RE:RE:RE:RE:RE:Taxes taxes taxes Anschutz wrote: This is very helpful. Thank you. One more question... do you know if the $250k exemption resets each tax year, or is it lifetime accumulation? I'm wondering if they structured it like the old $100k individual lifetime capital gains exemption we used to have until the liberal Chretien government axed in 1994?
Hmm.... seems to be a trend with liberal governments not wanting Canadians to obtain wealth or have a nest egg for retirement. Most corrupt party and government ever.
BigJake wrote: Anschutz wrote: 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.
For individuals it is cumulative, 0 - 250k, 50% will be taxable at your rate
250k and above, 66% will be taxable at your rate, so the 66% starts on capital gains reported above 250k. Doesn't matter if you sell stock in 6 companies or 1 or a vacation property for that matter
The way I read it, it resets every year, but I haven't confirmed that with a tax professional.