Comments by "Pac Man" (@pacman3556) on "Small business owners will be hit by capital gains tax" video.

  1. it is not a tax. It is a change to the inclusion rate on capital gains. Restaurants don't make their money to survive by capital gains. They make their money through the sale of food which is 100% taxable income. So this change has nothing to do with restaurants or their operating margin.
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  2. no it won't It only affects people making over $243K in capital gains each year. So only about 5% of Canadians.
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  3. Small business owners don't seem to understand what is going on: 1- Small businesses follow business tax laws not personal income tax laws that the inclusion rate is on. 2- Small businesses make their money from selling a good or service which is 100% taxable not a capital gain. When small business owners pay themselves it is like a wage or salary so that is considered personal income that is 100% taxable. It is not a capital gain 3- Small business owners make their money including their retirement fund from the goods or services they sell. They save their entire life time from income earned selling a good or service. They shouldn't rely on the sale of their business for income (doesn't make sense how do you make a living if the thing you use to make a living needs to be sold) 4- the vast majority of assets in a business go down or depreciate over time. They don't usually go up. Equipment, cars, office furniture etc etc all depreciate over time. Owners are allowed to write off that depreciation on their income statement which lowers the amount they earn....in other words they are getting a tax break on the depreciation of their assets by lowering the taxable amount of income. Now they want a tax break on assets that go up also? 5- if someone actually is making a capital gain on the sale of their business then they should pay taxes on that gain. Everyone that works at a job has their income taxed and have their savings for retirement taxed. Even when people put the money in an RRSP it is taxed when it is removed so why should someone that owns a business be allowed a tax free retirement plan when everyone else has to pay tax? How is that fair? Even with the change to the inclusion rate instead of paying taxes on only 50% of their income (from the capital gain) they will now have to pay 65%. Everyone else pays 100% on their income. So it is about time they pay an equal share. 6- a capital gain is not realized until you sell the asset to determine what that gain is so people that own a small business will continue to operate their business as they always have been and it won't effect them at all. It is not until they sell the business that they determine what the value is and if it is a gain or loss. So nobody that needs their business to survive will close down their business because of this change. And when they do retire and sell the business if there is a gain then it goes to the points above- they should pay the same for their retirement fund as everyone else.
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  4. PP doesn't have a background in finance either and he doesn't understand how this change to the inclusion rate works so he would be another clown if we elect him.
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  5. yeah it is a lie when they say a change in the inclusion rate will effect small businesses. It won't.
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  6. it is not false. It is not a tax. It is a change to the existing inclusion rate on capital gains And as already stated businesses do not make their money through capital gains. Their source of income is from the sale of goods and services to people. In the OPs example they make money selling food. That income is full taxed. Also this change is on your PERSONAL income tax form not your business tax form. It won't effect the daily operation of a business at all. Take your own advice and read and learn instead of spewing out the BS people like PP tell you.
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  7. so it won't effect 95% of Canadians including you so stop your whining
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  8. nobody is bankrupting small businesses. Small business don't make their income from capital gains. Everything they make through the sale of goods or services is 100% taxable income so this won't effect them at all. And govt owned and operated monopoly? Like what? You want to start talking monopolies try looking at a company like Weston Ltd (Loblaws) or our entire food supply chain that operates as an oligopoly which this inclusion rate provides favorable tax deductions.
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  9. Everyone needs to learn what a capital gain is before they even comment. Businesses don't make their money through capital gains. They make it through the sale of goods or services which is considered income that is 100% taxable income A capital gain is when someone buys an asset for a low price (houses, cars, stocks etc) then sells it for a higher price. The difference between the low price and high price is the capital gain. It is income made through the buying of an asset at a low price then selling it at a higher price. BUSINESS DO NOT DO THIS. They sell GOODS and SERVICES to people. Business also follow business tax rules. The inclusion rate for capital gains is on your PERSONAL income tax forms so it won't effect a business at all When a business owner pays themself it is a salary or some form of wages which is 100% taxable income. They are not paid as a capital gain. This change is of the inclusion rate on capital gains over $243K a year. Most business owners are not in that range. If they were then they are high income earners that would pay 100% tax on that $243K. This only applies to capitals gains which it should be applied too. Why should someone that earns $243K pay less in taxes then someone making the same amount working at a job or small business. I don't support the liberals but don't let PP and the conservatives lie to you.
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  10.  @spiderjerusalem6887  doesn't matter he is running to be our leader. He should have an understanding of how our tax laws work and basic financing. He also doesn't know basic things like what level of govt is responsible for what. For someone that wants to lead our country he should have knowledge of what is federal jurisdiction and what is provincial or municipal. For someone that has been in politics most of his life he sure has very little knowledge and hasn't really done a thing for us.
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  11. good go...we don't need any more drama queens here. Bye.
