05:47:44 EDT Sat 18 May 2024
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Meta CDR (CAD Hedged)
Symbol META
Shares Issued 5,400,000
Close 2023-11-22 C$ 19.34
Market Cap C$ 104,436,000
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Globe says Meta, rival see Ottawa boost tax credit

2023-11-22 07:52 ET - In the News

Also In the News (C-GOOG) Alphabet Inc CDRs (CAD Hedged)

The Globe and Mail reports in its Wednesday, Nov. 22, edition that Ottawa's fall economic statement includes a $129-million boost for eligible news organizations through an increase to a tax credit allowing them to claim up to $29,750 per journalist. The Globe's Marie Wolf writes that Ottawa increased the cap on eligible salaries from $55,000 to $85,000. The move announced Tuesday will start in 2024-2025, and will not apply to broadcasters. However, the extension of the Canadian Journalism Labour tax credit will allow news groups to retroactively claim the costs of employing journalists at the higher rates from Jan. 1 this year. Meta has blocked Canadians' access to news, so the act does not apply to it. Google has also voiced serious concerns about the legislation. It has warned it may also block Canadians' ability to search for news unless Ottawa makes changes to proposed regulations on how the law will apply in practice, including how much the company will have to pay news groups in total. University of Ottawa's Canada research chair in Internet law Michael Geist said the fall economic statement amounted to the public being "asked to bail out the government's epic miscalculation on Bill C-18."

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