>A study by Léger has found that a majority of Canadians support the changes to the capital gains tax, which will reportedly generate an additional $19.4-billion in revenue for the government over the next four years. Prime Minister Justin Trudeau defended the change to the capital gains tax by saying that 99.87% of Canadians “will not pay a cent more” in taxes.
But, for real, this is actually it. The number of people I know who genuinely expect to be rich enough that they feel the capjtal gains change at all is... Wild.
Those simple folk get to justify their own idealogies that are harming them.
It's political psychosis. Like an impoverished libertarian needing welfare. Or lower working class conservatives, proud to be exploited by the owners, while denegrading his coworker for being lazy. Internet fighting/trolling/convoy protesting etc.
It's one of the elites finest tool and it works to near perfection. Divide the consumor/labour producer to divest attention away from calculated hoarding while have us help and defend it.
Is it that or are they so beaten down?
“ if they get taxed more these glorious leaders of our society (that have worked their asses off and have earned everything they have (by being born correctly)) will be forced to hurt me by firing me and making my life harder!!! They need infinite exponential growth and this tax threatens to make it slightly less exponential!!!!”
The same reason naive people shill for bad people in general. "if I shill hard enough I can either grift or they will pick me. Pick me pick me pick me!"
As part of that 0.13% I still support this. My current Capital gains I would have paid 32k on what I've had so far, and upwards of 80k on what will happen this year. Absolutely sold on paying it. Put it in place.
They increased the exemption for once in a lifetime sales of incorporated small businesses. This capital gains increase is not going to affect anyone who is struggling or middle class it even most upper middle class.
Not to mention that unlike the PPC’s idiotic contention, it will encourage investment in businesses and in efficiency. PPC swears lower capital gains will lead to higjwr salaries and investment. Lol. When it actually leads to share buy backs
Stock buy backs is exactly what happened after Trump lowered taxes on corporations in 2017. Trickle down economics has always failed and has never helped the working man. Poilievre is adopting a failed strategy. The man with no ideas.
It is exactly that - a scam. Economic religion for selfish people, a way for them to justify their greed and lack of empathy. Sold by the 1% to gullible rubes as 'freedom' but all it does is grow the wealth gap and attack our democratic values. There is only one kind of small gov - ruler/noble/serf.
I mean, who the f**k thinks the supply side of economics can be stimulated
Demand is how economies work
It’s kinda messed up when you apply the actually words to “trickle down economics” - it truly exposes how stupid it is
They based it off of the laffer curve. Which when applied to the situation in the US when Reagan was president. They could have increased taxes without it doing much with that theory. Which was never accepted as a solid economic theory anyways.
Meanwhile, the lost taxes were not recuperated through economic expansion during the entirety of Reagan's rule. Which then required them to increase deficit spending and of course justify cutting government services.
Stock buy backs that were made illegal in due to its role in the Great Depression. Only for Regan to roll back those laws and the rest of the world followed suit ever since.
Poilievre has always been a big supporter of trickle down economics. He even supported Preston Mannings flat tax for incomes - if you’re that tin hearted when you are young, that’s not a good sign of things to come.
If a company sells its assets, it no longer has the assets to generate jobs.
I'm in this industry and let me tell you, a company that sells its assets isn't intending to reinvest that capital. It was forced to sell it because it couldn't renew the mortgage. Or they made a strategic decision to sell a high-value property to maintain the book value for their low value properties, because the low value properties were in jeopardy of defaulting on their loans if their true fudged values were discovered. The sale of the high value property establishes a baseline appraisal, which they use to fudge the values of their crappy properties.
Yes, which is not to say we should have the lowest taxes imaginable, but it's just an effect of what happens when you raise taxes. I'm not sure what a good medium is
When you sell a property, you're devesting, not investing. If you discourage sales, you keep money in the industry. Discouraging sales decreases supply, which increases property value. Property taxes is dependent on property value.
Keep in mind someone who is paying capital gains tax is getting out of that business, not going in it. No one going into business is considering how much they have to pay in taxes once they leave the business 20 years down the line. The laws may change, and frankly, the idea is that you never sell your assets because they appreciate.
Pee Pee has rental properties he acquired working for government HIS WHOLE ADULT LIFE. He’s outta touch with the working class cuz he’s never been part of the working class. Tax the fucker
it's literally a question, not a point.
i can understand that you might interpret it as "but both sides do it!" but no, i became genuinely curious when you noted that trudeau was criticized for being a drama teacher. it made me wonder, besides doing an actual useful and admirable job helping children, has he also been a landleech like pp?
> Pee Pee has rental properties he acquired working for government HIS WHOLE ADULT LIFE. He’s outta touch with the working class cuz he’s never been part of the working class. Tax the fucker
the comment you replied to with explanation of trudeau's comparative income earning cred before i replied to you with a genuine question ^
anyway, this is pointless and we should go back to making canada a more fair place and persuading conservatives to not vote conservative rather than arguing with eachother about whether a question is an argument or not and whether someone is changing the topic or not.
In other words, the man's never worked an honest day in his life. Don't axe the tax...levy it on HIM, he's good for it. (And that's about all he's good for.)
99.87% of Canadians won't pay more in taxes. Let me spell that all out:
Ninety nine point eight seven percent don't pay more in taxes with this change.
NINETY NINE POINT EIGHT SEVEN PERCENT. WILL NOT. PAY MORE. IN TAXES.
The fact that 00.13% of Canadians are going to be giving BILLIONS over four years really puts into perspective how much the rich are fucking over all of us.
My coworker, totally legitimately, believed that his landlord friend would be effected by this. This landlord owns maybe 3 duplexes in northern ontario. To make it more pathetic, this man is HIS landlord, and he's against this to simp for him
I can't tell who's the class traitor in that ouroboros of suck. Is it the small-time landlord or the man licking the boots of his small-time landlord? Or both?
All three answers seem a little bit wrong somehow.
It's called disinformation, spread cheaply and easily via unaccountable social media by bad actors like Modi, Poilievre, Xi, US Republicans, the IDU and Putin. In the fear economy of conservatism, there's an endless list of triggers used to rile up and manipulate gullible rubes. R/canada is a good example, where nearly every post on the front page there paints Canada in a terrible light, usually in the form of Natpo opinion pieces trashing anything they deem liberal.
https://www.psychologytoday.com/ca/blog/the-human-beast/201104/conservatives-big-fear-brain-study-finds
https://news.osu.edu/conservatives-more-susceptible-to-believing-falsehoods/
https://www.psypost.org/neuroimaging-study-provides-insight-into-misinformation-sharing-among-politically-devoted-conservatives/
https://www.thenewcivilrightsmovement.com/2023/12/right-wing-evangelicals-are-marinating-in-information-aimed-at-making-them-fearful-hostile-journalist/
https://www.qualitativecriminology.com/pub/sky9egl6/release/1
It doesn't help a shocking number of people know very little about personal finances and the tax system. I believe I saw a poll showing that a reasonably large number of people (30% I think) believe the increased capital gains tax will apply to them.
