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Your daily horoscope: December 30, 2024

  HOROSCOPE IF TODAY IS YOUR BIRTHDAY You don’t need to make any big resolutions on your birthday. With a new moon to inspire you the right opportunities will arrive at just the right time and you will know without a shadow of a doubt what must be done – and you will do it magnificently! ARIES (March 21 - April 20): If you make yourself useful to someone in a position of authority now they will find ways to repay you early in the new year. That may sound a bit mercenary but in this dog eat dog world who you know is as important as what you know. TAURUS (April 21 - May 21): If you want to do something out of the ordinary today, something you know is likely to shock friends and family members, then go for it 100 per cent. It’s a good way to end the old year and an even better way to start the new one. GEMINI (May 22 - June 21): It’s time to look ahead and start thinking about your long-term aims and ambitions. That applies as much to personal matters as it does to your career. Y...
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Capital Gains Tax Changes Not Included in Freeland’s Motion to Introduce Budget Bill

 

Finance Minister Chrystia Freeland has put forward proposed changes to capital gains tax rates in a stand-alone bill. However, the most controversial measure from her recent federal budget is conspicuously absent from the motion she tabled today to introduce the federal budget in the House of Commons. Let’s delve into the details:

  1. What’s at Stake?

    • The proposed changes aim to tax two-thirds of capital gains, or profits made on the sale of assets, rather than the current 50% tax rate.
    • The increase in what is called the “inclusion rate” would apply to capital gains above $250,000 for individuals and all capital gains realized by corporations.
    • These changes are expected to generate more than $19 billion in tax revenues over five years, which will help fund new spending initiatives like housing and national defense.

  2. Controversy and Pushback:

    • Businesses, entrepreneurs, and doctors have expressed concerns about these changes.
    • Doctors, in particular, worry about the impact on their retirement savings.
    • The government, on the other hand, argues that these changes are about ensuring “fairness” in the tax system.

  3. What’s Included in the Budget Motion?

    • Freeland’s motion includes several other measures announced in the budget, such as the national school food program, updates to programs for first-time home buyers, and tax changes for short-term rental owners.
    • However, the capital gains tax changes are notably absent from this motion.

In summary, while the capital gains tax changes remain a contentious issue, they will be addressed separately in a stand-alone bill. As the debate continues, the government aims to strike a balance between revenue generation and fairness in the tax syste.

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