Is this just something for rich people to complain about? Or are people's worries legitimate? Let me know, and check out crypto.com! bit.ly/russcrypto
@deborahsacco186
5 ай бұрын
By the way Crypto was born by the C.I.A. with a plan to steal your money in a "grand " event portrayed by a " false flag " media event. Reason and Source is the Rothschilds are broke. And all countries contribute 80% of their taxation to the Rothschilds, who have been breeding bloodlines for centuries into all monarchies, presidential leaders are all related. Follow the money and you will come to the same conclusion of evidence. You've been had until you wake up to these facts.
@mejuggernaut1
5 ай бұрын
While this will appeal to the "tax the rich" crown I think it's flawed. This change feels more like a back door way to tap into the coming transfer of generational wealth from Baby Boomers to their children/grandchildren. The ultra rich will simply restructure and continue earning from their assets. As you noted in your video, when someone passes away it's more difficult structure a tax efficient way to pay all (and only) the amount of tax legally required. On a side not what happened with the beard man!?!?
@big_red_machine3547
5 ай бұрын
You are on point, but no, this tax attack IS a major problem. We already have a mass exodus of high earning, very valuable Canadians to countries that treat them much better. People who are sick of Trudeau’s idiot government are leaving in record breaking numbers, and now we will definitely see the increase of wealthy people moving to tax friendly shores- along with their businesses (myself included) There won’t be anyone left to pay for all the freeloaders.
@haroldb1856
5 ай бұрын
Trudeau is mugging anyone who needs to save for retirement The fortunate few with defined benefit pensions, like staunch Trudeau loyalists in unionized government jobs don't need to worry.
@margaretwood152
5 ай бұрын
▶15:10+ Yep, Yes & *_certainly._* (I've known more than a few ____ who've W__ked for the Gov___ment.....and if I relayed the __*_Accounts -&- Tales_* I heard told Re: the efficiency* & manner with which they *_Collected, Organized & Spent_* the 45% of Canadians total *_Lifetime_*_ earnings_ (i.e. our collective *_T_XES_* ) well...... .... _"You'd Probably _*_Short-circuit."_* ✨ 🤖✨....💥.....💀 ( * And/or *_lack-thereof_* )
@johnhess9443
5 ай бұрын
Canada is done. I wish I left 5 years ago.
@evadeanu1
5 ай бұрын
Me too. But it better now than in 5 years from now
@samurai8698
5 ай бұрын
Which country has potential?
@mtrest4
5 ай бұрын
@@samurai8698 India
@roynaidu2327
5 ай бұрын
Yep Canada is dead, I'm 45 born and raised in Vancouver, I can honestly say that this country is dead, its become a vampire that sucks its citizens to death, quite literally now that we offer suicide as a medical treatment.
@jomo4435
5 ай бұрын
It's no wonder the last 40 years was leading up to the state of the country .....a weak society.....run run little rabbits.....to weak and shallow to vote with their wallets ....too weak to know what was important instead of this screw your neighbor society
@erich2527
5 ай бұрын
take more money, waste more money, print more money, no future.
@adamsingh7360
5 ай бұрын
You hit the nail on its head
@haroldb1856
5 ай бұрын
Censor the Internet so people can't criticize der Trudeaufuhrer.
@adamhassam
5 ай бұрын
they could just print more money w out affecting the dollar in some magical way and scrap stealing money from us. Reform would be a great idea.
@margaretwood152
5 ай бұрын
▶15:10+ I've known more than a few ____ who've W__ked for the Gov___ment.....and if I relayed the __*_Accounts -&- Tales_* I heard told Re: the efficiency* & manner with which they *_Collected, Organized & Spent_* the 45% of Canadians total *_Lifetime_*_ earnings_ (i.e. our collective *_T_XES_* ) well...... .... _"You'd Probably _*_Short-circuit."_* ✨ 🤖✨....💥.....💀 ( * And/or *_lack-thereof_* )
@SunflowerFlowerEmpire
5 ай бұрын
A self employed canadian already pays way more taxes.
@atuchniatlarge7144
5 ай бұрын
I have been living abroad....now I will sell my Canadian dollars and investments to never return or invest in this stupidity ever again
@fpp2024
5 ай бұрын
Good riddance
@danieldonnelly3602
5 ай бұрын
we gots 2 many foreign borns raping us
@gregredden5202
5 ай бұрын
Time to leave Canada 😢
@evadeanu1
5 ай бұрын
That’s the plan. I’m not wealthy in any way but disappointed by our leadership. The worst ever leadership in Canada EVER.
@valsbp6255
5 ай бұрын
Bye.. Like many I'm born and raised here so there's no running and I wouldn't run even having another choice. Not happy with what's happening here, but I'm still a proud Canadian. No worries as we'll fix our country and weak ppl like you can stay in the places you run and hide in.
@whitewolf8458
5 ай бұрын
My younger brother did just that, he sold everything and moved to Costa Rica and now resides there permanently
@evadeanu1
5 ай бұрын
@@whitewolf8458 one of our acquaintances leaves permanently to Costa Rica in September. I am happy for them.
@Sarah-y5w
5 ай бұрын
Canada ? What's that?
@rogerng0
5 ай бұрын
The increase in taxes may start with the more wealthy, but it will slowly encroach towards the middle class. This is just the beginning and will only get worse as time passes. Taxes have always increased, never decreased.
@jomo4435
5 ай бұрын
Haha too afraid to do anything out of fear you may be included in the future.....That type of thinking will keep you and the rest of society in the cage of fear and loathing society has been in for 40
@Bradiant
5 ай бұрын
What's more wealthy? Every single one of these apply to my as a tradesman.
