66.7% Cap Gains Tax in Canada
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https://www.canada.ca/en/department-finance/news/2024/04/tax-fairness-for-every-generation.html
Budget 2024 proposes an increase in taxes on capital gains on the wealthiest 0.13 per cent.
To make Canada's system more fair, the inclusion rate—the portion of capital gains on which tax is paid—for capital gains for individuals with more than $250,000 in capital gains in a year will increase from one-half to two-thirds. Individuals will continue to only pay tax on 50 per cent of any capital gains up to $250,000 per year.
The inclusion rate will also increase to two-thirds for all capital gains realized by corporations and trusts.
The new rules will apply to capital gains realized on or after June 25, 2024.
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In any case this g’ovt is heading straight for the exit. I doubt if anything it does can save it beyond the prescribed 18 months
remaining in its term. End could very well come sooner on any number of confidence vote issues in the House. I can only hope.A Tory government will take its place and all bad things Trudeau is doing fiscally and environmentally will either evaporate or be struck down in Parliament under a Poilievre Conservative government. As a nation we will soon be on the road to Damascus.
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So? Does not bother or affect me. Might impact one or two people I know but they can afford it anyway.
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BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.” -
@Renauda said in 66.7% Cap Gains Tax in Canada:
Might impact one or two people I know but they can afford it anyway.
Will they quit Canada over it?
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BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”@Axtremus said in 66.7% Cap Gains Tax in Canada:
BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”That’s how I read it too. Here, 100% of your capital gains are included in the tax calculation.
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BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”@Axtremus said in 66.7% Cap Gains Tax in Canada:
BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”Ah, thank you.
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For 99.87 per cent of Canadians, personal income taxes on capital gains will not increase.
OK, possibly not the biggest thing to hit.
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I just find it interesting that the word "Fair" appears throughout the document nine times.
That is a concept that is based on the perception of the person who thinks he is being treated unfairly.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”@Axtremus said in 66.7% Cap Gains Tax in Canada:
BTW, @George-K , the thread title “66.7% Cap Gains Tax in Canada” is misleading.
The “66.7%” is the “inclusion rate,“ not the tax rate.
As in ”only 66.7% of your capital gains will be used to calculate your tax,” as opposed to “your will owe 0.667 CAD of tax for every 1.000 CAD of capital gains you realize.”That’s correct.
As to your other question. No they probably will not leave Canada, although both own one or more offshore properties in more tropical climates. Both have extended families living in Canada that involve grandchildren. They are staying put for at least six months of the year.
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I just find it interesting that the word "Fair" appears throughout the document nine times.
That is a concept that is based on the perception of the person who thinks he is being treated unfairly.
@George-K said in 66.7% Cap Gains Tax in Canada:
I just find it interesting that the word "Fair" appears throughout the document nine times.
That is a concept that is based on the perception of the person who thinks he is being treated unfairly.
You actually pay attention to that shit? I can assure you no one in this country does. “Fair” is a populist buzzword for “we’re going to screw you from behind and use lot’s of Vaseline while we are doing it”
All the populists right and left use that meaningless word.
Elbows up!
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“use lot’s of Vaseline”
It’s that world renowned Canadian politeness again.
Populists south of the 48th may not bother with using any.@Axtremus said in 66.7% Cap Gains Tax in Canada:
“use lot’s of Vaseline”
It’s that work renowned Canadian politeness again.
Populists south of the 48th may not border with using any.That's more an implementation of what British Conservatives lovingly refer to as 'Victorian Values'. Lubricant was reserved for those who lived above stairs.
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@George-K said in 66.7% Cap Gains Tax in Canada:
I just find it interesting that the word "Fair" appears throughout the document nine times.
That is a concept that is based on the perception of the person who thinks he is being treated unfairly.
You actually pay attention to that shit? I can assure you no one in this country does. “Fair” is a populist buzzword for “we’re going to screw you from behind and use lot’s of Vaseline while we are doing it”
All the populists right and left use that meaningless word.
@Renauda said in 66.7% Cap Gains Tax in Canada:
You actually pay attention to that shit? I can assure you no one in this country does. “Fair” is a populist buzzword for “we’re going to screw you from behind and use lot’s of Vaseline while we are doing it”
That's exactly my point.
