Category: Finance

A class-action settlement that would see Toronto Dominion Bank pay out nearly $16 million has been approved – one of two multi-million-dollar payouts by the bank given the green light in recent weeks. The Ontario Superior Court of Justice granted the approval Thursday after a hearing this week for the settlement reached between TD Bank […]

The annual pace of housing starts in January slowed by 10 per cent compared with December, as the rate of starts for new multi-unit projects such as apartments, condominiums and townhouses pulled back. Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts came in at 223,589 units for the […]

Electric vehicle (EV) owners in Canada may start to see their insurance rates jolt in the coming years, a new report indicates. The study by credit rating agency Morningstar DBRS suggests insurers in the U.K., Europe and parts of the U.S., where EV uptake is higher than in Canada, are starting to experience the impacts […]

Canada’s housing market is “starting to turn a corner,” the country’s national real estate association says. According to the latest data from the Canadian Real Estate Association (CREA) released Wednesday, the housing market has seen an uptick in activity despite interest rates being at a 22-year high. “The market has been showing some early signs […]

Descrease article font size Increase article font size Nvidia overtook Google-parent Alphabet’s stock market capitalization to become the third biggest U.S. company on Wednesday, days before the poster child of AI boom is due to report fourth-quarter results. Strong demand for the Silicon Valley company’s chips used in artificial intelligence computing has powered the stock 231 […]

Cuts to interest rates in Canada may lead to better housing supply, Housing Minister Sean Fraser suggests. Fraser told reporters in Ottawa on Tuesday that based on conversations he’s had with housing developers, his feeling is that stalled projects will begin to move forward if that happens. “Don’t ignore the impact that interest rates have […]

A Costco executive says the retailer is open to supporting Canada’s long-planned grocery code of conduct, but it does not have enough details to make a decision yet. The grocery code of conduct, which has been in development since 2021, is at an impasse as both Loblaw and Walmart have so far refused to sign […]

Bitcoin BTC= hit the $50,000 level for the first time in more than two years as the world’s largest cryptocurrency was buoyed by expectations of interest rate cuts later this year and last month’s regulatory nod for U.S. exchange-traded funds designed to track its price. The cryptocurrency has risen 16.3 per cent so far this […]

On the outskirts of Barrie, Ont., sunlight washes over the outcast cucumber and parsley stacked on skids at Eat Impact’s warehouse. Workers at the online grocer sort and pack containers with these rejects and misfits — tentacled carrots, scarred bananas, bulbous potatoes — for home deliveries across southern Ontario. “The goal is helping people eat […]

With the contribution deadline for the registered retirement savings plan (RRSP) approaching, Canadians have more choices than ever for where they want to sock away their savings to get a lift on their tax returns. While prospective homeowners may be weighing the pros and cons of an RRSP over tax-deductible contributions to the relatively new […]

Manulife Financial Corp. says patients who require specialty drugs will be able to fill their prescriptions at any pharmacy after backlash sparked by the insurance provider signing an exclusive arrangement with Loblaw Cos. Ltd. The insurance provider had told patients last month its specialty drug program would transition to being carried out “primarily” through Shoppers […]

Indigo Books & Music Inc.’s chief executive says the retailer’s last year has been “challenging” and it could be a while until its financial results recover. Speaking Friday on an analyst call, Heather Reisman described 2023 as a year marred by “disruptions” — a ransomware attack that downed its e-commerce operations for a lengthy period, […]

As many Canadian couples gear up for a Valentine’s Day date next week, differing opinions about spending may be causing conflict, a new survey suggests. About one-third of Canadian couples (32 per cent) say spending is often a source of disruption in their relationship, according to a report from BMO’s Real Financial Progress Index released […]

Canadian couples are more open to seeking divorce in later life, and research suggests this can impact women more than men. In Canada, the average age for divorce has been steadily rising over the years, partly because people are increasingly getting married at a later age. In 2020, the average age of divorce was 48 […]

Millennials feel they need to save more than any other Canadian to retire, a new survey indicates. BMO’s annual retirement survey, released Wednesday, found Canadians ages 28 to 44 believe they will need about $2.1 million to retire, the highest among all adult generations. The online survey also found that, for a second consecutive year, Canadians overall […]

