Alberta announces new plan to tackle gender-based violence
Tanya Fir, minister of arts, culture and status of women, can be seen at a press conference in Edmonton on May 13, 2025. (Sean McClune/CTV News Edmonton)
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Globe and Mail
24 minutes ago
- Globe and Mail
What Canadian investors need to know about the Trump tax bill
If the first six months are any indication, the reign of U.S. President Donald Trump is going to be a rough one for Canadian investors. First, the stock market plunged earlier this spring as Mr. Trump's tariffs started a global trade war. Stocks have mostly recovered, but a new threat has emerged in the form of legislation that would allow Washington to ramp up the taxation of Canadians holding U.S. stocks. The One Big Beautiful Bill Act is not yet law – it passed in the U.S. House of Representatives by a single vote but must still pass in the Senate – and may change in scope. For now, it has the potential to more than double the tax applied to dividends from U.S. companies received by Canadian investors and corporations. The ultimate effect of the tax changes could be costly in total but perhaps not so bad on an individual basis. Regardless, it's too early to make changes in your investment portfolio. 'Currently, we're not making any moves, and I'm recommending everyone do the same thing and just wait to see what the information actually is,' said Justin Bender, a portfolio manager at PWL Capital. 'Then we can assess and see if there's any changes necessary.' Wealth managers brace for proposed U.S. tax bill's impacts on Canadian clients What's in Trump's big budget bill? From cuts to taxes and Medicaid, here's what to know Ultimately, Section 899 of the legislation could introduce a withholding tax of 20 to 50 per cent of dividends received by Canadians. There are estimates that this extra tax could cost individual investors, pension funds and others billions of dollars. The point of Section 899 is to give the U.S. a weapon to punish what it considers to be unfair taxes in other countries. Thought to be a target is our digital services tax, which mainly applies to U.S. tech giants generating revenue in Canada. Estimates from Mr. Bender show a worst-case additional drag on returns of 0.46 percentage points from U.S. stocks and U.S. equity exchange-traded funds when the higher withholding tax is fully phased in over four years. Think of this cost as being in addition to the management expense ratio of an ETF or mutual fund. If your return from a U.S. equity fund was a net 10 per cent with the management expense ratio (MER) included, then a higher withholding tax could ultimately leave you with as little as 9.54 per cent. Note that fund returns are always published on a net basis, with the MER included and, where applicable, foreign withholding taxes already deducted. Under existing U.S. tax law, there is a base withholding tax rate of 30 per cent for foreign investors holding U.S. stocks. A Canada-U.S. tax treaty generally reduces this rate to 15 per cent. No withholding tax applies to U.S. dividends paid into registered retirement savings plans and registered retirement income funds by U.S.-listed stocks and ETFs. There's no clear sense of whether this exemption would continue to apply under Section 899. In a non-registered account, you can offset the 15-per-cent withholding tax by claiming an offsetting foreign tax credit. In a TFSA, registered education savings plan, first home savings account or registered disability savings plan, the withholding tax cannot be recovered; it is also non-recoverable in RRSPs and RRIFs if you hold a Canadian-listed U.S. equity ETF. Canadian investors have a massive level of exposure to U.S. stocks directly and through funds. About $60-billion is invested in just four TSX-listed ETFs that track the S&P 500 index. But investing in the S&P 500, and the even more tech-focused Nasdaq, is much more about growth than dividend income. The dividend yield on the S&P 500 right now is about 1.3 per cent, half the level of the yield on Canada's S&P/TSX composite index. 'It's very low, which is why this tax maybe isn't as much of an issue as people are making it out to be,' Mr. Bender said. 'Some extra withholding taxes are probably not going to blow up your financial plan.' Mr. Bender added that the impact is further diminished by the fact that most investors have diversified their U.S. exposure with bonds and Canadian stocks, plus international markets in many cases. Investors who use ETFs for exposure to U.S. stocks can buy funds listed on U.S. exchanges as well as those located in Canada. Among Canadian-listed funds, there are those that hold U.S. stocks directly and those that are effectively a wrapper for a U.S.-listed fund in the same corporate family. Mr. Bender said each of these three ETF types would be affected similarly by higher U.S. withholding taxes. Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.
National Post
24 minutes ago
- National Post
Danielle Smith reignites feud with Guilbeault over his plans for Canada's national parks
OTTAWA — Steven Guilbeault may no longer be federal environment minister, but Alberta Premier Danielle Smith says she still sees him as a threat to the province's oil and gas industry. Article content Smith said on her weekly radio show this weekend that Guilbeault, now heritage minister, has an 'overt motive' to establish new federally-protected parks in the path of pipelines and other energy infrastructure. Article content Article content Article content She added that she wouldn't consent to the creation of any new federal parks in Alberta. Article content 'I do not want to see one additional acre of territory that's within Alberta turned into a federal park … we certainly don't need Steven Guilbeault telling us what is important to protect in Alberta,' said Smith. Article content 'If there is critical habitat that Albertans want to protect … we'll put in provincial parks.' Article content Guilbeault, a former Greenpeace activist, was shuffled out of the environment portfolio in March by Prime Minister Mark Carney but kept his role as minister responsible for Parks Canada. Article content This puts him in charge of implementing the Liberals' campaign promise to create at least 10 new national parks and protect 30 per cent of public lands by 2030. Article content According to Parks Canada's website, the agency is currently vetting four proposed national parks and protected areas, including a northern Manitoba watershed on the Hudson Bay, one possible destination for future oil shipments. Article content Neither Guilbeault's office nor Parks Canada gave an immediate response to Smith's comments about future federal parks blocking energy infrastructure. Article content This isn't the first time that mistrust has flared between Smith's United Conservative Party government and Parks Canada. Article content Greater Edmonton UCP MLA Brandon Lunty put forward a private member's bill in late 2023 barring municipalities and Parks Canada from expanding urban parks without the province's consent. The bill was signed into law in 2024. Article content Lunty told the National Post that he decided to champion the bill when he caught wind of bilateral discussions Edmonton's city council was having with federal officials about an urban park in the capital region. Article content 'It seemed like they were down the road a bit on those conversations and I kept coming back to the question of, well, what about the provincial perspective on this?' said Lunty.
