Canadians who are self-employed must file their 2023 income tax and benefit returns by Monday, June 17. The official due date is June 15, but the Canada Revenue Agency (CRA) says because it falls on a Saturday, returns filed on or before June 17 will be considered on time. The…

By Staff The Canadian Press Posted June 12, 2024 1:10 pm Updated June 12, 2024 1:11 pm 1 min read

Canada’s banking regulator conceded to members of Parliament that there’s an “imbalance” in how the mortgage stress test is applied for some homeowners renewing their terms, but stood by the practice. Peter Routledge, the Superintendent of Financial Institutions, spoke to the standing committee on finance Tuesday. His office, OSFI, is…

Descrease article font size Increase article font size The Bank of Canada should consider better communication of its monetary policy intentions, building on the steps it has already taken to improve the transparency of messages it sends to the market, the International Monetary Fund said on Tuesday. The IMF has…

The first interest rate cut from the Bank of Canada in more than four years will not be enough to help most prospective homebuyers feeling sidelined by high borrowing costs, new polling suggests. The Ipsos poll conducted exclusively for Global News after the Bank of Canada’s 25-basis-point rate cut on…

Finance Minister Chrystia Freeland says the government’s proposed changes to capital gains taxes tabled Monday are the “defining measure” of the parliamentary session, putting pressure on the Conservative Party ahead of a vote on the proposal. Proposed changes to the capital gains inclusion rate, first announced in the 2024 federal…

The cost of your next flight is likely to go up. That’s the word from the International Air Transport Association, which held its annual meeting Monday in Dubai, home to the long-haul carrier Emirates. While carriers recover from the groundings worldwide from the coronavirus pandemic, industry leaders told journalists that…

The Edmonton Oilers’ Stanley Cup playoff run and the Formula One Montreal Grand Prix will bring zero net economic impacts to Canada, one economist says, but some business groups and local restaurant owners are expecting a spike in business. Neither event creates new permanent jobs, Concordia University’s Moshe Lander said.…

GameStop shares surged more than 70 per cent premarket on Monday after “Roaring Kitty” Keith Gill, the stocks influencer behind the 2021 retail trading frenzy, returned to Reddit with a post showing a US$116 million bet on the embattled videogame retailer. The stock briefly doubled in value to US$46.90, with…

A critical reporting tool used by Canada’s anti-money-laundering watchdog has been offline for three months creating an intelligence gap that experts say could hamper criminal or national security investigations. A cyber incident, identified on March 2, forced the Financial Transactions and Reports Analysis Centre of Canada, also known as Fintrac,…

The Bank of Canada’s first interest rate cut in over four years on Wednesday will have a “psychological” impact on the Canadian housing market, but will likely not be enough to meaningfully improve affordability, experts say. The Bank of Canada cut its key policy rate, which informs the rates Canadians…

The Bank of Canada lowered its benchmark interest rate by a quarter-percentage point on Wednesday, marking a significant turning point in the central bank’s efforts to tame inflation. The Bank of Canada’s policy rate now stands at 4.75 per cent following six consecutive holds in previous meetings. The key rate…

Canadians planning a road trip this summer could see some relief at the pumps but a volatile energy market and weather disruptions threaten gas prices in the country, experts say. Nationally, the average price for regular unleaded gas stood at $1.60 per litre on Wednesday, according to fuel price tracking…

By Staff The Canadian Press Posted June 4, 2024 7:40 am Updated June 4, 2024 3:16 pm 1 min read Descrease article font size Increase article font size The federal New Democrats want a price cap on grocery store staples if the Liberal government can’t convince grocers to bring down…

A woman from a small New Brunswick town said she was on the verge of tears after discovering she had suddenly become a millionaire — as she became the latest winner of a $1-million Lotto 6/49 Gold Ball draw last week. Sharon Gallup is from the community of Burton, which…

The economic stars appear to be aligning for the Bank of Canada to deliver an interest rate cut on Wednesday, but some economists warn the central bank might have other ideas when it comes to the right timing for the hotly anticipated first cut of the cycle. The Bank of…

Amid uncertainty in the economy and the still-present pressures of inflation, a new survey shows the country is split on whether now is the right time to be investing. The survey from investment dealer Edward Jones Canada, which polled 1,003 Canadians 18 and older online between May 14-17, found 43…

Bank of Montreal on Wednesday missed analysts’ estimates for quarterly profit, hurt by weakness at its U.S. segment and as it sets aside more funds to cover for potentially souring loans in a high interest rate environment. The U.S. segment, which bring in roughly about a third of BMO’s total…

Descrease article font size Increase article font size Fitch revised the outlook on Toronto-Dominion Bank’s credit ratings to “negative” from “stable” on Tuesday, citing risks to its business from the anti-money laundering probes it is facing. The rating revision marks the latest headache from the investigations that have led to…

Royal Bank of Canada (RBC), the country’s No.1 bank, on Thursday surpassed analysts’ expectations for quarterly profit, driven by strength in its capital market business and its core personal banking segment. Canadian Imperial Bank of Commerce, the country’s fifth largest bank, also beat profit expectations on capital markets strength and…

Signs of slowing economic growth could set up “fireworks” at the Bank of Canada’s interest rate decision next week, one economist says, as odds rise for the first rate cut of the cycle. The Canadian economy managed to keep growing in the first quarter, but at a slower pace than…

The number of complaints about grocery weight labelling filed to Canada’s food regulatory authority has gone up in the past three years, data shows, as frustration over the cost of living continues to run high across the country. The Canadian Food Inspection Agency received 89 complaints related to “net quantity…

Freshly released data from the Canada Revenue Agency reveals just how much the typical saver was able to put into a first home savings account in the first year the account was on offer for Canadian home-buying hopefuls. The FHSA, first announced in the Liberals’ 2022 federal budget, went live midway…

Ongoing anti-money laundering probes at TD Bank and penalties levied at other Canadian financial institutions aren’t likely to have a material impact on banking customers, experts say, though the regulatory crackdown could have implications for investors and the banking sector long-term. TD faces a regulatory probe in the United States…

