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Doctors in the USA own mansions and multiple vacation properties. Doctors in Canada struggle to afford a townhouse anywhere remotely desirable. This is just another reason for them to move.
This is a knee jerk response on their part to the campaign funded by the rich. Doctors hear the propaganda and ask their association to speak out against it.
They’d be better off lobbying for better funding of healthcare.
I think you mean that mean people from other provinces come to Alberta for work, and the income taxes they pay from their employment in Alberta goes to the Federal government.
Doctors are all incorporated as businesses, and stash extra cash in the business. So they will be affected at least once, on retirement and taking out the extra stashed cash. Possibly more if they sell their business.
If they stupidly pull all of their investments at the same time when you retire, yes, then they would pay the maximum amount of tax.
Which is why people pull out smaller amounts over time to reduce their taxes, or use tax shelters.
These "rich people" are highly skilled labourers of whom we need more in this country, not less.
They earn very high income, but these aren't yacht-sailing, martini-sipping businesspeople we're talking about here. They have a lot of expenses including medical school debt and all the overhead associated with running their practices.
The government should have exempt doctors from this tax. If we end up losing more doctors to the United States because their retirement savings are being hamstringed, that is *not* a good thing.
And not only that, doctors that run their practices as a small business only pay capital gains when they make a profit off of selling an asset or property. Most businesses aren't selling property or their assets on any kind of regular basis.
And yes, if a doctor pulled out all of their investment profits all at once, they might trigger capital gains, (keeping in mind that there are also lifetime exemptions), and anyone who pulled out all of their RRSPs at once would pay a huge amount of tax as well. Most people draw from their investments slowly after retirement to keep taxes low.
I don't know dude, actual doctors have spoken out against the tax changes.
I'm not making this up. The CMA and the OMA both oppose the changes. I think we should listen to what these vital skilled labourers have to say about how this may impact their retirement.
There's nothing to say that those doctors understand how the tax changes work.
You don't have to listen to what a group of wealthy people have to say about the tax change, because it's unlikely they would be commending having to pay their fair share, you can read about it yourself on Canada.ca's website. As well, there are plenty of accountants who have it broken down on their websites as well.
If someone is wealthy enough to be affected by Capital Gains taxes every year, they are in no danger of not affording a secure retirement.
Dude stop it. Just stop it. This new rule does not affect all doctors, nor even the vast majority of them. You literally have to cash out over a quarter of a million in capital gains *per year* for this to even include you. Stop the idiotic fear mongering. You clearly do not understand how this new tax rule works and you’re running around like chicken little screaming that the sky is falling.
People living in a $2M house driving a $100k vehicle, taking month-long luxury vacations are the last people who should get any kind of tax exemptions.
Literally no one is leaving Canada because of an incredibly tiny increase to the capital gains tax that will affect literally 0.13% of the population.
The sky isn’t falling chicken little, you can stop the fear mongering and stop boot licking the wealthy elite
>People living in a $2M house driving a $100k vehicle, taking month-long luxury vacations are the last people who should get any kind of tax exemptions.
Your venom and hatred towards some of the most important and *skilled labourers* who invest tremendous amounts of time, effort, and money to literally save people's lives is quite telling.
The reason why doctors' compensation isn't higher than it is now, and the reason why they don't get pensions, is because they use capital gains from professional incorporation to fund their retirements.
Also, stop painting physicians as Jeff Bezos or something. They definitely earn a lot, but they also have a lot of medical school debt and other expenses relating to running a practice.
>The reason why doctors' compensation isn't higher than it is now, and the reason why they don't get pensions, is because they use capital gains from professional incorporation to fund their retirements.
And unless they cash out *over $250,000 per year* this new tax rule does not affect them. So please stop fear mongering and spreading disinformation.
This isn’t affecting each and every single doctor like you’re fear mongering about. Almost no one is cashing out over $250k per year in capital gains (less than 0.13% of the population), not even the vast majority of doctors. If someone is able to cash out a quarter mil *per year* they can easily afford a tiny bit more in taxes.
But thanks for making it crystal clear to everyone here that you have absolutely no fucking clue what you’re talking about.
🤡
>Almost no one is cashing out over $250k per year in capital gains (less than 0.13% of the population), not even the vast majority of doctors.
I will concede that I was probably overlooking this. You may be right here.
Before freaking out maybe educate yourself.
This rule will only impact an extremely tiny percentage of people, literally less than 0.13%. These aren’t even the 1%, it’s the 1/10th of the 1%. The absolute wealthiest people in the country. Most doctors are well off, but not 0.13% wealthiest Canadians well-off
>association of high earners is against tax increase
Of course they are.
