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Temporarily embarrassed millionaires pt. 2
(sh.itjust.works)
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this post was submitted on 15 Jan 2024
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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.
Ah this makes much more sense. Thank you for the explanation