Higher tax revenues lead to lower Ontario deficit, minister says

Higher tax revenues lead to lower Ontario deficit, minister says
TORONTO — Higher sales and corporate income tax revenues have pushed Ontario’s deficit down $1 billion, the Progressive Conservative government said Wednesday as it released its third-quarter finances. That means the deficit for 2018-19, according to the Tories, is projected to be $13.5 billion. Revenue for this fiscal year is projected to be $149.2 billion, which is $1 billion higher than... Read More

Small-business lobby group sharpens criticism of Liberals’ carbon-tax program

Small-business lobby group sharpens criticism of Liberals’ carbon-tax program
OTTAWA — An organization of small-business owners that helped spearhead a public campaign against the Trudeau government’s tax-change proposals for private corporations is sharpening its criticism of the Liberals’ forthcoming carbon-tax program. The carbon tax has generated intense political debate across the country and it’s destined to be a key campaign issue in October’s federal election. The Canadian Federation of Independent Business released a poll Tuesday that says the majority... Read More

Shutdown-delayed trade data for December expected on March 6: Statistics Canada

Shutdown-delayed trade data for December expected on March 6: Statistics Canada
OTTAWA — Statistics Canada says it is working with the United States Census Bureau and plans to release the delayed December merchandise trade data on March 6. The data had been scheduled to be released on Feb. 5, but was delayed due to the U.S. government shutdown. Statistics Canada, which uses U.S. import data to measure Canadian exports to the United... Read More

Canada adds 66,800 net new jobs in January, but unemployment rate ticks higher

Canada adds 66,800 net new jobs in January, but unemployment rate ticks higher
OTTAWA — The country saw a rush of 66,800 net new jobs in January in a gain fuelled by a hiring surge in the private sector, Statistics Canada said Friday. The agency’s latest labour force survey said more people also searched for work last month, which pushed the unemployment rate to 5.8 per cent, up from its 43-year low 5.6 per cent in December. Economists had expected the... Read More

Have a repayment plan when borrowing using a home equity line of credit: experts

Have a repayment plan when borrowing using a home equity line of credit: experts
OTTAWA — A home equity line of credit may be a cheap and easy way to borrow money to pay off your lingering holiday bills or consolidate high-interest debt, but experts caution that you need a plan to repay the money. They say it is all too easy to only make the minimum monthly payments to cover the interest and never... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Let’s talk stress The Office of the Superintendent of Financial Institutions’ assistant superintendent Carolyn Rogers will speak to The Economic Club of Canada on Tuesday about the regulator’s mortgage stress test. Stress tests were introduced in 2018 to cool real estate markets such as... Read More

Bank of Canada offers explanations for country’s ‘puzzling’ wage disappointment

Bank of Canada offers explanations for country’s ‘puzzling’ wage disappointment
OTTAWA — A senior Bank of Canada official offered explanations Thursday for the country’s “puzzling” and disappointing stretch of wage gains, even though the job market been experiencing one of its biggest labour shortages in years. In a Toronto speech, senior deputy governor Carolyn Wilkins said weaker wage growth in energy-producing provinces since the 2014 oil-price slump has dragged down national numbers. But she said even after accounting for these factors,... Read More

Statistics Canada reports economy contracted 0.1 per cent in November

Statistics Canada reports economy contracted 0.1 per cent in November
OTTAWA — The Canadian economy weakened in November as the wholesale trade and manufacturing sectors pulled back. Statistics Canada said Thursday real gross domestic product fell 0.1 per cent in November following an increase of 0.3 per cent in October. The report was in line with estimates that the contraction would be 0.1 per cent for the month, according to Thomson Reuters Eikon. Benjamin... Read More

Feds paid on high end for Trans Mountain pipeline, spending watchdog says

Feds paid on high end for Trans Mountain pipeline, spending watchdog says
OTTAWA — Canada’s parliamentary budget watchdog says the Liberal government paid the “sticker price” when it bought the Trans Mountain pipeline from Kinder Morgan for $4.5 billion. Parliamentary Budget Officer Yves Giroux estimates the Trans Mountain pipeline and planned expansion project are worth between $3.6 billion and $4.6 billion. This means government’s purchase price of $4.5 billion was on the high end... Read More

Mexico, Iraq expected to fill Venezuelan oil gap ahead of Canada, analysts say

Mexico, Iraq expected to fill Venezuelan oil gap ahead of Canada, analysts say
CALGARY — Analysts say a lack of export pipeline capacity means Canada will not be able to boost shipments to take advantage of U.S. sanctions against Venezuela’s national oil company, PDVSA. The sanctions announced Monday are designed to interrupt the flow of oil money to the government of President Nicolas Maduro, putting pressure on him to step aside and allow opposition leader Juan... Read More