CAPITAL GAINS Tax in Canada - How it ACTUALLY Works (2024 Increase)

How are Capital Gains Taxed in Canada? What are the Tax Changes on June 25? Will I Pay MORE in Taxes? Is this a Wealth Tax? What If I Sell My Home? How are Corporations Affected?

The CAPITAL GAINS TAX in Canada is changing on June 25. There has been a ton of confusion and misinformation on this so I want to break it down with facts and numbers. This increase in capital gains tax will not affect most Canadians but it will affect you if you are selling real estate or if you have a corporation or trust. I break this all down with detailed examples, to help you plan ahead! 🇨🇦

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SKIP AHEAD ⏩
-Intro: 0:00
-Capital Gains: 0:30
-67% Tax??? 1:05
-Will This Affect You?: 1:38
-Sell Real Estate: 2:35
-Sell Stocks: 3:34
-Who is Affected? 4:11
-Example - Salary: 4:58
-Example - Capital Gains: 5:49
-Example - New Capital Gains: 6:34
-Most Tax Efficient Income: 7:48
-Corporate Capital Gains: 8:27
-Tax Integration: 8:50
-Corporate Exemptions: 9:22
-Should You Sell Now? 10:03

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#CapitalGainsTax #CanadaTax #CRA #FederalBudget #2024Budget #CapitalGains #CanadianTax #TaxIncrease #TaxHike

[HumbledTraderOfficial]

Finally we have a video and voice of reason about this capital gains change. I’ve seen way too much BS and misinformation about this… just to stir up panic and drama for views🤦‍♀️ thanks Adrian 🎉

[JAMGAR]

It’s not a big deal in your example of making 300k profit on a cottage (only 50k over the exemption) but if you make 1.25 million you pay tax on 67% of a million
I’m hearing stories about doctors that are very upset who invested in a cottage many years ago which is worth a lot more now and were going to sell it for retirement
Some speculate that more doctors will leave Canada and cause even more of a doctor shortage

[pinkcichlid]

Umm... but how do you expect to have a successful YouTube channel with a rational voice and no fear mongering in this day and age?

[derrickcatterall]

One of the things that is not taken into account with capital gains is that in most cases it’s not all profit. Inflation is baked into the “profit” portion, and that is why the 50% inclusion rate becomes more palatable.

If you own a secondary residence like a cottage for 40 years, sure there is a different in purchase and sales value, but how much of that is inflation, how much tax should be pain on the lost value of the dollar?

[MrStillmans]

Hey, I really appreciate this clear rundown.

[no-way-can-it-be]

thank you great info. What about a small farmer who wants to sell his land not incorporated. capital gains would be over 400k same rules apply ?

[youtubevipmod]

I'm still confused. :/ If I bought a house some yrs ago @ $500K and I sell @ $ 1.4 mill$ = $900K profit - $250k = $650 taxable? How much taxe$ will I end up paying? And selling a primary residence is tax free? How long do I have to reside in the primary residence? What if I sell my principal residence and take residence in the second property? What is Exemption 121? Thanks.

[amirmohammadsherkat]

Thank you, Looking forward for the corporation video

[travisbaynham]

I'm sorry you're receiving some hate for this video. I've learned quite a bit from them. Keep creating!

[mbmb]

Thank you for a very clear explanation!

[nicoledoumontentrepreneur]

Thank You for sharing your knowledge!!

[demo_a]

so the taxable gain is added to the marginal tax rate bracket plus whatever is there remaining from the income in that bracket and then taxed?

[McNuggetEh]

Hi. If you sell a home for more than 500, 000 would this affect your marginal rate? I am a low income earner -40, 000 and trying to understand what the marginal rate would be for BC if I sold a rental property. Thanks.

[johnnyBravo]

One sec, if you had a cottage for 5 years and sold it for 300k more, then isnt that 60k per year? Its not like all the value came in that last year, shouldn't the gain of 60k be declared each year? Also what happens if you loose 100k on an asset, can that be used to offset the 300k?

[princessroyal]

But if you buy a preconstruction home for 800, 000 can you turn around and sell it for 800, 000 was there a capital gain and if so, what am I taxed?

[motoarzan]

THE GUY WITH $250k income is already paying double the income tax, 53.53% vs a guy with $40k income paying 24%.

[martyntimmings]

What about capital $ improvements made to a property if I’ve invested 100k to the property (new addition) doesn’t that come off the taxable gain?

[khaledfkry]

@humbledtraderofficial Thanks for your video as usual.
I have a question
If i have stocks in rrsp at institution A and want to transfer these stock to fhsa in another institution B.

Can I do that?

If yes.
How they evaluate the stock value?
The average cost price, or the current market price at the time of transfer.??

[Monty-]

What if I Sell stocks one Million and
Make half a Million profit and spend all the money to buy another stock. Do I still have to pay capital gains on that half a million?

[simonvillecourt]

What if you live on a farm or acerage, aren't you taxed capital gains on land over a couple acres?