Ottawa looking at a wealth tax

[jazz]

Divide the farm into as many family members as possible.

Thats not really a solution. Kids get married, risk of settlement in a separation etc.

Might duck Trudeau for a few yrs and then transfer it back.

I a trying to think who might have 10M+ in assets in this country. Canada only has a handful of billionaires and millionaires and 1 percenters. I am sure they have everything liquid in Panama. Hard to move land and fixed assets offshore.

But there are families that have land held for 100 yrs, generational wealth, passed down.

This is basically a stealth inheritance tax.

[Partners]

Thats not really a solution. Kids get married, risk of settlement in a separation etc.

Might duck Trudeau for a few yrs and then transfer it back.

I a trying to think who might have 10M+ in assets in this country. Canada only has a handful of billionaires and millionaires and 1 percenters. I am sure they have everything liquid in Panama. Hard to move land and fixed assets offshore.

But there are families that have land held for 100 yrs, generational wealth, passed down.

This is basically a stealth inheritance tax.

Kids only names, not spouses..pre nupual agreement..
Daughter works at law office..got it covered..

[sumdumguy]

I guess JT will get taxed too since his net worth has escalated substantially.

[blackpowder]

https://financialpost.com/opinion/jay-goldberg-ottawa-looking-at-a-wealth-tax-to-pay-for-soaring-spending

a one-time three per cent tax on people with more than $10 million in assets, coupled with a one-time five per cent tax on people with more than $20 million in assets, would rake in $60 billion.

Does anyone note the irony in "one time"?

[jazz]

Some similar article said it would be calculated assets minus liabilities.

So go get a jumbo line of credit for a few yrs off every quarter until idiot boys Singh and Trudeau are history.

[STR1]

This appears to be a tax on individuals, not corporations. They would not after the rich Laurentian elite.

Imagine the dairy and milk cartel might have something to say about it. Maybe some of those multiple home owners in Toronto and Vancouver. But in reality this is mostly a tax on large private land bases.

I said before, it might be high time to transfer some land into a company just for pure protection.

Dont have to offshore anything, use the tools we have.

This is a budgetary item so it will need a budget resolution so 2023. Unless we can run Singh out of the country first.

I don’t think transferring assets into a corporation would side step this (if it was ever to happen) because all it would do is transfer your personal wealth from land you own personally, into shares in a corporation that you own personally, your net worth should remain the same just a different asset?

All corporations are owned personally if you follow the trails of corporations that own corporations that own corporations…………at some point there is a personal owner at the end of the trail.

I think the only way to get around it is to transfer (split) farm up amongst family members?

[helmsdale]

I don’t think transferring assets into a corporation would side step this (if it was ever to happen) because all it would do is transfer your personal wealth from land you own personally, into shares in a corporation that you own personally, your net worth should remain the same just a different asset?

Much the same with a "jumbo loan" on paid for quarters... unless you could convince the powers that be that you literally took the proceeds of said loan all in $100 bill's and shoved them into your fireplace to heat the house, last I checked cash, even if it might be trash, was still considered an asset.

[SASKFARMER]

Once They start this type of Bullshit it won't be a once in a life time thing it will be every 10 years or less.

Just watch it coming.

[Old Cowzilla]

Some similar article said it would be calculated assets minus liabilities.

So go get a jumbo line of credit for a few yrs off every quarter until idiot boys Singh and Trudeau are history.

After last years canola buyout some of my neighbors already have that covered. I'm not the best history guy but didn't that one time tax thing start when we had to pay for the last world war ? + 10 this morn and not raining.

[furrowtickler]

https://financialpost.com/opinion/jay-goldberg-ottawa-looking-at-a-wealth-tax-to-pay-for-soaring-spending

a one-time three per cent tax on people with more than $10 million in assets, coupled with a one-time five per cent tax on people with more than $20 million in assets, would rake in $60 billion.

https://youtu.be/nsIi5IDmALI

Maybe they need to tax the real wealth scammers

[TOM4CWB]

youtu.be/nsIi5IDmALI

Maybe they need to tax the real wealth scammers

France, Denmark, and a whole raft of EU Countries have tried the 'Wealth Tax' fiasco... and all stopped as it destroys innovation and drives creative innovative people out of the countries that are stupid enough to implement this foolish plan.

Cheers