@Triggerman2505
5 ай бұрын
Agreed. But it's even goes further than that. Instead of government using that money to make affordable housing for the younger generation they're just going to send it to Ukraine and other places to funnel money support wars. Canada needs Justin turd-hoe gone
@jomo4435
5 ай бұрын
You apparently
@johnoa1146
5 ай бұрын
This crazy tax DOES NOT start with the wealthy. I am a retired senior who bought an income property 10+ years back. I bought it for retirement resources because I have no fancy defined benefit pension that many people get if they have government type jobs, etc. It has appreciate a lot. (And I put a lot of sweat equity into it). Now my few hundred thousand dollars of appreciation will be hit hard... To make a purchase like this meant no fancy holidays, no fancy house. Not our drama teacher wants my retirement money. For over 10 years I proved a nice home to a number of families who then, in a number of cases moved into but their own home. Trudeau and Freeland are incompetent and arrogant. A bad mix They do damage
@williamrouthier783
5 ай бұрын
Canadian people have spoken. We need an election now.
@mtrest4
5 ай бұрын
If you plan to select the same 3 parties owned by the oligarchy as you are brainwashed to do every election, you are wasting your time. Worse, you are playing their game and putting society further down the path to serfdom. Also, you have no right to complain if you do.
@Harkescreative
5 ай бұрын
That has literally never solved anything.
@lucaschudleigh7193
5 ай бұрын
To what end? That’s like solving a gunshot wound by attempting to shoot the other bullet out with another bullet. Government is why the world is fucked. Continuing to worship these millionaires into office, then hoping they’ll somehow turn things around is idiotic.
@Harkescreative
5 ай бұрын
@@HuxtableTV politics is a show. They monopolize violence towards their populations by printing fake money and telling everyone their rule is legitimate. It's not.
@nototyranny2719
5 ай бұрын
You clearly haven't been paying attention.an election won't change much maybe it will sound like things are going to be different but they won't and there is nothing anyone can do about that regardless of what they say
@lucaschudleigh7193
5 ай бұрын
Only a government employee would include the words “tax” and “fair” in the same sentence.
@ailajane9933
5 ай бұрын
So true
@EMan-cu5zo
5 ай бұрын
Stolen is a better choice of words.
@tonymerkclelive1023
5 ай бұрын
I own a business that is in the middle of selling off several assets. At this point, there is no way to put the deal on hold, but it will be completed after the new changes come into effect in June. As a business, we are nowhere near the top "ultra-wealthy," as Captain Socks likes to put it. As such, instead of investing further in Canada, I'm going to pay the penalty, move all of our business to another jurisdiction, and cease investing in Canada. If I'm willing to do this, I'm sure the Ultra-wealth have already done it and this is just going to kill what little bit of innovation we are bringing to the global market.
@VideoGameMarimbist
5 ай бұрын
If you own a business where selling several assets nets you a $250,000 profit then I don't feel sorry for you. Cry all you want but if I could make that kind of profit in a year then I would be doing just fine paying a little more. Be careful your greed is showing!
@wendymetcalfe2770
5 ай бұрын
Love that…… captain socks lol
@abreeze262
5 ай бұрын
@@VideoGameMarimbist How can you say such a horrible thing? You have no idea how longer the business owner has held these assets that they are selling off. It could be years. It could be decades. These small business drive our economy, create jobs. I am always amazed with the individuals who have the guts, the gonads, to build up a business from nothing. Do you not know how difficult this is? Do you not know how risky this can be? Do you know how many business fail and go bankrupt? I personally celebrate the person who owns a business and actually makes it a success. Go business owners go!!!! We need more brave souls like you.
@VideoGameMarimbist
5 ай бұрын
@@abreeze262 I have lots of friends who run small businesses. None of them are worth $250,000 let alone being worth enough that selling a few pieces could net a $250,000 profit. This business is a medium to large business. Definitely not a mega corp but big enough that the $10,000-$30,000 minor tax bump will not be enough to cause much damage (especially while making over $250,000 in profit). A business this big can easily pay a bigger share to help out Canadians since we allow this business to turn this kind of profit for its owner.
@thepeakoflife
5 ай бұрын
This fucks over FARMERS and Construction companies that build homes hard. Really hard.
@thepeakoflife
5 ай бұрын
Oh and doctors and tech.
@iEtthy
5 ай бұрын
No it does not.
@Dgnmuse
5 ай бұрын
No. They won’t, the corporation and also the income level changes that. Also depends on where they save the money. If you’re an investor you shouldn’t be buying single family homes. That was literally the point. Construction gets grants and subsidies from the government.
@t.8936
5 ай бұрын
@@Dgnmuseummmm no. Where's ours? We never saw any grants or subsidies.
@DaniefromCanada
5 ай бұрын
But they're trying to make housing more affordable 🤪
@spyrit00
5 ай бұрын
How about a deceased person? All their assets can easily exceed this $250,000 on their last fiscal year. This government is not only increasing taxes on ultra not-rich but any Canadian estate. This is an aberration.
@epictetus3406
5 ай бұрын
This is a tax on retirement and estate
@thanks4that261
5 ай бұрын
Yep, taxing the inheritance than Canadians might be receiving
@mstoniyolanda
5 ай бұрын
Good point. They would talk about that.
@flopes11
5 ай бұрын
@@epictetus3406 yes the only way to pass wealth to your children. wake up. This only affects the middle and upper middle class. the ultra rich are laughing as Trudeau gives them our money.
@VideoGameMarimbist
5 ай бұрын
@@thanks4that261 Nope. Inheritances are not taxed in Canada in any way. If stocks or properties are inherited via and ownership transfer then there is no capital gains tax until the investments are sold. If you want the money from these investments could be sold at a gains less than $250,00 per year to avoid the new tax. For example, if you inherited 1 million in stocks then you could sell those off $250,000 at a time so you would get all the money after 4 years to avoid the new increase. Likely it would be wiser to use a different strategy to avoid moving up in tax bracket. Talk to an advisor for best options!
