Capital gains tax changes raises sector concerns
ฝัง
- เผยแพร่เมื่อ 27 เม.ย. 2024
- The federal government's proposed change to capital gains taxation is raising concerns about its implications for several sectors.
Subscribe to CP24 to watch more videos: / cp24torontobreakingnews
Connect with CP24:
For the latest news: www.cp24.com/
For the latest videos: www.cp24.com/video
CP24 Live and Interactive: www.cp24.com/now
CP24 on Twitter: / cp24
CP24 on Facebook: / cp24toronto
CP24 on Instagram: / cp24breakingnews
CP24 on TikTok: / cp24breakingnews
CP24 Breakfast on Twitter: / cp24breakfast
CP24 Breakfast on Instagram: / cp24breakfast
---
CP24 is Toronto's #1 source for breaking news.
Small business owners do not get pensions or benefits.
The future sale of their business is their retirement plan.
Imagine if this rule stated that existing businesses are exempt but only new businesses are going to be targetted. Where would the incentive be for new business startups? This new taxation will kill new business startups.
That's true but at the same time they have a lot of tax benefits that is in their favour for many many years. They also can get a lifetime capital gain exemption limit. The current system is working too well for the rich as the gap between the poor/middle income is running away so fast. If the gap continues, add more taxes. We want the younger generation to get a fair playing field. They had it good for many years.
Paying slightly more on capital gains IN EXCESS of $250K PER YEAR isn’t going to kill anyone.
@@patricktruelove464 We are all going to Disneyland thanks to our carbon tax rebate checks.
@@almontoya5703 You know the taxes go to government right? So all taxes you pay, I pay, he pays, she pays, they pay, go to the government. You want the younger generations to have it better, reduce taxes. Who do you think starts businesses???? RICH PEOPLE YOU NUMB A-HOLE. Keep taxing them and soon they won't invest in anything in Canada, they will put their money where it can make more money. See the funny thing about the majority of people with a lot of money, is that they are driven, and work hard, and succeed, and take risks. Most people just work day to day and don't take a leap of faith it requires. (Yes, some inherit, some are just stupidly lucky.) You or I don't deserve anything of what they earned. I don't deserve anything of what you earn, and vice versa. Just let me keep what I earn, I by things, I use services, this creates the need for businesses that richer people than I open and start. They hire people, buy goods to run their business, it creates more opportunity. It's called capitalism and it's a wonderful thing.
We used to look at other peoples success as a form of inspiration. Now we look at it as a grievance. - Thomas Sowell.
@@patricktruelove464 Slightly? it's a 17% increase. That's 170 dollars on every 1000. Do YOU want 830 dollars for every 1000 dollars you earned and saved? Then shut up
Why would you even invest in Canada when you have to pay such a heafty tax to such an inefficient and incompetent government? There are better options out there.
Why would you come to Canada if there's no democracy and local councillors can be removed anytime because the Conservatives don't like them?
This is what happens when a "severely economically incompetent Government" has the purse.
Push the Country to near financial ruins then punish successful people to pay for your failures and corrupt spending...
Rich Canadians have always fled from Canadian taxes we call them Americans .
Those are two different countries, you know that right?
@@codyaucoin3412 Canadians like mark messier ,Wayne Gretzky ,bobby orr left too.
Same thing is happening in USA with Biden's new capital gains tax
@@codyaucoin3412 You don't get it, that's fine. Don't try and act smart. What he said is very true.
@@sammyj2806 so figure out how to keep rich Canadians here. simple
Its the success Tax
Wah wah. Complain about bad roads. Complain about hospital wait times. Complain about taxes on the middle class. Complain about taxes on the rich. Is that all you guys do?
@@tylerfloodgate Yes. Spend less on other things plz. Like refugees. From 40m to 41m population in less than one year. Who can afford the spend increases on 1m population?
@@billy7196 I'd love to see how much you take out of this country, man.
And it isn't 1m refugees. It's permanent and temporary immigrants, students, and refugees. I still haven't seen one of you people get a single fact straight.
As Confucious says, "To be wealthy and honoured in an unjust society is a disgrace". So, it's the disgrace tax. Are you "wealthy and honoured" or do you just pretend to be so you feel better about yourself and complain for rich people for free?