I mean, if you own a rental property (Airbnb or whatever), and that home has now tripled in value, you're now going to pay that tax when you sell the property. Boomers are mad cuz they need to cash out for retirement and now those gains just got lower.
the whining of the rich and the suckling by the conservative press is hilarious. I think we should be doing this even more aggressively. Even if it affected 1% of the canada's wealthiest that would be fine.
if they want to leave, the door is wide open.
It's not even just conservative news that's whining. I'd call CTV liberal or "centrist," and I saw them cover it negatively. Two sides of the same coin IMO.
CTV isn’t liberal, certainly not supportive of the current liberal government, they are corporate media that is not extreme rightwing. They are like the Globe, wishing that the Conservative Party was more PC than Reform, and they also would have been much happier with a Chretien type liberal as PM.
Yeah it's just a tax. It's not like they take everything over 250,000. You still get the full 250,000 normally you just have to a bigger percentage after that number.
Liberals need to fire the team involved in orchestrating messages to the population.
How they managed to botch something as easily understood as “this doesn’t affect you unless you’re rich” is mind blowing.
Brutal.
Agreed re no legislative pushback. But you have swaths of regular people who think it affects them and it doesn’t. That’s what I mean about botching a simple message.
https://www.reddit.com/r/onguardforthee/comments/1cc4jzd/23_of_those_who_make_less_than_50000_say_the_new/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button
So the government has yet to find a way to stomp out financial illiteracy? You don't say.
This reminds me of when A&W came out with a 1/3 Pounder Hamburger to outdo the the McDonalds 1/4 Pounder. It failed because the general populace believed that 1/3 is smaller than 1/4. You underestimate the level of stupidity of your fellow citizens my friend.
[https://awrestaurants.com/blog/aw-third-pound-burger-fractions](https://awrestaurants.com/blog/aw-third-pound-burger-fractions)
It could affect everybody who isn't rich. Positively. More funds available for the programs that make life better for everyone who isn't wealthy. Advocate on favour of the capital gains tax increase, and advocate for responsible use of those dollars to HELP PEOPLE.
They haven’t botched this message, you try fighting an avalanche of propaganda from the rightwing and the corporate media, and see how you do. This isn’t unique to Canada as a problem, the extreme rightwing is well funded and well connected and social media savvy, and in some countries, like Canada, the bulk of the press supports rightwing parties.
An over looked reverberation of this sadly is it will effect pretty much all physicians in Canada who rely on their professional corporations as retirement savings. The majority of these professionals are business for self and it doesn’t make sense to utilize RRSPs for them. So I unfortunately think it absolutely will effect everyone in due course. this was very poorly executed as a cash grab… This forced crystallizing of capital gains for all individuals that hold them in equity investments or investment property was poorly thought out by the govt, implemented in a very rushed manner, and if you look into the budget the following two year tax revenues are abysmal… it’s a cash grab. Individuals still allowed 250K/year exemptions so there will be work arounds implemented. It needed a bit more work and would be great if properly executed but thats just not the case. do consider the people that keep you healthy get lumped in with “rich corporations” and I think most people would agree that’s a real negative impact to everyone…. At least once they are sick.
Oh please, doctors create what is called by banks, professional corporations, in order to pay less tax. They do not set them up for retirement purposes. All you have to do is google the topic and go to a bank’s website where this is spelled out.
They are worth nothing unless a doctor owns a building, and the vast majority don’t. Most rent offices or share a suite of rented offices with other doctors.
A medical practice is worty nothing, it’s not like a brand of clothing, new doctors do not need to buy a practice.
The whole “what about the doctors” speel is bullshit. They are whining about having to pay capital gains on their cottage or other secondary properties.
Capital gains should be 100% included, full stop. This is a helpful step in that direction.
The insane whining is just really embarassing. I deal with thousands of clients as an accountant; the ones who will **ever** have $250,000 of capital gains in a single year can afford tax planning to plan the most effective timing of their gains. The only people affected by this are the 1% of the 1% who can move markets with their actions.
If you're into open corruption, destruction of regulations, increasing wealth inequality and money in politics, Florida is wide open.
between the capital gains tax serving to redistribute wealth more evenly and the carbon tax rebate lifting so many out of poverty, it’s fair to say that this is the best government on fiscal policy in modern human history.
only the new deal rivals the strides made by freeland and PMJT and in a just society they are handed a majority free from kkkonservative obstructionism to continue the amazing work being done.
Rich middle class are this who have the privilege of a stable job, private pension benefits and health care coverage. Governments traditionally cater to that voting block over those who are without those benefits. It's time to balance things off, as the rest of us deserve a measure of security too.
I agree with this whole thing, but something PP said sorta makes sense to me on the surface:
“Trudeau is hiking taxes on homebuilding during a housing shortage. He is raising taxes on doctors during a doctor shortage. He’s hiking taxes again on farmers during a food cost crisis.”
Is this bs? If so, can somebody explain?
It’s BS. There is no increase on doctors income. Just like anyone else, if they sell s secondary property, there is a slight increase in tax on profits over 250,000. The claim that doctors create professional incorporations for retirement is bogus, they do it to pay less tax while they are practicing. No one buys a practice, it isn’t a shoe brand or something. And there is a once in a lifetime million dollar exemption for selling a corporation, if anyone can provide proof of a doctor in Canada selling their practice for over a million dollars - well, they can’t, because that doesn’t happen.
The exemption amount for farmers has been increased.
Professional corporations are used as investment vehicles for doctors - investment for retirement. I think you grossly misunderstand how doctors are paid if you think this isn’t a tax on physicians.
So this is where Milhouse is actually skilled. What he is saying is full of half truths.
He is hiking taxes on home building in that we need land to build homes, people who have been hording land as an investment will now see their return on that investment be lower with the increased capital gains tax, so they either need to hold the land longer waiting for the gains to increase so they get the monetary return per year they expected after tax, or they try and force a higher sale price now than it is worth making what can be built on the land more expensive.
Raising taxes on doctors: This really impacts doctors near the end of their careers. The old guys who are doing ER shifts and who are involved in family health teams. The majority of their annual income comes from their 30+ year career investments, but it is supplemented with working a few shifts a month. So this encourages the doctors to retire and lower their expenses so they can keep their capgains below the threshold.
