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Mark Carney: The Economist Who Took on Trump and Won

  Mark Carney, a former central banker, has emerged as Canada’s prime minister following a dramatic election that reshaped the political landscape. His victory was fueled by a surge of nationalism in response to U.S. President Donald Trump’s aggressive rhetoric and trade policies. Trump’s threats to annex Canada as the “51st state” and impose steep tariffs on Canadian goods galvanized voters, turning Carney’s Liberal Party from underdogs to champions of Canadian sovereignty. Carney’s campaign centered on defending Canada’s independence and rebuilding its economy to reduce reliance on the United States. His experience as governor of the Bank of Canada and the Bank of England lent credibility to his promises of economic resilience. In his victory speech, Carney declared, “President Trump is trying to break us so that America can own us. That will never, ever happen”. The election results marked a stunning comeback for the Liberals, who were initially projected to lose to the oppositi...
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Federal Government Delays Capital Gains Tax Increase to 2026

 

The federal government has announced a delay in the implementation of the capital gains tax increase, pushing the effective date from June 25, 2024, to January 1, 2026. Finance Minister Dominic LeBlanc stated that this decision aims to provide certainty to Canadians and businesses as the tax season approaches.

The proposed changes would increase the capital gains inclusion rate from one-half to two-thirds for individuals with capital gains earnings above $250,000 and for corporations. However, the delay means that the new government formed after the upcoming election will likely be responsible for legislating these changes.

In addition to the delay, the government has promised to maintain or enhance existing capital gains exemptions, including the Principal Residence Exemption and a new $250,000 annual threshold for modest capital gains. The Lifetime Capital Gains Exemption will also be increased to $1.25 million, and a new Canadian Entrepreneurs’ Incentive will be introduced to encourage entrepreneurship.

This move has been welcomed by many Canadians and businesses who were seeking clarity on the tax changes. However, some critics argue that the government should admit the policy was a mistake and reverse course entirely.



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