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Notre-Dame Cathedral Reborn: A Testament to Resilience and Restoration

  After five years of meticulous reconstruction, the iconic Notre-Dame Cathedral is set to reopen its doors to the public on December 8, 2024. The reopening ceremony will take place on December 7, marking a significant milestone in the cathedral's history. The fire on April 15, 2019, caused extensive damage to the historic cathedral, collapsing its iconic spire and causing significant harm to its roof, stained-glass windows, and interior artworks. Despite initial doubts and estimates that the restoration could take up to 40 years, French President Emmanuel Macron's ambitious goal to complete the reconstruction within five years has been achieved. The restoration project, costing around $737 million, was funded by donations from 340,000 individuals across 150 countries. The project involved the efforts of 2,000 artisans and 250 companies, who worked tirelessly to restore the cathedral to its former glory. The new roof and spire have been built using 1,500 trees, including the ta...
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Budget 2024 Introduces Changes to Capital Gains Taxes: Who Will Be Affected?

 


The Canadian government’s 2024 budget has proposed significant changes to how capital gains are taxed. These changes aim to ensure fairer taxation and generate revenue for important initiatives. Let’s dive into the details:

  1. Increased Inclusion Rate:

    • Under the proposal, annual gains realized above $250,000 for individuals will be taxed at a rate of two-thirds (up from the current 50%).
    • Gains below this threshold will continue to be taxed at the existing 50% rate.
    • The changes also apply to capital gains realized by corporations and trusts, regardless of the $250,000 bar.
    • The effective date for these changes is June 25, 2024.

  2. Lifetime Capital Gains Exemption:

    • The budget maintains the lifetime capital gains exemption for individuals selling their small business, farm, or fishing property.
    • It proposes expanding the exemption to $1.25 million of eligible capital gains (up from just over $1 million currently).

  3. Entrepreneur Carve-Out:

    • The budget introduces a new incentive for entrepreneurs.
    • Up to $2 million in capital gains per individual over a lifetime will be taxed at 33.3%.
    • Selling a primary residence remains excluded from capital gains taxes.

  4. Who Will Be Affected?

    • Wealthy Canadians, who disproportionately benefit from the current 50% inclusion rate, will see an impact.
    • Approximately 40,000 individuals (0.13% of Canadians) are expected to pay more taxes on their capital gains annually.
    • Most Canadians—28.5 million—will not have any capital gains income next year.
    • Another three million Canadians are expected to earn capital gains below the $250,000 threshold.

In summary, these changes aim to create a fairer tax system while ensuring that the burden falls more equitably across income levels. If implemented, they will affect a small percentage of Canadians, primarily those with higher incomes.


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