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

[15444]

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?

Yes. I looked into it and that is how it will work. Only every dollar over 250k will be 66%.

[Oliver88]

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 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.

If you are 40 years old you had a lot of opportunities to buy reasonably priced land at low interest rates.

The boomers who you seem to resent farmed through very lean decades and dealt with extremely high interest rates. They will now deal with capital gain theft when selling assets that were purchased with AFTER tax $.

[goalieguy847]

Extremely high interest rates but very low input and equipment costs. Everything is all relative. 1.2 million for a combine now would be like a combine for 125 k in mid 90s in our area....
Interest rate vs cost/acre spread out over 20 yrs when looking at 5000$/ac land is all the same when looking at 18% interest, like my pops had on his house loan when they built, winds up with similiar cost when looking at todays rates and land cost.

Narrower margins? are you aware of what our margins are heading into this yr? toss in some numbers to a profit calculator on 45 bushel canola and 150$/ ac rent. End of day youre looking at 70-100$/. A 50 bushel crop of hard red would be LOSS at current fall prices.

I dont resent them at all.. infact my net worth is up, and will be strong for the rest of my life based on the land that i will be inheriting that has skyrocketed since it was purchased in the 60s, 80s, 90s... and what little ive been able to buy.
My point is that our generation ( 80s born) and above ... and maybe i was on the cusp...
but the generations below me will never see the equity increase that the boomers have seen on their homes, land... etc..

I feel that these capital gains taxes are really punishing the boomers and wont punish me. If i buy land at 5 k/ ac, it would need to increase to roughly 20 000 per acre for me to see the same % increase in equity that my parents saw on the land that they bought for 1000/ ac. Aint gonna happen because at the end of the day no matter how much competition there is for land, our yields, in the end arent growing fast enough to support this type of value.

as well...
all the land ive bought has been done with after tax dollars.

[Taiga]

[url]https://buttonwood.ca/inheriting-real-estate/[/url]

[checking]

I feel that these capital gains taxes are really punishing the boomers and wont punish me. If i buy land at 5 k/ ac, it would need to increase to roughly 20 000 per acre for me to see the same % increase in equity that my parents saw on the land that they bought for 1000/ ac. Aint gonna happen because at the end of the day no matter how much competition there is for land, our yields, in the end arent growing fast enough to support this type of value.

as well...
all the land ive bought has been done with after tax dollars.

Careful, now.

Are you that sure that our federal child won't punish you? A flick of the pen ends capital gains avoidance, or even tax deferral out one year.

I feel that when our federal child, who is always first in line to be paid, and who has an insatiable appetite to piss away tax dollars, will, in a bind, have no qualms in ending inheritance of land for the direct line without payment of capital gains. Your children may not be capable of retaining even what you have bought, let alone what your parents purchased.

[SASKFARMER]

Our Little Girl in Ottawa will **** over the entire country to get his way. He is nothing and i repeat nothing but a ****ing waste of Air. **** off any one who votes Liberal.

[SmallTimeOperator]

Anyone paying $5000 per acre for land, or 1.2 million for a combine won’t have any capital gains to worry about!

$70-$100/acre margins will be a thing of the past when the rains return.

Spend hard while you still can!

[Oliver88]

An interesting thing is that Pierre Trudeau was the bastard that implemented Capital Gains Taxes in 1972 to cover his overspending. Before that there was no capital gains.

[furrowtickler]

Why should the government ever be allowed to steal money from the gains of hard working people like this ?
Family farms work hard for generations to build up a little wealth sometimes losing money , sometimes breaking even at best , a handful of times making money only to have the government steal 66% of what you have worked hard to achieve? It’s nearing lunacy
In some cases for over 100 years?
Especially now when we all witness the vast corruption of this current coalition government and billions upon billions squandered right in public view, with absolute zero accountability of public tax payers money …

[Old Cowzilla]

Worst part is this tax increase won't cover what sock boy overspends every week. It would be like borrowing money to pay for new X9 to take off 500 acres. Lots of boomer land to change hands in the next 20 years and the gov wants a big piece.

[bucket]

Worst part is this tax increase won't cover what sock boy overspends every week. It would be like borrowing money to pay for new X9 to take off 500 acres. Lots of boomer land to change hands in the next 20 years and the gov wants a big piece.

Exactly, no other industry they can tap on. Because every other industry can move out of Canada to avoid this nonsense.

Farm families looking to get out to enjoy the effort they put in, are going to get taxed. Instead of giving a Capital gains exemption up to 5 million for the average farm, and letting retiring people spend or help the next generation, Freeland and Trudeau think they know better how to spend real hard earned money. Something neither of them understand.

Farm groups fell asleep on this issue, must have been the whiskey tasting events.

[bucket]

They say only 40000 Canadians are affected by this new Capital gains tax. The math says that each of those 40000 will pay $477,000 on average. 19 billion / 40000.

Even John Manley said this morning that they collected more at the 50% rate than they did at the higher level. That is one of the reasons he said the Liberals lowered it when he was still in politics.

This is a direct assault on farm families.

The dumbphuckled farmer.

[LEP]

They say only 40000 Canadians are affected by this new Capital gains tax. The math says that each of those 40000 will pay $477,000 on average. 19 billion / 40000.

Even John Manley said this morning that they collected more at the 50% rate than they did at the higher level. That is one of the reasons he said the Liberals lowered it when he was still in politics.

This is a direct assault on farm families.

The dumbphuckled farmer.

I think it is 40,000 per year so over 5 years 200,000.

[Taiga]

This is going to blow up on the Liberals, this affects a lot more people than advertised including the owner of your local subway franchise and your local Quickie Mart, etc

[furrowtickler]

This is going to blow up on the Liberals, this affects a lot more people than advertised including the owner of your local subway franchise and your local Quickie Mart, etc

Yup
The Liberal/ NDP coalition just went too far even their own base voters
it was all good as long as it cost someone else that pays …..