Whitecap Resources Inc T.WCP

Taxes taxes taxes

[Frank007]

The crooks in Ottawa just stole another 22%...of wcp profits ...what a con game ...sale every abd all Canadian oil companies ...they can never make a profit with the gov,t we have here ..cry out loud ....

[meritmat]

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

[Anschutz]

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

[BigJake]

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 

[Anschutz]

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

[sunshine77]

One way to road block liberals is to trade and invest within RSP and/or TFSA accounts. This way capital gians taxes do not apply. I switch to this approach during the Chrietian years and it has worked out great. Consider this method and you will be ahead in the long run.

[Citizen13]

They get their money back eventually .  Everything . Its just a matter of how fast, not if.   You die and your RRIF gets liquidated that day . They'll take half or more. Even with the TFSA you eventualy use that money buying gas and stuff that they get at least 13-15% back every time you use the money . When people complain about the government squandering our money I get it . But

[BigJake]

The way I read it, it resets every year, but I haven't confirmed that with a tax professional.

[mugs19]

"The way I read it, it resets every year, but I haven't confirmed that with a tax professional." No it doesn't - it's cumulative. The government would NEVER be that fair... mugs

[jleer42]

It's not cumulative, I think you are getting confused with the liftime excemption.To be clear, the first $250k of annual capital gains every year have a 50% inclusion rate. 2024 will be depend on if the transactions occured before or after the date of change. Gonna suck for anyone selling a large property like a cottage or income property. Nobody is talking about it, but one reason capital

[meritmat]

Yup I think if they would have lowered it you might have seen more rental properties hit the market.   Know why give the government anymore money they you have to.  Keep renting it out 

[Anschutz]

Agree, especially with an election a little over a year away. Either sell before the new rules kick in, or hold and wait for a change in government. By October 2025 the ramifications of this destructive budget will be on full display. I anticipate we'll see many more corporations and business exit Canada as the exodus south and elsewhere accelerates this summer. Yesterday watched a segment

[meritmat]

Honestly good.   They chose this government they can live with the consequences. Took a gamble on dumping Everthing  into energy when it crashed to zero.  Been one heck of a ride up. For around 250k us you can buy a heck of a house in Costa Rica.  Safe stable country and excellent fishing 

[Citizen13]

People vote for a candidate usually for shallow awful reasons.  He seems nice, good hair . LOL . He's going to save the planet . Most people are clueless what a particular lean does to the country. They have grown the public sector by 40%  and payroll 60% since 2015 . 7 layers of steps to get anything done , and yet look at the Arrive Can scam. Passive aggressively take the massive

[meritmat]

Stayed at a hotel 20 mins from Tarmindo.  I would look at the South end of the country.   Better fishing  Bahamas would be the perfect spot but it's double the cost of CR and your one cat 4 hurricane from not having a house 

[BigJake]

Can I ask a question about available/affordable food in Costa Rica? My wife and I have never traveled outside of Canada/USA Now that we have the time to do some traveling, what's out there for meals. I am kind of a meat and potatoes person and the thought of eating fish tacos twice a day doesn't appeal to me

[meritmat]

You would want to do a bunch of research on that.  When we went we had to cut our vacation short by a week since the wife broke her ankle. From what I remember the food was good.   CR is a different vacation.   Most people rent a vehicle and go exploring.   It's not an all inclusive Mexico experience.   CR has a big tree hugger vibe.  Lots to see and do. 

[meritmat]

So what about dividends?   Say I dump 250k of captail gains but I'm still getting monthly dividends?   Would the dividend income push a guy into that higher tax bracket?

[meritmat]

Ya I think once you go over 250 the rest is in the higher bracket.  Got lucky buying a bunch of energy stock when the crash happened never  thought I would have to worry about captial gains but shoot I'll have issues if I ever want to liquidate a bunch of stock to get into something else