By Staff The Canadian Press Posted May 30, 2024 9:14 am Updated May 30, 2024 4:50 pm 1 min read Descrease article font size Increase article font size WestJet says it’s reached a tentative deal with its Encore pilots after two weeks of negotiations, steering clear of a potential strike this…

The federal government is aiming to make housing affordable for younger Canadians while retaining property value for existing homeowners, Prime Minister Justin Trudeau said in an interview with the Globe and Mail.  “Housing needs to retain its value,” Trudeau told The Globe and Mail’s City Space podcast last week. “It’s…

Risk in the mortgage market has likely more than doubled since 2019, according to new research by the Canada Mortgage and Housing Corporation. In a report released Wednesday, the Crown corporation largely attributes the spike in risk to the Bank of Canada’s interest rate hikes beginning in 2022. Increasing the amortization…

Real estate professionals would use the old phrase “drive until you qualify” to give prospective homebuyers in Canada’s biggest cities an idea of how to break into the housing market: essentially, get out of the expensive urban areas to find a cheaper home you can afford. But a Royal LePage…

Younger Canadians may be feeling a bigger burden from higher interest rates than older cohorts, with a new report from TransUnion showing millennials are holding the largest share of debt in the country and gen Z are seeing one of the biggest jumps in outstanding balances. The credit bureau’s report…

A bid to exit publicly traded markets could give Indigo Books & Music the “nimbleness” needed for the struggling retailer to execute on its comeback plans, according to some analysts. Shareholders voted Monday in favour of a $2.50 per share offer from Trilogy Retail Holdings Inc. and Trilogy Investments L.P.,…

Canadian households have gotten good news on the cost-of-living front so far in 2024, with monthly inflation figures showing prices are rising below three per cent annually for the first four months of the year. Despite significant progress in the Bank of Canada’s efforts to bring annual inflation down to…

A new survey suggests that a growing number of Canadians are hoping to squeeze in a summer getaway despite persistent financial pressures. Ipsos polling conducted exclusively for Global News released on Friday shows that 62 per cent of respondents are at least somewhat likely to take a vacation this summer,…

TD Bank on Thursday reported better than expected quarterly earnings helped by strength in Canada and its wealth management unit, even as its U.S segment struggled amid probes related to its anti-money laundering program. TD, Canada’s second largest bank, said net income at home rose seven per cent. This was…

Almost two-thirds of Canadians feel that inflation at the grocery store is getting worse, a new poll suggests, even as food inflation has been steadily cooling. A new Leger survey found that almost 30 per cent of Canadians believe food inflation has been primarily caused by grocery stores trying to…

While there’s still room for surprises, Canadian banks are set to report results after a second quarter that was notable for its economic steadiness. The quarter marked a sharp contrast from a year earlier, when bank failures in the U.S. and Switzerland created worries of contagion. At the same time,…

Economists and market watchers are firming up their bets for Bank of Canada interest rate cuts after another soft inflation report showed more signs of easing price pressures. The annual inflation rate slowed to 2.7 per cent in April, Statistics Canada said Tuesday, as cooling grocery price pressures offset higher…

Nestle will market a new, US$5 line of frozen pizzas and protein-enriched pastas in the United States which it says it designed specifically for people taking drugs such as Wegovy or Ozempic for weight loss. The world’s biggest food company, which sells DiGiorno pizza and Stouffer’s meals to major grocers,…

Descrease article font size Increase article font size U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing US$100 million in financing commitments from its existing lenders, the company said on Sunday. The company listed its assets and liabilities to be between…

Walmart Inc. reported another quarter of strong quarterly results Thursday as its low prices pull in shoppers scouring for discounts with inflation stubbornly high. The nation’s largest retailer, based in Bentonville, Arkansas, also offered an upbeat outlook. Share rose more than five per cent in early trading. Walmart, based in…

A “trifecta” of conditions in Canada’s housing market last quarter translated into the biggest improvement in affordability since 2019, National Bank of Canada said Thursday. The institution’s Housing Affordability Monitor showed “widespread” improvement in each of the 10 largest markets it tracks. National Bank gauges housing affordability by tracking the…

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. When multiple-offer scenarios became the norm in many Canadian housing markets during the COVID-19 pandemic, inspection conditions fell to the wayside, recalls Peter Weeks.…

A couple from Nova Scotia say they’re permanently throwing in the towel on housework after waking up $5-million richer on Sunday morning. Wayne Munro and Jill Clausson-Munro of New Glasgow, which is about 90 minutes outside of Halifax, said they’ve played the same set of numbers on every Lotto 6/49…

The Canada Revenue Agency will not go after tenants for tax owed by their landlords living out of the country, according to a statement from the minister of national revenue. The clarification comes after confusion swirled online this week about whether a tenant is responsible for withholding taxes paid on…

Canadians hitting the road this May long weekend won’t need to worry too much about a big jump at the gas pump before making their trip, but analysts say those hoping for a drop likely won’t see one, either. As of Thursday, the average gas price for Canada was about…

Loblaw Cos. Ltd. said Thursday it’s ready to sign on to the grocery code of conduct, paving the way for an agreement that’s been years in the making. After six months of negotiations, Loblaw president and CEO Per Bank said the retailer is now ready to sign as long as…

Canada’s broadcasting regulator has granted Corus Entertainment Inc.’s request to ease some of its Canadian content spending requirements after the company warned of an increasingly dire financial situation. The CRTC released a decision Monday approving Corus’ plea to lower its obligated spending on programs of national interest for its English-language…

A surge in new listings but a lack of demand from buyers is putting the Canadian housing market in its “most balanced” position since before the COVID-19 pandemic, the national real estate organization says. The Canadian Real Estate Association (CREA) said Wednesday that home sales fell 1.7 per cent between…

Many Canadian homeowners have felt the pain of higher interest rates when it’s come time to renew their mortgage, but a new report from Desjardins says if 10-year terms were more prevalent and attractive, it could have helped lessen the “payment shock.” When Canadians look at fixed mortgage rates, they…

