This tax does not harm business or innovation. The only thing it harms are real estate and stock market transactions. If you incorporate a business, dividends paid to yourself/shareholders, and salaries paid to employees are not affected by this change. Flipping a house is not innovation, and is hardly ‘entrepreneurship’ same goes for buying and selling stock.
Doesnt matter theyve created more or less a district like that which we saw in the hunger games movies. Those dang juice eh? Hollywood✡️ always telling the future
While there may be truth to this, so much of the higher income earners here are just making money from real estate. They should spare those involved in true innovation, and increase it on those who make their money in real estate. Especially tax the offshore millionaires who contribute no innovation, and just sink their money into Canadian property.
Taxing real estate investors also stopped investors in building more housing. Canada is on its last resort. The country is in catch 22. They can’t stop immigration since stopping massive immigration will pull down the real estate market. It cannot also increase immigration coz it will drive inflation. It is a country run by massive ponzi scheme
I would be careful with that approach, because small scale real estate investment (let's say up to 2 - 3 mil CAD max) is sort of a stepping stone for first time / unexperienced investors, which allows them to dip their toes in this type of business activity and gather the necessary capital and experience to branch out into other markets. Personally I would trim to the bone any tax on this type of transactions, because you're already paying 5% "tax" in a form of real estate agent fees, which fund the local economy via salaries, etc. The trick here would be to cut the tax and increase the sales volume, by increasing the supply, which can be done if you entice the same investors to buy / fund new construction and if you speed up the construction permitting process. Otherwise, you will have the inverse effect by crippling the capital accumulation by the new investors.
@cymerus2 cry me a river about wealthy people buying investment properties. We need less people buying homes from people that actually need a primary home.
It because if the rich get a "favorable" tax rate, then they'll be inclined to startup here. Well, that's the thinking anyways. I cry bovine scatology, because Canada has had lower business tax (than the US) for years and how many companies are starting up here? Not a lot. Energy companies are lining up because this is where the resources are. They have no choice. Tech is different. Either way, it's all about greed. If some places will allow them to stuff their pockets even fuller, that's where they'll go. Just do what I do and boycott 'em.
How about using this to invest in your own employees. You don't want to pay the huge amount of taxes, expand your business. Put the profit into paying higher wages.
@@AdioShu Because when wages go up that means the market can bear higher rents. Rents are set to what markets can bear, not what landlords think is a nice number. Pretty common sense.
@@AdioShu think of it like an auction. People bidding for rent. If the amount of housing does not increase but the amount of money in peoples pockets increase. People will try to outbid eachother. Things are looking a bit better now then before because we have a lot more rental apartments that are being built but it will take time.
im all for it except $250k is WAY too low of a cut off. IT should be 1 million in these days. people making $250k per year are not ultra rich anymore. The yare jsut livign comportably unless they are single
It's capital gains but it's insane either way. The percentage is already 50%... Imagine making a $1,000,000 capital gain and only keeping $372,500. That's insane.
@@Madmartigan6 That not how capital gains currently work. The way it works is if you make $1 000 000 profit/capital gains you are taxed on 50% of the profit at your current tax rates federally and provicially. So at those levels you would pay $250 000 and keep $750 000.
LMAO - "me paying more money on my $150 million dollar shares sale is going to ruin innovation in Canada... because.. .uh.. i wont be able to Invest as much now..." riight.. sure buddy. innovation is driven by thought.. not by a few rich guys who want an extra hundred million in their net worth
Think you are missing the point. All that investment in the future will go outside of Canada, meaning less jobs and opportunities . Comman sense, but I guess there are still lots of people that think they deserve everything for free.
@@keysersozeh3576 no it wont. if the canadian dollar continues to perform poorly vs the US dollar we will get a lot of US companies coming to Canada for manufacturing and research / development etc.. its how it always works. throughout the last 50 years.
