New Capital Gains and Secondary Property
Justin Trudeau latest budget 2023/2024 has been focus on wealth taxes through taxation changes on capital gains:
Justin Trudeau after 8+ years has decided that go after wealth will be his focus point as way to bring back votes to his party. I have written many blogs over the years on areas like wealth. You cannot tax and spend a country to prosperity. Here is my blog on wealth taxes — https://www.slideshare.net/slideshow/wealth-tax-does-the-world-need-a-wealth-tax/235966701
Let’s now talk about capital gains:
What are capital gain?
A capital gain is the increase in a capital asset’s value and is realized when the asset is sold. Capital gains may apply to any type of asset, including investments and those purchased for personal use. The gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes.
How did Canada get to current state of affairs (Income Growth and Housing)?
Justin Trudeau took office in 2015 and promise to support people entering the middle class. Trudeau decided to push his progressive agenda. The problem is that Trudeau focus and lack of experience with his cabinet and MPs led to poor policy decisions that impacted business productivity, the skills gap, innovation, etc. https://medium.com/@paulyoung_81567/has-justin-trudeau-supported-the-middle-class-april-2024-7e8229a58e4f
Is Justin Trudeau playing a dangerous game?
Rechie Valdez does her talking the points the reality is the new capital gains tax will cause more harm than good. https://medium.com/@paulyoung_81567/2024-2025-budget-canada-federal-government-f8af6d68032d or https://www.cp24.com/news/doctors-say-capital-gains-tax-changes-will-jeopardize-their-retirement-is-that-true-1.6861241 or https://medium.com/@classonde/urgent-concern-regarding-proposed-capital-gains-tax-changes-and-their-impact-on-canadian-innovation-20d013b2ca6a
I am all for tax fairness but policies like the carbon tax and capital gain tax are poorly constructive just like many liberals policies. Canada GDP per capita decline can attributed to many of Trudeau’s failed policies. https://medium.com/@paulyoung_81567/how-justin-trudeau-stray-from-his-fiscal-guardrails-4c9afce11f7c
Many individual have moved money towards rental properties. Secondary properties like cottage are now under attack. https://financialpost.com/real-estate/cottage-owners-face-big-decision-capital-gains-tax
Justin Trudeau needs to get his fiscal house including tax fairness and program spending — https://medium.com/@paulyoung_81567/2024-2025-budget-canada-federal-government-f8af6d68032d
Paul Young CPA CGA
Paul is public policy expert that writes many articles on public sector including review of public sector policies.
Blog — Has Justin Trudeau and Federal Liberals been Open, Transparent, and Accountable to Canadians — https://www.slideshare.net/paulyoungcga/do-canadians-have-trust-with-justin-trudeau-government-july-1-2023pptx
Justin Trudeau and his team continue to make claim that their government has been open, transparent, and accountable to Canadians. My presentation provides information that can help you with your assessment of the openness related to Justin Trudeau and his government.
Additional Links and Sources
2nd carbon tax — https://www.taxpayer.com/newsroom/canadians-can%E2%80%99t-afford-trudeau%E2%80%99s-second-carbon-tax
Ports and Strikes — https://financialpost.com/pmn/business-pmn/dockworker-strike-at-canadas-biggest-ports-to-fuel-inflation
Housing costs — https://www.theglobeandmail.com/business/article-real-estate-housing-news-july-1/
Business outlook — https://ca.news.yahoo.com/canada-business-outlook-drops-inflation-143000470.html
Lithium — https://www.mining-technology.com/news/genius-metals-paka-lithium/
Natural Gas — https://www.bloomberg.com/news/articles/2023-07-02/china-is-buying-natural-gas-like-there-s-still-an-energy-crisis
Oil Production — https://www.livemint.com/market/commodities/saudi-arabia-output-cuts-to-kick-in-from-july-will-oil-prices-rise-again-11688229823798.html
Clean Transition — https://www.ctvnews.ca/business/federal-provincial-governments-ill-prepared-for-transition-into-clean-energy-sector-report-1.6462061
ESG — https://theintercept.com/2023/07/02/esg-investing-sec-climate/
Stock Market — https://www.investors.com/news/stock-market-forecast-for-the-next-six-months-flashes-caution-signs-after-tech-stocks-big-gains/