How to Avoid or Minimize Extra Tax From New Higher Capital Gains Tax

♦How to Avoid or Minimize Extra Tax From New Higher Capital Gains Tax♦

You may have heard that we just had a new budget here in Canada, and increased the taxes on capital gains.

Canadians with a rental property, cottage or investments and their tax advisors are scrambling to figure out what to do before the deadline of June 25, 2024.

Here are the questions we’ll cover:

• What is the new higher capital gains tax?
• Who is affected?
• Why is it mainly a real estate tax?
• How to avoid or minimize the higher capital gains tax.
• Is investing inside your corporation still worthwhile?
• Will the higher exemption for small business help?
• Are rental properties or cottages still profitable?
• Why are only 50% or 67% of capital gains taxed, instead of all gains?
• 3 nasty aspects of the new tax.
• Why do they say only 0.13% of Canadians are affected?
• Will this hurt our economy?

Enjoy!
Ed
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⏰ TIMESTAMPS

00:00 | Introduction
00:15 | What you'll learn in this episode.
00:57 | What is the new higher capital gains tax?
01:46 | Who's affected?
04:39 | Why mainly a real estate tax?
07:52 | What are the 2 options to avoid the higher tax rate?
10:28 | Is investing inside your corporation still worthwhile?
11:24 | Tax deferral of 31%.
12:22 | Analysis on investing inside a corporation.
13:34 | Will the higher exemption for small business help?
15:19 | Are rental properties or cottages still profitable?
18:34 | Real Estate vs Stocks
19:00 | Why are only 50% or 67% of capital gains taxed, instead of all gains?
21:29 | 3 nasty aspects of the new tax.
26:11 | How many Canadians are affected by the new higher capital gains tax?
29:30 | Book recommendation: Economic Facts and Fallacies by Thomas Sowell.
29:41 | Will this hurt our economy?
34:28 | Recap of the episode.

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Thanks so much!
Ed Rempel
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Ed Rempel CPA, CMA, CFP is a financial blogger, fee-for-service financial planner and tax accountant with a ton of real life financial planning experience. He was awarded “Best Canadian Personal Finance Blog” by Expertido, and is the #1 financial blog in Canada for a financial planner on Hardbacon and Feedspot.

For the past 28 years, he has assisted thousands of Canadians with creating real, professional, “interactive” financial plans that earn results. Ed is known for his financial strategies, such as the Smith Manoeuvre and Lifecycle Investing strategies. He is also particularly skilled with the 8-Year GIS Strategy, a strategy to help seniors qualify for larger government pensions using effective planning & investing.