The Bank of Canada’s top officials cited a “mixed picture” on the direction for underlying inflation and the Canadian economy in deciding to hold its benchmark interest rate late last month, newly released deliberations show. The central bank on Wednesday released the minutes from the governing council meeting in January that led to the policy […]

The Bank of Canada is expecting the housing market will “rebound” this year amid expectations for interest rate cuts sometime in 2024. The head of the central bank warned, however, that the outlook for home prices in the recovery comes with “considerable uncertainty.” Bank of Canada governor Tiff Macklem spoke to reporters after giving a […]

A Liberal plan to crackdown on predatory lending could instead lead to a rise in crime and put vulnerable Canadians further at risk, a new warning from police and lenders argues. A report from the Ontario Association of Chiefs of Police (OACP) and the Canadian Lenders Association (CLA) released Monday studies the potential impact of […]

Canadians that have turned to grocery store flyers and coupon-cutting may need to look for even more savings. Last week, Metro CEO Eric La Flèche told analysts on an earnings call that the company was expecting it would have to pass on some higher costs from suppliers as an industry-wide blackout period for price hikes […]

While Canadian companies have made some progress in making the workplace more diverse and inclusive, eight in 10 Black Canadians say they still face some form of discrimination at work, a new report by KPMG has found. The accounting firm’s survey, released for Black History Month, said 81 per cent respondents experienced some form of […]

Tailwinds from south of the border could give a lift to the Canadian economy and end up pushing back the timeline for interest rate cuts as the Bank of Canada tries to keep pace with the United States Federal Reserve, some economists say. Canada’s economy showed signs of life to end 2023, data released Wednesday […]

The chief executive of Rogers Communications Inc. dismissed analyst concerns about wireless customers leaving the carrier, saying the company was focused on its premium brand where performance was stronger. Speaking Thursday on the company’s fourth-quarter earnings call, Rogers CEO Tony Staffieri said there was a “heightened level of what I would call promotional activity in […]

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. Hope for interest rate cuts on the horizon has some real estate forecasters predicting a busier spring housing market as Canadians prepare to either buy or sell a home. […]

While the Bank of Canada continues to grapple with the high cost of housing in its quest to tamp down inflation, the governor of the central bank is telling lawmakers that monetary policy isn’t going to fix affordability issues in the market. Tiff Macklem spoke to members of Parliament on the finance committee in Ottawa […]

Meta surged more than 17 per cent on Friday as the Facebook parent’s first dividend declaration and robust results increased expectations of strong returns from its investments in “metaverse” technologies and artificial intelligence infrastructure. Days ahead of Facebook’s 20th anniversary, Meta authorized an additional US$50 billion in share repurchases and said its quarterly dividend would […]

Amazon.com beat fourth-quarter revenue expectations on Thursday as new generative AI features in its cloud and ecommerce businesses spurred robust growth during the critical holiday period, sending its shares up eight per cent after the market close. The company forecast current-quarter revenue of $138 billion to $143.5 billion. Analysts polled by LSEG expect $142.13 billion. […]

Can you abstain from alcohol for a month? That is the core question of the Canadian Cancer Society’s Dry Feb, a fundraising campaign challenging Canadians to hold off on consuming their favourite alcoholic beverages for a month, while raising funds for cancer research. With campaigns such as Dry Feb and Dry January, and the growing […]

Canadians hoping to retire in the coming years are still feeling like their finances won’t stretch far enough despite recent easing on inflation, a new report finds. Retirement experts say that’s pushing many Canadians to rely on the support of family or make lifestyle changes as health complications add to the financial burden. A report […]

The cloud of unaffordability hanging over Canada’s housing market could start to lift later this year and give prospective first-time homebuyers a path to ownership, according to a Royal Bank of Canada forecast. The RBC report released Tuesday projects that the Canadian housing market will tell two different stories in either half of 2024. Pressure […]