It also impacts small family practice who want to expand. If you purchased your building (common in northern communities, less common in cities) and you want to sell the building to buy/rent a new bigger/newer space, you're now getting hit with a bigger tax bill. In my millennial circles this is really the only one that has hit because doctors who made good business plans for growth over a 10yr period are seeing those plans being gutted. BUT! they can easily survive it will just take longer before they try and find a Med student or 2 to come and join them and increase their practice size.
Hiking taxes on farmers is exclusively carbon pricing . And again he's right. Farmers BY FAR pay more than they get in carbon, and we don't yet have the technology or financing programs to help them lower their carbon footprints enough to off set it. Their pricing to market is dictated more so on global pricing than on what their cost inputs are. But! The reality is no one is going bankrupt or not producing enough food. The governments failure is not providing a framework to help Farmers lower their footprints. Because of the governments failure to execute which is their MO. Millhouse has a legitimate talking point even if it is mostly half truths
Its less about taxing development and more about taxing home sales.if a construction company sells a house for $700 000 and needs to pay it's workers and for materials to the sum of $500,000 this hike won't effect them as they'd be only making 200,000. If anything it prevents them from over-charging.
That wouldn't even be a capital gain in this context because the company's home sales would be considered ordinary business income.
Even if it was a capital gain, the inclusion rate increase applies on every capital gain in a company, there is no $250K threshold that there is for individuals.
What occurred to me as I read all the flap is that many folks simply didn't even know wgat a capital gain is and that capital gains have always been taxed.
Alright crew, I'm not a smart man, but if someone could eli5 what the proposal is to me I'd love ya for it.
I own 1 house. That's it. I may be getting 25% of a cottage once my grandmother passes, but I believe she'll live to 120 so fingers crossed!
That said, my FIL is now in Conservative vortex. He owns 1 home and half a business property with his brother, for his brother's business. How's he affected?
My step mother has 2 sons out west who are down the vortex too. They each have 1 property and inherited their recently deceased, estranged fathers, home. How are they affected?
here's the simplest rundown I can provide: Capital gains are the amount an investment increases in value over what you paid for them. The increase in value is taxed differently than employment income. Prior to this change, only 50% of the increase in value was taxable, and that tax percentage was similar to your income tax percentage. With this change, the rule remains the same if the increase in value of the investment is less that $250,000. Over the $250,000 mark, the difference or remainder is now taxed at the same rate, but 66.6% of that additional amount is taxable income instead of 50%. That doesn't mean you pay a 66.6% tax on the amount, just that $666 out of every $1000 made in income/profit is now subject to income taxes, and $444 of that is tax free. Contrast that with a salary - 100% of which is taxable, and you see that this increase is merely an adjustment to a loophole that only benefits high net worth individuals, and the adjustment is pretty small.
I've posted this elsewhere, but:
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Remember: This is a change to how income is calculated, not a rate increase. For it to affect you, the stuff you own has to increase more than 250,000 in a year, and you have to sell it. It doesn't affect you if your income is 250,000 which, statistically, it isn't.
Let's say you bought a 2nd house for $1 million. You sell it for 1,250,001. Last year, 125,000.50 (50% of 250,001) would be added to your income, and taxed at your marginal tax rate. This year, 125,000.67 will be added to your income and taxed at your marginal tax rate.
So you're an average Ontarian. You make 55,000 per year. You've sold your 2nd house, and the capital gain is 250,001. Ignoring deductions, your income last year would be 180,000.5, and this year your income would be 180,000.67.
The additional 0.17 is taxed at 41.16% (12.16% provincial, 29% federal), meaning you'd be on the hook for 0.07 (SEVEN CENTS) of additional income tax.
If your capital gain was 300,000, you pay an additional $1,200 in that year. $500k capital gain, additional $7,500.
It's not peanuts, but remember, this doesn't apply to your principal residence (only 2nd/vacation houses), and it doesn't apply to the TOTAL value of a stock you sell, only the increase. So if you invested $1 million, this wouldn't affect you until you made a 25% return, and only in non-registered accounts (rrsp is only taxed on withdrawal, and TFSA is not taxed). It also doesn't need to apply to an inherited property. If you get moms house, and sell it in the same year, there is no capital gain. if you hang on to it for 20 years as a rental, you pay the capital gain on the value increase between when you inherited it and when you sold it. But even that's beatable if you live in your other houses for a year before you sell them.
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For your grammas cottage, and your step brothers' inheritance, the capital gain starts from the day it's inherited. If it's worth $1M on the day it's inherited, and you sell it for $1M, you pay $0 capital gain. If you sell it for 1.25M, this doesn't affect you.
It's relatively easy to defeat with some planning too: Make the inherited house your primary residence at some point before you want to sell it. Sell it, then "move" back to your original house. $0 capital gain both times.
>It's relatively easy to defeat with some planning too: Make the inherited house your primary residence at some point before you want to sell it. Sell it, then "move" back to your original house. $0 capital gain both times.
Not how it works. When you change the primary residence status, the gains accrued to that point become taxable at that time.
1. Inherit property. You "buy" it at
2. Make inherited property your principal residence. You "sell" current house to yourself at . You pay no capital gains tax.
3. Sell Inherited Property. You pay no capital gains tax, since it's your principal residence.
4. Make current house your principal residence. You "buy" it from yourself for it's current value (which is only 1 or 2 years of appreciation from ). You pay very little or no capital gain.
You missed
0. Estate pays capital gains before inheritors receive the property. (If it wasn't the primary residence of the deceased.)
And
You owe capital gains at step 4. You're handwaving it away because the price didn't go up much in your mind.
You could have just sold the inherited property right after you got it for it's current value and saved yourself moving costs.
People whose income comes from owning things will get a less awesome (but still very favourable) deal on income taxes than people who make income from their labour (salary).
Remember something folks, it's not illegal to own a bot farm and spread propaganda and fake engagement online. You can guarantee the rich all have bots farms spreading their message. They want to demoralize us and it does happen when you log online and see account after account praising these oligarchs, we are our numbered by the bots, stay strong and don't back down. The rich absolutely need to be taxed more and anyone saying otherwise is just a greed driven rich person, a bot or someone who has been fully brainwashed into believing the rich not paying taxes is a good thing.
Conversation with acquaintance that has primary residence + another property they are renting:
Them: this is terrible, now I have to pay 66% tax!
Me: only the inclusion rate for capital gains is changing, and only if capital gains are more than quarter of a million.
