Bankrupting small business IS the end goal. How else can a government-owned and operated monopoly be installed?
@butwhytharum
3 ай бұрын
Is George Weston Ltd a small business?
@butwhytharum
3 ай бұрын
What defines a small business? Their revenue or how many people they employ? I could employ 5 people and have 50mil in profit each year I'm still a "small business"
@bivani
3 ай бұрын
@@butwhytharumi think you are considered small business if your revenue is less than half a mil.
@LateForDinner-mn1hn
3 ай бұрын
Duh, if there’s a capital gains then a business cannot by definition be bankrupt.
@lynnb-TruckCastreauJr
3 ай бұрын
@@shaq9361 Right...none were supposed to survive that.
@VT-zz3ik
3 ай бұрын
Libs and NDP pissing in our faces and calling it is raining
@YahWay.
3 ай бұрын
I agree, they need to get rid of the million dollar capital gains deduction, tax-free income for small business owners, thanks for the reminder
@pacman3556
3 ай бұрын
how is asking the rich to pay their fair share pi$$ing in your face?
@camnewton5550
3 ай бұрын
When you have clowns running the country…our minister of finance is a joke, she has no finance or business background 😂😂
@pacman3556
3 ай бұрын
PP doesn't have a background in finance either and he doesn't understand how this change to the inclusion rate works so he would be another clown if we elect him.
@spiderjerusalem6887
3 ай бұрын
@@pacman3556 PP isn't being elected to be finance minister
@MythsScamsLies
3 ай бұрын
She has an enormous amount of education and experience, including running a substantial news bureau in Canada. The question is whether her IQ is 2 or 3 x yours. Stick to something you know something about. Whatever that is.
@pacman3556
3 ай бұрын
@@spiderjerusalem6887 doesn't matter he is running to be our leader. He should have an understanding of how our tax laws work and basic financing. He also doesn't know basic things like what level of govt is responsible for what. For someone that wants to lead our country he should have knowledge of what is federal jurisdiction and what is provincial or municipal. For someone that has been in politics most of his life he sure has very little knowledge and hasn't really done a thing for us.
@JohnP-x3r
3 ай бұрын
@@MythsScamsLies Stop shilling for these criminals.
@kyloren3693
3 ай бұрын
This is criminal....
@Anonymous_Whisper
3 ай бұрын
Isn't all taxation
@pacman3556
3 ай бұрын
how is making the rich pay their fair share criminal? Letting rich people get away without paying taxes while the rest of us struggle is what is criminal.
@geekinasuit8333
3 ай бұрын
@@pacman3556 So for all your struggles, when you finally strike it rich, you'll happily donate it all to the government? I mean, you'll be one of those criminal a-holes who are not paying any taxes, right? I sincerely hope you will struggle for a couple of decades and then become wealthy enough to feel the pain of seeing most of it get taken away. Communism did not work for a reason, people forget their history.
@ebug80-oh3bm
3 ай бұрын
Holy smoke... restaurants are already living on a tight margin... this tax Is disgusting
@pacman3556
3 ай бұрын
it is not a tax. It is a change to the inclusion rate on capital gains. Restaurants don't make their money to survive by capital gains. They make their money through the sale of food which is 100% taxable income. So this change has nothing to do with restaurants or their operating margin.
@butwhytharum
3 ай бұрын
Where are there restaurants selling plates for $250k each?
@ebug80-oh3bm
3 ай бұрын
@pacman3556 isn it still taking money from them.??? Than ya its a tax... stop it trudy
@MythsScamsLies
3 ай бұрын
Restaurants are NOT going to pay the capital gains tax unless they are sold. Why comment on something you haven't a clue about?
@pacman3556
3 ай бұрын
@@ebug80-oh3bm the govt is taking money from small business owners the same way they take money from everyone. The govt has been doing this under all parties since Canada was founded as a country. However they are not taking money from them as a capital gain. So wtf does your comment have anything to do with the liberals at this specific point in time or the change to the inclusion rate on capital gains?
@Max-Rul24
3 ай бұрын
The Liberal Government is not Listening to Canadians. The don,t care if people struggle. My fellow Canadians Time for a Change don,t you Think.
@pacman3556
3 ай бұрын
PP and the conservatives are not listening either. The people of Canada want the rich to start paying their fair share which this change to the inclusion rate on capital gains will do. If you don't support this change then you really are not supporting the struggling Canadian.
@Max-Rul24
3 ай бұрын
@@pacman3556 I do support change that's why I,m voting the Liberals out when the election comes.
@pacman3556
3 ай бұрын
so you are voting to give the rich tax breaks at the expense of the middle and working class. Don't cry when they get richer and you get poorer.
@Max-Rul24
3 ай бұрын
@@pacman3556 if you like things the way they are then vote for Trudeau.
@rodcarey2704
3 ай бұрын
An election can't come fast enough
@Topazman12
3 ай бұрын
DM Chrystia Freeland said that you all don't know nothing. We are AA credit rating and 8 out of 9 Canadians will get more money back. And only the richest people are taxed. Pierre Poilievre asked her to put this into law. That no welder, farmer, small business owners would be taxed 61%. DM Freeland refused to answer and she does not put it into a law. She thinks all Canadians are stupid.
@XlordslaughterX
3 ай бұрын
It's an inclusion rate... Not a 67% percent tax. It means they are increasing what counts as taxable to 67% from 50%. If you make investments and gain 500k from it in a year, only 250k is taxable as income currently. How come people who work for their money have to pay tax on 100% of it, but rich investors only pay tax on half of it?
@LHLK-q2v
3 ай бұрын
@@XlordslaughterX sweetheart if I am a plumber or electrician or restaurant owner and I want to sell my business and retire because that is how I saved for retirement by investing in my business this will tax me at 67% unbelievably unacceptable for those who have worked their entire lives to build this country.
@Sofus-fu4ro
3 ай бұрын
@@LHLK-q2vwomp womp
@XlordslaughterX
3 ай бұрын
@@LHLK-q2v first off, don't call me sweetheart, it doesn't make you sound smart. Secondly, it's a 67% percent inclusion rate, not a 67% tax, learn the difference.
@thimblemunch24
3 ай бұрын
@@XlordslaughterX That's insane your trying to justify the government taking 67% of peoples retirement instead of 50% cause rich guy bad.
@rickvervoort9536
3 ай бұрын
The Liberal/ NDP government knows that, for the record.
@victorlee2398
3 ай бұрын
No. Only the ultra rich will be impacted. Those greedy fat cats will be asked to pay a tiny little bit more so that the middle class can become rich.
@bertgummer8125
3 ай бұрын
@@victorlee2398I don’t think you know what ultra rich is
@guigram1124
3 ай бұрын
@@victorlee2398 you also believe that 8 out of 10 Canadians make more with the Carbon Tax, right?
@jumbome7420
3 ай бұрын
@@bertgummer8125lol liking your own comment haha
@julesmisty
3 ай бұрын
@@victorlee2398You believe whatever fairy tale you want. The real story is Canada is gouging everyone. Including me, a disabled 63 yr old with nothing.
@bivani
3 ай бұрын
Canada is not the a good option for investment with all these regulations people will start to look for other options. This will effect Canada GDP and productivity
@theowoytowich9959
3 ай бұрын
Agree
@Sinaeb
3 ай бұрын
Capital gains means selling gambling assets.
@LHLK-q2v
3 ай бұрын
They already are in fact many businesses have pulled out and people are investing in other countries.
@LHLK-q2v
3 ай бұрын
@@Sinaeb no it doesn't it means selling your business when you can't work any longer your plumber, electrician, mechanic, construction people working for themselves, the local convenience store, restaurant, and so many more, get informed.
