RE:RE:RE:RE:ConfirmationMoemoney42 wrote: packerdriver wrote:
"pushback from small businesses, farmers and medical professionals."???? Those three categories of enterprises have just seen their one time shelter from ANY and ALL capital gains taxes rise from one million to 1.25 million as part of today's changes to capital gains taxes. Cry me a river!
Obviously you've never started a business, farmed or are a medical professional.. $1 million will buy you one combine that might be worth 200G in 5 years if you're lucky..! That doesn't even take into consideration the numerous other pieces of equipment needed. Another $800G for a tractor.. another 350G for an air seeder.. another 250G for a sprayer... get the point.. that doesn't even account for the fertilizer and spray to the tune of 10's to 100's of thousands of dollars each year..!!!
Was just at the dentists office and the amount of high priced equipment in each room burns a hole through a half million in a hurry.. get real.. an added $250G cap gains is peanuts for the amount of investment in those 3 sectors..
Oh please....you are subject to capital gains when you SELL...not when you make investments in a business....all of your examples can either be written down to lower your annual profit/tax....or can be used to increase your ACB, lowering your eventual capital gain.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/calculating-reporting-your-capital-gains-losses/adjusted-cost-base.html#:~:text=The%20adjusted%20cost%20base%20is,other%20than%20its%20actual%20cost.
If you don't want to pay tax don't go into business