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

[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.

[Taiga]

Yes I agree it was likely the intended, unspoken, consequence.
Sure kills the motivation to work hard and make money when you realize you will just work harder and not make any money!!

[goalieguy847]

So as ive read this... capital gains will increase for ( personal) property on a sale from 50% to 66% above 250k.... but dependent on a bunch of stuff (if it becomes pirmary residence..etc) but not on ( of course) primary resident homes and only on 2nd properties such as a cottage or a lot.... or bank asset ( mutual fund, stocks etc) not under a tax free savings account...

In essence this may help with home flipping and deter some renovictions/ quick sales...it wont. But it " could" on paper....
what % of the population own multiple homes?


As much as i dont agree with the govt cranking it up by 16%.. i dont have a problem with capital gains, although with stuff like a mutual fund or stocks... thats a pretty large risk. If you threw in 100 k into a mutual fund 20 yrs ago and its now worth 300 k, i dont really see why the govt should skim that bit off the top. Plus, those are sorts of things that the everyday 9 to 5 person has....however, why a person would now buy stocks and such NOT under the tfsa is beyond me.


As for the farming increaase up.to 1.25 million. .well that helps a fair bit but im 40 and it sure as shiza doesnt affect me. I do somewhat feel for all you boomers who are selling the land but you lived thru a period of asset/ equity increase that my generations will never.. im willing to bet most of you have seen land increase by 1000% since you bought if you did in the 70s and 80s.
So if they increased that number up to... say, 5 million in exemption.. well that may help but then wouldnt they just add an estate tax which canada currently doesnt have ( although i think BC and sask..manitoba do?)

AN EXAMPLE
for instance, my parents built their house for 125 k in 1982. its now worth 750 k.
If i bought a home in edmonton for 500 k it would need to increase to 2.8 million ( rough numbers) for it to be the same rise in equity. So , they are really screwing you guys but... its also values that my generation and below will.never.. ever.. ever see. Not even close. Nadda no how.


its an odd one for sure... and something that im encountering while trying to figure out how to buy land from family....

[Taiga]

If you bought a chunk of farmland for $1M xx number of years ago and now are ready to sell and it is worth $5M, it impacts you.

FJIP's chart above.

[SASKFARMER]

I hope like hell the budget gets turfed and we have an election then I want the Liberals and NDP to be wiped off the face of Canada. It's insane what we have had the last 8 years.

Elect an Idiot you get what we have.

[Ronski]

I want to see Justin gone and the liberals decimated but with the debt canada now has what can the replacement do? The money even just for interest payment has to come from somewhere so I don't see things getting better regardless of who is calling the shots.

[Taiga]

CBC - gone
public funding of AI - gone
public funding of ev battery plants - gone
public money given to the Trudeau Foundation - clawed back
public money gifted all over the world for climate change posturing - cancelled
governor general - eliminated
MP pay raises - nope

for starters

[blackpowder]

Forget the farmers for a moment.
It also affects every business and investor operating in Canada.
Think about that for a minute.
Foreign investment in Canada has been a flood going the wrong way for too long already.
But yes, most voters aren't directly affected, so a non event.

[poorboy]

There was something about certain trusts having 10 million as the amount before the capital gains goes from 50% to 66%. Is this the trusts that Justin and other rich kids are living on?

[BTO780]

You can’t teach or fix stupid.
Grow potatoes you get …..

[Sodbuster]

There was something about certain trusts having 10 million as the amount before the capital gains goes from 50% to 66%. Is this the trusts that Justin and other rich kids are living on?

Trudope’s trust in not in Canada, I doubt the rules apply here.