Canadians shopping for a new vehicle this spring and summer might find a bit of relief from recent years of tight supply and high prices. Experts say there are signs of “normality” on dealership lots after pandemic-era disruptions to automotive supply chains left some buyers waiting months for new vehicles…

Shares of videogame retailer GameStop jumped more than 50 per cent in early trading on Monday after “Roaring Kitty,” a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com after a three-year hiatus from social media. Keith Gill, known as “Roaring Kitty”…

By Staff The Canadian Press Posted May 13, 2024 11:52 am 1 min read Descrease article font size Increase article font size Ted Baker Canada has begun closing sales at its stores as well as its Brooks Brothers and Lucky Brand locations. Matthew Butler, a spokesperson representing Ted Baker Canada,…

Apple on Tuesday introduced a new, larger consumer iPad model at a virtual event, putting a slightly newer chip in the device as analysts expected further upgrades to the company’s professional iPad lineup. The iPad Air, the Cupertino, California-based company’s mid-priced model, will now come in a larger 13-inch screen…

Canada’s renters are showing more signs of financial stress amid rising debt costs than homeowners facing higher mortgage rates, according to a new analysis from the central bank. The Bank of Canada released its Financial Stability Report for 2024 on Thursday. Overall, the central bank said that signs of financial…

By Staff The Canadian Press Posted May 9, 2024 11:44 am 1 min read Descrease article font size Increase article font size The federal anti-money laundering agency has issued a $6-million fine to cryptocurrency exchange company Binance Holdings Ltd. Fintrac says Binance failed to register with the agency as a foreign money services business.…

The recently completed Trans Mountain pipeline expansion will boost Canadian oil prices for “years” to come, an executive with oilsands producer MEG Energy Corp. said Tuesday. “It is great for industry and Canada to have that tremendous asset available,” said MEG’s vice-president of marketing Erik Alson during a conference call…

Descrease article font size Increase article font size Canadian e-commerce platform Shopify forecast its slowest quarterly revenue growth in two years against the backdrop of an uncertain economy and tepid consumer spending, sending its U.S. shares slumping nearly 20 per cent in early trading Wednesday. While e-commerce growth has been…

Wildfires are already burning in parts of Western Canada and with warnings of a particularly active season yet again this year, the country’s largest property and casualty insurer is testing a pilot project to help eligible Canadians protect their homes. Intact Financial Corporation on Tuesday announced a partnership with Montana’s…

Canada Post is continuing to bleed money amid fundamental shifts in mail delivery, pushing the Crown corporation to signal that something will have to change if it wants to right the ship. Canada Post reported a $748-million annual loss before taxes for 2023 on Friday, the postal service’s sixth consecutive…

Loblaw Cos. Ltd.’s new chief executive said he’s “cautiously optimistic” that the company will be able to come to an agreement on the grocery code of conduct. “Where it’s going to land, I’m of course not sure, but I’m more optimistic now than before that we can land an agreement…

An online campaign urging shoppers to boycott Loblaw stores is unlikely to leave a lasting scar on the company’s bottom line, some experts say, but the phenomenon could hint at a deeper crisis of consumer confidence for Canada’s largest grocer. Wednesday marked the beginning of a month-long boycott planned against…

A series of demographic forces reshaping Canada has left many adult Canadians “sandwiched” between unpaid caregiving responsibilities for the generations coming before and after them. Marci Gray, a Brampton, Ont. resident, feels that particular sandwich through more layers than most. The CEO and lead psychotherapist at Gray Matter Health has…

By Staff The Canadian Press Posted May 2, 2024 12:01 pm 1 min read Descrease article font size Increase article font size Canada’s financial intelligence agency says it has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also…

Air Canada lost $81 million in its first quarter, falling below analysts’ expectations even as revenue and capacity ramped up. Canadians’ diminishing appetite for post-pandemic travel yielded thinner profit margins on fares, while a 21 per cent year-over-year rise in labour costs drove up overall expenses, the company said. “As…

Loblaw chairman Galen Weston, as well as the company’s new chief executive, pushed back on what they called “misguided criticism” of the grocer as a boycott against the company gains steam online. “As a well-known company and Canada’s largest grocer, it is natural that Loblaw would be singled out as a focal point for…

The head of the Bank of Canada says there’s a “limit” to how much Canadian monetary policy can diverge from the United States as market watchers see earlier cuts coming north of the border. Governor Tiff Macklem was asked about the impact of U.S. monetary policy on the Bank of…

The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its two per cent target. The Fed issued its decision in a statement after…

The majority of Canadian retirees are supporting their adult children financially, which they say is having a negative impact on their own finances, a new report has found. According to Fidelity Investments Canada’s annual retirement report for 2024, 59 per cent of retirees report helping their non-student adult children with…

As Canada is braces for another record wildfire season, the climate crisis is bleeding into another major challenge facing Canadians — housing. A new BMO report released Monday found climate-related factors such as wildfires, floods, heatwaves, and storms will affect where 39 per cent of Canadians choose to live in…

Looming changes to how capital gains are taxed are spurring some “anxiety” in Canada’s cottage country, some real estate experts say, as owners fret over whether they should rush to sell before the proposals from the 2024 federal budget come into effect this summer. Budget 2024, tabled by the Liberal…

A boycott targeting Loblaw is gaining momentum online, with what could be thousands of shoppers taking their money elsewhere in May. It’s the latest sign of Canadians’ mounting frustration with the major grocers, which have been under political and public scrutiny for rising food prices and profits. “We don’t want…

Descrease article font size Increase article font size Amid a cost-of-living crisis, Ikea Canada says it has lowered its prices for hundreds of items this past month as part of the company’s continuing push to make home furnishing more affordable. The move comes amid continued scrutiny of price increases over…

Students graduating from post-secondary schools in Nova Scotia and Prince Edward Island have some of the highest student loan debt in the country, according to a new report from Statistics Canada. In a survey citing amounts owed by students at the time of their program’s completion, graduates in the Maritimes…

