Wealth Tax

[Taiga]

Liberals are going after net wealth, whether you have the cash or not.
-a three per cent tax on net wealth over $10 million and five per cent on wealth over $20 million

https://financialpost.com/diane-francis/diane-francis-wealth-tax-is-a-foolhardy-ploy-to-keep-spending

[furrowtickler]

Socialist regime taking over

[jazz]

Personal or corporate assets? or both?

Has to be personal based because they wont go after the Westons and Demarias corporate fortunes. These guys already have their personal assets stuffed in the Caymens so no harm there.

But farmers could possibly shuffle some assets to their corporations to shelter?

[Taiga]

Good point Jazz, I assume personal because she (the author) mentions this as a double taxation. But normally a personal net worth calculation would include any share in business(s), no?

[shtferbrains]

Does this mean no drought acre based payment?
Just more taxes instead?

[helmsdale]

Personal or corporate assets? or both?

Has to be personal based because they wont go after the Westons and Demarias corporate fortunes. These guys already have their personal assets stuffed in the Caymens so no harm there.

But farmers could possibly shuffle some assets to their corporations to shelter?

Net wealth still comes across in your possession of shares of said corporation.

If they go this route it's going to be a paperwork nightmare. How does one "efficiently measure" net wealth whereby efficiency is the ease of assessment.

Do you now have to register the purchase of every single non-consumable personal item? Do they take a guess at who might be worth 10 million and then send someone to appraise every possession they have? Do you reappraise every year? Do you assume inflation affects all personal posessions equally? Do you only pay this once or do individuals who pay it the first time have to pay yearly now on the net gain in net wealth? What happens when said net wealth evaporates or falls? Does one get a tax credit? A refund?

Do you treat economically productive non-consumable wealth differently than easily liquifiable wealth?

But politicians gotta politic...

[jazz]

Good point Jazz, I assume personal because she (the author) mentions this as a double taxation. But normally a personal net worth calculation would include any share in business(s), no?

Has to be a way around this by splitting up assets between family members and/or spouse. Family trust?

A lot of your wealth would be tied up in the home quarter and they cant touch that either. Or get some more debt to offset your net wealth. Anything but hand it to Trudeau or sell assets to pay for it.