Chris Wattie / Reuters
Marcus Miranda via Getty Images
Leading up to the Federal government's 2017 budget, there was speculation about an increase in the tax on capital gains. The current tax exemption is disproportionately beneficial to the wealthy, and it has little in the way of general economic benefits. Only half the value of capital gains is currently taxed.
When a person dies, their assets are managed by an estate representative. In most cases, that person is the grieving spouse or children. Ontario has the highest Estate Administration Tax (EAT) the country. The EAT was previously called a "probate fee," but in this rare instance of honesty the Ontario government has changed the name to reflect what it really is -- an estate tax. Failure to comply with these new burdensome rules can result in fines starting at $1,000, imprisonment for up to two years, or both.
Many have heard the saying that the only two certainties in life are death and taxes. How the two relate, however, is something that is not often fully understood. An estate tax is conventionally understood to be the tax that is paid on your death.
NDP leadership hopeful Brian Topp launched the latest salvo in the clash between rich and poor Monday. Declaring growing income inequality to be today’s central economic issue, Topp detailed a series...