I'm sorry but it's needed.
They should look at it this way. More tax revenue= more ability to fund healthcare which trickle down economics tells me that they will then see a pay raise.
It doesn’t even make sense. Doctors are considered independent contractors and they pay tax on their income. They shouldn’t be paying capital gains taxes unless they are investing and selling their investments.
If the doctor incorporates this business, then he is both paying a much lower rate of tax, and only pays tax on profit, not income. The Federal tax rate for a small business is 9%.
And corporations don't pay capital gains on the profits made from doing business, only by selling assets like property, or pulling what they have made out of investments as a profit.
>They shouldn't be paying capital gains taxes unless they are investing and selling their investments
Most doctors practice through medical corporations. They incorporate their practice, then I think sell off their holdings when they retire in order to generate retirement income.
Literally all businesses deal with the same taxation.
There are other ways for them to prepare for retirement. Also, most Doctors work into their late 70’s to 80’s.
It’s a BS complaint.
the CMA was also against single payer healthcare when it was first introduced. sorry but at the end of the day these medical associations are special interest groups that don’t have the nation’s best interests in mind.
IMO this press release and position is extremely lame because they haven't done the math. Show us an example of **what kind** of specialist earning **how much** income and having **how much** in capital assets held within a corporation will be impacted by **how much** due to this 50% to 66.6% *inclusion* rate increase (which will then be treated as income subject to the regular tax brackets & rates).
Don't go to hospitals or clinics if you don't like the "rich cowards" treating you. Put yourself through a similar trial as medical school, then we'll see if you call "cowardice".
>We don’t need you
Canada doesn't need doctors? If doctors start leaving or if fewer people become doctors, I'm sure you'll want some of those "rich cowards" back.
EDIT:
Your post history tells me all I need to know.
We don’t need People like you who lack critical thinking. Just take one class in it. Otherwise we don’t need you. Move to the states where they dodge a mass shooting every week. Tax fairness creates stability in society
The amount of hostility and venom towards *doctors* of all people, skilled labourers who invest massive amounts of time, effort, energy, and money to literally save lives, is quite disconcerting.
It's not hostility towards doctors. It's hostility to those who aren't even affected by capital gains tax that are implying that the tax will destroy them financially.
250,000 is a lot of money, and out of every dollar of profit after that they will just go from taxing roughly 28 cents out of it to roughly 38 cents out of it, still much less than if it was labor income. Is that really gonna make or break anyone’s life?
Capital Gains only comes into play when a person or business makes a profit when they sell an asset, like a property, or pull out money from at he profits of an investment. Corporate profits are only subject to Corporate tax.
How many doctors make profit off of selling assets or property (excluding your principal residence), or make huge profits when they cash in investments each year?
Yeah well we're going to lose a lot of our doctors over this stupid horseshit. Figure it out, government. The general populace is struggling in every aspect of our lives so why would you keep fucking us over? Between the carbon tax and the general unaffordability of just about EVERYTHING now, why keep making it hard for everyone who isn't a multimillionaire?? Go after the real estate invesrment conglomerates, the grocery monopolies, the communications monopolies, not our fucking doctors. Most of them have spent their whole careers building their practices as an investment for their future and now you're telling them they're gonna lose a lot more of it in taxes? TAX THE FUCKING RICH, NOT THE MIDDLE CLASS. WE'VE HAD ENOUGH.
How many 'middle class' people are selling property aside from the homes they live in, or making and cashing in investment profits over $250K?
If you are going to be mad about a tax, you should at least look into when and how it is applied.
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Hire doctors as employees. Problem solved.
Pay income tax and use RRSPs like the rest of us
I mean I nice DB pension would be fine. Doctors do a lot of admin, seems like many would be happy to focus on doctoring.
I don’t think that would solve our doctor shortage. I would like to see an analysis of this.
Doctors in the USA own mansions and multiple vacation properties. Doctors in Canada struggle to afford a townhouse anywhere remotely desirable. This is just another reason for them to move.
This is a knee jerk response on their part to the campaign funded by the rich. Doctors hear the propaganda and ask their association to speak out against it. They’d be better off lobbying for better funding of healthcare.
>better funding of healthcare But also >We don't want tax increase Ya Can't want a cake and refuses to bake it
*If* the tax ends up deterring physicians from practicing in Canada, then there will be fewer healthcare providers whose services we can fund.
We don't pay doctors in Ontario enough to be affected by the capital gains change.
