Capital gain tax in Canada is 50%

capital gain tax in Canada is 50%

Any leafs on here?

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Well, the inclusion rate is 50%. So you're taxed on the 50% you made, so maybe lose out 25% tops. Better than wagecucks who give up 40-55%

So if you make a million, you get 500k. Pretty cucked ig

No, $750k.

Capital gain tax is 50%
reee am i fucking stupid or are you fucking smart

Googled this...

Contrary to popular belief, capital gains are not taxed at your marginal tax rate. Only half (50%) of the capital gain on any given sale is taxed all at your marginal tax rate (which varies by province). On a capital gain of $50,000 for instance, only half of that, or $25,000, would be taxable. For a Canadian in a 33% tax bracket for example, a $25,000 taxable capital gain would result in $8,250 taxes owing. The remaining $41,750 is the investors’ to keep.

So it varies by investment?

The total amount varies due to a progressive tax bracket.

Federal tax rates for 2018

15% on the first $46,605 of taxable income, +

20.5% on the next $46,603 of taxable income (on the portion of taxable income over 46,605 up to $93,208), +

26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489), +

29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 up to $205,842), +

33% of taxable income over $205,842.

Someone needs to pay for Shaniqua and her kids, satan.

>turn 18
>have never invested in crypto but lurk. Missed the ETH train
>learn about taxes
>you need to pay taxes when you cash out
>more shit i need to learn
>i need to google "progressive tax bracket"

Isn't it much easier to hire an accountant so they can do the tax/paper work?

I'm not even canadian and I know you're wrong. You're getting taxed on 50% of your gains. Meaning 100k gains is equivalent to 50k higher income in terms of tax.
Brainlets like you should stop visiting this board. I recommend twitter and youtube for you.

woah didn't see my digits.

53% on crypto here

only a 17% tax reduction if you lost your money though lmao

fucking kikes i swear, but good thing its pretty easy to launder your money with crypto

It can be expensive if you have a lot of trades, you have to document each one you make for the CRA on your tax return.

ego much

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My accountant told me you just need to declare what "you retire as cash".

Do you not understand what gains are you fucking moron?

No, you are retarded and too dumb to use google.

Except he's right you fucking mongoloid.

nvm misread

Yeah I don't know about the rules on crypto but for stocks/options/etc you need to document it on a schedule 3 form.

Isn't 50% CGT discount only if you held something for over 1 year? That's how it is in Australia.

What?

>using the botnet

Holy fuck you guys are retarded..
As shitty as Canada is our crypto taxes aren't actually half bad. Essentially the most you'll end up paying is 20% on gains made AFTER cashing out, not even per trade. Seems pretty fair to me.

source pls

Uh.. the CRA.. seriously. I've done this before, its simple. 50% of your gains are taxable at marginal rates...
so if you made 100k in 2017, 50k of it would be taxed as income of which the max you'd pay is less than 40%.
A lot depends on how much you make outside of crypto, you'll pay more if you already have a high income obviously

So the most tax you'd pay on 100k in gains would probably be around 15k