RE:RE:Taxes taxes taxes Thanks for posting this. Good to know.
I have not had a chance to read the budget. In regard to capital gains however, can anyone confirm the capital gains is based on individual gains or cumulative. That is to say if you have 2 assets that each have a gain of $125k are they each considered tax exempt, or because they both sum to $250k they are now taxed at a higher rate?
Next leg up in WCP and oil begins now!
meritmat wrote: Don't get your panties in a not.
I copied this from another board
The sale of any oil and gas property is a COGPE (10% decling balance) tax pool to the buyer. Cardinal would "burn" existing tax pools to the same amount. Thus ZERO taxes payable.
There is no Capital gain calcualtion versus its "book value". Capital gains for oil companies only come into effect if they had taken back stock on a sale, then sold that stock for a profit. That does not apply to Cardinal.
This whole discussion shows a lack of knowledge of the oil tax effect.
The budget does not effect Cardinal at all.