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Liquidation sales at Hudson's Bay's remaining stores got underway this morning with a hearty showing from customers who revelled in discounts of up to 70 per cent.

Consumers loaded up on purchases in March to get ahead of tariffs imposed by the United States , but weakening discretionary and cyclical spending should convince the Bank of Canada to start cutting interest rates again, economists say.

Retail sales in March increased 0.7 per cent month over month, according to Statistics Canada’s advanced estimate released on Friday, which is the first increase of the year and a significant jump from the 0.4 per cent contraction in February.

The results in February matched analysts estimates, but core sales, which exclude automobiles and gasoline, rose 0.5 per cent from January, outpacing estimates for a contraction of 0.2 per cent.

David Rosenberg, an economist and founder of Rosenberg Research & Associates Inc., said there was a “grim message” embedded in the February data because “cyclically sensitive spending tumbled 1.7 per cent, and that was after a 1.4 per cent decline the prior month.”

That includes a 2.8 per cent drop in building materials spending, a 2.9 per cent decrease in furniture/appliances, which he called “a signpost of the weakening trend in the Canadian housing sector,” and a 2.7 per cent drop in clothing sales, following a 1.2 per cent decline in January, which he equated to a decline in job prospects.

 

He also said much of the gain in non-core items could be attributed to increases in food and pharmaceutical sales.

Shelly Kaushik, a senior economist and vice-president of economics at BMO Economics, said the estimate for March is perhaps the bigger story since it reflects the anticipated increase in auto sales ahead of U.S. tariffs and Canadian countermeasures.

But she said the bank expects significantly weaker numbers when the data excluding auto sales is released in May.

U.S. President Donald Trump talked about imposing automotive tariffs during March and they took effect on April 3, with Canadian retaliatory measures announced on April 9.

Given the ongoing flux of the tariff situation, February’s results are “a look in the rearview mirror,” Kaushik said in a note.

First-quarter retail sales “flatlined,” Katherine Judge, an economist at CIBC Capital Markets, said in a note, which was a big drop from the 5.6 per cent annualized gain during the fourth quarter.

She said lower gasoline prices didn’t lead Canadians to spend their money elsewhere.

Economists have forecasted a decent first-quarter gross domestic product (GDP) “handoff” to the second quarter, but they don’t think that strength will last.

Judge expects unemployment to rise due to “sectoral” tariffs, as consumer and business sentiment continues to slump, providing the “Bank of Canada with enough evidence of GDP weakness by the June meeting to cut by 25 basis points.”

• David Rosenberg: Bank of Canada has made a big mistake by being so timid
• Buy Canadian a top priority, Napoleon CEO says

Rosenberg thinks a few more rate cuts are coming.

“This squishy soft environment, coupled with the elevated level of economic uncertainty, should be giving the Bank of Canada the green light to get back on the rate-cutting path and not stop until it minimally gets the policy rate to the very low end of the neutral range (2.25 per cent).”

• Email: gmvsuhanic@postmedia.com

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The Bank of Canada decided to stand pat at its most recent meeting, which it will come to regret.

The central bank also pulled forward guidance and laid out two scenarios: one was the unalloyed hope that United States President Donald Trump will unwind most of this trade war, which is wishful thinking, and the other was a fairly deep recession premised on the current tariff threats being carried out and remaining in place.

Policymakers did not handicap the odds, but even if there is a non-trivial chance of that second scenario occurring, then the Bank of Canada, as a risk manager, should have taken out an added insurance policy. Based on the ominous second scenario, it acknowledged that:

“The output gap reaches about minus 1.7 per cent in the first quarter of 2026 and then narrows somewhat over the rest of the scenario horizon. Excess supply in the economy exerts downward pressure on inflation over the entire scenario horizon. This pressure is most apparent in prices in the services sector, which are not directly boosted by tariffs.”

The Bank of Canada needs to recognize that the country is in an economic war, and it should be protecting us against a fat-tailed risk. If scenario No. 2 plays out, the policy rate is going to have to be pulled all the way down below two per cent.

A worst-case scenario, which should have been a third published scenario where the output gap goes to minus 3.6 per cent and core inflation decelerates to 1.5 per cent, would indeed mean the overnight rate is heading back to the zero bound.

That is precisely the conclusion reached by the Taylor Rule. We were fortunate to have Bank of Canada governor Tiff Macklem and crew realize it overshot in the last tightening cycle and too quickly begin a process of correcting that policy misstep.

