June 2024 Cap gain tax change

[ercchry]

This quote is hidden because you are ignoring this member. Show Quote

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.

True, but there must be a way to reduce that, get a structured payout over x years or create a hold co, etc

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

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

This quote is hidden because you are ignoring this member. Show Quote

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?

This is a sorta inheritance tax unless you can plan accordingly. Dad owns 2 homes and croaked? That's not hard to breach cap gain limit.

That said, it may discourage some slumlords to let houses go to give us a more balance housing market.

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

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

The amount of people who pay zero attention to anything the government does is shocking. They are masters of pickpocketing. Distracting you with one hand while taking your wallet with the other.

[ercchry]

This quote is hidden because you are ignoring this member. Show Quote

This is a sorta inheritance tax unless you can plan accordingly. Dad owns 2 homes and croaked? That's not hard to breach cap gain limit.

That said, it may discourage some slumlords to let houses go to give us a more balance housing market.

Yeah, get those single family homes into a hold co when you still can! Kids as directors, etc

[suntan]

Kids as shareholders doesn't do shit anymore.

You can gift any amount tax free still.

[nismodrifter]

I am not allowed to raise my fees (which are set by the provincial government) and now must pay more tax on ALL money I do make in my professional corp (aka my retirement). F this guy.

[JRSC00LUDE]

This quote is hidden because you are ignoring this member. Show Quote

I am not allowed to raise my fees (which are set by the provincial government) and now must pay more tax on ALL money I do make in my professional corp (aka my retirement). F this guy.

It's a clear and outright attack on prosperity cheered by the unwashed masses and supported by the opposition. If any Conservative campaigner talks to you make it clear you won't vote for them if they support this. But they do support it so they don't care. I hope healthcare professionals in particular flee the country in droves, we deserve it.

[max_boost]

This quote is hidden because you are ignoring this member. Show Quote

I am not allowed to raise my fees (which are set by the provincial government) and now must pay more tax on ALL money I do make in my professional corp (aka my retirement). F this guy.

brain drain doc!
you might have to take your talent across the border to SEA or a place good for you

[suntan]

Price controls cause shortages. Who knew.

[xrayvsn]

This quote is hidden because you are ignoring this member. Show Quote

I am not allowed to raise my fees (which are set by the provincial government) and now must pay more tax on ALL money I do make in my professional corp (aka my retirement). F this guy.

It will go from the current 50% inclusion rate to 67% of your capital gains in your Prof Corp. So not exactly all of the money you make in your prof corp.

If you have a longer time horizon before retirement, you have options like starting an IPP. It sucks for our colleagues who are near retirement since they don’t have the benefit of time to find an alternative.

I hope you have tax professionals who can help guide you moving forward. Might be time to crystallize your capital gains before June 25. I already did this last year since I had a feeling this was coming at some point. I may crystallize more before the deadline too. I am going to chat with my accountant next week to discuss this and do some tax planning.

[Buster]

If you are in Alberta, the only reasonable policy option is to figure out how to jettison from the rest of Canada. I think there's an amazing thread around here on that.

[killramos]

This quote is hidden because you are ignoring this member. Show Quote

If you are in Alberta, the only reasonable policy option is to figure out how to jettison from the rest of Canada. I think there's an amazing thread around here on that.

Now that’s an actual solution to the problem.

[JRSC00LUDE]

This quote is hidden because you are ignoring this member. Show Quote

If you are in Alberta, the only reasonable policy option is to figure out how to jettison from the rest of Canada. I think there's an amazing thread around here on that.

But can't we come too?! I promise we'll leave Regina behind.

[Buster]

This quote is hidden because you are ignoring this member. Show Quote

But can't we come too?! I promise we'll leave Regina behind.

yes, the good people of Saskatchewan are included.

- - - Updated - - -

and the east kootenays...and all of the parts of BC that arent pure shit

[SilverRex]

This quote is hidden because you are ignoring this member. Show Quote

If you are in Alberta, the only reasonable policy option is to figure out how to jettison from the rest of Canada. I think there's an amazing thread around here on that.

Im telling you, the Risk 2210 AD board game already shows this. Alberta will be it's own country, this may be no Simpson code, but one has to wonder.

[max_boost]

This quote is hidden because you are ignoring this member. Show Quote

But can't we come too?! I promise we'll leave Regina behind.

We don’t want oiler fans lol