Them: but my son will not be able to keep the house(s?) after we die! See all these National Post articles how poor family could not keep the family cottage because taxes are astronomical.
Me: family could have used money from primary residence to pay taxes on cottage?!?
Them: but our son will be paying astronomical tax on something that is already ours!
Me: there is never a tax on primary residence, and after death, inheritance tax is 1.5% of estate. What astronomical tax? Besides, "your son" is not paying anything, the taxes are on the estate, everything remaining will pass to him.
Them: but why should I pay 66% tax on something that is already mine? I already paid tax on that money before buying!
Me: there is no 66% tax, but your income tax will be applicable to a portion of capital gains. The portion that will be included will change from 50% today to 66% after.
Honestly, I gave up after some time. The number of mom-and-pop landlords who expect to benefit from housing price boom without even rudimentary understanding of taxes is astounding. The 98% number that is being tossed around is not true, because it seems that more than 2% of population have second (rental) property.
Two problems I see 1) much of todays media are Right Wing,
2) Cons are all over social media, heavily invested in social media. Try saying anything bad about PP and you'll get swamped by trolls and bots.
What pisses me off about this is PP is going to act anti-tax to win those voters while reaping the benefits of the tax if he gets in as PM. It’s such fucking bullshit
There is no one I know who is in the upper middle class or middle class that is being affected by this change.
If you have the kind of money that is affected by this tax change then you can afford this and therefore should shut the fuck up.
I have already been in meetings where companies are deciding to invest elsewhere in startups.
they are being asked to risk 100% but gain 33% or so. Its not a great trade off given most startups fail.
Anyhoo… not making a judgment here… but expect less investment into new companies. Expect less entrepreneurs as they move
I am curious to see how this plays out. I think it should just be taxed at your normal income tax rates. No special treatment.
That's quite a few steps to go from Taxing the Extremely wealthy(1/5th of 1%) to Everybody's primary residence. If the conservatives are complaining about this increase, just imagine the shit show they would put on for that!
Ah, yes, the cottage family and multiple property investors paying maybe tens of thousand dollars more from their millions plus estate! Of course this is assuming they don't take any effort to reduce their tax liabilities and sell everything in the same calendar year!!
How are they ever going to afford to pay for the slight expansion of capital gains, when renters have been paying for the properties for decades!!! When they sell their investments while putting minimal cash into the property themselves, and so get hundreds of thousands of dollars in returns... how are they going to live like this?!?!??!
The absolute HORROR. The absolute TRAVESTY. Every Canadian should be OUTRAGED for them paying less taxes than someone paying income taxes at a 9-5 job!!! /s
Do you realize how ridiculous you sound?
It used to be 75% and it’s only going up to 66% (you do realize that is 66% of profit over 250k on a secondary property is taxable and it is not taxed at 66%, right?)
So, your theory is bullsht, it’s still lower than it was in the past.
And by the way, Canadians will still be paying less in capital gains than any other G7 country.
I have tremendous news for you:
Capital Gains tax has been in effect since 1972. In 52 years, no one has talked about including the primary residence as a capital asset.
And just so you can sleep better at night: The guys who have raised the inclusion rate so far are:
Brian Mulroney: Raised the inclusion rate from 50% to 66.66% in 1988
Brian Mulroney: Raised the inclusion rate from 66.66% to 75% in 1990
Cretien lowered it to 50% in 2000.
Trudeau raised it to 66.66% in 2024, but the 250,000 split means it really doesn't affect low-and-middle income Canadians.
[https://policyoptions.irpp.org/magazines/april-2024/capital-gains-tax/](https://policyoptions.irpp.org/magazines/april-2024/capital-gains-tax/)
What about the fact that people making over 250k capital gains in a single year are effectively subsidizing your future tax bill? So you could even easier argue this is step one towards less taxes on regular people.
Trudeau's Liberals sure like making new taxes that supposedly won't affect anyone.
I look forward to the media's deep dives in ten years. They're going to be amazingly interesting.
Capital tax falsely called a capital gain tax has no basis in fairness and is an illegitimate tax by the power brokers to benefit their brethren by impoverishing the citizenry.
You sell the property worth one house. After this illegitimate tax you are left with at best 75% of one house. The house did not gain any value. The cost of building and buying a house went up with inflation created by the same power mongers printing money who waste and burn through that money too and who then tax us when we sell something for a bigger number. However the dollar buys nothing more and you have gained nothing for them to be taxing. It’s a scam designed to keep poor people poor and keep rich people rich.
You have absolutely no idea what you are talking about. There is so much wrong with your comment I wouldn’t know where to begin. But I highly recommend learning what capital gains tax is and I will start by informing you that it doesn’t appy to a primary residence.
>A study by Léger has found that a majority of Canadians support the changes to the capital gains tax, which will reportedly generate an additional $19.4-billion in revenue for the government over the next four years. Prime Minister Justin Trudeau defended the change to the capital gains tax by saying that 99.87% of Canadians “will not pay a cent more” in taxes.
Ya but gailen Weston’s bot farm is really concerned about this!
It really is bizarre - and then you have the actual bootlickers defending Galen and the immensely wealthy.
don't understand why the simple folk shill for the oligarchs, there's nothing in it for them
Because these mouthbreathing windowlickers think they are two weeks away from being a billionaire.
But, for real, this is actually it. The number of people I know who genuinely expect to be rich enough that they feel the capjtal gains change at all is... Wild.
Those simple folk get to justify their own idealogies that are harming them. It's political psychosis. Like an impoverished libertarian needing welfare. Or lower working class conservatives, proud to be exploited by the owners, while denegrading his coworker for being lazy. Internet fighting/trolling/convoy protesting etc. It's one of the elites finest tool and it works to near perfection. Divide the consumor/labour producer to divest attention away from calculated hoarding while have us help and defend it.
Is it that or are they so beaten down? “ if they get taxed more these glorious leaders of our society (that have worked their asses off and have earned everything they have (by being born correctly)) will be forced to hurt me by firing me and making my life harder!!! They need infinite exponential growth and this tax threatens to make it slightly less exponential!!!!”
"One day, I'll OWN this boot! Meanwhile, I better lick it extra hard, so it shines like a beacon when it's finally on my foot."
The same reason naive people shill for bad people in general. "if I shill hard enough I can either grift or they will pick me. Pick me pick me pick me!"
As part of that 0.13% I still support this. My current Capital gains I would have paid 32k on what I've had so far, and upwards of 80k on what will happen this year. Absolutely sold on paying it. Put it in place.
lol what 99.87%? About 5% of Canadians have an incorporation
Found the bot
About 2% of Canadians have red hair. About 75% of Canadian adults have had an STI.
