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COVID-19 cases in Canada surpass 200000 – CTV News

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TORONTO —
The second wave of the COVID-19 pandemic pushed Canada’s total case count past the 200,000 mark on Monday as tougher health restrictions took effect in some regions facing a surge in infections.

The latest numbers from Saskatchewan lifted the national tally over the bleak milestone as the province reported 66 new cases of the novel coronavirus, though other provinces reported significantly more new cases.

The development came just over four months after Canada reached the 100,000-case threshold.

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The bulk of the country’s case load has been concentrated in Ontario and Quebec, though numbers have been surging in much of the country in recent weeks.

The 200,000-case milestone isn’t all that significant in and of itself but it does provide an opportunity to examine how the country is doing in grappling with the COVID-19 pandemic, said Barry Pakes, a public health and preventatine medicine physician with the University of Toronto’s Dalla Lana School of Public Health.

Canada saw its first confirmed case of COVID-19 in late January and marked 100,000 cases in mid-June, about five months later.

That it took almost as long to double the caseload to 200,000 suggests public health measures slowed the virus’s spread to some degree in that time, Pakes said.

“That’s not how infectious diseases work – they double, and they go straight up on an exponential line, and when we put in proper public health measures we’re able to dull that somewhat, so I think that’s a testament to what we’ve been doing so far,” he said.

At the same time, it’s crucial to remember that Canada is in the midst of a second wave of the pandemic, and milestones such as this one can sometimes serve as a reminder not to let our guard down, he said.

“The problem arises when we rest on our laurels and I think we shouldn’t do that, but I think we can be sort of hopeful that we won’t see some of the numbers and some of the really big societal effects that have been seen in the U.S. or Europe,” he said.

“But it does remain to be seen.”

Quebec continued to lead in new daily cases, reporting 1,038 cases and six more deaths Monday – the fourth consecutive day it has seen more than 1,000 new infections.

Ontario, meanwhile, reported 704 new cases and four new deaths.

The province has reinstated stricter health measures in four regions – Toronto, Peel Region, York Region and Ottawa – and Dr. David Williams, Ontario’s top doctor, recommended against traditional Halloween activities in those areas.

The tighter rules, which include closing gyms and movie theaters and barring indoor dining in restaurants or bars, kicked in for York Region on Monday but took effect earlier this month in the other three hot spots.

Williams said that when daily case counts began to rise again in September, the province predicted it would see new infections double every 10 to 12 days, which would have led to daily numbers in the 1,200 to 1,400 range by now. He noted that at the time, the City of Toronto also predicted seeing its cases double every six days if no additional steps were taken.

“Neither of us, fortunately, have seen that. Measures have been taken, they’ve dropped that down,” he said Monday.

The daily case numbers were slow to come down in the first wave but they did drop over time, “and I think we can do that again,” he said.

Manitoba reported 80 new COVID-19 cases on Monday, nearly two thirds of them in Winnipeg, as new restrictions on gatherings and businesses took effect in that city. The new rules limit gatherings to five people and force casinos and bars to close, and will be reviewed in two weeks.

Meanwhile, the federal government announced Monday that limits on travel between Canada and the United States will remain in place until Nov. 21.

This report by The Canadian Press was first published Oct. 19, 2020.

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Canada Child Benefit payment on Friday | CTV News – CTV News Toronto

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More money will land in the pockets of Canadian families on Friday for the latest Canada Child Benefit (CCB) installment.

The federal government program helps low and middle-income families struggling with the soaring cost of raising a child.

Canadian citizens, permanent residents, or refugees who are the primary caregivers for children under 18 years old are eligible for the program, introduced in 2016.

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The non-taxable monthly payments are based on a family’s net income and how many children they have. Families that have an adjusted net income under $34,863 will receive the maximum amount per child.

For a child under six years old, an applicant can annually receive up to $7,437 per child, and up to $6,275 per child for kids between the ages of six through 17.

That translates to up to $619.75 per month for the younger cohort and $522.91 per month for the older group.

The benefit is recalculated every July and most recently increased 6.3 per cent in order to adjust to the rate of inflation, and cost of living.

To apply, an applicant can submit through a child’s birth registration, complete an online form or mail in an application to a tax centre.

