Capital Gains Tax

[MoneyGuy]

Originally Posted by albertGQ

don't forget to mention the exemption amount, where in my opinion, is way too low

Yup, the basic personal exemption is just under $9,000. That income is tax free.

[Slava]

Originally Posted by Mccree

They are also pushing for that for stocks too. Once you get the cash you pay tax. I suspect it will come after the next election. It was mentioned in the budget a few year ago.

The conservatives put this in their plan originally, but honestly this is a nightmare to account for properly (from a CRA/government point of view). I personally would like to see this, but I have heard from a very good source that this is somewhat of a long-term project due to the complexity.

[Mccree]

Originally Posted by Slava

The conservatives put this in their plan originally, but honestly this is a nightmare to account for properly (from a CRA/government point of view). I personally would like to see this, but I have heard from a very good source that this is somewhat of a long-term project due to the complexity.

Ya I heard that too. Hopefully it comes thru sooner than later

Although in my years of preparing tax returns I am not sure I have ever seen them audit a capital gain

[I-Hate-Hulse]

Originally Posted by Slava

but I have heard from a very good source that this is somewhat of a long-term project due to the complexity.

Not to mention the loss to government "revenues"...

[Bobblehead]

Originally Posted by I-Hate-Hulse

Not to mention the loss to government "revenues"...

Those changes shouldn't reduce revenues, just differ then they are realized.

[Slava]

Originally Posted by Bobblehead

Those changes shouldn't reduce revenues, just differ then they are realized.

Well theoretically that is true. But when things get hard to track then there could be some losses that are realised!

[I-Hate-Hulse]

Originally Posted by Bobblehead

Those changes shouldn't reduce revenues, just differ then they are realized.

Since when did a sitting government worry about the budget beyond the current year?

Although sorry, I thought we were more on the topic of splitting vs capital gains on property, which is not a deferral issue.