RE:RE:RE:RE:RE:RE:IF ELECTED, FREELAND TO SCRAP CAPITAL GAIN TAX INCREASELetsmakemoredol wrote: bicente wrote: Letsmakemoredol wrote: bicente wrote: Levieillard wrote: Did you ever ask yourself why poor people are taxed on 100% of their salary and rich people on 50% of their capital gains? You consider that normal?
You Liberals want the capital gain taxed at 100%, not 60.
I see what you are trying to point out but Salary and capital gains are 2 different things... if you trade stock , flip houses etc for a living then you are taxed 100 % ... the only thing that is equal is the both of these is they provide taxes for the govt ( which never has enough ) ...GLTA
that isn't true, there are no minimum hold periods for capital gains in Canada. You can hold stock for 1 second and still get 50%. The US is different with timelines of 1 year separating the short term and long term capital gains rates, each with different tax rates
I believe thou there have been recent changes in Canada with special house flipping taxes if you hold it for under a few years. I forget the duration. That doesn't apply to commercial property however
Well not according to CRA ... it depends on the situation , yes holding a stock for 1 minute can get you the 50 % rate BUT doing it many times a day will put you in the 100 % bracket .. it's all in the details ... GLTA
I agree in principle, however the tax laws don't make it clear if you are subject to 100% capital gains tax rate. Frankly I really don't care about CRA's interpretation, they can only enforce laws that are specifically written. Would you care about a police officers or a building inspectors interpretation of a law? I don't
I would say if you were buying and selling the same stock 10 times a day every single day that might be a problem. but lets change it that I am buying $1 million of a stock one day and later the same week I am selling it. Repeat 52 times in the year, is that 100% capital gains? How about once every second week? Where is the magic dividing line?
Tax laws are the hardest to interpret and apply , I am not a tax specialist but I can tell you that they will apply whatever law benefits them the most , which depends on your main source of income , training , frequency and many other factors ... at the end of it all , it will be a negotiation and you will have to pay ... for example : you can deduct the cost of a vehicle , the office space in your house but there are limits ...where are the limits ? When you get audited you will find out which limits apply to you ... it is very complicated... GLTA