A surge in customers ordering groceries over Uber Eats and Instacart helped push sales higher at Metro Inc. in the company’s first fiscal quarter of the year. The Montreal-based grocer said Tuesday that it saw 105 per cent year-over-year jump in online food sales for the three-months ending Dec. 23. A spokesperson for Metro told […]

If you own – or even rent – property in Florida, you have probably noticed that the cost of home insurance in the Sunshine State does not come cheap. Florida is one of the places in the U.S. that is most at risk to the whims of climate change – stronger hurricanes and storm surges, […]

The nation’s economy grew at an unexpectedly brisk 3.3 per cent annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of […]

After the Bank of Canada on Wednesday gave its clearest hints yet that its interest rate cycle might have peaked, some real estate experts are expecting hope for lower borrowing costs will set up a busy spring housing market. The Bank of Canada held its benchmark interest rate at 5.0 per cent for the fourth consecutive […]

As the debate rages on about how to tackle rapidly rising housing costs, Bank of Canada governor Tiff Macklem says the newly announced cap on international student enrolments should help ease rent price inflation. “You saw this week the government capping student visas,” Macklem said in an interview with The Canadian Press. “That, I think, […]

When Lise Lalonde found out she had advanced stage two breast cancer that had already spread to her lymph nodes last July, her life came to a standstill so she could undergo a rigorous but debilitating treatment plan. Three weeks later, Lalonde began to face physically and emotionally demanding rounds of chemotherapy for hours at […]

Tesla tumbled seven per cent on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins and raised investor concerns at the world’s most valuable automaker. Musk said growth would be “notably lower” as Tesla focuses on a next-generation electric vehicle to be made at […]

The small New Brunswick town of Beresford is now home to overnight multi-millionaires, as a couple from the area became the recipients of the largest-known Chase the Ace prize in Canadian history after winning $8.2 million on Tuesday night. René Beaudet, the organizer for Chaleur ATV Club Chase the Ace — which has hosted a weekly […]

Descrease article font size Increase article font size The Bank of Canada held its benchmark interest rate steady at 5.0 per cent on Wednesday and hinted that its tightening cycle might have peaked. The decision, which marks the fourth consecutive hold from the central bank, was widely expected by economists. According to prepared remarks from […]

Netflix registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023, closing out a comeback year that included a crackdown on viewers freeloading on the video-streaming service and a smattering of price hikes. The fourth-quarter results announced Tuesday provided further evidence that Netflix was able to come up with a […]

A Conservative bill to remove GST from Ottawa’s carbon pricing plan could eventually lead to $1 billion in lost tax revenue, the parliamentary budget officer (PBO) says. The federal watchdog on Tuesday released a report on Bill C-358, which was tabled in the House of Commons by Tory MP Alex Ruff in October. Ruff said […]

A federal appeals court has ordered the appointment of an independent examiner in the bankruptcy case of FTX amid concerns about widespread fraud preceding the collapse of the multibillion-dollar cryptocurrency exchange. A three-judge panel in Philadelphia issued the ruling Friday in an appeal filed by the U.S. bankruptcy trustee, who serves as a government watchdog […]

Customers of Toronto Dominion Bank have until the end of the week to legally opt out of a nearly $16-million class-action settlement. Toronto law firm Koskie Minsky LLP reached a proposed settlement with TD Bank over non-sufficient funds (NSF) fees back in August 2023. The case was certified as a class action by the Ontario […]

Canada’s holiday sales period got underway in November with a 0.2 per cent decline in retail sales led by falling purchases at food and beverage retailers. The data released by Statistics Canada on Friday revealed November’s retail sales amounted to $66.6 billion, lower than many economists had expected. Shelly Kaushik, an economist with BMO Capital […]

Canadian companies have lost a step when it comes to innovation, experts say, pointing toward Ottawa having work to do to turn around stagnating business investment and an over-reliance on temporary workers. It’s a problem that will push down wealth and prosperity in Canada if left unsolved, according to economists and innovation experts who spoke […]