@StarkVandalez Hopefully the Liberals are out and we can get back to moving forward before we find out. Doubling down with the same empty promises and increased government spending and size again and again is not working. Liberals have done the same thing throughout history. Make a ton of promises and never deliver on those promises. They are professional election winners but awful at actually running a competent government. Increasing capital gains tax will 100% drive future investment out of Canada. The dollar will move up and down, that tax is a cold hard figure that will be taken into consideration for any future investment. I would say only time will tell, but I really hope it does not come to that and there is an election sooner than later.
@@StarkVandalez It's cute that you think that with these taxes the government seems to want to push. No, nobody will be investing in this country. Why would they when there are much easier cheaper alternatives?
@@shakyjake2133 its clear.. Not cute.. that you're NOT in manufacturing or logistics. You obviously dont understand duties and high cost of importing into USA from outside north america. Canada's top exports are natural resources and manufacturing. Go learn a bit more about this stuff before you debate things.
"Statistics Canada data show that, in 2021, the top 1 percent of Canadians saw their incomes grow by fully 20 percent. Farther up, the incomes of the top. 01 percent grew by a stunning 30 percent -- to an average yearly income of $12.5 million." - Toronto Star. So yeah, excuse me for not buying all the "this will innovation and investment" bullshit. For too long, Canada has relied on large incumbent companies for economic growth. However, in return, these companies have under-invested in their own workers and innovation. While paying ever more ridiculous wages to their executives, engaging in stock buybacks, and dolling out dividends like it's going out of fashion. Also, let's not all forget the rampant greedflation. But finally, more and more people see it for what it all really is: corporate profiteering. So yes, raise those taxes and maybe even open some antitrust cases.
Until I see a breakup of oligopolies and increased power and legitimacy for the Competition Bureau I don’t want to hear a DAMNED whine about “lack of innovation.” 🙄
@@luker.6967 Yeah and that's shitty. There should be an anti-revolving door policy for politicians. Don't see how involvement with ATCO has as much a shithole effect on the Canadian economy versus the oligopoly (now duopoly) that has been created in telcos nationwide. Oil has made Alberta and Saskatchewan the richest provinces in the nation (much higher wages too). How much is your phone/internet plan? I'm spending $90/month on my internet 300 plan while I can get an equivalent American plan for $30/month.
Well Trudeau is the one to blame. He’s fooling people like you once again. Once he win power again, he’s gonna do the same shit he’s been doing for past 8 years. It’s too easy to fool Canadians. I think Canadians deserve what they are getting. Cry a river, these rich people can move their wealth. No other country is letting your ass in their country.
Have you ever seen a chip fab or a mine funded by an average Joe ? I doubt it. Like it or not, you need capital accumulation to make certain investments possible.
51 countries have trade agreements with Canada worth billions and billions of dollars. Europe's trade agreement with Canada was worth almost $60B in 2023 alone. We have renewed trade agreements with US, UK, India, Ukraine, Mexico, Chile, Israeli, Australia, and the list goes on. Since 2015, Liberals have rebuilt relationships with countries that conservatives alienated.
@@Liberal_From_Prairies689 what a pantload. Money is running from this country in droves. Trade agreements is one thing, but when the people and businesses that MAKE the sh!% that we trade with other countries are leaving, then what do we have to trade? People are running from this country in droves as well. You go ahead and live in your liberal echo chamber, but the rest of the country sees what is being done, and it is not good. Do you REALLY think this government has made this country a better place to live since they have come to power? Honest answer now. And if you are truly better off, then you are someone who gets free stuff from the government. The rest of us are dying here.
And a tax on inflation. Put $2.5 million in an asset that experiences only 3% inflation for 3.5 years and you'll have a 10% capital gain that surpasses the 250k trigger.
@@jptrainor But the math is wrong lol. You don’t pay any capital gains on anything until you withdraw and unless it’s over $250k. The tax is stupid but you don’t pay anything unless you withdraw. No one should be withdrawing that much if you only have $2.5 million saved.
Investing huge sums of money in stable dividend paying stocks and collecting millions a year in dividends and growth is not "Innovation". Why should capital gains be taxed any differently than regular income? Its all the same and the losses are subsidized through write offs. If anything it might actually ignite innovation by driving out huge corporations who are actively stiffling innovation and giving rise to new ideas. This is such a thinly veiled nonsense argument from a rich guy who doesnt want to have to pay tax on his investments.