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  12. @geekinasuit 1- people take risks and it is people that have money that can afford to take more risk....why should a rich person be allowed to pay less in taxes because he has the ability to play the stock market and take risks Also most rich people have advisors that lower their risks so they don't face the same risks the average person that doesn't have an advisor. Overall you want to take risks that is up to you. You make money great....pay taxes on it. What you don't realize is you lose money that is a capital lose and people get to write that off also. So either way someone pays less in taxes. Not really far to the working person 2- small business owners have nothing to do with this. they don't make their money from capital gains each year. 3- the govt gives plenty of breaks. And it seems the bigger the corporation the bigger the breaks.....you forgetting about corps like GM that took billions in loans so they wouldn't go bankrupt only to take the money then close the factories anyway? Look up how much money are these new car battery factories getting. The list goes on. 4- when you sell and retire you should pay taxes on that retirement fund. The rest of us work our entire life time paying taxes on our retirement funds or we pay taxes on our RRSPs when we cash them out so why should we pay taxes on our retirement while someone else pays less or has a tax free retirement? How is that fair? 5- stick to employment is a personal choice. Everyone makes their personal choice based on ones own needs, desires etc. How one makes a living is completely up to them.....the point is not how one makes a living but that we should all pay the same fair share in taxes on what we earn. Allowing people to write off income on capital gains over $243K a year not only makes the tax system less fair but it makes it more advantagous to rich people and makes the middle class pay more.
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  13. no it won't the difference between earned income and capital gains has been explained to you. You have to have the mind of a boiled cabbage at this point for you not to understand it. You clearly have no idea how our tax system works or have ever filled in a personal income tax form. Business won't incur any extra costs so there are no extra costs that trickle down. However since you want to talk about trickle down effects your suggestion that we should give tax breaks to the rich so that money trickles down to the poor is called "Trickle Down Economics" that was introduce by Regan in the 80s and it has failed horribly for the last 40 years. You clearly have no idea what you are talking about it is sad you want to argue and make yourself look ignorant on a topic you clearly know nothing about.
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  14.  @butwhytharum  yes sole proprietorship is one form of business. Partnership is another form of business. In both cases the business owner(s) (usually) pays themselves in some for of wages that is fully taxed. Another form of business is a corporation....business owners can pay themselves through dividends if they are a share holder. So you want to start talking dividends? Because dividends are like capital gains. Individuals are allowed to claim a certain percentage of income made through dividends on their PERSONAL income taxes. In other words just like capital gains there is also an INCLUSION RATE on dividends (not the total tax paid on a capital gain or dividend- that is the MARGINAL TAX rate) 1- dividends are not capital gains. So a change in the inclusion rate on a capital gain will still not effect the income of a small business owner nor will it effect the daily operation of the business 2- people are allowed to deduct somewhere around 35% of income from dividends from their PERSONAL income taxes. To put it into easy to understand examples: Person A makes $100K in salary or wages- that income is fully taxed at the marginal tax rate of about 33%- so they pay 100K times by 33%= $33K in taxes that they pay to the govt Person B makes the same $100K but from dividends. This person is allowed to write off 35% of that income and only pay on 65% of the income. So they pay the following- $100K times by 65%= $65K that they claim as income. If they fall into the same marginal tax rate they pay about 33% in taxes or $65K times by 33%= $21450 in taxes to the govt Looks like small business owner paying themselves in dividends is getting a tax break compared to the person making the same amount in wages However how is any of that relevant? This is about capital gains and capital gains regardless of the type of business is not realized until the asset is sold to determine if there was a gain or lose and what the amount is. How a business owner pays themselves annually, weekly, etc is not relevant. They are not paying themselves in the form of a capital gain. You don't seem to understand what a capital gain or what an inclusion rate is or how it is applied/ calculated on a PERSONAL (not business) tax form.
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  15.  @ebug80-oh3bm  the govt is taking money from small business owners the same way they take money from everyone. The govt has been doing this under all parties since Canada was founded as a country. However they are not taking money from them as a capital gain. So wtf does your comment have anything to do with the liberals at this specific point in time or the change to the inclusion rate on capital gains?
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  16. how is making rich people pay their fair share in taxes illegal?
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  17. I don't support the liberals but it is not a lie. Businesses don't make their income from capital gains. This won't effect them at all.
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  18. 1- this is not a tax. It is a change to the existing inclusion rate on capital gains. 2- this effects rich people. You really think rich people are going to vote to increase the amount of taxes they have to pay? Invite us middle and working class....we should all support this change. It is time rich people pay their fair share.
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  19. Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
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  20. Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
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  21. how is making the rich pay their fair share criminal? Letting rich people get away without paying taxes while the rest of us struggle is what is criminal.
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  22. no anyone making over $243K a year in capital gains are the wealthiest. That is why they are changing the existing inclusion rate on capital gains over $243K a year. Maybe learn instead of just letting PP use your hatred towards the liberals make you say whatever he tells you.
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  23. this won't effect you at all. It is clear you are not a small business owner or have lousy advice. You don't make money yearly selling your business so this won't effect your income at all. And if you make money selling your business (i.e. you are using your business as a retirement fund) then you should pay taxes. The rest of us work our entire lives also and we pay taxes on our retirement fund so why should you be any different. Why should you get a tax free retirement fund when the rest of us have to pay taxes on our retirement fund throughout our entire working life? Pay your fair share.
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  24. 1- profit earned by businesses is not a capital gain.....this change doesn't apply to them 2- if someone is making over $250K then they are not middle class and they should pay their fair share in taxes.
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  25. I don't support Trudeau but businesses don't make their money from capital gains they make money selling goods and services which is 100% taxable income. Also this is a change in the existing inclusion rate on personal income taxes. Business follow business tax laws they don't pay personal income taxes so this won't effect a business at all. You are so hate filled toward the liberals that you are willing to ignore reality and how our tax system actually works and let PP tell you whatever you want to hear. Easily led fool.
