Some Canadians farmers say the changes to a federal incentive are being touted as a way to reduce the impact of the capital gains The increase in the inclusion rate “does not go far enough” and they are calling on Ottawa to return the inclusion rate for farmers to what it was before this year’s change. On Monday, the Finance Department provided more details on the Canada Entrepreneur Incentive (CEI), which, first announced in April, would cut the capital gains inclusion rate in half, to 33 per cent, up to a limit of $2 million, by its full rollout in 2034. The new change brought that date forward to 2029, with incremental increases of $400,000 starting in 2025. The incentive also only allowed founders of a company to be eligible, but this condition has now been removed and the requirement to hold 10% or more of the shares has been reduced to 5%. The story continues below the advertisement Under the changes made by Ottawa, the inclusion rate for taxable capital gains has increased from 50% to 67% for individuals making more than $250,000 of such gains per year. However, the same increase will also apply to all such gains made by corporations and many trusts. “It certainly doesn’t go far enough,” Kyle Larkin, executive director of the Grain Growers of Canada, told Global News. “It will benefit some farms in Canada, but most farmers will see no benefit from it and will still face a tax increase.” While many farms in Canada are incorporated, the Grain Growers of Canada says that even if a farmer’s principal residence is not subject to capital gains tax when sold, he or she will still be subject to that 67% rate on any gains realized when selling farmland. The email you need for the day The top news from Canada and around the world. Receive daily national news Get the day’s top political, business and current affairs news delivered to your inbox once a day. By providing your email address, you have read and agreed to Global News’ Terms of Use. Terms and Conditions And Privacy Policy. To give some perspective, grain producers calculates that an Alberta farm of approximately 2,500 acres purchased for $1,385,000 in 1996 could potentially sell for approximately $17,250,000 in 2023 for a pre-tax profit of $15,865,000. 4:48 Family Farm Succession Planning Following New Capital Gains Taxation “But that money doesn’t go directly to the farmers,” Larkin said. “They have debt to pay off, a lot of the equipment is leased … So there’s a lot of debt to pay off before they make a profit on the sale.” The story continues below the advertisement John Oakey, vice-president of tax at Chartered Professional Accountants of Canada, told Global News the changes to the CEI are an adjustment to a program put in place to “soften the impact” of rising capital gains. He said the biggest impact is that more farmers and fishermen can apply for the program, as previous requirements included having to own shares in a company, which not all farmers have. Current trend Sheeppox declared a global public health emergency by WHO Plant-based milk recall: Third person dies, listeriosis cases rise to 20 “By opening the door to farm and fishing property, we’re better aligning ourselves with the criteria used for the capital gains exemption,” he said. “It’s broader for them and it should make it easier to access farm and fishing property.” Oakey added that reducing the implementation period to just five years means people will not have to wait until 2034 to access the full $2 million incentive. “Especially when we are going through a significant transition period between generations of businesses, including agricultural and fishing properties,” he said. 2:32 Ontario Federation of Cottage Associations lobbies against capital gains tax changes Some organizations welcomed the decision, with the Canadian Federation of Independent Business saying it was pleased with some changes, including increased access for farmers and fishers, as well as the addition of personal service businesses. The story continues below the advertisement However, she criticised the decision that not all entrepreneurs were included, such as restaurateurs or those in the arts sector. According to Statistics Canada’s 2016 Census of Agriculture, about 97 per cent of Canadian farms are family-owned, and Larkin said many want to keep the operation in the family, but capital gains mean even more stress. He said young farmers are already facing “millions of dollars” in debt for the transition, but the tax changes will only increase that amount. © 2024 Global News, a division of Corus Entertainment Inc. Source link

Vice President of the United States Kamala Harris tries to outwit the former president Donald Trump and to address old vulnerabilities in her policy positions as she begins to consider how she would govern if elected in November. Vice presidents rarely have their own policy portfolios and almost always sideline any views that differ from those of the Oval Office occupant. Now, after four years of following President Joe Biden’s lead, Harris is taking a cautious approach to unveiling her own policy vision. But his surprise rise to the top of the ticket after Biden dropped his re-election bid also means his policy agenda is being crafted just as quickly.

Prime Minister Justin Trudeau attacked a promise by the Conservative leader Pierre Poilievre to increase tariffs on Chinese products electric vehicles 100 percent, but Trudeau did not respond when asked why his government did not act sooner to introduce a surtax. “It’s a bit of a joke that Pepper “We’re suddenly talking about workers in the industry,” Trudeau said during a funding announcement for the electric vehicle industry in eastern Ontario on Monday. “For Poilievre to suddenly turn around and say, ‘Oh, we’re worried about electric vehicles,’ that’s a load of rubbish. He’s looking for a political angle. Because that’s all he does,” the prime minister said. 2:17 Canada considers tariffs on Chinese-made electric vehicles after US decision Trudeau also said that if Poilievre were elected, he would cut investment in Canada’s electric vehicle industry, a sector that continues to receive huge government subsidies. The story continues below the advertisement “It would reduce our investment in electric vehicles and in building an extraordinary electric vehicle supply chain in Canada, which is what we are doing as a government,” the Prime Minister said. Latest news from Canada and around the world sent to your email address, as it happens. Get the latest national news For news that impacts Canada and the world, sign up to receive breaking news alerts directly when it happens. By providing your email address, you have read and agreed to Global News’ Terms of Use. Terms and Conditions And Privacy Policy. The Liberal government is considering imposing U.S.-matching tariffs on Chinese electric vehicles, saying a decision will be made “soon” and that “it is clear that action is needed, such as a surcharge.”

