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The New Coffee Room

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  3. 66.7% Cap Gains Tax in Canada

66.7% Cap Gains Tax in Canada

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  • George KG Offline
    George KG Offline
    George K
    wrote on last edited by
    #1

    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.

    "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.

    1 Reply Last reply
    • RenaudaR Offline
      RenaudaR Offline
      Renauda
      wrote on last edited by
      #2

      So? Does not bother or affect me. Might impact one or two people I know but they can afford it anyway.

      Elbows up!

      AxtremusA 1 Reply Last reply
      • RenaudaR Offline
        RenaudaR Offline
        Renauda
        wrote on last edited by Renauda
        #3

        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.

        Elbows up!

        1 Reply Last reply
        • RenaudaR Renauda

          So? Does not bother or affect me. Might impact one or two people I know but they can afford it anyway.

          AxtremusA Offline
          AxtremusA Offline
          Axtremus
          wrote on last edited by
          #4

          @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?

          George KG 1 Reply Last reply
          • AxtremusA Offline
            AxtremusA Offline
            Axtremus
            wrote on last edited by Axtremus
            #5

            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.”

            jon-nycJ George KG RenaudaR 3 Replies Last reply
            • AxtremusA Axtremus

              @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?

              George KG Offline
              George KG Offline
              George K
              wrote on last edited by
              #6

              @Axtremus said in 66.7% Cap Gains Tax in Canada:

              Will they quit Canada over it?

              They'll have to get in line behind all the celebrities who moved to Canada after elections didn't go in their preferred way .

              "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.

              1 Reply Last reply
              • AxtremusA Axtremus

                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.”

                jon-nycJ Online
                jon-nycJ Online
                jon-nyc
                wrote on last edited by
                #7

                @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.

                They’ll end up, after a lot of drama, with the same formula they use every time they have a trifecta: take away health care and food assistance from low income families and use the money to fund tax cuts for their donors.

                1 Reply Last reply
                • AxtremusA Axtremus

                  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.”

                  George KG Offline
                  George KG Offline
                  George K
                  wrote on last edited by
                  #8

                  @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.

                  "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.

                  1 Reply Last reply
                  • Doctor PhibesD Offline
                    Doctor PhibesD Offline
                    Doctor Phibes
                    wrote on last edited by Doctor Phibes
                    #9

                    For 99.87 per cent of Canadians, personal income taxes on capital gains will not increase.

                    OK, possibly not the biggest thing to hit.

                    I was only joking

                    1 Reply Last reply
                    • George KG Offline
                      George KG Offline
                      George K
                      wrote on last edited by
                      #10

                      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.

                      RenaudaR 1 Reply Last reply
                      • HoraceH Offline
                        HoraceH Offline
                        Horace
                        wrote on last edited by
                        #11

                        Left wing populism. But I repeat myself.

                        Education is extremely important.

                        1 Reply Last reply
                        • AxtremusA Axtremus

                          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.”

                          RenaudaR Offline
                          RenaudaR Offline
                          Renauda
                          wrote on last edited by Renauda
                          #12

                          @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.

                          Elbows up!

                          1 Reply Last reply
                          • George KG George K

                            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.

                            RenaudaR Offline
                            RenaudaR Offline
                            Renauda
                            wrote on last edited by
                            #13

                            @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!

                            George KG 1 Reply Last reply
                            • AxtremusA Offline
                              AxtremusA Offline
                              Axtremus
                              wrote on last edited by Axtremus
                              #14

                              “use lot’s of Vaseline”

                              It’s that world renowned Canadian politeness again.
                              Populists south of the 48th may not bother with using any.

                              Doctor PhibesD 1 Reply Last reply
                              • AxtremusA Axtremus

                                “use lot’s of Vaseline”

                                It’s that world renowned Canadian politeness again.
                                Populists south of the 48th may not bother with using any.

                                Doctor PhibesD Offline
                                Doctor PhibesD Offline
                                Doctor Phibes
                                wrote on last edited by
                                #15

                                @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.

                                I was only joking

                                1 Reply Last reply
                                • RenaudaR Renauda

                                  @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.

                                  George KG Offline
                                  George KG Offline
                                  George K
                                  wrote on last edited by
                                  #16

                                  @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.

                                  "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.

                                  1 Reply Last reply
                                  • RenaudaR Offline
                                    RenaudaR Offline
                                    Renauda
                                    wrote on last edited by Renauda
                                    #17

                                    Fair enough. 😉

                                    Elbows up!

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