Canada Raises Taxes on Capital Gains !!
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- čas přidán 27. 08. 2024
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Summary of this video:
💰 Canadian government's new tax policy on capital gains
- Canadian government is increasing taxes on capital gains, targeting individuals earning over $250,000.
- The inclusion rate for capital gains above $250,000 is rising from half to two-thirds, resulting in higher taxes.
- The tax hike is primarily aimed at the wealthy to fund social programs like national dental care and PharmaCare.
🏦 Impact on taxpayers and criticism
- Individuals, trusts, companies, and large corporations making substantial gains will be affected by the tax hike.
- Pierre Poilievre opposes the tax increase, arguing against further taxation, citing previous tax hikes like the carbon tax.
- Historically, Canada did not have a capital gains tax before 1972, indicating a trend of increasing taxation over time.
🌎 Advice on relocation and alternatives
- Rising taxes and governmental control in Canada are prompting suggestions to relocate to countries with friendlier tax policies.
- Suggestions include moving to countries like Mexico, Panama, South America, Europe, or the UAE for lower taxes and better business environments.
- The speaker warns of potential future restrictions on wealth and taxation, urging Canadians to consider their options wisely.
DISCLAIMER: This video is not tax and/or financial and/or investment advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
At this rate it’s extortion.
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Dubai, Panama, Mexico; go and rent an Airbnb in each of these 3 places for a few months to see if you like it before you actually move there.
There's also Andorra, malta, portugal,, Bahamas, Bermuda, etc etc etc.
They will come running back
@@MS-ux3id Lol nope. A lot of Canadians have moved to those places and are very happy. Canada is subpar.
Canada had free dental care a long ass time ago. We used to take entire classrooms by school bus to public dental where hundreds of dentists worked. Now, private owned, the dentist makes bank while serving 2-3 people per day.
I am leaving
Don't let the door hit you on the way out.
Buh-bye.
_(sad violin)_
@@moge2278imagine supporting this capital gains tax rate increase. This will be horrible for Canada. Capital flight is a real thing.
Watching you get upset over the capital gains tax increase is like watching someone cry because their diamond shoes are too tight! Keep those tears flowing for the wealthy! 😭💸
Yeah, they're all crying because Galen Weston might actually have to pay.
So you enjoy watching people not being able to be financially free and getting their money stolen by the government? 😅
That's not the point people wiĺl just pull there investments out of the country and government won't see any taxes then! Kinda funny when you lower taxes you attract investment in means government will receive more tax revenue at a lower rate. Liberals never figure it out
its the 'wealthy' today and everyone tomorrow, trudeau has no limit, in fact they are even talking about taxing personal residence sales that didn't even benefit from writing off interests as the US does.
Taxes are a huge issue in Canada but when you try and justify it there is no way to do it because Canada has nothing worth living there, the economy sucks, the government is authoritarian at the very least, the weather is horrible, culture is non existent. I doubt Canada will even be a country in 200 years.
Progressive socialism costs money.
"This is a straight up tax on the rich" Yes it is and it's been overdue for decades.
28% Corporation taxes 33.6% Capital gain taxes = 61.6% Taxes WOOOOOW
Can we see a video on how to leave without paying an exit tax. I feel like ALOT of people are going to watch it since most of canadians don’t want to pay them anymore
You can't leave without an exit tax. But you can minimize your income the year you leave. Still might be fucked.
@@EagerEggplant I actually don’t think so. I think if your get residency in the different country. And transfer your capital and assets there. (Especially using crypto) you can head out….
@@sameers6148what if I’m literally a single dude, no property, just hold commodities that can get liquidated fast and crypto? I don’t have kids here. And why would I have to declare anything when I can just leave and get residency at a different country?
You can't. You have to pay. You need to start working with a Tax advisor and plan now. I have been working at leaving the country for 3 years now and have 3 more to go before I can officially give up my residency.
You don't want to pay your taxes when you leave? You can always buy yourself a passport under a new name in a country with no extradition laws and never come back. 😂
Anyone who is worried about being taxed too much on their capital gains should just eat less avocado toast and skip Starbucks.
Yeah stop complaining enjoying luxury goods enjoy modern slavery and just live to pay check to pay check...
The rich will hire top accountant to avoid this loop for sure lol
The rich will leave and leave the country jobless
the rich will leave and take their jobs and innovation, then cananada can become the jobless tent city it always wanted to be
Agreed, CRA needs to be closing those tax loopholes. However, approximately less than 1% make more than $250k (or 200,000 people - very rough estimate). It sickens me that these people don't want to support the system that puts more than $250k of capital gains in their pockets every year. it's just the cost of doing business (or being a multimillionaire) in Canada.
I can see that you are poor by your comment
@@WealthyExpat I was filing my tax for 2023 and own CRA 10K. How can I save this money?
@@WealthyExpat I can see that you're human filth by yours.
@@katealeksen7701 go back in time and contribute 10k to your RRSPs about 2 months ago
250 is not alot these days
Don't forget carbon tax gas prices have gone up
Literally has nothing to do with the carbon tax.