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  26. Your plumber, mechanic, electrician, private nurse caring for people at home, convenience store owner, all small businesses working for themselves don't make money from capital gains you fool. They make it through the sale of a good or service which is 100% taxable income.
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  27. this won't effect you at all so pull your panties out of your butt crack and settle down.
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  28. I don't believe everything any politician tells me however it will only effect about 5% of Canadians. Learn what an inclusion rate on capital gains is instead of believing every word PP and the conservatives tell you.
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  29. what does the way people vote in Toronto have anything to do with a change in the inclusion rate on capital gains?
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  30. exactly. Business owners actually get to write down the cost of an asset through depreciation then sell it for less then they bought it for. People must be out of touch with reality if they think a business operates different from individuals and can somehow buy an asset like a car then sell it for a major profit (over $243K) years later when the average individual losses half the value of that same car when they drive it off the lot.
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  31. if you are calling this a 61% capital gains tax when it is really an inclusion rate that your marginal tax rate of about 33% is applied to then Freeland is correct.....you don't know anything.
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  32. @martinfries That is not what was said nor is that the change that occurred. You don't pay taxes on the first dollar you earn on capital gains. There is an 50% inclusion rate on capital gains so you don't pay taxes on the first half of your capital gains. You pay tax on the second half. If you make $100 in capital gains you write off 50% or $50 so the first $50 you don't pay tax. You pay tax on the remaining half. And nobody said you don't pay tax on money up to $243K. You have an inclusion rate of 50% up to $243K. Meaning you can write off 50% of that income and only apply tax to the remaining half. Anything over $243K you can then only write off 35% of that income and tax only applies to the remaining 65% You seriously need to understand what an inclusion rate is and how it is different from a marginal tax rate.
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  33. ​ @thimblemunch24 no that is not how it works If you spend $20 on a stock and it goes up to $100 dollars then you made $80 in capital gains income ($100 sell price minus $20 buy price) You are then allowed to write off 50% of that income and only claim 50%. Meaning you only have to pay taxes on $40 (50% of your capital gain that you claim as income). Marginal tax rate is about 33% so you pay 33% tax on $40 for a total of $13.20 in taxes on that $100. ($40x33%) To put it in comparison if someone earns the same $100 in salary or wages that $100 is fully taxable so they pay $33 in taxes on the same $100 ($100x33% tax rate) You are correct if you make over $243K a year in capital gains then the rates on anything over $243K changes. You can still claim 50% of your income up to $243K a year (meaning you can still write off half or $121.5K) however anything over this amount you can now only write off 35% (or need to claim 65%) Since no business owner, middle class or working class person makes over $243K a year in capital gains this change only effects rich people. The lower the inclusion rate the less income taxes a rich person needs to pay....how is that fair?
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  34. making rich people pay their fair share in taxes is madness?
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  35. you are not being taxed more. This isn't a tax. It is an inclusion rate and it only effects people making over $243K a year in capital gains....so only about 5% of Canadians. Pull your panties out from between your a$$ cheeks and settle down
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  36. wtf are you babbling about? If you were to draw a Venn Diagram of racists vs ignorant people it pretty much would be a circle.
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  37. this isn't a new tax. It is a change to the existing inclusion rate on personal income taxes. And it won't effect you at all so pull your panties out of your butt crack and settle down.
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  38. nothing you wrote has anything to do with a change in the inclusion rate on capital gains so wtf are you going on about?
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  39.  @prophetofthe8th  anyone that sells an asset for $1M for retirement should pay taxes. We work our entire life saving for retirement and taxed on all that income and savings the entire time. Why should someone get a tax free $1M retirement fund while the rest of us have to pay tax on your retirement fund?
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  40. it isn't a capital gains tax. It is an inclusion rate you fool. And it isn't the highest in the world. it is in line with most first world nations. You must confused with the MARGINAL tax rate that is applied to the income on capital gains after the inclusion rate is applied. That MARGINAL tax rate is about 33% on the last dollar which is also comparable to other countries.
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  41. no we don't. This is not a capital gains tax. It is an inclusion rate. You don't even know the difference so don't comment.
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  42. Anyone that believes this BS needs to learn your tax system and the difference between income earned through wages, salary or the sale of goods & services and a capital gain. I don't support Trudeau but this is not a political stance. This is fact on how our tax laws and personal income taxes work. Currently people that make over $243K a year in capital gains can claim 50% of that income as tax free income and pay taxes on only half that income. Compared to people that make income from any other form of income (wages, salary, sale of an item etc) that pays taxes on 100% of their income. Business owners do not make their money through capital gains. They are not effected by this change. They make their money through the sale of a good or services which is 100% taxable income. If you want to hate the liberals....go right ahead that is your right to free speech....but it doesn't change how our tax system works You want to talk political philosophy.....go right ahead.....but it has nothing to do with how capital gains on personal income works You can talk whatever you want but learn the tax laws and what capital gains are and what an inclusion rate is (not a tax rate). Don't let politicians (from any party) fool you into believing BS. Educate yourself and learn instead of just repeating what other people tell you so they can get elected. THIS WILL NOT EFFECT 95% of CANADIANS INCLUDING SMALL BUSINESS OWNERS. THIS WILL ONLY EFFECT THE RICH AND IT IS TIME THEY START PAYING THEIR FAIR SHARE IN TAXES.
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  43. so you support letting the rich pay less in taxes?
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  44. making the rich people pay their fair share in taxes is detrimental to Canadians? Really? Explain.
