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Territorial Disputes Dominate Geneva Peace Talks

US President Donald Trump's son-in-law Jared Kushner, US Special Envoy Steve Witkoff, US Secretary of State Marco Rubio, US Army Secretary Daniel Driscoll sit before closed-door talks with Head of the Office of the President of Ukraine Andriy Yermak  (not pictured) on ending Russia's war in Ukraine, at the US Mission in Geneva, Switzerland. Negotiators from Russia and Ukraine convened in Geneva for a new round of U.S.-mediated peace talks, with territorial disputes emerging as the central point of contention. The discussions, held over two days, come amid heightened pressure from U.S. President Donald Trump, who has urged Kyiv to “come to the table fast” in pursuit of a settlement.  Both sides remain deeply divided over land claims, which have become the primary obstacle to progress. The Kremlin has signaled that territorial issues will dominate the agenda, while Ukrainian President Volodymyr Zelenskyy has voiced concerns that Kyiv is facing disproportionate p...
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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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