@thecanadian8719
5 ай бұрын
Remember when $250,000 was a lot of money? Pepperidge Farms remembers.
@jomo4435
5 ай бұрын
Haha it's alot to 2/3s the population who will never see $250,000 profit ever .....boo hoo investors
@andrewcrook2240
5 ай бұрын
@jomo4435 say the woke renter with no business skills. Who is going to hire u when the business owners leave? Another woke bum like you? I think not, comrad.
@ponytoast1231
5 ай бұрын
It still is a lot, salaries haven't grown, only the price of homes which are exempt from this tax if it's your residency.
@CanadaBud23
5 ай бұрын
@@jomo4435 Many people make money in the range of $100K - $200K. Since this massive inflation all their assets numbers will inflate with it even though the asset itself is basically the same value it always was the numbers are bigger now, which may push 100's of thousands of people right in that tax range even though their inflated incomes basically doesn't amount to squat. They still have to pay that extra.
@jameserskine9980
5 ай бұрын
On an annual income basis, it is still a lot of money (only 1% of Canadians have incomes higher than $250K) (50% are below the average of $70K-ish.). Remember they were always going to pay 50% inclusion so the incremental (amount over $250K) inclusion is "only" 16% AND the first $250K is still at the old rate. Next month's videos - 5 ways to aviod paying the extra 16%.
@Iqbal_sibia
5 ай бұрын
I never thought this country would get to this point …
@WindsorStinks
5 ай бұрын
Really? The writing has been on the wall for 10 years. This is what happens when you become complacent. Canadians like you need to wake up already.
@VideoGameMarimbist
5 ай бұрын
Really? A slight increase in a tax that only affect 40,000 Canadians a year is what breaks your faith in our nation? You might want to reflect on why this change worries you so much. This change is really minor and likely won't actually affect you in any way yet you are concerned? Its time to stop defending the rich and start looking out for yourself.
@WindsorStinks
5 ай бұрын
@@VideoGameMarimbist it's going to affect way more than 40k maybe you should pull your head out of Trudeau's behind. Then again you probably like it there.
@abreeze262
5 ай бұрын
Canadians, listen up. I am now approaching my 70th birthday, and will not be around to suffer the every increasing negative consequences of this Liberal government (i.e. high deficits --> higher debt --> ever higher interest payments on ever increasing higher debt), since I won't be around for much longer. All Canadians have to start taking their voting responsibility much more seriously. Canadians have to start PAYING ATTENTION TO WHAT IS GOING ON WITH OUR DEAR COUNTRY. My generation, the boomer generation, are all dying off now, so it is now totally in the hands of you younger Canadians to steer this ship of Canada into a safer harbour. Please, please, please pay close attention to what is happening, understand the long term negative consequences of what is going on, so your vote helps change the course for Canada, so that Canada can, once again, in time, sail into safer financial waters. You are all, now, the custodians of Canada's future.
@Iqbal_sibia
5 ай бұрын
@@abreeze262 .. don’t worry, you still have long way to go … 🍀
@big_red_machine3547
5 ай бұрын
All excellent points. France tried to do this and they ended up losing many billions in revenue, yet Trudeau and his TeleTubby sidekick think that it won’t happen here. It’s impossible to be this stupid about so many things simultaneously
@anonmichael3989
5 ай бұрын
Looks like they just hate us
@ponytoast1231
5 ай бұрын
Pretty sure what France did was tax wealth, which is a very different thing.
@big_red_machine3547
5 ай бұрын
@@ponytoast1231 Yes technically it’s different, but the motivation is the same, no?
@LateForDinner-mn1hn
5 ай бұрын
Tax the rich kzitem.info76NMHpxAbpo?si=A2xyoBW9hHQbmpK3
@harkmi3
5 ай бұрын
@@ponytoast1231don’t try to get these idiots to look at actual facts. Crypto bros and anti-vaxers rage farming on social media is a definite growth area in Canada.
@Headinavise
5 ай бұрын
After taxes and bank interest there is not much left. In 2014 I bought a town house in Canada. In 10 years I have paid over $100,000 for interest to a bank . For what ? Keeping records ? What the hell does a bank do to justify that kind of money ?
@drudini5812
5 ай бұрын
And if you think thats bad you should also realise you have paid like record low interest rates over that time..
@Headinavise
5 ай бұрын
@@drudini5812 ya, but my parents paid $80,000 for a houst and the average salary was $42,000 at the time. I would take %17 interest in the 80's any day of the week.
@sergiolandz6056
5 ай бұрын
usury was banned many times during our history for a reason, but we got too comfy and got led into lies upon lies and now were just debt tax slaves who thinks voting matters.
@funkspinna
5 ай бұрын
For what? For borrowing the money. That's how loans work.
@Headinavise
5 ай бұрын
@@funkspinna $100,000 is the cost to borrow the money. And they the bank doesn't even own the money they lend...and your ok with that ? Lol
@2FLIPS3.5TWISTS
5 ай бұрын
I feel so bad for everyone, look at how they waste money, eff them, stop working and stop paying taxes, society revolt now!
@evadeanu1
5 ай бұрын
Wandering if there will still be doctors in Canada in 4-5 years from now.
@mtrest4
5 ай бұрын
Dr. Doom
@swiralgod
5 ай бұрын
Replacement doctors from India.
@WTFyousayingboy123
5 ай бұрын
Dr Maid
@Todd.T
5 ай бұрын
The Liberals said they will just import more people to be doctors.
@stevenwatson2666
5 ай бұрын
No there won't be...not with all the hospitals closing.....
@pilotleader
5 ай бұрын
Productivity for sure - but what I’m concerned about is the impact on our tech and innovation sector - discouraging people from setting up and seeding valuable innovations - like Shopify. These liberals have essentially discouraged development here. Not good.
