Explaining Canadian Capital Gains Changes: Everything You Need To Know

[@smartfunds1]

Hey Bassem, thank you, your opinion is definitely matter for everyone doesn't understand taxes. So please feel free to enlighten us. Thanks

[@CanadianFinancePro]

Appreciate it thank you, I'm putting together an opinion piece about the budget as well.

[@smartfunds1]

@@CanadianFinancePro it's late a bit, but Happy Eid too🙏

[@JPs-q1o]

​@@CanadianFinancePro Ahhh...so it's also a hidden wealth tax.

[@Pedro.dh10]

Hey B, just found your channel.Great work - can't wait to dive into some investing info from a Canadian persepctive. I subscribed - I'm from Canada and have a question - did you ever do a paper trading video on IB ? I'm planning to use them for that and I'm not sure about using them for my actual trading. I opened an IE trading account thru CIBC but I'm not sure if I can do options trading there.

[@CanadianFinancePro]

Hey welcome! I actually just started a paper trading series on IB, the last 3 options videos I made were using $25K paper trading. Sadly, I'm not doing too well on my paper account :p

[@Pedro.dh10]

@@CanadianFinancePro Thank you. I had to lol and then col after I read your PT resullts ! Is the series available on your channel ? I think the volativity (choppiness ?) in the market might have to do with that result? Are you covering your trades to minimize risk? That might be another factor. I just joined Felix Prehn's Academy this week and it leads to IB and PT in the CDN market. I searched them on YT and your channel popped up. Perfect! I've been wondering about $ exchange, fees, all that would affect my profits here in Canada.

[@cinnabon888]

Trudeau has got to go, vote him out 😡

[@mike-ul1fi]

i appreciate the video but i'm not sure i agree, at 2:20 the number of 96k is not how much you owe, it is the amount that is added to your income for that particular tax year. correct me if i'm wrong by all means or if i'm misunderstanding what your saying. also i agree with cinnabon below, get him out before our country is destroyed or given away if its already not too late

[@CanadianFinancePro]

Yeah I was splitting the $350K into 2 parts. $250K is under the normal rules, I'm assuming you are in the top tax bracket, if you made $250K, then your tax rate is 25% (50% inclusion * 50% tax bracket). That gives us 62,500 tax, just on the first $250K. There's $100K gain now taxed at the new rate (67% inclusion * 50% tax bracket), that gives me an additional $33,500 .. how its I got the $96K total tax. Again, if this was your only income, you'd owe less, but I don't think anyone would ONLY have $350K capital gain, I'm assuming they'd have salary\dividends or something.

[@mike-ul1fi]

@@CanadianFinancePro aha! gotcha.

[@vicgill1980]

More deficit More taxes No more liberal government… we need a change

[@CanadianFinancePro]

Agreed, sadly, I don't know how it can be fixed at this point

[@JPs-q1o]

Ahhh...so it's also a hidden wealth tax.

[@iantc1622]

Let's see how long goverments that have tax and spend policies remain in power.

[@CanadianFinancePro]

Wait until you see the rest of the 'Budget'

[@AlexDiamantopulo]

Thanks so much for the video... This is pretty nasty though :(

[@CanadianFinancePro]

I believe its just the start. They introduce a new tax or higher tax, then it'll increase slowly, then it'll move down to middle class, then it'll increase again etc.