Was thinking about that 400K yes in the market fine... same..
but as to cap gains.. here 50% are tax free and the remainder are taxed as regular income.. so I guess we are used to a higher rate.. and the 50% is lower than what it used to be when I was much younger:) So essentially if you are in the highest% bracket which you attain as a sum of the fed rate plus the provincial rate which varies by province u pay 46% where I reside in Ontario
Federal Tax Bracket Rates for 2020The following are the federal tax rates for 2020 according to the Canada Revenue Agency (CRA):
- 15% on the first $48,535 of taxable income, and
- 20.5% on the portion of taxable income over $48,535 up to $97,069 and
- 26% on the portion of taxable income over $97,069 up to $150,473 and
- 29% on the portion of taxable income over $150,473 up to $214,368 and
- 33% of taxable income over $214,368
Ontario 2020 tax rates for example
5.05% on the first $44,740 of taxable income, plus…9.15% on the next $44,742, plus…11.16% on the next $60,518, plus…12.16% on the next $70,000, plus…13.16 % on the amount over $220,000.
Jun 10, 2020
Between the market soaring and the vaccine news.. Mr. Trump must be extra pi$$ed .. |