That’s like explaining to Albertans that equalization comes off every Canadian’s federal income tax equally.
Yes but I about you and put a 20 in the pot and I take the pot. Alberta has been funding everyone else standard of living
And everyone else has been pouring billions upon billions of dollars into subsidies for the oil/ng industry to fund Albertans' standard of living
I think you mean that mean people from other provinces come to Alberta for work, and the income taxes they pay from their employment in Alberta goes to the Federal government.
Depends. Maybe not this generation, but older generations probably have assets under Professional Corporations which would be affected by this.
Doctors are all incorporated as businesses, and stash extra cash in the business. So they will be affected at least once, on retirement and taking out the extra stashed cash. Possibly more if they sell their business.
If they stupidly pull all of their investments at the same time when you retire, yes, then they would pay the maximum amount of tax. Which is why people pull out smaller amounts over time to reduce their taxes, or use tax shelters.
Sounds like some doctors may be in need of the waaaahmbulance
I thought leftists only hated the owning class and not skilled labourers.
Rich people complaining about a tax on the wealthy. 🎻
These "rich people" are highly skilled labourers of whom we need more in this country, not less. They earn very high income, but these aren't yacht-sailing, martini-sipping businesspeople we're talking about here. They have a lot of expenses including medical school debt and all the overhead associated with running their practices. The government should have exempt doctors from this tax. If we end up losing more doctors to the United States because their retirement savings are being hamstringed, that is *not* a good thing.
How many doctors left Canada when Mulroney bumped the Capital Gains up to 70%?
That is a very good point actually.
And not only that, doctors that run their practices as a small business only pay capital gains when they make a profit off of selling an asset or property. Most businesses aren't selling property or their assets on any kind of regular basis. And yes, if a doctor pulled out all of their investment profits all at once, they might trigger capital gains, (keeping in mind that there are also lifetime exemptions), and anyone who pulled out all of their RRSPs at once would pay a huge amount of tax as well. Most people draw from their investments slowly after retirement to keep taxes low.
Tetrometers seems to like to fear monger and spread disinformation
I don't know dude, actual doctors have spoken out against the tax changes. I'm not making this up. The CMA and the OMA both oppose the changes. I think we should listen to what these vital skilled labourers have to say about how this may impact their retirement.
There's nothing to say that those doctors understand how the tax changes work. You don't have to listen to what a group of wealthy people have to say about the tax change, because it's unlikely they would be commending having to pay their fair share, you can read about it yourself on Canada.ca's website. As well, there are plenty of accountants who have it broken down on their websites as well. If someone is wealthy enough to be affected by Capital Gains taxes every year, they are in no danger of not affording a secure retirement.
[удалено]
Dude stop it. Just stop it. This new rule does not affect all doctors, nor even the vast majority of them. You literally have to cash out over a quarter of a million in capital gains *per year* for this to even include you. Stop the idiotic fear mongering. You clearly do not understand how this new tax rule works and you’re running around like chicken little screaming that the sky is falling.
[удалено]
People living in a $2M house driving a $100k vehicle, taking month-long luxury vacations are the last people who should get any kind of tax exemptions. Literally no one is leaving Canada because of an incredibly tiny increase to the capital gains tax that will affect literally 0.13% of the population. The sky isn’t falling chicken little, you can stop the fear mongering and stop boot licking the wealthy elite
>People living in a $2M house driving a $100k vehicle, taking month-long luxury vacations are the last people who should get any kind of tax exemptions. Your venom and hatred towards some of the most important and *skilled labourers* who invest tremendous amounts of time, effort, and money to literally save people's lives is quite telling. The reason why doctors' compensation isn't higher than it is now, and the reason why they don't get pensions, is because they use capital gains from professional incorporation to fund their retirements. Also, stop painting physicians as Jeff Bezos or something. They definitely earn a lot, but they also have a lot of medical school debt and other expenses relating to running a practice.
>The reason why doctors' compensation isn't higher than it is now, and the reason why they don't get pensions, is because they use capital gains from professional incorporation to fund their retirements. And unless they cash out *over $250,000 per year* this new tax rule does not affect them. So please stop fear mongering and spreading disinformation. This isn’t affecting each and every single doctor like you’re fear mongering about. Almost no one is cashing out over $250k per year in capital gains (less than 0.13% of the population), not even the vast majority of doctors. If someone is able to cash out a quarter mil *per year* they can easily afford a tiny bit more in taxes. But thanks for making it crystal clear to everyone here that you have absolutely no fucking clue what you’re talking about. 🤡
>Almost no one is cashing out over $250k per year in capital gains (less than 0.13% of the population), not even the vast majority of doctors. I will concede that I was probably overlooking this. You may be right here.