@@tylerfloodgate They might as well be refugees, Canada's immigration system used to go off of a point system to get the educated people or people with skills that Canada needed, Trudeau opened the gates to anyone who has a relative from anywhere, it's why you are seeing 4000 people applying to a restaurant and 1000 people in line outside for a interview, the people coming here have no skills and are flooding all the entry level jobs.
Just crushing the dreams of financially independent futures for many keeping us trapped in the cycle. They should be lowering these taxes to encourage growth and save the financial crisis in this country as a whole.
imagine Liberals raising taxes ! What a shocker .
Of course the PMO MSM presstititutes would never call it like it is
🥴 let’s vote 🎉
F the capital gains tax, F the carbon tax and F Justine.
Kick out Trudeau. ❤ . Rescue business and canadians.
A government run entirely by People who have never had productive employment, run a business of any sort or even owned, operated and budgeted for their own vehicle. What could Possibly Go Wrong?
..... and Poliverre is No Different
More money for the government to missmanage
Canada is a bad investment !
FJT
Polievre will need to reverse this !
Money and people migrate to where they are treated best!
Media press-titutes.
Are we going to get more for higher taxes? Fixing our health care system, fill in the pot holes? Help with the homelessness and drug problems?
If I could leave Canada I would but they make you pay a hefty exit tax.
It is deeper than what people are thinking. Do you put your funds away in ETF's? That ETF is making more than 250000. What do you think is going to happen to your small amount they give you from that fund? The ETF will have this capital gains tax increase ... Now what will happen to the money they give you monthly? It will go down. This government is going after all retirement funds and no one is talking about it ...
Talk to a company out of Vancouver Canada called Baynsworth and Lloyd Holdings Inc specialist can offer you different program option to get involved with the Carbon tax offset program
If you had the possibility of being successful why would you stay in Canada at this point? I'm an avg person but I would get the hell out of here if I had to pay taxes like that.
BOC Productivity in Canada is low. Liberal government, we’ve spent to much and we need to keep spending, time to increase capital gains. 🤦♂️🤦♂️🤦♂️
If the government needs more money it needs to find it elsewhere rather than looking in its people's pockets, for example better trade, more trade partners, better investments, do whatever needs to be done, but spare the people and don't make Canada unliveable. Taxes are already too high in Canada.
Both Greece and Germany asked Trudeau to buy Canadian natural gas, Trudeau said no because of climate change. You are talking over a Trillion dollars, thousands of jobs and over a century of business and Trudeau says no.... LOL
50% of this country barely survives to the end of each month and they want us to cry for the rich because the people who benefit the most from society are being asked to pay back into it?
The economy is circling the drain and the rich and corporations have been getting all the tax breaks for over 40 years and we've seen the result.
It's time to start caring about the people who work the jobs that keep this country going instead of the people who get rich off of them.
This will hit mostly liberal voters 😅😅😅😅
Amen!!
Won't affect you tho my man. Keep simping for the capital gains class.
Keep aiming for poverty tyler
@@ZenCorvus Wait, I thought Liberals were the elite, hoarding all the wealth, and cons represented the people? Or are we aiming for poverty? I don't understand all your big brain ideas.
it’s so bad the people i bum netflix from stopped paying for the premium version that allows multiple users so im here watching this crap
What does a former part time Drama Teacher know about The Tax Change he is proposing?
So if u make 1 million u have to give the gov 660,000? Brutal
@@Cutlerypotato so if u made 1mill gains 66% of that 660000 in tax
@@Cutlerypotato explain cuz I'm confused
well duh.. its like all of a sudden their brains started to work for a minute..
Screw inclusion and screw your taxes!!
WHAT HAVE YOU DONE FOR ME LATELY?! 🤬
More money for other countries since our pm is so generous to give billions of our tax dollars to foreign nations
BS! These people still have all the same tax deferrals as everyone else! Plus they have extra deductions!
They also have transferable skills and the ability to leave Canada
What do people think is going to happen to real estate trusts? or REITs - real estate investment trusts. They will not want to build new apartments and stuff with this.
