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Who’s telling the truth about the capital gains tax? | About That
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this post was submitted on 14 Jun 2024
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USA neighbor here,
66% is insane, like if I saved up $500k to retire, I’d like to be selling some every year, like 5% (actually a little more but this is for easy numbers). That would get me $25,000 per year, then I’d pay capital gains tax on that and have about $20k left over. A modest retirement, could move to somewhere inexpensive and retire on that.
A 60% capital gains tax means I would have to save 1.5 million dollars to achieve that same retirement.
No, if you saved up $500k you would pay $0 in taxes because that's not capital gains. If you happened to hit the jackpot and win on the stock market with your ~~investments~~ bets to the tune of $500k in gains, then you would pay $333k in taxes from your stock market lottery winnings.
Winnings aren’t taxed in Canada
You're correct but they're not taking about lotto/gambling winnings