Similar Posts
Income | income tax | North
How much income tax Canadians will pay next year based on their bracket
Canadians will be paying more federal income tax next year, according to the Canada Revenue Agency (CRA). The CRA revealed the federal tax brackets for 2025, adjusted for inflation. While federal tax rates are the same, the income thresholds for each bracket have shifted. In 2025, the indexation increase will be 2.7%, which is lower than the 4.7% in 2024, according to the agency. This is how much income tax you’ll have to pay next year based on your bracket: Less than or up to $57,375 — 15% Between $57,375 and $114,750 — 20.5% Between $114,750 and $177,882 — 26% Between $177,882 and $253,414 — 29% $253,414 and over — 33% This comes after the federal government implemented the capital gains tax in June, which increased the inclusion rate from one-half to two-thirds for any Canadian or corporation that makes over $250,000 per year in capital gains. The tax hike only impacts a small portion (0.13%) of the wealthy population. “An increased Lifetime Capital Gains Exemption would ensure most middle-class entrepreneurs won’t pay more tax because of these changes, and the new Canadian Entrepreneurs’ Incentive would encourage entrepreneurs to invest in capital-intensive and high-growth sectors,” Canada’s Department of Finance stated. When it was first announced, Canadians ripped on the wealthy upset by the capital gains tax hike, and certain industries like the medical field said the hike could push doctors to quit. You can find more information on your income tax bracket here.
Bank of Canada warns of tinkering with mortgage rules
Second in command speaks out amid supply and demand imbalance The Bank of Canada’s second in command cautioned against “tinkering too much with the mortgage market” to fix housing affordability. Canada’s high home prices are primarily a function of a supply and demand imbalance, and the fix “will take time,” Senior Deputy Governor Carolyn Rogers…
Canadians getting first GST credit payment of the year today
New year, more money: Canadians are getting their first GST credit payments of 2025 today. The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment. According to the government, this credit aims to help families with low and modest incomes offset the taxes they pay. If you’re eligible, you’ll see extra cash in your bank account on Friday, January 3. Who’s eligible for the payment? The government says you’re generally eligible for the payment if you’re at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month. If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period: You have (or had) a spouse or common-law partner You are (or were) a parent and live (or lived) with your child According to the government, parents in a shared custody situation may be eligible for half of the credit for that child. Additionally, if your income is equal to or exceeds the amounts below, you or your family won’t be eligible for the credit. Government of Canada How much will you get from the GST credit? According to the government, you could get up to: $519 if you are single $680 if you are married or have a common-law partner $179 for each child under the age of 19 Here are some examples of things you could spend this credit on. You don’t need to apply for the credit because you’re automatically considered for it when you file your taxes. In 2022, Ottawa doubled the GST credit for six months during the height of inflation. There are other ways you might get more money from the government this year. From the Canada Child Benefit to the Canada Carbon Rebate, check out the full list here.
B.C. sets up a panel on bear deaths, will review conservation officer training
Posted September 9, 2024 3:13 pm. Last Updated September 9, 2024 7:37 pm. The British Columbia government is partnering with a bear welfare group to reduce the number of bears being euthanized in the province. Nicholas Scapillati, executive director of Grizzly Bear Foundation, said Monday that it comes after months-long discussions with the province on how to protect bears, with the goal to give the animals a “better and second chance at life in the wild.” Scapillati said what’s exciting about the project is that the government is open to working with outside experts and the public. “So, they’ll be working through Indigenous knowledge and scientific understanding, bringing in the latest techniques and training expertise from leading experts,” he said in an interview. He tells 1130 NewsRadio that this is a tremendous opportunity to advance the well-being and stewardship of bears in B.C. “It takes essential staff in addressing the calls that First Nations have made, conservation organizations and the public to address the number of bear deaths in their communities, enhance the care and handling of bears when they are (in) adverse conditions or relocated, and to deepen the public understanding of how we can support coexistence with bears,” he said. B.C. government data show conservation officers destroyed 603 black bears and 23 grizzly bears in 2023, while 154 black bears were killed by officers in the first six months of this year. Scapillati said the group will publish a report with recommendations by next spring, while an independent oversight committee will be set up to review all bear encounters with conservation officers to provide advice to the government. “We’ll be looking to bring together the bear rehab people, hunters, conservation organizations, first nations that are working with the COS,” he told 1130 NewsRadio. “We’re also going to lean on some of the World Meeting experts, not only from here, British Columbia, but across Canada, the United States, to give us advice on how we can advance our care and handling better policies and procedures, training…to improve the COS and hopefully reduce their deaths and improve the welfare of bears when they’re being handled right.” Environment Minister George Heyman said in a statement that they are looking for new ways to ensure conservation officers “have the trust of the communities they serve,” and the panel will make recommendations to enhance officer training and improve policies. Lesley Fox, with the wildlife protection group The Fur-Bearers, said they’ve been calling for such a committee for decades. “This move demonstrates the government is listening,” said Fox. “I suspect, because of the impending election, their listening skills are potentially a little sharper than they normally are.” Fox said the partnership came from “a place of long frustration” as provincial conservation officers kill more than 500 black bears every year on average, and the public is “no longer tolerating this kind of approach.” “I think that the conservation officer service and the B.C. government are aware they need to change, and certainly the public has been asking for it,” said Fox. Fox said there’s a lot of optimism about the new partnership, but, as with any government, there will likely be a lot of red tape to get through. “I think speed is going to be important, whether or not the committee has the ability to make change and make change relatively quickly without having to study an issue to death, ” said Fox.
Business | Canada | Local | North | Real Estate | statistics
National housing market in holding pattern as buyers patient for lower rates: CREA
Posted September 16, 2024 6:54 am. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down. The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year. On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.” The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier. The number of newly listed properties was up 1.1 per cent month-over-month.
How to Buy a House in British Columbia 2024
Proposed Anti-Flipping Tax On April 7th, 2022, the federal budget plan proposed a new anti-flipping tax. The tax is imposed on people who own real estate for less than a year. You may lose your Principal Residence Exemption if you buy a primary residence and move for non-exempt reasons. Additionally, if you sell an investment…