I hope this will get rid of the artificial housing prices but I doubt it. It's not enough taxes to prevent dumb money
@@almontoya5703 It's going to spike prices. When have more taxes made anything cheaper? When has any government made anything more efficient? This government fucked up selling weed.
That sounds fair for small business entrepreneurs that risk it all to try to build something, if it their businesses fail, the Liberals won't be their to save them, but if it's successful, seems fair to take 2/3 of their gains!!
It will and is demotivating new investment. Only investment in Canada has a government incentive attached. Government picks the winners lol.
Do you have any idea how much richer the rich have gotten over the last decade? This tax will still leave them richer than they were in 2014. What exactly are you talking about?
Yes but all canadians are richer. Not the point, future capital flows when you tax it stops flowing in that direction. In other words canada is uninvestable. These taxes ensure future dollars dont come here. These taxes on capital make us less competitive.
@@peterschroeder6665 Brother. Just stop. We've been doing trickle down since Reagan. We're all poorer for it.
I agree with you tax us more ane we invest elsewhere
Question to the group would you invest more in canada?
I love Trudeau...this is more wonderful news.
Its impossible to find any positive news about this country, what a dump!
Vote Conservative ‼️‼️‼️‼️
TAX THE RICH!!!
“It might demotivate investors” zzzzzzzz
Socialism or Barbarism
Your 2 offered choices are actually just 2 sides of the same coin. Socialism always ends in barbarism, people reject it and they must be made to love it.
@@pavlovshouse77okay…… “more socialism, or continued barbarism” …….better?
@@johnnybad1986 I could do without either.
@@pavlovshouse77 I’d argue the current system is barbarism at every level. We just call it a rat race coz that sounds less……barbaric
I always loved this country now I'm ashamed of it the politics has ruined it
Η «Μηρεα,»
What about capital loss you scammers
You make more money pay more taxes ! You all that make that much could definitely stand to lose thousands a year and still be just fine while the rest of us can’t get work and have to rely on food banks and living cheque to cheque . The rich get richer and poor get poorer. The gap always widening
Imagine defending rich people lol
No, we are protecting entrepreneurs and business owners who employ people. If they take risk, they should enjoy and benefit from the fruits of their labor.
@@Juve-4-4-2 Oh yeah, big risks when they're already rich lol
@@fvkijayI can’t argue with an idiot.
@@fvkijay Extremely intelligent comment🙄🙄🙄. The one with the silver spoon is the leader of this Liberal party.
Liberals should rename their party Canadian Socialist party. That’s how government demotivates people from taking risks and challenges.
Imagine sitting around a table thinking of ways to tax Canadians even more. The point of this capital gains tax push is to keep the rich, rich and the middle class poor. Government has to find ways to pull money from our pockets so they can send millions to other countries without even auditing these funds and where they end up. Stop sending all this money and reduce the tax nonsense on your own people.
The lifetime 1.25 million dollar capital gains exemptions not enough for you?
There are shacks over 2 million
Too bad you weren't in their shoes to empathize.
Haha😂 right!? Who needs money or a job when we get carbon tax money, and our kids are fed for free. If the liberals win next election, we will probably get free grey clothes and free government haircuts too. Definitely need the government taking more money 😅 . WTF
@@stevenjohn1470 no doubt. I guess we'll wait and see! Keep voicing our concerns and getting involved helps too.
Just another ignorant trudeau Lover!
For the love of God people don't pity the rich. These people are not starving in the street. If you make $40,000 a year. and then all of a sudden start making 300,000 a year. but the government takes two thirds of that. you're still taking home a hundred thousand dollars a year.
Moreover. look at statistics regarding generational success. This tax isn't going to kick the little man. From pulling himself from bankruptcy and starvation. Into merciful middle-class. It only hurts the 1%. These people were born with the silver spoon in their mouth. And they will have that same Silver Spoon when they die.
If you are lower or middle class and you are pitying the rich. Then I you're equal pity you.
The government isn't taking two thirds of it lol that would be nuts - they are increasing the percentage of capital gains profits that are taxed to 67% for the top tax bracket - the remaining 33% is still tax exempt. Federal capital gains maximum tax rate as of 2024 is 16.5%
Go move to N.Korea you communist clown 🤡🤡🤡
they need to tax physical assets.
money is just a shell game.
tax the physical assets.
