Quote:
Originally Posted by corporatejay
in Canada you are not taxed for windfalls (lottery winnings "found" money, this baseball) in the states you can be.
Also, in Canada generally, capital gains are not calculated until the gain is realized, I'm not sure how that works in the states. If the tax lawyers says it is true, then it's probably true, their tax system is messed up with stuff like that.
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Yeah, although there's some fairly murky stuff going on around capital gains in Canada. Wilderness artist Tony Onley once had a huge and public fight with revenue over capital gains regarding artwork that he had painted. Because he had painted artwork valued at hundreds of thousands of dollars, but which he still owned, Revenue Canada wanted him to pay tax on them. Only when Onley stagged a public protest in which he threatened to burn several pieces rather than pay tax on them did RC relent. Not sure if the law was changed permanently, or if a special exception was made for Onley. A really backwards law, regardless.