Investing in cryptocurrencies is picking up steam, according to a new survey, even in the face of potential volatility and massive fraud that has been uncovered. According to the survey by KPMG, which was released Wednesday, 22 per cent more financial services organizations offered “cryptoasset products” and services to clients…

Graham Isador says it feels strange to think about himself as one of the “lucky ones” in Toronto’s notoriously unaffordable housing market. The 35-year-old freelance writer is a renter, and pays just under $2,000 for a two-bedroom apartment in the city’s downtown core. That’s well below the market rates his…

Only one in 10 Canadians plan on investing their tax refund this year as other financial demands take priority, a new CIBC poll found. Most Canadians are choosing to hold the funds as cash (39 per cent) or spend it on essentials (29 per cent). Some are planning on paying…

The cost-of-living crisis facing Canadians is only getting more bleak, according to new polling that shows everything from buying a first home to affording groceries has gotten harder in the past year. On Friday, Ipsos polling conducted exclusively for Global News showed that four in five Canadians (80 per cent)…

By 2028, a Honda manufacturing plant in Alliston, Ont., should be ready to pump out 240,000 electric vehicles (EVs) every single year. This news was at the centre of a joint announcement from the Trudeau and Ford governments Thursday, marking the third investment in electric vehicle manufacturing in Ontario since…

Shares of Meta Platforms sank nearly 15 per cent on Thursday, sparking a selloff in big tech stocks after the social media giant signaled its costly bet on AI would take years to pay off. The premarket drop was set to erase more than US$180 billion from the company’s market…

Grocery price inflation may finally be slowing across Canada, but as some food costs remain high, a new report has found many are open to consuming “risky foods” despite the potential health risks. The report, set to be released Thursday by Dalhousie University’s Agri-Food Analytics Lab but provided to Global News…

Descrease article font size Increase article font size The Bank of Canada’s top policymakers have a “diversity of views” about when they expect interest rate cuts to start, but the meeting minutes from the governing council’s latest decision show agreement on the overall pace of easing. The central bank on…

Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland are continuing to defend the 2024 federal budget’s proposed changes to capital gains taxes, which some medical professionals are claiming could affect recruitment and retention of physicians in Canada. Doctors and medical associations have been raising red flags about the proposed…

The federal government is looking at making Islamic home financing increasingly accessible to help more Canadians break into the housing market. As part of the 2024 federal budget that was released last week, Ottawa said it is “exploring new measures to expand access to alternative financing products, like halal mortgages.” Last month,…

By Staff The Canadian Press Posted April 22, 2024 12:11 pm Updated April 22, 2024 12:19 pm 1 min read Descrease article font size Increase article font size Tim Hortons says there’s no merit to a proposed class action lawsuit regarding emails it sent out in error to participants in…

Tim Hortons is under fire again for mistakenly telling some customers they had won big in a contest – the second time in over a year that the coffee chain has made such an error. Some customers in Canada got an email Wednesday congratulating them for winning a fishing boat and…

A sharp uptick in gas prices is fuelling road rage in some parts of Canada on Thursday. Many motorists filling up at the pumps are facing higher prices — some up as much as 22 cents from yesterday in parts of Ontario, for instance. Data from GasBuddy’s live gas price tracker…

Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault. Guilbeault is taking the stand after Tuesday’s federal budget promised to amend the Financial Administration Act so…

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. For hopeful Canadian homebuyers feeling sidelined by the market’s higher interest rates, assuming a mortgage from a seller holding onto a lower rate can…

Bitcoin’s long-anticipated ‘halving’ is, depending on where you sit, a vital event that will burnish the cryptocurrency’s value as an increasingly scarce commodity, or little more than a technical change talked up by speculators to inflate its price. The halving comes after bitcoin hit an all-time high of US$73,803.25 in…

Olympic sports bodies criticized World Athletics on Friday for promising to pay US$50,000 for each track and field gold medal won at the Paris Olympics. Last week’s move by the track body and its president Sebastian Coe broke with tradition because the International Olympic Committee does not pay prize money,…

Netflix NFLX.O blew past Wall Street expectations on new customers for the second straight quarter on Thursday but signaled the positive surprises could be over, forecasting revenue growth slightly below analyst targets. Shares of the streaming video pioneer were down 4.2 per cent at US$585.41 in after-hours trading. The company…

Some Canadians making money from capital gains are set to pay higher taxes starting this year, according to the federal budget tabled by Finance Minister Chrystia Freeland on Tuesday. The changes to how capital gains are taxed have been proposed as the government eyes ways to make up for some…

The Liberal government’s 2024 federal budget tabled Tuesday held a clear focus on “fairness” among generations and efforts to make the housing market more affordable, particularly for younger Canadians feeling frustrated about their homebuying prospects. Experts who spoke to Global News after the budget’s release said there are signs of…

The federal government expects that its latest effort to discourage Canadians from smoking, contained in the federal budget tabled Tuesday, will generate $1.7 billion in new revenue. That increased cash flow happens to coincide with the launch of a new $1.5-billion drug plan offering universal coverage for contraceptive and diabetes medications. Both…

By Staff The Canadian Press Posted April 16, 2024 10:13 am Updated April 16, 2024 10:15 am 1 min read Descrease article font size Increase article font size Canada Mortgage and Housing Corp. says the annual pace of housing starts in March declined seven per cent compared with February. The…

Market watchers say some Canadian lenders are raising their fixed-mortgage rates on offer despite indications from the Bank of Canada that rate cuts are possible in the months ahead. Mortgage experts who spoke to Global News say despite the Canadian central bank opening the door on rates coming down by…

Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs). In a sign of further instability at the EV maker, Tesla’s senior vice…

An internal report from Canada’s financial crimes watchdog found that most banking and real estate companies it audited last year are not following the country’s anti-money laundering laws, sparking calls for greater oversight and higher fines. The 2022/2023 report, prepared by the Financial Transactions and Reports Analysis Centre of Canada…