Yeah, that conservative created carbon tax!
too lazy to look it up right now - is the increased inclusion rate over 250K for both corporations and individuals?
Yes for both
@@WealthyExpat wrong - for corporate, all capital gains have a 2/3 inclusion rate - please double-check your research
Yes, I know, I meant the new inclusion rate applies to both corporations and individuals, not just individuals
@@WealthyExpat yes, so to be clear, for corporations, it is for all capital gains, not just those over 250K
@@WealthyExpatyou are wrong about corporations
WHEN it is supposed to be coming into EFFECT??????
Just remember folks -- grass is not always greener. This tool recommends Saudi Arabia as a better alternative. Laughingly funny.
On point as usual, always appreciate your content 😃👍
I have properties in Canada. Do I need to pay capital gain tax without selling it if I become nonresident?
As far as I know, your net worth will be assessed at time of exit, housing included.
Is the USA any better than Canada for entrepreneurs and investors? What would the best states be?
I blame citizens who are more like tamed house cats 🐈 to this joke of gov
Guess no points to create more projects… I’ll just chill and relax rather then working hard.
Just don't claim it. Simple!
Agreed
That's quite challenging when you sell the business you built to someone else.
Move it to crypto, there are ways.
The people you’re talking about that pay higher taxes, aren’t paying for dental care or whatever else you mentioned. We have THE worst medical and everything care in Canada, and the so-called “Dental care” they’re proposing will cover senior citizens, mostly over the age of 70 and I’m pretty sure for probably $500 a year…maybe!
No, the taxes, all of our taxes are going in their pockets. Our taxes are going into GeoEngineering, our taxes are going towards everything that will kill us. Anyway, Canada is the WEF headquarters.
Québec is talking about a new capital gains tax to harmonize with the federal capital gains tax !!
The capital gains tax on every $100K was previously $26750, and now the government has raised it to $30094. While it’s not a significant hike, these individuals are reacting as if the ground beneath them is shifting.
@user-kv4kp4co1r the government loves people like you. They just keep inching it up and up and up, and all you focus on is the latest "insignificant" hike. And not the totality of all the hikes combined!
@@steve8803 I guess you didn't mind your asset’s value increasing by one third in just the last three years.
@@user-kv4kp4co1r just like you don't mind being a useless leech.
@@user-kv4kp4co1r I guess you don't mind being a uselessLeech.
@@steve8803 The issue is that you only perceive your own work as valuable. You overlook the fact that the government provides you with permissions, security, infrastructure, and loans. As an ordinary individual, I contribute my labor, but you don’t see its worth. You consider yourself superior because you managed to make a 20 percent down payment or secure a loan or a HELOC. You regard others as leeches, but the reality is that you are the one benefiting from the efforts of the average person.
Canadian looking to leave here. If you had crypto, gold, stocks, etc. And were looking to sell and didn't want to pay a capital gain, could you not just sell it to a foreign corporation at a loss, let's say a Panamanian corporation you own, then sell the crypto, gold or stocks through the Panamanian corp, which as a 0% tax rate, then you have a Panamanian corp with all the money, then just use the corp to buy whatever you need. I mean, why own stocks, gold, etc, as an individual in Canada where you get obliterated on any gains.
How are you going to show that the Panamanian Corp is not in any way related to you. Panamanian corps now have to file accounts. Also how will you sell marketable securities at a loss that have well defined prices. if you sell a private business that's another matter.
Thanks Trudeau
100% Great addition to our tax code!
Fuck the rich.
I told you all Canadian that you are not going to make it.
Video editor on strike
On vacation
You spelt thanks for the free content wrong
you understand as I do.......give them nothing.....thanks for vids
So the people who invest in businesses and create jobs get punished.
The real job creators are workers. When you invest money in workers through strong social services education and public infrastructure like roads public transit and housing that creates more jobs. Trickle down economics only works for the rich.
The wealthy don't create jobs, they hoard wealth and stash it in off-shore in a fiscal haven. Over 241 billion now.
I am all for creating a taskforce that goes after cheats.
Agreed
I am brazilian and I’ve also got the Italian passport. What do you think Rafael? Should I invest in a Caribbean one?
Socialism much?
Dictatorship
Canada is already at the top of the list of obnoxious countries with their current capital gains tax rate for foreign investors
It's crazy..
What about costa rica
Immigrants are coming from Europe, south America, a not only from India, Pakistan and Philippines...
Oh no! Anyway...
I agree with this youtuber 100%
The law hasn't yet been approved
So what? It's coming in 2 months.
@@gravityfallscanada it's still being deliberated upon
@@essambehslines6323
😂😂😂
You should make more videos focused on the middle class.
This is insain
Great Video!
What about Costa Rica?
Dubai just suck with infrastructure...
most of that money will go to Ukrain
At this rate its extortion by the feds
The middle class is going to burn for this. Your parents die leave you a house. Ooops bye bye profit. Anyone who is already financially adequate has left the country or has created a trust in Bahamas Panama somewhere. Even less money is going into Canada.