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  45.  @LHLK-q2v  yes it is true try learning the tax system and what capital gains are instead of repeating BS that these right wing nut jobs are telling you. Don't make all this into some political agenda and actually learn how taxes work and what capital gains are.
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  46.  @LHLK-q2v  electricians, plumbers, shoe stores, anyone working for themselves--- none of these people make their money from capital gains. They make it through the sale of a good or service all of which is 100% taxable income Investors however could make money through capital gains. Example someone that buys and sells houses for a living makes money through capital gains- not a realtor that makes commission from the buy and sell which would be 100% taxable icome- but money through the buy of a house at a low price and selling at a high price and using the difference in money as their income- that is a capital gains. And absolutely of course they should pay taxes on that money. We all pay taxes so why shouldn't he pay tax on his income like everyone else. If you understood capital gains and how the inclusion rate works you would understand that the person making money through capital gains currently pays half of what the rest of us to so why should they pay half what we do just because they made the money from selling a house (or some other asset) while the rest of us pay 100% taxes just because we got it working for a living. Since this change only applies to people making over $243K a year and rich people are the ones that make more of their money through capital gains this will only effect the rich. It won't effect you or 95% of Canadians. It is about time rich people started to pay their fair share.
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  47. LHLK @user-fl1pc7zu7f It absolutely is true. Try learning our tax system and what a capital gain is before you repeat the right wing nut job BS people like PP tell you. This is not a political stance. This is a fact about how taxes work in our country. electricians, plumbers, shoe stores, anyone working for themselves- if I asked any of these people and if they know the tax laws then they would know it wouldn't effect them at all. Not a single one of these people make money through capital gains. These people make their money through the sale of a good or service.....that income is 100% taxable income. Not effected by the change in the inclusion rate on capital gains over $243K a year at all. You don't seem to understand what this change is. Learn instead of repeating what other people tell you.
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  48. @earthworm Comparing a tax on an inelastic product that we all need to buy to an inclusion rate on capital gains on personal income taxes is horribly naive and ignorant. A tax (like the carbon tax) is completely different then an inclusion rate (like the proposed change to capital gains). They are not even remotely the same. You clearly have no idea at all what you are talking about.
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  49. no it won't. Learn before you spew out nonsense.
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  50. "logical conclusions on how extra cost is trickled down"-- THERE ARE NO COSTS YOU FOOL BUSINESS DO NOT MAKE THEIR MONEY FROM CAPITAL GAINS. THEY WILL NOT INCURE ANY EXTRA TAX COSTS YOU HAVE NO IDEA HOW OUR TAX SYSTEM WORKS However if you want to start talking about how things trickle down when you suggest businesses and rich people should get massive tax breaks because the money they save will trickle down to middle and working class people then what you are suggesting is "Trickle Down Economics" that was introduced by Regan in the 80s and for over 40 years it has failed miserably. But that is way off topic just like your comments are way off topic from inclusion rates.
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  51. BUSINESSES DO NOT MAKE THEIR INCOME FROM CAPITAL GAINS. BUSINEESSES WILL NOT INCURE A TAX EXPENSE THAT WILL TRICKLE DOWN TO ANYONE. YOU HAVE NO IDEA WHAT A CAPITAL GAINS IS OR HOW OUR TAX SYSTEM WORKS However if you want to talk about "trickle down" by claiming rich people should pay less in taxes because it will trickle down to middle and working class people you are suggesting "Trickle Down Economics" that was introduced by Regan in the 80s and has failed horribly for 40 years. It increases the wealth gap between rich and poor. However that is off topic just like your ignorant uneducated ill informed comments are about how business will be effected by capital gains.
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  52. LHLK electricians, plumbers, shoe stores, anyone working for themselves-- they are not "investors" they are self employed workers and every penny they earn is 100% taxable income. They don't make their yearly income from capital gains. They make it from working at their job. You don't have a clue what a capital gain is so you should shut the fu$ck up.
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  53. this not a tax. it is an existing inclusion rate. And the purpose of this change is to make rich people pay their fair share in taxes.
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  54. so what you are saying is 100% of people polled are ignorant on how our tax system works and will blindly say whatever PP wants tells them to say.
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  55. @LHLK- businesses don't make their money selling their business each year. This won't effect them. And when they do make money selling their business for retirement then they should pay taxes. We all pay taxes on our retirement funds why should they be any different? Why should we all pay taxes on our retirement funds but they get a tax free retirement?
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  56. why would a mom and pop shop close because of a change on the existing inclusion rate on capital gains for rich people? wtf are you babbling on about?
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  57. This won't effect thousands of businesses. They don't make their yearly income from capital gains. If a business owner is stating this effects them then they don't understand basic tax laws. And good luck not paying your income taxes. You won't get far with that.
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  58. I don't support the liberals at all. And your questions are irrelevant to the topic on hand. This is a change to an inclusion rate on capital gains. This is not a tax on businesses. Businesses do not make their yearly income from capital gains. They make their income through the sale of goods and services which is not a capital gain and is 100% fully taxable. This has nothing to do with political party. It is basic tax laws. You are just an angry right wing nut job that has no clue what you are talking about.
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  59. I am not liberal at all. And how one votes is completely irrelevant. This is basic tax laws. Businesses make their yearly income from selling goods and services which are not capital gains. Their income is and always has been 100% fully taxable. You need to learn the tax system and what a capital gain is before you speak and look foolish.
