Dishonest to suggest Canadian capital gains tax will only impact the rich: Eric Jackson

The new capital gains tax announced in Canada will impact investors and meme stock traders alike, says Eric Jackson, founder and president at EMJ Capital. He critiques the Liberal and Conservative governments treatment of this new tax issue.
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[@DorathyJoy]

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

[@BridgetMiller-]

If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.

[@KarenLavia]

you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

[@Hectorkante]

That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?

[@KarenLavia]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@jones9-]

I checked Melissa up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.

[@meh4770]

The problem is not raising the capital gains tax… The problem is the disgusting waste in Ottawa, the sprinkling of money on pet projects and the catering to special interests. In short, this is a government that doesn’t deserve the privilege of spending our money.

[@Dam-a-fence]

Read the charter. Only the disadvantaged have the right to be discriminated for. Yes, pet projects get special treatment, because we wrote it that way in 1982.

[@DanKac182]

Yes, the problem is also raising the tax

[@tommcd8471]

@@Dam-a-fence no one has a right to be discriminated for, and who decides whose disadvantaged? The small business owner struggling against giants is the one thats disadvantaged, the druggie thats nodding off on a street light downtown is simply facing the consequences of their actions. Something tells me you don't see it that way though, so i ask again, who decides whose disadvantaged?

[@masterdad-zf9po]

Hear hear

[@tristanbarron7976]

The government has created nothing of value over the last 7 years. Government jobs created to fund government programs with zero return in gdp. That's why it's tax tax and more tax

[@zorglubz1606]

Dishonest is too polite a word, it's more of an outright lie. The gov intentionally did not clearly communicate to the public that the increase is also for businesses and that their inclusion rate is 0$ and not 250k, but instead they chose to mislead by focusing on the 0.13%. Lots of small businesses and people that are running small businesses are impacted.

[@EnnoSquared]

Ah yes all those gen Zers clearing 250K per year on meme stocks that just want a house :(

[@DanKac182]

So I guess if they do make more we can simply steal for them

[@zorglubz1606]

Tax increase applies to businesses and their threshold is 0$ (not 250k), so businesses get the tax increase on the first dollar. 3.22 million businesses are impacted. You're welcome to do the research.

[@EnnoSquared]

@@zorglubz1606 Did you watch the video? He directly mentions gen Z trying to buy houses as an example of who this would impact. There’s legitimate criticisms of this tax change but meme stocks are not one.

[@JakeBfromUofT]

LMAO I was coming down here to say the exact same thing. This guy is a dumb fear mongering finance bro and the host (who he ironically praises for being smart) is 1) ill informed on the issue she’s reporting on or 2) also a fool for not mentioning the $250k thing. “Is this a capitalist economy or a communist one” freaking sent me. Ah yes, communism is when there’s approximately $22k more in tax on your $250k gain lmfao

[@jimmason8502]

@@zorglubz1606 The guest, Eric Jackson, is referring to small investors, not businesses.

[@fredleung1517]

Liar is a liar, never change. Who will believe in what Trudeau says anymore. Resign now.

[@user-zj4sl1oz4y]

The capital gain inclusion rate is designed for the purpose of encouraging entrepreneurs to risk their capital to invest. And in return, they get a slightly better tax rate for their capital appreciation. Higher capital gain will discourage investment and hence the low productivity issue will never get fixed, wages/salaries will be stagnant/shunk because the pie (economy) will get smaller and smaller. The middle class population will continue to decline. This is scary where we as a country are heading into.

[@shauncameron8390]

Think Lenin's Russia/USSR.

[@masterdad-zf9po]

Not just scary. Frightening.

[@retireddude3397]

Bull. Buying an ETF of blue chip stocks doesn’t help investment at all. The govt cld and shld have measures to reward risky invts in Cdn biz. This guy suggesting stock traders who make over $250K in capital gains per year are folksy middle class peeps is a joke

[@josephsmith594]

Trickle down economic theory has been proven false by every metric. We’re already seeing more inventory in the real estate market as rich people started selling off their investment properties to people who need a home to live in. Regarding trading, who do you know who has 250,000 in the market, and how badly do they seem to be struggling.

[@hchalz]

Of course it's not only the rich. The future of Canada is 100% taxation. Trudeau and Freeland will give everyone a bunk bed and 3 potatoes a day. All of us will work tirelessly 24/7 out of pure love and loyalty to Trudeau and Freeland

[@camels9654]

You're not far off. They want you to work and give them all your money, and they'll decide what you get.

[@Marxistsrcnts]

I only just bought my first house at 52, here in TO. I dumped some $$ into stocks about 10 years ago. And that was my down payment. Without an equity or crypto, their us NO WAY to get a down payment.

[@Martin-qm2lg]

Need many more business leaders in Canada like this man!

[@alanmacification]

All business people are basically dishonest. They must be banned from public office as they are not public servants but are out to manipulate the system to their and their cronies' personal benefit.

