It’s surprising how many people still operate on the concept of temporarily embarrassed millionaires ($100 million dollars in current value). This is not the vast majority of us, and never will be. It’s like when my dad would talk about the “death tax” which is pretty much a thing…if you have over $10 million in your estate and a whole bunch of other caveats. He never had that before he died, and I didn’t look into the details of the inheritance tax before he died, either.
Canada’s current version of the death tax is the capital gains tax change…which is something like an additional $13k if your income is over $300k of capital gains. And people respond with, “But what if I sell my house?” If your house is your primary residence (and you owned it for at least a year), it’s tax free. If it isn’t, it only matters if it appreciated by $300k, and again I think you can handle the extra $13k.
It’s surprising how many people still operate on the concept of temporarily embarrassed millionaires ($100 million dollars in current value). This is not the vast majority of us, and never will be. It’s like when my dad would talk about the “death tax” which is pretty much a thing…if you have over $10 million in your estate and a whole bunch of other caveats. He never had that before he died, and I didn’t look into the details of the inheritance tax before he died, either.
Canada’s current version of the death tax is the capital gains tax change…which is something like an additional $13k if your income is over $300k of capital gains. And people respond with, “But what if I sell my house?” If your house is your primary residence (and you owned it for at least a year), it’s tax free. If it isn’t, it only matters if it appreciated by $300k, and again I think you can handle the extra $13k.