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 <p class="paragraph">Amidst the housing crisis in Canada, which has placed significant pressure on aspiring young homebuyers, Premier Justin Trudeau has proposed a new Capital Gains Tax. This tax would range from 50% to 67%, depending on the taxpayer’s income bracket.</p>
 <p class="paragraph">The Capital Gains Tax is levied on individuals when they sell an asset or capital property, with capital gains representing the profits from such sales.&nbsp;</p>
 <p class="paragraph">According to the Canada Revenue Agency’s website, common capital properties include cottages, securities (such as <a rel="noopener noreferrer nofollow" title="stocks" href="https://thebittimes.com/tag/stocks.html">stocks</a>, bonds, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, and units of a mutual fund trust), land, and buildings.</p>
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 <h2 class="wp-block-heading" id="h-who-will-be-affected-by-the-new-capital-gains-tax">Who will be affected by the new Capital Gains Tax?</h2>
 <p class="paragraph">Starting June 25, the proposed alteration will impact individuals with over $250,000 CAD in capital gains annually. Corporations and trusts will also face increased tax obligations on a larger portion of their gains.</p>
 <p class="paragraph">The government clarified that this change will primarily affect the wealthiest 0.13% of individuals, encompassing approximately 12% of Canada’s corporations and Canadians with an average income of $1.42 million CAD.</p>
 <p class="paragraph">The Liberals emphasized that 99.87% of Canadians will remain unaffected by this adjustment, which excludes the sale of primary residences. Projections indicate that this measure will generate $19.3 billion in revenue over the next five years.</p>
 <h2 class="wp-block-heading" id="h-how-is-crypto-taxed-in-canada">How is crypto taxed in Canada?</h2>
 <p class="paragraph">In Canada, <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency is taxed as either business income or capital gain and classified as a commodity. Canadian taxpayers are not required to pay taxes to purchase or hold <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>. However, taxes apply to capital gains or business income from <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency sales, mining activities, or other <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related transactions.</p>
 <p class="paragraph">Individual <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> holders are subject to tax on 50% of their total capital gains, while professional (day) traders are taxed on 100% of their profits.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="714" height="177" src="https://cdn.thebittimes.com/images/2024/04/29/ff3c856de9fecc3972ae0c26d3e89a26.webp" alt="Example of Canada's Capital Tax on crypto. Source: TokenTax
" class="wp-image-172474" srcset="https://cdn.thebittimes.com/images/2024/04/29/ff3c856de9fecc3972ae0c26d3e89a26.webp 714w, https://cdn.thebittimes.com/images/2024/04/29/ff3c856de9fecc3972ae0c26d3e89a26.webp 300w" sizes="(max-width: 714px) 100vw, 714px">
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   Example of Canada’s Capital Tax on crypto. Source: TokenTax
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 <h2 class="wp-block-heading" id="how-are-stocks-taxed-in-canada">How are stocks taxed in Canada?</h2>
 <p class="paragraph">In Canada, any taxable capital gains must be reported as income on the tax return for the year the <a rel="noopener noreferrer nofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> was sold. The income is typically considered to be 50% of the capital gain.</p>
 <p class="paragraph">For instance, if an asset is sold for $2,000 CAD with an adjusted cost base of $1,000 CAD, the taxable income would be $500 CAD ($1,000 gain x 50%). This $500 CAD must be added to taxable income and will be taxed at a marginal tax rate according to the tax bracket.</p>
 <p class="paragraph">Under the new Capital Gains Tax law, if the amount exceeds $250,000 CAD, the yearly tax percentage may vary from 50% to 67%.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trudeau-proposes-67-capital-gains-tax-for-stocks-and-crypto-tbt86881.html">https://thebittimes.com/trudeau-proposes-67-capital-gains-tax-for-stocks-and-crypto-tbt86881.html</a></p>

Trudeau proposes 67% Capital Gains Tax for stocks and crypto

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