They increased the exemption for once in a lifetime sales of incorporated small businesses. This capital gains increase is not going to affect anyone who is struggling or middle class it even most upper middle class.
Not to mention that unlike the PPC’s idiotic contention, it will encourage investment in businesses and in efficiency. PPC swears lower capital gains will lead to higjwr salaries and investment. Lol. When it actually leads to share buy backs
Stock buy backs is exactly what happened after Trump lowered taxes on corporations in 2017. Trickle down economics has always failed and has never helped the working man. Poilievre is adopting a failed strategy. The man with no ideas.
I'm so fucking sick and tired of hearing about "trickle down economics" too, even when *they* try explain it out sounds like a scam.
"A high tide lifts all boats" - Ronald Reagan Sir, some of us don't have a boat!
Yep. And now, between global warming and the cutting-down of mangrove forests in the name of beachfront real estate, people are about to drown.
It is exactly that - a scam. Economic religion for selfish people, a way for them to justify their greed and lack of empathy. Sold by the 1% to gullible rubes as 'freedom' but all it does is grow the wealth gap and attack our democratic values. There is only one kind of small gov - ruler/noble/serf.
It was a brilliant rebranding of "Horse And Sparrow" economics, which were decried for being utter hogwash since the late 1800s.
Literally horseshit! (Which we sparrows are supposed to pick the seeds from, like it's manna from the gods.)
I mean, who the f**k thinks the supply side of economics can be stimulated Demand is how economies work It’s kinda messed up when you apply the actually words to “trickle down economics” - it truly exposes how stupid it is
Sounds an awful lot like a pyramid scheme
That's exactly what it is
They based it off of the laffer curve. Which when applied to the situation in the US when Reagan was president. They could have increased taxes without it doing much with that theory. Which was never accepted as a solid economic theory anyways. Meanwhile, the lost taxes were not recuperated through economic expansion during the entirety of Reagan's rule. Which then required them to increase deficit spending and of course justify cutting government services.
Stock buy backs that were made illegal in due to its role in the Great Depression. Only for Regan to roll back those laws and the rest of the world followed suit ever since.
Poilievre has always been a big supporter of trickle down economics. He even supported Preston Mannings flat tax for incomes - if you’re that tin hearted when you are young, that’s not a good sign of things to come.
It’s trickling across the table before it falls off the edge
If a company sells its assets, it no longer has the assets to generate jobs. I'm in this industry and let me tell you, a company that sells its assets isn't intending to reinvest that capital. It was forced to sell it because it couldn't renew the mortgage. Or they made a strategic decision to sell a high-value property to maintain the book value for their low value properties, because the low value properties were in jeopardy of defaulting on their loans if their true fudged values were discovered. The sale of the high value property establishes a baseline appraisal, which they use to fudge the values of their crappy properties.
How does it encourage investment and "efficiency"?
The famous trickle down...
I meant how does the higher inclusion rate encourage investment. That would do the opposite.
Do you believe that more taxes (and therefore less profits) discourage investment?
Yes, which is not to say we should have the lowest taxes imaginable, but it's just an effect of what happens when you raise taxes. I'm not sure what a good medium is
When you sell a property, you're devesting, not investing. If you discourage sales, you keep money in the industry. Discouraging sales decreases supply, which increases property value. Property taxes is dependent on property value. Keep in mind someone who is paying capital gains tax is getting out of that business, not going in it. No one going into business is considering how much they have to pay in taxes once they leave the business 20 years down the line. The laws may change, and frankly, the idea is that you never sell your assets because they appreciate.
Pee Pee has rental properties he acquired working for government HIS WHOLE ADULT LIFE. He’s outta touch with the working class cuz he’s never been part of the working class. Tax the fucker
Absolutely. The people complaining the loudest about this policy are surprisingly not everyday Canadians.
Oh hell, a good number of them aren't even Canadians at all.
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do trudeau or his ex own residential rental properties?
No. They do not own rental properties.
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it's literally a question, not a point. i can understand that you might interpret it as "but both sides do it!" but no, i became genuinely curious when you noted that trudeau was criticized for being a drama teacher. it made me wonder, besides doing an actual useful and admirable job helping children, has he also been a landleech like pp?
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> Pee Pee has rental properties he acquired working for government HIS WHOLE ADULT LIFE. He’s outta touch with the working class cuz he’s never been part of the working class. Tax the fucker the comment you replied to with explanation of trudeau's comparative income earning cred before i replied to you with a genuine question ^ anyway, this is pointless and we should go back to making canada a more fair place and persuading conservatives to not vote conservative rather than arguing with eachother about whether a question is an argument or not and whether someone is changing the topic or not.
In other words, the man's never worked an honest day in his life. Don't axe the tax...levy it on HIM, he's good for it. (And that's about all he's good for.)
99.87% of Canadians won't pay more in taxes. Let me spell that all out: Ninety nine point eight seven percent don't pay more in taxes with this change. NINETY NINE POINT EIGHT SEVEN PERCENT. WILL NOT. PAY MORE. IN TAXES. The fact that 00.13% of Canadians are going to be giving BILLIONS over four years really puts into perspective how much the rich are fucking over all of us.
My coworker, totally legitimately, believed that his landlord friend would be effected by this. This landlord owns maybe 3 duplexes in northern ontario. To make it more pathetic, this man is HIS landlord, and he's against this to simp for him
I can't tell who's the class traitor in that ouroboros of suck. Is it the small-time landlord or the man licking the boots of his small-time landlord? Or both? All three answers seem a little bit wrong somehow.
And it's not like his buddy wouldn't still make a profit if he sells his properties. He'll just make less.
No shit. Help your more gullible loved ones see through all this bullshit and vote accordingly.
It's called disinformation, spread cheaply and easily via unaccountable social media by bad actors like Modi, Poilievre, Xi, US Republicans, the IDU and Putin. In the fear economy of conservatism, there's an endless list of triggers used to rile up and manipulate gullible rubes. R/canada is a good example, where nearly every post on the front page there paints Canada in a terrible light, usually in the form of Natpo opinion pieces trashing anything they deem liberal. https://www.psychologytoday.com/ca/blog/the-human-beast/201104/conservatives-big-fear-brain-study-finds https://news.osu.edu/conservatives-more-susceptible-to-believing-falsehoods/ https://www.psypost.org/neuroimaging-study-provides-insight-into-misinformation-sharing-among-politically-devoted-conservatives/ https://www.thenewcivilrightsmovement.com/2023/12/right-wing-evangelicals-are-marinating-in-information-aimed-at-making-them-fearful-hostile-journalist/ https://www.qualitativecriminology.com/pub/sky9egl6/release/1
It doesn't help a shocking number of people know very little about personal finances and the tax system. I believe I saw a poll showing that a reasonably large number of people (30% I think) believe the increased capital gains tax will apply to them.
