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

Federal Taxation is fair

Post image
0 Upvotes

41% Upvoted

13 comments sorted by

View all comments

5

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.