The tax they're talking about is an 'income tax'. Income' isn't the same as owning a property worth 1million.
Really, what this sorta translates to, is a 1-year tax hit on any average local who inherits a property worth $2million more than what their parents bought it for (capital gains count as 50% on income). The amount of the increase (going from 20% @265k, to 24% @1m) is not a huge / material change.
So a weak impact. And a realistic target scope that's just going to carve off more money from the middle class / average local person. Fairly sure you'll already get hit with like a $150k tax bill if you inherit a property that went from 100k to 1.1m during your parents ownership -- so you either take out a mortgage to inherit the family home, or sell it and wash your hands of your family history.
This tax won't really apply to the ultra rich/wealthy. They already have means of avoiding this sort of issue. They have armies of tax 'professionals' helping them navigate loopholes and bullshit -- sorta like the Panama Papers architect, who's a BC guy, and hasn't been held accountable for his tax avoidance schemes.
I mean, if you need to tactically vote NDP because of your riding, I get it. There's zero chance for Conservatives where I live so I have more freedom.
Meh, I think tax alterations today, should be looking forward to what's coming tomorrow, personally. And neither the green nor NDP has really addressed a big elephant in the room. (and obviously the cons are just clusterfucking their way through the election)
I view AI as over-hyped, but there's an implication of the technology in regards to taxation, especially as AI services are a "digital service" from the USA. Canadians may recall that the USA basically went ballistic when the fed was trying to put in a digital services tax. There's no explicit tax on digital services sold by the USA to Canada as far as I'm aware.
So a company replaces a worker with an AI agent. What's the tax impact? You go from a citizen earning $65k/year and paying roughly $18k in income tax, to an AI agent that costs a business say $12k/year and has no tax (it's a tax write off even, similar to buying Office365 or whatever). The company providing that AI Agent may earn a bunch of money and get taxed in the USA. But Canada loses the revenue.
Ripping stuff right from the Green platform now, cool. A little too late tbh, he should've been working with the Greens as soon as this election started to go sideways, not fear-mongering people into voting ndp instead.
Nevermind that he can't even be respectful enough of Emily Lowan to call her by her name in a debate.
Fuck Eby. And no, I don't want ti see a conservative government but I want to see one that will own up to their huge fuck up of election.
9 replies
Tax the rich!
Almost everyone who owns property in the Lower Mainland is a millionaire.
Still, I wouldn’t be opposed :)
The tax they're talking about is an 'income tax'. Income' isn't the same as owning a property worth 1million.
Really, what this sorta translates to, is a 1-year tax hit on any average local who inherits a property worth $2million more than what their parents bought it for (capital gains count as 50% on income). The amount of the increase (going from 20% @265k, to 24% @1m) is not a huge / material change.
So a weak impact. And a realistic target scope that's just going to carve off more money from the middle class / average local person. Fairly sure you'll already get hit with like a $150k tax bill if you inherit a property that went from 100k to 1.1m during your parents ownership -- so you either take out a mortgage to inherit the family home, or sell it and wash your hands of your family history.
This tax won't really apply to the ultra rich/wealthy. They already have means of avoiding this sort of issue. They have armies of tax 'professionals' helping them navigate loopholes and bullshit -- sorta like the Panama Papers architect, who's a BC guy, and hasn't been held accountable for his tax avoidance schemes.
Maybe he shouldn't have wasted hundreds of millions of dollars on an election, when he had a majority for 2 more years!
I mean, if you need to tactically vote NDP because of your riding, I get it. There's zero chance for Conservatives where I live so I have more freedom.
But
Oh now that he's facing the real possibility of a loss, now he's promising to tax the rich. I fully expect that to evaporate if they're elected.
That said, though, I'd be happy to see it, perhaps implemented as an additional tax bracket and closures of tax dodges like coasting on loans.
Wonder where he got that idea...
https://m.youtube.com/shorts/jE6MqNwyT9M
Meh, I think tax alterations today, should be looking forward to what's coming tomorrow, personally. And neither the green nor NDP has really addressed a big elephant in the room. (and obviously the cons are just clusterfucking their way through the election)
I view AI as over-hyped, but there's an implication of the technology in regards to taxation, especially as AI services are a "digital service" from the USA. Canadians may recall that the USA basically went ballistic when the fed was trying to put in a digital services tax. There's no explicit tax on digital services sold by the USA to Canada as far as I'm aware.
So a company replaces a worker with an AI agent. What's the tax impact? You go from a citizen earning $65k/year and paying roughly $18k in income tax, to an AI agent that costs a business say $12k/year and has no tax (it's a tax write off even, similar to buying Office365 or whatever). The company providing that AI Agent may earn a bunch of money and get taxed in the USA. But Canada loses the revenue.
Ripping stuff right from the Green platform now, cool. A little too late tbh, he should've been working with the Greens as soon as this election started to go sideways, not fear-mongering people into voting ndp instead.
Nevermind that he can't even be respectful enough of Emily Lowan to call her by her name in a debate.
Fuck Eby. And no, I don't want ti see a conservative government but I want to see one that will own up to their huge fuck up of election.