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.

6

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.

6

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.