Category: Finance

Inflation in the United States ticked up in October, driven by costlier rents, used cars and airfares, a sign that price increases might be levelling off after having slowed in September to their lowest pace since 2021. Consumer prices rose 2.6 per cent from a year earlier, the Labor Department said Wednesday, up from 2.4 […]

Stalled home values, rising incomes and falling mortgage rates continue to deliver improvements in housing affordability in Canada, according to a report released Wednesday. And yet, National Bank of Canada estimates show the median household would need to double their annual earnings to qualify for a mortgage on a typical home across the country’s major […]

By Staff The Canadian Press Posted November 13, 2024 10:32 am 1 min read Descrease article font size Increase article font size The union representing Montreal dockworkers plans to challenge in court a decision by the federal labour minister to end a lockout at the port by sending the dispute to binding arbitration. The move comes […]

The federal labour minister ordered an end to work stoppages at Canada’s largest ports in British Columbia and Quebec on Tuesday, imposing “final and binding arbitration” on the parties. Dock workers at Canada’s busiest ports are both locked out after unions and employers failed to reach a deal at the table. Workers at the Port […]

Locked-out workers at ports in British Columbia were joined on the picket lines by their peers in Montreal on Sunday night, stymying trade at Canada’s two largest marine trading hubs heading into the busy holiday shopping season. While experts tell Global News that consumers will hopefully avoid a Christmas crunch, they also warn that the […]

There are several ways Canadian consumers can spot fake toonies circulating across the country, coin experts say. The coins’ appearance, their weight, as well as die strike errors and even die misalignments can give them away as counterfeit $2 coins. The counterfeits are suspected of being made in China, the RCMP has said. The cost […]

The Bank of Canada’s senior deputy governor is warning against adjusting mortgage rules to try to make the prospect of homeownership more affordable. Carolyn Rogers delivered a speech Wednesday on the mortgage market to the Economic Club of Canada in Toronto. “We need to resist the temptation to try to solve the housing affordability challenge […]

Experts say Donald Trump’s election victory could shift interest rate policy in the U.S. as his promised policies risk higher inflation, which could ultimately have implications for Canadian rates and the loonie. Among those promises are large tariffs on imported goods, especially from China, as well as lower tax rates and lighter regulation. Trump has […]

Most employed Canadians are happy in their roles, Statistics Canada’s October employment survey showed, even as a growing number give up on the job hunt amid a softening labour market. Canada’s jobless rate was 6.5 per cent last month, the agency said, as employers added some 15,000 positions to their payrolls, largely concentrated in full-time […]

Chrystia Freeland says that a unified stance towards China will give Canada a “firm foundation” in upcoming trade negotiations with the United States and president-elect Donald Trump. Deputy Prime Minister and Finance Minister Freeland spoke to reporters Friday after the first meeting of the newly revived cabinet committee on Canada-U.S. relations, which she will again […]

By Staff The Canadian Press Posted November 8, 2024 10:37 am 1 min read Descrease article font size Increase article font size Canadian TikTok creators fear that the federal government’s decision to shut down the app’s Canadian operations will erode their support system and limit earning potential. Toronto-based TikTok culture commentator Mikael Melo says the app’s Canadian division helped local […]

A former American TD Bank employee who worked in the bank’s heavily scrutinized anti-money laundering department in the U.S. has been criminally indicted in New York, the Manhattan district attorney announced Thursday. Daria Sewell was charged with unlawful possession of personal identifying information she allegedly stole from TD Bank customers and distributed on Telegram, according […]

Federal Reserve officials are poised Thursday to reduce their key interest rate for a second straight time, responding to a steady slowdown of the inflation pressures that exasperated many Americans and contributed to Donald Trump’s presidential election victory. Yet the Fed’s future moves are now more uncertain in the aftermath of the election, given that […]

Stock markets were broadly rising higher Wednesday amid certainty over Donald Trump’s victory in the United States’ presidential election, though experts warned there’s no guarantee a “Trump bump” will last. U.S. stocks surged on the news Wednesday morning that Trump had claimed a second term. The Dow Jones industrial average gained just over 1,500 points […]

The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s […]

The Bank of Canada’s top decision makers worried the central bank’s oversized interest rate cut in October could send a dour signal about the state of the Canadian economy, according to new documents released Tuesday. The Bank of Canada delivered a rare 50-basis-point cut to its benchmark interest rate on Oct. 23, the fourth consecutive […]

The federal finance minister has been taking every opportunity to remind frustrated Canadians that after a bumpy pandemic recovery, the nation’s economy is actually doing a lot better. Inflation is now at 1.6 per cent, below the Bank of Canada’s two per cent target. Interest rates are falling rapidly and more cuts are on the […]

Alberta Premier Danielle Smith did not mince words over Ottawa’s new greenhouse gas emissions cap announced Monday. “I’m pissed — I’m absolutely angry,” Smith said at a news conference. “We’ve been working with these guys for two years because we have a plan that would reduce emissions responsibly by 2050 and they continue to act […]

Descrease article font size Increase article font size Canadian telecom firm BCE said on Monday it would buy internet services provider Ziply Fiber for $5 billion in cash, as it looks to expand its fibre footprint in the United States. BCE’s subsidiary, Bell Canada, will use $4.2 billion of the proceeds it got from selling […]

Don’t be surprised if you’re stuck behind a chocolate lab, a Scottish fold and a guinea pig when you’re picking up cold medication at the pharmacy in the years ahead. A push from the Competition Bureau would see the distribution of pet medications expanded beyond veterinarian offices in a move the competition watchdog claims could […]

By Rianna Lim The Canadian Press Posted October 30, 2024 7:29 am Updated October 30, 2024 12:14 pm 1 min read Descrease article font size Increase article font size A new poll suggests more than a quarter of Canadians will spend $100 or more on Halloween, with roughly 70 per cent of respondents saying they’ll […]

Descrease article font size Increase article font size Air Canada raised its annual core profit forecast on Friday, as the country’s largest carrier benefits from strong demand for international travel and lower jet fuel prices. Major North American carriers with international operations are cashing in on a booming demand for overseas travel and a resurgence […]

Despite an oversized interest rate cut from the Bank of Canada last week, experts who spoke to Global News say Canadians shouldn’t be expecting much more discounting on fixed mortgage rates. In fact, movements south of the border — a solid United States economy and the looming presidential election — could have more of an […]

The Canadian economy posted flat growth in August, Statistics Canada said Thursday, but there were signs of a rebound stirring in September. Goods-producing industries saw their sharpest drop since December 2021 as manufacturing and utilities sectors contracted in the month. Some growth in services, particularly in the finance and insurance and the public administration sectors, […]

