Economy
Prime Minister Justin Trudeau, who’s been in power since 2015, said he’s confident that in just a couple more years people will start to benefit from his policies.
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Read MoreCanadian families and individuals with incomes between $30,000 and $60,000 are often shouldering the heaviest tax burden, finds a new study by the Fraser Institute.
These low- to middle-income earners face marginal effective tax rates (METRs) that approach or exceed 50%, reducing the incentive to earn additional income and complicating their financial stability.
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Read Morehe Toronto Star published an opinion piece Monday from a group of “wealth and class privileged” socialists who are unsatisfied with the amount they will be taxed after the 2024 federal budget was announced.
The collectively written article entitled, “We are rich Canadians and we support higher capital gains taxes,” starts by saying “Ottawa wants to raise taxes for Canada’s ultra rich. Rich people like us want that too.”
The authors of the piece support the recent capital gains tax hike which tech CEOs and other Canadian business leaders have oppose
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Read MoreCompanies like Amazon are tacking on new fees and surcharges on top of the regular subscription fees they already charge.
Why it matters: Subscription fatigue is real and growing, testing the limits of consumer appetites for convenience.
Driving the news: Amazon announced the launch of a $9.99 a month unlimited grocery delivery subscription benefit Tuesday that is available in more than 3,500 cities and towns across the U.S.
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Read Morehis report provides a cross-provincial analysis of the marginal effective tax rates (METRs) faced by working families across Canada, highlighting the significant impact these rates have on low- to middle-income earners.
Individuals and families with modest incomes, particularly those earning between $30,000 and $60,000, face the highest METRs. In Quebec, for example, the METR for a representative family within this income range is as high as 53%.
The structure of METRs across provinces results in very low net-of-tax returns for earnings in the low- to middle-income range for Canadians. This creates a disincentive for earning additional income, as the financial benefits are significantly offset by increased taxes and reduced transfer benefits.
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Read MoreMonieya Jess has to constantly watch over her shoulder to make sure she’s not on the radar of immigration enforcement authorities.
On Wednesday, the Jamaican woman overcame her fear and spoke at a rally in Toronto, pleading with the Trudeau government for a long called-for regularization plan to give permanent status to the tens of thousands of non-status residents like her who live in the shadows in Canada.
“I am afraid, but I’m not afraid,” said the 35-year-old, who left her job as a migrant farm worker after suffering from work-related pain and lost her legal status in Canada in 2021.
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Read MoreCanadians are not impressed with Prime Minister Justin Trudeau’s latest budget and if he was expecting a bounce in public support, he’s not getting it, according to an Ipsos poll released Tuesday.
Although 28 percent of those surveyed had no opinion at all about the budget, of those who did, 40 percent gave Finance Minister Chrystia Freeland’s budget of $52.9 million in new spending a “thumbs down.”
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Read MoreCanadians’ prosperity will be harmed unless the federal government manages to raise productivity, former Bank of Canada governor Mark Carney has warned.
“When we’re debating over our priorities, what we value, what we should be doing as Canadians, we should first acknowledge that we have less to spend because we have become less productive,” Mr. Carney said during a keynote address at Canada 2020’s Economic Lookahead dinner in Toronto on April 22.
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Read MoreJohn Ruffolo of Maverix Private Equity joins chorus of businesses criticizing increase to capital gains tax
John Ruffolo, founder of tech-focused Maverix Private Equity in Toronto, said the government’s move to tax Canadian companies on two-thirds of their capital gains, up from the previous level of a half, will make it harder for innovative companies to raise money and drive investors south of the border.
Ruffolo said it “feels like 2009 all over again” in terms of capital investment in Canada, a reference to the bleak period of slow growth that followed the global financial crisis.
“That same narrative is starting to play out again, and at a time when not only is the innovation sector starting to feel the pain on the rest of the economy — we’re suffering from the lack of productivity due to the lack of investment,” Ruffolo said Tuesday during an event in Toronto.
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Read MoreOn Monday morning in Sherbrooke, Que., dozens of tractors slowly rolled along a stretch of road between the regional offices of Quebec’s farmers association and the Agriculture Department a few hundred meters away.
Upset about high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
“It’s pretty hard to get farmers out of their farms, because they’ve got so many hours to put in, but to see them going out, it means that there is really something going bad in farming right now,” said Benjamin Boivin, a corn and wheat farmer in Quebec’s Estrie region, east of Montreal, who was out protesting on Monday.
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