Senators urge Trudeau government to overhaul tax system, cut corporate taxes

Senators urge Trudeau government to overhaul tax system, cut corporate taxes
OTTAWA — The Senate’s banking committee is urging the Trudeau government to take big steps on taxation that include introducing immediate corporate tax cuts to ease competitiveness concerns and revamping the whole tax system. In a report Tuesday, senators called on the federal Liberals to launch a royal commission on taxation with a goal of finding ways to improve the system’s efficiency, simplicity and international competitiveness. They want... Read More

Canada moves to block steel dumping with 25% surtax on select products

Canada moves to block steel dumping with 25% surtax on select products
The Canadian government says it will impose a 25 per cent surtax on some foreign steel products in a bid to head off dumping. The Finance Department said “excessive imports” are harming the steel industry, prompting it to impose a surtax on seven products that range from rebar to wire rods. The surtax, which begins Oct. 25, will be in place for 200... Read More

US Treasury issues new rules on foreign investments

US Treasury issues new rules on foreign investments
WASHINGTON — The Treasury Department has issued new rules on foreign investments into American companies that will give the government more power to block foreign transactions on national security grounds. The rules represent the latest escalation in an intensifying economic conflict between the United States and China. It will implement a program for tougher reviews of foreign acquisitions that Congress... Read More

Trilateral free trade deal extends hiring spree at Port of Montreal

Trilateral free trade deal extends hiring spree at Port of Montreal
MONTREAL — The Port of Montreal is taking on 50 new workers by 2019, a move that the association representing port employers says was prompted by the proposed United States-Mexico-Canada trade deal. The Maritime Employers Association president Stephane Morency says the trilateral accord — unveiled last week and set to replace the North American Free Trade Agreement — provides predictability and clears... Read More

Legal cannabis supply to meet 30 to 60 per cent of demand: C.D. Howe report

Legal cannabis supply to meet 30 to 60 per cent of demand: C.D. Howe report
TORONTO — A new study says Canada’s supply of legal cannabis at current production levels will meet just 30 per cent to 60 per cent of total demand. The upcoming report from think-tank C.D. Howe Institute says the estimated demand across the country is roughly 610.6 tonnes but the forecasted available marijuana supply in the fourth quarter of this year is just 146.13 tonnes. The report’s authors say there... Read More

US unemployment rate falls to 49-year low of 3.7 per cent

US unemployment rate falls to 49-year low of 3.7 per cent
WASHINGTON — The U.S. unemployment rate fell to 3.7 per cent in September — the lowest level since December 1969 — while hiring slowed. Employers added just 134,000 jobs, the fewest in a year, the Labor Department said Friday. But that figure was likely lowered by Hurricane Florence. Florence struck North and South Carolina in the middle of September and... Read More

What B.C.’s LNG megaproject means for two proposed Nova Scotia facilities

What B.C.’s LNG megaproject means for two proposed Nova Scotia facilities
HALIFAX — Some see it as a signal of investor confidence in liquefied natural gas megaprojects. Others say it could edge out less competitive LNG proposals in Canada. Either way, final approval of a massive LNG project in northern British Columbia has renewed interest in the fate of two projects slated for Canada’s East Coast. Bear Head LNG, a subsidiary of Australia-based Liquefied Natural Gas Ltd.,... Read More

Auto sales down 7.4 per cent in September for largest drop since 2009

Auto sales down 7.4 per cent in September for largest drop since 2009
TORONTO — DesRosiers Automotive Consultants says new light vehicle sales were down by 7.4 per cent in September compared with the same month last year for the largest monthly drop since 2009. Sales were down by close to 14,000 units to total about 173,000 passenger cars and light trucks sold in September, making it the lowest sales figure for the month since 2014. DesRosiers... Read More