@geekinasuit8333
3 ай бұрын
I'm a small business owner. I'm definitely not super wealthy, yet this tax hike will affect me. I have a one time capital gains to realize for my retirement, and it's going to take a bigger tax hit which will reduce my retirement income for the rest of my life. I worked very hard for what I have, and these clowns are stealing it from me in the worst way possible. 1) Taxing after the fact 2) giving us no time or clarity on how to prepare, 3) calling me a tax cheat and "super wealthy", as if having a sufficient retirement portfolio is a bad thing. If I'm super wealthy, then who are the middle class, are they people on social assistance? There is no possible way I'll vote for anyone who supports more taxation on ordinary Canadian's, especially those who are innovators, who spent their money responsibly and invested wisely, and I refuse to support anyone who attempts to spread divisiveness in this country. To JT, do us all a favour, including yourself, and resign now, it'll be the right thing to do for the country you claim to support.
@pacman3556
3 ай бұрын
this won't effect you at all. It is clear you are not a small business owner or have lousy advice. You don't make money yearly selling your business so this won't effect your income at all. And if you make money selling your business (i.e. you are using your business as a retirement fund) then you should pay taxes. The rest of us work our entire lives also and we pay taxes on our retirement fund so why should you be any different. Why should you get a tax free retirement fund when the rest of us have to pay taxes on our retirement fund throughout our entire working life? Pay your fair share.
@geekinasuit8333
3 ай бұрын
@@pacman3556 It's clear that you are not aware of how the world of investing and business works. After I sell my business, I will no longer receive an income from it, and I'll be destitute in a short while if I did not have a back-up source of income. When I sell the business, the gains realized will be re-invested into a portfolio that will primarily earn from dividends and a few other methods, that's my back-up source of income. In this case, due to the tax increase, I'll receive fewer gains that will be re-invested, which will result in a lifetime reduction of income. In fact, I calculate that over the long run, the government will earn less from me in taxes because of the reduction. I lose, and so will the government. As for what I've paid in taxes, I've been taxed every step of the way. You have no clue what it is like to run your own show, you get absolutely no breaks from anyone, and the government is definitely not your friend. The retirement investments I have built up have been taxed to death like it is for everyone else, except more so because I'm taking all the risks. As I said, there are no breaks for a business owner's income, we're taxed to death ever step of the way. The only break we get, is a corporation is taxed at a lower rate on profits, however, if the profits are redistributed to shareholders as a dividend, the people receiving the dividends are taxed on it again, and it works out to be about the same rate as if paid as an employee. The investments held inside the business, will now be taxed at a higher rate than before, and there's no $250K threshold for a corporation, no lifetime cap gain exemption either. The lifetime cap gains exemption may apply in my personal situation when the business is sold, but it's only a portion of the value of the company, the rest will be taxed at a higher rate. I have personal investments outside my RRSP and TFSA that will also be taxed at a higher rate than before. There's no break for me, and my "fair share" was paid for many times over already, I've had to pay a lot more in taxes than most people do, and now I'm being "asked" to pay even more, as if I can say "no". ... and before you go off that "it's not a tax increase ...blah blah blah", I know how the inclusion rate works, and at the end of the day, it boils down to a tax increase. How do I feel? It's as if I'm being selectively targeted to pay even more than what was already excessive taxation, and now it's directed at my retirement plan, and that really burns me up. After years of struggling, I eventually did well by carefully managing my financial affairs, and because of that, I feel as if I am being penalized specifically for doing all the right things. My reward for my sacrifices, hard work, and financial risk taking, is now less! It's incredibly insulting to be called a tax cheat, a super wealthy bum who is gaming the system, etc etc. What a sick joke. For me, it's not actually the extra taxation that pisses me off, it is how it's being done that pisses me off to no end, it's become a deeply personal thing at this point. Trudeau and his lying, corrupt minions can go to hell, and I'll do whatever I can to make sure they get kicked out.
@geekinasuit8333
3 ай бұрын
@pacman3556 If that's your understanding of how the world of finance works, then my guess is that your net worth is probably very small. My advice is for you to do yourself a favour and educate yourself, you can thank me later.
@pacman3556
3 ай бұрын
I have educated myself. That is why I know you are full of $hit. You clearly are not a business owner because you can't even figure out how small businesses make their income. This won't effect you at all. It is sad you have you panties up your a$$ crack over something that doesn't even effect you. Take your own advice and educate yourself. You can start by leaning this isn't a tax hike you fuc$king id$iot. It is a change on an existing inclusion rate.
@asliceofloaf1984
3 ай бұрын
@@geekinasuit8333 If your net worth isn't very small, then why are you complaining about paying taxes??
@VinegarMoneyGrows
3 ай бұрын
It's a matter of time until they remove the $250k personal exemption. Then inclusion rate will go to 75% as NDP wants.
@steveo4253
3 ай бұрын
Wait until they add GST to all groceries to help with their reckless spending !
@tidbit1877
3 ай бұрын
They'll never get rid of the personal exemption, nor the primary residence exception, but I'd like to see it go to 100% inclusion, income is income is income; or is it just us poor people that have to pay tax on 100% of what we earn?
@steveo4253
3 ай бұрын
@@tidbit1877 Never under estimate them, sounds like you're happy to let the crown steal more money
@theowoytowich9959
3 ай бұрын
@@tidbit1877 You forget the the regular investor had to earn money so that he could invest. He paid 100% taxes on that money. He saved some of it took a chance and invested it. If the investment does not work out he loses his money. IF he makes money and employs people you want to double tax him on his investment
@LHLK-q2v
3 ай бұрын
They are already talking about capital gains on principle residence and inheritance tax.
@SuperStories.
3 ай бұрын
Small business does not work in Canada. Only real-estate is the investment vehicle in Canada.
@butwhytharum
3 ай бұрын
Keep saying the Chinese investment model is the way to go. Heard it's going swell for them. Borrow buy rent repeat.
@shaq9361
3 ай бұрын
everyone in toronto wants to own real estate or be a landlord to impose the same restrictions theier landlord imposed on them onto others.
@butwhytharum
3 ай бұрын
@@shaq9361 everyone wants to have pasive income through real estate, and cheap debt makes it easy to treat it as a business plan to buy with debt and rent out to recover that debt. For a capital gain.
@msmichelle2196
3 ай бұрын
Exactly Canada is not built like USA....there is a lot of red tape in Canada cuz Canada is a system meant for ppl to be slaves to government systems instead of being able to do things on their own
@kuruptzZz
3 ай бұрын
Well real estate gains are also being targeted by this
@Rob-i9k
3 ай бұрын
As an Ex CIFB member, i fully agree everything that has happened since 2007 has destroyed small businesses. Banks didn't loan to being overtaxed, or CRA going after people that didn't owe.
@jumbome7420
3 ай бұрын
lol good thing none of that is true
@butwhytharum
3 ай бұрын
LMFAO banks don't loan to be taxed? When did they get taxed... It's the person who didn't have money and borrowed against future income who is getting taxed... For that future income.
@Rob-i9k
3 ай бұрын
@@butwhytharum Don't skip over key words, Banks didn't loan money in 2007 to new applications, also CFIB also recognized this then, TO let me repeat TO being overtaxed by govt which slowly destroyed small businesses. Growth, Diversion etc. Overall growth in small businesses have been eroded, to the point they shut down.
@senthilkrishnan1273
3 ай бұрын
I know business owners who cant meet the minimum hourly payments due to low sales, now cant even sell their businesses due to capital gain taxes...
@MythsScamsLies
3 ай бұрын
Any business that can't pay minimum wage needs to go out of business. Someone who is a better businessman will be happy to have their volume and will happily pay proper wages.
