Economy
Over 1,000 CEOs and Canadian tech business leaders have signed an open letter to Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland calling for a halt to the capital gains tax hike.
The letter, organized by the Canadian Council of Innovators (CCI), says the tax hike is going to hinder investment in the country.
“You cannot tax your way to prosperity. But in the 2024 federal budget, we see a government trying to hike taxes on investment,” the letter said. “Anybody with experience in entrepreneurship and investment can see how this will stifle growth.”
Ms. Freeland has proposed to increase the amount paid on capital gains, which is defined as “an increase in the value of an investment (such as stocks or shares in a mutual fund) or in the value of an asset (a real estate holding, for example) from the original purchase price,” according to Wealthsimple.
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Read More“We invest our time, our ingenuity, and our money. We are betting on Canadians, and we are betting that with hard work and tenacity, we can make the country better,” Canadian business leaders wrote in their letter.
“You cannot tax your way to prosperity. But in the 2024 federal budget, we see a government trying to hike taxes on investment. Anybody with experience in entrepreneurship and investment can see how this will stifle growth.”
The tax hike in question is one Trudeau and the Liberals announced in Budget 2024, in which they promised to raise the capital gains tax inclusion on all capital gains above $250,000 from 50% to 66%, making it one of the top ten highest rates on the planet.
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Read MoreA halal mortgage is a mortgage that is compliant with Shariah law (i.e., not ‘haram’), and that means no interest payments on loans.
While this sounds incredibly unfair to non-Muslims—and under certain arrangements, it could be—generally, halal mortgages cost prospective homeowners more than conventional mortgages would, as lenders have to adjust loan payments for increased risk.
In general, there are three types of halal mortgages provided by Islamic banks (which Canada is apparently going to be adopting soon): Murabaha, Ijara, and Musharaka.
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Read MoreEarlier this week, the federal government released its Budget 2024, which aims to lower junk fees on cellphone bills when customers are trying to switch carriers.
Prime Minister Justin Trudeau’s account on X continues to post random tidbits from the proposed budget, and yesterday’s latest ended up getting slammed with angry replies.
“We’ve cut the cost of cell phone plans in half since 2019 — in part by increasing competition,” proclaimed the Prime Minister on X.
“Next, we’re going after the junk fees on your phone bill, so you can do things like cancel your plan or switch to a cheaper one with no added charges. #Budget2024,” added Trudeau.
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Read MoreA new report from the Fraser Institute casts doubt on claims that extreme weather events are becoming more common, arguing such assertions by governments and media outlets are not “iron-clad.”
“Many types of extreme weather show no signs of increasing and in some cases are decreasing,” reads the April 18 report, Extreme Weather and Climate Change.
The report warns that based on assertions that have not been proven to be true, governments have been enacting “ever more restrictive regulations” on Canadian consumers of energy products, which have imposed costs on Canada’s economy and its citizens’ standards of living.”
“Claims about extreme weather should not be used as the basis for committing to long-term regulatory regimes that will hurt current Canadian standards of living, and leave future generations worse off,” the report says.
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Read MoreCabinet has a “lot of details that we need to work out” in its latest housing plan, Housing Minister Sean Fraser said yesterday. The plan reiterates CMHC figures suggesting Canada would have to triple annual housing starts to attain affordability.
“There’s a lot of details that we need to work out because some of this will involve collaboration with other levels of government,” Minister Fraser said yesterday. “The program details need to be worked out.”
“Those numbers are more targets rather than claims?” asked a reporter. “We actually have a very clear picture of the number of homes that we expect to be built,” replied Fraser.
The Canada Mortgage and Housing Corporation in a 2022 report Canada’s H
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Read MoreThe Scottish government is to ditch its flagship target of reducing greenhouse gas emissions by 75% by 2030.
The final goal of reaching “net-zero” by 2045 will remain, but BBC Scotland News understands the government’s annual climate targets could also go.
Ministers have missed eight of the last 12 annual targets and have been told that reaching the 75% milestone by the end of the decade is unachievable.
A statement is expected at Holyrood on Thursday afternoo
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Read MoreIn what can best be described as an Orwellian declaration, Gondek explained, “We’re starting to see a segment of the population reject this idea of owning a home, and they’re moving towards rental because it gives them more freedom.”
“They can travel to different places, they can try out different communities, their job may take them from place to place, and so people have become much more liberated around what housing looks like and what the tenure of housing looks like.”
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Read MoreDerek Holt, Vice President and Head of Capital Markets Economics at Scotiabank, didn’t mince words when asked by a reporter for his thoughts on the 2024 budget unveiled by the Trudeau Liberals.
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Read MoreFinance Minister Chrystia Freeland hopes the federal government will rake in $1.7 billion from an increase in sales tax on tobacco, but many point out the move will fuel the illegal market.
Tabled in the House of Commons Tuesday, Freeland’s budget Fairness For Every Generation, which misses deficit spending targets by 95%, proposes an increase of $4 per carton of tobacco, with an additional $1.49 “automatic inflation increase.” It went into effect Wednesday.
Further, a 12% tax increase will be applied to all vaping products, effective in July.
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