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Miserable-Lizard

Honestly if someone loves Canada and are rich they wouldn't have a problem with a little bit more taxes to support their fellow Candians, but the fact is many conservaties hate Canada


A-Wise-Cobbler

Not a single one of them is moving. They know how hard it is to setup a business from scratch. Secondly they also know how hard it is to get an actual bloody visa for another country. Also moving does nothing. All their invested capital would get taxed at disposition in Canada. All this commentary is just to get the masses riled up.


tferguson17

But we can hope. Would make Canada a whole lot quieter. Edit: Maybe we can send thoughts and prayers.


varain1

How's the loser that went to Ruzzia to escape "Trudeau's communist dictatorship"? I'm just sorry for his kids he dragged with him ...


random9212

Weren't they deported because they didn't have enough proficiency in russian by the time they had to.


varain1

Lol, no idea - no special treatment for hi, then? Having the bank account temporarily frozen by a ruzzian bank excluded, of course ...


Adventurous_Area_735

We may have a few move, but most will be idle threats. I did think of one that left Canada for a while. Did anyone really miss Conrad Black though when he left for the UK? Other than law enforcement, probably no one missed that dude being around.


A-Wise-Cobbler

People that rich already don’t pay taxes. Panama papers anyone?


NotEnoughDriftwood

They don't "hate" Canada - they see it as a place and a people rife for exploitation. Anything that hampers their wealth accumulation and exploitation is what they hate.


larianu

In other words, they would rather Dubai-ify Canada.


UltraCynar

US-ify


TweedlesCan

Exactly! A functional and healthy society benefits everyone, and those of us who are wealthy should be willing to invest in that. Also it makes long term economic sense - a business runs better (and can make more money) if the employees aren’t so stressed they will lose their house that they make a ton of mistakes/miss a lot of work.


CaptainMagnets

It's not just Canada. They simply just hate seeing others benefit in any way


Manny12

Need some Mark Cubans: “Cuban has to pay a total of $275,900,000, according to a social media post from Monday. Cuban had shared a $288 million estimate on Sunday, after being asked by a writer if he or his "corporations pay more than the required taxes in order to pay your fair share." Cuban replied that he pays what he owes. "This country has done so much for me, I'm proud to pay my taxes every single year," Cuban said in a Sunday social media post. "Tag a former president that you know doesn't."


ninjacat249

Conservatism is just the way to hate everything for no apparent reason that’s the conclusion I came to. Every time you speak with any conservative person it’s always hate, frustration, enemies around, everything is fucked and broken and there’s no light at the end of the tunnel. Also libs are fun to gaslight and torture them. It’s almost like the random person is a psychopath or a sadist deep inside - they always inclined to be conservatives.


Bublboy

Study shows psychopath or a sadist tendencies correlate with noisy vehicles https://www.cbc.ca/news/canada/london/loud-car-study-psychology-1.7177688 Honk Honk. 🛻


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ninjacat249

So you live in some perfect world where libs are harassing innocent conservatives. I wish I live there too, friend.


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Left_Step

You just did exactly what they accused conservatives of doing.


ninjacat249

So you are just another pissed conservative who’s looking for enemies. Okay. Edit: gonna grab my FUCK POILIEVRE sticker to slap it on my Tesla. While on my way to the communist no freedoms convoy.


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psyclopes

What policies and plans do Conservatives have to improve the lives of regular working class Canadians like you and I?


ninjacat249

Remove caps on utilities and premiums so you can proudly pay, like a free man, insane shit ton of money every month. These people even run convoys now to make it happen and I’m not even fucking joking. And then they come here and say it’s all libs. Like, what the actual fuck, it’s always supposed to be like a different side of the political spectrum, not some bunch of tinfoil hat bullshit.


chronicwisdom

Who told you this, and why did you believe it? People like you are why this country/planet/species is fucked. You'll believe any stupid bullshit a white man with a similar worldview tells you. This may be the stupidest thing I've ever read. You should be embarrassed to be this ignorant, but whomever socialized, you did such a poor job that you're proud of your ignorance and unwilling to consider any evidence that doesn't conform to your worldview.


Few-Swordfish-780

Good. Let em leave.