Descrease article font size Increase article font size The Canada Revenue Agency is getting out ahead of the confusion stoked by an eleventh-hour reversal on bare trust tax reporting requirements last year. The CRA said Tuesday that it is extending an exemption to the reporting of bare trusts for the 2024 tax year. That means […]

Statistics Canada’s latest financial security survey shows a stark disparity between the wealth of homeowners and renters, even as it fails to capture the true scale what’s owned by Canada’s richest families. The survey, conducted only every few years, shows home-owning families whose main earner was 55 to 64, and who had an employer-sponsored pension, […]

Descrease article font size Increase article font size Young Canadians are holding fast to the dream of buying a home, even as overall rates of ownership are falling sharply, according to a new poll released by Scotiabank Tuesday. The polling shows a steep decline in young homeowners over the past three years as housing unaffordability […]

Canadian seniors are set to receive a scheduled top-up in benefits as the Liberal government faces pressure to increase payments for those under the age of 75 years. October payments of the old age security (OAS) pension will roll out on Tuesday to eligible Canadians aged 65 years or older. OAS amounts are reviewed each […]

McDonald’s scrambled on Wednesday to contain the damage from an E. coli outbreak linked to Quarter Pounder burgers that has killed one person and sickened nearly 50 others, as it pulled the menu item from restaurants across a dozen states. The outbreak has sickened people across the U.S. West and Midwest, with 10 hospitalized due […]

This article is part of Global News’ Home School series, which provides Canadians the basics they need to know about the housing market that were not taught in school. The Bank of Canada’s oversized interest rate cut this week might have some Canadian homeowners locked into costly mortgages fantasizing about a more affordable rate. Shubha Dasgupta, CEO of […]

The Bank of Canada delivered an oversized interest rate cut of half a percentage point on Wednesday, focusing now on boosting the Canadian economy amid signs inflation is well under control. The central bank’s policy rate now stands at 3.75 per cent. Wednesday’s decision is the fourth consecutive drop in interest rates since June and […]

Already low on inventory, the used car market is facing an additional supply crunch as fewer off-lease vehicles return to dealership lots — and that’s contributing to higher prices. A used car was averaged at $35,754 last month compared with about $18,900 in December 2019, Autotrader.ca data shows. There were fewer new cars for sale […]

Descrease article font size Increase article font size Canada’s Rogers Communications on Thursday missed market expectations for third-quarter wireless subscriber additions, hit by cautious spending on its mobile plans and stiff competition in the telecom space. The company added 101,000 monthly bill-paying wireless phone subscribers in the reported quarter, compared with estimates of 129,040, according […]

Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada. The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data. “It’s really important when newcomers […]

Prime Minister Justin Trudeau says the federal government is “concerned” about the actions of TD Bank’s U.S. subsidiaries that led to a historic US$3-billion plea deal to settle money laundering charges this month. Trudeau made the comments during question period in the House of Commons Wednesday when asked by NDP MP Don Davies what the […]

After proceeding at a tentative, 25-basis-point cut pace in the first three interest rate cuts of its cycle, many economists expect the Bank of Canada will take an oversized step lower in its upcoming decision on Wednesday. The central bank’s policy rate stands at 4.25 per cent following the most recent quarter-point cut in early […]

The federal government likely failed to keep its deficit below the promised $40-billion cap in the last fiscal year, the parliamentary budget officer said on Thursday. The budget watchdog estimates in its latest economic and fiscal outlook that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year. The final tally of […]

Netflix shares hit an all-time high on Friday, buoyed by investor optimism that its robust content lineup will help the streaming giant maintain upbeat subscriber growth even as the boost from its password-sharing crackdown wanes. The company, widely seen as the winner of Hollywood’s streaming wars, saw its stock rise nearly 10% and was set […]

NEW YORK (AP) — October isCybersecurityAwareness Month, which means it’s the perfect time to learn how to protect yourself from scams. “Scams have become so sophisticated now. Phishing emails, texts, spoofing caller ID, all of this technology gives scammers that edge,” said Eva Velasquez, president and CEO of the Identity Theft Resource Center. As scammers […]

‘Tis the season to be flexible and budget-conscious. The weather might be cooling but Canadians still feeling the heat from years of inflation are looking to spread the holiday cheer this year without breaking the bank. Average spending on holiday shopping is expected to increase by 10 per cent to $1,478, according to Deloitte Canada’s […]

Descrease article font size Increase article font size The Alberta and federal governments are putting a combined $5.5 million toward attracting tourists to the Rocky Mountain town of Jasper. A July wildfire destroyed one-third of the town, including multiple hotels and 800 housing units. Year-round tourism is Jasper’s main economic driver as close to 2.5 […]

Ottawa’s proposed mortgage changes may well give first-time homebuyers a near-term boost in affordability, but could also stoke vulnerabilities in the Canadian economy, a TD Bank economist argues. Rishi Sondhi penned an analysis of the Liberal government’s plans to expand the availability of 30-year amortizations to all first-time homebuyers and on all new builds, as well […]

Descrease article font size Increase article font size An Alabama man was arrested Thursday for his alleged role in the January hack of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike, the Justice Department said. Eric Council Jr., 25, of Athens, is accused of helping to […]

Descrease article font size Increase article font size Canadian parents are set to receive the latest child benefits from the federal government on Friday. October payments of the Canada Child Benefit (CCB) will go to eligible families who have children under the age of 18 years residing in Canada. The CCB amounts were increased in […]

Descrease article font size Increase article font size More than 300 employees of the Canada Revenue Agency have been terminated in the past year for inappropriately receiving the Canada Emergency Response Benefit (CERB) during the COVID-19 pandemic, with the final round of firings having occurred in the past three months. In total, 330 people have […]

The annual rate of inflation slowed sharply in September, falling below the Bank of Canada’s two per cent target, Statistics Canada reported Tuesday. Annual inflation was 1.6 per cent in the month, down from two per cent in August, thanks largely to continually lower gasoline prices, the agency said. The yearly price pressures are now […]

The Canadian Real Estate Association is downgrading its housing market forecast for the remainder of the year again, saying the Bank of Canada’s interest rate cuts haven’t spurred the gradual improvement it previously anticipated. CREA said Tuesday it now thinks the national housing market will remain in “more of a holding pattern” until next spring […]

Porter Airlines has perhaps the loftiest goals in Canadian skies: compete with the sector’s established players, not solely by trying to beat them on cost, but by winning the hearts of its passengers. “It’s a completely different way to travel in economy and it’s allowed us to grow very quickly over the last 18 months,” […]

Vancouver mom Chelsea Heney waited until the age of 40 to have her first baby last November. While wanting to be financially prepared was a “big factor” in putting off motherhood, concerns about her relationships, health and career also influenced her decision to wait. “For me, having children was always something I knew I wanted, […]