Normalize Ⓐctíve unions and worker,🏡🏘️and⚡️🔥💧co-ops. Preserve and expand our🗳️democracy. Workers make this country run, workers should run this country☭.🏴🇨🇦
NOPE. Workers work for companies. No companies, no work. NO UNIONS
Pronouns in bio, my little pony pics, a cocktail of mental illnesses, supports Hamas, veganism. Cringus Maximus over here, either a lil kid or a parent’s basement dwelling manchild. Grow up, get a job, and come back to us edgelord.
The problem is that our political system has been designed to prevent the majority of citizens from having any meaningful say in the way that we are governed. Governments in Canada that have over 50% voter support are rarer than unicorns. This is why our economic system is so unfair and why the wealth disparity is greater now than it has been in generations. Until Canadians stop taking no for an answer on election reform the rich will continue to prey on the rest of us.
🖕your union trash
BITCOIN OR GO DOWN WITH THE SHIP 🚢
I devoted my time to training, learning, etc. Now my income exceeds 250k, partly due to capital gain. I am being punished for my hard work... sounds like communism
Long overdue. The more they howl, the better I like it.
Because of this increase (and many others), I'm leaving the country soon (dual citizenship). I'm pulling 6-figures out of the economy and investing it in Florida.. I'm not the only one. So because there is less money circulating, your rent will continue increasing, your food prices will continue to increasing, and everything else will continue to increasing. So remember this: your vote caused this. Prices are high because you want to tax this rich. So myself and many others are leaving... Meanwhile, I'll be in a beach in Florida paying around 25% tax with no personal income tax, and you'll be mad at the world because prices are so high. I hope you spend some time thinking about your political ideologies. Like I said, I'm going to be on a beach soon. :)
Enjoy that cost coming back to us, the middle class, the consumer. Companies will leave or outsource. Jobs will be lost.
This will not help, and has been proven time and time and time again. You are an absolute fool for believing this clown show of a government can do anything compitently.
@@user-vc4mp6el1g Sorry son. Not buying.
@@user-vc4mp6el1g Please do not let the door hit you in the back side. Canada does not need people like you who's sole interest is themselves. I imagine you will fit right in in Florida.
The dollar is going to ZERO anyway and we can all depend on the gov
Rich people are really trying to put their issue on the rest of us who have no money. If you are someone who cant afford rent, mortgage on your only home, or cant afford groceries like so many type in the comments....capital gains tax isn't going to affect you. This isn't an issue for the working poor.
@user-xs9ij7rr9f
It will effect people like me when my parents pass away me and the siblings will go to sell their we will have to pay a good portion of our intended inheritance.. to the tune of 67% !! We will be forced to pay a ridiculous amount of tax because our parents left us something they figured would help us one day be able to purchase homes for our families so now we will be left with less then half of what the value of the house was…
Rich people. This is hardly about the rich.
But the far left don't like the middle class or anyone successful.
You are 100% incorrect. It is the government who is putting their issues onto the backs of Canadians! The government spending has no control. As a result they raise taxes in an attempt to offset their mismanagement of funds.
Tell me this: why does the government deserve any more money from those who are wealthy?
You can be poor and own your house and this affects anyone who owns their property outright.
It also has a ripple effect.
I just had two apartment buildings I work in, sell because of this tax.
I lost work and the tenants just lost a reliant good property owner of over 60 years.
It affects everyone.
@@Cryptic-us9vn Go see an accountant/tax lawyer. It seems you don't understand how capital gain tax work. To be honest, 2 or more houses should be taxed 100% inclusion rate. If I were you I would buy their house now so they can get the cash tax free. Then they can gift you the cash, tax free. They can still live in your new house or go rent somewhere else and you can decide whatever you want to do with your new former parents house. When you sell your former parents house, you only pay capital gain tax on top of what you bought it for if it triggers a tax
Why we stop working all Canadians and we not pay tax , and bills for a month rent etc so goverment peoples change and star talk better for business ,worker, and all private sector we are sic and down off hope for are self, they dont worry if they have money or not we pay monthly salaries and no body is fire for they way run are country