@reyjay1965
3 ай бұрын
@@MythsScamsLies LOL
@MythsScamsLies
3 ай бұрын
@@reyjay1965 Yes, the original comment is hilarious. Imagine that we have a poverty problem in this country because of low wages and someone is crying because some businessman won't raise his prices and then pay proper wages. Anyone who can't run their business and pay their staff, needs to step aside and let someone with some business ability have their sales.
@jamessullenriot
3 ай бұрын
@@MythsScamsLies what businesses have you started?
@MythsScamsLies
3 ай бұрын
@@jamessullenriot I've had a series of businesses over my adult life, Pinhead. If someone can't run their business properly, they need to stop and get a job and let someone else have the sales. They can't afford to pay minimum wage? They need to RAISE their f+cking prices. They're afraid of the capital gains tax? It will only be a factor if they SELL their business at some point. If they can't manage it well enough to pay wages, there will be nothing to sell and therefore NO capital gains tax. Is being an IDIOT enough for you? Is that all that you aspire to?
@pjx607
3 ай бұрын
Unfortunately, Canada is not the place for small business, startups & investors. It's become a place where it makes more sense to be unemployed and collect welfare checks than to start a business or work hard because we'll just get taxed a ridiculous amount. Our productivity is super low and the government has no plans to provide incentives to tech firms and startups to build new products in Canada. I really hope the Conservative government can turn things around the next 3-5 years in Canada cause other than importing Indian international students into private colleges, we don't really have a business plan as a country.
@wilvandenhoek4290
3 ай бұрын
Sadly enough it's best for immigrants not to invest in Canada or move to Canada, it's better to go to the US or else where
@crowdome
3 ай бұрын
Any new tax or laws are completely unacceptable at this point. We need less government, not more. I'm so sick of never ending plebary.
@pacman3556
3 ай бұрын
this isn't a new tax. It is a change to the existing inclusion rate on personal income taxes. And it won't effect you at all so pull your panties out of your butt crack and settle down.
@aradcliffe585
3 ай бұрын
Jeez...who would have thought that Liberals Government Math is off??...That never happens.....smh
@pacman3556
3 ай бұрын
there math isn't off. PP and they guy in this video is lying to you. Learn what an inclusion rate is and how it affects only rich people.
@LHLK-q2v
3 ай бұрын
@@pacman3556 yes it is just like the budget will balance itself, you do not have the knowledge to comment on this, if you think this only affects the rich ask your plumber, electrician, mechanic, private nurses, contractors or construction people working for themselves.
@geekinasuit8333
3 ай бұрын
@@pacman3556 It affects everyone, even your tax-free TFSA will be natively affected. Imagine a Canadian business named "CB" that sells some of its assets for a cap gain profit that is redistributed to shareholders as a portion of its annual dividend payment. You so happen to own a few hundred shares of CB sitting inside your tax sheltered TFSA, guess what, you just earned less money thanks to this tax increase. The money you did not earn, will not be re-invested back into your TFSA, the reduction will become a lifetime reduction of your gains from that point forward, it'll begin to negatively affect you even before you retire.
@aradcliffe585
3 ай бұрын
@@pacman3556 how's the red cool-aid taste bro?? I'm a chartered accountant. Spare me you bs and find someone else to lie to..
@pacman3556
3 ай бұрын
huh wow. Typical right wing nut job reply. Instead of actually learning you just blindly repeat the stupid $hit that PP told. Typical ignorant right wing fu$cktard.
@earthwormjim6962
3 ай бұрын
Small businesses? It will affect ALL Canadians.
@pacman3556
3 ай бұрын
no it won't It only affects people making over $243K in capital gains each year. So only about 5% of Canadians.
@qzh
3 ай бұрын
most canadians are not investors bud. why do you think investment should get tax breaks as compared to working ?
@Sinaeb
3 ай бұрын
@@qzh Gamblers is the correct term, they are not investors, they are gamblers.
@earthwormjim6962
3 ай бұрын
@@qzh You don't understand, do you? Just like fake taxes like "carbon tax" and any other increase in gas prices, it affects everyone.
@earthwormjim6962
3 ай бұрын
@@pacman3556 Just like rising gas prices and fake "carbon" taxes affects literally everything else, so does this. All this means is that regular people will pay more for everything.
@josdav07
3 ай бұрын
That's what Klaus wants, these people are traitors.
@anthonylubic
3 ай бұрын
Of course all businesses are going to be affected 😏
@tidbit1877
3 ай бұрын
Only those making over $250,000 in Capital gains, so no, actually most companies will not be effected.
@LHLK-q2v
3 ай бұрын
@@tidbit1877 please get informed when people go to sell their self employed business when they can no longer work this will affect them your plumber, electrician, mechanic, people working in construction for themselves, convenience stores, restaurants, as well as health care workers working for themselves.
@pacman3556
3 ай бұрын
@LHLK- businesses don't make their money selling their business each year. This won't effect them. And when they do make money selling their business for retirement then they should pay taxes. We all pay taxes on our retirement funds why should they be any different? Why should we all pay taxes on our retirement funds but they get a tax free retirement?
@CanadaHasFallen
3 ай бұрын
The entire purpose of the tax is to gouge anyone nearing substantial successful earnings and gains, and keep the middle class as low as possible
@pacman3556
3 ай бұрын
this not a tax. it is an existing inclusion rate. And the purpose of this change is to make rich people pay their fair share in taxes.
@AHeinermann
3 ай бұрын
Same talking points. Same lies. Business owners have a $1.25 million exemption, excluding the $250k exclusion. You mean to tell me at retiring age, with a lifetime of work plus extra couple million dollars and they are somehow losing out on their retirement? Stop with the BS. If they are losing out at that point it's their own fault.
@qzh
3 ай бұрын
it's good that investment income is going to start getting taxed as much as labour (having a job), who have been getting tax breaks for decades. investors should pay more tax than workers, not the other way around
@GG-vq6ro
3 ай бұрын
Amen
@syntaxer1984
3 ай бұрын
Return on investments leads directly to job creation and wage increase. When corporations do well, they have a mandate to grow. Say goodbye to that now, and say hello to mass layoffs
@LHLK-q2v
3 ай бұрын
businesses pay more in taxes than individuals do darling. try and get informed.
@Anonymous_Whisper
3 ай бұрын
Who takes the risk and who pays employees
@GG-vq6ro
3 ай бұрын
@@Anonymous_Whisper Who does the actual physical work?
@Blueskies1180
3 ай бұрын
ANYONE with capital gains of $250K will be affected, doesn’t matter if you’re a small biz or self-employed entrepreneur or someone with a regular job who bought a 2nd property as an investment to help with retirement expenses. Like WTF.
@steveo4253
3 ай бұрын
Family cottages too and literally every house that is inherited ! The crown is stealing all your family wealth !
@pacman3556
3 ай бұрын
so it won't effect 95% of Canadians including you so stop your whining
@GG-vq6ro
3 ай бұрын
I'm sorry but I will never feel sorry for someone who has $250,000 there are people in actual poverty in this country.
@steveo4253
3 ай бұрын
@@GG-vq6ro Most cottages are passed down through the family, the crown deserves none of it. For what, to give away billions to other countries !
@steveo4253
3 ай бұрын
@@GG-vq6ro You are a sad individual
@Dudedontgiveup
3 ай бұрын
Its not only small business owners. But also all the middle class workers that don't have a pension plan like federal employees and decided to invest their pension savings in small real estate investment. With that new tax, they will see their pension investment ROI will shrink as well.
@pacman3556
3 ай бұрын
middle class workers don't make $243K a year in capital gains. It won't effect them at all. So take your panties out from between your bum cheeks and settle down.
@jmcb3411
3 ай бұрын
JT told you it only affects 0.13%. However, if you believe a single word from him, you need to see a doctor.