Move, MAGA Hats:Governor Tim Walz The camouflage cap has entered the debate and is quickly becoming the hottest fashion accessory of the summer, with the potential to reverse Donald Trump’s stranglehold on election clothing from meme to merchandise. When US Vice President Kamala Harris introduced Walz as his running mate On Tuesday, she celebrated her choice with an Instagram video inspired by a dating reality show that showed her placing a call to Walz, who answered the call from his home in St. Paul, Minnesota, wearing khaki pants and his usual camouflage hat. “I would be honored, Madam Vice President,” Walz responded, accepting the invitation to become the official Democratic vice presidential nominee. The story continues below the advertisement Immediately, the Midwestern dad and former high school football coach generated what seemed like a thousand memes, with followers comparing him to the hottest pop star of the moment and his fellow Midwesterner, Chappell Roanwho sells a similar hat to fans. In a nimble move, easily proving they can keep pace with internet culture, the Harris-Walz campaign was I am selling an official camouflage print hat in the Harris Victory Fund online store less than 12 hours later, displaying the text “Harris Walz” in hunter orange. The item description read: “You asked, we answered. The most iconic political hat in America. Roan herself noticed the rapid change shortly after, posting an image of the hats’ side-by-side comparison with the caption, “Is this real(?)” The story continues below the advertisement is it real https://t.co/4HBBEQuo7q — Chappell Roan (@ChappellRoan) August 7, 2024 That’s right. The campaign confirmed to Teen Vogue that the hats made by the union sold its first 3,000 hats Within 30 minutes. By Thursday afternoon, sales of the $40 hat were approaching $2 million. Latest news from Canada and around the world sent to your email address, as it happens. Get the latest national news For news that impacts Canada and the world, sign up to receive breaking news alerts directly when it happens. By providing your email address, you have read and agreed to Global News’ Terms of Use. Terms and Conditions And Privacy Policy. “They sold 25,000 hats in a matter of hours,” Mitch Cahn, president and founder of Unionwear, the company that makes all of the Harris-Walz campaign merchandise, told Women’s Wear Daily of the sales surge. “We were completely surprised by this“We’ve been in business for 32 years. We’ve never had a case where we made a sample in the morning and the next morning they had sold a million dollars’ worth of hats,” he said. The story continues below the advertisement “We’ve been making this camo hat for years for hunters and Midwesterners. The idea that this hat would appeal to Chappell Roan fans and Midwestern hunters is probably why the campaign chose it, because it has such broad appeal and brings people together,” Cahn continued. “Obviously, the sales, demand and excitement for this hat speaks for itself.” FILE – Tim Walz has long been sporting his camouflage hat. Here he is, in 2016, addressing a crowd at the University of Minnesota Duluth. Tom Williams / CQ Roll Call Cahn also noted to USA Today that while his Unionwear hasn’t made any products for the Trump campaign in the last two election cycles, they were responsible for the first run of the now instantly recognizable red “Make America Great Again” hats in 2016. The initial demand for Kamala-Walz hats, he said, exceeds initial demand for MAGA hats at that time. When a campaign hat is more than a merchandising product A camouflage hat seems like a natural and strategic choice for the campaign store — Walz has long touted his hunting abilities, and Harris’ campaign strategy surely seeks to amplify Walz’s quintessentially Midwestern personality to appeal to rural voters and Americans living in swing states. The story continues below the advertisement 1:18 ‘Happy as a King’: Ford Comments on Choosing Tim Walz as Kamala Harris’ Running Mate Derek Guy, the fashion journalist and “menswear expert” behind the ubiquitous X account @dieworkwear, notes that capitalizing on Walz’s penchant for casual dressing is a smart strategy for Democrats. “This is where Walz has a fashionable — or perhaps usefully unfashionable — advantage:With his flannel-lined LL Bean barn coats, scuffed work boots and woodland camouflage caps, Walz is one of the few politicians who looks normal in the kind of unpretentious clothes many voters prefer to wear themselves,” Guy noted in a piece for Politico. “The choice to put Walz in casual attire and introduce Woodsman camouflage campaign merchandise shortly after the announcement suggests that the Harris team is keenly aware of how Clothing impacts governor’s brand image.” While my article isn’t about flannel shirts, one reason Walz looks natural in casual wear is that his clothes have the kind of fading that comes from years of use (see barn coat). On the other hand, crisp work clothes can make a person look like they’re playing a LARP. https://t.co/QjBk0LP6wW pic.twitter.com/vbWzumROnn — Derek Guy (@dieworkwear) August 8, 2024 The story continues below the advertisement Guy also notes that Walz has the advantage of authenticity on his side, unlike some politicians who seem to embody various roles when they dress more casually for more relaxed events: “His hunting outfits don’t look contrived. because he is a real hunter.” Not everyone is impressed by the introduction of the camouflage hat. Randy Kozuch, executive director of the National Rifle Association’s Institute for Legislative Action, told the Washington Post that “a camouflage hat can’t disguise the fact that Kamala Harris and Tim Walz are Radicals who seize weapons who support the confiscation of firearms from hunters and law-abiding gun owners. Walz, though a hunter, has spent much of his political career advocating for stricter gun laws, and as governor he signed a bill that would require universal background checks and a red flag law. Emily L. Newman, a professor of art history and liberal studies at Texas A&M University in Commerce, argues…