Canada’s global prosperity ranking slips to lowest level in 11 years: survey

Canada’s global prosperity ranking slips to lowest level in 11 years: survey
MONTREAL — Canada’s prosperity ranking has slipped in 2017 to the lowest level in 11 years, according an annual index that measures several factors including wealth and well-being. Canada now ranks No. 8 in Legatum Institute Prosperity Index, three spots below last year and the lowest level since 2007. That’s in part due to Canadians viewing banking services as being increasingly... Read More

Finance minister Morneau rejects Tory insinuation, threatens legal action

Finance minister Morneau rejects Tory insinuation, threatens legal action
OTTAWA — Finance Minister Bill Morneau is threatening to take the Conservatives to court after the official Opposition peppered him with questions about a stock sale that occurred before he introduced pension legislation in the House of Commons. Morneau calls the insinuations by Tory finance critic Pierre Poilievre “absurd” and says they have “no basis in any sort of fact.” Poilievre says a... Read More

End of NAFTA would trim 0.55 per cent off Canada’s economy, report finds

End of NAFTA would trim 0.55 per cent off Canada’s economy, report finds
OTTAWA — A new report concludes the end of the North American Free Trade Agreement would trim just over half a percentage point from Canada’s economy. It finds that the end of NAFTA would shave 0.55 per cent off Canada’s GDP, push 25,000-50,000 Canadians from the workforce, and reduce exports by 2.8 per cent. The report comes from Dan Ciuriak,... Read More

Changes to passive income rules could net feds $6 billion, PBO says

Changes to passive income rules could net feds $6 billion, PBO says
OTTAWA — Parliament’s spending watchdog says Liberal changes to passive investment rules for small businesses could rake in up to $6 billion annually in new tax revenues after a decade. The parliamentary budget office’s report out today says the new tax revenues would likely start out at up to $1 billion in the first year that new rules come into effect,... Read More

Ontario reforms labour laws, boosts minimum wage to $15 in 2019

Ontario reforms labour laws, boosts minimum wage to $15 in 2019
TORONTO — Ontario has passed sweeping labour reform legislation, which includes increasing the minimum wage to $15 an hour. Currently at $11.60 an hour, the minimum wage will rise under the legislation to $14 an hour on Jan. 1, with the increase to $15 coming in 2019. The plan has proved largely popular in government polling and with labour advocates, though... Read More

Liberals look to make housing more affordable for neediest families

Liberals look to make housing more affordable for neediest families
OTTAWA — The Liberals will announce plans today to spend tens of billions in federal dollars on a housing strategy that will provide housing benefits directly to low-income tenants, as well as repairs and renovations to some 300,000 units. Multiple sources with knowledge of the national housing strategy say the government will also announce plans to legislate a right to housing, which... Read More

Cost to fix Phoenix pay system to surpass $540 million, auditor general says

Cost to fix Phoenix pay system to surpass $540 million, auditor general says
OTTAWA — The federal government’s chronic salary struggles could be on the verge of ballooning into a billion-dollar boondoggle, the auditor general says in a scathing review that hints the entire system should be scrapped. Michael Ferguson’s review of the disastrous Phoenix pay system reveals just how many and how often public servants are either being overpaid and underpaid, how little... Read More

Morneau under fire from opponents over conflict of interest allegations

Morneau under fire from opponents over conflict of interest allegations
OTTAWA — Finance Minister Bill Morneau is under fire from both sides of the House of Commons today for his involvement in a pension bill that opponents say could benefit his former company. Ethics commissioner Mary Dawson is examining Morneau’s involvement in the pension bill, which could benefit a firm in which he owned some $21 million worth of shares. Conservative House leader Candice Bergen says Dawson’s examination of Morneau’s... Read More

U.S. payroll firm challenges Statistics Canada with alternative employment data

U.S. payroll firm challenges Statistics Canada with alternative employment data
TORONTO — An inaugural private-sector Canadian jobs report calculates that the economy actually shed jobs last month, contrary to the sizable gain reported by Statistics Canada. The Canada National Employment Report from ADP — a U.S.-based payroll processor known for releasing jobs data ahead of the American government — estimates that 5,700 payroll jobs were lost in October. That’s a big difference from the 35,300 jobs that Statistics Canada suggests were... Read More