ACCOUNTANT EXPLAINS Budget 2024 Tax Changes | New Capital Gains Tax, Small Business Owners, Crypto

The 2024 Budget was released by the Government on April 16, 2024, and there were shocking changes that have caused a lot of confusion and drama. With the June 25th, 2024 timeline approaching, the proposed changes are supposed to take effect. In this video, let's go over how the tax changes might impact you.

00:00 Start Here
00:33 Capital Gains Tax
01:32 How Capital Gains Tax Works
03:33 Example Calculation of Capital Gains Tax
04:30 Why is the change to the Capital Gains Tax
06:05 Tax Breaks for Entrepreneurs
08:01 Capital Gains Tax For Corporations
09:21 Crypto Asset Reporting

Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
—--------------
MY FAV TOOLS

*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).
________________________________
CONNECT WITH ME
📸 Instagram: @GabrielleTalksMoney
________________________________
WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.

[aaronpereira]

Great!! now there wil be a searious hike in houseing price, no liquidation!

[Zilero]

great explanation, thanks for going into the details of the new breaks and corporate impact, not just the $250k personal exemption

[lunamorris]

Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!

[mhpc]

Great video !! when you mentioned about the crypto currency reporting is it mean that we have to report the crypto accounts in T1135?

[dealman]

Great, my cottages are going to be a problem 🤨

[oliverf.rupert]

One things for sure, more work for accountants. Good woman. 😘

[davidrockefeller]

What if you denounce Canadian citizenship, would you need to pay capitol gains? One couple on YouTube dropped Canadian and picked up Mexican because the capitol gains is only 10%.

[chion]

this is only the beginning, as the deficit grows, and more wasteful government spendings. so far in recent time, personal taxes, carbon taxes, capital gain tax, rain tax, next; property tax, dining tax, working tax, breathing tax, sunshine tax.... etc.

[JAMGAR]

The example you gave for 300K in capital gains has a small impact only about 4K more
But say you sold a luxury cottage for 1.5 million that you bought 25 years ago for 200K, you would be very upset
This is exactly what many doctors have done to save for their retirement and now the Liberals change the tax laws before they are ready to sell
We already have a doctor shortage
Experts are predicting this will cause more doctors to leave Canada and cause more of a shortage

[matthewsokalski]

This will absolutely crush multigenerational family farms. The existing inheritance tax is already overwhelmingly punitive to the largely unprofitable industry.

[kimchan]

Get rid of Trudeau. The problem solved.