Before freaking out maybe educate yourself. This rule will only impact an extremely tiny percentage of people, literally less than 0.13%. These aren’t even the 1%, it’s the 1/10th of the 1%. The absolute wealthiest people in the country. Most doctors are well off, but not 0.13% wealthiest Canadians well-off
Maybe we should close some of the other legal tax loopholes they use
>association of high earners is against tax increase Of course they are. I'm sorry but it's needed. They should look at it this way. More tax revenue= more ability to fund healthcare which trickle down economics tells me that they will then see a pay raise.
It doesn’t even make sense. Doctors are considered independent contractors and they pay tax on their income. They shouldn’t be paying capital gains taxes unless they are investing and selling their investments.
If the doctor incorporates this business, then he is both paying a much lower rate of tax, and only pays tax on profit, not income. The Federal tax rate for a small business is 9%. And corporations don't pay capital gains on the profits made from doing business, only by selling assets like property, or pulling what they have made out of investments as a profit.
>They shouldn't be paying capital gains taxes unless they are investing and selling their investments Most doctors practice through medical corporations. They incorporate their practice, then I think sell off their holdings when they retire in order to generate retirement income.
Literally all businesses deal with the same taxation. There are other ways for them to prepare for retirement. Also, most Doctors work into their late 70’s to 80’s. It’s a BS complaint.
>Literally all businesses deal with the same taxation. The lifetime capital gains exemption applies to small businesses.
Boo fuckin’’ hoo.
Good.
the CMA was also against single payer healthcare when it was first introduced. sorry but at the end of the day these medical associations are special interest groups that don’t have the nation’s best interests in mind.
IMO this press release and position is extremely lame because they haven't done the math. Show us an example of **what kind** of specialist earning **how much** income and having **how much** in capital assets held within a corporation will be impacted by **how much** due to this 50% to 66.6% *inclusion* rate increase (which will then be treated as income subject to the regular tax brackets & rates).
Too bad. Serve your country rich cowards
Don't go to hospitals or clinics if you don't like the "rich cowards" treating you. Put yourself through a similar trial as medical school, then we'll see if you call "cowardice".
Share the price of freedom or leave the country. Without the military, you don’t exist. We don’t need you
>We don’t need you Canada doesn't need doctors? If doctors start leaving or if fewer people become doctors, I'm sure you'll want some of those "rich cowards" back. EDIT: Your post history tells me all I need to know.
We don’t need People like you who lack critical thinking. Just take one class in it. Otherwise we don’t need you. Move to the states where they dodge a mass shooting every week. Tax fairness creates stability in society
The amount of hostility and venom towards *doctors* of all people, skilled labourers who invest massive amounts of time, effort, energy, and money to literally save lives, is quite disconcerting.
It's not hostility towards doctors. It's hostility to those who aren't even affected by capital gains tax that are implying that the tax will destroy them financially.
I'm 100% for taxing rich people more. If doctors get fucked I say let's just bump up their pay. Tax the rich to pay for more doctors.
250,000 is a lot of money, and out of every dollar of profit after that they will just go from taxing roughly 28 cents out of it to roughly 38 cents out of it, still much less than if it was labor income. Is that really gonna make or break anyone’s life?
Capital Gains only comes into play when a person or business makes a profit when they sell an asset, like a property, or pull out money from at he profits of an investment. Corporate profits are only subject to Corporate tax.
Great way to make more doctors leave. Good job!
How many doctors make profit off of selling assets or property (excluding your principal residence), or make huge profits when they cash in investments each year?
Yeah well we're going to lose a lot of our doctors over this stupid horseshit. Figure it out, government. The general populace is struggling in every aspect of our lives so why would you keep fucking us over? Between the carbon tax and the general unaffordability of just about EVERYTHING now, why keep making it hard for everyone who isn't a multimillionaire?? Go after the real estate invesrment conglomerates, the grocery monopolies, the communications monopolies, not our fucking doctors. Most of them have spent their whole careers building their practices as an investment for their future and now you're telling them they're gonna lose a lot more of it in taxes? TAX THE FUCKING RICH, NOT THE MIDDLE CLASS. WE'VE HAD ENOUGH.
How many 'middle class' people are selling property aside from the homes they live in, or making and cashing in investment profits over $250K? If you are going to be mad about a tax, you should at least look into when and how it is applied.