taxes

[joop]

doing taxes and just checked capital gains tax if i sell my first house .50% federal,50% provincial,may as well give them the house.what a joke

 

[bholler]

doing taxes and just checked capital gains tax if i sell my first house .50% federal,50% provincial,may as well give them the house.what a joke

Are you really saying that you pay 100% of your profit in capitol gains tax?

 

[joop]

seems like it'federal and provincial have same percentage,no point selling may as well give it to the kids when i cease to exist and let them deal with it lol

 

[joop]

they put profit on your yearly income and the tax you at 50%

 

[bholler]

they put profit on your yearly income and the tax you at 50%

Ok but they can't both be taking 50% of your income

 

[bholler]

Ok I looked it up and only 50% of capital gains is taxable. That doesn't mean they take 50% it means they put 50% of your capital gains into your income and that then get the tax rate applied to it after deductions etc

 

[joop]

ya but problem is both levels of government hit you at 50% not much left

 

[bholler]

ya but problem is both levels of government hit you at 50% not much left

That's not what the tax code says at all. 50% of capital gains is completely untaxed. The other half has the normal income tax rate for your bracket applied to it after deductions. If they both took 50% of your income there would be nothing left

 

[joop]

i hope your right lol ain't selling and how in the hell do you guys get info so fast

 

[bholler]

Google canadian capital gains tax rates. And I just found that atleast federally you have a lifetime capital gains deduction of over 900000

 

[joop]

i have to get an accountant lol thx bholler at least one of us has some brains

 

[johneh]

Joop
Better hurry up and geter done. To avoid any penalties on what you owe you have to fill by midnight
Tomorrow
Just filed the wife's and mine, not in a good mood now
First time in the 58 years I have filed I owe them money
And ouch did they take a bite

 

[joop]

wifes doing it now 6 grand lighter riggin friggin fraggin

 

[johneh]

wifes doing it now 6 grand lighter riggin friggin fraggin

I was pretty close at 5400. There goes the new
motor for my boat
I hope Justin enjoys it

 

[ABMax24]

You don't pay capital gains on your primary residence.

However if this is another home RRSP's are a good way around this too, if you buy a house for $400k and sell it for $500k you have $100k in Capital gains, but taxed at 50%. All you have to do is put $50k into an RRSP and you will have no tax bill from the sale. Most people have more RRSP contribution room than they will ever be able to use, and as such can use part of this room as a tax deferral mechanism.

In the 14 years I've been paying taxes I've never ended up owing at the end of the year, always a refund, this year a walked away with a $6,700 refund, the wife almost $1,000.

 

[TomMcDonald]

I was pretty close at 5400. There goes the new
motor for my boat
I hope Justin enjoys it

He'll enjoy it, but it won't be enough for him and he'll be back for even more next year.

 

[gthomas785]

It means you're taxed  on 50%, it does not mean your tax rate is 50%.

 

[mcdougy]

You can't hide from the tax man.....rrsp only delays the tax.....the man always gets his money, UNFORTUNATELY .