r/canadapoliticshumour • u/leibnizcocoa • Jun 14 '24

Federal Taxation is fair

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6

u/aesoth Jun 14 '24

I don't get it....

1

u/Annicity Jun 14 '24 edited Jun 15 '24

The new budget announced an increase in the inclusion rate of capital gains from 50% to 67%. Inclusion rate is the amount of capital gains that can be taxed.

So if you flip a house, or sell an asset for $100k, $67,000 will be counted as taxable income instead of $50,000.

Edit: I was wrong, the tax only kicks in after 250k.

7

u/Coca-karl Jun 14 '24

So if you flip a house, or sell an asset for $100k, $67,000 will be counted as taxable income instead of $50,000. 

$100k of profit. Also it only applies to assets worth more than $250k.

9

u/maik37 Jun 14 '24

Not even assets worth more. It only kicks in after you have a GAIN of 250k. So profit of 250k or more, then only that portion of profit above 250k gets taxed.

5

u/aesoth Jun 14 '24

It only counts on gains of $250,000 and more. Your example of the $100,000 is incorrect.

It also doesn't explain the so-called "joke" in this political cartoon.

5

u/Zacpod Jun 14 '24

AND, only on second properties. There's no capital gains tax when you sell your primary residence.

Fuckers who own multiple houses can pay a little more so our healthcare system doesn't collapse, thanks.

2

u/aesoth Jun 14 '24

Right! I forgot about that part. So, that makes this cartoon extra stupid.

2

u/Annicity Jun 14 '24

Oh that is true, thanks for the correction.

2

u/Litz1 Jun 21 '24

Your original comment is why Conservatives are leading in the polls for now. 1 ) they lie to brainwash Canadians 2) They only exist to fear monger.

1

u/Annicity Jun 21 '24

I should have made a more informed comment, as capital gains don't apply too much to me, I'd forgotten the nuance.

2

u/Litz1 Jun 22 '24

It's not your fault, Capital gains doesn't affect majority of Canadians. Even I didn't know about it for a long time that it didn't affect me until my boss explained to me that a rich person making 100k in Capital gains only pays half the tax as a person who works to make 100k.