One final point on double taxing inheritance... how many people are we talking about here? What would the tax accomplish?
According to Forbes, there are 46 billionaires in Canada. Forty-six. If you could effectively tax their estates (you can't, because the money is too liquid, but if you could), that is what? Maybe 1 or 2 per year?
If you want to talk about the arbitrary line in the sand of $11M from a couple pages back, apparently there are 1.3M millionaires. The vast majority of those would be people with less than $5m. I couldn't dig up stats for $10M, but apparently there are 10,840 Canadians worth at least $30M US (the definition of ultra-wealthy).
If we use that group as our 'tax the rich' group, we're probably looking at maybe a few hundred per year dying (probably less).
So people want to create a law to double tax those few hundred or so people because... jealousy? Again, what would be the result? Most of that money would flee to other countries that won't arbitrarily punish them. And what is accomplished? We feel better? We somehow have stopped the concentration of wealth? No we haven't, we've simply chased it away.
Meanwhile, our tax laws have gotten more complicated, and lawyers have gotten richer, but tax revenues will have probably gone down, because we will have chased a lot of wealthy people away.
All to solve a problem that doesn't exist because estates are already taxed.
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