Patrick Walchuk explains the changes to Capital Gains Taxes in Canada and how this will affect you as a personal investor or a corporation.

Chapters
00:00 Introduction
00:56 Capital Gains right now
01:21 Capital Gains June 25th 2024
01:54 Capital Gains for Corporations
02:21 History of Capital Gains Tax
03:51 GDP Per Capita down 7%

These changes will affect investors, but if you own a home and decide to add a basement apartment to rent out, you will be hit with this new tax as well.

If you own a rental condo, or even a cottage, you will have to pay the new tax upon the sale.

Right now, an individual will pay capital gains tax on the first 50% of their profit only.

On June 25th 2024, this will change.

After June an individual will still pay capital gains on 66.7% of their profits.

It's even worse if you are a corporation. After June they will need to pay capital gains tax on every single dollar thay make as a profit from the sale of property.

Quick history of Capital Gains Tax in Canada
There were Zero Capital Gains until 1972
1972 - Capital Gains was taxed on 50% of your profits.
1988 - Capital Gains Tax increases to 66.7% of profits are taxable
1990 - Capital Gains Tax Increased to 75% of profits are taxed
2020 - Capital Gains Decreased back to 50% (Paul Martin)

#capitalgains #capitalgainstax #canadatax

свернуть