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Liberal Candidate Paul Chiang Steps Down Amid Controversy

Paul Chiang, a Liberal candidate in the Markham-Unionville riding, has announced his resignation following backlash over comments he made regarding a Conservative opponent, Joe Tay. Chiang suggested that individuals could claim a bounty offered by Hong Kong authorities by turning Tay over to the Chinese consulate. This statement, made during a press conference in January, sparked widespread criticism and raised concerns about foreign interference in Canadian politics. The Royal Canadian Mounted Police (RCMP) has since launched an investigation into the matter, citing potential threats to Canada's democratic processes. Chiang issued an apology, calling his remarks a "deplorable lapse in judgment," but the controversy persisted. Conservative leader Pierre Poilievre condemned the comments, stating that they endangered Tay's safety and sent a chilling message to the community. Chiang's resignation comes as Liberal leader Mark Carney faces mounting pressure to address ...
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5 Tax Changes to Watch Out for in the Upcoming Federal Budget

 

As Finance Minister Chrystia Freeland prepares to deliver the federal budget on April 16, speculation abounds about potential tax changes. While we can’t predict the exact content, let’s explore some possibilities that could impact Canadians. Here are five areas to keep an eye on:

  1. Alternative Minimum Tax (AMT):

    • The AMT ensures that high-income individuals pay a minimum level of tax, even when they claim deductions, exemptions, or credits. Last year’s budget proposed changes to the AMT rules, including raising the rate to 20.5% and broadening the base. Charitable donors should pay attention, as only 50% of the donation tax credit is permitted when calculating the AMT.
    • Tip: Look out for any adjustments to the AMT that affect your tax planning.

  2. Lifetime Capital Gains Exemption (LCGE):

    • The LCGE allows small business owners to shelter capital gains from the sale of qualified shares. Any changes to this exemption could impact entrepreneurs and investors.
    • Tip: Keep an eye on potential alterations to the LCGE limit.

  3. Retirement Taxes:

    • Retirement planning may see adjustments. Watch for changes to Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and other retirement vehicles.
    • Tip: Stay informed about any modifications affecting your retirement savings.

  4. Top Tax Bracket:

    • Currently, the top federal tax rate kicks in at an income of over $246,752. The NDP previously proposed raising it to 35%. Will this idea resurface?
    • Tip: High-income earners should monitor any shifts in tax brackets.

  5. Capital Gains Inclusion Rate:

    • The inclusion rate determines how much of your capital gains are taxable. A change here could impact investors and property owners.
    • Tip: Be aware of any adjustments to the capital gains inclusion rate.

Remember, these are potential changes, and we’ll have to wait for the official budget announcement to know for sure. Stay informed, consult with a tax professional, and be prepared to adapt your financial strategies accordingly. 

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