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1814

Temporarily embarrassed millionaires pt. 2 (sh.itjust.works)

submitted 10 months ago by [email protected] to c/[email protected]

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[–] [email protected] 5 points 10 months ago (1 children)

The capital gains exemption is that you only pay tax on 50% as income.

So if I make $100k, I pay taxes on $50k, at my marginal tax rate (max of 53% in Ontario, so the effective tax rate on capital gains is at most 26.5%). If I work 9-5 and I make $100k, I'm taxed on the whole thing.

Plus if you lose money you can apply it 3 years back to get taxes back.

[–] [email protected] 1 points 10 months ago

Ah this makes much more sense. Thank you for the explanation