Skip to main content

Featured

Gaza Truce and Hostage Deal Faces Last-Minute Crisis

  In a dramatic turn of events, Israeli Prime Minister Benjamin Netanyahu announced that a last-minute crisis with Hamas is delaying the approval of a highly anticipated ceasefire and hostage release agreement. The deal, which was set to be approved by the Israeli Cabinet, has been put on hold as Netanyahu accused Hamas of reneging on parts of the agreement in an attempt to gain further concessions. The ceasefire, brokered by U.S. President Joe Biden and key mediator Qatar, was expected to bring a temporary halt to the 15-month conflict in the Gaza Strip and facilitate the release of dozens of hostages held by Hamas. However, Netanyahu's office stated that the Cabinet would not convene to approve the agreement until Hamas backs down from its new demands. Hamas, on the other hand, has denied the allegations, with senior official Izzat al-Rishq asserting that the militant group remains committed to the ceasefire agreement. The delay has raised concerns about the implementation of the...
Post a Comment
Read more
Labels

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. 

Labels:

Comments

Post a Comment

Popular Posts