Report says pandemic intensified economic disparities
BDO affordability index shows nearly two in five say their personal finances deteriorated during the first wave.
Design of post-CERB benefits could change as pandemic shifts: minister
The Liberals unveiled the $37-billion package of three benefits and easier access to employment insurance last month as a replacement
Federal finances remain vulnerable to fluctuating interest rates
An increase could lead the government into a downward cycle of increased deficits, and that means higher taxes.
Trudeau says feds will create EI like benefit for gig, contract workers
The $80-billion Canada Emergency Response Benefit is set to wind down over the coming weeks
U.S. economy shrank at record breaking 33% rate last quarter
State and local government spending, bruised by a loss of tax revenue that forced layoffs, also fell at an annual rate of 5.6%.
New growth opportunities to present itself in contracting global economy: report
Cross-industry collaboration, reduced taxes, and low interest rates key to expediting recovery from the economic slump
SaskPower is taking a revenue hit from COVID-19
Crown utility says sales were down by 10% from April to June, too soon to rule out increases.
Eight more weeks of CERB to cost $17.9 billion, budget officer says
CERB, now budgeted at $60 billion, has paid out $52.14 billion to over eight million people as of June 21.
Federal deficit likely reached $260B due to COVID-19: PBO
Finances could be helped by an economic recovery that would help lessen the red ink.
Ontario introduces $17B COVID-19 package; more than doubles deficit
Spending boost includes a $1-billion COVID-19 contingency fund for hospitals, and more personal protective equipment for front-line workers.
Quebec billionaire Lawrence Stroll acquires stake in Aston Martin
Under an agreement announced Jan. 31, the group led by Stroll will inject $316 million to acquire a 16.7% stake in the automaker
Liberals’ fiscal update shows billions more in deficits but steady economy
Finance Department said the deeper deficit is largely driven by changes to how employee pensions and benefits are calculated.
Morneau set to hear from provinces pushing for more financial help [UPDATED]
Five provinces will receive payments in the fiscal year that starts in April.
Canada’s top 1% saw fastest income acceleration, overall decrease in taxes
In 2017, those in the top 1% saw average income growth that year of 8.5% to $477,700.
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Higher oil prices, more tax income: Alberta ends 2018-19 with smaller deficit
Resource revenue was up $1.6 billion from what was expected.
Bombardier cuts outlook, full year revenue guidance down by US$1B [UPDATED]
Full first-quarter financial results released on May 2.
Federal budget expected to have more wiggle room, even with weaker outlook
Economy posted solid numbers for much of last year and employment has remained particularly strong.
Canada’s Big 5 bank CEOs pay rises 6.5% to earn $54M in 2018
A double-digit overall pay bump may make some bat an eye, but increase in compensation is reflection of complexities in financial sector CEOs face, expert says.
Bank of Canada’s interest rate decision helps utilities and telecom sectors
The BoC decided not to increase interest rates.
Tesla to pay off US$920M in bonds with company cash
Tesla had about $11 billion in debt at the end of 2018.
Liberals say they are looking at ways to provide minimum income to all Canadians
The pledge could pull votes away from the New Democrats and Conservatives.
Canada’s robust credit rating should calm fears about federal deficits: Trudeau
One expert says credit ratings can be misleading.
AltaGas slashes dividend, sells remaining stake in BC hydroelectric operation
The company also says it has targeted an additional $1.5 billion to $2 billion in asset sales next year.
Doug Ford, in fireside chat, says PC government ‘may’ balance budget by year 4
His government has said the shortfall they inherited from the Liberals was $15 billion.
French bank fined US$1.3B in penalties over Cuba dealings [UPDATED]
It’s the second largest penalty ever imposed on a financial institution for violating US economic sanctions.
Even small companies may be able to cut Amazon like deals
Whether a small business wants to buy or rent, it may have leverage with landlords or local governments to get breaks on rent or taxes.
Bombardier shares rebound from Friday’s loss by gaining more than 20 per cent
Quebec’s financial market regulator announced Thursday it is reviewing Bombardier’s executive compensation plan.
Ontario to announce tax exemption for low income workers in fall fiscal update: sources
Workers earning less than $30,000 will no longer have to pay provincial income tax starting next year.
TransCanada expects to raise dividend at eight to 10 per cent annual rate
Last week, a US judge blocked a permit for TransCanada’s Keystone XL project and ordered officials to conduct a new environmental review.
Ottawa to run bigger than expected deficits over coming years
Feds are on pace to post a $19.4-billion deficit in 2018-19, $1.3 billion higher than the projection in last February’s budget.
Oilsands target MEG formally rejects Husky Energy’s $3.3B takeover bid
MEG says the offer “significantly undervalues” its shares and is not in the best interests of the company.