@Healthycow
5 ай бұрын
Haven't you been paying attention? What do you think Net Zero means. You will be an agricultural level peasant slave.
@haroldb1856
5 ай бұрын
In Soviet Kanada, government discourage you.
@VideoGameMarimbist
5 ай бұрын
Our effective tax rate is still below the USA so we are likely fine. The issue is a lack of established companies in Canada to play off of. This change won't affect tech or innovation in a major way. Remember that last year only 40,000 Canadians would have been affected by this tax if it existed.
@pilotleader
5 ай бұрын
@@VideoGameMarimbist checking US capital gains, corporations are at 20% - Compare that to the 50% in Canada - that doesn't look fine to me. Further, one year is not a good gauge - capital assets are held or gained over a longer time span.
@VideoGameMarimbist
5 ай бұрын
@@pilotleader You realize that the two countries use wildly different systems right? That 20% rate is applied to 100% of your capital gains in the US (40% if over certain thresholds around $400,000-$600,000 depending on certain factors). In Canada, capital gains are simply added to your income taxes but not all income is added. We use an inclusion rate which means that 50% of you capital gains are added as income for income tax purposes (as covered in the video) This means that if you make around $120,000 per year with capital gains then you pay 26% income tax but since only 50% of your capital gains are included we can conclude that 50% of 26% is 13% which is what percent of your gains you would pay. Since the current highest bracket is 33% in Canada (for making over $250,000 a year in any income) and the max inclusion is 66% for making over $250,000 is Capital gains we can calculate a max rate of of 22% on capital gains. This means there is a very small window where Americans pay 2% less but on the very wealthy it would Canada 22% vs USA 40% and for normal Canadians its 13% vs USA 20%. Might be good to do better research before commenting in the future!
@ad03dh
5 ай бұрын
Doctors are not ultra wealthy and they get no retirement or pension. Their corporations are retirement. What is the point of working here as a doctor . They don’t just have money rolling in for doing nothing like Most investors they have to work every day and see patients
@0r14n583lt
5 ай бұрын
Canadians have to consider that the cost of inflation is not factored into that capital gains tax. Inflation is going to outstrip your capital gains. You will be paying more than you think.
@evanvolker6267
5 ай бұрын
Really appreciate these videos. Very informative and insightful without all the BS involved when I turn on the news.
@russellmatthews
5 ай бұрын
Glad you like them!
@davidbrown418
5 ай бұрын
Wealthy Canadians will just leaving the country.
@CanforCanadainsfirst
5 ай бұрын
your right i live in an area where a lot of rich canadains live houses are going up for sale super fast
@flopes11
5 ай бұрын
@@CanforCanadainsfirst same. which still wont make houses affordable because the ones on the market will be out of most peoples price range.
@abreeze262
5 ай бұрын
Good point. The uber rich families have the financial depth required to pay for very talented high cost tax advisors, accountants and lawyers so that they can protect the family wealth so that it effectively flows down from one generation to the next. Case in point ... the Trudeau family. I understand JT has a trust fund provided to him by his grandfather. Something like that. A good example of the uber rich who know how to work the system to their benefit and to the benefit of the younger generations of their family.
@_Gorrek_
5 ай бұрын
hahahaha can't tax what i don't have babyyyyyyy. God i hate my life right now
@samurai8698
5 ай бұрын
Don't worry, we'll all be joining you down at the bottom of the barrel in a few years.
@wheelz191
5 ай бұрын
😂
@patrickshand69
5 ай бұрын
Feel this comment lol
@Todd.T
5 ай бұрын
You will owe and be happier for it.
@factsdontlie4342
5 ай бұрын
I saw this coming, but I was 2 years too early. I exited the market with what I had, paid all debts. Thats all i could manage, which is why i am still in canada.
@TeraGreene1
5 ай бұрын
Canada is a 3rd world wasteland. Fortunately, we have gems like you, Russell Matthews!
@jomo4435
5 ай бұрын
Been out of the country....? Probably not with that type of comment
@annetoronto5474
5 ай бұрын
Most 3rd world countries have better weather than Canada 🇨🇦
@LandonRoy-cv9rt
5 ай бұрын
@@annetoronto5474 100% they do, especially any country in Africa, the Middle East or in south america... Nicer weather sure, but every country in contained in those continents are shit holes which is why the shitheads are flocking here
@queenpinkysfamily1618
5 ай бұрын
Canada is getting bad but it is no third world country 🤦♀️
@powerglide60
5 ай бұрын
Not even close to 3rd world country. You are living in a cave if you truly believe that.
@Jennilovepeace
5 ай бұрын
My parents are not rich. Their cash crop farms where my brother works are directly affected by this. It’s not just Drs and it’s also going to cut into our heredity. It’s awful.
@saltyBANDIT
5 ай бұрын
Thanks for this video :) it was useful. Someone covering Canadian news is rare in my feed, any channel recommendations?
@bradley-6tr
5 ай бұрын
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024
@darrenmoore-xx5rc
5 ай бұрын
Wow that's huge, how do you make that much monthly.
@bradley-6tr
5 ай бұрын
Honestly speaking.... I will continue to trade and stick to Sylvia daily analysis and guides as long as it works well for me.
@dr.heatherhh5
5 ай бұрын
The first time we had tried, we invested $4000 and after a week we received $15,400. That really helped us a lot to pay our bills.
@toulahen-sd6zk
5 ай бұрын
Woah for real? I'm super excited. Sylvia nicolas strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started
@dianelle882
5 ай бұрын
that's nice She makes you that much!! please is there a way to reach her services, I work 3 jobs and trying to pay off my debts for a while now!! Please help me.
