Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
The 2024 federal budget in Canada has introduced several measures that directly affect your financial well-being. Let’s explore seven key ways this budget impacts you:
Capital Gains Inclusion Rate Increase:
- The budget proposes raising the capital gains inclusion rate from 50% to 66.67% for corporations, trusts, and individuals (for capital gains exceeding $250,000) on or after June 25, 2024.
- This change affects how much tax you pay when selling assets like stocks, real estate, or businesses.
Employee Stock Options:
- If you receive employee stock options, the taxable benefit deduction will be reduced to 33.33% (from 50%) due to the higher capital gains inclusion rate.
- However, you can still claim a combined deduction of up to $250,000 for both stock options and capital gains.
Net Capital Losses:
- Prior-year net capital losses can offset taxable capital gains in the current year, even after the rate change.
- This means losses realized before the rate increase can fully offset equivalent gains afterward.
Affordable Housing Initiatives:
- The budget aims to build more affordable homes, addressing the challenge of elevated living costs.
- While there are no changes to personal tax brackets, housing affordability remains a priority.
Alternative Minimum Tax (AMT):
- The budget proposes amendments to AMT proposals, reducing the negative impact on charitable donations’ tax treatment.
- This benefits those who contribute to charities while minimizing their tax liability.
Carbon Tax Offset:
- Although not explicitly mentioned, the budget likely includes measures to offset the carbon tax impact on households.
- These efforts align with environmental goals and may affect your energy costs.
Small Business Investment:
- Expect further investment incentives for small businesses, encouraging growth and job creation.
- The budget aims to boost the economy and support entrepreneurs.
In summary, the 2024 federal budget combines tax changes, housing initiatives, and economic strategies to enhance financial stability for Canadians. Stay informed and adapt your financial plans accordingly.
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