Capital gains on equipment and land corp vs personal in budget 24.

[SASKFARMER]

Some one explain as if I was Trudeaus speed what’s going on now with capital gains after June 24.

corp vs private.

land in corp vs just equip and land personal or just personal.

this change is going after our young starting out.

the gov isn’t ever been here to help you.

where did Trudeau and twitchy hide their money?

or should we just all have left years ago to the Cayman.

[wrongway]

you will own nothing and be happy

[SASKFARMER]

Thats what socialist Canada is starting to look like. Third world shit show run by a ****ing useless clown.

[SASKFARMER]

It looks to me like its the 99% getting screwed for the 1%

[SASKFARMER]

Any one have info.

[BTO780]

Farm for sale must be signed by June 24. Great deals to be had, after that date price goes up 16%.

[SASKFARMER]

I agree anyone retiring is ****ed

[GALAXIE500]

Getting out of farming due to retirement is a tricky accounting exercise at the best of times. There is only so much wiggle room , and then you are right in the crosshairs of the government tax , tax and more tax scenario.

So is renting the land out ( long term or short term ) the way around it?

Just looking for opinions .

The Conservatives if they get a majority will have so much damage control to do , that it will take a solid 4 year term to clean up some of Trudeaus crap , and then hope they can win another 4 year majority to actually get anything accomplished.

[SASKFARMER]

I agree we have so many problems thanks to Captain socks who now is way worse than his father ever was. He is a idiot

[GALAXIE500]

When Ontario and Quebec vote for a leader who has never , ever , had to worry about money , or how to earn it, save it , or go without it , this is what the rest of the country is shackled with !

[blackpowder]

Retirement has been a multi year process for some time.
If your accountant or advisor has a limited knowledge or laissez faire attitude, get better ones.
If your head is still in the sand, your heirs will simply suffer more. Be realistic and proactive.
Honestly, I believe there is more naivety regarding heirs than taxes.

This has been on the wall for years.
I'm surprised it took this long and only went this far. But it's still a lot.

Regarding economic principles, I don't feel anyone in Govt today qualified. The masses are swallowing every word.

[Herc]

Death and taxes…..or is it taxed to death…..either way she’s a complete shit show….

[15444]

Hot off the press.

• An item that could have a significant impact on members when property is sold is the government’s intention to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024. The lifetime capital gains exemption will be increased to $1.25 million effective the same date, which allows Canadians to exempt this amount in capital gains tax-free. Please consult your accountant or tax expert for additional information on this item.

?

[Taiga]

50% to 66% is a pretty big deal.
The capital gains exemption increase is insignificant.
Maybe the budget won't pass?
Yeah I am dreaming, Jag is currently getting his pockets lined and will surely vote for it.

[SmallTimeOperator]

So if it’s $250,000 or less per year, is it still 50% of the gain is taxable? And only the dollars above the $250K per year go to the new 66% is taxable? That’s what it sounds like. Can anyone clarify?