Business
Undemocratic tax hike will kill Canadian jobs: Taxpayers Federation
From the Canadian Taxpayers Federation
By Devin Drover
The Canadian Taxpayers Federation is demanding the Canada Revenue Agency immediately halt enforcement of the proposed capital gains tax hike which is now estimated to kill over 400,000 Canadian jobs, according to the CD Howe Institute.
“Enforcing the capital gains tax hike before it’s even law is not only undemocratic overreach by the CRA, but new data reveals it could also destroy over 400,000 Canadian jobs,” said Devin Drover, CTF General Counsel and Atlantic Director. “The solution is simple: the CRA shouldn’t enforce this proposed tax hike that hasn’t been passed into law.”
A new report from the CD Howe Institute reveals that the proposed capital gains tax hike could slash 414,000 jobs and shrink Canada’s GDP by nearly $90 billion, with most of the damage occurring within five years.
This report was completed in response to the Trudeau government’s plan to raise the capital gains inclusion rate for the first time in 25 years. While a ways and means motion for the hike passed last year, the necessary legislation has yet to be introduced, debated, or passed into law.
With Parliament prorogued until March 24, 2025, and all opposition parties pledging to topple the Liberal government, there’s no reasonable probability the legislation will pass before the next federal election.
Despite this, the CRA is pushing ahead with enforcement of the tax hike.
“It’s Parliament’s job to approve tax increases before they’re implemented, not the unelected tax collectors,” said Drover. “Canadians deserve better than having their elected representatives treated like a rubberstamp by the prime minister and the CRA.
“The CRA must immediately halt its plans to enforce this unapproved tax hike, which threatens to undemocratically take billions from Canadians and cripple our economy.”
Business
Canada Suddenly Says It’ll Buy More US Products After Trump Threatened To Slap It With Tariffs
From the Daily Caller News Foundation
By Owen Klinsky
Canada’s ambassador to the United States said Monday the country is prepared to purchase more U.S. goods following President-elect Donald Trump’s tariff threats.
Trump has repeatedly lamented the trade deficit between the U.S. and its neighbor to the north, threatening to levy a 25% tariff against the country or even annex Canada and make it “the 51st state.” His remarks appear to have already impacted trade relations, with Canada’s Ambassador Kirsten Hillman saying the country is ready to buy more from the United States in order to appease the incoming president, according to an interview she gave to The Associated Press Monday.
“He has a negotiating style which involves positioning himself in the best way he can for discussions,” Hillman told the AP. “We are happy to source what we can from the United States.”
Hillman identified military procurements as a potential category where Canada could increase its consumption of U.S. products, including Canada’s next fleet of submarines: “We have some big military procurements coming up for example, replacing our entire submarine fleet. Maybe those are some purchases that can happen from the U.S.”
The U.S. had a nearly $68 billion trade deficit with Canada in 2023, a decrease of $12.2 billion from 2022, according to the Bureau of Economic Analysis. The overall U.S. trade deficit sat at over $770 billion in 2023 — the highest of any country globally.
The ambassador also gave Trump credit for the creation of Canada’s $1 billion-plus border security and immigration plan: “We have moved really quickly, I’ll be honest, because President Trump focused the mind to put together a full package of improvements.”
Border patrol agents apprehended almost 24,000 individuals along the northern border in fiscal year 2024, representing a 140% increase from the year prior, data from the U.S. Customs And Border Protection shows.
“President Trump has promised tariff policies that protect working Americans from the unfair practices of foreign companies and foreign markets,” Trump-Vance Transition Spokesman Brian Hughes told the Daily Caller News Foundation. “As he did in his first term, he will implement economic and trade policies to make life affordable and more prosperous for our nation, while simultaneously leveling the playing field for American manufacturers.”
The Canadian embassy did not immediately respond to requests for comment.
From the Daily Caller News Foundation
By Owen Klinsky
The Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to negate their portfolio’s greenhouse gas emissions by 2050 or sooner — suspended activities after investment firm BlackRock announced its departure from the group, according to a press release.
BlackRock, which manages more than $10 trillion and has been a leader in environmental, social and governance (ESG) investing, announced its exit from NZAM Thursday, with its Vice-Chair Philipp Hildebrand saying the firm’s involvement in the environmental coalition “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials.” Now, NZAM has pressed pause altogether, halting operations while it conducts a review of its activities, an NZAM press release published Monday said.
JUST IN: The UN-backed Net Zero Asset Managers (NZAM) group has announced that it will be shutting down completely, following @BlackRock‘s departure. pic.twitter.com/o5htgvFEiH
— Will Hild (@WillHild) January 13, 2025
A slew of other financial services had left NZAM prior to BlackRock’s Thursday exit, including Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co. BlackRock’s exit came amid a broader corporate strategy shift away from ESG investing, with the firm only supporting about 4% of the 493 environmental and social investment proposals that shareholders put forward between the end of June 2023 and the end of June 2024, down from a rate of 47% in 2021.
BlackRock was a major supporter of ESG investing in years prior, with CEO Larry Fink saying in 2020 that “climate risk is investment risk” and that climate change would lead to a “fundamental reallocation of capital.”
“The destruction of NZAM is a huge win for consumers,” Will Hild, executive director of the conservative nonprofit Consumers’ Research, told the Daily Caller News Foundation. “Although there is a lot of work left to be done, what was effectively a cartel of asset managers has finally ceased taking the focus of businesses off of consumers, raising prices for everyday Americans everywhere from the gas pump to the grocery store.”
When reached for comment, NZAM referred the Daily Caller News Foundation to its press release.
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