For the majority of Canadians who don’t own property, the dream of homeownership is feeling elusive, a new CIBC report suggests. According to the report released on Thursday, 76 per cent of Canadians who aren’t homeowners say that entry into the housing market feels out of reach. However, the results…

Canadian homes will be nearly 10 per cent more expensive at the end of 2024 than they were the year before, according to a new report. On Friday realty firm Royal LePage released an updated forecast predicting that aggregate Canadian home prices will rise nine per cent in the fourth…

Last month, the federal government proposed tying rent payments to credit scores, a new way to help Canadians build their credit. Meanwhile, cost-of-living pressures are impacting some people’s ability to pay down debt and keep their scores in good standing. A credit score is a three-digit number that comes from…

Peak inflation rates in 2022 cost Canadians a major chunk of their wages, according to a new Statistics Canada report. The report, released Friday, says the Consumer Price Index rose 6.8 per cent on average that year, while median annual wages decreased in most provinces and territories when adjusted for…

The Liberal government’s plan to allow some first-time homebuyers to stretch their mortgage amortizations to 30 years will only improve affordability for a “sliver” of the housing market, according to a BMO economist. Finance Minister Chrystia Freeland announced Thursday that Ottawa would allow first-time buyers to take out an insured…

Canada will need to build roughly 1.3 million more new homes than are currently projected to eliminate the gap between housing supply and demand, according to a new report by the Parliamentary Budget Officer (PBO). The figure translates into about 181,000 additional units completed on average each year until 2030,…

The federal government has announced a series of measures to make it easier for first-time buyers to break into the housing market with changes to the Home Buyers’ Plan and amortizations on some mortgages. Finance Minister Chrystia Freeland unveiled the changes Thursday morning, the latest housing-focused announcement ahead of her…

The Bank of Canada held its benchmark interest rate steady on Wednesday amid signs that inflation is easing, with officials acknowledging that a rate cut in June is “within the realm of possibilities.” The central bank’s policy rate, which informs lending rates on key products like Canadian mortgages, remains at…

Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year. Prices outside the volatile…

A Conservative MP is calling on the taxpayers’ ombudsperson to conduct a “systemic review” of the Canada Revenue Agency‘s recent handling of bare trust reporting requirements. Adam Chambers, the Member of Parliament for Simcoe North, said in a letter to François Boileau’s office Monday that he wants an examination of “a…

By Staff The Canadian Press Posted April 9, 2024 10:31 am Updated April 9, 2024 10:58 am 1 min read Descrease article font size Increase article font size Ottawa is setting up a $500-million fund to help community health organizations provide more mental health care to young people. Finance Minister…

To get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a more than $1 billion surplus for the fiscal year ending March 31, 2024, but fresh budget documents released…

Peter Corry from Alberta says he recently paid $700 for an accountant to file his bare trust tax returns, out of fear of a penalty for missing the April 2 deadline. However, following the Canada Revenue Agency’s (CRA) announcement last week that it is retracting the reporting requirement, Corry says…

Some Canadian high school girls want to take their “pink tax” fight to the House of Commons, calling on the federal government to scrap an “unfair pricing practice” that research suggests discriminates against women. A recent petition started by Sofia Ambroziak, a Grade 11 student in Ottawa, and two other…

Canadians are mostly looking for help paying their bills in the 2024 federal budget, not investments in the military or clean energy transitions, according to polling released Friday. The Ipsos poll conducted exclusively for Global News surveyed 1,000 Canadians between March 15 and 18 about what their top three priorities…

When Canada Goose employees received an email on Monday, March 25, telling them not to come into the office the following day, they feared the worst. The last time they received a directive like that was in August and it preceded a round of layoffs. This time around there were…

The Canadian unemployment rate jumped up to 6.1 per cent in March amid rapid growth in the labour pool, Statistics Canada said Friday. Canadian employers collectively shed 2,200 jobs last month but employment was little changed in the month, the agency said. Canada’s unemployment rate was 5.8 per cent in…

By Staff The Canadian Press Posted April 4, 2024 2:23 pm Updated April 4, 2024 4:26 pm 1 min read Descrease article font size Increase article font size The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and…

By Staff The Canadian Press Posted April 4, 2024 10:33 am 1 min read Descrease article font size Increase article font size Dollarama Inc. raised its quarterly dividend by nearly 30 per cent as it reported its fourth-quarter profit and sales rose compared with a year ago. The retailer says…

The number of Canadians contributing to registered retirement savings plans in 2022 shrank overall, a new report shows. The proportion of tax filers claiming RRSP contributions between the ages of 25 and 44 years decreased the most, according to a Statistics Canada report released Tuesday. However, among those who did…

Canadians aren’t likely to see gas cost less than a dollar a litre in the future, according to a price-monitoring company. GasBuddy, which crowdsources prices at the pump across the country, said in a release on Monday that there is “virtually zero chance that gas prices will ever fall below…

By Staff The Canadian Press Posted April 2, 2024 9:48 am 1 min read Descrease article font size Increase article font size Empire Co. Ltd. chief executive Michael Medline says there’s no evidence that a grocery code of conduct would raise food prices for Canadians. The president and CEO of…

By Staff The Canadian Press Posted April 1, 2024 7:24 am 1 min read Descrease article font size Increase article font size Trains aren’t the only place Canada lags on high-speed rail, as the effort to bring in a faster payment system, known as the Real-Time Rail, is years behind…

Several Quebec Tim Hortons franchisees are taking the brand’s owner to court, blaming what they describe as unreasonable constraints in the company’s licensing agreements for lower-than-expected profits. In a lawsuit filed in Quebec Superior Court on Thursday, 16 companies with Tim Hortons franchise licences allege the TDL Group Corp.’s contracts “place it in a position of…

The recent demise of Lynx Air leaves Flair Airlines alone holding the banner for ultra-low-cost carriers in the Canadian airspace. Heading into the busy summer travel season when airlines make much of their money, some experts say travellers booking tickets across Canada will have to weigh cheap airfare against the…

