Holy shit Canada I had no idea your capital gains tax was 50% until today, and that they want to go higher?? 😳
Discussion
Can you take me higher?
Wild.
Only above a certain income.
They also just raised the inclusion rate to 2/3 instead of 50%.
Young voters are going to learn that eventually all of the things they demanded from the government need to be paid for.
Higher taxes, higher deficits, higher inflation housing out of reach for most young people…….the liberal government will get flattened in 2025.
It's not 50%
You pay your marginal rate on 50% of the gain
Our rate is lower than USA currently
This.
Details matter friends.
Yep. In the new budget, if you earn over 250k the inclusion rate has been bumped to 2/3.
I’m confused. Top rate in U.S. is 37%
If u have 100k in gains
Only 50k is taxable
If your marginal rate is 20%
You owe $10k in taxes in total on the 100k gain
On 100% of the gain.
$100 gain = $37 of tax
$100 gain * 50% = $50 taxable dollars * your income tax rate = amount of tax
Thus, if your tax rate is 45% then $22.5 of tax
Not on capital gains. I believe you’re thinking income.
Small correction here. Currently Canadians pay tax on 50% of the capital gains. So on $100k gain, you’re taxed on $50k. Going up to 66% on over $250k. Just going to keep getting worse. Bitcoin is the way.
The most recent budget (yesterday o think) is a nightmare for fiscal conservatives and a dream for the NDP.
Trudeau’s liberals have lost the young voters and this is their attempt to buy them back.
Holy SHIT 50%
So progressive, eh?
Watching that country turn into North Korea is really something.
Socialism 😂🫡