Canadian here and our new budget gets most of it’s new money from a new capital gains tax. Can you explain what they are, and surrounding context? Thanks!
In: Economics
Gains from investments (capital as in monetary assets).
I don’t know what it is in Canada, but in America there are short term (<1yr) and long term (1+ years) capital gains. Short term is taxed as ordinary income, long term is taxed with typically 3 brackets (0%, 15%, or 20%) depending on income, that’s just for federal so some states/localities may also have their own tax.
From what I see, Canada is raising the tax % (50% to ~67%) for those with >$250k CAD in capital gains. This will only effect the ultra rich (selling off $250k+ in stocks or it seems like $500k in home sale profits).
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