@stevenwatson2666
5 ай бұрын
The government spends more on debt interest than they collect in gst revenue....think about that....why should we give them more??? It is time for Federal Government pay cuts! Time to pull back on their perks and benefits...why do they deserve a better quality of life than tax payers????
@Salomon82
5 ай бұрын
What you are saying doesn’t even make sense. Federal employees are taxpayers too. Their benefits they get they have pay 20% from their paycheque every 2 weeks on top of the tax of the income tax bracket. So they only get 45-50% from their gross income. That’s why the federal cannot attract or retain as many as they did before
@stevenwatson2666
5 ай бұрын
@@Salomon82 I am sorry to say this but it is you that does not understand.....you cannot pay taxes if your entire income is collected tax dollars....no matter how you look at it, you cannot pay your taxes by collecting someone elses tax dollars and using it pay your share of taxes! As far as retaining and attracting more federal employees....did you know there is over 100 people on the privy council? Why do we need over 100 people in the privy council? The lowest paid person makes $200 000/year plus pension and benefits....not to mention the other like 20 body's of useless government that just drain our dollars through unearned wages, pensions and, benefits! It is clear that you are the one that does not understand how many people work for the federal government and that not one single person in the Federal Government pays Taxes! They are completely funded by tax dollars! Anyone who is paid with tax dollars does not pay taxes! They just collect our money and use it to pay their share of taxes! How is it not clear???
@ydoIstillcare263
5 ай бұрын
A lot of great comments below, but what is being missed is shouldn't the gvt be spending less? If they spent less and collected less tax, that's more money in the pockets of all Canadians. We could then not feel guilty about buying that $7 Starbucks, eat out, binge shop Amazon, buy a car/boat/house etc. Business would need less help from the gvt as they would be supported by all classes. AS mentioned below, we are one of the highest taxed countries, BC pays the highest gas tax in North America (not a first place position to be proud of). Bottom line we have a gvt who has a spending problem which has now resulted in a tax problem.
@Billy97ify
5 ай бұрын
If everyone is on welfare they won't have to pay tax. Everything is paid with free money. Livin' the dream.
@ponytoast1231
5 ай бұрын
@@Billy97ify If you want to live on like $10000 per year in Canada, sure, go live the dream.
@ponytoast1231
5 ай бұрын
The government is increasing spending to help with the housing costs which every media is complaining about and is severely harming the economy. Canada is taxed less than many places in Europe without the same problem. Cutting taxes and spending is what got us in this mess to begin with.
@Billy97ify
5 ай бұрын
@@ponytoast1231 Many love it and there will be a lot more as Canada DE industrializes. Canadians must be much poorer to save the planet.
@ydoIstillcare263
5 ай бұрын
@@ponytoast1231 Sorry, but your comment is what is referred to as a Zombie lie. That's not accurate at all. Do some googling, take an economics class, learn because whoever is giving you this info, and I don't know how to type this to be heard respectfully, so here it goes - they're uneducated and living off the system and without those taxes, it puts your 'source' in jeopardy. Please learn for your future.
@whathandleUtalkabt
5 ай бұрын
Thank you for the explanations.
@TehPwnerer
5 ай бұрын
Public sectors far too big and needs to be cut massively
@jaybrood9
5 ай бұрын
Country of large government and Oligopolies. The depths of this recession is going to brutal as businesses shut down and flows of capital leaves the country to escape the toxic environment we have created.
@ailajane9933
5 ай бұрын
Yes!
@LostCaper
5 ай бұрын
Next tax will likely be capital taxing on the sale of our home. This will go along with you will own nothing and be happy.
@Holyspace305
2 ай бұрын
The problem is no one will be happy
@andreaskummer4212
5 ай бұрын
Also if the home you sell is your primary residence.And what about what was invested in updating the home(bringing it up to code)??
@Crimson-katanas
5 ай бұрын
I feel like this is a bad idea for a strong future economy. Who would want to invest in a Canadian business if changes like this can happen at a whim. The wealthy control commerce, whether you like it or not, and if a small business does start in Canada and then becomes successful, this "tax the rich" mentality will continue to push all the successful driven people out.
@shinenyyan6594
5 ай бұрын
I feel like Canada politics are promoting lazyness big time. Productive people are being cut down for their efforts, nothing given back, thats a shame.
@guitarpicker7464
5 ай бұрын
If you had invested 20K in 2014 and then sold them for 40K in 2024, the true gain is actually 20K minus inflation. The inflation over those 10 years in Canada amounts to $6,009. So the real gain after inflation is only ~$14K.
@matthewsukkau382
5 ай бұрын
If inflation is the time tax, and you have to pay capital gains on your appreciated assets, then is that double taxation?
@cryptoholica72
5 ай бұрын
Great, so all those years of investing and losing money in crypto to finally make some money, automatically makes me wealthy enough to get dinged even worse than before. I hate this government with a passion.
@lucaschudleigh7193
5 ай бұрын
That implies there is any kind of difference between governments.
@timeverson728
5 ай бұрын
There is a reason.
@yoyartube
5 ай бұрын
It will only impact rich Canadians is a lie. When you further degrade capital investment in Canada (which is already floundering) it impacts everyone. Do we have enough money to throw away when it comes to hospitals etc? How is our medical system doing? Where do people think that money comes from?
@inurear
5 ай бұрын
Remember: Tax is anti-inflationary. Taxing disproportionately to those who benefited most from inflationary policy should always be a standard. The concern is that this might not be enough --- for example, a generation of homeowners get exempt, but there is no way any "investor" anticipated the value of their property going up 100% in 5 years, thus, this tax-haven turned into a funnel for the excess credit that went unreturned. A rich person's tactic to enrich themselves during the pandemic money print.