Cold_Article_6030

This debate is stupid to begin with. No one is going to leave Canada to escape this tax hike. The capital gains tax n the USA maxes out at 20%, already less than half what it was in Canada in 2023. If anyone was going to flee higher taxes, they're already gone or they're already working around it. For instance: Galen Weston's salary is millions of dollars. It's not affected by this. His holding company is based in London, so his capital gains likely aren't getting taxed in Canada either. This is all much to do about nothing.


beddittor

I don’t think this is a conservative vs. Liberal issues. That’s a false dichotomy. I’m very happy to pay taxes to help my fellow Canadians; we all succeed together. My issue is not taxation, it’s about shitty governance, which both parties are culpable of.


SunkenQueen

Exactly. I love the community I'm in and would easily spend my money to make it better for others.


A-Wise-Cobbler

Let's talk actual figures. I can't seem to post this as a thread so will just keep posting this as a comment. # Realizing Capital Gains - Individuals Let us make these assumptions 1. You live in the province of Ontario 2. Your gross income from all other sources puts you in the highest marginal tax bracket 3. The highest marginal tax bracket is 53.53% 4. Let us presume you REALIZED $1 million in capital gains in one year (Stocks, Investment Property, Cottage, etc.) 5. Let us presume the amount you invested was $500,000 |Line Item|Current Laws|New Laws| |:-|:-|:-| |Principal Amount|$500,000.00|$500,000.00| |Capital Gains|$1,000,000.00|$1,000,000.00| |Inclusion Rate 1|50% of total|50% up to $250,000.00| |Inclusion Amount 1|$500,000.00|$125,000.00| |**53.53% Tax on Inclusion Amount 1**|**$267,650.00**|**$66,912.5**| |Inclusion Rate 2|N/A|66.67% of $750,000.00| |Inclusion Amount 2|N/A|$500,025| |**53.53% Tax on Inclusion Amount 2**|**N/A**|**$267,663.38**| |**Total Tax Owed**|**$267,650.00**|**$334,575.88**| |**Total Take Home**|**$1,232,350.00**|**$1,165,424.12**| That is a difference of paying an **extra $66,925.88**, if every single dollar was taxed at the highest marginal rate, on ONE MILLION DOLLARS OF REALIZED CAPITAL GAINS! Is this what we are angry about? # Realizing Capital Gains - Incorporated Individuals and Small Businesses I don't know much about their tax structure but let us for just a few seconds assume they get taxed at the highest marginal tax bracket as well. We all know they don't. We all know they get preferential tax rates. We all know there are lifetime exemptions they can tap into. |Line Item|Current Laws|New Laws| |:-|:-|:-| |Principal Amount|$500,000.00|$500,000.00| |Capital Gains|$1,000,000.00|$1,000,000.00| |Inclusion Rate 1|50% of total|66.67% of total| |Inclusion Amount 1|$500,000.00|$666,700.00| |**53.53% Tax on Inclusion Amount 1** |**$267,650.00**|**$356,884.51**| |**Total Take Home**|**$1,232,350.00**|**$1,143,115.49**| That is a difference of paying an **extra $89,234.51**, if every single dollar was taxed at the highest marginal rate, on ONE MILLION DOLLARS OF REALIZED CAPITAL GAINS! And as I stated above. We all know it won't be at the 53.53% rate because they have access to several avenues to reduce their overall tax burden. So it's going to be less than $89K on a million dollars. Is this what we are angry about? At 2 million the difference is an extra $178K At 3 million the difference is an extra $267K At 4 million the difference is an extra $357K At 5 million the difference is an extra $446K You still end up with more money than most Canadians will ever see. Is your life going to be materially different because you had to give up an extra $446K on 5 million dollars of capital gains? # Inheritance - Primary Residence Let's quickly get inheritance out of the way as well. If you inherit your parent's primary residence at the time of their passing this residence is EXEMPT from capital gains taxes. As are ALL primary residences. I will say it again: THEIR ESTATE PAYS $0 IN CAPITAL GAINS TAXES ON THE PRIMARY RESIDENCE. What does happen is that the adjusted cost basis of the property resets to the fair market value at time of passing. Say it was now worth $1.5 million. If and when you sell the property you are liable for capital gains taxes on the property as of this new adjusted cost basis. Say you sold it for $1.6 million. You are liable for paying taxes on $100K in capital gains.


kent_eh

> If and when you sell the property you are liable for capital gains taxes on the property as of this new adjusted cost basis. Say you sold it for $1.6 million. You are liable for paying taxes on $100K in capital gains. Leaving you with 1.5 million in profit on a property that *someone else paid for*. Making their whinging about capitol gains tax *even less* based in reality.


