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Vancouver Budget Balances Books Without Tax Hike

Vancouver city council approved a 2026 budget, which includes a freeze on municipal property taxes. Vancouver City Council has approved a new budget that pledges no increase in property taxes, a move welcomed by many residents facing rising living costs. However, the financial plan comes with significant trade-offs: millions of dollars will be cut from arts programs, park services, and other community initiatives. City officials argue the budget reflects a commitment to fiscal responsibility while easing pressure on households. Critics, however, warn that reductions in cultural and recreational funding could erode the city’s vibrancy and limit access to public spaces. The decision highlights the ongoing challenge of balancing affordability with investment in community life. As Vancouver grows, the debate over how to fund essential services without raising taxes is likely to intensify.
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Trudeau's Resignation and CRA's Persistent Issues: A Taxpayer's Dilemma

 

The resignation of Prime Minister Justin Trudeau has thrown the proposed capital gains tax hike into uncertainty. Initially introduced in the April 2024 federal budget, the capital gains inclusion rate proposals aimed to increase the inclusion rate from 50% to 67%. However, with Trudeau's resignation and the prorogation of Parliament, these proposals are now on life support.

The Canada Revenue Agency (CRA) has stated that it will continue to apply the proposed increases even if an election is called. This decision has sparked controversy, with critics arguing that the CRA's administrative policies are not being respected. Despite the political chaos, the CRA maintains that its long-standing practice of asking taxpayers to file based on proposed legislation is proper and grounded in parliamentary convention.

The uncertainty surrounding the capital gains tax hike and the CRA's handling of the situation has left taxpayers in a difficult position. As the political landscape continues to shift, the future of the capital gains proposals remains unclear.


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