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Canada’s Capital Gains Tax Changes Flashcards | StudBud

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What is one benefit of understanding capital gains tax?

What is the proposed new inclusion rate for capital gains tax in Canada?

Canada’s Capital Gains Tax Changes

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Questions 9

Answers

1
What is the proposed new inclusion rate for capital gains tax in Canada?
55.8
60%
66.7
70%
2
What is one benefit of understanding capital gains tax?
You’ll plan your investments and budget better
You’ll earn interest faster
You won’t have to work
You can avoid all taxes
3
What could happen if the proposal is rejected by Parliament?
Nothing changes
Canada may miss its $20 billion deficit reduction target
Everyone gets a refund
Capital gains tax is eliminated
4
What is the presenter’s opinion on CRA taxing early?
It’s confusing and sets a bad precedent
It encourages investment
It’s helpful and fair
It will reduce inflation
5
Why is the CRA collecting the new capital gains tax early?
To avoid losing money to the U.S.
To test the new tax system
To punish high-income earners
Because the Finance Ministry instructed them to
6
How much does the government expect to raise from this tax over 5 years?
$19.4 billion
$10.2 billion
$15.8 billion
$25 billion
7
What is the money raised from the capital gains tax increase meant to fund?
Pension funds
Highways and infrastructure
Affordable housing
New hospitals
8
Why is financial literacy important for Canadians?
To win prizes on game shows
To become accountants
So they can challenge tax policies
To better understand how policy affects their money
9
Who is affected by the capital gains inclusion rate increase?
Corporations and individuals with gains over $250,000
All Canadians
Only government workers
Only low-income families