Canada has already a productivity issue due to its bank culture of not taking risk and only allow borrowing money if you are in real estate business. Taxing capital gains just sends signal from investors (you and me or pension managers) to put their money elsewhere were it is not taxed up the eye balls
1. Investing in a company means you are a part owner of the company. You putting literally your money to the company saying ' Here I trust you so Im buying your stock'. The act of buying a company's stock benefits the company immensely. One can argue the company already made its money since IPO? Yes by why is Coke still trading in the market for 100+ years ? Because its beneficial to be publicly traded. No doubt. Capital invested by you & me reaches the company indirectly creating innovation, Research & Jobs. If the company pays you a dividend its because 'You are part onwer of the company' & you risk your capital in that company. 2. Cap Gains are taxes less than regular income is NOT because government is generous to investors. Is because of a factor called RISK. If you lose money in the markets, you can't write off your losses easily. Its STILL a loss. However, the flipside, is Profit. The govt. rewards the investor for taking a risk & getting profits. Drawing a salary means you have stability. & Stability often means you pay top taxes. RISK is how your REWARDS are dictated. Entrepreneurs gets wiped out easily everyday & our Jobs & future depends on Risk takers. I would suggest reading books by Nassim Tabeb. 3. The Salaried & Rich look from different perspectives. Majority of us aren't rich to understand what turly it menas to be in investor. Some people argued with me saying 'The Stock market is a scam'. Im sorry the markets have been around in some shape of form for 200+ years.
Stop the progressive consumption tax system if you want fairness , but no , fantasy land, where Canada's GDP ratio to debt is the worst in the G7, ........SIXTY YEARS to pay off !!!!
While this discussion was only about the impacts of this on businesses, to stop many of the predictable garbage comments that are already here, here's a fact, the top 20% in Canada pay 64.4% of ALL income taxes. We have a very progressive tax system and that is a choice we've made as a society. Pretending that the wealthy aren't paying their "fair" amount is frankly ridiculous and Freeland and other SHOULD know better. At least be honest with Canadians instead of pushing out propaganda.
"The world’s 10 richest men more than doubled their fortunes from $875 billion to $1.9 trillion CAD - at a rate of $18,700 per second or $1.63 billion CAD a day - during the first two years of a pandemic that has seen the incomes of 99 per cent of humanity fall and over 160 million more people forced into poverty. They now have six times more wealth than the poorest 3.1 billion people." They take 100 percent of the profit Canadians create but they pay 64 percent of income taxes. You know what we need less than billionaires? Your terrible math.
The people that vote Liberal vote Conservative, they just flip depending on gas prices or if there's a policy like GST they really hate. There's nothing socialist about the Liberal party.
Hey, know what else is a tax on innovation and risk? Paying for hospitals, roads, education, telecommunications fees, and OAS contributions. Guess what?... that's the price for reaping the benefits of a free, modern democratic society. Once again, the top 10% want to convince us they're above taxation because they are special. It doesn't matter how many benefits of Canadian society they reaped to get to their pedestal, now that they've arrived the fee structure should change. As a % of entire income, those paying capital gains taxes are much more likely to pay a lower amount of tax than the median, or even mean average Canadian.
I'm part of that top 10%. I can't even afford a detached home in Vancouver. Google how Much a mortgage is on a $3M home with 20% down. Not all "rich" are ultra rich. I get it. It's complaining when others have it much worse but only the ultra 0.1% can afford Vancouver right now. I'm talking people who are worth $10M and more.
@@vancitycanucksnot all the house in Vancouver are 3Million. You can build equity starting from small apartment. How entitled are you? Why high earner like me paying higher income tax than people making money flipping house?
@vancitycanucks you're deluding yourself to think you're part of the top 10%, while simultaneously claiming to be unable to afford a Vancouver home. I have very close ties to Vancouver through relatives and it's expensive. So is NY, Tokyo, London, Berlin, Toronto and San Francisco. But people live there and buy homes there. And pay the taxes... just saying.