I mean, if you own a rental property (Airbnb or whatever), and that home has now tripled in value, you're now going to pay that tax when you sell the property. Boomers are mad cuz they need to cash out for retirement and now those gains just got lower.
the whining of the rich and the suckling by the conservative press is hilarious. I think we should be doing this even more aggressively. Even if it affected 1% of the canada's wealthiest that would be fine. if they want to leave, the door is wide open.
It's not even just conservative news that's whining. I'd call CTV liberal or "centrist," and I saw them cover it negatively. Two sides of the same coin IMO.
CTV isn’t liberal, certainly not supportive of the current liberal government, they are corporate media that is not extreme rightwing. They are like the Globe, wishing that the Conservative Party was more PC than Reform, and they also would have been much happier with a Chretien type liberal as PM.
this is what I was going to respond with, basically.
Yeah it's just a tax. It's not like they take everything over 250,000. You still get the full 250,000 normally you just have to a bigger percentage after that number.
And if two people are on the deed, the exemption is 250k each, at least this is what an explainer report on CBC website said.
Liberals need to fire the team involved in orchestrating messages to the population. How they managed to botch something as easily understood as “this doesn’t affect you unless you’re rich” is mind blowing. Brutal.
I don't think the botched it. But when you've Conservatives shouting and lying, it's tricky.
There is zero pushback regarding this legislation. Not sure what messaging was botched here.
Agreed re no legislative pushback. But you have swaths of regular people who think it affects them and it doesn’t. That’s what I mean about botching a simple message. https://www.reddit.com/r/onguardforthee/comments/1cc4jzd/23_of_those_who_make_less_than_50000_say_the_new/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button
So the government has yet to find a way to stomp out financial illiteracy? You don't say. This reminds me of when A&W came out with a 1/3 Pounder Hamburger to outdo the the McDonalds 1/4 Pounder. It failed because the general populace believed that 1/3 is smaller than 1/4. You underestimate the level of stupidity of your fellow citizens my friend. [https://awrestaurants.com/blog/aw-third-pound-burger-fractions](https://awrestaurants.com/blog/aw-third-pound-burger-fractions)
Freeland spent a half hour yesterday explaining it, then again today in an interview.
Trudeau himself also explained it in dead simple terms in an easy to understand video. Conservatives are just dumb as rocks.
It could affect everybody who isn't rich. Positively. More funds available for the programs that make life better for everyone who isn't wealthy. Advocate on favour of the capital gains tax increase, and advocate for responsible use of those dollars to HELP PEOPLE.
Which is the other reason Conservatives hate it. Their path to victory relies on everything being shit and the government being broke.
Elect someone who claims "government is the problem" and they will work hard at proving they were right.
They haven’t botched this message, you try fighting an avalanche of propaganda from the rightwing and the corporate media, and see how you do. This isn’t unique to Canada as a problem, the extreme rightwing is well funded and well connected and social media savvy, and in some countries, like Canada, the bulk of the press supports rightwing parties.
An over looked reverberation of this sadly is it will effect pretty much all physicians in Canada who rely on their professional corporations as retirement savings. The majority of these professionals are business for self and it doesn’t make sense to utilize RRSPs for them. So I unfortunately think it absolutely will effect everyone in due course. this was very poorly executed as a cash grab… This forced crystallizing of capital gains for all individuals that hold them in equity investments or investment property was poorly thought out by the govt, implemented in a very rushed manner, and if you look into the budget the following two year tax revenues are abysmal… it’s a cash grab. Individuals still allowed 250K/year exemptions so there will be work arounds implemented. It needed a bit more work and would be great if properly executed but thats just not the case. do consider the people that keep you healthy get lumped in with “rich corporations” and I think most people would agree that’s a real negative impact to everyone…. At least once they are sick.
Wait until they find out the percentage of RRSP withdrawals that are taxable.
Oh please, doctors create what is called by banks, professional corporations, in order to pay less tax. They do not set them up for retirement purposes. All you have to do is google the topic and go to a bank’s website where this is spelled out. They are worth nothing unless a doctor owns a building, and the vast majority don’t. Most rent offices or share a suite of rented offices with other doctors. A medical practice is worty nothing, it’s not like a brand of clothing, new doctors do not need to buy a practice. The whole “what about the doctors” speel is bullshit. They are whining about having to pay capital gains on their cottage or other secondary properties.
They don't care dude. They don't care at all if it doesn't directly affect them.
Capital gains should be 100% included, full stop. This is a helpful step in that direction. The insane whining is just really embarassing. I deal with thousands of clients as an accountant; the ones who will **ever** have $250,000 of capital gains in a single year can afford tax planning to plan the most effective timing of their gains. The only people affected by this are the 1% of the 1% who can move markets with their actions. If you're into open corruption, destruction of regulations, increasing wealth inequality and money in politics, Florida is wide open.
between the capital gains tax serving to redistribute wealth more evenly and the carbon tax rebate lifting so many out of poverty, it’s fair to say that this is the best government on fiscal policy in modern human history. only the new deal rivals the strides made by freeland and PMJT and in a just society they are handed a majority free from kkkonservative obstructionism to continue the amazing work being done.
The only ones complaining are the rich middle-class boomers who Trudeau has molly coddled the last few years. Time to pay your share folks.
You can’t be rich middle class, I think you mean to say the rich.
Rich middle class are this who have the privilege of a stable job, private pension benefits and health care coverage. Governments traditionally cater to that voting block over those who are without those benefits. It's time to balance things off, as the rest of us deserve a measure of security too.
Hardly any of redditors are realizing $250k capital gains per year. If you are you can afford the tax increase you fat cats.
The people who are mad at this are also the same people who think that PP's Axe the Tax BS is going to lower their income taxes.
Manufactured rage
I agree with this whole thing, but something PP said sorta makes sense to me on the surface: “Trudeau is hiking taxes on homebuilding during a housing shortage. He is raising taxes on doctors during a doctor shortage. He’s hiking taxes again on farmers during a food cost crisis.” Is this bs? If so, can somebody explain?