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  60.  @butwhytharum  I addressed #6 First the business gets favorable tax rates by writing off the depreciation of their assets. They are already getting a tax break on those assets Second the assets tend to go down meaning a capital loss not a capital gain (if they didn't go down they wouldn't be claiming depreciation). Third if someone is selling their business and making a lot of money from that sale to use for their retirement then they should pay taxes on that gain. Essentially what is trying to be argued is the owner is using their business as a retirement fund. The rest of us that work for a living pay taxes on our savings throughout our entire working lives. And anything that we put into RRSPs are taxed when we withdraw them. So why should a business owner have a tax free retirement fund when the rest of us are taxed our entire lives on our retirement fund (or if it is an RRSP taxed when withdrawn)? How is that fair? And to continue on that thought......when individuals that are taxed on their income it is 100% taxed (i.e. we make 100K we are fully taxed on that amount) however by claiming a capital gain the business owner is only taxed on half of that gain (i.e. if they make the same 100K but through a capital gain they only have to pay taxes on $50K compared to workers that have to pay taxes on the full 100K)-- how is that far? Why should they be able to write off half of their retirement fund and pay tax on only half of it when the rest of us have to pay on the full 100% amount? Also the capital gain is not realized until the owner sells the business. So this wouldn't effect the daily operations of any business at all. Nor would it effect any income they earn over the duration of their operation. That money is made through selling a product or service which is 100% taxable income- not a capital gain that is effected by an inclusion rate. It makes no sense at all for a successful business to close operations because of a change in the inclusion rate on a potential capital gain made through its sale years or decades into the future. No business owner would close their business that is their source of income today because of an unknown gain some time way in the future In other words- using basic numbers as an example- if you are a 30 year old (or any young age no where near retirement) business owner making $150K a year (or any amount that you feel sufficient to make a living and keep the business open) would you close that source of income that you live off of because in thirty or forty years you will have to maybe have to include 15% more of the income from the sell of that business on your tax form? Not likely. You will keep operating your business as usual. This won't effect the daily operation of business at all.
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  61.  @butwhytharum  yes they do pay themselves in some form and usually it is in the form of a salary. Yes they do see their business as a "piggy bank" or more accurately they see it as a way to earn money to make a living. You think they are just in it for fun? No....they are in business to make money. That money is not a capital gain so it is 100% taxable and is not effected at all by the change in the inclusion rate on capital gains. (It is income earned not a capital gain).
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  62. I addressed #6 First the business gets favorable tax rates by writing off the depreciation of their assets. They are already getting a tax break on those assets Second the assets tend to go down meaning a capital loss not a capital gain (if they didn't go down they wouldn't be claiming depreciation). Third if someone is selling their business and making a lot of money from that sale to use for their retirement then they should pay taxes on that gain. Essentially what is trying to be argued is the owner is using their business as a retirement fund. The rest of us that work for a living pay taxes on our savings throughout our entire working lives. And anything that we put into RRSPs are taxed when we withdraw them. So why should a business owner have a tax free retirement fund when the rest of us are taxed our entire lives on our retirement fund (or if it is an RRSP taxed when withdrawn)? How is that fair? And to continue on that thought......when individuals that are taxed on their income it is 100% taxed (i.e. we make 100K we are fully taxed on that amount) however by claiming a capital gain the business owner is only taxed on half of that gain (i.e. if they make the same 100K but through a capital gain they only have to pay taxes on $50K compared to workers that have to pay taxes on the full 100K)-- how is that far? Why should they be able to write off half of their retirement fund and pay tax on only half of it when the rest of us have to pay on the full 100% amount? Also the capital gain is not realized until the owner sells the business. So this wouldn't effect the daily operations of any business at all. Nor would it effect any income they earn over the duration of their operation. That money is made through selling a product or service which is 100% taxable income- not a capital gain that is effected by an inclusion rate. It makes no sense at all for a successful business to close operations because of a change in the inclusion rate on a potential capital gain made through its sale years or decades into the future. No business owner would close their business that is their source of income today because of an unknown gain some time way in the future In other words- using basic numbers as an example- if you are a 30 year old (or any young age no where near retirement) business owner making $150K a year (or any amount that you feel sufficient to make a living and keep the business open) would you close that source of income that you live off of because in thirty or forty years you will have to maybe have to include 15% more of the income from the sell of that business on your tax form? Not likely. You will keep operating your business as usual. This won't effect the daily operation of business at all.
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  63. I agree the middle class are over taxed which is why you should support this change to the inclusion rate on capital gains. It won't effect middle class at all and will make the rich people start paying their fair share.
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  64.  @funkspinna  take your own advice and learn to read. This is not a tax. It is an existing inclusion rate that is changing. And as already stated small businesses do not pay themselves in capital gains. They make their money through the sale of goods and services were are not a capital gain and is 100% fully taxable. Learn the tax system instead of BS that incompetent politicians tell you before you comment.
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  65. funny how you are willing to let the rich take advantage of you then call it communism.
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  66. how is asking the rich to pay their fair share pi$$ing in your face?
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  67. so does anyone that doesn't support changing the inclusion rate on capital gains.
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  68. you sound foolish
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  69. nope this isn't a tax it is an existing inclusion rate and it will only be applied to anyone that makes capital gains over $243K a year....so the rich. It won't effect 95% of Canadians. The only one lying in this case is PP.
