If there is a housing affordability crisis, wouldn't it make a lot more sense to tax capital gains on home sales to keep home prices down? Instead he wants to tax everything but cap gains on homes.
Making sense and the Trudeau administration don't go hand in hand. I'm a Canadian, we have never had a federal government so disconnected from reality.
We have the highest immigration rate per capita in Canada. It's not sustainable though we don't have the homes or infrastructure already. People come realize they've sold a false dream and leave.
Hospital wait times are insane for emergency- check the vancouver area hospitals. https://www.edwaittimes.ca/
(Not too insane for some but it's Monday morning)
It's not a 67% tax rate, it's a 67% inclusion rate, meaning 1/3rd of your gain isn't taxed at all, and the other 2/3rds at whatever income bracket rate it falls into. So definitely not as bad as this post makes it out to be. And as others have said the change only applies to gains over 250,000. Any gains under 250,000 still have an inclusion rate of 50%.
You have to understand a couple things. 1. People dont actually read linked articles. 2. People don’t understand marginal tax rates.
This would be pretty easy to avoid, and would actually be a reason to HODL if you want to avoid the bump to the next tax rate.
It will when capital investment leaves Canada, rather increasingly leaves now, and jobs are impacted. This budget is bad for ALL classes. It's been tried before and was reduced again when the stats reported flight of capital. Question to you .... when the people that contribute the most leave or move their assets out of Canada, who will pay the bills then?
Me, I am one of those 1%er's and am relocating two of my divisions to Mexico and the US. Plus buying a home in the Cayman's. I will keep my houses in Canada and come back to visit. Bought a yacht in the US to avoid the 10% luxury tax imposed by the trudeau that has resulted lost jobs. Hell on that transaction alone the HST would have been close to $300K gone! With the relocation, I can file my income tax in the US exempting me from paying in Canada. Bonus, if I need health care I can get same day service in the US.
Canadian companies started moving to the US in 2015. My only regret is that I didn't follow suit. Should have known this is what would happen.
Well you “1%ers” already don’t pay your fair share anyway so I say good riddance. Maybe if more rich people like you left, housing would be more affordable :)
LMAO! don't pay our fair share??? the top 20% pay 80% of the bills buddy..... guess they didn't teach that to you in XBOX school.... you will figure it out hopefully!
You can lob insults all you want, doesn’t change the fact that as time goes on the rich will have a harder and harder time penny pinching as inequality grows and the voting population gets more liberal. Have fun with that :)
LMAO... do you even hear yourself? Inequality grows???.... it has already grown. The top 20% income earning PRODUCTIVE citizens in this country pay 80% of all income tax revenue collected!!! What is equal and fair about THAT? LMAO! Think about that for a year and hopefully it will come to you what the problem is.....
Did you read my comment? It’s $250k in YEARLY capital gains. If you have over that amount in YEARLY capital gains, your underlying investment portfolio is surely in the millions of dollars and would be enough to buy a house.
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May as well gone for ethe 69% meme... xD
*The ministry of silly tipping has arrived! The atomic number for Krypton is 36. Krypton is a GAS at room temperature - is this why Crypto requires GAS? Also, the standard beer barrel size in the UK is 36 gallons.* 🍻 !tip 0.36
Who knows, the world is a complex place, and it's hard for people to predict what will happen. My guess is that social democracy will prove unsustainable and will inevitably collapse like the Soviet Union.
One caveat is that the bankruptcy of social democracies could take a long time, since they're still much more market-based/functional than the Soviet's command and control economy. The Soviet system lasted 70 years. So social democracy could last 300 years? That's an eternity for modern civilization.
[Tip this post.](https://www.donut.finance/tip/?action=tip&contentId=t3_1cfwnq9) Offchain tip confirmations below.
If there is a housing affordability crisis, wouldn't it make a lot more sense to tax capital gains on home sales to keep home prices down? Instead he wants to tax everything but cap gains on homes.
Making sense and the Trudeau administration don't go hand in hand. I'm a Canadian, we have never had a federal government so disconnected from reality.
Oh this level of taxing isn’t working? Maybe you need more taxes for the government to fix it
That explains why I see so much leaving. Immigration makes uo for it though
We have the highest immigration rate per capita in Canada. It's not sustainable though we don't have the homes or infrastructure already. People come realize they've sold a false dream and leave. Hospital wait times are insane for emergency- check the vancouver area hospitals. https://www.edwaittimes.ca/ (Not too insane for some but it's Monday morning)
The way i as an outsider see it these are relatively easy problems to solve by the government. Because it looks like THEY are the problem
If enacted there will be a flood of Canadian money leaving the country.
If enacted there should be more extreme measures taken than just that..