The next payment date will take place on May 17. 

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Capital gains tax change draws ire from some Canadian entrepreneurs worried it will worsen brain drain – CBC.ca

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A chorus of Canadian entrepreneurs and investors is blasting the federal government’s budget for expanding a tax on the rich. They say it will lead to brain drain and further degrade Canada’s already poor productivity.

In the 2024 budget unveiled Tuesday, Finance Minister Chrystia Freeland said the government would increase the inclusion rate of the capital gains tax from 50 per cent to 67 per cent for businesses and trusts, generating an estimated $19 billion in new revenue.

Capital gains are the profits that individuals or businesses make from selling an asset — like a stock or a second home. Individuals are subject to the new changes on any profits over $250,000.

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The government estimates that the changes would impact 40,000 individuals (or 0.13 per cent of Canadians in any given year) and 307,000 companies in Canada.

However, some members of the business community say that expanding the taxable amount will devastate productivity, investment and entrepreneurship in Canada, and might even compel some of the country’s talent and startups to take their business elsewhere.

WATCH | The federal budget hikes capital gains inclusion rate: 

Federal budget adds billions in spending, hikes capital gains tax

3 days ago

Duration 6:14

Finance Minister Chrystia Freeland unveiled the government’s 2024 federal budget, with spending targeted at young voters and a plan to raise capital gains taxes for some of the wealthiest Canadians.

Benjamin Bergen, president of the Council of Canadian Innovators (CCI), said the capital gains tax has overshadowed parts of the federal budget that the business community would otherwise be excited about.

“There were definitely some other stars in the budget that were interesting,” he said. “However, the … capital gains piece really is the sun, and it’s daylight. So this is really the only thing that innovators can see.”

The CCI has written and is circulating an open letter signed by more than 1,000 people in the Canadian business community to Trudeau’s government asking it to scrap the tax change.

Shopify CEO Tobi Lütke and president Harley Finkelstein also weighed in on the proposed hike on X, formerly known as Twitter.

Former finance minister Bill Morneau said his successor’s budget disincentivizes businesses from investing in the country’s innovation sector: “It’s probably very troubling for many investors.”

Canada’s productivity — a measure that compares economic output to hours worked — has been relatively poor for decades. It underperforms against the OECD average and against several other G7 countries, including the U.S., Germany, U.K. and Japan, on the measure. 

Bank of Canada senior deputy governor Carolyn Rogers sounded the alarm on Canada’s lagging productivity in a speech last month, saying the country’s need to increase the rate had reached emergency levels, following one of the weakest years for the economy in recent memory.

The government said it was proposing the tax change to make life more affordable for younger generations and fund efforts to boost housing supply — and that it would support productivity growth.

A challenge for investors, founders and workers

The change could have a chilling effect for several reasons, with companies already struggling to access funding in a high interest rate environment, said Bergen.

He questioned whether investors will want to fund Canadian companies if the government’s taxation policies make it difficult for those firms to grow — and whether founders might just pack up.

The expanded inclusion rate “is just one of the other potential concerns that firms are going to have as they’re looking to grow their companies.”

A man with short brown hair wearing a light blue suit jacket looks directly at the camera, with a white background behind him.
Benjamin Bergen, president of the Council of Canadian Innovators, said the proposed change could have a chilling effect for several reasons, with companies already struggling to access and raise financing in a high interest rate environment. (Submitted by Benjamin Bergen)

He said the rejigged tax is also an affront to high-skilled workers from low-innovation sectors who might have taken the risk of joining a startup for the opportunity, even taking a lower wage on the chance that a firm’s stock options grow in value.

But Lindsay Tedds, an associate economics professor at the University of Calgary, said the tax change is one of the most misunderstood parts of the federal budget — and that its impact on the country’s talent has been overstated.

“This is not a major innovation-biting tax change treatment,” Tedds said. “In fact, when you talk to real grassroots entrepreneurs that are setting up businesses, tax rates do not come into their decision.”

As for productivity, Tedds said Canadians might see improvements in the long run “to the degree that some of our productivity problems are driven by stresses like housing affordability, access to child care, things like that.”