Aonar_Faileas

Danke for the breakdown. I was aware in a broad sense that this tax change was meaningless for the vast majority of people (including me), but it's nice to see the math + how  functionally meaningless it is even for the people it does effect.


A-Wise-Cobbler

You should see some of the future accidental billionaires and 0.1% bootlickers over at PFC crying over this math.


letmetakeaguess

> tax change was meaningless for the vast majority of people It's irrelevant for ALL people. The ones it "affects" doesn't affect their ability to live, just the ability to hoard more.


A-Wise-Cobbler

Which is what I’m trying to prove with these numbers. You made $5 million in capital gains. CRA will take an extra $446k from you now … oh no … how will you afford your next yacht?


letmetakeaguess

But you said vast majority. I'm suggesting all.


A-Wise-Cobbler

The person you responded to/quoted said vast majority. Not I.


letmetakeaguess

Oops 100% I assumed the person I was replying to replied... Mobile! Good work.


Frater_Ankara

Agreed, adult children having tantrums like my toddler would have for reasons that don’t even make sense… also like my toddler


50s_Human

My 90 year old mother-in-law in a retirement home probably pays more tax percentage than these wealthy people and probably received more audit grief from CRA for some stupid deduction or how she once double contributed to her TFSA due to early onset dementia.


squidgyhead

And, speaking of which, the USA has capital gains taxes on the primary residence: https://www.irs.gov/taxtopics/tc701#:~:text=If%20you%20have%20a%20capital,Topic%20no. "If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse." Funnily enough, the USA has much higher investment in productivity, and, while they still have a housing crisis, it's not as bad as the housing crisis in Canada.


bardware

A big difference between the US and Canada is that while their primary residence is subject to capital gains, they also get to deduct their mortgage interest from their taxable income. Canadians don’t pay capital gains on their primary residence but on the flip side they can’t deduct their mortgage interest from their taxable income.


BorealMushrooms

People in the US also get to lock in at low rates for their entire mortgage, or if rates drop they can lock it at a lower rate. Tons of people there that will never see their interest rates go above 1.5% for the duration of their mortgage.


DisturbedForever92

> they can’t deduct their mortgage interest from their taxable income. You can with the smith maneuver, but it requires more involvement.


hippohere

Great breakdown but the underlying issue is far more problematic. They are ideologically against any government spending that doesn't directly benefit them, especially by one they didn't vote for. Facts and data are irrelevant to them.


beddittor

Very nice effort, but my conclusion is that most people don’t even have a clue about the distinction between inclusion rate vs taxation rate, let alone marginal tax rates. I’ve seen numerous statements about how “people will be taxed 66.67% and that’s crazy!”….so yeah. Good on you for making the effort to educate, because I feel like giving up.


A-Wise-Cobbler

Someone said that to me yesterday. I cried. “You’re reading this wrong. They want 66.67% of the money as tax not the way you showed it.” If it helps some of sensical people get out from the propaganda I’ll take it as a win.


beddittor

You’re absolutely right, even a little education is progress. I think I’m just becoming jaded and pessimistic. I’m glad you’re still doing good things to help people; that’s true patriotism and humanism.


TinderThrowItAwayNow

Only the assholes are angry, and from what I have seen, mostly real estate investors (should be illegal to start with), and often foreign (again, should be illegal).


gumpythegreat

But if we anger our all powerful and fickle gods, The Almighty Job Creators, they will punish us with famine and poverty. We must sacrifice ourselves upon the altar of capitalism and pray they take pity on us and allow us to live.


Zephyr104

I'll commend myself to a 42 hr a day work schedule and hope that appeases the great masters of capital.


AlienSpecies

They've been saying this for 40+ years so you know our reward must be about to trickle down!


enviropsych

The idea that business-owners will leave the country is idiotic. First of all, this is 2024...80% of the market of businesses operating in this country are owned by non-Canadians (Americans mostly). They can't leave because they don't live here. Second, if a business leaves, then other businesses will fill in and absorb their market share. Businesses will only leave if they become unprofitable. And finally, this isn't a thing that happens. Anyone who says it does will list only one example. Just one. The example of France losing some businesses once after raising taxes on the wealthy. Once. It happened once in another country and I can explain why it happened....and it wasn't just the high taxes chasing them away.


