TORONTO — The federal budget is being met with disdain from Canada's innovation industry, including tech darling Shopify, which called the capital gains measures in the fiscal plan a potential cause of "irreparable harm.
This is a ⅓ increase in the amount of capital gains that are taxed above $250K. They’re acting like the sky is falling when it’s a tiny change that will only mildly affect multimillionaires.
Anyone complaining about this is publicly admitting to their selfishness and greed.
Edit: This doesn’t even affect investments in RRSPs or TFSAs. Maxing out both of those is already plenty for retirement. Between the two of those, Canadians can contribute up to 37K/yr that won’t be taxed on capital gains (or income) at all. Canada already has massive income tax exclusions for the moderately wealthy to accumulate more wealth tax free.
A couple could conceivably save ~70K/yr tax free. And these are the people complaining that we’re going to change the tax on their marginal capital gains over a quarter million dollars to be ⅓ less than income instead of ½ as much s income? Fuck. That. Noise.
Anyone complaining about this is publicly admitting to their selfishness and greed.
It’s a perfect tool. It let’s some morons come out crying which should only galvanize the opinion that the tax is justified. As we’re demonstrating in this thread. The most profitable move for the people affected by this would be to shut the hell up and come the next hike play the “well we paid our fair share” line. Which would of course be bullshit but it would sound more plausible.
This is a ⅓ increase in the amount of capital gains that are taxed above $250K. They’re acting like the sky is falling when it’s a tiny change that will only mildly affect multimillionaires.
Anyone complaining about this is publicly admitting to their selfishness and greed.
Edit: This doesn’t even affect investments in RRSPs or TFSAs. Maxing out both of those is already plenty for retirement. Between the two of those, Canadians can contribute up to 37K/yr that won’t be taxed on capital gains (or income) at all. Canada already has massive income tax exclusions for the moderately wealthy to accumulate more wealth tax free.
A couple could conceivably save ~70K/yr tax free. And these are the people complaining that we’re going to change the tax on their marginal capital gains over a quarter million dollars to be ⅓ less than income instead of ½ as much s income? Fuck. That. Noise.
It’s a perfect tool. It let’s some morons come out crying which should only galvanize the opinion that the tax is justified. As we’re demonstrating in this thread. The most profitable move for the people affected by this would be to shut the hell up and come the next hike play the “well we paid our fair share” line. Which would of course be bullshit but it would sound more plausible.