As the one-year expiry date looms closer, the largest lottery win in Atlantic Canadian history is still yet to be paired with its rightful owner. On April 15, 2023, Atlantic Lottery drew a winner for their $64 million Gold Ball jackpot and determined the ticket was purchased in Gloucester County, N.B. But as months passed […]

Canadians are contributing less to a tax-free savings account (TFSA) while basic monthly living expenses have increased, according to a new survey by BMO. The online survey of over 1,500 adults was conducted Nov. 3-8, 2023, and found that basic monthly costs rose $397 year-over-year as 68 per cent of those surveyed say current economic […]

A cloud of uncertainty hangs over the future of international student visas in Canada. As the country grapples with a housing crisis,  strong wording from the federal government in recent months suggests it is looking to potentially cap the number of study permits issued to prospective international students to help alleviate the housing demand. “Enough […]

For thousands of small businesses, it’s time to pay up. Thursday marks the federal government’s deadline for firms to repay pandemic-era debt to get relief on their Canada Emergency Business Account (CEBA) loans. Through the CEBA program, Ottawa paid out nearly $49 billion to almost 900,000 businesses across Canada as many struggled due to closures […]

Eligible Canadians will receive their first carbon pricing rebate of 2024 from the federal government starting Monday. The rebate, officially called the Climate Action Incentive payment, will be applied to people living in provinces where the federal carbon tax is applied. Residents in Alberta, Ontario, Manitoba, Saskatchewan, New Brunswick, P.E.I, Nova Scotia, and Newfoundland and […]

An acceleration in the annual rate of inflation to end 2023 won’t be enough to panic the Bank of Canada heading into its first interest rate decision of the year, economists argue, but it won’t hasten the timeline for cuts, either. Statistics Canada said Tuesday that the annual inflation rate ticked up to 3.4 per […]

By Staff The Canadian Press Posted January 16, 2024 12:02 pm Descrease article font size Increase article font size Canada Mortgage and Housing Corp. says the annual pace of housing starts in December rose 18 per cent compared with November, helped higher by an increase in multi-unit urban starts in Vancouver and Montreal. The national […]

Canadian home sales saw an “unexpected surge” in December as sellers and buyers came together to get deals done before the new year, according to the national real estate body, but experts are divided on whether the uptick will last. The Canadian Real Estate Association (CREA) said Monday that December saw an 8.7 per cent […]

A pair of surveys released from the Bank of Canada on Monday show many firms’ price plans are “slowly returning to normal” after a period of elevated inflation, thanks in part to a slowdown in consumer spending and easing in the labour market. The central bank’s quarterly Business Outlook Survey shows that firms are expecting […]

The world could have its first trillionaire within a decade, anti-poverty organization Oxfam International said Monday in its annual assessment of global inequalities timed to the gathering of political and business elites at the Swiss ski resort of Davos. Oxfam, which for years has been trying to highlight the growing disparities between the super-rich and […]

Finally some good news — you’ve landed a major promotion with a huge pay bump, or you’ve finished many years of education and entered a high-paying profession. Either way, you have some extra cash, and perhaps little else, aside from a student loan. The act of seeking out advice — or even just starting the […]

Gaining enough artificial intelligence or AI knowledge to keep up with evolving demands in Canada’s tech industry doesn’t have to be difficult, industry experts say. With a growing number of free courses available online and recent industry reports showing that candidates will need to show skill in artificial intelligence this year more than ever, the […]

Higher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its two per cent target will likely remain a bumpy one. Thursday’s report from the Labor Department showed that overall prices rose 0.3 per cent from November and 3.4 per cent from 12 […]

The fallout from the mid-air blowout of a panel on an Alaska Airlines flight last week adds to the already “checkered history” for Boeing’s MAX jets, experts say, and puts the company’s once-sterling commercial aircraft reputation further at risk. Boeing CEO Dave Calhoun admitted earlier this week that the Virginia-based company made a mistake after […]

Rates on some fixed mortgages have dropped by a full percentage point in the past few months, opening up an opportunity for Canadians eyeing the spring housing market or with a mortgage of their own up for renewal. While experts say there’s little downside to securing a cheaper rate today, committing to a long-term mortgage with […]