Nah. The main tax on innovation is Trudeau's eager willingness to continue to prop up Canadian oligopolies including Telus, Rogers, and any other company that puts a maple leaf in their logo.
@@freedomlife3623 How much do you think a small apartment goes for in Vancouver? $200k? A 90th percentile income earner in Canada would absolutely have difficulties buying a condo in Vancouver (average Vancouver condo price $800k).
Not on a "productivity rise"? People are working their asses off. "Productivity enhancement tools". Do you mean automation... so you don't have to pay labour?
Liberal government gets my vote for having the guts trying to equalize tax paying field. My husband probably have to pay more after June 15th with his own company, so be it. We will need to contribute, people making money in capital gain should pay their fair share.
The change in capital gains tax will incentivise small investors to dump rental properties intended as an investment. With so many looking for single family homes, those rental properties have a higher likelihood of going to individuals looking for a principal residence thereby taking it off the rental market. It will be interesting to see if there is a loss in rental spaces before this new taxation goes into effect.
Do you really think so? I think it will just lead to more work for accountants and lawyers to help people arrange their affairs to stay under the 250k annual trigger.
Should be using the word "speculation" instead of "investment". Buying an asset to get capital gains without doing anything to increase the revenue from that asset is speculation.
They should also incentivize building purpose build rentals again and not just "low income" rentals. Nice clean 4 bedroom 2 bathroom type apartments for families. The problem has been for years the solution to rental stock was to build condos and rent them out. Now that has progressed to single family homes. Only they rent them to multiple people as rooms to maximize profit. Low interest rates just fueled the fire that has been burning for 20+ years.
@@jptrainor I agree there is going to be a lot more effort put into finding and filing losses on sale of properties but sales of non primary residence have been capital gains taxed for years. If they raise that rate you're going to find ones who say fine I won't sell and hold the property just raising the rents further to offset, that isn't putting homes on the market and that isn't making housing more affordable. Sadly though it is never the BIG money guys who are losing anything here, it is the small investors because if you think about it $250,000 is minimally helpful in todays environment. It's the family with 2 working adults holding 3 jobs between them who did this investment in the hopes of having enough money someday from it to retire or to put their kids through school. Those are the people impacted and once again that is the middle class tax payer paying the majority of tax.
Rich people always making this threat while saddling us with the bill, decreasing their taxes year after year. They want us to race to the bottom, competing with each other to let them have more and more money. The idea that this is risk taking is farcical. A mother who is barely scraping by, risking asking for a raise, forming a union, or changing jobs, that's risk. A rich person losing a million is a write off. But rich people are doing better than ever, and they are doing it by suppressing your wages and not helping with the budget. They're free loaders who profit off the innovations their employees develop, while using their excess profits to buy out competition and monopolize. That includes buying up housing. They will never agree with a tax raise. They will always push for a tax cut. It's not a matter of policy for them, it is pathological. More money is their only rule. Wealth inequality just keeps growing and they don't care who falls behind.
"Meritocracy" has always been a buzzword for fascism. What a funny coincidence that the "most merited" always end up being friends of the Party and children of the ultra-wealthy.
Meh, you tax little rich people, most of which will end up in real rich people's pocket. None of these will help "younger generation". How many times have we heard this rhetoric?
I spent my life working hard, harder than anyone i know, to buy some properties to ensure my retirement. And then these clowns are changing the fiscal rules to cover up their poor decisions. Well, i am sadly going to sell all my assets, and leave this failing country. It will turn into a third world country soon. Time to move on.
@@isaacfullerton I also paid a pension fund since i'm 16 YO, i never collected unemployment checks and instead of dumping money in nice cars, girls, alcohol and drugs. I invested my savings in real estate. You can think of me as a nuisance all you want. I wont miss your type of low achievers when i move out of this hell hole.
Im in a similar situation but in fairness, government ineptitude is also the reason your assets skyrocketed. A responsible government would not have caused home prices to quadruple in 10 years.
Maybe certain things need to be finished like investment properties, businesses not investing in their workers, and grocery&telecommunications companies exploiting Canadians. We need big changes if we want be on a better track.