But I can’t help but feel a valuable opportunity was missed last time out to further ease monetary policy and provide support to an economy that was struggling even before the onset of the Trump tariff war.

Furthermore, given the headline unemployment rate , at 6.7 per cent, and the all-inclusive R-8 measure at 9.5 per cent, our research shows that the current disinflationary “output gap” is closer to minus two per cent than the central bank’s newly minted minus one per cent to zero per cent band.

Ergo, policymakers should already have navigated to the lower end of the 2.25 per cent to 3.25 per cent range for the neutral nominal interest rate instead of sitting at the midpoint.

At least the European Central Bank (ECB) gets it. Even with its core inflation rate higher than Canada’s, it still lowered its benchmark rate last Thursday to 2.25 per cent from 2.50 per cent, the seventh cut in eight meetings. And it didn’t monkey around with scenarios, but just told the public what they needed to know: “The economic outlook is clouded by exceptional uncertainty.”

• David Rosenberg: Donald Trump has actually done Canada a big favour
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Investors were, therefore, not in a quandary over what the ECB was going to do next. European markets had priced in ECB rate cuts prior to its recent decision, then afterward additionally ramped up bets on two more rate cuts to come this year. All this leaves me wondering why the Bank of Canada was so timid.

David Rosenberg is founder and president of independent research firm Rosenberg Research & Associates Inc. To receive more of David Rosenberg’s insights and analysis, you can sign up for a complimentary, one-month trial on the Rosenberg Research website.

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Despite comments from U.S. President Donald Trump that he's spoken with Chinese President Xi Jinping about tariffs, China maintains that no talks have taken place.

 

Canadians’ ongoing boycott of travelling to the United States is showing up in the U.S. Federal Reserve ‘s real-time snapshot of the American economy , which one economist called a “really big deal.”

The Fed’s Beige Book, released on Wednesday, includes reports from cities across the U.S. that say Canadian travel has noticeably fallen off in many regions across the country.

“I’ve been doing this for 40 years, and it’s the first time I’ve ever seen a Beige Book replete with so many comments about not just a Canadian boycott, but an international boycott against travel to the United States,” David Rosenberg, founder of Rosenberg Research & Associates Inc., said.

The Beige Book, which he called “the most comprehensive qualitative analysis on the U.S. economy,” provides a snapshot of the 12 Fed districts. The information is anecdotal, gathered from businesses and community leaders, and provides a way to keep an eye on the economy from the ground up. It also provides insights into emerging trends ahead of incoming data that can be backward-looking.

“Both leisure and business travel were down, on balance, and several districts noted a decline in international visitors,” the Beige Book’s national summary said.

Tourism operators in nine of the districts reported a noticeable decline in travel by Canadians.

“Travel from Canada declined noticeably, and contacts feared that summer travel from Europe and China could suffer as well because of negative reactions to U.S. tariff policies,” the Federal Reserve Bank of Boston said. “More broadly, tourism contacts expressed concerns that declining consumer confidence could hurt leisure spending.”

The Federal Reserve Bank of Minneapolis said: “Tourism contacts also reported declines in Canadian travellers and related spending; a North Dakota retailer saw a ‘deep impact’ starting in mid-February, pushing first-quarter revenues down seven percent.”

Those are just a couple of comments in the Beige Book, which also contained similar remarks from the New York, Philadelphia, Richmond, Atlanta, Chicago, Dallas and San Francisco districts.

“Canadians have taken matters into their own hands in the form of switching to Canadian-made products wherever they can and by choosing to vacation at home instead of heading south,” Rosenberg said.

Data from Canada bears that latter point out.

The number of Canadians travelling to the U.S. in March, the most recent data available from Statistics Canada, fell by 13.5 per cent for air travel and 32 per cent for land travel from the same time last year.

Experts are attributing the decline to anger regarding U.S. tariffs and Donald Trump’s threats on Canada’s sovereignty , as well as a rising Canadian dollar versus the greenback and an increase in the number of travellers being detained at the U.S. border.

The U.S. travel industry is worth billions of dollars to the American economy, with Rosenberg estimating it accounts for 10 per cent of gross domestic product because it is a “multiplier” sector, meaning it touches all kinds of industries.

