New capital gains tax to create long-term problems in Canada's tech economy: Inovia partner

Dennis Kavelman, partner at Inovia Capital, joins BNN Bloomberg to discuss the new Canadian Federal Budget for 2024, and his critiques of the increase to capital gains tax.

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[devinhallsworth]

This is a tax on small business owners. The super rich have already gotten all their money out of canada and into offshore bank accounts.

[noneofyourbusiness]

If Bloomberg thinks more taxes of any kind are a good idea, they can damn well pay them themselves.

[cornstar]

Our current finance minister had her parents cosign her mortgage.

[mugwump]

So what I'm hearing is - we have to pay taxes when we sell our companies, and that will make us not want to sell our company?

[solo]

This has to be one of the most incompetent Canadian governments of all time.

[ElliotKeaton]

"Let's chase businesses out of the country purely out of envy!"

[kamenidriss]

The ingenuity of this gov't never ceases to amaze

[rikro]

This will push investment out of Canada, this is a horrible budget, takes all incentives to grow and build wealth and pushes people everywhere else. Startups will leave, businesses will leave, people with real wealth will leave, not create jobs, not invest period. This policy is backwards.

[r.l.rachel]

Work 35, 40, 45 years and diligently save / invest for retirement and Justin & Singh, his co-conspirators “TAX PUNISH” retirees. Shame, shame, shame…………….

[fretstain]

What IS the new capital gains tax? I just did a cursory search online and it's not clear to me

[dsbarclayeng]

This Capital TAx increase affects ‘middle class’ Canadians trying to build some equity for their retirement.
The very rich do NOT pay any tax: Trusts, Incorporation, Off-shore virtual ‘head offices’ in tax havens.

[lassiewho]

I own a small rental unit for my retirement. Kills me that the government needs $85, 000 when I sell it. Its the cheapest house in town so does not leave me with much

[Ont]

Attacking people has to end.
They should be building business up, people up, and communities up…
Instead they’re attacking business, people and communities with their insane taxation policies.

[Odysseus]

Imagine growing something you put your blood sweat and tears into and you finally think you made it and the government comes and says "hey thats pretty cool, good work, we'll take 66% of that now, good luck growing or doing anything else"

[peej]

that all stems down to cost of living.

[JJs_playground]

I have 2 acquaintances that moved to Texas for IT jobs. Cheaper housing, no state tax and better weather. This 75% capital gains tax is going to make it worse for Canada.

[Animalcanam]

Stick in the spoke is a perfect explanation. Trudeau really really really needs to go away and stop ruining our country further.

[CanadaMath]

In 2004 I wrote a somewhat famous article called 'Top 8 reasons not to immigrate to Canada'. In short, the Canadian authorities tried to destroy my life. They made it so that I could not be employable in Canada. So I moved to the U.S. in 2005 and then some years later I moved permanently to the Philippines. I am happy that so many years later videos like yours are saying essentially the same things that I did. I was ahead of my time. I will never go back to Canada. Not to live, not to visit, not even a connecting flight. Too cold, too expensive, **taxes are astronomical**, no culture, no freedom, no jobs, no opportunities, only modern slavery, worst healthcare system, unbearable political correctness, crime infested/drug infested, xenophobic people, too depressing. It has become a North Korea style dictatorship in the western world.


Their are many reasons why Canada has fallen apart. But the number one reason is ‘multiculturalism’. My friends, multiculturalism simply does not work. Different cultures do not come together and mix, different cultures come together and clash. The world is divided into different countries for a reason: because people hate each other and only want to be with their own kind. The number two reason for Canada’s demise is ‘socialism’. In this modern era of aging populations, it is mathematically impossible for socialism to continue. The government does not have the money to take care of old people and provide healthcare, pensions and the various other benefits, even with the astronomical taxation that burdens hard working Canucks. Well Canada, you had a good run. Time for Canucks to move to an emerging country. We welcome you here in Southeast Asia.

[jean-pierrearcoragi]

Are we falling apart oh sorry falling behind 😢

[Ukarumpa]

Will the capital gains be computed from June 2024, or all the way back to when someone bought a second home 40 years ago?