@@AM.000 Canada is finished primarily due to the destruction of the Canadian dollar and the non stop policy of printing money and increasing the money supply.
We are very small landlords providing nice homes for families. This additional tax grab disincentives people like us from investing. That means fewer rental houses on the market and higher rents. We invested realizing that we would have to pay capital gains at a set rate and accepted that. This Liberal plan is going to backfire! Why not outlaw all taxes, permit and building fees on new construction? Answer, because the governments at all levels are addicted to the revenue and really do not care about the housing crisis.
Hilarious, but stock buybacks to inflate assets so shareholders get higher payouts and CEO's can attain larger bonuses is fine. These greedy lawyers and business men have figured out how to game the system and get away without paying their fair share. Time to end the practice of never having any liquidity and just continuously borrowing against your assets so you can skip what everyone else has to do.
Oh, hop off it. Perhaps leverage your off shores accounts to continue to take your hedged risks. Why don’t you continue to buy out land and sell condominiums to foreign investors. How innovative.
oh my, the poor put upon wealthy, imagine paying tax on your income........the rest of us , the working people who pay for everything. Its time to spread the joy. I'm more concerned that my kids can afford a house than I am at what rate the wealthy can invest. Spare me the injured reaction. Its complete BS.
omg, another one bought into misinformation. You need to realize that the 1% pay more than half of the tax revenue that goes to the Government. The other 99% middle/lower class combined pay less. In America, the 1% taxes go straight to funding Congress and their budget for the year. It’s the same story in Canada. Hypothetically if the 1% were to disappear, the rest of us would have to pay to make up for the loss money. In that case, for the majority of middle class homes the higher taxes would be completely unaffordable. That’s how much the 1% pays in taxes. Do you think it’s fair that the Government wants to take more and more from them simply because they are successful and did something with their life. North America isn’t socialist Countries. We are all about Capitalism. It’s what built America
It's not just rich guys. There are many people that are regular workers in Canada and instead of buying dumb shit with their savings they invest in companies like junior mining companies on the TSX. These companies operate with no revenue and its only investors that keep them going. Its this Liberal/NDP government that milks these companies for everything they have. If they become successful the country benefits with its success. Everyday Canadians have no idea how important investment is. The Canadian government doesn't even invest in small/junior companies. All investors ask for is a return on investment after years and years of hold ups by government waste and red tape.
@@Tomyum19 Except that needs to happen, what do you think we should do? Continue to bend the knee to them forever pending the risk of them leaving until they bleed us dry?
@@Tomyum19 Good, then some other people can take their place and create new businesses to fill the gaps left by greedy old money whining and bitching they didn't have it good enough.
No, making money from real estate is now no longer better than investing in stock of real companies who create actual technology and innovation, not living off people paying rent!
It's a tax on money making money-capital gains are always taxed less than blood sweat, tears, toil and trouble. Excess money is always invested. People don't put at risk what they can't afford to lose.
50 B spent on his credit card, causing interest rates and inflation to spiral out of control. And he’s stifling innovation and productivity with capital gains tax. Canada is in stagflation and he’s putting fire on the fuel on both ends - increasing inflation while contracting the gdp. Take him out of office!
Don’t worry about what the rich say. We should worry about what they will do. They will pay their lawyers to figure out ways to leave. My boss tells me this all the time. I worry I’ll lose my good job unless I move with his business. I have a family. I’m screwed.
Omg see a therapist. Your doomsday take is completely not rational and extremely unhealthy. Your boss will unlikely spend the millions to move a whole business to save a few thousand. And even if he did move, you can find another job. The best way to make more money is changing jobs, not staying with one employer. Maybe you should start searching for a better job now, so you will be less stressed about your boss's fickle nature.
Canadian patents per million population fell from 82 (Harper) to 62 (Trudeau). For comparison the US is steady at 271. Canada can't innovate at 23% of the US rate and expect to be competitive. So lets get this straight, I invest in R&D for an average of 13 years to take a new technology from concept to commercial using venture capital that just got even more expensive and in the unlikely chance that I make it to profit government takes more than half? No thank you. Capital is cheaper in the US and taxes are 10-15% in patent box countries in Europe.