“People will shrug their shoulders and say, ‘Oh, travel and tourism, big deal.’ Yeah, well, guess what? It is a big deal,” he said. “Because when you look at travel and tourism and everything it touches, it’s bigger. It’s a bigger deal than the auto sector, which does grab the front pages of the newspapers.”

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With peak travel season fast approaching and many Canadians expected to spend their summer vacations close to home, paying less at the gas pumps would be a welcome relief. Fortunately, gas prices dropped after Prime Minister Mark Carney signed a directive to remove the consumer carbon charge effective April 1, and they’re expected to stay down over the next few months. — Jane Switzer, Financial Post

Read the full story here.

 

• Today’s Data: Canadian retail sales for February, University of Michigan sentiment index, Kansas City Fed services activity
• Earnings: Tupperware Brands Corp.

• Hudson’s Bay to start liquidating last six stores, signalling end of historic retailer
• How do Canada’s major candidates plan to handle China?
• Gas prices have dropped — but will they stay down for road-trip season?

In the lead-up to the federal election on April 28, we’ve heard many proposals from party leaders that will directly affect your pocketbook. The impact of tariffs — including the spectre of job losses and inflation, along with the resulting stock market volatility — has made personal finance policies especially important for voters. Check here for a rundown of the key promises from each of the three main candidates. 

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at  posthaste@postmedia.com .

• Job losses 'unavoidable' in Canada's auto sector as Donald Trump doubles down on tariff threat
• Holes emerge in Trump’s plan to bring back manufacturing

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An international trade conflict and economic turmoil have dominated the 2025 federal election campaign, but housing remains a top priority for voters, according to a new study by Royal LePage .

The study, which interviewed 2,417 adults across Canada in April, found that 55 per cent said a political party or candidate’s housing policies will influence their vote when Canadians head to the polls this Monday.

Younger voters were even more likely to be focused on housing with 72 per cent of generation Z (aged 18 to 28) and 59 per cent of millennials (aged 29 to 44) indicating that it will impact their vote.

“While much of the discussion has been centred on navigating the rough waters of the U.S. trade conflict, housing affordability has re-emerged as a major priority this election cycle,” Phil Soper, chief executive of Royal LePage, said in a press release . “For young Canadians in particular, there is a clear demand for a leader who can support their goal of achieving home ownership.”

Housing ranked as Canadians’ third most important election priority (62 per cent), after the economy and cost of living (86 per cent) and health care (75 per cent). In Vancouver, Canada’s most expensive housing market, it ranked as the second most important issue, topping health care.

“Initiatives that support young families and first-time buyers, especially in high-cost markets, have been proposed across the political spectrum, whether by easing the path for developers to build more homes or offering financial relief to buyers. But, tackling Canada’s chronic supply shortage will take more than short-term solutions,” Soper said. “Despite recent market shifts — including lower interest rates and increased inventory — many young voters recognize that these changes alone are not enough. They are seeking real, lasting solutions that can turn the dream of home ownership into a reality.”

The federal party candidates have pitched various housing policies to improve affordability, increase supply and reduce red tape for new development.

Those include cutting the sales tax on new home purchases. The Liberals have said they will scrap the GST for first-time homebuyers on properties valued at up to $1 million and the Conservatives have promised to axe the tax for new homes sales priced up to $1.3 million.

The Conservatives have also outlined a plan to build 2.3 million homes over the next five years by cutting development taxes and incentivizing cities to build more homes. The Liberals have said they are going to double the pace of residential construction over the next decade through policies such as providing low-cost financing options to developers building affordable homes.

“More than ever, voters are looking for leadership that can offer stability, protect Canada’s economic interests, and steer the country through turbulent times,” Soper said. “The next federal government must follow through on its promises and act decisively to ensure that more housing gets built — quickly and at scale. Real progress will require bold, coordinated action and long-term planning from all levels of government.”

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• Canadians turn against condos as a 'good' investment as sector goes through 'rough period'

Canadians head to the polls on April 28.

• Email: novid@postmedia.com

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As tariffs create uncertainty in global markets, CBC News travelled to Detroit across from Windsor, Ont., to find out how auto consumers and dealers are responding, and get their views on President Donald Trump’s goal of moving production to the U.S. People in Michigan’s Motor City say vehicle sales are hot now, but are concerned for down the road if Trump's fully proposed levies take effect.