@pacman3556
3 ай бұрын
I don't believe everything any politician tells me however it will only effect about 5% of Canadians. Learn what an inclusion rate on capital gains is instead of believing every word PP and the conservatives tell you.
@geekinasuit8333
3 ай бұрын
@@pacman3556 That's not how it works. What the government says, it affects only 0.13% of "wealthy people" PER YEAR. Over let's say 20 years, it will affect a few million people, and many of them are not super wealthy, it'll be a tax on their retirement fund, or inheritance, etc.
@jmcb3411
3 ай бұрын
@@pacman3556 From 0.13 to only 5% (assuming %5 is accurate, like any liberal number from the thin air). But that is 50 times more Canadians to be affected. I am surprised why you so trivilaize such a blatant manipulation and misleading. Of course you do. You are one of them. Look at the carbon tax, $30B economy damage per year knowingly hidden from the public. You can not fool all of the people all of the time.
@pacman3556
3 ай бұрын
@geekinasuit8333 1- no that was not what was said. I believe they said it effects about 5%. However if you want to use your figure of 0.13% great....then it effects even fewer of us and pretty much guarantees it doesn't effect you so pull your little panties out between your bum crack and stop crying. 2- yes "wealthy people". This effects people making over $243K per year in capital gains. By definition middle and working class people do not make $243K a year in capital gains. If they did they wouldn't be defined as middle or working class. They would be defined as wealthy. So this proves point #1. Since the vast majority of us are defined as middle and working class it won't effect the vast majority of us. 3- yes PER YEAR.....so what? Are you not aware of how our tax system works??? You pay personal income taxes each and every year.....part of paying your income taxes is declaring what income you received from capital gains...so every year or PER YEAR you need to pay taxes on capital gains....and if you make over $243K in capital gains then every year that that happens it will effect you. What part of you claim income taxes or fill out a tax form PER YEAR (or yearly) confuses you? 4- it won't effect millions of people over 20 years because millions of people don't make $243K in capital gains every year. (do you really not understand a basic term like PER YEAR? 5- only the super wealthy make over $243K each year. Middle and working class don't make that kind of money....goes to point #2....if they did make that kind of money they would not be considered middle or working class. 6- this won't really effect someone's retirement fund. More than likely it is some form of RRSP or pension income that is no where near $243K per year that they get. If it is from the sale of some type of asset then there is a once in a lifetime exemption. Neither scenario effects a middle or working class individual 7- there are no taxes on inheritance. Again you don't seem to understand our tax laws. Learn before you talk on a subject you know nothing about.
@davismichaud507
3 ай бұрын
The govt wants it all
@martinfriesen2247
3 ай бұрын
There is no lifetime capital gains exemption on general assets - only on certain qualifying small business shares or farm or fishing properties.
@LHLK-q2v
3 ай бұрын
yes and some other investments as well
@geekinasuit8333
3 ай бұрын
Yep, the lifetime cap gains exemption doesn't help me at all, it's a twisted joke that gets me even more angry at this government.
@Ali_ON3
3 ай бұрын
Liberals and NDP 🤮🤮
@MKK520
3 ай бұрын
June 18 2024 Food Banks Canada Report Highlights Hidden Poverty - Experts estimate 25% of Canadians are living at a poverty level living standard because they cannot afford two or more household essentials. That's nearly 6 million more Canadians than is reflected in StatsCan's most recent poverty rate data. 30% of 18-30 year old's, 44.5% single parent households and 42% of renters can't afford two or more household essentials!
@LHLK-q2v
3 ай бұрын
and a lot of people going to the foodbank are making enough not too, here is no assessment done of people collecting
@Anonymous_Whisper
3 ай бұрын
All made up numbers.... For paper not reality. Reality is more complex
@pacman3556
3 ай бұрын
what's your point? How is this change relevant to your stats? If I had to tie the two together in anyway then this change is great because it will make the rich people pay their fair share in taxes which helps reduce the wealth gap that leads to the stats you listed.
@wallybartfay56
3 ай бұрын
We now have the HIGHEST capital gains tax in the world.
@pacman3556
3 ай бұрын
it isn't a capital gains tax. It is an inclusion rate you fool. And it isn't the highest in the world. it is in line with most first world nations. You must confused with the MARGINAL tax rate that is applied to the income on capital gains after the inclusion rate is applied. That MARGINAL tax rate is about 33% on the last dollar which is also comparable to other countries.
@LHLK-q2v
3 ай бұрын
really?
@MentionBiscuit
3 ай бұрын
Not quite many places in Europe have two things 1) 100% inclusion rate and 2) over of ALL gains not just over a specific threshold of $250k.
@pacman3556
3 ай бұрын
no we don't. This is not a capital gains tax. It is an inclusion rate. You don't even know the difference so don't comment.
@ElainEmail-m7q
3 ай бұрын
Trudeau's team of Liberals and Poilievre's team of Conservatives should be the key speakers at each summit of Chambers of Commerce, Boards of Trade, Professional associations and Small business councils so each team can have their chances to directly answer the questions from the people who are impacted directly from the Capital Gains taxes increases.
@marmantole
3 ай бұрын
How is anyone supposed to get ahead here?
@XlordslaughterX
3 ай бұрын
This only affects people who are already ahead. We're talking about people making 250k in a single year in capital gains. People who are "trying to get ahead" won't see a single thing change in their income.
@LHLK-q2v
3 ай бұрын
@@XlordslaughterX sweetheart small convenience can show a profit of 250 but that is not the owners take home. anyone who works for themselves ie. plumbers, electricians, mechanics, health care workers, etc will all take hits.
@XlordslaughterX
3 ай бұрын
@@LHLK-q2v again, stop calling me sweetheart. And how do you figure any of those people are taking home a quarter of a mil a year in capital gains?
@MythsScamsLies
3 ай бұрын
It will only hurt businesses who sell something to which the capital gains tax applies and only then when it is greater than the maximum amounts allowed. A poll says that small businesses will be hurt by the tax? A poll would tell you that there were little green people from Mars living among us. Why not do some actual journalism?
@theowoytowich9959
3 ай бұрын
If you are a corporation the first dollar of capital gains will be taxed at the higher amount. They are planning to collect $19 Billion in the next 5 years. Based on that there will more than the ultra rich paying the tax
@LHLK-q2v
3 ай бұрын
yes like plumbers, mechanics, electricians, private nurses caring for people at home, convenience store owners, etc. small business owners dear.
@MythsScamsLies
3 ай бұрын
@@LHLK-q2v Moronic. Your thoughts. The sky is falling, the sky is falling. Chicken Little
@theowoytowich9959
3 ай бұрын
@@LHLK-q2v Agree
@hannahanna6523
3 ай бұрын
Good because the small business owners they voted for Trudeau
@jonk5669
3 ай бұрын
Sorry dear, I'm a small business owner, and most of my work is for other small business owners, and we all loath that man. Actual men don't vote for lady boys.
@bradleygreenaway6399
3 ай бұрын
Small business has been HATED by Govt and banks for 40 years.
@Blueskies1180
3 ай бұрын
EFF TruDope and FreakLand.
@CrabbinFever
3 ай бұрын
It is about time small business owners paid their fair share.
@jontipping
3 ай бұрын
Liberal incompetence.
@pacman3556
3 ай бұрын
yes the liberals are incompetent but how is making rich people pay their fair share in taxes incompetent?
@shauncameron8390
3 ай бұрын
No. That's Liberal malice.
@shauncameron8390
3 ай бұрын
@@pacman3556 Who's the rich?
@pacman3556
3 ай бұрын
@shauncameron8390 people that make over $243K a year in capital gains. Middle and working class are not making that.....if they did they wouldn't be defined as middle or working class. Your answers can easily be found with a simple Google Search...try it some time.