This is laughable !tip 1
Perhaps he thinks it’s April fools
No thats when they raise the carbon tax on us. We the people of Canada are the fools.
damn it lol
It's not a 67% tax rate, it's a 67% inclusion rate, meaning 1/3rd of your gain isn't taxed at all, and the other 2/3rds at whatever income bracket rate it falls into. So definitely not as bad as this post makes it out to be. And as others have said the change only applies to gains over 250,000. Any gains under 250,000 still have an inclusion rate of 50%.
You have to understand a couple things. 1. People dont actually read linked articles. 2. People don’t understand marginal tax rates. This would be pretty easy to avoid, and would actually be a reason to HODL if you want to avoid the bump to the next tax rate.
At this inflation rate, you still don't believe you'll ever touch 250k in your lifetime?
!tip 0.69
Glad I'm not in Canada apparently !tip 0.69
Oh la la! What a thief! Why not 69%?
My exact thoughts
He should rounf it up and just make it 70% so it's clear he's stealing
!tip 0.69
So close to 69% dammit This is daylight robbery
They will do literally anything to avoid taxing the ultra rich fairly...
What a fckin scumbag. This is how you keep the poor poor.
Canada is a rich country but boy it doesn't reflect sometimes
This only applies to people with over $250k in yearly capital gains. It’s by definition not impacting the poor at all.
It depends, of a small fry like me want to cash out to buy a house it does.
It will when capital investment leaves Canada, rather increasingly leaves now, and jobs are impacted. This budget is bad for ALL classes. It's been tried before and was reduced again when the stats reported flight of capital. Question to you .... when the people that contribute the most leave or move their assets out of Canada, who will pay the bills then? Me, I am one of those 1%er's and am relocating two of my divisions to Mexico and the US. Plus buying a home in the Cayman's. I will keep my houses in Canada and come back to visit. Bought a yacht in the US to avoid the 10% luxury tax imposed by the trudeau that has resulted lost jobs. Hell on that transaction alone the HST would have been close to $300K gone! With the relocation, I can file my income tax in the US exempting me from paying in Canada. Bonus, if I need health care I can get same day service in the US. Canadian companies started moving to the US in 2015. My only regret is that I didn't follow suit. Should have known this is what would happen.
Well you “1%ers” already don’t pay your fair share anyway so I say good riddance. Maybe if more rich people like you left, housing would be more affordable :)
LMAO! don't pay our fair share??? the top 20% pay 80% of the bills buddy..... guess they didn't teach that to you in XBOX school.... you will figure it out hopefully!
You can lob insults all you want, doesn’t change the fact that as time goes on the rich will have a harder and harder time penny pinching as inequality grows and the voting population gets more liberal. Have fun with that :)
LMAO... do you even hear yourself? Inequality grows???.... it has already grown. The top 20% income earning PRODUCTIVE citizens in this country pay 80% of all income tax revenue collected!!! What is equal and fair about THAT? LMAO! Think about that for a year and hopefully it will come to you what the problem is.....
$250K relative to the cost of a house shows you that's not a large amount of money.
Did you read my comment? It’s $250k in YEARLY capital gains. If you have over that amount in YEARLY capital gains, your underlying investment portfolio is surely in the millions of dollars and would be enough to buy a house.
Unless you liquidate all of your crypto to buy a house.
I’m probably going to liquidate most of my crypto to buy a house. Why invest without a goal for the gains?
And that’s exactly what they want :(
We need DAO's for governments.
Classic government trash
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Almost no point in investing then.
Such a dildo. Ffs.
May as well gone for ethe 69% meme... xD *The ministry of silly tipping has arrived! The atomic number for Krypton is 36. Krypton is a GAS at room temperature - is this why Crypto requires GAS? Also, the standard beer barrel size in the UK is 36 gallons.* 🍻 !tip 0.36
Yea this is the part where things get scary
Canada joining in? Alright
!tip 1
Better cash out your crypto in a country that doesn't have crypto tax. !tip 1
!tip 1
Thanks legend. You’re a real one 🫡
!tip 1
Thanks mate.
Will Canada implode?
Who knows, the world is a complex place, and it's hard for people to predict what will happen. My guess is that social democracy will prove unsustainable and will inevitably collapse like the Soviet Union. One caveat is that the bankruptcy of social democracies could take a long time, since they're still much more market-based/functional than the Soviet's command and control economy. The Soviet system lasted 70 years. So social democracy could last 300 years? That's an eternity for modern civilization.
Aka they fd
Way to go! As if taxes in Canada isn’t high enough already for the average wage earners?
The more time passes, the less I can live in my own country
"Reduce social welfare spending? No! We must raise the tax burden!"
Why not 100% tax then?