Holy shit Canada I had no idea your capital gains tax was 50% until today, and that they want to go higher?? 😳
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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.
Agreed. We are in a sinking ship. Our government spends like a reckless teenager with a credit card
It’s going to be a hard lesson for the younger generation.
We also get taxed on dividends
Outside of a registered account.
Holy SHIT 50%
So progressive, eh?
Watching that country turn into North Korea is really something.
Socialism 😂🫡