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  70. no it's not. Small business owners don't make their money from capital gains each year. They make it from the sale of goods and services so they are not effected at all by this. You are believing lies by rich people to make themselves richer at your expense. If you want to support the middle and working class you should support this change to the inclusion rate on capital gains. This isn't a political stance or one party vs another party. This is about making rich people pay their fair share in taxes.
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  71. no your comment is not true. Middle class people do not make $243K a year in capital gains so a change on the inclusion rate on capital gains over $243K a year won't effect them at all. Small businesses do not make their money from capital gains so won't effect them either The rest of your comment had nothing to do with the topic.
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  72. ​ @nathaliesavoury7736 1- middle class are people that make between $53,359- $137,000 as defined by Stats Canada (and that is from all sources of income) There if you make over $243K a year in just capital gains (not even including other sources of income) then you are not middle class 2- My calculations are not shallow. They are the exact tax laws. This is by tax law a change on the inclusion rate on capital gains over $243K per year. It is basic law. not a calculation at all. 3- middle class will pay nothing for this. They do not make over $243K a year in capital gains. This will not effect them at all As per point above if they are making $243K a year in capital gains then they are not middle class. They are wealthy. 4- net worth is completely irrelevant. This is not a tax on net worth. It is an inclusion rate on capital gains. 5- self employed or employed by someone else is not relevant. Those forms of income are not capital gains and they are 100% taxable. This is a change on the inclusion rate on capital gains You don't seem to know even basic tax laws. Learn before you comment. This won't effect you at all and by going against it you are just simping for the richest of the rich in our country and allowing them to get away without paying their fair share in taxes.
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  73. you sound foolish
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  74. nobody is taking your money. You don't make over $243K a year in capital gains so take your panties out of your a$$ crack and settle down
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  75.  @thimblemunch24  Good. Everyone is taxed on their savings. Everyone pays taxes when they cash out their RRSPs when they retire. We are all equal in this country. Why should someone selling an asset for their retirement fund pay less in taxes (or no taxes at all) then someone that worked their entire lives for their retirement fund. Also most small businesses like plumbers, contractors etc only have value in the business based on their name and the personal service they provide. Once most small business owners retire they close the business not sell it for a major gain because other people don't want to take on a business under someone else's name (reputation etc) but build their own small business. You can try and argue that a person is buying the assets of the business but assets depreciate. Which on the off topic let's business owners write off part of their income which over the year's allows them to pay less in taxes. So you want to give them tax breaks through depreciation the entire length of the business then give them further tax breaks when they sell the business.....during that entire time you pay 100% tax on your income? You think that is far? You don't seem to understand what a capital gain is. This won't effect small business owners at all. Learn before you comment.
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  76. @thimblemunch Business owners don't sell their business every year for income. They make their money through the sale of goods and services which is 100% taxable income. Not a capital gain or effected by a change in the inclusion rate If someone is using their business as a retirement fund then they should pay capital gains when the business is sold. We all work our entire life to save for retirement and our entire life we are taxed on that income and our savings. Or when we cash out RRSPs we are taxed. Why should we work our entire life paying taxes while someone else gets a tax free retirement fund? We are all equal in this country. Let them pay taxes on their retirement fund just like the rest of us. We all work just as hard.
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  77. ​ @thimblemunch24 So what? Who cares what your definition of income is? You need to learn the difference between income from work compared to income from investments and more specifically money earned through capital gains on investments. There is a big difference between the two. If you can't figure out the simple difference between income people making working at a job (salary, wages etc) compared to income earned from a capital gain then you have no input on the topic because it is clear you do not know enough about the topic. You don't even know the basics of the topic. 1- on percentage bases I don't believe businesses pay more than personal income (I would need to go back through stats but I am pretty sure the marginal tax rate on a business is not 33% or more) 2- your comment is completely irrelevant because business do not make their income from capital gains. This goes to the entire point that starts off this reply.....learn the difference between income from things like wages, salary or in the case of business the sale of a good or service compared to a capital gain Businesses make their income from selling goods or services. They are not making their yearly income from a capital gain. Businesses lose money on their assets and slowly write them off through depreciation. You are clueless if you think that a business buys an assets like a truck or car and makes money on it when they sell it several years later when the average person loses money on that same truck or car the minute they drive it off the lot. Everyone pays taxes. Everyone pays sales taxes, Everyone pays income taxes. We all pay taxes. And on a percentage bases of income it is middle and working class that pay the most. Time rich people start paying their fair share.
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  78. ​ @thimblemunch24 yes it is a definition from the dictionary of google. What your tiny mind seems unable to grasp is there are different forms of income. Salary, wages or the sale of a goods or service are considered forms of income however none of them are a capital gain. Capital gains are a source of income that is completely different from salary, wages or the sale of a good or service and the change only effects income from capital gains. Anyone that makes income from a salary, wages, the sale of a good or service which is the vast majority of us (or about 95% of us) will not be effected by this change. Business do not earn their income from capital gains. They make their income from the sale of a good or service so they are not effected by this change. You have no clue what you are talking about and need to learn the different forms of income and what a capital gain is before you even reply.