Descrease article font size Increase article font size Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, are now exempt from filing a return this tax season. The Canada Revenue Agency (CRA) said in an announcement Thursday that bare trusts no longer have to file…

The construction of purpose-built rentals and condominiums hit “record levels” in 2023, data from the Canada Mortgage and Housing Corporation released on Wednesday shows. According to the CMHC’s Spring 2024 Housing Supply Report, purpose-built rental construction in six major markets combined to hit record levels in 2023. Rentals also accounted…

Prime Minister Justin Trudeau has announced new measures he says will help protect Canadian renters and help them break into the housing market ahead of the 2024 budget. He said Wednesday that the proposed three new reforms will “make the playing field fairer for renters” amid an affordability crisis making homeownership out of reach…

Business leaders see the housing crisis as the biggest risk to the economy, a new survey from KPMG Canada shows. It found 94 per cent of respondents agreed that high housing costs and a lack of supply are the top risk, and that housing should be a main focus in…

When Sarah Morin hears the phrase “axe the tax,” what enters her mind is “freedom.” The 41-year-old is a stay-at-home mother of two who has been using a food bank amid cost-of-living pressures. She was among those who packed into a crammed room at a convention centre near Ottawa’s airport…

The Bank of Canada is warning that waning productivity growth in the country is an “emergency” that can force higher interest rates and limit rising wages for Canadians. Senior deputy governor Carolyn Rogers gave a speech in Halifax on Tuesday in which she sounded the alarm on Canada’s lagging productivity…

Flair Airlines is facing service issues on its website affecting customers’ ability to book a flight with the low-cost carrier. Multiple customers reached out to Global News over the weekend stating they were unable to book a flight on the Edmonton-based airline. Others on social media echoed the concerns on…

Spring is officially underway in Canada, and for some it may mean deciding whether this could be the year to buy a cottage or cabin. But a new report from Royal LePage says people may need to budget properly before that purchase. The report, released Wednesday, found the recreational real…

The Bank of Canada’s governing council seems to be growing in confidence that the central bank will be able to lower its benchmark interest rate sometime this year, but newly released documents show there’s concern among monetary policymakers about risks to their outlook. The Bank of Canada on Wednesday released…

Some Canadians who opened a first home savings account (FHSA) in 2023 have faced delays getting their tax return processed by the Canada Revenue Agency, a government spokesperson confirmed to Global News. Multiple users posting on Reddit earlier this week reported delays of three weeks or more in getting their…

Canadians with extra spending cash right now might find they can score deals on clothing, some discretionary items and higher-ticket purchases as experts say retailers are fighting harder for consumers’ dollars. February’s inflation report released Tuesday shows that not only is the pace of price hikes cooling across a range…

By Staff The Canadian Press Posted March 22, 2024 9:39 am 1 min read Descrease article font size Increase article font size Statistics Canada says retail sales fell 0.3 per cent to $67 billion in January as sales at new car dealers dropped. Overall retail sales were down in three…

Flair Airlines is putting up fewer flights domestically in Canada this spring, but the low-cost carrier’s CEO says it’s part of a broader push for the airline to fly into more sunny destinations. The Edmonton-based low-cost airline is flying roughly 600 fewer flights in March, April and May compared with…

Descrease article font size Increase article font size Signs of progress in the Bank of Canada’s inflation fight are “very encouraging” to monetary policymakers, a deputy governor at the central bank says, but that’s not the only thing officials are looking at when gauging their interest rate path. The annual…

Canada’s competition watchdog is urging Ottawa to drop requirements for some borrowers to pass the mortgage stress test at renewal, arguing it limits Canadians’ abilities to shop around for a better rate. The Competition Bureau issued a report Thursday afternoon examining concentration in Canada’s financial sector and how a lack…

Social media platform Reddit geared up for its high-profile market debut on the New York Stock Exchange on Thursday, setting the stage for other companies looking to go public this year, while testing investor appetite for new issues. The San Francisco, California-based company priced its initial public offering (IPO) at the…

Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year. For now, the officials kept their benchmark rate unchanged for a fifth straight…

Imagine sitting down with a messy pile of T-slips and old receipts to file your tax return one line at a time. It sounds daunting — and a reason why even people with straightforward returns may choose to hire an accountant. With the advent of self-filing software, however, the majority…

A flight between Calgary and Cancun that usually takes around six hours ended up being a three-day affair for one group of Flair Airlines passengers. “It was a terrible three days. We’re supposed to take off on Sunday, and they just kept pushing the flight back an hour at a…

Nvidia shares dipped in premarket trading on Tuesday after having more than tripled in value in the past year, as the dominant AI chip supplier unveiled its latest flagship product that is expected to further cement its lead in the industry. Shares of Wall Street’s third most-valuable firm were down about…

Canada’s federal budget, due next month, is likely to allocate billions of dollars for investing in building homes and low cost housing programs, Housing Minister Sean Fraser said on Monday. Canada faces a housing affordability crisis as a rapidly increasing immigrant population has far outpaced the number of available homes.…

Economists say inflation likely flared up again in February amid higher gasoline prices, reinforcing the expectation that the journey back to two per cent inflation will be a bumpy one. Statistics Canada is set to release its February consumer price index report on Tuesday. The consensus expectation among forecasters is…

By Staff The Canadian Press Posted March 15, 2024 9:49 am 1 min read Descrease article font size Increase article font size Canada Mortgage and Housing Corp. says the annual pace of housing starts in February climbed 14 per cent compared with January. The national housing agency says the seasonally…

Working women in Canada are facing a “pervasive motherhood penalty,” with 70 per cent of employed mothers saying they don’t feel they have adequate support from their employers, according to a new report. The report by Maturn and The Brand is Female published Wednesday highlighted a string of challenges working…

If you’re part of a joint bank account or have co-signed a mortgage, you might be part of something called a “bare trust” agreement that many Canadians will have to file a tax return for in the coming weeks. Bare trusts aren’t new, but this year is the first time…