The Canadian economy added some 47,000 jobs in September, enough to lower the unemployment rate for the first time since the start of 2024. Statistics Canada said Friday that job gains were focused in full-time work and in the private sector, offset by losses in part-time roles and public employment. That drove the jobless rate […]

Two TD Bank units have pleaded guilty to U.S. criminal charges and agreed to pay $3 billion in combined penalties to resolve federal government probes into money laundering, U.S. authorities said on Thursday. The plea deal includes imposition of an asset cap and other limitations to its business, authorities said. The bank has pleaded guilty to conspiring to launder […]

Hopeful Canadian homebuyers may well have their pick of the litter when it comes to condos in many housing markets across the country, a new report from Re/Max Canada shows. The national brokerage said in its national condo outlook released Wednesday that listings in this segment of the market have “soared” in recent months. A […]

At this year’s Thanksgiving, Canadians will find a “significant” supply of whole turkeys and at “really good prices,” farmers say. The news before the holiday season will likely be a welcome respite for many after recent years of high inflation and soaring grocery prices. Demand for turkey typically spikes around this time of the year, […]

A new report from the Parliamentary Budget Officer says inflation and higher interest rates have eroded Canadians’ purchasing power since 2022, particularly for lower-income households. But wealthier households have seen their purchasing power rise thanks in big part to their investment income. Over a longer time period — since the last quarter of 2019 — […]

Over the past few years, consumers have been buying more private-label products at the grocery store to save money — and the trend may be here to stay. Amid renewed investment by grocers in their store-branded offerings, studies show many shoppers no longer see store brands as lower quality than name brands. “For customers, the […]

With vehicle thefts gradually decelerating in Canada, insurance claims and costs are also on the decline. New data by the Insurance Bureau of Canada released Wednesday showed that in the first six months of the year, there were 17,647 insurance claims for auto theft, a 19 per cent decrease when compared with 2023. Across the […]

Airlines must compensate travellers for international flight disruptions based on the Canadian Transportation Agency’s rules, the Supreme Court of Canada ruled in a landmark decision for air passengers. The decision released Friday upholds Canada’s Air Passenger Protection Regulations (APPR) after a group of airlines appealed to have them declared invalid for international flights. At the […]

Despite some airlines collapsing or consolidating, Canadians air passengers can expect more seats and even some deals heading into the Thanksgiving long weekend this year. Data from aviation analytics company Cirium shows that across the major Canadian airlines, total capacity is expected to be up by about 30,000 seats for the Oct. 11-14 weekend compared […]

Descrease article font size Increase article font size After strong consumer interest in its gold bars, Costco is polishing plans to offer another precious metal: platinum bars. The retail giant is now offering one-ounce bars of platinum, but the product is not available to customers in Canada yet. It’s not just Canadians who are missing […]

Descrease article font size Increase article font size The Competition Bureau is using new powers granted by the federal government to compel information from Air Canada and WestJet as part of a probe into the Canadian airline sector. Canada’s competition watchdog said Thursday that it obtained two Federal Court orders requiring Air Canada and WestJet […]

Warning lights are flashing in Canada’s “economic engine,” and experts say even a stop from pop music’s biggest superstar Taylor Swift next month might not be enough to keep Toronto’s flagging economy out of a “T-cession.” Like the broad, extended contractions marked by a recession, a T-cession refers to a protracted economic slowdown localized to […]

By Laura Osman and Alessia Passafiume The Canadian Press Posted October 2, 2024 7:33 am Updated October 2, 2024 3:54 pm 1 min read Descrease article font size Increase article font size A confidence vote on a government budget motion may not happen on Wednesday after all, but the Liberals are still under pressure as […]

Canadians are set to receive goods and services tax or harmonized sales tax credits this week from the federal government — the last such payments of the year. These tax-free quarterly payments will go out to eligible Canadians who earn low and modest incomes on Friday. They are meant to help individuals and families offset […]

Young Canadians are still striving to enter the housing market even as affordability barriers persist, a new report from Royal LePage suggests. The survey released Tuesday gauged how young Canadians — broadly including those born from 1986 to 2006 — feel about their homeownership prospects. A little over half (54 per cent) of those in […]

By Nojoud Al Mallees The Canadian Press Posted October 1, 2024 2:34 pm 1 min read Descrease article font size Increase article font size Finance Minister Chrystia Freeland says owners of small and medium-sized businesses will finally receive their long-awaited carbon pricing refunds before the end of this year. The Finance Department says the federal […]

Descrease article font size Increase article font size Canada is poised to see significant growth in Indigenous-related project financing, international credit rating agency Morningstar DBRS said Monday. In a report released on the fourth annual national day for Truth and Reconciliation, the credit rating agency said Indigenous-related capital markets activity is on a steady upward […]

Ottawa’s Han Langenbahn has a daily ritual of checking the weather forecast in Brazil. The master roaster at Happy Goat Coffee Co., a chain of cafés in the nation’s capital, says it’s a hectic time for the industry. Bouts of severe drought in Brazil and Vietnam are among a handful of factors driving up global […]

Cineplex Inc. says it will appeal a record $38.9 million fine for deceptive marketing practices imposed by the Competition Tribunal. The fine was embedded in a decision the tribunal issued late Monday that saw it side with the Competition Bureau in a case stretching back to May 2023. That was when the watchdog accused Cineplex […]

Descrease article font size Increase article font size The Canada Revenue Agency wants to hear from Canadian taxpayers on how it can improve its services and “do better.” CRA launched public consultations on Wednesday, calling on individuals, non-professional representatives, and tax intermediaries to give feedback on the agency’s programs and services. Canadians have until Dec. […]

Descrease article font size Increase article font size National Bank of Canada has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank. The Montreal-based bank said Thursday it has received the Competition Bureau’s clearance for the deal. The transaction still requires approval by the Office of the Superintendent of Financial Institutions […]

Canada’s banking regulator is easing the burden on homeowners trying to switch their lender when renewing their mortgage by dropping the need to reapply the stress test. The Office of the Superintendent of Financial Institutions (OSFI) confirmed to Global News on Thursday that it’s ending the need for lenders to apply the minimum qualifying rate […]

Easing home prices and drops in interest rates helped to reduce the income needed to buy a home in most major cities across Canada last month, a new Ratehub report shows. Comparator site Ratehub.ca said in a report released Wednesday that August saw declines in the minimum income needed to buy the average home in […]

A new report says a boost in spending on home renovations during the pandemic has helped contribute to higher prices for single-family homes despite downward market pressure. The report by Re/Max Canada looked at the evolution of housing stock and trends affecting home values in the Toronto and Vancouver areas, Canada’s two largest real estate […]

Descrease article font size Increase article font size The Bank of Canada doesn’t see a “compelling case” to move forward with plans for a central bank digital currency (CBDC) after years of study, governor Tiff Macklem said Tuesday. As part of the Bank of Canada’s mandate to oversee payment and currency frameworks for the country, […]