[@annalee5751]

The GST started in '91 when $30 grand was a full fledged business. Now $30k is a used car. If you think used cars won't be $250k in 30 yrs, come with me back when gas was 40 cents, but Justin wants 61 cents in just the one carbon tax.

[@phil-l]

I think we should tax each comment on youtube!

[@jimmason8502]

@@phil-l Give Justin another 4 years and we'll see that. BTW, yours is a bozo comment.

[@jubjub09222]

And? Tax is always BS, regardless. You'll only force out rich people, then be left with no choice, but to lower the standards. Rinse and repeat, until you're taking money from everyone. Tale old as time.

[@Prediculous]

How true

[@Mcmastergirththesplitter]

No kidding all our pensions are in there.

[@TuckerTV-rb3rd]

Gov jobs were 52% of the new hires. Justin is turning our dollar into Zimbabwe wallpaper where the gov pensions are now about $100 a month. They don't pay your pensions in USD.

[@user-oz4nn3jw8p]

83% jabbed Canadians won't live long enough to see their pensions.

[@tim9747]

Only impacts rich people that can afford to max out their registered accounts.

[@Kimi_Bu_]

I don't get why the government instead of increasing NRST taxes (for when foreign buyers buy real estate property in Canada) instead of increasing taxes for canadians. (I do get why. It's because they decided to ride the hot real estate market instead of encouraging anything else economy-wise and now it's too late for them to fix because if they act on the real estate, it can possibly pop whatever economy bubble we are in.) It just shows that the government is doing things to make the numbers look good, not doing things that are best for the country/people. EDIT: Also, I read that the new inclusion rate will only be applied on capital gains OVER $250k, so unless you categorize the 'not rich' in a category that is able to have capital gains/year over $250k, then it's not really dishonest that it will mostly only affect the rich. Please discuss with me if you think otherwise. And I say mostly because it will probably affect some upper middle class who sell their 2nd real estate properties that could have over $250k gain

[@CraZY.pRIME.]

The stopped foreign buyers in real estate for 3 years I believe a year ago and now they added 3 more years to that.

[@murrayhinde4368]

Thank you Eric Jackson for your excellent thoughts on the increased Capital Gains Tax.

[@terryengesser4330]

Finally some hard talk on how ridiculous this capital gains tax increase is. He did an amazing job as most people just talk around the issue to be politically correct and not 'rock the boat'

[@martinfriesen2247]

Correction: stock traders would have to make over $250,000 per year. And traders may have to report gains as income if they actually run it as a business. And you can't run a business in a registered account.

[@seanhewitt603]

Its an entrenched combative aristocracy, not a capitolist democracy. Until the businessmen are weeded out of parliament AND the senate is made into an organization of ELECTED officials, instead of appointed ringers.🙄.

[@robertwidz9384]

Everyone, communist, said.

[@jimmason8502]

People in their 20s won't be hit by the new inclusion rate until their capital gain is $250,000 or more and I can't imagine any of them have that kind of money in play on their Wealthsimple apps.

[@haw286]

The capital gains tax will not only impact the rich, but also a lot of seniors boomers, who bought douplexes and triplexes, now retired will see their retirement sa inns when downsizing melt away! I an the prime example of that category and am terrified at the prospect!

[@martindubreuil6289]

The government spending is out of control and we're footing the bill😡

[@CraZY.pRIME.]

Wow, did you just learn what taxes are for?

[@GorillachipsTV]

We agree with him 💯

[@samgabriel2360]

When stupidity runs amock and rampant, it requires infinite intelligence to figure out how to bring things to sanity

[@OKmoomer]

Obviously meant to target the retail traders since if that wasn't the case, we would have seen this years ago with the advent of the "Teslanaires."

[@CraZY.pRIME.]

It use to be 75% inclusion rate.

[@kZod]

oh man!...love this gentleman's bluntness and directness...clearly he lived in the US...thats the problem with us here, we pretend to be capitalist but all our policies suggest other wise.

[@Marxistsrcnts]

CapGains is not income: Do you hand over to your employer 20k, 100k, 1m investment in order to collect a paycheque? Can you deduct your lost income like Cap Losses are a deduction?

[@CraZY.pRIME.]

Yes you can deduct losses. Also income is income.

[@mikeb5664]

It's not that big of a deal.

[@ruidykeman7422]

250k + capital gains in a year means you are rich and can afford to pay. This man is ridiculous.

[@funkspinna]

What's ridiculous is discouraging people from investing and operating businesses in Canada. It only encourages them to move out of canada, reducing Canadian productivity.

[@theowoytowich9959]

@@funkspinna Agree

[@TheGuby123]

I can also afford to leave.

[@brookb2233]

It also means you’re not going to invest your money into Canadian businesses and that hurts the entire country. Also any money in corporations and in trusts will get that tax rate no matter the amount so that will hurt lots of business owners and families.

[@APICSKH]

@@funkspinna Any businesses which do well they just sell to Americans anyway so no difference.

[@He_baes]

Capital gains um... stuff and and taxes and um stuff really doesn't make sense.... are ya really sure you know what your talking about? I didn't hear any solutions or rational here

[@icantwiththis]

Justin just takes and takes and takes!