Pierre Poopoo is another Trudeau, he dodges questions and will use the government to enact policies that benefit him and his rich friends. I'm tired of Trudeau but this is a sideways move.
Imagine the brainrot you gotta have to defend a multi-millionaire bitching about a tax targeted specifically at the ultra-rich in the Bloomberg comments. Holy crap.
While I agree that it's hard to feel bad for multi-millionaires having to pay more in taxes, but at the same time you realize this will drive investment amd capital away from Canada which in the end will do more harm than good so it's a double edged sword
You do realize the 1% covers more than half of the taxes paid to the Government. The 99% middle class and lower class are paying way less in taxes than the 1%. If it wasn’t for the 1% and their fantastic job of paying the majority of taxes then we would be paying ALOT more. How is it fair that someone needs to pay even more taxes just because they are successful and did something with their life.
You'd think by now the business gurus would have dreamed up something new. They've been bleating about capital gains taxes since the year dot and I haven't noticed any slow down in innovation or technological progress lately. But I have noticed companies buying back their own shares at a phenomenal rate these days. You don't suppose increasing the capital gains tax might put a slight dent in that activity now, do ya?
Risk taking and innovation. Yeah. Thats participating in the provincial economy while keeping a sense of integrity. Huge rusk and innovation in todays Canada. Capital Gains tax is a Godsend. An equalizer.
People in the comments section really acting like they'd be completely fine, no, happy with, only keeping 37.25% of a $1,000,000 capital gain. You people are insane.
Nope. The fact pretty much every province has shown non-residential investments and capital investment increases in 2023 prove Canada IS NOT stagnant. The only province that has a decrease in capital investment was Alberta - led by a provincial government that would rather stick to archaic fossil fuels than collaborate on investment deals with renewable energy companies.
@Liberal_From_Prairies689 either you're a bot or you stopped taking your meds and are going through a current state of mania which is causing you to respond to almost EVERY comment posted within a 10 min span
Well we can see that the Liberal politicking of "tax the rich" no matter what it does to the country will be popular, and I expect they will double down on this in the next budget near the election if it stays popular for their base and the NDP voters they are targeting. The people the tax is targeting are both rich and smart enough to get around this, and in the end the deficit will just go up when the expected taxes don't come in.
TL:DR - changing the capital gains tax will make things worse not better Wow my college tax prof predicted the gov changing capital gains all the way back in 2020 when inflation was going up like 30% (officially it was only like 8%, but CPI=CP-Lie) but the gov said it was transitory. Cant remember his exact prediction but i think it was along these lines. People will sell their assets now in anticipation of the capital gains rising. This will actually steal the future sales and place them in the present instead. So once the change does go into affect the capital gains tax revenue will be substantially lower since everyone will hold onto their assets (same way people arent selling their homes due to high interest rates right now, people wont sell due to higher taxes). At the same time there will be people who fight back on the tax change. So after the change goes into affect the drought on tax revenue will bring the economy down further because government spending will decrease due to lower revenues on fiscal budgets. All that coupled with lower investment in capital assets, partially due to economic circumstances, and partially due to lower capital to reinvest. Because if a business has less money due to taxes that means less money to buy new things like machinery for manufacturing. That in turn causes businesses to cut more jobs and deepen the economic downturn. Eventually he predicts that after the government realizes the change did way more harm than help, they will end up reverting the changes anyway.
Too much greed affects the future. Somewhere in between free (always leveraged) capital and everyone paying for their share of infrastructure is a better balance for the long run. Otherwise there’s no legal responsibility for repercussions. Corporations in the past took the money and ran and left their mess for municipalities to clean up
Said everyone who isnt in business. Said by everyone before businesses just say "screw it were leaving the market" Then they will all say we dont have competition nor products the rest of the world has.
There are times to take risks, and during a depression, when people are struggling, is not one of those times, we need to go back to tried and true methods, that we've been slowly moving away from the past 30 years, when it comes to wealth inequality.