@boxerfit-fitnesspersonaltr6151
5 ай бұрын
Your wisdom is very useful in these difficult times for Canadians! Keep up the good work
@RedFordMustang71
5 ай бұрын
Taking and giving is NOT the Lieberal way. It's all take take take take take take!!
@832elf
5 ай бұрын
But what if you sell shares in an RRSP and TFSA are those realized gains or losses reportable on your income tax return
@thektownmike
4 ай бұрын
So they aren’t going after the gains in primary residence. If I renovate and use a portion of my home as a rental unit, increasing the house. Is the entire dwelling subject to capital gains taxation?
@dinapawlow1622
5 ай бұрын
Thoughtful posting, so well explained .
@abreeze262
5 ай бұрын
You have to consider the younger generations inheriting from the old boomer generation. The tax bill on the terminal tax return for many deceased boomers will be much higher with the 2/3 capital gain inclusion rate, resulting is less money flowing down to the younger generation to inherit. So, this capital tax change impacts many of the younger generations who stand to inherit from the boomer generation. This is the last thing the younger generations need at this point in time ... smaller inheritances for them.
@1Nanerz
5 ай бұрын
This is exactly what the liberals are thinking about. “How can we steal the wealth from the boomers and prevent it from being passed to the next generation?”
@KY-jb4vd
5 ай бұрын
exactly. It ends up being a sneaky estate tax at the end of the day. And yet it's marketed as only the 'uber rich' being affected.
@TheCatherineCC
5 ай бұрын
Nobody is inheriting anything after helocs to pay for price gouging, brutal nursing homes staffed by overworked tfws
@KeithPatton
5 ай бұрын
@@KY-jb4vd only on non-primary investment properties
@KY-jb4vd
5 ай бұрын
@@KeithPatton and any stocks or investments in non tax deferred accounts, no?
@Crimson-katanas
5 ай бұрын
Something weird I'm seeing in 2024 taxes is some ppl I know have received notices saying they owe more money when their accountant says they don't, and it almost feels intentional. If it's not intentional, then the CRA is hiring very unproficient ppl if they make significant calculation mistakes that they actively send notices out on.
@Matt-zv3bc
5 ай бұрын
How would you get taxed if you don’t have a marginal rate. I’m self employed so if I pay myself zero for the year, but have 300,000 in capital gains from sale of stocks, how am I being taxed?
@Snerdles
5 ай бұрын
This also has secondary effects. If a corporation buys a building to convert to apartments and then sell to a property management company their taxes on that transaction increased like 30%, making the rent to break even higher, making it less likely to be profitable unless you can make higher income apartments (ie, why make reasonable priced ones if it makes it far more difficult to get a profit). It will have all kinds of downstream effects like this.
@thanks4that261
5 ай бұрын
Sad times for Canada
@lafcadiothelion
5 ай бұрын
It’s mind boggling that they categorize people with capital gains over 250k as “ultra wealthy people”…
@ponytoast1231
5 ай бұрын
It is ultra wealthy. The median salary in Canada is like 52000 or 55000, if you can make 250k PROFIT with just investment you are making 5 times more than the average Canadian passively just from investment, that is very wealthy, you have to consider this is the PROFIT, which mean there is way more than 250k being sold, and this is per year. so we are talking about people with many millions in investment. You would need an investment account of 3 millions to have a yearly return of 250000 with a 8% yearly increase (probably less) and that's not accounting for inflation if you want to increase your investments to stay about the same year over year, and that's just for 250000, you are still not paying anything more before that. This is also not accounting for actual profit since of the 250000 of stocks you would sell it is not even all profit and that depend on how long the stock was held and how profitable it was. so we are probably more looking at upward of 6-10 millions of investment. We are in trust-fund kids territory. The average person is not spending upward of $250000 per year. This is a tax on realized gain, so it is only if you take it out that you pay up so you need to actually want to spend more than $250000 in a year, and you can still make more with your income on top of that $250000. As a tax on trading and investing on houses this is a great tax that does target the ultra wealthy or the PoS, it's only bad because it also affect the people who are incorporated and merely wealthy and doing one big trade/transfer with their business.
@kennyg1358
5 ай бұрын
@@ponytoast1231you really don't know what you are talking about.
@ponytoast1231
5 ай бұрын
@@kennyg1358 And yet you haven't said how I'm wrong.
@thomhagan8297
5 ай бұрын
@@ponytoast1231 There's many many facets to investing, not everyone built it up in a year and if they did?...which is rare so what good on them, wealthy people already pay the most taxes and it's only the Marxist type doctrine that vilifies it only as some sort of corruption off the backs of the poor little people. One of the biggest investors is public unions (which libs and NDP types LOVE) taking public collected taxes turning around and investing in the free market such as rental properties thus being a direct competitor driving up costs and inflation. Statistically "trust fund kids" spend their money and generational rich is dynamic spreading it around such as...investing. Y'know creating stuff, opportunities where as the 55k household buys groceries.
@flopes11
5 ай бұрын
@@ponytoast1231 over a lifetime of investment. get real. you must be 12
@whaletailmining136
5 ай бұрын
They might raise the tax on the ultra wealthy but who is to say a back door deal won't be worked out where they can get their wealth back through the form of a new rule or rebate. Just a thought.
@foxymacadoo
5 ай бұрын
The wealthy always have loop holes to avoid paying taxes
@andrewcrook2240
5 ай бұрын
"Ultra-wealthy" = middle class Canadians who have a family cottage or 1 rental property.....
@matthewsemenuk7544
5 ай бұрын
I like Russell's thoughts and insights at the end of the video.
@odinnosferatu
5 ай бұрын
6:15 I was under the impression that the RRSP would be tax free if you withdraw it at retirement and is only taxed if you withdraw it early as in before the age of retirement. Or am i wrong about this? thanks
@cornstar1253
5 ай бұрын
TFSA isn't taxed. RRSP is, but you can reduce your income tax overall.