British Columbia winemakers hope Canada’s united boycott of U.S. booze could result in a banner year for the province’s wine industry. Industry experts say it could also deliver a financial blow to vineyards south of the border.

If the next government wants to build new energy infrastructure, experts say that could include different strategies such as taking an ownership stake or reducing red tape. But perceptions of "short-circuiting" processes could cause new problems.

U.S. President Donald Trump told reporters Tuesday during a news conference that tariffs would 'come down substantially,' but wouldn't disappear completely. Experts say rates would need to drop to 10 or 20 per cent in order for trade to return to some kind of normalcy.

Mike Tzimas, president of Ontario-based Napoleon , talks with Financial Post’s Larysa Harapyn about how the company, which manufactures barbecues, fireplaces and HVAC systems, is managing the tariff shock given that 30 per cent of its business comes from the United States

• Deloitte predicts U.S. growth will slow 'considerably'
• Trump 'elephant in the room' of Canada's election

• Email: lharapyn@postmedia.com

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Construction of a multi-billion dollar net-zero petrochemical project near Edmonton will be delayed until market conditions improve, says company CEO Jim Fitterling.

Trevin Stratton, Americas Economics Leader & Partner at Deloitte Canada , talks with Financial Post’s Larysa Harapyn about the outlook for the United Sates and Canada .

• Trump 'elephant in the room' of Canada's election
• Unpacking the Bank of Canada's pause: FP Video talks to the economists

• Email: lharapyn@postmedia.com

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Canada’s auto industry was once again in Donald Trump’s sights when the United States president suggested Wednesday that he was considering increasing tariffs on the sector.

“I really don’t want cars from Canada,” Trump said yesterday in the Oval Office . “So when I put tariffs on Canada, they’re paying 25 per cent, but that could go up in terms of cars. When we put tariffs on, all we’re doing is we’re saying, ‘We don’t want your cars, in all due respect.”

Trump already has a 25 per cent tariff on autos imported to the U.S., but there are exemptions related to the Canada-U.S.-Mexico Agreement (CUSMA) . Another tariff on auto parts not compliant with CUSMA could come by May 3.

For the time being, Canada and Mexico still hold some competitive advantage over other countries, said Florence Jean-Jacobs, principal economist for Desjardins Group.

“But with the tariff situation constantly in flux and the stated objective of the U.S. administration to reshore auto manufacturing, Canada’s auto sector is still in a vulnerable position,” she said in a report yesterday. 

The integrated supply chain between the two countries has been decades in the making, and it would take a “substantial investment” to replace it.

“Still, for manufacturers with factories producing similar goods on both U.S. and Canadian soil, we may see a greater increase in investment in U.S. plants, to the detriment of Canadian facilities,” Jean-Jacobs said.

In Ontario, Canada’s manufacturing heartland, the auto industry and primary metal manufacturing stand out as most at risk in a trade war, she said.

Two thirds of auto revenues come from exports to the United States, making it the most exposed of the province’s industries. It is also capital intensive and regionally concentrated, making it harder to adjust quickly to shocks.

“Job and productive capacity losses could become lasting if tariffs persist over an extended period,” she said — and that would pose a risk to the province’s economy.

About 4.5 per cent of jobs in Ontario are in industries vulnerable to the trade war, with the auto industry representing 65,000 of them.

Ford Motor Co. , General Motors Co. , Stellantis NV, Honda Motor Co. and Toyota Motor Co. all make cars in Ontario and there has already been disruption.

GM’s CAMI Assembly plant in Ingersoll, Ont. has announced it will shut the plant next month and reopen in October at half capacity because of decreased market demand. Up to 500 workers will lose their jobs

After tariffs were first announced, Stellantis, which makes Chrysler and Dodge vehicles , shut its Windsor plant for two weeks.

“The current trade environment will inevitably cause some difficult reshuffling of factors of production in Ontario’s economy in 2025 and 2026, and job losses appear unavoidable,” Jean-Jacobs said.

“We expect the auto sector to struggle most given its integrated value chains with the U.S. and high dependence on this export market.”

If the tariffs remain in place for the rest of the year and CUSMA compliance does not improve, Ontario’s unemployment rate could near nine per cent by the end of year, she said.

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As trade tensions grip the world, the International Monetary Fund has a warning for countries — watch your debt.

The IMF expects public debt to jump 2.8 percentage points this year as tariffs lower growth and increase inflation. As its chart shows, that would put global public debt on track to reach nearly 100 per cent of GDP by the end of the decade, surpassing the pandemic peak.