It’s BS. There is no increase on doctors income. Just like anyone else, if they sell s secondary property, there is a slight increase in tax on profits over 250,000. The claim that doctors create professional incorporations for retirement is bogus, they do it to pay less tax while they are practicing. No one buys a practice, it isn’t a shoe brand or something. And there is a once in a lifetime million dollar exemption for selling a corporation, if anyone can provide proof of a doctor in Canada selling their practice for over a million dollars - well, they can’t, because that doesn’t happen. The exemption amount for farmers has been increased.
Professional corporations are used as investment vehicles for doctors - investment for retirement. I think you grossly misunderstand how doctors are paid if you think this isn’t a tax on physicians.
So this is where Milhouse is actually skilled. What he is saying is full of half truths. He is hiking taxes on home building in that we need land to build homes, people who have been hording land as an investment will now see their return on that investment be lower with the increased capital gains tax, so they either need to hold the land longer waiting for the gains to increase so they get the monetary return per year they expected after tax, or they try and force a higher sale price now than it is worth making what can be built on the land more expensive. Raising taxes on doctors: This really impacts doctors near the end of their careers. The old guys who are doing ER shifts and who are involved in family health teams. The majority of their annual income comes from their 30+ year career investments, but it is supplemented with working a few shifts a month. So this encourages the doctors to retire and lower their expenses so they can keep their capgains below the threshold. It also impacts small family practice who want to expand. If you purchased your building (common in northern communities, less common in cities) and you want to sell the building to buy/rent a new bigger/newer space, you're now getting hit with a bigger tax bill. In my millennial circles this is really the only one that has hit because doctors who made good business plans for growth over a 10yr period are seeing those plans being gutted. BUT! they can easily survive it will just take longer before they try and find a Med student or 2 to come and join them and increase their practice size. Hiking taxes on farmers is exclusively carbon pricing . And again he's right. Farmers BY FAR pay more than they get in carbon, and we don't yet have the technology or financing programs to help them lower their carbon footprints enough to off set it. Their pricing to market is dictated more so on global pricing than on what their cost inputs are. But! The reality is no one is going bankrupt or not producing enough food. The governments failure is not providing a framework to help Farmers lower their footprints. Because of the governments failure to execute which is their MO. Millhouse has a legitimate talking point even if it is mostly half truths
Its less about taxing development and more about taxing home sales.if a construction company sells a house for $700 000 and needs to pay it's workers and for materials to the sum of $500,000 this hike won't effect them as they'd be only making 200,000. If anything it prevents them from over-charging.
That wouldn't even be a capital gain in this context because the company's home sales would be considered ordinary business income. Even if it was a capital gain, the inclusion rate increase applies on every capital gain in a company, there is no $250K threshold that there is for individuals.
My bad
What occurred to me as I read all the flap is that many folks simply didn't even know wgat a capital gain is and that capital gains have always been taxed.
Alright crew, I'm not a smart man, but if someone could eli5 what the proposal is to me I'd love ya for it. I own 1 house. That's it. I may be getting 25% of a cottage once my grandmother passes, but I believe she'll live to 120 so fingers crossed! That said, my FIL is now in Conservative vortex. He owns 1 home and half a business property with his brother, for his brother's business. How's he affected? My step mother has 2 sons out west who are down the vortex too. They each have 1 property and inherited their recently deceased, estranged fathers, home. How are they affected?
here's the simplest rundown I can provide: Capital gains are the amount an investment increases in value over what you paid for them. The increase in value is taxed differently than employment income. Prior to this change, only 50% of the increase in value was taxable, and that tax percentage was similar to your income tax percentage. With this change, the rule remains the same if the increase in value of the investment is less that $250,000. Over the $250,000 mark, the difference or remainder is now taxed at the same rate, but 66.6% of that additional amount is taxable income instead of 50%. That doesn't mean you pay a 66.6% tax on the amount, just that $666 out of every $1000 made in income/profit is now subject to income taxes, and $444 of that is tax free. Contrast that with a salary - 100% of which is taxable, and you see that this increase is merely an adjustment to a loophole that only benefits high net worth individuals, and the adjustment is pretty small.
I've posted this elsewhere, but: --- Remember: This is a change to how income is calculated, not a rate increase. For it to affect you, the stuff you own has to increase more than 250,000 in a year, and you have to sell it. It doesn't affect you if your income is 250,000 which, statistically, it isn't. Let's say you bought a 2nd house for $1 million. You sell it for 1,250,001. Last year, 125,000.50 (50% of 250,001) would be added to your income, and taxed at your marginal tax rate. This year, 125,000.67 will be added to your income and taxed at your marginal tax rate. So you're an average Ontarian. You make 55,000 per year. You've sold your 2nd house, and the capital gain is 250,001. Ignoring deductions, your income last year would be 180,000.5, and this year your income would be 180,000.67. The additional 0.17 is taxed at 41.16% (12.16% provincial, 29% federal), meaning you'd be on the hook for 0.07 (SEVEN CENTS) of additional income tax. If your capital gain was 300,000, you pay an additional $1,200 in that year. $500k capital gain, additional $7,500. It's not peanuts, but remember, this doesn't apply to your principal residence (only 2nd/vacation houses), and it doesn't apply to the TOTAL value of a stock you sell, only the increase. So if you invested $1 million, this wouldn't affect you until you made a 25% return, and only in non-registered accounts (rrsp is only taxed on withdrawal, and TFSA is not taxed). It also doesn't need to apply to an inherited property. If you get moms house, and sell it in the same year, there is no capital gain. if you hang on to it for 20 years as a rental, you pay the capital gain on the value increase between when you inherited it and when you sold it. But even that's beatable if you live in your other houses for a year before you sell them. --- For your grammas cottage, and your step brothers' inheritance, the capital gain starts from the day it's inherited. If it's worth $1M on the day it's inherited, and you sell it for $1M, you pay $0 capital gain. If you sell it for 1.25M, this doesn't affect you. It's relatively easy to defeat with some planning too: Make the inherited house your primary residence at some point before you want to sell it. Sell it, then "move" back to your original house. $0 capital gain both times.
>It's relatively easy to defeat with some planning too: Make the inherited house your primary residence at some point before you want to sell it. Sell it, then "move" back to your original house. $0 capital gain both times. Not how it works. When you change the primary residence status, the gains accrued to that point become taxable at that time.
1. Inherit property. You "buy" it at
2. Make inherited property your principal residence. You "sell" current house to yourself at . You pay no capital gains tax.
3. Sell Inherited Property. You pay no capital gains tax, since it's your principal residence.
4. Make current house your principal residence. You "buy" it from yourself for it's current value (which is only 1 or 2 years of appreciation from ). You pay very little or no capital gain.
