Quote:
Originally Posted by opendoor
I would argue that the average person doesn't experience a taxable capital gain over $250K (or over $500K for a couple) in a single year. Based on CRA data, only about 40K of the 30 million tax filers have capital gains over that threshold each year, and about half of those are people who do it somewhat regularly (i.e. very wealthy people). And like I said, because the inclusion is done progressively, you have to have a gain well over $250K before the higher rate becomes a significant factor.
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They are people with average incomes, the gain is not average.
You're smart enough to know the difference.
The original post is talking about "annual income earners over $250,000"; these people aren't that.
A lot of people in markets like Vancouver or Toronto fall into this, as it's not hard to have $250,000+ gains if you've held a property for 10+ years.
The market have escalated substantially enough to make those average people, abnormally large gains.
If you think that makes them very fortunate and they should be subject to the increased tax as the new wealthy, I guess that's a fair position.
But why pretend the tax isn't targeting these people? Why pretend people with AVERAGE INCOMES aren't part of this tax target?