By Canadian Press

In the news today: Are doctors’ retirement savings doomed?

Apr 25, 2024 | 1:17 AM

Here is a roundup of stories from The Canadian Press designed to bring you up to speed on what you need to know today…

Are doctors’ retirement savings doomed?

The Canadian Medical Association says the Liberals’ proposed changes to capital gains taxation will put doctors’ retirement savings in jeopardy. 

The federal budget presented last week proposes making two-thirds rather than one-half of capital gains — or profit made on the sale of assets — taxable.

The increase in the so-called inclusion rate would apply to capital gains above $250,000 for individuals, and all capital gains realized by corporations.

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Doctors typically incorporate their medical practices and invest for retirement inside their corporations.

However, some financial experts insist incorporated professionals are not as doomed as they say they are.

CEO of Integris Pension Management Corp. Jean-Pierre Laporte says incorporated professionals like doctors can sell off investments and open a registered pension plan. 

Here’s what else we’re watching…

Alberta NDP set for first leadership debate

Naheed Nenshi, the former mayor of Calgary, is expected to be the centre of attention as the Alberta NDP leadership race holds its first debate tonight in Lethbridge.

But a Calgary political scientist is expecting the exercise to be more civil than civil war.

Mount Royal University’s Lori Williams says that while each of the five candidates will want to distinguish themselves, they also won’t want to hurt the election chances for the next leader.

The new leader is to be chosen in June, after current Leader Rachel Notley announced her plan to leave.

Also vying for the leadership are Calgary M-L-A Kathleen Ganley, Edmonton M-L-As Sarah Hoffman and Jodi Calahoo Stonehouse, and Gil McGowan, head of the Alberta Federation of Labour.

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Honda expected to announce EV battery plant

Prime Minister Justin Trudeau, Ontario Premier Doug Ford and Honda executives are expected to announce today that the Japanese automaker is building an electric vehicle battery plant in Alliston, Ont., part of a $15-billion investment.

Senior sources with information on the project have told The Canadian Press that Honda is also retooling its assembly plant in Alliston to produce fully electric vehicles.

The $15-billion project includes the retooled plant, an electric vehicle battery plant in close proximity, as well as two key battery parts facilities located elsewhere in Ontario.

There will likely be some capital investment from at least one level of government, but the sources say the deal does not involve production subsidies, which were used to woo two other automakers to build battery plants in Ontario instead of the United States with its incentives under the Inflation Reduction Act.

Instead, the federal government has proposed in its recent budget a 10 per cent Electric Vehicle Supply Chain investment tax credit, which Honda could claim on top of an existing 30 per cent Clean Technology Manufacturing Investment tax credit.

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Mom gives air quality monitors after son’s death

The mother of a nine-year-old boy who died last summer is trying to prevent a similar tragedy this wildfire season.

Carter Vigh died of asthma exacerbated by wildfire smoke in 100 Mile House, British Columbia.

His mother, Amber Vigh, has worked with the BC Lung Foundation to start Carter’s Project, with the goal of bringing air quality monitors to every community in the province.

The project will also educate people about how the air can be harmful — even inside homes, schools or workplaces.

The Vigh family and lung foundation will distribute box fans and HEPA air filters so people can make their own indoor air purifiers.

They will start in 100 Mile House on May 14th and hope to eventually expand the program across Canada.

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Tim Hortons leaps into theatre with new play

Tim Hortons is set to take centre stage with a new theatrical production.

The fast-food chain says “The Last Timbit” will debut at the Elgin Theatre in Toronto this June.

The production is loosely based on a 2010 snowstorm that was so bad some in the Sarnia, Ont., area had to wait out the inclement weather at a local Tim Hortons.

The play is being produced by Michael Rubinoff, who was behind the smash hit production “Come From Away.”

The production comes as Tim Hortons is marking its 60th anniversary year and has been attempting to expand its afternoon and evening sales with flatbread pizzas and new bowls and wraps.

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This report by The Canadian Press was first published April 25, 2024.

The Canadian Press