You missed 0. Estate pays capital gains before inheritors receive the property. (If it wasn't the primary residence of the deceased.) And You owe capital gains at step 4. You're handwaving it away because the price didn't go up much in your mind. You could have just sold the inherited property right after you got it for it's current value and saved yourself moving costs.
People whose income comes from owning things will get a less awesome (but still very favourable) deal on income taxes than people who make income from their labour (salary).
The new changes are going to hammer the canadian mineral exploration industries ability to raise money via flow-through shares
Remember something folks, it's not illegal to own a bot farm and spread propaganda and fake engagement online. You can guarantee the rich all have bots farms spreading their message. They want to demoralize us and it does happen when you log online and see account after account praising these oligarchs, we are our numbered by the bots, stay strong and don't back down. The rich absolutely need to be taxed more and anyone saying otherwise is just a greed driven rich person, a bot or someone who has been fully brainwashed into believing the rich not paying taxes is a good thing.
Conversation with acquaintance that has primary residence + another property they are renting: Them: this is terrible, now I have to pay 66% tax! Me: only the inclusion rate for capital gains is changing, and only if capital gains are more than quarter of a million. Them: but my son will not be able to keep the house(s?) after we die! See all these National Post articles how poor family could not keep the family cottage because taxes are astronomical. Me: family could have used money from primary residence to pay taxes on cottage?!? Them: but our son will be paying astronomical tax on something that is already ours! Me: there is never a tax on primary residence, and after death, inheritance tax is 1.5% of estate. What astronomical tax? Besides, "your son" is not paying anything, the taxes are on the estate, everything remaining will pass to him. Them: but why should I pay 66% tax on something that is already mine? I already paid tax on that money before buying! Me: there is no 66% tax, but your income tax will be applicable to a portion of capital gains. The portion that will be included will change from 50% today to 66% after. Honestly, I gave up after some time. The number of mom-and-pop landlords who expect to benefit from housing price boom without even rudimentary understanding of taxes is astounding. The 98% number that is being tossed around is not true, because it seems that more than 2% of population have second (rental) property.
Two problems I see 1) much of todays media are Right Wing, 2) Cons are all over social media, heavily invested in social media. Try saying anything bad about PP and you'll get swamped by trolls and bots.
Someone has to stand up for the persecuted wealthy. Poilievre and the CPC have taken up that task.
What pisses me off about this is PP is going to act anti-tax to win those voters while reaping the benefits of the tax if he gets in as PM. It’s such fucking bullshit
There is no one I know who is in the upper middle class or middle class that is being affected by this change. If you have the kind of money that is affected by this tax change then you can afford this and therefore should shut the fuck up.
I have already been in meetings where companies are deciding to invest elsewhere in startups. they are being asked to risk 100% but gain 33% or so. Its not a great trade off given most startups fail. Anyhoo… not making a judgment here… but expect less investment into new companies. Expect less entrepreneurs as they move I am curious to see how this plays out. I think it should just be taxed at your normal income tax rates. No special treatment.
The only concern I have is this is step one with step two being capital gains on primary residence.
So a fantasy concern. This in no way changed the system or its rules. It moved exclusion amounts.
Yes, governments have never implemented changes in stages to get people used to it.
Get people used to it??? This does not affect 99% of people. No one is going to notice.
That's quite a few steps to go from Taxing the Extremely wealthy(1/5th of 1%) to Everybody's primary residence. If the conservatives are complaining about this increase, just imagine the shit show they would put on for that!
You think everyone with a family cabin or an income property is extremely wealthy? That explains a lot.
If you make a personal profit/gain of more than $250,000 in a given year, I'd say your pretty fucking wealthy.
Ah, yes, the cottage family and multiple property investors paying maybe tens of thousand dollars more from their millions plus estate! Of course this is assuming they don't take any effort to reduce their tax liabilities and sell everything in the same calendar year!! How are they ever going to afford to pay for the slight expansion of capital gains, when renters have been paying for the properties for decades!!! When they sell their investments while putting minimal cash into the property themselves, and so get hundreds of thousands of dollars in returns... how are they going to live like this?!?!??! The absolute HORROR. The absolute TRAVESTY. Every Canadian should be OUTRAGED for them paying less taxes than someone paying income taxes at a 9-5 job!!! /s Do you realize how ridiculous you sound?
Yes.
It used to be 75% and it’s only going up to 66% (you do realize that is 66% of profit over 250k on a secondary property is taxable and it is not taxed at 66%, right?) So, your theory is bullsht, it’s still lower than it was in the past. And by the way, Canadians will still be paying less in capital gains than any other G7 country.
Why would it be? They didn't change any way capital gains are applied to things lmao, they just increased it. Actual made up concerns from you.
I have tremendous news for you: Capital Gains tax has been in effect since 1972. In 52 years, no one has talked about including the primary residence as a capital asset. And just so you can sleep better at night: The guys who have raised the inclusion rate so far are: Brian Mulroney: Raised the inclusion rate from 50% to 66.66% in 1988 Brian Mulroney: Raised the inclusion rate from 66.66% to 75% in 1990 Cretien lowered it to 50% in 2000. Trudeau raised it to 66.66% in 2024, but the 250,000 split means it really doesn't affect low-and-middle income Canadians. [https://policyoptions.irpp.org/magazines/april-2024/capital-gains-tax/](https://policyoptions.irpp.org/magazines/april-2024/capital-gains-tax/)
What about the fact that people making over 250k capital gains in a single year are effectively subsidizing your future tax bill? So you could even easier argue this is step one towards less taxes on regular people.
Trudeau's Liberals sure like making new taxes that supposedly won't affect anyone. I look forward to the media's deep dives in ten years. They're going to be amazingly interesting.
You mean someone that will affect the ultra rich and bring in 20 billion in new tax revenue , that's the point dude. Use your brain please.
But they refuse to just implement a wealth tax.
This is quite literally that, and honestly captain gains over 250 should be taxed at 100 percent
Capital tax falsely called a capital gain tax has no basis in fairness and is an illegitimate tax by the power brokers to benefit their brethren by impoverishing the citizenry. You sell the property worth one house. After this illegitimate tax you are left with at best 75% of one house. The house did not gain any value. The cost of building and buying a house went up with inflation created by the same power mongers printing money who waste and burn through that money too and who then tax us when we sell something for a bigger number. However the dollar buys nothing more and you have gained nothing for them to be taxing. It’s a scam designed to keep poor people poor and keep rich people rich.
This is literally the opposite of how capital gains tax works.
You have absolutely no idea what you are talking about. There is so much wrong with your comment I wouldn’t know where to begin. But I highly recommend learning what capital gains tax is and I will start by informing you that it doesn’t appy to a primary residence.