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Tragedy Strikes German Christmas Market: Car Plows into Crowd, Leaving Two Dead and Dozens Injured

In a devastating incident at a Christmas market in Magdeburg, Germany, a car drove into a crowd, resulting in the deaths of at least two people and injuring over 60 others. The tragic event unfolded on December 20, 2024, as the festive market was bustling with visitors. The driver, identified as a doctor from Saudi Arabia residing in Germany, has been taken into custody. Authorities have confirmed that the suspect acted alone and there is no ongoing threat to the public. The victims include one adult and one child, and officials have not ruled out the possibility of additional fatalities due to the severity of some injuries. Emergency services swiftly responded to the scene, providing medical assistance to the injured and securing the area. The market has been closed, and an extensive police operation is underway. This tragic incident has cast a shadow over the holiday season, and the thoughts and prayers of many are with the victims and their families during this difficult time.
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Canadian Cottage Owners Rush to Sell Before New Capital Gains Tax Takes Effect

Cottage owners across Canada are hurrying to sell their properties before January 1, 2024, when new capital gains tax changes are set to take effect. The impending tax hike has caused disruption in the real estate market, with realtors reporting a surge in listings as owners attempt to avoid the increased tax burden.

The federal government’s 2024 budget includes significant new spending on projects and programs, and it’s relying on revenue from a change to the capital gains inclusion rate to help pay for it. Here’s what you need to know about these changes:

  1. What are capital gains? A capital gain is the difference between an asset’s cost and its total sale price. It could be a cottage, an investment property, a stock, or a mutual fund. For example, if someone purchased a cottage for $750,000 and later sold it for $850,000, they would have a capital gain of $100,000.

  2. How are capital gains taxed and what’s changing? Currently, only 50% of capital gains are taxable. If someone sold a cottage for $100,000 more than they paid for it, they would be taxed only on $50,000 of the profit. The 2024 budget proposes to increase the “inclusion rate” from one-half to two-thirds on capital gains above $250,000 for individuals. For the first $250,000 in capital gains, an individual taxpayer would continue to pay tax on 50% of the gain. For every dollar beyond $250,000, two-thirds would be taxable. The budget also proposes to tax all capital gains earned by corporations and trusts at the two-thirds rate. If adopted, these tax changes would take effect on June 25.

  3. Why set the lower tax limit at $250K for individuals? According to federal government data, 28.5 million Canadians are not expected to have any capital gains income at all. Three million are expected to earn capital gains below the $250,000 annual threshold. Only 0.13% of Canadians—people with an average income of about $1.4 million a year—are expected to pay more in personal income tax on their capital gains as a result of the change.

In summary, the impending capital gains tax changes have prompted cottage owners to rush to sell their properties, hoping to avoid the increased tax burden before the new rules take effect.

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