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  79.  @thimblemunch24  yes your tiny mind. It seems in capable of distinguishing the different type of income. You seem to think salary, wages or the sale of a good or service is a capital gain. You seem to think all forms of income are the same. They are not. So again....try and learn the difference between a capital gain and all other forms of income (like salary, wages or the sale of goods and services which have nothing to do with this topic)
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  80. ​ @user-fl1pc7zu7f companies do not make their income buying low and selling high. Convenience store to mechanic to plumber to electrician to anyone in private business make their living selling a good or service. Selling a good or service is not a capital gain. it is 100% fully taxable income. It was explained to you in the comment you replied too. Maybe read and learn instead of just repeating BS rich people and PP tell you.
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  81. this doesn't effect small business at all. Learn before you blindly bleat out the garbage PP tells you.
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  82. nope...help the little guy by making rich people pay their fair share in taxes.
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  83. yes you are a clown if you think this will effect you or the little guy. The "little guy" doesn't make over $243K a year in capital gains. Your comments really make you look foolish
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  84. ​ @shauncameron8390 rich people do not pay their fair share in taxes. And it is because of things like the inclusion rate on capital gains. Changing the inclusion rate will close the income/ wealth gap and make rich people start paying their fair share. It won't effect the middle or working class at all.
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  85. middle class workers don't make $243K a year in capital gains. It won't effect them at all. So take your panties out from between your bum cheeks and settle down.
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  86. it depends on how the pension plan makes it money. If they make money through something like interest (bonds, GICs etc) then that is 100% taxable. If they make it through dividend payments on stocks they bought then tax is paid on about 65% of that income. If they make money from a capital gain then currently they only pay tax on 50% of that income but the new changes will mean they pay on 65%. It doesn't matter what pension you put your money into. It is not about what pension it is. It is how the money is earned to determine what classification of income it is. You need to learn a little bit before you comment.
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  87. I have educated myself. That is why I know you are full of $hit. You clearly are not a business owner because you can't even figure out how small businesses make their income. This won't effect you at all. It is sad you have you panties up your a$$ crack over something that doesn't even effect you. Take your own advice and educate yourself. You can start by leaning this isn't a tax hike you fuc$king id$iot. It is a change on an existing inclusion rate.
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  88. this won't effect you at all so take your panties out of your bum crack and settle down you little drama queen.
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  89. what's your point? How is this change relevant to your stats? If I had to tie the two together in anyway then this change is great because it will make the rich people pay their fair share in taxes which helps reduce the wealth gap that leads to the stats you listed.
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  90. wtf are you babbling on about?
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  91. PP and the conservatives are not listening either. The people of Canada want the rich to start paying their fair share which this change to the inclusion rate on capital gains will do. If you don't support this change then you really are not supporting the struggling Canadian.
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  92. so you are voting to give the rich tax breaks at the expense of the middle and working class. Don't cry when they get richer and you get poorer.
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  93. you sound foolish.
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  94. so you think letting rich people pay less in taxes is socialism?? You don't seem to understand what socialism means. Letting rich people get away with things middle and working class cannot get away with is a better example of capitalism then socialism
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  95. there math isn't off. PP and they guy in this video is lying to you. Learn what an inclusion rate is and how it affects only rich people.
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  96. huh wow. Typical right wing nut job reply. Instead of actually learning you just blindly repeat the stupid $hit that PP told. Typical ignorant right wing fu$cktard.
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  97.  @LHLK-q2v  If my plumber, electrician, mechanic, private nurse, contractor or construction people working for themselves know the tax system and what an inclusion rate is they will tell me and everyone that it wouldn't effect them at all. All these people and all those occupations make their money through the sale of a good or service or a salary or a wage none of which are a capital gain so it would all be 100% taxable income. Only an ignorant fool would think all those people earn their money each year through capital gains and make over $243K a year so would be effected by this. You should learn instead of repeating the BS PP and his right wing MAGAtards tell you.
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  98. @aradcliffe585 Typical right wing nut job conspiracy BS reply. This has nothing to do with any political party. This is a fact on how our tax system and tax laws work. Learn before you spew out ignorant nonsense. There is no way you are an accountant if you cannot tell the simple difference between business tax and personal tax There is no way you are an accountant if you cannot tell the simple difference between income from the sale of a good or service and a income from a capital gain There is no way you are an accountant if you cannot tell the simple difference between an inclusion rate and a marginal tax rate Normally I say learn before you comment but it is clear you prefer to turn things into some political debate based on lies then really understand how our tax system works. And that is why you are ignorant and will always remain ignorant.
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  99. nobody is taking your money. You don't make over $243K a year in capital gains so take your panties out of your a$$ crack and settle down
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  100.  @danielquintieri  nope I am telling you factually how our tax laws and system works. Maybe understand how personal income taxes are calculated before you comment and look foolish.
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  101. @marvinpineda5066 Yes this change is good. It makes rich people start to pay their fair share in taxes. It was this way up until the late 90s early 2000s. It is going back to the same thing. Nothing happened back then so nothing will happen today...except rich people will now have to start paying more of their fair share.
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  102. @budzzablerides....so what? PM should understand finances if he is the leader that will control finances for our entire country. It is called being qualified. If you want to call out Trudeau as a drama teacher that isn't qualified to lead the country then you have to take a look at PP qualifications also.
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  103.  @BudzzableRides  how is a change on an existing inclusion rate taxing small business?
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  104. changing the inclusion rate on capital gains makes rich people pay their fair share in taxes. If you want to support middle and low income earners you should be supporting this change.
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  105. nobody is taking your money. You don't make over $243K a year in capital gains so take your panties out of your a$$ crack and settle down
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  106. then leave. You won't be missed. We don't need more little drama queens like you. Bye
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  107. what do doctors have anything to do with this topic?