The Liberal government’s latest efforts to make it easier for young Canadians to buy a home will also help fix the housing supply crunch, Finance Minister Chrystia Freeland argued Tuesday. The deputy prime minister spoke to reporters about last week’s announcement that Ottawa would make 30-year mortgage amortizations available on all new builds and for […]

It’s not easy going up against Canada’s banking oligopoly, but some are trying. Challengers like EQ Bank and Wealthsimple are rolling out new and cheaper offerings, growing their base and gaining brand recognition. But experts say that rather than creating a disruptive threat to the big banks, mid-sized players are more likely to be bought up by […]

Inflation is back at the coveted two per cent annual rate. Wage hikes have outpaced inflation for 19 months in a row. The Bank of Canada is three rate cuts into an easing cycle, with no signs of stopping anytime soon. The recent run of positive economic news had the Liberal government — long challenged […]

The U.S. Federal Reserve’s 50-basis-point interest rate cut on Wednesday is having ripple effects north of the border, with experts pointing to implications for both the Bank of Canada and Canadian mortgage holders. The Fed delivered an oversized step for its first interest rate cut in four years, a move that surprised many economists who […]

The Bank of Canada is set to get a fresh look at inflation figures this week as some economists expect another big step towards the central bank’s two per cent target. Statistics Canada will release consumer price index figures for August on Tuesday, coming off July when the annual rate of inflation cooled to 2.5 […]

Descrease article font size Increase article font size Tupperware Brands TUP.N filed for Chapter 11 bankruptcy protection late on Tuesday, succumbing to mounting losses amid poor demand for its once-iconic food storage containers. The company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage […]

Hitting the bull’s-eye on the two per cent inflation target in August was “good news” for the Bank of Canada, but it doesn’t mean the central bank’s efforts are done, according to a senior official. Annual inflation cooled sharply to two per cent last month, Statistics Canada reported Tuesday, hitting the Bank of Canada’s target […]

Tito Jackson, one of the brothers who made up the beloved pop group the Jackson 5, has died at age 70. Tito was the third of nine Jackson children, which include global superstars Michael and sister Janet, part of a music-making family whose songs are still beloved today. “It’s with heavy hearts that we announce […]

Annual inflation cooled sharply to two per cent in August, according to Statistics Canada, marking a major milestone in the Bank of Canada’s efforts to tame price pressures. That’s half a percentage point lower than the 2.5 per cent annual rate recorded in July and continues a general cooling trend through 2024. The last time […]

A summer start to interest rate cuts from the Bank of Canada failed to breathe new life into the Canadian housing market, with the national real estate association suggesting homebuyers are content to wait for cheaper borrowing costs before getting off the sidelines. The Canadian Real Estate Association (CREA) said Monday that home sales were […]

The Liberal government on Monday announced proposed changes to the Canadian mortgage market, expanding the availability of 30-year amortizations and raising the cap on insured mortgage products. First-time homebuyers, as well as those purchasing new builds, will soon be able to take out insured mortgages with a 30-year amortization, up from the typical 25-year payback […]

Three interest rate cuts in, the Bank of Canada is now firmly entrenched in an easing cycle that has major implications for where Canadians’ money can earn them the best returns. The shift from interest rate hikes to cuts warrants a “refresh” of Canadian portfolios, investment experts tell Global News. “I think any time you […]

Descrease article font size Increase article font size Dollarama beat second-quarter profit estimates on Wednesday, helped by lower costs and stable demand for low-priced essentials like groceries. Consumers grappling with rising living costs have relentlessly bargain-hunted and traded down to cheaper alternatives. In addition, lower costs of inbound shipping and logistics helped the dollar-store company […]

Descrease article font size Increase article font size TD Bank was ordered by a U.S. regulator on Wednesday to pay nearly US$28 million for repeatedly sharing inaccurate, negative information about its customers with credit reporting agencies, potentially tarnishing customers’ credit scores. The Consumer Financial Protection Bureau said that since 2015, TD provided wrong information about […]

The head of one of Canada’s largest grocery chains says he’s seeing the early signs of consumer behaviour normalizing after years of trading down and cutting back in the cost of living crunch. Michael Medline, CEO of Sobeys parent company Empire Co., told analysts on the company’s earnings call Thursday that the past quarter saw […]

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The Insurance Bureau of Canada says a severe hail storm that battered Calgary last month is the second-costliest event in Canadian history. The bureau says the initial damage estimates come from Catastrophe Indices and Quantification Inc., which collects information on losses from disasters. It says the storm racked up nearly $2.8 billion in insured losses […]

U.S. consumer prices rose marginally in August, but underlying inflation showed some stickiness, which could discourage the Federal Reserve from delivering a half-point interest rate cut next week. The consumer price index increased 0.2 per cent last month after climbing 0.2 per cent in July, the Labor Department’s Bureau of Labor Statistics said on Wednesday. […]

A new report says August rental rates fell in some of Canada’s largest and priciest markets to continue a months-long trend, while prices rose in smaller markets. The report from Rentals.ca and Urbanation finds the average Vancouver rental rate was down six per cent from last year to $3,116 for the ninth straight month of […]

Going back for more studies after high school is still proving a path to better earnings for students in the years after graduation, but a new Royal Bank of Canada analysis shows the returns on investment aren’t paying off like they once did. A report from RBC economists Rachel Battaglia and Abbey Xu released Monday […]

Some long-unaffordable pockets of Canada’s housing market could open up to first-time homebuyers this fall as interest rates decline but experts expect prices will hold relatively flat. Activity in the Canadian housing market has largely been muted through much of the spring and summer despite the start of rate cuts from the Bank of Canada, […]

The national unemployment rate ticked higher again in August as the labour market continues to cool, prompting some economists to wonder if the Bank of Canada should be cutting interest rates faster. Statistics Canada said Friday that the unemployment rate rose to 6.6 per cent, up from 6.4 per cent the month before, amid a […]

Canadian families are still strapped for cash even as inflation cools and interest rates start to trend lower, new polling released Wednesday suggests. Ipsos polling conducted exclusively for Global News shows that it’s often kids who are feeling the pinch from the rising cost of living. The survey, which polled more than a thousand Canadians […]

By Staff The Canadian Press Posted September 4, 2024 3:50 pm Updated September 4, 2024 9:38 pm 1 min read Descrease article font size Increase article font size The Insurance Bureau of Canada says this summer saw a record number of insurance claims driven by four major weather events and natural disasters over the span […]

The Bank of Canada lowered its key interest rate by 25 basis points on Wednesday and opened the door to bigger cuts if the economy slows more sharply in the months ahead. The third consecutive rate cut was widely expected by economists and brings the central bank’s benchmark interest rate to 4.25 per cent. The […]