@jamesbilodeau8188
3 ай бұрын
Thye solution is simple. DO NOT PAY IT! If thousand of businesses just say no, what's the piece of crap going to do??
@pacman3556
3 ай бұрын
This won't effect thousands of businesses. They don't make their yearly income from capital gains. If a business owner is stating this effects them then they don't understand basic tax laws. And good luck not paying your income taxes. You won't get far with that.
@jamesbilodeau8188
3 ай бұрын
@@pacman3556 So, if you have all the answers,why are things so fucked up? I mean, so many on these boards have all the answers to everything and are never wrong. Why the fuck are you here and not in government making things right?
@jamesbilodeau8188
3 ай бұрын
@@pacman3556 Man what a Liberal stooge.
@pacman3556
3 ай бұрын
I don't support the liberals at all. And your questions are irrelevant to the topic on hand. This is a change to an inclusion rate on capital gains. This is not a tax on businesses. Businesses do not make their yearly income from capital gains. They make their income through the sale of goods and services which is not a capital gain and is 100% fully taxable. This has nothing to do with political party. It is basic tax laws. You are just an angry right wing nut job that has no clue what you are talking about.
@pacman3556
3 ай бұрын
I am not liberal at all. And how one votes is completely irrelevant. This is basic tax laws. Businesses make their yearly income from selling goods and services which are not capital gains. Their income is and always has been 100% fully taxable. You need to learn the tax system and what a capital gain is before you speak and look foolish.
@AaronSmith-q4o
3 ай бұрын
The real question is what does this government deem wealthy ? Now I’m gonna have to take a hit as an employee or be laid off At this point a barter system is better than this government Fuck these taxes Fuck all of Ottawa
@LHLK-q2v
3 ай бұрын
most will get paid under the table, if they can or barter for things they need, it is creating an underground economy
@pacman3556
3 ай бұрын
Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
@adamgreen5680
3 ай бұрын
Is this Harper's fault as well?
@ElainEmail-m7q
3 ай бұрын
Why not invite the people being affected by capital gain tax increases? The best way to know the reality of the capital gain tax increases from Trudeau's team of Liberals , ALL chambers of commerce, boards of trades and professional associations should immediately host their business summits on this topic....guest speakers : Trudeau's team of Liberals, then next day : Poilievre's team of Conservatives Let the real business society ask their questions to both teams of politicians on capital gains taxes increases .
@pacman3556
3 ай бұрын
1- this is not a tax. It is a change to the existing inclusion rate on capital gains. 2- this effects rich people. You really think rich people are going to vote to increase the amount of taxes they have to pay? Invite us middle and working class....we should all support this change. It is time rich people pay their fair share.
@LiplessEagle
3 ай бұрын
All by WEF design
@syntaxer1984
3 ай бұрын
Mass layoffs and extreme poverty lines are next
@HuckThis1971
3 ай бұрын
Mom and pop shop close and no legal tender used to purchase your item! Internet shopping only. The problem is when you order those fury fluffy sleepers to keep your feet warm your order will be denied. Too much flatulence depleting the ozone layer from eating too much beef! You are contributing to klimate ¢hange by heating the atmosphere with your flatulence.
@pacman3556
3 ай бұрын
why would a mom and pop shop close because of a change on the existing inclusion rate on capital gains for rich people? wtf are you babbling on about?
@nimaakhtarkhavari8766
3 ай бұрын
All by design folks, all by design...
@pacman3556
3 ай бұрын
what design? Wtf are you going on about?
@Bufford2024
3 ай бұрын
You are now a minority shareholder in your own life. Insanity.
@pacman3556
3 ай бұрын
this won't effect you at all so pull your panties out of your butt crack and settle down.
@TheNickAlberts
3 ай бұрын
220k on food for a week??
@geekinasuit8333
3 ай бұрын
Trudeau ate his fair share of food, and now he's asking you to pay him your fair share of taxes in return. What a guy! Always setting an example to look up to!
@martinfriesen2247
3 ай бұрын
If you have a corporation, buy capital assets then sell any of them for more than your cost then the corporation will pay at the new inclusion rate.
@LHLK-q2v
3 ай бұрын
nonsense
@thimblemunch24
3 ай бұрын
You don't even need to be a corp you can just buy them under regular business expenses. Say you have a business worth 350k but your looking to sell. Buy 120k worth of something business related like a truck or something and sell the business then sell the truck after, you will pay much less.
@geekinasuit8333
3 ай бұрын
@@thimblemunch24 After the business is sold, you'll no longer own the truck, the new owner of your business will own it.
@martinfriesen2247
3 ай бұрын
@@thimblemunch24 does not work like that.
@martinfriesen2247
3 ай бұрын
If you have a corporation, it buys, let's say a truck, for $100,000 then 2 years later you sell it for $133,000 you (the corporation) will be hit by tax on 2/3 of $33,000 (at the new inclusion rate) - and the corporation pays tax on $22,000. If it were outside a corporation you would pay tax on only $16,500. Now tell me it affects only the super rich. CF says PP does not understand inclusion rate, but she does not understand capital gains.
@tonysimone2043
3 ай бұрын
so much for.0013%
@pacman3556
3 ай бұрын
what is 0.0013%? What is that a reference too or how is that relevant to the topic?
@jozsikabari8962
3 ай бұрын
Thank you Justin. Great ❤❤❤
@watercycles9584
3 ай бұрын
Interesting in the video that everyone is wearing masks... how old is that footage?
@sonnylambert4893
3 ай бұрын
"Surprise' lol
@nimaakhtarkhavari8766
3 ай бұрын
Castro Jr. serving the WEF...
@bradmcdowell9168
3 ай бұрын
$250k a year. Most small businesses are pulling that profit
@LHLK-q2v
3 ай бұрын
Where
@geekinasuit8333
3 ай бұрын
@@LHLK-q2v If a small business is earning only $250K per year, then it's struggling very hard just to stay afloat, and will probably be gone in a short time. $250K is not a lot of money these days. Imagine retiring on $250K without a cushy pension, you'll be living on the street in a very short time.
@pacman3556
3 ай бұрын
1- profit earned by businesses is not a capital gain.....this change doesn't apply to them 2- if someone is making over $250K then they are not middle class and they should pay their fair share in taxes.
@shauncameron8390
3 ай бұрын
That's not profit. That's revenue before expenses.
@geekinasuit8333
3 ай бұрын
@@pacman3556 The business is a capital investment, and when it gains in value, the tax increase will take a bigger junk when the business is sold.
@think2146
3 ай бұрын
Good ,those businesses have gouged the public long enough and how much do old people need tpo retire on anyway ?
@prophetofthe8th
3 ай бұрын
@think214 that's incredibly ignorant. It's around 1 million dollars for retired seniors to survive now.
@lee00346
3 ай бұрын
and I don't wonder any more why record numbers of people are leaving this dumpster fire of a country
@pacman3556
3 ай бұрын
@@prophetofthe8th anyone that sells an asset for $1M for retirement should pay taxes. We work our entire life saving for retirement and taxed on all that income and savings the entire time. Why should someone get a tax free $1M retirement fund while the rest of us have to pay tax on your retirement fund?
