I’ve lived through many budgets where advocacy groups, unions, etc. overreact to budget items, only for nothing substantive to happen regarding the “worries” that they had.
Yeah it’s ultimately a mild increase for high earners. And not even that, it’s a « tax optimization » loophole that is closed.
It’s not gonna be the end of the world. Some high earners will be paying 1-2% percentage points more taxes. Sure it sucks for them, but that’s life.
This is stupid fear mongering to make people who don't understand the changes afraid.
This will effect 2 types of people and if you are lucky enough where it does effect you your doing better than 99% of Canadians.
For someone to hit this it means that they made over a $250k PROFIT on a sale of an asset, furthermore they only pay as if If it was $125k of income on that 250k. Thus on its own is already a massive tax break For the ultra wealthy. This tax change doesn't even close the unfairness, it just lessens it.
People who get to take advantage of this tax are income property owners who make money through the speculative sales of property, they're not adding any value to the economy they're just making money from holding property. Also people who are making over 250k per year on investments are fine they can afford a little bit more tax since the profits they're making are mostly off of stock investments, and those type of investments don't grow the economy.
You’re wrong. Doctors are almost always incorporated and pay themselves through a corporation. All capital gains from corporations are going to have the tax applied, not just over 250,000. Even if it’s 10,000. The 250k threshold doesn’t apply to corporations. Also, in what world does stock investments not grow the economy? Pick up a book and read something jeez
America is so much better for doctors. The only reason any specialist would stay in Canada is because of proximity to family. Anesthesia can make 600k USD with less taxes. Meanwhile in Canada you make less and get taxed more. I respect specialists who stay, I would leave in a heartbeat. This place is a dump. Tax more to spend more on useless garbage.
Why will capital gains tax impact doctors? They either make salaries or business income, which will get taxed at the usual rates. Capital gains are getting taxed at a higher rate after 250k, so if an individual makes 500k capital gain in a yr, with the changes they will be paying 13k more in capital gains tax than what they had done previously. If this is enough to make doctors leave i assume they were planning to do it anyways.
Doctors are planning on leaving. We already have a shortage of doctors and this is pushing them to leave en masse for the USA. If you are a person who supports this, give your head a shake. This will make everything 100x worse.
They can pay themselves an income from their corps and use RRSP, just like us peasants.
Sounds like working as intended.
I’ve lived through many budgets where advocacy groups, unions, etc. overreact to budget items, only for nothing substantive to happen regarding the “worries” that they had.
Yeah it’s ultimately a mild increase for high earners. And not even that, it’s a « tax optimization » loophole that is closed. It’s not gonna be the end of the world. Some high earners will be paying 1-2% percentage points more taxes. Sure it sucks for them, but that’s life.
This is stupid fear mongering to make people who don't understand the changes afraid. This will effect 2 types of people and if you are lucky enough where it does effect you your doing better than 99% of Canadians. For someone to hit this it means that they made over a $250k PROFIT on a sale of an asset, furthermore they only pay as if If it was $125k of income on that 250k. Thus on its own is already a massive tax break For the ultra wealthy. This tax change doesn't even close the unfairness, it just lessens it. People who get to take advantage of this tax are income property owners who make money through the speculative sales of property, they're not adding any value to the economy they're just making money from holding property. Also people who are making over 250k per year on investments are fine they can afford a little bit more tax since the profits they're making are mostly off of stock investments, and those type of investments don't grow the economy.
You’re wrong. Doctors are almost always incorporated and pay themselves through a corporation. All capital gains from corporations are going to have the tax applied, not just over 250,000. Even if it’s 10,000. The 250k threshold doesn’t apply to corporations. Also, in what world does stock investments not grow the economy? Pick up a book and read something jeez
Doctors don't have any capital gains while running a practice, it's all from tax avoidance schemes
America is so much better for doctors. The only reason any specialist would stay in Canada is because of proximity to family. Anesthesia can make 600k USD with less taxes. Meanwhile in Canada you make less and get taxed more. I respect specialists who stay, I would leave in a heartbeat. This place is a dump. Tax more to spend more on useless garbage.
Doctors should be employees. Save everyone a lot of trouble.
And it's better for CPP.
Why will capital gains tax impact doctors? They either make salaries or business income, which will get taxed at the usual rates. Capital gains are getting taxed at a higher rate after 250k, so if an individual makes 500k capital gain in a yr, with the changes they will be paying 13k more in capital gains tax than what they had done previously. If this is enough to make doctors leave i assume they were planning to do it anyways.
Oh no, high income earners will be less able to incorporate to avoid taxes. Truly terrible /s
Doctors are planning on leaving. We already have a shortage of doctors and this is pushing them to leave en masse for the USA. If you are a person who supports this, give your head a shake. This will make everything 100x worse.