https://oodmag.com/handling-the-capital-gains-tax-hike/
What wasn’t anticipated by many this spring was an increase to the capital gains inclusion rate as part of the 2024 federal budget.
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https://oodmag.com/handling-the-capital-gains-tax-hike/
What wasn’t anticipated by many this spring was an increase to the capital gains inclusion rate as part of the 2024 federal budget.
The end result of an increase to the capital gains rate is that the seller will look at the after-tax return and increase the selling price accordingly to compensate for the extra tax liability. The costs are then borne by the buyer who will be in effect paying the tax not the seller. An increase to the inclusion rate will increase the selling price of any asset whether it is a cottage or a business etc due to the after-tax analyisis.
The only main achievement from this added tax which punishes the average Canadian is that the Liberals and NDP will ensure Pierre Poilievre will get a massive majority in the next election and they will be wiped off the election map. We then hope the Conservatives will roll back this legislation as if affects many more sections of the economy than just hunt camps and cottages. The mum and pop who invest in a condominium in the City that they rent out for retirement income will no longer find it such a good investment and hence LESS RENTAL HOUSING. Talk about a government shooting themselves in the foot.
Not sure how this is an Outdoors news ...........sure it about to turn politics.
Much more is at stake in Canada then jut the Hunting/Fishing camps.
The livelihood of the many retiree wannabees, the hard working ones, the ones they bother to invest instead of plundering their income, the ones instead of crying for the Government help doing something for themselves will be made to pay the price .
It can affect Hunters, if you own a hunting camp or property and you sell it.If your getting on in your years you might want to sell it or maybe your moving.
And just to think this would only effect the richest people lol. Many more Canadians are finding out they are richer than they think. Wait till the inheritance tax is introduced. Some are already conjuring it up . There is no reason why anyone should be born filthy rich when so many are born poor.. it's just out of fairness what is the word ? Oh yeah "equality"Quote:
Originally Posted by Gilroy
I guess I know why they needed to know about the wife's trusts this year. And everyone who could see a piece of it.
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They are also looking at taxing the sale of your primary resident.
https://www.taxpayer.com/newsroom/cm...espite-denials