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• Capital gains inclusion rate hike to impact 50% of SMBs

• Essential tips for success in life

• 32 Ways to Keep Getting Better

• Osheaga, Montréal

• Notable Spotlight: Feastie

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Capital Gains Inclusion Rate Hike to Impact Half of Canada’s Small Businesses

As of June 25, 2024, the new capital gains inclusion rate of 66.7% will affect half of Canada’s small business owners, according to the Canadian Federation of Independent Business (CFIB). Despite government claims that the rate would impact only the wealthiest Canadians, many small businesses are poised to feel the strain.

Key Takeaways

• Wide-Reaching Impact: Over 55% of small business owners anticipate the inclusion rate hike will affect the eventual sale of their business. Additionally, 45% say it will impact privately held investments, and 41% say it will affect investments within incorporated businesses.

• Federal Budget Insights: The federal budget noted that 307,000 Canadian corporations recorded net capital gains in 2022, indicating the hike’s broad potential impact.

• Lifetime Capital Gains Exemption: While there is an increase in the Lifetime Capital Gains Exemption, it doesn’t benefit business owners who sell assets rather than shares, nor does it help those holding investments within their corporations.

• Short Notice: Business owners were given only two weeks to adjust to the new rate, creating a rushed and challenging environment for making informed decisions.

CFIB’s Recommendations:

1. Scrap the Inclusion Rate Increase: If not, consider:

   • Grandfathering existing capital gains using a V-Day (valuation day).

   • Allowing corporations to benefit from a $250,000 annual allowance at a 50% inclusion rate.

   • Implementing a 5-year income averaging for larger, irregular capital gains.

2. Expand Canadian Entrepreneurs’ Incentive:

   • Include all sectors, such as farming and fishing, and non-founders to encourage investment.

   • Reduce the 10-year implementation schedule by half.

Why This Matters: For those involved in small businesses or entrepreneurship, understanding these changes is crucial. The new inclusion rate could significantly impact financial planning, investment strategies, and the long-term success of small businesses. Staying informed about these legislative changes and potential government incentives can help business owners navigate these challenges and advocate for more supportive policies.

Read the full article here.

How To Be Successful: Essential Tips for Success in Life

Achieving success, regardless of how you define it, requires dedication, discipline, and a willingness to grow and change. Whether you measure success in financial terms, social impact, or personal relationships, self-awareness and self-discipline are key.

Key Takeaways

• Set Clear Goals: Define specific, measurable, and realistic objectives to guide your efforts and measure progress.

• Develop a Growth Mindset: Embrace challenges, learn from failures, and persist in the face of obstacles to foster professional and personal growth.

• Cultivate Self-Discipline: Establish routines and use techniques like temptation bundling to stay committed to your goals.

• Take Initiative: Seek out opportunities and take on new responsibilities to boost self-confidence and personal growth.

• Build Strong Relationships: Foster meaningful connections with colleagues, mentors, and peers to develop a supportive network.

• Establish Effective Communication: Practice active listening and articulate your ideas clearly to enhance social skills and interactions.

• Prioritize Personal Health: Maintain physical and mental health to avoid burnout and stay motivated.

• Embrace Continuous Learning: Stay curious and invest in ongoing education to future-proof your career.

• Be Adaptable: View change as an opportunity and remain flexible in your strategies and approaches.

• Foster Resilience: Develop coping mechanisms to recover from setbacks with renewed motivation.

• Devote Time to Yourself: Take breaks and engage in activities that recharge you to avoid burnout.

• Seek Feedback: Solicit constructive feedback to gain valuable insights and strengthen relationships.

• Be Proactive in Solving Problems: Address issues head-on and anticipate potential challenges to maintain smooth operations.

• Celebrate Your Achievements: Acknowledge milestones and celebrate progress to stay motivated.

• Stay Committed to Your Long-Term Goals: Remain dedicated to your vision, values, and perseverance regardless of obstacles.

Why This Matters: These tips provide a roadmap to achieving personal and professional success. By setting clear goals, embracing continuous learning, and maintaining a healthy work-life balance, you can navigate the challenges of life and work more effectively. Implementing these strategies can help you build a fulfilling and successful life on your terms. Stay committed to your journey, celebrate your achievements, and keep pushing forward with determination and passion.

Read the full article here.

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Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.