@pacman3556
3 ай бұрын
Small business owners don't seem to understand what is going on: 1- Small businesses follow business tax laws not personal income tax laws that the inclusion rate is on. 2- Small businesses make their money from selling a good or service which is 100% taxable not a capital gain. When small business owners pay themselves it is like a wage or salary so that is considered personal income that is 100% taxable. It is not a capital gain 3- Small business owners make their money including their retirement fund from the goods or services they sell. They save their entire life time from income earned selling a good or service. They shouldn't rely on the sale of their business for income (doesn't make sense how do you make a living if the thing you use to make a living needs to be sold) 4- the vast majority of assets in a business go down or depreciate over time. They don't usually go up. Equipment, cars, office furniture etc etc all depreciate over time. Owners are allowed to write off that depreciation on their income statement which lowers the amount they earn....in other words they are getting a tax break on the depreciation of their assets by lowering the taxable amount of income. Now they want a tax break on assets that go up also? 5- if someone actually is making a capital gain on the sale of their business then they should pay taxes on that gain. Everyone that works at a job has their income taxed and have their savings for retirement taxed. Even when people put the money in an RRSP it is taxed when it is removed so why should someone that owns a business be allowed a tax free retirement plan when everyone else has to pay tax? How is that fair? Even with the change to the inclusion rate instead of paying taxes on only 50% of their income (from the capital gain) they will now have to pay 65%. Everyone else pays 100% on their income. So it is about time they pay an equal share. 6- a capital gain is not realized until you sell the asset to determine what that gain is so people that own a small business will continue to operate their business as they always have been and it won't effect them at all. It is not until they sell the business that they determine what the value is and if it is a gain or loss. So nobody that needs their business to survive will close down their business because of this change. And when they do retire and sell the business if there is a gain then it goes to the points above- they should pay the same for their retirement fund as everyone else.
@butwhytharum
3 ай бұрын
But here's the thing on #3... They don't pay themselves a salary and look at the business as their entire piggy bank.
@butwhytharum
3 ай бұрын
#6 the business itself is capital gain the individual is trying to sell... Not hard to understand what people find valuable/not valuable.
@pacman3556
3 ай бұрын
@@butwhytharum I addressed #6 First the business gets favorable tax rates by writing off the depreciation of their assets. They are already getting a tax break on those assets Second the assets tend to go down meaning a capital loss not a capital gain (if they didn't go down they wouldn't be claiming depreciation). Third if someone is selling their business and making a lot of money from that sale to use for their retirement then they should pay taxes on that gain. Essentially what is trying to be argued is the owner is using their business as a retirement fund. The rest of us that work for a living pay taxes on our savings throughout our entire working lives. And anything that we put into RRSPs are taxed when we withdraw them. So why should a business owner have a tax free retirement fund when the rest of us are taxed our entire lives on our retirement fund (or if it is an RRSP taxed when withdrawn)? How is that fair? And to continue on that thought......when individuals that are taxed on their income it is 100% taxed (i.e. we make 100K we are fully taxed on that amount) however by claiming a capital gain the business owner is only taxed on half of that gain (i.e. if they make the same 100K but through a capital gain they only have to pay taxes on $50K compared to workers that have to pay taxes on the full 100K)-- how is that far? Why should they be able to write off half of their retirement fund and pay tax on only half of it when the rest of us have to pay on the full 100% amount? Also the capital gain is not realized until the owner sells the business. So this wouldn't effect the daily operations of any business at all. Nor would it effect any income they earn over the duration of their operation. That money is made through selling a product or service which is 100% taxable income- not a capital gain that is effected by an inclusion rate. It makes no sense at all for a successful business to close operations because of a change in the inclusion rate on a potential capital gain made through its sale years or decades into the future. No business owner would close their business that is their source of income today because of an unknown gain some time way in the future In other words- using basic numbers as an example- if you are a 30 year old (or any young age no where near retirement) business owner making $150K a year (or any amount that you feel sufficient to make a living and keep the business open) would you close that source of income that you live off of because in thirty or forty years you will have to maybe have to include 15% more of the income from the sell of that business on your tax form? Not likely. You will keep operating your business as usual. This won't effect the daily operation of business at all.
@pacman3556
3 ай бұрын
@@butwhytharum yes they do pay themselves in some form and usually it is in the form of a salary. Yes they do see their business as a "piggy bank" or more accurately they see it as a way to earn money to make a living. You think they are just in it for fun? No....they are in business to make money. That money is not a capital gain so it is 100% taxable and is not effected at all by the change in the inclusion rate on capital gains. (It is income earned not a capital gain).
@pacman3556
3 ай бұрын
I addressed #6 First the business gets favorable tax rates by writing off the depreciation of their assets. They are already getting a tax break on those assets Second the assets tend to go down meaning a capital loss not a capital gain (if they didn't go down they wouldn't be claiming depreciation). Third if someone is selling their business and making a lot of money from that sale to use for their retirement then they should pay taxes on that gain. Essentially what is trying to be argued is the owner is using their business as a retirement fund. The rest of us that work for a living pay taxes on our savings throughout our entire working lives. And anything that we put into RRSPs are taxed when we withdraw them. So why should a business owner have a tax free retirement fund when the rest of us are taxed our entire lives on our retirement fund (or if it is an RRSP taxed when withdrawn)? How is that fair? And to continue on that thought......when individuals that are taxed on their income it is 100% taxed (i.e. we make 100K we are fully taxed on that amount) however by claiming a capital gain the business owner is only taxed on half of that gain (i.e. if they make the same 100K but through a capital gain they only have to pay taxes on $50K compared to workers that have to pay taxes on the full 100K)-- how is that far? Why should they be able to write off half of their retirement fund and pay tax on only half of it when the rest of us have to pay on the full 100% amount? Also the capital gain is not realized until the owner sells the business. So this wouldn't effect the daily operations of any business at all. Nor would it effect any income they earn over the duration of their operation. That money is made through selling a product or service which is 100% taxable income- not a capital gain that is effected by an inclusion rate. It makes no sense at all for a successful business to close operations because of a change in the inclusion rate on a potential capital gain made through its sale years or decades into the future. No business owner would close their business that is their source of income today because of an unknown gain some time way in the future In other words- using basic numbers as an example- if you are a 30 year old (or any young age no where near retirement) business owner making $150K a year (or any amount that you feel sufficient to make a living and keep the business open) would you close that source of income that you live off of because in thirty or forty years you will have to maybe have to include 15% more of the income from the sell of that business on your tax form? Not likely. You will keep operating your business as usual. This won't effect the daily operation of business at all.
@billybobbocephus2177
3 ай бұрын
Nice!!!!
@almontoya5703
3 ай бұрын
They can start their own pension plan now since it's a better option
@pacman3556
3 ай бұрын
it depends on how the pension plan makes it money. If they make money through something like interest (bonds, GICs etc) then that is 100% taxable. If they make it through dividend payments on stocks they bought then tax is paid on about 65% of that income. If they make money from a capital gain then currently they only pay tax on 50% of that income but the new changes will mean they pay on 65%. It doesn't matter what pension you put your money into. It is not about what pension it is. It is how the money is earned to determine what classification of income it is. You need to learn a little bit before you comment.
@almontoya5703
3 ай бұрын
@@pacman3556 Exactly! Due to the tax changes, it's best to find the best alternatives for future retirement fund. It's like a game. Get an accountant and they will give you many different scenarios you can choose to be the best tax efficient. Better get that going now instead of trying to rely on Capital Gains tax. Who knows by the time they retire, they might tax it 100% inclusion rate and it won't matter
@almontoya5703
3 ай бұрын
@@pacman3556WOW! They deleted my reply! Tell me someone that doesn't understand how to find the best tax efficient option without telling me how to find the best tax efficient option
@heatherhayes9498
3 ай бұрын
Madness
@pacman3556
3 ай бұрын
making rich people pay their fair share in taxes is madness?
@bradleygreenaway6399
3 ай бұрын
A person would have to be crazy to start up any business in Canada, especially Ontario.
@frankieb8591
3 ай бұрын
Guaranteed the same people complaining about Trudeau are the same people who voted for him
@pacman3556
3 ай бұрын
I don't support Trudeau but I do support making the rich pay their fair share in taxes which is why I support a change on the inclusion rate on capital gains. If you support the middle and working class you should do the same. If not you are letting the rich take advantage of our system to avoid paying their fair share.