In the worst case scenario, public debt could hit 117 per cent of GDP by 2027, the highest level since the Second World War and 20 percentage points higher than previous projections.

Escalating geopolitical uncertainty could heighten debt risks by pushing up spending on defence and public aid programs, said the Washington-based global lender. Tighter and more volatile financial conditions in the United States could increase financing costs in other countries.

“In an uncertain and rapidly changing world, countries will need to first and foremost put their own fiscal house in order,” said the IMF.

• Today’s Data: United States durable goods orders, existing home sales
• Earnings: Teck Resources Ltd., Agnico Eagle Mines Ltd., Alphabet Inc., PepsiCo Inc., Procter & Gamble Co., Southwest Airlines Co., Nasdaq Inc., Hasbro Inc., Intel Corp., Celestica Inc.

• Jamie Golombek answers questions about the federal election and your taxes
• The Canadian dollar is diving against other major currencies despite gaining against the greenback
• Election promises add up to deficits — and that’s without calculating an economic slowdown

Questions about your taxes and the federal election? Take a look at our Q&A with tax expert Jamie Golombek to get answers on how the election could affect your personal finances. Find out more

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at  posthaste@postmedia.com .

• Holes emerge in Trump’s plan to bring back manufacturing
• Why some economists see Canada falling into 'deeper' recession

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Hudson’s Bay Co. is planning to begin liquidating six of its stores that it had previously hoped to keep open, signalling the potential end of Canada’s oldest department store.

HBC started liquidating 90 of its 96 stores last month, but it hoped to attract bids to keep its footprint alive through a “six-store model.” But the move seems to be negatively impacting the company’s ongoing efforts to raise roughly $1 billion it needs to pay back creditors, according to court documents.

“It is unlikely to receive a viable going concern bid based on the proposed Six Store Model,” Adam Zalev, cofounder of Reflect Advisors LLC, HBC’s financial adviser, said in the document. “The exclusion of the six stores from the liquidation sale is negatively impacting (HBC’s) realization efforts.”

Given the “low probability of receiving a viable bid,” the company said it wants to start liquidating the remaining stores, which includes its flagship store in downtown Toronto, as well as two others in the Greater Toronto Area and three in the Greater Montreal Area.

HBC will still have the ability to stop liquidating these stores or any of its other stores if it receives a viable bid, Zalev said. However, any bid needs to be received by April 30, according to a court order.

HBC’s latest proposal comes almost a month and a half after it decided to seek protection from its creditors through the Companies’ Creditors Arrangement Act (CCAA). The company on March 14 said it would have to liquidate all 96 of its stores unless “an alternative solution” emerged.

After a series of negotiations between its lenders and landlords, HBC received a court order on March 21 that directed it to liquidate all but six of its stores. But HBC’s lawyer told the Ontario court on the same day that he wanted “to be crystal clear” that HBC did not have an agreement on which it could base a restructuring plan.

Judge Peter Osborne, who has been hearing the motions at the Ontario Superior Court of Justice in Toronto since March 7, said the more stores “carved out” from liquidation, the better.

“There’s no alternative but to approve the liquidation effective immediately to maximize the chances of success,” he said on March 21.

HBC returned to the same court on Thursday to get its proposal to sell its artifacts through a separate auction approved.

It wants to host a separate auction to sell more than 1,700 pieces of art and more than 2,700 artifacts that “reflect the rich heritage and cultural legacy of the company.” Among them is the Royal Charter, a document that gave the company exclusive trading rights over a portion of Canada in 1670.

The company has received letters from various groups that have expressed concerns about “protecting” pieces of the collection, Zalev said in the document.

These include letters from the Canada Advisory Committee for Memory of the World, which advises the Canadian commission for UNESCO. It requested HBC transfer the Royal Charter to a public archival institution to “ensure that this internationally significant, unique and irreplaceable document is not placed at risk,” Zalev said.

The company also received a letter from the Department of Canadian Heritage reminding HBC about the necessary cultural property export permit if the item is exported from Canada.

The government agency also reminded HBC that “donations of cultural property to designated heritage institutions may receive an enhanced tax benefit if the donation is deemed to be of ‘outstanding significance to Canada.”