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  108. 1- you are allowed a one time lifetime exemption 2- if you do make over $243K in the sale of an asset (or make a capital gain) then you should pay taxes. The rest of us have to pay taxes on our retirement funds. And the income we taxes on is 100% taxable. You are already getting a tax break by getting to write off 50% of your income and only paying taxes on 50%. You are no different then the rest of us that worked our entire lives just like you. Pay your fair share of taxes like the rest of us. Edit-- and by the way--- the inclusion rate (that this change is all about) was about 75% thirty five years ago. This change is going from 50% to 65% so you are still going to pay less when you sell today then you would have 35 years ago. You are still paying less. So stop your crying you big baby.
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  109. ​ @geekinasuit8333 1- no that was not what was said. I believe they said it effects about 5%. However if you want to use your figure of 0.13% great....then it effects even fewer of us and pretty much guarantees it doesn't effect you so pull your little panties out between your bum crack and stop crying. 2- yes "wealthy people". This effects people making over $243K per year in capital gains. By definition middle and working class people do not make $243K a year in capital gains. If they did they wouldn't be defined as middle or working class. They would be defined as wealthy. So this proves point #1. Since the vast majority of us are defined as middle and working class it won't effect the vast majority of us. 3- yes PER YEAR.....so what? Are you not aware of how our tax system works??? You pay personal income taxes each and every year.....part of paying your income taxes is declaring what income you received from capital gains...so every year or PER YEAR you need to pay taxes on capital gains....and if you make over $243K in capital gains then every year that that happens it will effect you. What part of you claim income taxes or fill out a tax form PER YEAR (or yearly) confuses you? 4- it won't effect millions of people over 20 years because millions of people don't make $243K in capital gains every year. (do you really not understand a basic term like PER YEAR? 5- only the super wealthy make over $243K each year. Middle and working class don't make that kind of money....goes to point #2....if they did make that kind of money they would not be considered middle or working class. 6- this won't really effect someone's retirement fund. More than likely it is some form of RRSP or pension income that is no where near $243K per year that they get. If it is from the sale of some type of asset then there is a once in a lifetime exemption. Neither scenario effects a middle or working class individual 7- there are no taxes on inheritance. Again you don't seem to understand our tax laws. Learn before you talk on a subject you know nothing about.
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  110. no shit to what?
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  111. business won't be effected by this at all. Their income is not a capital gain and is 100% fully taxable.
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  112. I don't support Trudeau but I do support making the rich pay their fair share in taxes which is why I support a change on the inclusion rate on capital gains. If you support the middle and working class you should do the same. If not you are letting the rich take advantage of our system to avoid paying their fair share.
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  113. from the rich. About time they start paying their fair share in taxes. It won't effect you at all so take your panties out from between your as$ checks
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  114.  @LHLK-q2v  how is explaining what a capital gain is nonsense. Your comment proves you have no idea what a capital gain is let alone how the inclusion rate is applied to it. You seem so proud of your ignorance.
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  115.  @geekinasuit8333  trucks don't increase in value over time. They depreciate. You don't sell a truck for a capital gain.
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  116. better then PP using my money to bail out his rich friends and supporters.
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  117. wtf are you babbling about?
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  118. thanks for the pointless comment. I will take it as admission you can't explain wtf you are babbling about.
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  119. what is 0.0013%? What is that a reference too or how is that relevant to the topic?
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  120. 1- Canada doesn't control the prices of everything. Prices are dictated through supply and demand...simple economics. And inflation is world wide 2- Canada was built on people coming to our country. If you don't want more people coming here then do your part and have more kids to sustain our population. 3- nobody is taking your job away. If you don't have a job that is all on you. Get an education, get better qualifications, get a trades license. Do something other than blame other people for your failures. 4- immigrants have no control over the supply of money. Money is a limited commodity until a govt decides to issue more. It has nothing to do with immigrants. 5- what is the point of your $100 a day calculation? What are you trying to prove or explain? 6- nobody is shutting down our farms. However if you want to discuss farms it is big business not the govt that is "shutting down" or more accurately buying out our farms and turning our system from small farmers into an oligopoly in which a few large corporations control the production of our food. However what does any of your points have anything to do with a change to the inclusion rate on capital gains on your personal income taxes??
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  121. this has nothing to do with immigrants you hate filled ignorant cowardly little racist. You want to be a MAGAtard go to the US.
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  122.  @rickvervoort9536  says the guy promoting tax favours for the rich at the expense of the poor.
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  123.  @DeeBoroff  we all work our a$$ off for years. Why should grandpa be allowed a tax free retirement fund when the rest of us that worked just as hard as him have to pay taxes on our fund?
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  124.  @rickvervoort9536  stating facts in not trolling. You need to work on getting an education. You show up on every video with an ignorant uneducated comment.
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  125. yes the liberals are incompetent but how is making rich people pay their fair share in taxes incompetent?
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  126. ​ @shauncameron8390 people that make over $243K a year in capital gains. Middle and working class are not making that.....if they did they wouldn't be defined as middle or working class. Your answers can easily be found with a simple Google Search...try it some time.
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  127. what design? Wtf are you going on about?
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  128. nail salons don't make money from capital gains you id$iot. This won't effect them at all.
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  129. why is making rich people pay their fair share in taxes a bad thing?
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