Capital gain tax, in on profit when you sell you investment. It does not apply to starting or running a business. What $200,000 profit per year is not enough, cry me a river.
Good. Risk-taking and innovation have led us to a whole host of crappy things we'd all be better off without. Time to start taxing the churches too. No more free rides for those who believe in ghosts and angels and other silly nonsense.
The problem that the common folk don't understand is the ultra rich are going to avoid paying taxes no matter what. That is just a fact of life. It's the common folk who are going to wind up paying more in taxes with all those hikes, not the ultra rich. So you should be praying for them to (worst case scenario) just leave things status quo and not increase anything.
@@luker.6967 Once again I don't think you understood anything i said. The tax code doesn't matter to the rich. There are super easy (and surprisingly LEGAL) ways for them to avert having to pay taxes. Any tax hikes will only hurt the average Joe. So enough fo you wanting them to "increase taxes on the ultra rich" because that simply will never happen. Who winds up getting hurt is the average hardworking citizen who makes 160k per year out of dedication and pure hard work and has to give up 50% + of his earnings. Making 160k in today's works is NOT the same as being ultra rich.
So there weren't any housing regulations at all that could be relaxed, to allow people to find solutions according to their own wants & needs, & within their ability to pay?
Some people have bought invested a long time ago and will now be punished, or been gifted their parents house as a legacy. Th8s budget steals from every day people, not the rich. How is anyone 9k witb even 50% tax let alone over 69%. Wtf?
😂 if you have 250k in gains yearly you have zero issues paying rent. Maybe try finding more reasonably priced housing if you can't figure out how to live on over 250k a year. Yeesh
The devil is in the details, as with most budgets, government or otherwise. In general, capital gains should be encouraged not taxed. I'm on the left politically (devout NDP) but I have seen over the course of my life the value in investing, both long-term and short. For example, buying undeveloped land is a great investment, and good for Canadians to buy this asset class rather than have foreigners doing it. Unfortunately, if you make capital gains onerous (and it was too high before this increase, tbh) it discourages this kind of investing. Same with buying stocks. We need more Canadians investing in their country not less. Combining socialism and capitalism is doable, in fact it is necessary and has worked well. Increase consumption taxes -- GST would be fine set at 10% -- but don't increase capital gains/investment taxes.
A business isnt always a millionaire owner and if theyre in the range that is being attacked here 250,000$ then they are almost certainly not millionaires. Canada is perfect example for what the new world order wants to achieve.
People in the comment clesrly dont understand thay entrepreneurs are carrying this country. The alrernative is government jobs which is alreayd bloated and useless. Canada is dalling behind compare to G7...
the govt's job isn't to throw money at ppl. its job is to create a system where ppl can succeed and to do that you need investment and innovation. This budget is going backwards.
Its a good start to help curb real estate investment and escalating house costs created by the Bank of Canada and incompetent governemt. Its about what is the most good for the most people.
The corporate tax rate is now the same as the USA - has that stymied "risk-taking and innovation" there? Sounds like a lot of political hyperbole to me.
This will force lazy rentiers to actually invest in infrastructure and technology to improve efficiency. The current cheap labour is a disincentive to invest. With less easy interest income, they will have to increase risky investments to make the same money as in the past.
You know who doesn’t have capital gains? The average person. Young people. We can’t even get skin in the game and own anything or have investments or assets
If you are still taking risk, you have too much money and likely stole it from me. By "you" I mean every company, because companies are people too, and they vote with their dollar.
No, it's taxing the rich. Something that should have been done a long time ago. Rich people constantly get tax breaks and evade paying their fair share.
@@Liberal_From_Prairies689😂 taxing the rich is brutal for the economy they will take their businesses away and leave you with no jobs.. low gdp lower standard of living
@@elliotmanson8673 We should be forcing their businesses away via the military if we need to. We can feed & clothe ourselves without letting Canadians get ground to dust under a corporate bootheel. Do you think humanity just ate moss in caves or something before our GLORIOUS CORPORATE OVERLORDS over at the WEF "liberated" us?