The love for communism passed down the genes of Castro.
Every body leave and go build your countries. Canada crowded too much with third world countries people.
Most likely taxed at 47 percent
If you have money there is no reason to live here. E2 visa is so easy and usa is way better
Pay everything in CASH 💵 = fix half of this tax problem 😉
Anything over 10k that enters your bank account is reported... You are not from Canada.
Waa waa waaa, I feel so bad for those people making over 250 000$ off investing. Boo hoo. Must be so hard.
Ridiculous. If you make 250k off stocks why should you give 67% to wasteful communists.
@122jaw just like it must be so hard for you to be a completely useless freeloader.
Rich leaves canada, less consumption less investment
Cry more
*cry harder
@@WealthyExpat oh little baby is maaad, somebody call the wambulance
@@WealthyExpat Obviously doesn't make a lot of money. I'll bet if he/she won the lottery the tune would change very quickly.
@@braden7514If you were rich you would not be making these comments, stay broke 🤣🤣
Too many bad decisions have been done and the conventional living method simply doesnt work anymore. If you really give it a thought then you might believe me on this one. Im not trying to force anybody its just my goal to bring change because even if I succeed for one person it is more worth than any money in this world, isnt it?
I don't know, how about lower taxes
What are your thoughts on Chile 2024? My father is from there and I believe I am granted citizenship by family.
Get it
how much value for the society you create if you inflate asset prices?
Brokie comment
Canada its time to change name to Taxada! 🥹🥹
I feel like crying! 😭😭😭
Any updates on Portugal????
EU no way. Eyes on everything.
@@MissLizaYangonMyanmar What do you recommend?
@@MissLizaYangonMyanmarAndorra pays very low tax, zero on crypto. Malta pays very low tax and zero on crypto. So not all of the EU is bad.
This seems like the worst period.
Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
Get out of stock and put it into Bitcoin, then sell after a year into 25'
This is why i don't pay taxes
Doesn't matter how you vote. Canada is ruled by the St. Lawrence and great lakes area.
We will definitely lose a lot of doctors to completely collapse our struggling medical system
so fucked
Bro, you're someone's useful tool.
Yes my own
Lol guess we will just not claim it then how will they ever know ?
they can track transactions between wallets on blockchain and have tools for amount matchings, as long as you declared once before from CEX with your KYC submitted, there is a potential risk that they can trace and find discrepancy, but ofc, they dont do audit on every single person, or unless all was done on Defi and unattached to your personal info.
@le0720 most of that is scare tactics to keep us compliant our govt entities are super ultra incompetent on all levels
You know the CIA invented Bitcoin
@@laughattack1204 effin bots
@laughattack1204 cope harder !! I think u missed out early are bitter u didn't invest so u come up with some pretzel logic conspiracy to cope. Grow a brain 🧠 😌 😴 🙄
Dude who wants to live in Canada honestly????!!!! HAHAHAHA
We're stuck here!
How about taxing us on the rain that falls on our property? For real consideration.
Soon
People of Canada, Are you broke Yet? Time for A Change don,t you think
Not sure where to go and how much needed where to go
Depends on your age and what you like. For me Phillipines retirement residency. Argentina passport. And I continue to bounce around the world as my job is global. You don't have to commit to a country. Two year stints are enough for me even at 57. Plenty of time for me to tie myself up somewhere. Probably just keep multiple residences. Also split up my tax residency from citizenships and residencies.
Stay where you are !!
@@MissLizaYangonMyanmar interesting
The proposed capital gain tax impacts less than 1% of individuals and about 13% of corporations. Fortunately, if you are one of them and thinking of selling your business and move to Mexico, Panama or Dubai as suggested on this video, it’s comical. If you are still not convinced, do yourself a favor and consult real professionals rather than some random noise on CZcams.
Aww someone’s cranky because they’re broke
@@WealthyExpat how do you know my financial situation? Are you a mind reader😀? I am actually doing very well even with “high” taxes. Don’t make videos for views and likes. Perhaps it seems you have haven’t done well in Canada and jumped to another country, keep jumping, lol.
@@Northern_Squirrelthis affects way more than you mentioned. This incentivizes those top corporations to leave Canada which means less jobs
@@Warrengraff-ym2yj you might be right, I simply did a google search and provided some facts. Ben Felix did an excellent video on the same subject. I am simply tired of CZcamsrs making videos bashing Canada without proper research simply for views and making money.
Uh-huh.....this ins going to affect WAY more people than what you stated.
Canada is one of the best countries to live in ! Countries will have ups and downs and Canada is not exception !
Modern Slave. Nice name
@ModernSlaves541 your username is very fitting..
Said a bot
Canadian beach resorts are some of the best in North Pole.
@@brendand8794 Many thanks brnda!
Stop whining its pathetic for a grown man, just pay your taxes.
Broke comment
Dental care bullshit.
Americans are on the verge of incorporating a wealth tax on unrealized gains.yeah like that won't result in collapsing the economy 😅😅😅