Bank of Canada deputy governor Rhys Mendes says allowing for a period of price declines may sound tempting, but it would ultimately be more painful for Canadians. Mendes made the comments in a speech Tuesday in Charlottetown on the importance of keeping inflation at the two per cent target. His speech comes as the Bank…
Members of Parliament are set to vote on a Liberal bill proposing a temporary “tax holiday” for Canadians that is expected to pass with the support from the New Democratic Party. The legislation, which was tabled on Wednesday, calls for a two-month break on the goods and services tax or harmonized sales tax on dozens…
The Bank of Canada will have to grapple with an underperforming economy, signs of a returning consumer and a “dark cloud” hanging over the nation’s trade prospects as it gears up for its final interest rate decision of the year. Canada’s economy did continue to grow in the third quarter, Statistics Canada reported on Friday….
Canada failed to cultivate new trade corridors that could have helped to mitigate the potential impact of Donald Trump’s tariff threats ahead of his return to the White House, experts tell Global News. The U.S. president-elect lobbed the first salvo of his incoming administration’s efforts to reshape North American trade this week, promising to levy…
If you’re a fan of Canadian beef, you’ve probably noticed that juicy steak on your plate has forced you to dig deeper into your pocket to pay for these days. That’s because, according to industry insiders, the size of the cattle herds in this country is at a 40-year low. “There’s a lack of cattle…
A nationwide shutdown of Canada Post is set to have major implications for the biggest shopping weekend of the year, experts warn. Workers at the national postal service remain on strike for a second week, with the Crown corporation reporting that “limited” progress was made on talks over the weekend. The union representing striking postal…
The federal government is calling on the provinces to “step up” and drop their sales taxes on certain items in line with Ottawa’s proposed two-month relief period. But Finance Minister Chrystia Freeland won’t confirm whether Ottawa will compensate the provinces with a harmonized sales tax who are set to see a shortfall in planned revenue…
Two proposed class-action lawsuits in the United States name two Canadian food companies as alleged members of a “potato cartel” that’s accused of a years-long campaign of fixing prices on frozen products. The suits, which have yet to be certified, were both filed last week in U.S. District Court in Illinois and name Canada’s McCain…
The federal government says Canadians will get a “GST holiday” on groceries this holiday season — while those making under $150,000 annually will also be getting a cheque. Prime Minister Justin Trudeau made the announcement on Thursday, temporarily putting a break on the goods and services tax or harmonized sales tax on a slew of…
A weak Canadian dollar is being blamed as a key culprit behind sticky inflation at the grocery store, a trend one expert says he expects to persist heading into the holidays. While overall inflation has moderated in recent months, settling back at the Bank of Canada’s two per cent target in October, consumers are once…
