok... that's on par with your commentary on the Raptors

Same with you.
Because people quick to assume this is software developers fault not negligence of internal employees.

https://www.varonis.com/blog/cybersecurity-statistics

[NBA Sheady]

that cap gain tax inclusion increase pain...

Sell everything now to reset cost basis

For me I put it on my T4 but once I'm ready to buy a house the corp can "loan" me the downpayment and I apparently never have to pay it back.

You have to pay it back into the corp before end of the year you withdrew it. Otherwise it's a stockholder loan.

Not according to Wall and Associates.

EDIT: To be fair I don't know what "kind" of loan it would be just that they have dozens of clients who have gotten away with not paying it back. Long term I don't mind paying it back at all.

[mihaic]

Probably from malware or from internal employees. Most hacks these days are because of staff negligence from email, links, malware, Trojans, etc. The endpoints are suppose to be public if your users are outside the network and protected with access token. Some password managers and tokens can be read by a program/virus.

Wait aren't password managers databases encrypted? It's supposed to only decrypt in RAM.

[disoblige]

Probably from malware or from internal employees. Most hacks these days are because of staff negligence from email, links, malware, Trojans, etc. The endpoints are suppose to be public if your users are outside the network and protected with access token. Some password managers and tokens can be read by a program/virus.

Wait aren't password managers databases encrypted?

Yes, it can be decrypted for most browser. Programs can read your browser's data and bypass your antivirus.

[Scase]

Probably from malware or from internal employees. Most hacks these days are because of staff negligence from email, links, malware, Trojans, etc. The endpoints are suppose to be public if your users are outside the network and protected with access token. Some password managers and tokens can be read by a program/virus.

Wait aren't password managers databases encrypted? It's supposed to only decrypt in RAM.

Your mind would be blown finding out how many companies store passwords in plain text.

EDIT : Ah whoops misread the password manager bit, disregard!

[arbsn]

Make sure you use different passwords for all your logins!

[wegotthabeet]

Just go back to physical tickets, limit the total amount one individual can buy and put some **** laws about re-selling them above face value like in France.

[WaltFrazier]

My first reaction was, glad I don't go to concerts. Then remembered I went to one Raptor game vs GSW in December 2022. How far back does this go?

[kwajo]

I'm way past that and can't qualify for a mortgage.

Ya'll need to move to Atlantic Canada - my partner and I bought a nice house in 2021 back when we were making only half that annually.

Yeah, but then you have to live in atlantic canada.

So it’s a win-win

[Indeed]

I was discussing this last week but that's on capital gains and not on salary. He should be fine.

He has been paid in corp for 12 years and no cap gain in corp? That defeats the purpose of incorporating

The purpose of the corp is to reduce tax. I pay a shockingly small amount of tax each year. I have had years where I paid zero personal tax (while claiming my wife as a dependent).

When you take out from corp, it pays more tax, I believe.
I am not expect in tax, but my wife is, mainly corporate tax in accounting firm (big 4).
The latest with capital gains over 250k would be 2/3 to tax (instead of 1/2 to tax) this coming July.
To have zero personal tax, you probably have a lot of expenses you can claim.

[Kevin Willis]

He has been paid in corp for 12 years and no cap gain in corp? That defeats the purpose of incorporating

The purpose of the corp is to reduce tax. I pay a shockingly small amount of tax each year. I have had years where I paid zero personal tax (while claiming my wife as a dependent).

When you take out from corp, it pays more tax, I believe.
I am not expect in tax, but my wife is, mainly corporate tax in accounting firm (big 4).
The latest with capital gains over 250k would be 2/3 to tax (instead of 1/2 to tax) this coming July.
To have zero personal tax, you probably have a lot of expenses you can claim.

I took it as he owns a company and he's an employee of said company. That way he could be creative. He could funnel all potential capital gains down to himself and his family through expenses. As long as it's reasonable, he could pay himself as much as he wants. Also he could do things like go for a week of training in California while his family goes on vacation at the same time and expense his training back to the corp.

[Indeed]

The purpose of the corp is to reduce tax. I pay a shockingly small amount of tax each year. I have had years where I paid zero personal tax (while claiming my wife as a dependent).

When you take out from corp, it pays more tax, I believe.
I am not expect in tax, but my wife is, mainly corporate tax in accounting firm (big 4).
The latest with capital gains over 250k would be 2/3 to tax (instead of 1/2 to tax) this coming July.
To have zero personal tax, you probably have a lot of expenses you can claim.