Some mortgage rates are getting cheaper heading into the busy spring housing market, but experts say you’ll likely need to negotiate your way into the best rate possible. Expectations that the Bank of Canada will cut interest rates sometime this year have already driven down rates on some fixed mortgage…

Forty per cent of Canadian industries are “highly vulnerable” to external demand and supply shocks, Statistics Canada says. The federal statistic agency said on Friday those industries, which account for 25 per cent of Canada’s economic output, are exposed to risks in global supply chains. “Manufacturers and firms that imported…

When Gobindbir Singh describes the stress international students are under, he remembers a young man who called in tears. Unable to pay his tuition for the upcoming semester, the student said his parents were selling their home in India and it still wasn’t enough. He had asked friends to lend…

A group of oil shippers is asking the Canada Energy Regulator to compel the company behind the Trans Mountain pipeline expansion to provide them with a full and detailed breakdown of the project’s escalating construction costs. The shippers — which includes Canadian Natural Resources Ltd., Suncor Energy Inc.,, Cenovus Energy…

For some Loblaw customers in Ontario, their next grocery run might look and feel a little different. Canada’s largest grocery company confirmed to Global News on Wednesday that it is testing receipt scanners at four of its stores in Windsor, Woodstock, Oakville and Georgetown as part of a pilot project…

With mortgage rates causing stress for many Canadians and rents across the country on the rise, many are looking for creative solutions for the housing crisis. Depending on your needs, some experts say additional dwelling units (ADU) may be the answer. “An ADU is … essentially a self-contained residential unit…

The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest rate cuts are imminent. Experts who spoke to Global News say despite variable-rate mortgages remaining the more expensive option today, it’s…

Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Joe Biden’s re-election campaign, both of which are counting on a steady easing of price pressures this year. Prices rose 0.4% from January to February,…

Business insolvencies will likely remain elevated throughout 2024, experts said, as the economy plays catch-up after historically low levels during the pandemic. “We did have … so many years of artificially low filings. We’ve got a fair bit of catch-up to do,” said Natasha MacParland, a partner at Davies Ward…

A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives. Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, including who they share it with, in what’s known as open banking. The federal government…

With the cost of living through the roof, Canadian pet owners are also grappling with soaring veterinary bills that can sometimes put them in a “life-and-death situation.” Most people in Canada don’t have pet insurance. Pet insurance can help mitigate “astronomical” costs, especially in the case of emergencies, said Rebecca…

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. Prospective homebuyers struggling to build up the down payment needed to break into Canada’s increasingly unaffordable housing market are often in need of every…

Canada’s employers are still hiring, but not enough to keep the unemployment rate from rising amid a rapidly growing population, Statistics Canada said Friday. Experts say Canadian job seekers could be entering an “employer’s market” this spring as a slowing economy and growing labour pool means workers are losing some…

Lobsters in southwestern Nova Scotia are selling at the highest price seen so far this season, as fishermen struggle with high overhead costs and a lower catch rate than in previous years. Tommy Amirault, president of the Coldwater Lobster Association, said the current going price for lobster is about $18…

The Liberal government is facing a tough fiscal position heading into the 2024 budget, according to new projections from the Parliamentary Budget Officer. Ottawa is simultaneously dealing with rising debt costs and a slowing economy, both of which are fuelled by decades-high interest rates from the Bank of Canada as…

Fort McKay First Nation and Suncor Energy announced Thursday they’re partnering on a prospective oilsands lease development on the northeast corner of reserve lands. Exploratory work will take place on Lease 174C, which is on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay…

The Bank of Canada left its benchmark interest rate unchanged on Wednesday and signalled it’s still too soon to ease monetary policy despite recent cooling in inflation. The central bank’s policy rate held at 5.0 per cent in the fifth consecutive decision, with the hold widely expected by economists. The…

Home insurance has become more expensive in Canada this year amid soaring replacement costs and extreme weather events, according to a new analysis. But experts say there are ways for homeowners to keep their insurance expenses in check. In January, there was a 7.66 per cent increase in the national…

Bitcoin’s price hit a new high on Tuesday after a months-long rally, the latest step on a volatile journey for the world’s largest cryptocurrency. Analysts who spoke to Global News say it’s an opportunity for investors to consider whether bitcoin, and crypto more broadly, has a role to play alongside…

By Staff The Canadian Press Posted March 5, 2024 2:03 pm Updated March 5, 2024 2:47 pm 1 min read Descrease article font size Increase article font size Flair Airlines CEO Stephen Jones says he still hopes to add several Lynx Air planes to his fleet, even after their tentative…

The Bank of Canada is expected to preach patience at its interest rate announcement this week as economists say weakening economic conditions are setting the stage for rate cuts in the coming months. The central bank is widely expected to continue holding its key interest rate at five per cent…

Descrease article font size Increase article font size Bitcoin rallied to a two-year high on Monday, breaking above US$65,000 as a wave of money carried it within striking distance of record levels. The price hit a session high of US$65,537 early in Europe, having already hit a new two-year high in Asian…

With the 2024 tax filing season in full swing, most working Canadians will likely soon start feeling the impact of higher federal payroll taxes on their paycheques. The Canadian Taxpayers Federation (CTF) noted in a December report that nearly all Canadian workers will have to pay a bigger sum of…

It’s been two years since the Bank of Canada started the most aggressive interest rate hike campaign in its history in a bid to tame rampant inflation, and the Canadian economy looks vastly different. As the Bank of Canada delivered the first of what would be 10 interest rate hikes…

Wedding planning can be stressful as it is, but a last-minute cancellation by a venue or vendor can only make those pre-nuptial jitters even worse. Couples in Ottawa got a shock this week after Courtyard Restaurant, a popular downtown eatery and wedding venue in the heart of the country’s capital,…

Nearly a third of Canadians are considering buying a home with others, renting out a secondary unit and other “non-traditional” paths to ownership amid ongoing affordability barriers in the housing market, a new poll released Tuesday suggests. Re/Max Canada published the results of a poll conducted by Leger in late…