In addition, HBC also received a letter from the Assembly of Manitoba Chiefs asking it to halt the auction due to the “profound cultural, spiritual and historical significance” of the art collection to First Nations.

The group wants HBC to commit to a “First Nations-led review process” and publicly reveal the full catalogue of items up for auction.

The auctioneer selected “will engage with all parties that express an interest in the art collection to identify pieces of historical or cultural significance and formulate appropriate terms,” Zalev said.

Some historians and analysts are concerned that Canadian organizations may not be able to afford these culturally significant artifacts and that they may end up going abroad.

“(The Royal Charter) is an object of national significance, so it would be nice if it could be acquired by a public collection,” Carl Benn, a history professor at Toronto Metropolitan University who previously worked at museums for more than three decades, said last week. “Although the cost might be prohibitive.”

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He said a big issue in Canada is that most public museums and archives don’t have enough money to go after the things they should be going after.

“It would be best if (HBC) actually just donated the charter to Library Archives Canada,” he said. “But I can understand how the legalities and the context of the company going bankrupt are leading it to send something to auction.”

• Email: nkarim@postmedia.com

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Stocks? Down. The U.S. dollar? Same. Demand for U.S. bonds? Also sinking. This isn’t supposed to happen to the world’s largest economy — not all three of these things at once.

Once the election is over, Canada's new prime minister will have to move fast and pick priorities to strengthen the economy. The good news is both the Conservative and Liberal leaders agree on (most of) what needs to be done.

Hudson's Bay will start selling off all merchandise on Friday at the six stores previously spared from liquidation, effectively ending the retail empire's reign and significantly dimming the possibility that the business dating back to 1670 will stay alive.

Charles St-Arnaud , chief economist with Alberta Central, talked with Financial Post’s Larysa Harapyn about the key takeaways from the parties’ political platforms in the 2025 federal election . “We have that big elephant in the room with is our trade conflict with the U.S., our major trading partner,” he said. “Whichever party is in place, we’ll need to see some greater spending to, in some ways, soften the blow that will happen on some of the sectors.

• Canada's housing market softest in decades: Ron Butler
• Bank of Canada rate to go lower, but not too low: Desjardins

• Email: lharapyn@postmedia.com

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Canada’s securities regulators are “pausing” development of new rules and amendments that would have made climate-related disclosure mandatory and augmented diversity disclosure requirements.

In a statement Wednesday, the Canadian Securities Administrators (CSA), an umbrella organization for provincial and territorial securities watchdogs, said it made the decision “to support Canadian markets and issuers as they adapt to the recent developments in the U.S. and globally.”

Stan Magidson, chair of the CSA and chief executive of the Alberta Securities Commission , said significant changes in the global economic and geopolitical landscape are creating uncertainty and raising competitiveness concerns for Canadian firms.

“In response, the CSA is focusing on initiatives to make Canadian markets more competitive, efficient and resilient,” he said.

Since United States President Donald Trump was elected to his second term, he has moved to erase what the White House calls “radical” diversity, equity and inclusion (DEI) initiatives, wiping them from federal government departments and challenging DEI programs at publicly traded companies, philanthropic organizations and post-secondary institutions.

Disclosure about climate risks has also come under fire. Earlier this year, large North American banks, including all of Canada’s Big Five, pulled out of the United Nations-backed Net-Zero Banking Alliance . Even before Trump was re-elected, some business groups and states, mostly Republican, had begun pushing back on factoring environmental risks into their business operations and disclosures.

The CSA said some disclosures will still be required about environmental impacts.

“Climate-related risks are a mainstream business issue and securities legislation already requires issuers to disclose material climate-related risks affecting their business in the same way that issuers are required to disclose other types of material information,” the CSA said, adding it will continue to monitor disclosure practices to address any misleading disclosure, which can include greenwashing.

The Canadian Sustainability Standards Board issued voluntary standards in December 2024 that provide a framework for companies interested in disclosing sustainability and climate-related performance.

Non-venture issuers in Canada are already required to provide diversity-related disclosures regarding the representation of women on their boards and in executive positions, and that will remain in effect, the CSA said.

• Election promises add up to deficits — and that's without calculating an economic slowdown
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It also said it expects to revisit the two paused projects “in future years” and may then finalize the new rules and amendments.

In the meantime, the CSA will continue to monitor domestic and international regulatory developments with respect to climate-related and diversity-related disclosures.

• Email: bshecter@nationalpost.com

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