Memory Lane Plank

[danmckee]

Originally Posted by calvindog

Yes, it was a painful lesson to learn that gains on sales of collectibles are not taxed as capital gains.

Yu did something by the book?? Christ I am losing respect for you Jeff!

[baseballart]

Quote:
Originally Posted by calvindog View Post
Yes, it was a painful lesson to learn that gains on sales of collectibles are not taxed as capital gains.

Originally Posted by danmckee

Yu did something by the book?? Christ I am losing respect for you Jeff!

Canada is a good taxing jurisdiction for sales of collectibles. Unless you are a dealer, any gain on cards or memorabilia is taxed at the capital gains rate, which in my home province is 21.85% (i.e. only 1/2 of the gain is taxable, highest marginal rate of 43.7). As well, there is a $1,000 floor on the cost, which means that you only pay tax on gains where the proceeds exceed actual cost or a deemed minimum cost of $1,000. Losses on cards are not deductible against gains, however.

Max