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193,882 Views • Apr 26, 2024 • Click to toggle off description
NOTE - The video indicates the government's forecasted budget deficit for 2024-2024 is $38.4B. In fact this figure was updated in the budget to $39.8B. Apologies for the error.
Loonie Doctor's Tax Harvesting Tool: www.looniedoctor.ca/personal-taxable-account-capit…
Canada's Budget: budget.canada.ca/2024/home-accueil-en.html
Canada's federal government recently announced some controversial changes to how capital gains are taxed. Let's go over the changes and discuss whether or not the online backlash is warranted.
If you'd like to support the channel, you can do so at Patreon.com/ThePlainBagel :)
DISCLAIMER:
This channel is for education purposes only and is not affiliated with any financial institution, although Richard does work as an employee for an investment manager. Richard Coffin does not provide recommendations on The Plain Bagel - those looking for investment advice should seek out a registered professional. Richard is not responsible for investment actions taken by viewers
Views : 193,882
Genre: Education
Date of upload: Apr 26, 2024 ^^
Rating : 4.935 (106/6,423 LTDR)
RYD date created : 2024-05-13T06:44:12.613886Z
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YouTube Comments - 906 Comments
Top Comments of this video!! :3
As a public CPA, our office was receiving calls all week long from clients asking about the new budget. This video was so well put together, we may start sharing it ourselves! Thanks for spreading hard info for a poorly-understood subject!
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The fact that the inclusion rate wasn't explained in any main stream news source I read on this, i think might have added to the confusion.
I'm grateful for a proper, sane explanation of this.
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I’ll tell my parents that according to Loonie doctor’s calculator, We can save $8 on the cabin tax if they die before the end of the financial year
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This is just ridiculous. Now instead of paying the current 0% on my numerous capital losses, I'm going to have to pay double. Can't an honest small time investor catch a break?
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Proof that most finance influencers are idiots. They don't even know the difference between a tax rate and an inclusion rate 😂
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Thank you for such a great explanation. I wish all medias and channels were as clear and detailed.
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An additional thing to realize is that a couple of decades ago, Ontario doctors were not allowed to incorporate. That ability to incorporate was then offered to doctors so that in return, they would accept lower payments from OHIP. So in essence, the government said ok we will pay doctors less but they get to incorporate and save some money that way, but now we are taking that away. Doctors have no pension, sick leave, paid vacation…etc. It feels like a betrayal.
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You truly are a breath of fresh air in the youtube landscape
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Please keep doing what you're doing, your channel has been of great value to me, being a young professional in Canada who doesn't work in the financial sector but still wants a sane explaination to have a passing understanding of how these changes impact me. Much respect, thank you. - PS The Peak is the Canadian equivalent of morning brew and have also found that valuable.
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Thank you for offering a level-headed explanation of this! It's been all over the news but until this video I had no idea the actual situation.
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Also worth considering: everyone knows this change is coming, so if you sell now to realize capital gains you'll be selling into a market that likely won't offer you the same price it would otherwise. Simple supply and demand.
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Staying invested vs divesting before June 25th also assumes govt doesn’t change the tax code again during that 10 years. Does anybody actually believe that?
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This was a great video, as usual. I greatly appreciate you contextualizing the information (e.g. the productivity problem mentioned, graphs/tables of Canada's tax vs other countries) and giving a quick TLDR (seemingly quick enough for people already in the know to ignore and short enough to continue on with the topic you wanted to address) economic concepts like trusts. Thanks!
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Happy 6th Birthday to you sir and a happy Friday to your family. Thank you for keeping it real and breaking down the bull for us mortals !!
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American here... while our system is different, it has similarities. What is the same is the complete lack of understanding for most people plus the media always reporting on it wrong. People freak out about capital gains taxes and last year my total gains taxes were about $250.
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Insert enraged political comment here!(I do not know what is going on I do not live in canada)
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It seems the Canadian CGT framework is very similar to ours in Australia and there are economists here agitating to make a similar change to the discount level. I can see how a small reporting error or piece of misinformation could lead people to believe the tax rate is going up dramatically. These explainer videos are important for that reason alone.
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Thank you TPB, great explanation on a complex issue...
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14:30 that graph is super cool and concise. I appreciate that very clear explanation
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@ThePlainBagel
2 weeks ago
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