Huh, since I've literally never been afforded the luxury of paying a capital gains tax and thanks to CBC's "like I'm a five-year-old" explanation, I realize I had some misconceptions about how it all works.
cbc.ca/news/politics/capital-g…
(Video below article)
Before, when I thought it was an actual tax on investment earnings, 66% seemed fantastic. Now I'm wondering why it's not 100% and why the Liberals made the first quarter million exempt from the increase.
Hubert Figuière
in reply to Zazzoo 🇨🇦 • • •when my accountant said "it's taxed at 50%" I was understanding that "ok so I have to make sure i have 50% set aside to pay the tax man".
I guess everyone is confused.
Zazzoo 🇨🇦
in reply to Hubert Figuière • • •Hubert Figuière
in reply to Zazzoo 🇨🇦 • • •everything under 250K is 50% free money. The increase is for what's above 250K.
(make 250K capital gain be taxed like you made 125K in hard earned labour income)