[@lindaschneider1596]

❤Amber's program

[@chrisjohnson2261]

Did this guy do any research on the topic at all. BNN this is sad

[@adame3265]

I don't think he's aware of the $250,000 threshold. How he got on BNN is the big question.

[@andrewwedzik1655]

The financial analysts on here aren't usually this dumb..

[@bradfirth]

The guest is the one who is not being dishonest. The listeners deserve better. Thank-you.

[@djsiii4737]

Dude lost all credibility when he started talking about communism.

[@jeremiahpeters6264]

Pretty dumb take. So youre saying it will impact the rich and meme stock traders.....oh the horror.

[@annumkhosla]

Its time to leave this country. I cant wait. Counting days

[@tivertontom]

very misleading ... only a bit more tax on any portion Over $250K ... first 250K/year is same rate

[@carlosan23]

If I make 100k a year. I get taxed over all of it. Why these people that have it so well only pay around 50% of the gains they make when they sell securities or other assets. The level of gaslighting it’s unbelievable

[@gofuckufucku2661]

Because investing helps the economy and you are RISKING your own money that you ALREADY paid income tax on, use your brain! Raise capital gains tax, less money is invested and less money the government and economy gets. Why should someone who’s investing their hard earned already taxed money get taxed twice ?

[@kellyhou9594]

This is because government wants to encourage people to invest.

[@carlosan23]

@@kellyhou9594 if you invest you don’t sell your stocks in a short period of time, investments come to fruition over medium to long terms, if anything, speculative investment is worse for companies. That argument doesn’t hold water.

[@theowoytowich9959]

How do you think these people got their securities and assets. Most of these people took some of their hard earned income on which they paid taxes on and took a risk and bought some securities and assets. IF they lose their money its on them ( no recourse)

[@kellyhou9594]

@@theowoytowich9959 That is 100%true

[@APICSKH]

Yes all of us making $35/ hour that is 75K per year, are also going to get effected with the capital gains tax. Stop the nonsense, I support the capital gains tax. If you have capital gains over 250k then you’re rich. And you will be just paying tax on 66% above 250 K. It is not 66% tax. Go sell the BS to someone else.

[@darrylmcphee8265]

If you make $35 an hour, your not playing your cards right if it doesn’t effect you. Start investing.

[@JoseLopez-hp5oo]

Absolutely even if you have spare money to invest, there are many tax free options to middle income earners such as TFSA. IF you have so much income that you exhausted these tax free options, then your rich point blank.

[@bogeybichon7000]

why do you feel the government should be ENTITLED to anyone else's money?

[@APICSKH]

@@bogeybichon7000 You made me think. They already don’t know how to spend the money they have. I guess they need that money to pay off the debt they accumulated in the last ten years.

[@CraZY.pRIME.]

@@darrylmcphee8265 If he does invest chances are he won't hit the 250k threshold so he would still just pay the 50% inclusion like always.

[@andrewthaboss6643]

"Are we more of a communist society?" 😂 What is this guy talking about? If i had cap gains exceeding 250k as a young person...uuuh yea, I'm pretty damn well off, lmao.

[@barrybrand2970]

Guess you never going to inherit anything and are unaware of how business operates from citizens investing in stocks. Get educated how capitalism works or buy into evil communism and you will be happy and have nothing.

[@waynejpark560]

Businesses, including SMALL businesses , do NOT receive the 250k exemption. They pay the new cap gains rate on every penny of cap gains. The Liberals conveniently leave that part out.

[@MarcMelis]

Give me a break!…This guy’s (and many others interviewed on this program) argument is so full of it and, I believe, purposefully omits the facts to scare people. Anybody personally impacted by the proposed change to the Capital Gains inclusion would have to, in any one year, make over $250k in capital gains outside of any of their registered accounts. Those people, young or old, are, by definition, rich. And even then, it’s only the excess over the $250k that is impacted, so to say that it’s a 32% tax increase, is a lie. Why do the interviewers not push back on this and be honest with their viewers? First it was the Dr. scare, now it’s “let’s scare the young generation” so that I can keep more of my millions. If you’re going to argue a point, at least be honest with the facts.

[@josephsmith594]

I love all these complaints about how rich people paying a bit more tax is going to make poor people poorer. Cry me a river.

[@thetruedemocraticnorth]

4:46 as if capitalism was an economy that will exist forever 😂. it won't! capitalism will eventually die due to the rate of profit...

[@theowoytowich9959]

And what will replace capitalism? We have tried communism and it was a disaster?

[@thetruedemocraticnorth]

@@theowoytowich9959 socialism is a higher economic dimension transcending capitalism. socialism was never tried without civil war, external invasion, militarism and government distabilization.

[@brookb2233]

@@thetruedemocraticnorthmove to china or Cuba and tell me how you like it hahah

[@thetruedemocraticnorth]

@@brookb2233 capitalism will end globally, it doesn't matter where you stay or go.

[@APICSKH]

What happens when all the small fish are consumed by big fish. Then big fish will start killing each other?