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U.S. president-elect Donald Trump on Tuesday said he’s considering using “economic force” to merge Canada with the United States, arguing “we don’t need anything they have” to trade and repeating his desire for Canada to become a U.S. state. Trump, in a wide-ranging press conference from his Mar-a-Lago resort in Florida with less than two weeks before he takes office, also said he wants NATO members to spend at least five per cent of their GDP on defence, more than double the current two-per cent target.His comments were the latest in recent threats against longstanding U.S. allies, renewing questions and concerns about plans to use trade as a cudgel, and went beyond similar comments he has made about making Canada a part of the U.S.Trump told reporters he wouldn’t rule out using military ...

Prime Minister Justin Trudeau’s decision to prorogue Parliament raises questions about how Ottawa can respond to the incoming Trump administration without the option of using legislation — but the government says it still has several powers at its disposal. The prorogation means all legislative activity is suspended until March 24, and any bills that haven’t yet received royal assent die and will need to be reintroduced in the next session. That includes proposed new spending like the $1.3 billion announced last month in the federal government’s new border security plan.The plan was intended to address concerns raised by incoming U.S. president-elect Donald Trump, who has vowed to impose damaging 25 per cent tariffs on all Canadian imports while pushing Ottawa to clamp down on cross-border...

The federal government has provided clarity on how proposed changes to capital gains taxes will work after Prime Minister Justin Trudeau prorogued Parliament without passing legislation to put the new tax rules into law. Back in the 2024 budget last spring, the Liberals introduced plans to raise the inclusion rate — how much of the proceeds from an asset’s sale are subject to tax — to two-thirds, up from 50 per cent, on all capital gains earned over $250,000 annually. That inclusion rate would also rise to two-thirds for all gains made by corporations and many trusts.The changes were set to affect all capital gains realized after June 25, 2024. Capital gains can result from the sale of an asset like a stock or a secondary property such as a cottage, but Canadians’ primary residences remain...

The U.S.-Canada alliance is stronger because of Prime Minister Justin Trudeau, U.S. President Joe Biden said in a statement a day after Trudeau announced he will be resigning. “Over the last decade, Prime Minister Trudeau has led with commitment, optimism, and strategic vision. The U.S.-Canada alliance is stronger because of him. The American and Canadian people are safer because of him. And the world is better off because of him,” Biden said in a statement Tuesday morning.Biden said he was “proud” to call Trudeau his friend and would be “forever grateful for his partnership and leadership.” 2:05 Who will be the next Liberal leader after Trudeau resigns? ...

Justin Trudeau’s decision to step down and prorogue Parliament will keep his government from implementing its proposed changes to capital gains for now, but Canadians might not be off the hook with tax collectors just yet. The changes would raise the portion of capital gains on which companies pay tax to two-thirds from one-half. The policy would also apply to individuals with capital gains earnings above $250,000.The changes were announced in the government’s April budget, and subsequently introduced as a notice of ways and means motion. Those changes did not pass due to the gridlock in Parliament over Conservative demands for documents related to alleged misspending in the government’s green technology fund.Proroguing clears the parliamentary order paper, meaning bills and motions would ...