Loblaw Companies tax court trial over Barbadian banking subsidiary starts

Loblaw Companies tax court trial over Barbadian banking subsidiary starts
TORONTO — A tax court trial involving Loblaw Companies Ltd. and allegations by the Canada Revenue Agency that the retailer’s Barbadian banking subsidiary was misused for tax avoidance started today. Department of Justice lawyer Elizabeth Chasson said Loblaw Financial Holdings’ took steps in order to have Barbados-based Glenhuron bank appear to be a foreign bank in order to avoid paying... Read More

Oilsand producer MEG Energy announces co-founder Bill McCaffrey is retiring

Oilsand producer MEG Energy announces co-founder Bill McCaffrey is retiring
CALGARY — Oilsands producer MEG Energy Corp. says co-founder Bill McCaffrey will be retiring from his role as CEO as well as from the board of directors following its annual general meeting on May 31. The Calgary-based company says director Harvey Doerr is to act as interim CEO while it searches for a permanent replacement. McCaffrey, who has agreed to stay on as an... Read More

Feds to post deficits $8B bigger than expected over next two years: PBO report

Feds to post deficits $8B bigger than expected over next two years: PBO report
OTTAWA — The federal budget watchdog says the Trudeau government is on track to run deficits nearly $8 billion deeper than expected over the next two years. A new analysis by the parliamentary budget officer estimates Ottawa will post a $22.1-billion shortfall this fiscal year, which would be $4 billion more than the government’s projection of $18.1 billion in its February budget. For 2019-20, Jean-Denis Frechette’s team... Read More

Statistics Canada says wholesale sales drop 0.8 per cent in February

Statistics Canada says wholesale sales drop 0.8 per cent in February
OTTAWA — Statistics Canada says wholesale sales fell 0.8 per cent to $62.8 billion in February. The agency says it was the largest downward move and the second monthly drop since September 2017. Sales fell in four of the seven subsectors tracked, representing 64 per cent of total wholesale sales. In volume terms, wholesale sales fell 0.9 per cent. The miscellaneous subsector posted the... Read More