This title is misleading and the expert is horrible. Why bring a realtor on to talk about taxes? Maybe next we should get a Lawyer to discuss the dental-care program.
They'll reverse the carbon tax, maybe this capital gains increase. Your tax burden will stay the same. The cons don't want to change the economy they just want to be in charge of this one.
@@AHeinermann there's no incentive to be rich in Canada. Canadians must be poor. I'm not sure how Canadians make a living in Canada, it's almost best they leave.
These realtors pushing this should be sued for the bad advice they orocide their clients. For most oeople the sale of these properties is a once in a decade sort of windfall. Therefor, you can use your Caoital Gains resrrve to structure the income over up to five years abd stay at the 50% inculsion rate. But then youd have you would have to hire someone compitent to sell your property or do your taxes. The only oeople really are not abale to avoid this are those who have more than 1.25 nillion in caoital gains within a five year period. The not so mythical 0.13%. anyobe else affected is likely desperate enough for the cash tontake the hit, or has terrible realtors abd accountnts working for them.
I got a pay increase at the beginning of the year, made me happy. Then the pay cheque came and I realized the increase push me up in to the next tax bracket and the increase all of it went in to the taxes. Taxes are out of control in Canada.
@@davidvalyear8408 Payroll department made a mistake, or sometimes the employee becomes "eligible" to some other benefit that results in additional deduction. But I would bet the OP didn't look too closely at the actual numbers, and most likely doesn't know how tax brackets work.
It's not just cottages or stocks. Any corporation who purchased a piece of equipment and later sells it for an amount in excess of cost gets hit with the 66% inclusion.
I am retired and living off my retained earnings in my small corporation which I payed tax on. I invested those earnings and now have to pay 66% tax on any profits, and then pay tax again when I take out the dividend. The government literally killed the retirement savings of any small business owner.
Hasn't it always been? The difference now is that the tax might be higher if the appreciation in value exceeds $250k, and other exclusions don't apply.
@@pyRoy6 yes, those families will end up paying more and no money changes hands. It will make it even more difficult to keep family cottages in the family. My family doesn’t own a cottage but it’s sad to think families will lose their properties because of a tax increase when they are not extremely wealthy.
@@davidvalyear8408 but if in an estate because of a death, the estate should pay taxes before anybody can inherent something. If the value is in real estate, it's going to be hard, or impossible to come up with cash without having to sell the property. Is as how I understand this.
This title is misleading and the expert is horrible. Why bring a realtor on to talk about taxes? Maybe next we should get a Lawyer to discuss the dental-care program.
I'm so sick of the taxes and constant program announcements. I hope CPC throws most of these out the window and reduce my tax burden.
They'll reverse the carbon tax, maybe this capital gains increase. Your tax burden will stay the same.
The cons don't want to change the economy they just want to be in charge of this one.
You only have tax burden if you are rich in this case though.
@@AHeinermann there's no incentive to be rich in Canada. Canadians must be poor. I'm not sure how Canadians make a living in Canada, it's almost best they leave.
These realtors pushing this should be sued for the bad advice they orocide their clients.
For most oeople the sale of these properties is a once in a decade sort of windfall. Therefor, you can use your Caoital Gains resrrve to structure the income over up to five years abd stay at the 50% inculsion rate. But then youd have you would have to hire someone compitent to sell your property or do your taxes.
The only oeople really are not abale to avoid this are those who have more than 1.25 nillion in caoital gains within a five year period. The not so mythical 0.13%. anyobe else affected is likely desperate enough for the cash tontake the hit, or has terrible realtors abd accountnts working for them.
I'm pretty sure you can't defer this tax over a longer period 😢
Audit the trudea family and there friends
Rember the (WE) scandal
They will pay more capital gains tax than anybody on here.
Makes sense that a trudeau scandal includes a pronoun.
It’s effecting my retirement. I have 2 small properties which are my RRSPs.
This realtor didn't understand the question at hand....
We Canadians demand an election as soon as possible!
I don't.
Won't make a difference at this point.
I got a pay increase at the beginning of the year, made me happy. Then the pay cheque came and I realized the increase push me up in to the next tax bracket and the increase all of it went in to the taxes. Taxes are out of control in Canada.
Your payroll dept.made a mistake at year end you will get a tax credit
@@davidvalyear8408 Payroll department made a mistake, or sometimes the employee becomes "eligible" to some other benefit that results in additional deduction. But I would bet the OP didn't look too closely at the actual numbers, and most likely doesn't know how tax brackets work.
The gov no longer works for you, you now work for them. We are only a revenue stream! The whole system needs a shakeup!!!
It's not just cottages or stocks. Any corporation who purchased a piece of equipment and later sells it for an amount in excess of cost gets hit with the 66% inclusion.
@ewaste8318 vehicles for one. Cause of inflation. Other equipment too bc of inflation.
@@martinfriesen2247 Right, a 10 year old car is worth way more than a brand new one.
I am retired and living off my retained earnings in my small corporation which I payed tax on. I invested those earnings and now have to pay 66% tax on any profits, and then pay tax again when I take out the dividend. The government literally killed the retirement savings of any small business owner.
@user-ew2yy6dt3b you pay tax ON 66% of the profits iF the profits are capital gains. You do not pay 66% OF profits in taxes.
@@martinfriesen2247 Not even that. They might be paying taxes on 66% OF THE PORTION of the profits above $250k.
It doesn't affect modest homeowners. Your home is exempt from capital gains tax. Treating housing as if it's a trading card game however...
Well said
Less than useful information
A realtor giving tax advice….very misleading information. A tax accountant should have been consulted.
Agree
I am so sick of Trudeau and Singh, go they must.
FJT
Ditto
You can deduct the cost of the property and any improvements made.
It’s not only on the sale of the family cottage..it’s also when a cottage property is passed down from parent to child(ren)
Hasn't it always been? The difference now is that the tax might be higher if the appreciation in value exceeds $250k, and other exclusions don't apply.
@@pyRoy6 yes, those families will end up paying more and no money changes hands. It will make it even more difficult to keep family cottages in the family. My family doesn’t own a cottage but it’s sad to think families will lose their properties because of a tax increase when they are not extremely wealthy.
@@cherylvl1036nobody is going to lose thier cottage and it's not sad it's just an ajustment
@@davidvalyear8408 but if in an estate because of a death, the estate should pay taxes before anybody can inherent something. If the value is in real estate, it's going to be hard, or impossible to come up with cash without having to sell the property. Is as how I understand this.
She tried to work her way around the question.
I'm pretty sure there are taxes on living trusts now, TOO.
I just got back from a road trip. I drove the whole length of the Bruce peninsula and a large amount of cottages where for sale.
So does that mean we have to pay capital gain tax on inheritance if it wasn't a primary residence but a secondary home?
It won't. It will affect home sellers.
My house is for living in. I didn't buy it to sell it.
If you care about fixing the economy, you should be more worried about stock buybacks and vertical integration
Where will the tax money go?
STDC organization's own by MP's for butter weather?
tax money will go to Ukraine.
Tax money will go to house illegals, refugees and special interest groups.
We need to pay for all our new replacements 😢
Can impose before it is law but cannot pay out carbon rebate rural supplement because it's not yet law. Funny how that works ...
It is law.