A key Flair Airlines investor says a $30-million lawsuit filed against it by plane-leasing firms over claims of missed payments is “premature at best.” Miami-based 777 Partners, which owns one-quarter of Flair, confirmed that three lessors of aircraft that were repossessed from the budget carrier last spring filed their claim in London in December over […]

Microsoft overtook Apple as the world’s most valuable company on Thursday after the iPhone maker’s shares made a weak start to 2024 due to growing concerns over demand. Shares of Redmond, Washington-based Microsoft were last up 1.6 per cent, giving it a market valuation of $2.875 trillion as its early lead in the race to […]

The U.S. Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying it is still deeply skeptical about cryptocurrencies and that the SEC “did not approve or endorse bitcoin” in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for bitcoin even though it only […]

Descrease article font size Increase article font size Amazon.com will lay off several hundred employees in its streaming and studio operations, it said in an internal note on Wednesday as companies extend their massive job cuts over the past two years into 2024. The staff facing exit at Prime Video and Amazon MGM Studios in […]

The U.S. Securities and Exchange Commission said Tuesday that a post sent from the agency’s account on the social platform X announcing the approval of a long-awaited bitcoin exchange-traded fund was “unauthorized,” and that the agency’s account was hacked. The price of bitcoin briefly spiked more than $1,000 after the post on X, formerly known […]

Canadians feeling like they weren’t as productive as they could’ve been in 2023 can take solace. Neither was Canada’s economy. Labour productivity — a broad measure of real gross domestic product by hours worked across the economy — has declined nationally in six consecutive quarters, Statistics Canada said last month. Economists who spoke with Global […]

Global supermarket chain Carrefour will stop selling PepsiCo products in its stores in France, Belgium, Spain and Italy over price increases for popular items like Lay’s potato chips, Quaker Oats, Lipton tea and its namesake soda. The French grocery chain said it pulled PepsiCo products from shelves in France on Thursday and added small signs […]

Some Rogers mobile customers will be paying a little more for their wireless plans this year. Rogers Communications told Global News on Wednesday that it will be raising prices on some of its plans and bundles starting this month, with the increases applying to both Rogers and Fido customers who are not under contract. A […]

Quebec restaurants say they are reeling over last-minute New Year’s Eve cancellations and no-shows. The practice costs tens of thousands of dollars a year and industry leaders say it’s only getting worse, sparking renewed calls for the province to allow restaurants to charge penalties for customers who decline to appear. On New Year’s Eve, restaurateur […]

By Staff The Canadian Press Posted January 4, 2024 8:24 am Descrease article font size Increase article font size Deloitte Canada says the Canadian economy will return to growth in the second half of 2024, with interest rate cuts as early as this spring. The firm’s economic outlook report predicts stagnant growth during the first […]

Even though 2024 has just begun, Canada’s top 100 highest-paid CEOs have already made more than the average worker. That’s according to a new report released Tuesday by the Canadian Centre for Policy Alternatives (CCPA), which says that the CEOs’ pay broke “every record in the book” in 2022. According to CCPA’s data, the top […]

Canadians preparing their taxes and finances for 2024 might find a bit of help from an unexpected friend: inflation. Though the rising cost of living tended to cool for much of 2023, still-elevated inflation from the last few years acts as a benchmark for a number of government programs and tax filing metrics. In other […]

The Forlers could see their family of five was growing fast and would soon need a bigger place to live. So they started to think farther afield. Brandon Forler said he found their dream home in Cochrane, Alta., about 40 kilometres northwest of Calgary and a town he had never been to before. But before […]

Canadians are ringing in the new year with plans to cut down on spending and make other behaviour changes amid growing recession fears after a year riddled with concerns about inflation, rising interest rates and high cost of living. New polling by Ipsos conducted exclusively for Global News showed that two-thirds (66 per cent) of […]

After nearly two years of hikes to the Bank of Canada’s benchmark interest rate, some forecasters are expecting the housing market correction will come to an end in 2024. But when that bottom hits, and how fiercely home sales and prices rebound, is a question dogging some Canadians who continue to grip the sidelines of […]

