Canadian Capital Gains Tax Differs From US System
Canada taxes capital gains upon transfer of property, including by gift or death, unlike the U.S. where gains are taxed only upon sale. The speaker suggests eliminating the distinction between capital gains and ordinary income, adjusting for inflation, and imposing ordinary income rates. The current U.S. system allows wealth transfers entirely tax-free through inheritances, trusts, gifts, and life insurance, which the speaker argues should be taxed.
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Sources · 7 independent
WBUR Boston
“However, in Canada, they have a much broader rule. And that rule is that whenever the person transfers the property, not just by sale, but also by gift or at death”
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