New Canadian Law For Coin Sellers. - Page 2

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Author	Replies: 20 / Views: 12,546	Page: of 2

psi Valued Member Canada 53 Posts	Posted 03/21/2011 3:22 pm Would be nice if capital gains were calculated after inflation, is that the case in Australia? It seems a bit silly that even an investment that earns no profit after inflation is considered to have earned you income. Is the consensus that there is no 'new' Canadian law that applies here? There was a new American regulation people were talking about on coin forums that sounded similar to what the OP described but I don't know the details. Obviously you were already supposed to claim the income but the regulation seemed to require more documentation than before or something like that. Report this Post to the Staff
Billie Pillar of the Community United States 592 Posts	Posted 03/21/2011 3:27 pm This is why we live here. Report this Post to the Staff
Ugly Pillar of the Community Canada 1733 Posts	Posted 03/21/2011 4:00 pm Don't know exactly what that short statement means Billie. I file US taxes and capital gains (the profit realized on the sale of non-inventory assets) are part of the tax law there as well. The CGT rate varies depending on length of time the asset was held, your final tax bracket and so on, but it's there all the same. Are there actually any Western Economies that don't have such a tax? It's so much easier to just keep our pie holes closed and deal with each other in cash or bullion. Of course, that's considered being a bad citizen. How dare you use cash and not make a record for the government ;) Report this Post to the Staff
Jacked_J New Member Canada 38 Posts	Posted 03/21/2011 5:26 pm psi, Capital gains IS adjusted for inflation. If you bought a product/item in 1980, the capital gains threshold was probably $250. Now it is $1000. Rules for capital gains changes from year to year. Remember, you are taxed only on 50% of capital gains so you're not taxed on the whole thing. The number might have changed so don't quote me on 50% (changes). The numbers change all the time. It's the easiest way the government can make changes to the tax system to improve the financial budget while not making a huge impact on the general public. Not many people make claims on capital gains. Taxes are taxes. Report this Post to the Staff
Jacked_J New Member Canada 38 Posts	Posted 03/21/2011 5:28 pm Just so everyone knows. I'm talking about Tax Laws in Canada. I'm not an expert and will NOT give tax advice. Just sharing information, use at your discretion. Report this Post to the Staff
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