Capital gains on equipment and land corp vs personal in budget 24.

[blackpowder]

Retirement has been a multi year process for some time.
If your accountant or advisor has a limited knowledge or laissez faire attitude, get better ones.
If your head is still in the sand, your heirs will simply suffer more. Be realistic and proactive.
Honestly, I believe there is more naivety regarding heirs than taxes.

This has been on the wall for years.
I'm surprised it took this long and only went this far. But it's still a lot.

Regarding economic principles, I don't feel anyone in Govt today qualified. The masses are swallowing every word.

[Herc]

Death and taxes…..or is it taxed to death…..either way she’s a complete shit show….

[15444]

Hot off the press.

• An item that could have a significant impact on members when property is sold is the government’s intention to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024. The lifetime capital gains exemption will be increased to $1.25 million effective the same date, which allows Canadians to exempt this amount in capital gains tax-free. Please consult your accountant or tax expert for additional information on this item.

[Taiga]

50% to 66% is a pretty big deal.
The capital gains exemption increase is insignificant.
Maybe the budget won't pass?
Yeah I am dreaming, Jag is currently getting his pockets lined and will surely vote for it.

[SmallTimeOperator]

So if it’s $250,000 or less per year, is it still 50% of the gain is taxable? And only the dollars above the $250K per year go to the new 66% is taxable? That’s what it sounds like. Can anyone clarify?

[fjlip]

Found this...

[fjlip]

SF could cost you another million.

[Taiga]

It's a big hit to anyone retiring for sure.
Also, it makes owning rental properties (counting on future appreciation) pretty much a waste of time, they never were great but certainly not going forward, poor investments.

[SASKFARMER]

Owning a condo complex or apartment building I can't see that working for retirement income. This whole budget is a **** up created by fools.

Once the Country gets a debt downgrading our dollar will hit .55 cents and more money needed to service debt. Anyone still voting liberal?Ndp is basically nuts.

Soon they will go after principal residences as the budget keeps going backwards next year in an election year. Trudeau will piss away a trillion.

[15444]

It's a big hit to anyone retiring for sure.
Also, it makes owning rental properties (counting on future appreciation) pretty much a waste of time, they never were great but certainly not going forward, poor investments.

That's kind of the point. Get people out of mindset of buying rentals so people can buy them as long-term mortgaged homes.

On average, only 40,000 Canadians make capital gains claims over 250k in any given year. Which is 0.13% of the population. You're going to have a tough time finding average people in towns or cities that feel empathy for this small elite subset of the population.