@kennyg1358
5 ай бұрын
The idea is that it grows untaxed and then you may be in a lower tax bracket when you retire and start withdrawals.
@kylehiscock6981
5 ай бұрын
If my labour is taxed at 100% then your investments can be. Really dont see the problem with this. If you have more than 250k capitol gains.. congrats, ya won. No stop your whining, the rest of us have to go to work.
@Shandleyman
5 ай бұрын
Help me out a bit: If I bought an investment house for $250,000 and sell it for $600,000, would I be taxed on the first $250,000 in capitol gains at 50% and then the remaining $100,000 of capitol gains at 2/3rds? OR Would the whole $350,000 of capitol gains be taxed at 2/3rds?
@mth469
5 ай бұрын
the first scenario, i presume. i'm no expert however so make sure you find out from someone who is.
@russellmatthews
5 ай бұрын
I'd imagine it's the first scenario!
@boyardstreet8357
5 ай бұрын
First scénario is correct.
@novacadian4745
5 ай бұрын
Thanks for clarifying this issue.
@russellmatthews
5 ай бұрын
My pleasure!
@janh8847
5 ай бұрын
Correct me if I’m wrong, but a sole ownership business pays the 66% capital gains tax on the amount over $250K, 50% on the first $250K, however if you are incorporated you pay the 66% on the whole capital gain. If this is true it’s very unfair for incorporated businesses.
@russellmatthews
5 ай бұрын
That's correct!
@jomo4435
5 ай бұрын
Incorporating has its benefits and it's consequences in many other areas .....that's life benefits and consequences
@delicious_seabass
5 ай бұрын
I imagine we'll start to see "rent to own" types of sales where owners spread the sale of their property across years to avoid the 250K bracket.
@TheNewSchoolGamer
5 ай бұрын
These new tax policies are asinine, France did something similar and capital fled that country like it was going out of style
@TwistedRootsBeauty
5 ай бұрын
Hey Russell, I have a quick question! When Covid -19 hit I was sort of let from my job I was still employed with them but they would let me know when I could go back to work. So they told me I was eligible for CERB through my workplace and to apply for it. So I did. But I’m not sure I was exactly eligible. I did receive a letter but then they never followed up or gave me an amount to pay back. Fast forward to now I’m looking at my cra account and it says balance 0 but it lists the payment history for cerb. Not sure what to do.
@TwistedRootsBeauty
5 ай бұрын
Btw done my taxes for 2021-2023 and I owed taxes to employment insurance over payment but I don’t see anything about Covid benefits. Under my outstanding debt section in my account all I see is my Albert’s student aid (treasury board collections)
@TwistedRootsBeauty
5 ай бұрын
Do I owe?
@grease112
5 ай бұрын
'Fair' tax is we all pay the same %. What we have is 'unfair' taxes and it's becoming even more unfair
@johnfranz282
5 ай бұрын
Your discussion was well done. Thank you.
@ahc1957
5 ай бұрын
Your explanation was the most understandable yet. Thank you for the much needed information.
@paulfrunza
5 ай бұрын
You are actually right, I agree with you: more taxes to spend more and unwise.
@24theMoney
5 ай бұрын
So what about Capital Losses over $250,000? Will the inclusion rate for losses also be 67%?
@belieftransformation
5 ай бұрын
Great information; thanks for sharing! Blessings 🤗
@katendra88
5 ай бұрын
That if you and your wife both on tittle have both the $250.000 deduction so if you sell then it is $500.000 deduction or am I wrong?
@MJ-up3lw
5 ай бұрын
Appreciate what you do Russel! This is definitely a productivity issue. Heard about the book titled “The Atlas shrugged” that is what’s happening in Canada right now
@soulwinnersw6310
5 ай бұрын
Hi Russel, is there a limit on growing your Tfsa contribution room by making gains? Would appreciate it if you cover it in the coming video. Thanks 🙏
@russellmatthews
5 ай бұрын
To the best of my knowledge, your TFSA contribution room can expand as much as your realized gains! Same goes for losses, though, so you can shrink that room too!
@kentA205
5 ай бұрын
What about those who buy property through their corporations however they own 50 shares of the company. They can sell a few shares per year avoiding higher taxes
@themetadaemon
5 ай бұрын
This will impact ALL Canadians. When the prices of new homes go up, When the prices of food goes up, heck the prices of everything will go up. Corporations won't just take the loss.
@brianrip2873
5 ай бұрын
This will screw over everyone. Imagine being taxed 300k on your million dollar house you sell then be expected to pay 1 million plus to buy a new home to live in
@MaverickRE
5 ай бұрын
Why not take a bit here to give a bit here...Because Government doesn't really give, they only take and waste
@sarac7808
4 ай бұрын
This was very insightful. Like I've always said "anything you have, it's never yours "
@ML-uk6lu
5 ай бұрын
Thank you.
@whitewolf8458
5 ай бұрын
what if your retired and your only income is CPP and OAS?
@hardleecure
5 ай бұрын
fml. i wanted to move to texas but the US immigration rules are insane. I need to find an employer to hire me first and then sponsor me. Good luck of that. I'm just an electrician. Or come up with 1.8 million USD to invest. And that's just to start the visa process. Thought to myself... Ok. maybe Argentina? Similar rules. Like... WTF it's Argentina. Ugh. dammit. I don't want to be stuck here.
@whathandleUtalkabt
5 ай бұрын
Just fly into mexico and cross the border like all the immigrants do by foot. Living near the border, I wonder if I still need my passport to shop at tops in New york when I see 10,000 people entering the usa a day from south of the border without one.
@CarlitoVillarrica
5 ай бұрын
Should try Paraguay, the easiest place to get residency, I'm here and I did it, left Caada in Sept. 2023.