The Bank of Canada is widely expected to deliver a third consecutive interest rate cut on Wednesday as inflationary forces continue to cool on both sides of the Canada-United States border. Markets are also calling for the U.S. Federal Reserve to start its own easing cycle later this month, a move that economists tell Global […]

Even as the trains start to chug again along Canadian railways, there are fears of another labour dispute among pilots at Air Canada grounding jets across the country in just a few weeks’ time. It hasn’t just been a summer of strikes and stoppages in Canada: a wave of job actions in recent years has […]

Canadians filling up their tanks ahead of the long weekend can expect to see reduced gas prices — a trend that has continued for much of the summer, experts say. Nationally, the average price for regular unleaded gas stood at $1.56 per litre on Thursday, according to fuel price tracking website GasBuddy.com. As of 1 p.m. […]

By Staff The Canadian Press Posted August 29, 2024 7:30 am 1 min read Descrease article font size Increase article font size Canadian Imperial Bank of Commerce reported its third-quarter profit rose compared with a year ago as it set aside less money for bad loans. CIBC says its net income totalled $1.80 billion or […]

Descrease article font size Increase article font size Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented its place as the poster child of the artificial intelligence boom — but investors seemed less than impressed. The company reported a net income of to $16.6 […]

An Equifax Canada report says missed credit payments were higher among younger Canadians in the second quarter due to living costs and unemployment. Equifax says one in every 17 Canadians aged 26-35 missed a credit payment, compared with one in 23 overall. The report says delinquency rates for auto loans and lines of credit were […]

By Staff The Canadian Press Posted August 27, 2024 12:43 pm 1 min read Descrease article font size Increase article font size Air Canada is offering passengers who have booked flights around the date of a possible pilot strike next month some increased flexibility in rebooking their travel. The airline says progress has been made […]

Canada’s Bank of Montreal on Tuesday reported quarterly profit below analysts’ estimates, its sixth miss in a row, hurt by weakness in its U.S. retail segment and as the lender made bigger than expected provisions for potential bad loans. Meanwhile, peer Bank of Nova Scotia, Canada’s fourth largest bank by market capitalization, reported better than […]

Air Canada pilots have voted in favour of a strike if the airline can’t reach a deal with the union, a move that could ground planes and disrupt travel plans for Canadians across the country. The results released Thursday show 98 per cent of Air Canada pilots represented by the Air Line Pilots Association (ALPA) […]

Air Canada pilots will be taking to the picket lines next week in advance of a possible work stoppage. The Air Line Pilots Association (ALPA) said Friday that pilots from Canada’s largest air carrier will participate in a nationwide “informational picket” on Tuesday. Pilots will be demonstrating at the international airports in Toronto, Montreal, Vancouver […]

A growing number of men and women in Canada’s working-age population are getting unemployment benefits, recent data shows. Statistics Canada reported on Thursday that the number of men aged 25 to 54 years old who received regular Employment Insurance benefits increased by almost 13 per cent in June compared to the same time last year. On a monthly […]

As questions swirl around how long Canadian rail lines might stay dormant, some economists argue that the Bank of Canada ought to look past any disruptions as it looks to tame inflation and ease pressure on the stagnant economy. The federal government on Thursday waded into a rail shutdown that began earlier that day, promising […]

Montreal billionaire André Desmarais has joined one of the consortiums angling to build and jointly operate the federal government’s new high-frequency electric railway. Global News has learned that a newly incorporated Desmarais company, DF Canada Infrastructure Group Inc. of Montreal, has joined another billionaire, Toronto businessman Larry Tanenbaum and his Kilmer Transport as members of […]

TD Bank Group reported a loss of $181 million in its latest quarter as it was hit by a charge related to ongoing U.S. investigations into its anti-money laundering program. The big bank said Thursday its loss amounted to 14 cents per diluted share for the quarter ended July 31. The result compared with a […]

Canadian youth are prioritizing their efforts to break into the housing market over other traditional markers of adulthood like getting married, according to a survey released Wednesday from RBC. The results show homeownership remains an aspiration despite affordability barriers boxing out many of the youngest generation. Some 78 per cent of single or unmarried first-time […]

The latest inflation data from July sealed bets from economists that the Bank of Canada is set for its third interest rate cut in a row come September, with growing beliefs that there could be even more relief on the horizon. Statistics Canada said Tuesday that annual inflation slowed to 2.5 per cent last month, […]

The latest child benefits are going out to Canadian parents on Tuesday after a routine increase in monthly payments last month. The Canada Child Benefit (CCB) amounts were increased in July after an annual recalculation based on a family’s net income from the previous year and inflation. The federal government said the top-up was “to […]

The annual rate of inflation cooled to 2.5 per cent in July, Statistics Canada said Tuesday, the slowest pace for price growth since March 2021. StatCan said that deceleration in price hikes was “broad-based” last month, with lower prices for travel tours, passenger vehicles and electricity. July figures follow an inflation rate of 2.7 per […]

Many economists are expecting that July inflation data coming this week won’t dissuade the Bank of Canada from another interest rate cut at its next decision in September. Tuesday’s release of July consumer price index figures from Statistics Canada will be the central bank’s last look at the latest inflation trends before its upcoming rate […]

Young people on social media are showing off their 12-year-old water bottles, sweaters from high school with patched holes and dish rags made from cut up old T-shirts. It’s all part of a trend that has taken social media by storm in recent months called “underconsumption core,” where users boast about how they’re continuing to […]

With the new school year starting in a few weeks, Canadian parents are feeling “stressed out” about shopping for their kids and looking for ways to cut back their spending, recent surveys show. More than a third (34 per cent) of Canadians plan to shop for back-to-school supplies this year, according to a survey done […]

Despite recent interest rate cuts, the Canadian real estate market remained slow this summer. This has prompted some in the industry to call for an end to the stress test – a tool that determines whether a person can qualify for a mortgage. But would it be a good idea? Christopher Alexander, president of Re/Max […]

A new analysis warns that Canada’s major cities are struggling to keep their transit systems running, and says public transit is heading for a “downward spiral” unless major new streams of operating revenue open up. In a report published in late May, Leading Mobility Canada said the $120-billion in expansions planned for those transit systems […]

Descrease article font size Increase article font size Metro Inc. says it earned a third-quarter profit of $296.2 million, down from $346.7 million in the same quarter last year, as its sales rose 3.5 per cent. The grocery and drugstore retailer said Wednesday the profit amounted to $1.31 per diluted share for the quarter ended […]

The start of interest rate cuts from the Bank of Canada has done little to stoke a fire in the Canadian housing market, fresh data from July shows. Despite a “spotty” summer in residential real estate, experts who spoke to Global News expect lower borrowing costs will bring many buyers back into the fold this […]

Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday’s report from the Labor Department showed that consumer prices rose just 0.2% from June to […]

Canadians are managing to keep up with their mortgage payments in the face of higher interest rates, but a new Statistics Canada analysis suggests there are cracks forming on other kinds of debt. The agency released a report Wednesday tracking how debt levels changed from pre-COVID-19, through the pandemic and into the ensuing economic rebound, […]

Many Canadians today are feeling the pinch and reining in their spending, waiting out harsh economic winds in a pattern of behaviour typical of major recessions and financial crashes in history. The difference this time around? Canada’s not (technically) in a recession. Economists typically define a recession as two consecutive quarters of negative growth in […]

Descrease article font size Increase article font size Starbucks, struggling with weak demand and disgruntled investors, said Tuesday that CEO Laxman Narasimhan is stepping down after a little more than a year in the job. The Seattle coffee giant said Brian Niccol, the chairman and CEO of Chipotle, will become Starbucks’ chairman and CEO on […]

Descrease article font size Increase article font size Scotiabank has bought a minority stake in U.S. regional lender KeyCorp in an all-stock deal worth US$2.8 billion on Monday, as the Canadian bank pursues growth outside its saturated home market. Canadian lenders have been looking for growth opportunities in the U.S. as expansion slows in the […]

The former chief financial officer for Royal Bank of Canada is suing the bank for almost $50 million over claims of wrongful dismissal. Nadine Ahn said in a lawsuit that there is no merit to the allegations by RBC that she had an “undisclosed close personal relationship” with another employee who received preferential treatment. In […]

Air Canada saw its profits fall by half even while its revenue rose in its latest quarter, as the country’s largest airline struggled to complete the final stages of its recovery from COVID-19. “Our second-quarter results were solid, although they did not achieve our internal expectations,” CEO Michael Rousseau told analysts on a conference call […]

Steady employment levels in July mask “some warning signs” about the health of the Canadian labour market, with most economists expecting the latest figures will open the door for more interest rate cuts to come from the Bank of Canada. Staistics Canada reported Friday that the national unemployment rate held firm at 6.4 per cent […]

Descrease article font size Increase article font size Shopify SHOP.TO beat analysts’ estimates for second-quarter results and forecast upbeat sales growth as its AI-enabled tools attracted more merchants to its e-commerce services, sending its U.S. shares up 17% before the bell on Wednesday. The Canadian company, which helps small and medium businesses build an online store as well as sell, […]

Canadians gearing up for a run at the fall housing market and existing homeowners with a mortgage renewal looming might see interest rates heading down in the weeks ahead thanks to recent market volatility, experts tell Global News. Stock markets around the world largely recovered Tuesday from a global selloff triggered by weak jobs data […]

Rents are up nationally, but there is some good news for renters — the rate of growth is the slowest it’s been in 31 months. Average asking rents for all residential property types in July were up by 5.9 per cent compared with this time last year, the National Rent Report from the website Rentals.ca […]

The Bank of Canada is now less concerned about home prices spiking as it lowers its benchmark interest rate, minutes from the governing council’s latest meeting show. Deliberations from the July 24 meeting, where the central bank delivered its second consecutive quarter-point rate cut, were published on Wednesday. The Bank of Canada’s top monetary policymakers […]

Canada’s major stock index rebounded somewhat from sharp losses Tuesday, catching up to other equity markets around the world in what many analysts are labeling a bout of volatility. The S&P/TSX fell 542 points to start trading on Tuesday, a decline of 2.44 per cent, bringing Canada’s benchmark index to its lowest levels in a […]

China is the latest in a slew of countries planning to gradually raise the statutory retirement age as an aging world population is forcing governments to reform their pension plans. Delaying retirement also “makes sense” and could have “a lot of benefits” in other countries, including Canada as the country grapples with labour shortages and […]

Canadians may have noticed the value of their dollar dwindling ever since the Bank of Canada’s latest interest rate cut last week. But it’s a decision from the U.S. Federal Reserve coming up this week that could have more of a say in whether the loonie holds pat for the rest of the summer. Canada’s […]

Contentious changes to how capital gains are taxed in Canada will bring in billions less in revenue for the government than Ottawa was expecting when it tabled the 2024 federal budget, according to the Parliamentary Budget Officer. The PBO on Thursday tabled a probe of Liberal measures to hike the inclusion rate on capital gains […]

Some Canadians looking to break into the housing market are now able to get 30-year mortgages, a bid from the Liberal government to make owning a home feel more affordable. Experts who spoke to Global News say that while some homebuyers are likely to see their borrowing power increase because of the new regime, the […]

Boeing named a longtime aerospace industry veteran as its next chief executive, who will take over a company that has been rocked by legal, regulatory and production problems. Robert “Kelly” Ortberg, 64, a former CEO at aerospace supplier Rockwell Collins, will succeed David Calhoun, 67, as CEO effective Aug. 8, the company said on Wednesday. […]

Younger Canadians in particular are turning to artificial intelligence to shape their finances, a survey released this week shows. Experts tell Global News there are many tasks that AI is well-equipped to handle when it comes to making money decisions, but there are limits to how Canadians ought to rely on the evolving tech. The […]

Automatic tax filing services have opened up to thousands of more Canadians as part of a national pilot project. The Canada Revenue Agency said in a news release on Tuesday that more than 500,000 eligible Canadians were invited in July to file their 2023 tax returns by phone, online or by mail using the agency’s […]

Benefit payments for Canadian seniors are going up slightly in a scheduled increase as retirement is “becoming unaffordable” for many in the country. July amounts of the Old Age Security (OAS) benefits, going out on Monday, are increasing by 2.8 per cent compared with the previous year after adjusting for inflation. For the July to […]

The logo has been well-known throughout British Columbia and even across Canada for decades: a green leaf emblazoned with the words BC Tree Fruits. On Friday, the member-owned marketing collective behind the brand, BC Tree Fruits Cooperative, closed its doors  — and B.C. fruit farmers are now scrambling to get their products to market. 1:28 […]

By Staff The Canadian Press Posted July 27, 2024 2:45 pm 1 min read Descrease article font size Increase article font size Farmers’ markets and business groups say they are “sad and disappointed” in NoFrills and its parent company Loblaw after the company sent a mass-advertising text message encouraging customers to “skip the line” at […]

Descrease article font size Increase article font size Air Canada cut its full-year core profit forecast on Monday, as over-capacity in certain markets and competition on international routes impacted its pricing power, sending its shares down nearly four per cent in morning trade. A rush among carriers to cash in on summer travel demand has forced airlines to […]

The Jasper wildfire could cost the insurance industry up to $700 million, making it one of the most expensive wildfire disasters in Canadian history, DBRS Morningstar said Friday. In a new report, the credit rating agency said it believes potential insured losses from this week’s disaster could come close to or even be higher than those […]

