Canada cancels capital gains tax hike to aid businesses

Canadian Prime Minister Mark Carney has decided not to go ahead with a proposed capital gains tax hike. This change aims to encourage investment and support for small businesses across the country. The tax increase was originally part of the 2024 federal budget. However, the government will still raise the lifetime capital gains exemption limit to $1.25 million. This increase will particularly benefit small business owners, farmers, and fishers. Carney's move has been seen as a way to stimulate economic growth. Many in the business community welcomed this decision, hoping it will provide a boost in their efforts to thrive.