.2PDK

This is exactly what JT and Jagmeet are counting on.

ronnie993tt

PS USA federal tax brackets have tax rates or 10%, 12%, 22%, 24%, 32%, 35% and 37%. The top rates kick in at almost 2 1/2 times higher income than the top rate in Canada, so even in high tax states your tax burden is way lower than in Canada. If you are even a moderately high mobile income earner, you'd have a much higher standard of living in the US. Time to ship the kids south.

SToronto

If I was able to move, my current home would be available and would be accessible to a wider audience when compared to the level up. There needs to be mobility and movement to some degree in the existing housing market.

.2PDK

They're proposing some radical plans for Oakville around our GO Station with high rises and such and there's a huge pushback from residents so we'll have to see.

Given that Oakville median house price is $1.5million (high when you consider pop 211k) I wouldn't count on this development to be "affordable"...

ronnie993tt

All most of those 80 MPs are counting on is their lucrative pensions vesting.

.2PDK

The writing was on the wall a decade ago with respect to the situation we're in today.

My wife and I made some decisions to ensure we would not be lifting a finger to contribute to their coffers.

Life is good...

911 Rod

Freeland said "fairness" 50 times in the budget speech. I'm middle class and increasing the capital gains tax comes out of selling my small business when I retire. How is that fair?

SToronto

Seriously write a letter to your local Liberal MP, even better if you are also a Liberal supporter. Because then they recognize there is something to loose than hearing from Conservative or NDP.

They want to take more from the job creators and investors that grow the countries economy. They should be encouraging private business owners to succeed more and faster! While ensuring they have something when their time is done, because it's not easy building a successful business.

#1SomeGuy

I have tried talked to the local MP a half dozen times since elected at least, not once have I heard any response.

SToronto

I believe it. To be fair, they probably get a ton of inquiries for all kinds of things.

I reached out to local MPP on an initiative the government was contemplating recently. To see if they would be acting on it. Zero response, been a few months now. Was a simple question with no complaint.

#1SomeGuy

Yeah, everyone always goes straight to "well if you don't like it, contact your MP/MPP" when there's an issue, but you go and do that and just get ignored.

gcurnew

You know the Lifetime Capital Gains Exemption - which you would be entitled to in most situations if you've owned the shares you sold for 2+ years - was raised to $1.25 million?

ronnie993tt

I think that is only for a small business. Anything else, the limit is $250K per year for the lower inclusion rate so you'd have to time your sales accordingly.

SToronto

It goes up annually. It's only for sale of a business. Nothing really new here.

Also, there is another supplementary incentive to accompany that. But doesn't reach maximum until Jan 1 2034 and starts in 2025.

canuck964

QSBC limit 2023 was $971,190 for 2023 and would have automatically increased due to CPI adjustment so likely over $1M.

So in reality the bump up was only $250k which aligns with the annual $250k that all Canadian still have at the 50% inclusion rate. (Except this is only a one time increase vs annually for all Canadians)

Also the QSBC life time exemption has a lot of qualifiers both on the part of the company (2 year and time of transaction) and for the individual (CNIL etc) before one can claim all or a part of the exemption.

When you read thru all the Budget BS it is loaded with phrases like generational fairness etc.

Clearly the Liberal feel the only way they can win is to pit the younger generation against the older generation.

On the point of fairness I have yet to find any one who could give me a reasonable explanation as to how paying out 53.5% of your earnings to tax on every dollar earned above $240,716 in BC is fair? In other words to give to the government more than you get to keep for yourself. And as others have pointed out $240k is really middle class in a city like Vancouver.

Finally while I am at it, those of us that are in the top bracket are likely to never receive any government handouts like welfare or OAS and likely pay for a large portion of our own medical. Examples like paying for cataract surgery out of pocket because the government limits which lens you can acquire etc.