I took it as he owns a company and he's an employee of said company. That way he could be creative. He could funnel all potential capital gains down to himself and his family through expenses. As long as it's reasonable, he could pay himself as much as he wants. Also he could do things like go for a week of training in California while his family goes on vacation at the same time and expense his training back to the corp.

I see, just that "corp" (T4 for getting money) and "own company" (T1 for getting money) are different things in legal terms, so maybe you are right if he is not referring to legal terms of "corp". And the expenses need to be related to work. Bringing family on would not be allowed to claim expense from CRA, you can hope it is not caught, which is something I understand from my wife.

[Kevin Willis]

When you take out from corp, it pays more tax, I believe.
I am not expect in tax, but my wife is, mainly corporate tax in accounting firm (big 4).
The latest with capital gains over 250k would be 2/3 to tax (instead of 1/2 to tax) this coming July.
To have zero personal tax, you probably have a lot of expenses you can claim.

I took it as he owns a company and he's an employee of said company. That way he could be creative. He could funnel all potential capital gains down to himself and his family through expenses. As long as it's reasonable, he could pay himself as much as he wants. Also he could do things like go for a week of training in California while his family goes on vacation at the same time and expense his training back to the corp.

I see, just that "corp" and "own company" are different things in legal terms, so maybe you are right if he is not referring to legal terms of "corp". And the expenses need to be related to work. Bringing family on would not be allowed to claim expense from CRA, you can hope it is not caught, which is something I understand from my wife.

Yep - that's what I was unsure about when he said it. At first I read it as a seperate corp under Disney, like IBM - legal term for corp. But he can also incorporate a company with private shares et al and be an employee of that company. I believe you can bring in family as an expense for a small business, don't quote me. You can definitely deduct the pay to your spouse, just send out T4s.

Some accountants I do want to slap though (nothing against your wife please, just some). They're overly cautious and not 'creative'. I've discussed this with CRA many times, they get people who are stupid. Like expensing a Llama. Or claiming more in charity donations than you earn. However if you are realistic and stay close to the guidelines there is room for 'creativity'. That's how the rich make their money - they know...

[disoblige]

When you take out from corp, it pays more tax, I believe.
I am not expect in tax, but my wife is, mainly corporate tax in accounting firm (big 4).
The latest with capital gains over 250k would be 2/3 to tax (instead of 1/2 to tax) this coming July.
To have zero personal tax, you probably have a lot of expenses you can claim.

I took it as he owns a company and he's an employee of said company. That way he could be creative. He could funnel all potential capital gains down to himself and his family through expenses. As long as it's reasonable, he could pay himself as much as he wants. Also he could do things like go for a week of training in California while his family goes on vacation at the same time and expense his training back to the corp.

I see, just that "corp" (T4 for getting money) and "own company" (T1 for getting money) are different things in legal terms, so maybe you are right if he is not referring to legal terms of "corp". And the expenses need to be related to work. Bringing family on would not be allowed to claim expense from CRA, you can hope it is not caught, which is something I understand from my wife.

They essentially keep their money into their business, report a loss, and significantly reduce their taxes. The money remains in the business for an extended period, and they only face a single tax hit when it is eventually withdrawn or none if it gets illegally laundered out through business expenses.

[DelAbbot]

compounding after-tax-at-highest-bracket over many years
vs
compounding pretax in Corp over many years + withdraw at lowest bracket over retirement years

[Kevin Willis]

I took it as he owns a company and he's an employee of said company. That way he could be creative. He could funnel all potential capital gains down to himself and his family through expenses. As long as it's reasonable, he could pay himself as much as he wants. Also he could do things like go for a week of training in California while his family goes on vacation at the same time and expense his training back to the corp.

I see, just that "corp" (T4 for getting money) and "own company" (T1 for getting money) are different things in legal terms, so maybe you are right if he is not referring to legal terms of "corp". And the expenses need to be related to work. Bringing family on would not be allowed to claim expense from CRA, you can hope it is not caught, which is something I understand from my wife.

They essentially keep their money into their business, report a loss, and significantly reduce their taxes. The money remains in the business for an extended period, and they only face a single tax hit when it is eventually withdrawn or none if it gets illegally laundered out through business expenses.

Instead of illegally let's extreme creativity...

[wegotthabeet]

How far back does this go?

goes all the way back to the dawn of time.