Canadians with mortgages and those gearing up for a run at the housing market have plenty of decisions to make after back-to-back interest rate cuts from the Bank of Canada. The central bank delivered a 25-basis-point rate cut on Wednesday, bringing its policy rate to 4.5 per cent. That feeds into the prime lending rates […]

The boycott of Loblaw stores in May had only a “minor” financial impact on Canada’s largest grocers, according to the company’s CEO. Loblaw Co. Ltd. reported second-quarter earnings on Thursday, including the month of May, which saw the grocer targeted in a grassroots boycott campaign venting frustrations over rising grocery prices. Loblaw CEO Per Bank […]

Doing business across provincial lines is starting to get easier but progress is slow, says the Canadian Federation of Independent Business. In a report released Tuesday, the CFIB says it’s important for provinces and the federal government to remove barriers to interprovincial trade to improve productivity and boost the economy. It says the vast majority […]

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday as the head of the central bank suggests the rate will need to move even lower to reignite the economy. The Bank of Canada’s policy rate, which broadly informs the cost of borrowing across the country, now […]

Descrease article font size Increase article font size Legal tech company Clio said on Tuesday it had raised US$900 million in an investment round led by venture capital firm New Enterprise Associates (NEA), in one of the largest fundraises by a Canadian startup. The Series-F funding round values the company at US$3 billion and comprises […]

Used car prices in Canada are coming down from last year’s peaks thanks to a surge in inventory and buyers shifting back to the new vehicle market, according to a new report. AutoTrader released its second quarter Price Index report on Tuesday showing that Canada’s average used car price dropped eight per cent year-over-year to […]

The Bank of Canada is set to deliver its next interest rate decision on Wednesday as many economists and market watchers expect a second consecutive cut in borrowing costs. The central bank’s hotly-anticipated decision comes as new polling shows Canadians struggling with debt loads are clamouring for interest rate relief. As of Monday, market odds […]

Descrease article font size Increase article font size Insurance-focused conglomerate Fairfax Financial on Monday agreed to buy retailer Sleep Country Canada Holdings in a deal valued at C$1.7 billion ($1.24 billion). The offer price of C$35 per share represents a 28 per cent premium to Sleep Country stock’s last close. The company’s shares have risen […]

Canada’s auto theft problem might be showing signs of easing, but drivers are likely to continue feeling the pinch on their insurance premiums, experts tell Global News. Nearly half (48 per cent) of respondents to a recent Ratehub.ca survey said they’ve faced a “significant” increase in auto insurance premiums recently. However, there are some steps […]

A grocery code of conduct could stabilize food prices in the future and encourage more investment in the Canadian food industry, according to the president of Kraft Heinz Canada. “It creates a better trade environment for both the supplier and the retailer, but I think at the end of the day, the consumer is winning,” […]

With many Canadian homeowners facing a sharp rise in mortgage payments, many of them have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signaling a big drop in prices in the coming months. In Toronto, a city where two-thirds of the country’s condominiums […]

The group Google asked to distribute $100 million to news outlets in Canada has publicly released its governance model, which it says focuses on sustainability, equity and innovation within the industry. The Canadian Journalism Collective submitted plans to Canada’s broadcasting regulator this week outlining the structure of the board that will ultimately oversee the funds. […]

Canadian parents are set to receive a top-up in child benefits on Friday amid growing cost-of-living concerns. July payments of the Canada child benefit (CCB) are recalculated annually based on a family’s net income and adjusted for inflation. The tax-free monthly payments go to eligible families who have children under the age of 18 years […]

Nearly one in three Canadian grandparents providing financial support to younger generations are possibly risking their own retirement, new polling released Wednesday by Royal Bank of Canada suggests. The “grandparents edition” of RBC’s 2024 Family Finances Poll shows that 21 per cent of those surveyed are supporting at least one adult child financially, while 30 […]

Fresh inflation figures showing price pressures rebounded lower last month are boosting odds among economists and market watchers that the Bank of Canada will deliver another interest rate cut next week. Statistics Canada’s consumer price index (CPI) reported an annual inflation rate of 2.7 per cent in June. That follows a surprise uptick to 2.9 […]

While many across the United States and the world, including President Joe Biden, are urging Americans to lower the political temperature in the country in the wake of a failed assassination attempt on former president Donald Trump, some stocks on Wall Street looked upbeat this week. Crypto stocks, prison operators and other shares that could […]

The Bank of Canada will get one final read of inflation figures this week before it has to make its next interest rate decision, with some economists predicting a return to cooling will fuel hopes for another cut. Statistics Canada is set to release its consumer price index (CPI) figures for June on Tuesday. The […]

Despite hope for lower interest rates in the months ahead, the Canadian Real Estate Association is scaling back expectations for home sales and prices after a slower-than-usual spring season. CREA released an updated housing outlook on Friday that saw it revise down forecasts for both 2024 and 2025. The organization now expected some 472,395 properties […]

The union representing WestJet’s aircraft maintenance engineers announced Friday that members have ratified a collective bargaining agreement following strike action that disrupted travel plans over the Canada Day long weekend. In an update to members, the AMFA-WestJet Negotiating Committee said the agreement was approved by 96 per cent of members. Union leaders said the two-day […]

Canadians are struggling with debt, from credit card bills to mortgages and loans — recent studies from TransUnion Canada and Equifax have found millions of people dealing with trillions of dollars in debt. As we pass the midway point of 2024, there are things that can be done to try and manage your money. Last […]

A relatively slow cooling in the overall Canadian labour market combined with surging levels of unemployment among Canada’s youth is a trend that experts say could leave the country’s youngest workers with “economic scarring.” Statistics Canada’s June labour force survey, released last week, shows the unemployment rate for youth aged 15-24 rose nearly a full […]

Costco is increasing its annual membership fees in Canada and the United States this fall. The company made the announcement on Wednesday as it reported its sales results for June. Costco says that effective Sept. 1, Canadians holding an individual, business or business add-on membership will see their annual membership fees go up by $5 […]

Fresh home sales data has finally answered the question for real estate watchers: The Bank of Canada’s initial interest rate cut in June did not open the floodgates to buyers, many of whom remain sidelined through an unseasonably slow spring housing market. Sales figures from local real estate boards released in the past week show […]

TurboTax-parent company Intuit said on Wednesday it will let go of about 1,800 employees, or 10 per cent of its workforce, as it looks to focus on its AI-powered tax preparation software and other financial products. The company, which has invested heavily in providing generative AI-powered accounting and tax preparation tools for small and medium […]

Rent growth has stalled overall in recent months in Canada, with some of the country’s most expensive cities seeing annual declines in asking rents while other rental markets continue to see prices soar. The latest rent report from Urbanation and rentals.ca for June shows the average asking rents across all property types fell 0.8 per […]