The national economy managed to skirt a technical recession in 2023, a Statistics Canada report Thursday showed. And while the Bank of Canada may well have achieved its coveted “soft landing” – tamping down inflation without triggering a recession – experts say signs of life in the Canadian economy could…

Bitcoin’s price hit US$60,000 on Wednesday for the first time in more than two years, as a surge of capital into new U.S. spot bitcoin exchange-traded products fueled a rally that has reached 42 per cent this month, on track for its largest monthly gain since December 2020. Bitcoin was…

A new survey has found nearly one-third of Canadian young adults have been victims of an online scam, despite being part of a generation marked for its digital acumen. Forty-one per cent of Canadians between the ages of 18 and 34 report having been targeted by fraudsters on social media,…

Many Canadians who’ve been boxed out of the housing market since the Bank of Canada started hiking interest rates almost two years ago are waiting for the policy rate to drop before jumping back into the fray. A Royal LePage report based on Leger polling released Tuesday shows that more…

The gender pay gap for female employees in Canada’s private sector is double that in the public sector, which is doing a better job of narrowing the wage inequalities, according to a report published Wednesday. The Canadian Centre for Policy Alternatives (CCPA) analyzed hourly pay rates in 2023 and to…

Boeing is not as committed to safety as it claims it is, an FAA report concluded. An investigation by the U.S. Federal Aviation Administration “observed documentation, survey responses, and employee interviews that did not provide objective evidence of a foundational commitment to safety that matched Boeing’s descriptions of that objective.”…

Canadian crude-by-rail shipments nearly doubled in volume in the last six months of 2023, as oil output from Alberta surged to all-time highs and the Trans Mountain pipeline expansion remained under construction. Data from the Canada Energy Regulator released Monday shows oil-by-rail export volumes jumped from 78,747 barrels per day…

For the first time in four years, Canadians will mark Feb. 29 this Thursday. Thousands of Canadians born on Feb. 29 will actually get to celebrate their birthday on that day, and millions more will be working on it. However, does a leap year automatically translate into more pay? Unless…

Higher interest rates and resilient home prices mean most Canadians are getting less for their homes at the $1-million benchmark, according to a new Royal LePage report. The analysis comes as would-be homebuyers continue to struggle with housing affordability, which market watchers say worsened again at the end of last…

With Canada’s housing market “starting to turn a corner,” there is growing demand for homeownership with a “colossally high” number of people planning to buy a home within the next year, according to a new poll. Almost half (49 per cent) of the people surveyed by NerdWallet last month said that…

When it comes to the idea of becoming a parent, more men want children than women, according to a new U.S. study. Pew Research Center surveyed 1,495 young adults aged 18 to 34 in the United States late last year to find out how they felt about whether they wanted…

Galen Weston may not be the president of grocery giant Loblaw anymore, but you wouldn’t know that based on how often his name and face appear in connection with the company: in memes, on social media, and now emblazoned across the top of a new Reddit forum dedicated to high…

Nvidia, the chipmaker underpinning a much-hyped artificial intelligence revolution, saw its market capitalization pass US$2 trillion for the first time after markets opened Friday morning. Shares of the Santa Clara, Calif.-based company continued a surge that began Wednesday after it reported earnings that surpassed expectations and that set out lofty…

The federal government’s carbon price could generate more than $5 billion from the federal sales tax over the next seven years, but none of that is directly earmarked for climate programs. The latest figures come from the parliamentary budget officer and are based on a private member’s bill introduced last…

Nvidia on Wednesday forecast a roughly threefold surge in quarterly revenue that handily beat estimates as the company banked on towering demand for its industry-leading artificial-intelligence chips, sending its shares higher. Nvidia’s stock was up nearly 11 per cent in early trading Thursday. The already-hefty demand for the company’s data…

Dollarama has reached a proposed national $2.5 million settlement in Quebec Superior Court in a class-action lawsuit that alleged the company advertised incorrect prices for certain products. The plaintiff in the suit — Montreal firm LPC Avocats — claimed the company displayed incorrect prices for products that were subject to…

Canadians might have to pay more for chocolate and candies this Easter as manufacturers feel the crunch of high cocoa prices, which peaked earlier this month. Cocoa futures have more than doubled over the past year. Global prices hit a record high right before Valentine’s Day, with cocoa futures trading…

The federal government is cutting the amount of financial relief small businesses will receive from carbon pricing revenues so it can increase the size of the rebate it is providing to rural families. That’s despite the fact the government still owes businesses more than $2.5 billion in promised carbon pricing…

Descrease article font size Increase article font size Multiple grocery store staples saw price hikes not only ease but reverse course in January, according to Statistics Canada. The agency on Tuesday reported an overall decline in the annual rate of inflation to 2.9 per cent last month. As part of…

Descrease article font size Increase article font size The Trudeau Liberals are set to announce that the federal government will provide low-cost loans in British Columbia to help build rental housing on provincially owned land, according to senior government sources. The federal government will partner with British Columbia Premier David…

In Canada, renters are more likely than homeowners to experience a lower quality of life, including financial distress and loneliness, according to a new Statistics Canada report. The report released on Monday, Feb. 19, based on data collected in 2021 and 2022, showed renters were more than 15 percentage points…

Restaurant Brands International beat Wall Street estimates for quarterly results on Tuesday, lifted by signs of a turnaround at its Burger King business and robust demand at coffee chain Tim Hortons. U.S.-listed shares of the company, however, fell 6% in early trading as the international business took a hit from…

Descrease article font size Increase article font size Canada’s Shopify topped Wall Street estimates for fourth-quarter revenue and profit on Tuesday, riding on demand for its ecommerce services from merchants during the holiday shopping season. However, the company’s U.S.-listed shares, which had more than doubled last year, fell more than…

Descrease article font size Increase article font size Air Canada AC.TO lifted forecast for its 2024 core profit on Friday, as Canada’s largest carrier benefits from resilient demand for international travel. North American carriers with major international operations are benefiting from a rise in demand, as consumers choose to spend…

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…

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…

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…