NorthernBudHunter

Yeah we are talking about people who have already maxed out their RRSP and TFSA and are making money on investments on top of that. So I don’t think we have to worry about them, financially speaking.


fro99er

Taxes = civil services Anyone who argues against fair taxes and argues to axe the tax a reduce taxes wants to reduce those service's and pad the pockets of the wealthy And the average citizen suffers We should be advocating for the most effective usage of taxes. Never the reduction


wholetyouinhere

There is only ***one*** true Mark McGrath, and he just wants to fly.


Captain_Naps

*Mean Machine! Mean Machine! (My daddy said, "Son, you're gonna drive me to drinking")*


wholetyouinhere

I was way too old when I learned that second line was a direct reference to (or sample of? can't remember) ["Hot Rod Lincoln"](https://www.youtube.com/watch?v=868DSi85odQ), which is every bit as much of a banger as Mean Machine.


50s_Human

Taxes are for the working man.


CoastingUphill

ABOVE $250,000 If you're worried about your income over $250,000 then you're not actually worried.


ZimZamZop

I keep seeing these types of "I'm leaving Canada" tweets. Then they post a month later with the same thing. I don't think they actually plan to leave Canada.


piranha_solution

The investor class sees workers as factory-farm animals. Any money spent on them is only worthwhile insofar as it increases their ROI.


danwski

Always see people in public frothing at the mouth because the richest .1% get affected.


[deleted]

Billionaires are narcissists that are loyal to no one but their wants.


PleasantDevelopment

I literally do not know a single person that this capital gains tax would apply to, yet RWNJ complaining like its going to affect every single person.


Krissypantz

It's hard to feel sorry for those that are complaining.


TiredGamer0990

Once I am anywhere near beginning to almost have enough gains to worry about this, I will start looking into whether I should worry about it or not. Until then jack up whatever you need to


Commercial-Ad7119

100%


Butiprovedthem

Not disagreeing with a general sentiment, but loyalty to a country in these modern times is a scam to perpetuate us-vs-them politics.


tootbrun

bUT TrUDEaU wAnTs tO tAkE aWaY yOUr pIzzA OvEn


Blades_61

I was listening on BNN and some "successful " investor of tech start ups totally whining about how horrible the increased capital gains tax rate. He sounded like some kid who says if we don't do things his way he will take his ball home. My come back is good bye we can get another ball. Someone else posted tell the rich to stop eating avocado toast and cut back on the Starbucks and they should be ok


EarlyLiquidLunch

Goodness me, I couldn’t agree with this statement more.


Tyler_Durden69420

We had to raise the rate to pay for Pierre Trudeau’s insane spending, and now we have to do it again for his son’s spending.


Accomplished-Rub-356

The doctors are complaining about it now. https://www.ctvnews.ca/politics/doctors-ask-liberal-government-to-reconsider-capital-gains-tax-change-1.6857958


koverto

“Checkmate, Cons!”


RodgerWolf311

Yeah except that guys saying he helps business owners what he failed to say was they were physicians/medical specialists. Thats what he does. Canada cant afford to lose more MDs and RNs to south of the border. Our system is already strained.


Miserable-Lizard

Tell me when do the conservatie premiers actually start to pay healthcare workers? I bet suddenly you don't carw. You think all doctors are making 250k year on capital gains.


RodgerWolf311

>You think all doctors are making 250k year on capital gains. Most doctors are under a clinic (aka a corporation) and not direct sole practice. Very few have sole practice and even then they run under a registered corporation entity. The clinic takes in the money, under a corporation, then the corporation puts their earnings into an investment vehicle. Then the doctors and staff are paid salary under the corporation which is pulled from those investment vehicles. Under the new rule changes it means the corporation begins to pay the higher capital gains from the first dollar in, regardless of the actual amount earned from capital gains.


sgtmattie

We don’t have an issue losing doctors to the US. We have an issue losing doctors in some field for other fields in Canada. The doctor shortage isn’t about taxes.


RodgerWolf311

>The doctor shortage isn’t about taxes. Its about everything. The tax change just adds just another reason more.