The federal government approved RBC’s $13.5-billion takeover of HSBC Canada in the waning days of 2023, despite concerns from critics that it will stifle competition. Banking customers will start to see next year how the acquisition, expected to close in the first quarter, shakes out. Here’s a look at some of the other changes expected […]

Nearly a year after it came into effect, experts say it’s hard to know if Ottawa’s plan to keep foreign homebuyers out of the national housing market is helping affordability for Canadians. The law, which bans non-resident people and enterprises from buying residential properties for two years, took effect on Jan. 1, 2023. Global News […]

After the Bank of Canada held its benchmark interest rate steady in its final three decisions of 2023, the tone of conversations in markets has shifted firmly away from further rate hikes and staunchly into the camp of when cuts could begin. Even Tiff Macklem, the Bank of Canada’s top policymaker, has begun to acknowledge […]

Whether it’s asking for a raise or switching careers altogether, many Canadians are setting financial goals for the new year. But an increasing number of workers doubt they’ll get paid more in 2024, a new poll has found. The management services company ADP Canada released its monthly Happiness at Work Index Wednesday, polling 1,200 Canadians […]

Christmas arrived a few days early for one Nova Scotia family this year. On Thursday evening, Brandon Milligan and Sarah Levy of Berwick became nearly two million dollars richer after winning the fourth annual Christmas 50-50 draw hosted by Nova Scotia Firefighters 50-50, a non-profit group that raises money for fire departments throughout the province […]

Enbridge Inc. is selling its stakes in the Alliance pipeline and Aux Sable gas processing facility to Pembina Pipeline Corp. for $3.1 billion. The Alliance pipeline is a 3,848-kilometre pipeline stretching southeast from B.C. that brings gas into Chicago’s Aux Sable, one of the largest natural gas liquids processing facilities in North America. Enbridge currently […]

Evidence is mounting that the Bank of Canada’s benchmark interest rate is high enough to bring inflation all the way back to the two-per cent target, deliberations from the central bank’s latest rate decision show. But policymakers at the Bank of Canada also expressed fears of a resurgence in the Canadian housing market that could […]

Empire Co. Ltd. is planning to crack down on what it says are unjustifiable cost increase requests from some of its biggest suppliers. “We’re now seeing more than a few of our large supplier partners send through cost increase requests for February and some of them are distressing,” said Michael Medline, president and CEO, on […]

Canadians are still expected to face a “pinch” at the dinner table this holiday, according to one food economist, despite signs of slowing in food inflation. Canada saw a “broad-based” easing in grocery price hikes in November, according to Statistics Canada, while overall annual inflation rate held steady at 3.1 per cent last month. November […]

Canada’s housing market cooled further in November as sellers joined buyers on the sidelines, hoping for activity to heat back up in the spring, according to the national real estate association. Some market watchers are meanwhile calling for a return to pandemic-era highs for home prices on the back of expected interest rate cuts in […]

A report says the average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 per cent increase year-over-year. The data released Friday by Rentals.ca and Urbanation, which analyzes monthly listings from the former’s network, showed the annual rate of rent growth in Canada […]

A Toronto-area man has been fined $100,000 after he quietly pleaded guilty to possession and fraudulent use of thousands of counterfeit $2 coins after depositing the fakes into Canada’s banking system, Global News has learned. During a brief court appearance in Newmarket on Dec. 9, 2022, That Daixiong He, 69, of Richmond Hill, Ont., admitted […]

By Staff The Canadian Press Posted December 15, 2023 11:31 am Updated December 15, 2023 12:13 pm Descrease article font size Increase article font size The company building the Trans Mountain pipeline expansion is warning the project’s completion could be delayed by two years if the Canada Energy Regulator does not allow a previously rejected […]

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 Mom and Dad — an informal financial institution open to some but not all prospective homebuyers — has become a major factor in whether […]

The head of the Bank of Canada is pushing back on expectations for interest rate cuts, despite calls from the market and central bank counterparts south of the border that tightening could reverse in the new year. Governor Tiff Macklem said in a year-end speech to the Canadian Club in Toronto on Friday that “it’s […]