Trudeau and the Liberals are increasing taxes for the 40,000 richest Canadians while providing exemptions and reductions for small business owners. This is a win for everyone. #budget2024 #canada #cdnpoli #canadiantax #capitalgains #capitalgainstax #canadian #canadianpolitics
@TheFrankDomenic Suppose you sell an investment property. Your capital gains are $1,000,000. Under the old method, you lose (up too, probably less than ) $250,000 to taxes. Under the new method, you lose (up to, probably less than) $311,000 to taxes. Not that bad.
@asper_mom Damn you're (the person in this scenario) wealthy enough for an investment property? Lucky. Most people can't afford a home at all. Pay your taxes. Agreed. Not that bad. Good point!
@TheFrankDomenic Ha I wish! No, I do not and am very unlikely to ever have 1,000,000 capital gains, or income, in a single year!