@hardleecure
5 ай бұрын
@@CarlitoVillarrica Paraguay eh? Cool I'll check it out. Thanks dude.
@jomo4435
5 ай бұрын
There's no where to hide water your own grass ....why be like students and immigrants sucked into their false ideas of Canada or the US lmao
@lucaschudleigh7193
5 ай бұрын
Uh… You can get a green card in the states with a 70K investment into an American business.
@54m0h7
5 ай бұрын
A nice and very clear explanation of the changes, thank you. That article summary did have me thinking. The phrase; "When you tax something you get less of it." in particular. Everyone seems to love the idea of a Wealth Tax, but if you apply that idea to it then you'd get less Wealth. People might think that means less very wealthy, but not necessarily, it could mean less wealth overall, which is very bad. Maybe that's part of why the "tax cuts for the rich" the Republicans in the USA are always talking about. Just a thought anyways.
@bikechickluvs2groove
5 ай бұрын
Thanks so much for this explanation Russell.
@russellmatthews
5 ай бұрын
You're very welcome!:)
@viettuannguyen3
5 ай бұрын
Ima new subscriber! Love your content!
@ecoshah
5 ай бұрын
every 10 years the price of cars and houses double, because the government doubles the money printing. So if you bought a cottage and 20 years later sold it for twice as much as you paid for it; you would still have lost half the value in real money because of the hidden tax of inflation. Instead of deducting the loss for tax purposes you have to pay more taxes. At least the government if frugal and not wasteful with your money.
@juajua014
5 ай бұрын
What would be a good institution to open a TFSA with ?
@Dholi1
15 күн бұрын
Wealthsimple or Questrade. Banks have expensive trading fees and their mobile applications are horrible.
@larrymurphy6473
5 ай бұрын
I’m a 68 year old retired musician. At the best of times my confidence in my government has been maybe 70%. Now it is 0%. If I had known how awful it would get I would have left. While our PM is is trying to convince all of you he is going after the rich he is not. It’s been four years now and there coming after me to pay back CERB even after I have clearly proven my eligibility as asked to do. Our PM is going after the poorest Canadians as well . I have to live on 1800 dollars a month and now pay back CERB ? Don’t let him fool you he’s going after the rich. No wonder there are so many tent city’s . I’ll be shopping for a tent by the fall.
@teegeeontario1180
5 ай бұрын
Taxing the Productive more won't increase the wealth they hope to redistribute. It's time to cut the fat in government.
@notilluminati1295
5 ай бұрын
Taxing capital gains is increasing the disincentive to save money. One of the reasons why our society is so poorly off today, is because of our massive amounts of debt, both national and personal. Fortunately PM Stephen Harper's TFSA is still providing us some protection from Justin Trudeau's continued war against the middle class. Also, investment is good for the economy... its the basis of capitalism, to invest in capital that will increase economic productivity. No matter who you are, you interact with businesses, and everyone, from individual investors to corporate investment firms, are being disincentivized to invest... which means that the entire Canadian economy will will be negatively impacted by Justin Trudeau's latest attack against Canada.
@Harkescreative
5 ай бұрын
Exit the tax system. Operate only on Bitcoin. Leave hostile government systems.
@straightjacketleatha
5 ай бұрын
Honestly I feel like this is the way!
@danielmayora8389
5 ай бұрын
Not just Bitcoin is enough, you need monero, cuz they are hunting the centralized exchanges that will eventually snitch out on the wallets you have withdraw and get get deposit from... They are playing the crypto purge but we gotta be smarter
@Healthycow
5 ай бұрын
This tax is designed to stop homeowners from selling. If you put your house on the market, you'll be competing with the tiny boxes the government is building. That cannot be allowed or we can't sell them for $1,000,000+
@ericzimmer
5 ай бұрын
Am I paying more taxes than someone who is a doctor by them saying they earn less?
@ailajane9933
5 ай бұрын
Pretty much. They can defer and write off way more.
@jax2428
5 ай бұрын
So I should wait a couple months to declare bankruptcy?...( serious question. )
@LiDARs
5 ай бұрын
I could be wrong but I think you might have miss understood, or I might have. But it’s for total income over $250k not just capital from investments. Many small business owners make over $250k and are NOT privileged
@NavyMoo5e
5 ай бұрын
What most people don’t realize, unless they have sold a business, was that the taxes on entrepreneurs was already ridiculous. In the trades specifically, you could buy heavy equipment, pay tax on the purchase, use the equipment and take care and spend thousands of dollars maintaining it over a decade or two, then you have to pay taxes when you sell the equipment and the company. These taxes have always been there. IMO, they should only be implementing this capital gains tax on real estate, not business.
@ChrisMCP2
5 ай бұрын
Budget has not been passed and it will not be passed. Save your breath.
@BroNapartay
4 ай бұрын
Writing has been officially on the wall after the 2022 event/s... Don't hold your breath, yet instead, prepare.
@ericsutton7401
5 ай бұрын
No one should have more than a SINGLE property, and corporations should NEVER own regular housing.
@carlyd1980
5 ай бұрын
Why not, though? Canada is not a communist country. Do you believe it should be?
@Ads519
5 ай бұрын
Well said
@aatkinson8351
5 ай бұрын
the cost to service our National Debt is more than what is spent on healthcare. Government has dug a very big hole that we have to pay for
@elmeric7086
5 ай бұрын
Thanks for the explanations :)
@drizztcj
5 ай бұрын
I think this change to tax policy is a great first step. The concerns about the government spending it are valid
@MarathonKevin
5 ай бұрын
Totally agree that they should have offset this with a tax decrease in lower income brackets
@TheMistyBlueLounge
5 ай бұрын
These days you need to be a savvy investor to afford a home in Canada on a working class income... aaand it's gone!
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