CICT - Monday, May 27, 2024 - 08:00 a.m. (ET) - Segment #2

( ) Wake up. Gotta go. Let's go! Guys come on! ( ) mom! Come on! Mia! ( ) My favorite colour... Bo-bo-bo-bbrrrrr, bo-bo-bo... ( ) Later. Bye. Mom! Leave running behind, behind. The turbocharged Volkswagen Atlas. ( ) ( ) Volkswagen. It's your last chance to scratch, save, and win, at the brick! Get up to forty percent offfurniture and mattresses! This sofa,available in two colours, is only eight ninety nine! Then scratch and saveeven more, up to an additionalforty percent off! Rustic dining tablejust four seventy nine! Matching chairs,only one nineteen each! Then scratch and save even more!plus! Scratch and win! Over one hundred and fortythousand dollars in prizes! Including one of fourtenthousand dollar shopping sprees! The brick! Saving you more. Closed captioningof this programis brought to youin part by Purina Pro Plan See what nutrition can do. >> Dallas: welcome back. After more than two weeks, 4700 evacuees in B.C. from fort nelson and fort nelson firstationfirstnation is heading home later this morning. >> The concerns for these next couple of days is going to be for the chance of thunderstorms developing in the area. >> Blake: the parker fire and larger patry creek fire are burning out of control, and the evacuation alerts will remain in place and place, and residents will need to be ready to leave again on short notice. Residents have been away from fort nelson since may 10th. The mayor says the services in the community have been restored. >> Dallas: the papua new guinea government says the landslide buried 2,000 people. It formally asked for international help. >> Meantime, the U.N. estimates about 670 people have died so far on the south pacific island. The remains of just six people died over. And 150 homes buries. >> Dallas: in the united states, powerful storms hid over the weekend. >> Astrid we do know that 150 homes were buried in the landslide. Also a stretch of highway has been blocked with up to 8 metres of debris creating a major obstacle for rescue efforts.

>>> In the united states, at least 18 people were killed and dozens more injured when powerful storms hit parts of the midwest and south over the weekend. Astrid martinez has more. >> Reporter: a funnel cloud twisted over north texas, part of a strong storm system that tore apart homes, businesses and vehicles. Frank hid in a cooler with some of his neighbours at a motel home park north of dallas. >> I grabbed my dog, we headed for there, and it was unbelievable. The sound of all of the destruction going on around us. >> Everyone survived as did hundreds of others who packed into a bathroom at a truck stop. The mangled metal showing the storm's power. >> And 30 seconds in, someone goes get to the bathroom now. >> Reporter: people killed including 2 children and dozens hurt in cook county texas. >> They need your prayers. Thhey need your support, and god willing, we will help them rebuild their lives. >> Reporter: there were deaths in oklahoma where this funnel cloud was spated near the town of -- spotted near the town of mutual. Roofs torn from homes, and vehicles flipped over in the town of clairemore. >> We had a weather event. >> Reporter: and arkansas. >> The house shaking violently, and no, let's go to the laundry room. >> Throughout the affected states, hundreds of thousands lost power, and as the system moves east. And on a busy holiday weekend, 50 million more people from georgia to new jersey are under the threat of more severe weather. >> Blake: after the break what the federal tax changes mean for you. Sherry macmillan of MacMILLAN state joins us to talk about that on this month's ask the expert segment. >> Dallas: and we'll talk about the struggles at the box office when we come back. We're ready. Let's go, let's go! (Sirens blaring) ANNOUNCER:9-1-1,season finale Thursdayat 8 Eastern on Global. (Song in Italian) ("il geghegè" by Rita Pavone) ( ) Fiery with a cooling finish. The Nashville-Style Hot Chicken part of the new Globally Inspired Subway Series. ( ) ( ) Daisy Wild, The New Eau de Parfum, by Marc Jacobs. (cheerful piano music) ( ) ( ) ( ) ( ) ( ) ( ) Where do I start when planning a garden bed? Our how-to video series can help you create water-wise gardens that thrive in Calgary. To learn more visit calgary.ca/yardsmart Make jps Furnace and Air Conditioning your first call for affordable furnace and ac maintenance, repair, and replacements. Jps Furnace and Air Conditioning. Making you feel right at home! I wrote this one. Should be easy. Heart. You're giving... You're giving Heart or... Oh, you're going blind... Your insides are out? No, that's the same guy. Shouting What are you doing? No zombies? Organ donor! I'm an organ and tissue donor. Oh, that's nice, honey. That was really not a good charade. Yeah. It wasn't. It was just kind of a weird way Tell us. But. Yeah. Yeah. SkyTracker Weather is brought to you by Arpis, your Comfort Craftsman. Visit Arpis.com >> Announcer: global news ask the expert is brought to you by McMILLAN estate planning. Book a consultation at mcMILLANESTATE.COM. Safeguarding significants. Visit McMILLANESTATE.COM. [ ] >> Blake: well, the federal budget tabled back in april included a number of major spending initiatives but also some significant changes to taxation in canada. So how will these changes impact you? Sherrysherry macmillan, founder, and ceo of McMILLAN estate planning joins us now to talk about the opportunities and strategies. >> Good morning to you. >> Blake: let's talk about the federal budget when it comes to taxes, and what is changing there. >> The biggest change that we all waited for the rumor we would have a wealth tax come down the pipeline, and we waited to see if it occurred.