‘One foot on the gas, one foot on the brake’

Some say the government is sending mixed messages to entrepreneurs by touting tailored tax breaks — like the Canada Entrepreneurs’ Incentive, which reduces the capital gains inclusion rate to 33 per cent on a lifetime maximum of $2 million — while introducing measures they say would dampen investment and innovation.

“They seem to have one foot on the gas, one foot on the brake on the very same file,” said Dan Kelly, president of the Canadian Federation of Independent Business.

WATCH | Could the capital gains tax changes impact small businesses?: 

How could capital gains tax increases impact Canadian small businesses? | Power & Politics

2 days ago

Duration 12:18

Some business groups are worried that new capital gains tax changes could hurt economic growth. But according to Small Business Minister Rechie Valdez, most Canadians won’t be impacted by that change — and it’s a move to create fairness.

A founder may be able to sell their successful company with a lower capital gains treatment than otherwise possible, he said.

“At the same time, though, big chunks of it may be subject to a higher rate of capital gains inclusion.”

Selling a company can fund an individual’s retirement, he said, which is why it’s one of the first things founders consider when they think about capital gains.

LISTEN | What does a hike on the capital gains tax mean?: 

Mainstreet NS7:03Ottawa is proposing a hike to capital gains tax. What does that mean?

Tuesday’s federal budget includes nearly $53 billion in new spending over the next five years with a clear focus on affordability and housing. To help pay for some of that new spending, Ottawa is proposing a hike to the capital gains tax. Moshe Lander, an economics lecturer at Concordia University, joins host Jeff Douglas to explain.

Dennis Darby, president and CEO of Canadian Manufacturers & Exporters, says he was disappointed by the change — and that it sends the wrong message to Canadian industries like his own.

He wants to see the government commit to more tax credit proposals like the Canada Carbon Rebate for Small Businesses, which he said would incentivize business owners to stay and help make Canada competitive with the U.S.

“We’ve had a lot of difficulties attracting investment over the years. I don’t think this will make it any better.”

Tech titan says change will only impact richest of the rich

A man sits on an orange couch in an office.
Ali Asaria, the CEO of Transformation Lab and former CEO of Tulip Retail, told CBC News that the proposed change to the capital gains tax is ‘going to really affect the richest of the rich people.’ (Tulip Retail)

Toronto tech entrepreneur Ali Asaria will be one of those subject to the expanded capital gains inclusion rate — but he says it’s only fair.

“It’s going to really affect the richest of the rich people,” Asaria, CEO of open source platform Transformer Lab and founder of well.ca, told CBC News.

“The capital gains exemption is probably the largest tax break that I’ve ever received in my life,” he said. “So I know a lot about what that benefit can look like, but I’ve also always felt like it was probably one of the most unfair parts of the tax code today.”

While Asaria said Canada needs to continue encouraging talent to take risks and build companies in the country, taxation policies aren’t the most major problem.

“I think that the biggest central issue to the reason why people will leave Canada is bigger issues, like housing,” he said.

“How do we make it easier to live in Canada so that we can all invest in ourselves and invest in our companies? That’s a more important question than, ‘How do we help the top 0.13 per cent of Canadians make more money?'”

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Canada Child Benefit payment on Friday | CTV News – CTV News Toronto

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More money will land in the pockets of Canadian families on Friday for the latest Canada Child Benefit (CCB) installment.

The federal government program helps low and middle-income families struggling with the soaring cost of raising a child.

Canadian citizens, permanent residents, or refugees who are the primary caregivers for children under 18 years old are eligible for the program, introduced in 2016.

300x250x1

The non-taxable monthly payments are based on a family’s net income and how many children they have. Families that have an adjusted net income under $34,863 will receive the maximum amount per child.

For a child under six years old, an applicant can annually receive up to $7,437 per child, and up to $6,275 per child for kids between the ages of six through 17.

That translates to up to $619.75 per month for the younger cohort and $522.91 per month for the older group.

The benefit is recalculated every July and most recently increased 6.3 per cent in order to adjust to the rate of inflation, and cost of living.

To apply, an applicant can submit through a child’s birth registration, complete an online form or mail in an application to a tax centre.

The next payment date will take place on May 17. 

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