Capital Gains Mistake
Two sharp subscribers noted that I erred on the potential capital gains tax on the Trudeau family Mercedes. I said that if Justin Trudeau sold the 300SL his father bought for $12,000 he would have to pay tax on two thirds of the gain. Wrong.
The Canadian tax rule was that you paid tax on 50% of the capital gain. Since June 25 you pay 50% of your annual capital gains up to $250,000, after that the ratio is 66.67%. In the case of a rich person like Prime Minister Trudeau, he would pay about 54% on the gain above $250,000.