@dave11411
3 ай бұрын
Keep voting liberal Toronto!!
@LHLK-q2v
3 ай бұрын
and may they be the ones most hit
@pacman3556
3 ай бұрын
what does the way people vote in Toronto have anything to do with a change in the inclusion rate on capital gains?
@hchalz
3 ай бұрын
Rightfully so. Small business owners have been profiting out of Canadians for years and years, and it's time for them to pay the fair share, and share their good fortune with the rest Canadians. In the future, each business is only allowed to make as much profit as an avg salary. Trudeau and Freeland will confiscate anything excessive on behalf of Canadians
@nervosadustbolt9642
3 ай бұрын
But I thought we weren't under communism.. And, they weren't dictator's? LMFAO! Silly, Rabbit. That sounds pretty commie to me.
@pacman3556
3 ай бұрын
business won't be effected by this at all. Their income is not a capital gain and is 100% fully taxable.
@hchalz
3 ай бұрын
@@pacman3556 brilliant, have you thought about selling a business? Is that capital gain or business income tax? You might be cute and smart, but Trudeau and Freeland are way ahead of you, as far as money is concerned. They can suck a penny out of boiling water,
@XlordslaughterX
3 ай бұрын
Everyone: the rich are getting richer, inequality is out of control, the government needs to do something Government: *does something* Everyone: whoa who does this guy think he is, increasing taxes on the rich? Blows my mind how easily the public can be manipulated
@LHLK-q2v
3 ай бұрын
the rich you mean my plumber, mechanic, electrician, private nurse caring for people at home, convenience store owner, all small businesses working for themselves.
@XlordslaughterX
3 ай бұрын
@@LHLK-q2v elaborate on how they are going to be affected by this capital gains tax change
@thimblemunch24
3 ай бұрын
250k isn't rich, many many businesses in Canada fit this and when they sell it's their retirement your taxing.
@pacman3556
3 ай бұрын
Your plumber, mechanic, electrician, private nurse caring for people at home, convenience store owner, all small businesses working for themselves don't make money from capital gains you fool. They make it through the sale of a good or service which is 100% taxable income.
@TBA-zv9qt
3 ай бұрын
Trudie will bail you out 😂😂😂
@pacman3556
3 ай бұрын
better then PP using my money to bail out his rich friends and supporters.
@nathaliesavoury7736
3 ай бұрын
Good - report the TRUTH!
@pacman3556
3 ай бұрын
no it's not. Small business owners don't make their money from capital gains each year. They make it from the sale of goods and services so they are not effected at all by this. You are believing lies by rich people to make themselves richer at your expense. If you want to support the middle and working class you should support this change to the inclusion rate on capital gains. This isn't a political stance or one party vs another party. This is about making rich people pay their fair share in taxes.
@nathaliesavoury7736
3 ай бұрын
Simply NOT true. I know ppl whom are immediately impacted by this. To help thy middle class: stop gov't corruption, stop sending money outside of Canada, stop the mass immigration, stop over taxing EVERYONE.
@pacman3556
3 ай бұрын
no your comment is not true. Middle class people do not make $243K a year in capital gains so a change on the inclusion rate on capital gains over $243K a year won't effect them at all. Small businesses do not make their money from capital gains so won't effect them either The rest of your comment had nothing to do with the topic.
@nathaliesavoury7736
3 ай бұрын
Define middle class. Your calculations are shallow. You don't see the bigger picture and the middle class will pay more for this. Period! It it affects generational wealth and prosperity that can be passed down. I'm not going to argue with you. Perhaps you don't have anybody in your family WORTH ($) anything and that is why you don't see the bigger picture. Perhaps you employ yourself and that's why you don't see the bigger picture. Either way, you will be affected.
@pacman3556
3 ай бұрын
@nathaliesavoury7736 1- middle class are people that make between $53,359- $137,000 as defined by Stats Canada (and that is from all sources of income) There if you make over $243K a year in just capital gains (not even including other sources of income) then you are not middle class 2- My calculations are not shallow. They are the exact tax laws. This is by tax law a change on the inclusion rate on capital gains over $243K per year. It is basic law. not a calculation at all. 3- middle class will pay nothing for this. They do not make over $243K a year in capital gains. This will not effect them at all As per point above if they are making $243K a year in capital gains then they are not middle class. They are wealthy. 4- net worth is completely irrelevant. This is not a tax on net worth. It is an inclusion rate on capital gains. 5- self employed or employed by someone else is not relevant. Those forms of income are not capital gains and they are 100% taxable. This is a change on the inclusion rate on capital gains You don't seem to know even basic tax laws. Learn before you comment. This won't effect you at all and by going against it you are just simping for the richest of the rich in our country and allowing them to get away without paying their fair share in taxes.
@JConwayz
3 ай бұрын
trudeaus Canada 🇨🇦
@FB19799
3 ай бұрын
This country is a joke!!!!
@pacman3556
3 ай бұрын
then leave. You won't be missed. We don't need more little drama queens like you. Bye
@paul.hogan720
3 ай бұрын
as a young person, my only option is to leave this hellhole country. this country is 2nd worldly
@GG-vq6ro
3 ай бұрын
Bye bye 👋
@thimblemunch24
3 ай бұрын
@@GG-vq6ro of coarse a cat lady.
@paul.hogan720
3 ай бұрын
@GG-vq6ro you are profoundly ignorant and clueless, what a waste.
@GG-vq6ro
3 ай бұрын
@@thimblemunch24 meow 😻
@pacman3556
3 ай бұрын
good go...we don't need any more drama queens here. Bye.
@nervosadustbolt9642
3 ай бұрын
Uh, no shit.
@pacman3556
3 ай бұрын
no shit to what?
@melinagrossholz2408
3 ай бұрын
Best be come homeless Big daddy will give you affordable home free and welfare cheque plus senior pension Why keep working or saving They will take it to give to the ones don't work or never did
@pacman3556
3 ай бұрын
nothing you wrote has anything to do with a change in the inclusion rate on capital gains so wtf are you going on about?
@Anonymous_Whisper
3 ай бұрын
No more little guy?
@pacman3556
3 ай бұрын
nope...help the little guy by making rich people pay their fair share in taxes.
@shauncameron8390
3 ай бұрын
@@pacman3556 They already do unlike the bottom 50% who account for some 4% of all taxes paid.
@Anonymous_Whisper
3 ай бұрын
@@pacman3556 🤡🤡🤡🤡
@pacman3556
3 ай бұрын
yes you are a clown if you think this will effect you or the little guy. The "little guy" doesn't make over $243K a year in capital gains. Your comments really make you look foolish
@pacman3556
3 ай бұрын
@shauncameron8390 rich people do not pay their fair share in taxes. And it is because of things like the inclusion rate on capital gains. Changing the inclusion rate will close the income/ wealth gap and make rich people start paying their fair share. It won't effect the middle or working class at all.
@oldmanlearningguitar446
3 ай бұрын
If a businessperson’s retirement plan is solely to sell their business they are already in trouble. Most businesses aren’t worth anything to another businessman who would rather start their own and likely aren’t in a position to pay a significant price for a business anyways. This CFIB rep is just promoting Conservative politics as usual.
@LHLK-q2v
3 ай бұрын
No they aren't been that way for hundreds of years dear. Most businesses are puchased by others so they already have something up and running with it's own client base. You don't know much
@geekinasuit8333
3 ай бұрын
@@LHLK-q2v Agree, I'm a small business owner, and some of the comments I see here are due to ignorance and misconceptions of what employers have to struggle with. Employers get no breaks, they are heavily taxed, and have been disincentivised from hiring employees to a point where I've found creative ways to avoid hiring more people. What this current government is doing, is fiscally irresponsible, and is disincentivising entrepreneurs and investors. At a personal level, I find it deeply offensive how it's being done, as if I'm somehow a tax cheat not paying my fair share???? I say FU! I'm going to do everything I can to get rid of this toxic government, I've never been as fired up in this much anger before over a government. Each day, I see more toxicity thrown towards hardworking business owners and investors such as myself, it's been very disturbing, and of course, this tax increase is timed perfectly when I'm about to cash out and retire. FU!!!!
