Top Business News: Federal Budget Highlights, Toronto Gold Heist Arrests, Canada Inflation Rate Update – April 21

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Federal budget’s capital gain changes, Toronto’s gold heist arrests and Canada’s inflation rate: Business and investing news for April 21



“Are you feeling overwhelmed trying to keep up with the latest business and investing news? Don’t worry, we’ve got you covered! Here’s a rundown of the most essential stories from the past week, including insights, analysis, and stock tips to keep you informed and ahead of the game.

Federal Budget 2024: New Taxes, Housing Affordability, and Open Banking

Finance Minister Chrystia Freeland recently unveiled the 2024 federal budget, outlining $53 billion in new spending over the next five years. The budget includes significant investments in housing, artificial intelligence, defence, Indigenous communities, community health, and safety. One notable change is the increase in the inclusion rate on certain capital gains, set to take effect on June 25. While the government asserts that this will generate more revenue from the wealthy, experts caution that it could also impact middle-class taxpayers. Additionally, Ottawa has enlisted the Financial Consumer Agency of Canada to oversee and enforce open banking legislation.

Canada’s Inflation Rate Rises to 2.9% in March

In March, Canada’s annual inflation rate climbed to 2.9%, driven by higher gasoline prices. While this uptick was in line with expectations, core inflation indicators continue to slow. Speculation is mounting that the Bank of Canada may reduce interest rates before the United States, with traders predicting potential rate cuts in June or July.

Move over Boomers, Gen X is Raking It In

Statistics Canada data reveals that Generation X, born between 1965 and 1980, now boasts the highest average net worth compared to other generations. In contrast, Millennials experienced a decline in net worth over the past year. This shift in wealth from baby boomers to Gen Xers is attributed to financial assets and real estate holdings.

Compelling Developments and Controversies

There have been significant developments and controversies in other areas, such as the arrest of individuals involved in a massive gold and cash heist at Toronto’s Pearson airport. Moreover, Shoppers Drug Mart pharmacists have initiated a proposed lawsuit against Loblaw over alleged unethical corporate practices. Additionally, the Taxpayers’ Ombudsperson is reviewing the Canada Revenue Agency’s conduct regarding new tax rules for trusts, prompting concerns over taxpayer rights.

Conclusion

As we navigate through these diverse economic and legal landscapes, it is crucial to stay informed and consider various perspectives. The dynamic nature of our financial systems requires vigilance and a thoughtful approach to address emerging challenges and opportunities. So, stay engaged, keep learning, and be prepared for whatever twists and turns lie ahead in the realm of business and investing.”



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