The new, higher capital gains inclusion rate is a gut punch to professionals: doctors, dentists, lawyers, vets, accountants, and countless others – who were using their professional corp to save.
If you are triggering capital gains inside your corporation, and the new capital gains inclusion rate is 2/3rds and not ½, you have reduced the gross capital gain from $300K to $220K, at which you lose your small business deduction.
Let’s face it: most of these folks don’t have pension plans. They were relying on an implicit promise from provincial governments to be allowed to save inside their corporation.
Mr. Trudeau and his ilk have decided that they don’t want that to happen.
More in this #video #short. Subscribe to my rants on YouTube: https://www.youtube.com/@trevorparry
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