it didn't. What did happen is increasing the capital gains tax historically it's been half and now increased to two-thirds. What that into effect means anybody who has an estate of any ilk or caliber of a million plus, 5 million and now we have much higher tax indication on this group of -- taxation on this group of. -- maybe not this year. But when we die, the entire state is cashed out all at once, and completely distributed to our family. If you add everything together and cashing in at once, you're not in the lower tax table, you're in the highest, if you have to pay tax on two-third of the capital gain, and that is a substantially different number than only pay it on half. >> Blake: who exactly are the people that this will impact? >> It impacts more than people say. The budget said it impacts 99% of the -- are going to get off the hook and not have an impact. That's not crew. That is annualized that they are looking at. Atall of us, if we have any estate of any size. Primary homes in the city are half a million to a million. We have rrsps. We have investment properties, rental properties, and especially those with large corporations and farms, they're always intrinsically growing their estate, and we don't cash out an an annualized basis. What we do is add every calendar year to the estate, higher and higher tax burden and give you a burden, and estate of 10 million, and don't have to tax today, and annual situation, and I die, and used to have to pay 24% tax on that entire estate. I would owe 2.4 million tax. With the new legislation enacted because it's two-thirds, we apply the tax table to it. You're going to paying 3.3 million in tax which is an extra $900,000. >> Blake: a substantial difference. >> It's a substantial difference. >> What can people do? >> There is good news, planning opportunities, and we say to families do it now. They said we have until june june 25th this calendar year to crystalize some of the capital gains taxation, and we are busy doing that work, and for those family don't have the opportunity and first deck station is an -- technique is an estate freeze, and we have an estate 10 million, and don't let it kilo to 25 million. I will crystalize it at 10 million, and the trust will hold the next 10 million in growth. When I die, people have taxation attached to their estate, trusts don't die, we avoid paying the tax, and the wonderful privilege that we have, we just have to employ it and now it's that much more important, obviously. >> Blake: that speaks to how important tax planning is. >> Yes, canada revenue agency is not graceful and they don't encourage you and give you tips on how to mitigate your response, and that's our response as taxpayers, and the tax table has been increasing, and the new capital gains is increasing, and we need to take advantage of the capital gains increasing. >> Blake: a lot to consider. Sherry macmillan, thank you for joining us. >> Thank you very much. >> Blake: learn more from sherry and her team at an information seminar happening at may 30th at 6:30 at the fairmont palliser and you can attend the seminar virtually. For more, head to visit MacMILLANESTATE.COM. >> Leslie: 6:24. Looking at the traffic situation, I can let you know that we heard from calgary police, in the deerfoot area, and safely resolved and the road is reopened, and this is a look at traffic situation, and glenmore trail drivers, and it is super glarey right now, and it is low enough in the sky, and see from 16th avenue, and it's at retina burning zone, and windshield, and east and westbound, and building volume here, and took a bit to get building volume, and seeing that and moderate around the city, and collision-free on a monday. That is your ok traffic.

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