June 2024 Cap gain tax change

[Xtrema]

Was away when this was announced and got email and read stories about this in the limited time I want to spend on this during vacation.



This video is pretty good summary. I was wondering why the Conservative is onboard with this but now I can see why. But I get why all the doctors are losing their shit over this.

[ExtraSlow]

Bad for people who own a business or a 2nd property.

[max_boost]

Why are the conservatives on board?

[killramos]

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Why are the conservatives on board?

Becuase this country is broke

[JRSC00LUDE]

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Why are the conservatives on board?

Because they are also pro big government and pro taxation. Same wolf different clothes, this country is a sewer. Nothing will change until total economic collapse, foreign invasion (other than by immigration) or a good ol' fashioned civil uprising/civil war. What's your money on?

[jutes]

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Becuase this country is broke

We should start cutting social programs.

[max_boost]

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We should start cutting social programs.

Amen and raise these retirement age benefits to 70

[killramos]

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We should start cutting social programs.

We need all of the above unfortunately

Righting the sinking ship is going to be painful

[bjstare]

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Bad for people who own a business or a 2nd property.

worse for people that have multiples of both of those things.

[Xtrema]

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Amen and raise these retirement age benefits to 70

Well, that's how we got Trudeau in the 1st place.

[ExtraSlow]

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worse for people that have multiples of both of those things.

Those people are called "wealthy" and we want to discourage them from residing in, or investing in, canada.

[killramos]

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Those people are called "wealthy" and we want to discourage them from residing in, or investing in, canada.

You forgot to mention they don’t pay their fair share

[ExtraSlow]

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You forgot to mention they don’t pay their fair share

They should pay 100 percent or 0 percent. Not sure socialists care which.

[Xtrema]

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Why are the conservatives on board?

History? Mulroney brought in GST and 75% inclusion rate for cap gain. Chretien/Martin lowered that to 50% and Harper knock GST to 5% from 7%.

So this is probably 1st meaningful tax hike from the Feds, other than carbon tax.

PP probably looked at the supporter base and only AB is impacted greatly, will just ride along. It's not like Albertan has an alternative right wing party to vote for federally.

[pheoxs]

End of the day conservatives are going to campaign hard on Trudeau's out of control spending and how the cons will balance the budget. This tax increase is a tool for them to be in better shape to do so while the liberals taking most of the flak for introducing it.

[vengie]

Conservatives historically have come in and been "bad cop" to get the countries finances back on track due to Liberal mismanagement.
This typically involves cutting social programs, which then pisses people off and makes them hate the Conservatives.

Liberals are then voted back in, and away we go... in perpetuity, forever, until the toilet bowl finally swallows us.

[ercchry]

Am I missing something here?

This is essentially a consumption tax, cause at $250k+, why bother withdrawing that from a corp or investment unless you’re spending it?

At a 50% tax rate it’s a tax increase of 8%…. To even come close to 8% you’d have to claim miles beyond $250k. $500k would be 4%, and it would only be that high if you already maxed out your tax bracket with additional income.

I would argue this is a rounding error vs the other consumption based taxes that have been implemented to target the wealthy, ie. lux car tax

It’s like the public outcry about it is all part of the game to appease the poors that the gov is going after the big, bad elite

[suntan]

It's a tax on inflation, which is always annoying.

It hits people that form businesses and sells them. The cap gains exemption is peanuts these days. Sell your business for $5mm, that's a lot more tax you're paying.

Also a bunch of prof service businesses are no longer exempt. That one is just bizarre.

[max_boost]

I learn my circle not that baller cuz no one talking about it except of course you beyond ballers

[SilverRex]

For the first time, something I feel good about not being wealthy -_-