For the first time in years, car shoppers are having an easier time finding a deal as the auto industry bounces back from supply chain woes — and experts say the outlook could get even better. Sticker prices at dealerships have started to come down and affordability is improving, said Daniel Ross, senior manager of […]

Ask the average renter and they can tell you: Canadian rents have soared in recent years. The latest data from Rentals.ca and Urbanation shows the average asking rent for all property types in May rose above $2,200 for the first time. That’s up 9.3 per cent year over year, the same jump seen the month […]

The national unemployment rate rose to 6.4 per cent in June amid job losses in the month, Statistics Canada said Friday. Canadian employers collectively shed 1,400 jobs in the month, the agency said Friday. June’s labour force survey results compare to a jobless rate of 6.2 per cent in May, when the economy added 27,000 […]

A new report from Desjardins shows Canadians are facing high levels of debt, leaving a majority facing a “fragile situation.” The report, published Tuesday, showed that while household disposable income and expenditures are up, allowing the household savings rate to stay higher than before the COVID-19 pandemic, disparities exist over how much people can save […]

The parliamentary budget officer estimates that staffing up the new regulators in the Liberals’ Online Harms Act will cost around $200 million over five years. The federal government wants to establish a Digital Safety Commission to regulate social-media companies and force them to limit harmful content online. If the government legislation passes in Parliament, that […]

Restaurant Brands International says it’s spending up to $45 million on two deals intended to boost its presence in China and spur growth in what the company sees as a promising market. The parent company behind Tim Hortons, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs says the first deal will see it acquire Popeyes […]

More than 100,000 travellers have seen their flight plans thrown into disarray as WestJet works to restore service from the long weekend strike, but the airline is warning that disruptions could stretch on for days. The Calgary-based air carrier confirmed in a release Tuesday that a total of 1,137 flights have so far been cancelled […]

WestJet has cancelled nearly 700 flights as of Sunday, upending plans for close to 100,000 passengers as an unexpected strike by plane mechanics entered its third day on the busiest travel weekend of the season. Some 680 workers, whose daily inspections and repairs are essential to airline operations, walked off the job on Friday evening despite […]

An averted strike at WestJet and fresh data showing punctual performances from major airports and airlines in Canada bode well for travellers gearing up for summer getaways, analysts say. WestJet warned this week that 250,000 Canadians could have their Canada Day long weekend plans disrupted due to a looming strike among engineers at the Calgary-based […]

Descrease article font size Increase article font size The Canada Revenue Agency is ramping up efforts to recover overpayments of pandemic-related benefits. Starting in July, the agency said Thursday it will begin issuing legal warnings and could start to take steps to recover overpayments of all COVID-19 programs such as the Canada Emergency Response Benefit […]

A looming strike at WestJet “couldn’t be worse timing” for hundreds of thousands of Canadians who booked a trip with the Calgary-based air carrier over the July long weekend, according to travel experts. The union representing WestJet mechanics issued its second strike notice in as many weeks on Wednesday. It sets up a potential work […]

Amazon joined the exclusive $2 trillion club Wednesday after Wall Street investors pushed the value of the e-commerce giant’s stock past that threshold. Shares in Amazon.com Inc. finished the day up almost 4%, giving the Seattle-based company a stock market valuation of $2.01 trillion. Its stock has gained 52% in the past 12 months, partly […]

A new forecast from Deloitte Canada calls for the pace of interest rate cuts to pick up in 2025, but not enough for many Canadian homeowners to avoid feeling the pinch of upcoming mortgage renewals. Deloitte Canada released a new economic outlook on Wednesday that calls for overall real gross domestic product (GDP) growth of […]

A surprise uptick in May’s inflation figures is pouring water on hopes for another interest rate cut from the Bank of Canada in July. Inflation accelerated in May as the costs of services and groceries ticked up, Statistics Canada said Tuesday. The annual rate of inflation was 2.9 per cent in May, the agency said. […]

Descrease article font size Increase article font size More Canadians are getting help from family to buy their first home — and they’re getting substantially more money to do it than a few years ago, according to new research published by CIBC. “Homebuyers relying on a wealth transfer from their parents in order to purchase […]

The Bank of Canada will be scrutinizing May inflation figures this week as it gauges whether it can deliver back-to-back interest rate cuts. Statistics Canada is set to release the annual inflation rate for May on Tuesday. Inflation has consistently shown signs of cooling this year, last coming in at 2.7 per cent in April. […]

Canadians are scrambling to get their “affairs in order” as controversial changes to how capital gains are taxed are set to go into effect on Tuesday, accountants say. The changes, which have received pushback from business groups and doctors, will increase the inclusion rate for taxable capital gains from 50 to 67 per cent for […]

This article is part of Global News’ Home School series, which provides Canadians the basics they need to know about the housing market that were not taught in school. Borrowing costs are starting to drop after the Bank of Canada’s first interest rate cut of the cycle, spurring speculation from all corners of the housing market about how […]

A flood of listings in many Canadian housing markets is giving buyers who can qualify their pick of the litter and is forcing some sellers to get creative to land a deal. A glut of condos in Toronto, for example, means some sellers have to pull out unorthodox strategies to land one of the few […]

By Staff The Canadian Press Posted June 18, 2024 3:44 pm Updated June 18, 2024 8:22 pm 1 min read Descrease article font size Increase article font size WestJet mechanics say they are poised to walk off the job early as Thursday night after serving the airline with a 72-hour strike notice yesterday. The Aircraft […]

The Canadian Real Estate Association says that homebuyers were sleepwalking through the spring, but the first interest rate cut in more than four years could serve as a wake-up call. CREA’s home sales figures show transactions dipped 0.6 per cent between April and May. Home prices are also “largely sliding sideways,” with the average resale […]

By Staff The Canadian Press Posted June 12, 2024 9:07 am 1 min read Descrease article font size Increase article font size Dollarama Inc. has increased its stake in Latin American retailer Dollarcity to 60.1 per cent with the acquisition of an additional 10 per cent interest. The Montreal-based company says it acquired the additional […]

Against the backdrop of the Caribbean Sea, Ontario couple Matt Lassaline and Kirsten Whiteley got married in Jamaica last month in a small beach wedding ceremony that was everything they had imagined. Having bought a house in 2021 and with a mortgage to pay off, the couple didn’t want to put themselves in more financial […]

Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was down from a previous forecast of three, because inflation, despite having cooled in the past […]

An interest rate cut from the Bank of Canada earlier this month marked the first signal that borrowing costs are heading down, but experts say the rates Canadians can expect on savings accounts are also at risk. The central bank’s policy rate, which now stands at 4.75 per cent after a quarter-point cut on June […]