@bradmcdowell9168
3 ай бұрын
No it wont
@danhule
3 ай бұрын
cp24 doing their cp24 things.... lies.
@pacman3556
3 ай бұрын
yeah it is a lie when they say a change in the inclusion rate will effect small businesses. It won't.
@jorahkeys9310
3 ай бұрын
Money grab
@pacman3556
3 ай бұрын
from the rich. About time they start paying their fair share in taxes. It won't effect you at all so take your panties out from between your as$ checks
@catherinerafuse8003
3 ай бұрын
More liberal lies. What a shock 😂
@pacman3556
3 ай бұрын
I don't support the liberals but it is not a lie. Businesses don't make their income from capital gains. This won't effect them at all.
@williamterrymasters1934
3 ай бұрын
Money is the root of all evil by Satan not GOD a Spirit that created it by a Spirit
@abdablelow6031
3 ай бұрын
No correction here the LOVE of money is the root of all evil don’t love it
@williamterrymasters1934
3 ай бұрын
@@abdablelow6031 If that’s what you Believe in your head by your spirit of the mind not my Spirit Christ
@abdablelow6031
3 ай бұрын
I Timothy 6:10
@williamterrymasters1934
3 ай бұрын
@@abdablelow6031 1 Timothy 6:10 King James Version 10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
@williamterrymasters1934
3 ай бұрын
@@abdablelow6031 Who are themselves by the god of this world the Mother a spirit not the Father and I?
@BoogieBoogsForever
3 ай бұрын
Is this a propaganda piece? What kind of headline is that? 😂 Do you guys need copy editors? Jesus.
@sonnylambert4893
3 ай бұрын
Special exemptions coming for LGBT, Black, Sihk and any other anti straight, Christian or European owned businesses
@Dam-a-fence
3 ай бұрын
Section 15 of the Charter does get abused by those with money already, too often.
@pacman3556
3 ай бұрын
wtf are you babbling about? If you were to draw a Venn Diagram of racists vs ignorant people it pretty much would be a circle.
@pacman3556
3 ай бұрын
Everyone needs to learn what a capital gain is before they even comment. Businesses don't make their money through capital gains. They make it through the sale of goods or services which is considered income that is 100% taxable income A capital gain is when someone buys an asset for a low price (houses, cars, stocks etc) then sells it for a higher price. The difference between the low price and high price is the capital gain. It is income made through the buying of an asset at a low price then selling it at a higher price. BUSINESS DO NOT DO THIS. They sell GOODS and SERVICES to people. Business also follow business tax rules. The inclusion rate for capital gains is on your PERSONAL income tax forms so it won't effect a business at all When a business owner pays themself it is a salary or some form of wages which is 100% taxable income. They are not paid as a capital gain. This change is of the inclusion rate on capital gains over $243K a year. Most business owners are not in that range. If they were then they are high income earners that would pay 100% tax on that $243K. This only applies to capitals gains which it should be applied too. Why should someone that earns $243K pay less in taxes then someone making the same amount working at a job or small business. I don't support the liberals but don't let PP and the conservatives lie to you.
@LHLK-q2v
3 ай бұрын
And what company doesn't buy low and sell high? from the convenience store to the mechanic to the plumber to the electrician to anyone in private business.
@thimblemunch24
3 ай бұрын
You pay it when you sell your business that's the issue, so it's basically taxing your retirement, business owners don't get regular retirement like most of you normies, they get it when they sell the business at the end of their life. You get it by paying into it every month to the government.
@pacman3556
3 ай бұрын
@@thimblemunch24 Good. Everyone is taxed on their savings. Everyone pays taxes when they cash out their RRSPs when they retire. We are all equal in this country. Why should someone selling an asset for their retirement fund pay less in taxes (or no taxes at all) then someone that worked their entire lives for their retirement fund. Also most small businesses like plumbers, contractors etc only have value in the business based on their name and the personal service they provide. Once most small business owners retire they close the business not sell it for a major gain because other people don't want to take on a business under someone else's name (reputation etc) but build their own small business. You can try and argue that a person is buying the assets of the business but assets depreciate. Which on the off topic let's business owners write off part of their income which over the year's allows them to pay less in taxes. So you want to give them tax breaks through depreciation the entire length of the business then give them further tax breaks when they sell the business.....during that entire time you pay 100% tax on your income? You think that is far? You don't seem to understand what a capital gain is. This won't effect small business owners at all. Learn before you comment.
@thimblemunch24
3 ай бұрын
@@pacman3556 Yes, selling a business is generally considered a capital transaction, and the profit from the sale is typically subject to capital gains tax. Yet you tell me to learn before I comment.. XD
@pacman3556
3 ай бұрын
@thimblemunch Business owners don't sell their business every year for income. They make their money through the sale of goods and services which is 100% taxable income. Not a capital gain or effected by a change in the inclusion rate If someone is using their business as a retirement fund then they should pay capital gains when the business is sold. We all work our entire life to save for retirement and our entire life we are taxed on that income and our savings. Or when we cash out RRSPs we are taxed. Why should we work our entire life paying taxes while someone else gets a tax free retirement fund? We are all equal in this country. Let them pay taxes on their retirement fund just like the rest of us. We all work just as hard.
@scotthewko5294
3 ай бұрын
It's ok! Trudeau and freeland said it won't!!! I believe them the most 🤣🤣🤣
@pacman3556
3 ай бұрын
I don't support Trudeau but businesses don't make their money from capital gains they make money selling goods and services which is 100% taxable income. Also this is a change in the existing inclusion rate on personal income taxes. Business follow business tax laws they don't pay personal income taxes so this won't effect a business at all. You are so hate filled toward the liberals that you are willing to ignore reality and how our tax system actually works and let PP tell you whatever you want to hear. Easily led fool.
@JessT-vg7ib
3 ай бұрын
hahaha there''s tons of nail salons out there...who cares if they go under...the last thing we need is even more of them
@abdablelow6031
3 ай бұрын
Or marijuana shops we don’t need those maybe some but not as many as there are like one on every corner..🙄
@steveo4253
3 ай бұрын
@@abdablelow6031 Drugs/Alcohol are popular
@JessT-vg7ib
3 ай бұрын
@@abdablelow6031 Exactly...you can get marijuana pretty much anywhere from anyone...I don't know what the hype is all about.
@pacman3556
3 ай бұрын
nail salons don't make money from capital gains you id$iot. This won't effect them at all.
@Loyatyispriceless
3 ай бұрын
Aww rich grandpa can’t go golfing booohoooooo
@rickvervoort9536
3 ай бұрын
You bought right into their class warfare tactic. Well done!
@DeeBoroff
3 ай бұрын
"grandpa" more than likely worked his ass off for years to be able to enjoy golfing, leave the old guy alone.
@GG-vq6ro
3 ай бұрын
Exactly. I'll never feel bad for these rich people paying more tax Most of us don't even have anything to retire with I really don't care about them.
@GG-vq6ro
3 ай бұрын
@rickvervoort9536 if the rich don't want class warfare maybe they should help out struggling folk a bit instead of hoarding all the money
@rickvervoort9536
3 ай бұрын
@@GG-vq6ro How many jobs have gotten from a poor person, speaking of helping out the struggling folk.
@pacman3556
3 ай бұрын
Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
@pacman3556
3 ай бұрын
Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
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