CTV News
29 minutes ago
- CTV News
Labubu: The viral monster toy taking over Canada
This image provided by 'Showcase', shows Labubu, the plush toy from China's Pop Mart. Labubu, the mischievous, pointy-toothed monster from Chinese toy company Pop Mart, is no longer just a viral sensation – it's a full-blown cultural phenomenon. And in Canada, demand is surging, thanks in part to Showcase, the national retailer bringing Pop Mart products to local malls. 'Labubu is one of many characters in the Monsters series of Pop Mart, but she's the most famous character by far,' said Samir Kulkarni, CEO of Showcase, in a video interview with 'We've been in business for 30 years. This is by far the largest toy trend that we have ever seen.' Pop Mart describes Labubu as 'a small monster with high, pointed ears and serrated teeth' who, despite its mischievous look, 'is kind-hearted and always wants to help.' Originally created in 2015 by Hong Kong-born, Netherlands-raised illustrator Kasing Lung, Labubu first appeared in a trio of picture books inspired by Nordic mythology. '[The artist] remembered hearing Dutch bedtime stories about different monsters … and created figurines to go with those stories,' Kulkarni said. 'There's a story behind the story, and that's what creates that demand.' Although the character began as a background figure, Labubu has grown into the face of Pop Mart's global success, especially since plush versions hit the market in 2023. Labubu This image provided by 'Showcase', shows Labubu, the plush toy from China's Pop Mart. According to the company's annual report, Pop Mart's revenue more than doubled in 2024 to 13.04 billion yuan (US$1.81 billion), driven in part by Labubu's success. Plush toy sales alone soared more than 1,200 per cent, accounting for nearly 22 per cent of overall revenue. Labubu has been embraced by fans of all ages, though most buyers fall between the ages of eight and 25, according to Kulkarni. 'It definitely skews towards the younger side,' he said, adding there are older customers, especially when it comes to rarer and more expensive figures. Labubu has also become a fashion accessory, spotted dangling from designer handbags carried by celebrities including Olivia Attwood, Kim Kardashian and David Beckham, fuelling the toy's desirability. 'It's a mystery' What sets Pop Mart apart, and Labubu in particular, is the blind-box format. Shoppers never know exactly which figure they'll receive until opening the box. 'It's very different than most toys that are sold in retail,' Kulkarni said. 'In this case, it's a mystery. Sometimes there are rare characters that only appear once every 72 boxes. So, people are looking for the super rare ones, as well.' Those rare figures, once discovered, can skyrocket in value. The result is a frenzied aftermarket, with online resellers charging eye-watering prices for coveted pieces. 'They definitely do get more expensive over time because they are limited edition items,' Kulkarni said. 'There just isn't enough … and demand is much higher than the supply.' Showcase has leaned into the collector culture by offering in-store trading for duplicates and pre-order options for upcoming releases. New Labubu series drop almost monthly, according to Kulkarni, including the wildly popular 'Big Into Energy' collection featuring neon-coloured versions of the character. Labubu This image provided by 'Showcase', shows Labubu, the plush toy from China's Pop Mart. 'That line is the most popular Labubus ever created,' he said. 'We allow for those trades in-store, as well, so that people can … complete their collections.' Labubu vs. Lafufu Tracking down a Labubu isn't always easy. While Pop Mart operates an online store that ships to Canada, there are no physical Pop Mart locations in the country. Labubu figures are also available through a range of retailers — including Showcase, its national partner — as well as independent shops and online resellers. But fans should beware: a growing number of fakes, known online as 'Lafufus,' are circulating in the market. Lafufu, a counterfeit of Pop Mart's hit toy, has gained unexpected traction on social media. The name riffs on the word 'fake,' and their exaggerated flaws like misaligned eyes, uneven fur and lumpy bodies have turned them into a meme of their own. Despite being knockoffs, Lafufus have attracted a following. They're cheaper and more accessible than the genuine article, offering a low-cost entry point into the fandom for buyers who aren't fussy about official branding. There are a few general ways to tell the difference between a Lafufu and an authentic Labubu: genuine figures typically come in Pop Mart packaging with verifiable details, such as a QR code. Lafufus, by contrast, are often sold in unbranded bags and may have visible flaws.
