Tax break for rich on way out

Article Abstract:

The Canadian government is planning to eliminate the loopholes that enable wealthy Canadians to move their assets out of the country without paying capital gains taxes. The Finance Dept will table the details of the proposed policy to collect taxes on assets when they or their owners move out of Canada. The policy aims to ensure that Canadians who leave the country, and family trusts that transfer assets to non-residents, will pay their taxes in Canada.

Personal Income Tax Deductions, Personal income tax

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Transfer capital losses and save tax dollars

Article Abstract:

Transferring unrealized capital losses from your portfolio to a common-law partner or spouse can provide the recipient with a significant tax refund. This strategy makes sense if the receiver of the gift needs to offset capital gains.

Tax Deductions & Exemptions, Tax accounting

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Capital gains tax to be cut; Rate will fall to 50% in Liberal mini-budget

Article Abstract:

Paul Martin, Canadian Finance Minister, has announced a steep reduction of capitall gains taxes. The rate will be reduced to 50% from two-thirds, meaning that a person selling shares at a profit would be taxed on 50% of that profit.

Capital Gains Taxes, Statistical Data Included, Tax policy, Capital gains tax, Canada. Finance Canada

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