Business News

The federal government says it plans to boost penalties for money laundering by 40 times as part of several measures it wants to roll out to crack down on the issue. Read More

The Canadian dollar dipped below 70 cents U.S. on Tuesday for the first time since early 2020 as the fallout from Chrystia Freeland’s resignation as deputy prime minister and finance minister hit the currency. Read More

The Canadian dollar dipped below $0.70 US on Tuesday, the first time it has done so since the onset of the COVID-19 pandemic in March 2020, according to Bloomberg data.

The rate of inflation slowed to 1.9 per cent in November, once again slipping under the Bank of Canada target of two per cent. Read More

Canada's annual inflation rate ticked down to 1.9 per cent in November, with the slowdown in price growth mostly driven by lower mortgage interest costs and cheaper travel tours, Statistics Canada said on Tuesday.

Canada’s inflation rate slowed to 1.9 per cent in November, slightly below forecast and down from two per cent in October, a deceleration that economists said should give the Bank of Canada room to continue to ease its policy rate. Read More

The Quebec-based electric bus and truck manufacturer Lion Electric has announced it is entering creditor protection. It has already cut nearly 1,000 jobs.

Normally when the days get colder, the housing market goes into hibernation, but apparently not this year. Read More

One overcast morning in November, Waleed Essa shook off a head cold and headed to an Amazon.com Inc. warehouse outside Toronto where part of his fleet of vans was gearing up for a day of deliveries. Read More

Monday’s media lockup for the Fall Economic Statement (FES) will go down in history as one of the weirdest events in Canadian political history.

TikTok on Monday asked the U.S. Supreme Court to step in on an emergency basis to block the federal law that would ban the popular platform in the United States unless its China-based parent company agreed to sell it.

The resignation of federal Finance Minister Chrystia Freeland was met with shock and concern in Canada’s business community Monday, with some leaders worried that political infighting at the highest levels of the Liberal government could distract from the country’s economic problems and preparation for a potential trade battle with the United States. Read More

Canada Post workers are set to return to their routes on Dec. 17, following a decisive ruling by the Canada Industrial Relations Board (CIRB). But as the clock ticks toward the holidays, Canadians are left wondering: what happens to the mountains of undelivered mail, the fate of delayed Christmas packages, and the unresolved contract negotiations between the Crown corporation and the Canadian Union of Postal Workers (CUPW)? Here are answers to some of Canadians’ most pressing questions:  Read More

In a speech in Vancouver, Bank of Canada governor Tiff Macklem said big structural changes are happening in the world, including a move away from globalization.

The federal government broke its key fiscal guardrail and posted a deficit of $61.9 billion for the 2023-2024 fiscal year, according to the fall economic statement released on Monday, blowing past the $40.1 billion level at which it promised to keep the deficit. The Liberal government is also projected to go beyond the $40.1-billion guardrail for the next two fiscal years, with a deficit projection of $48.3 billion in 2024-2025 and $42.2 billion in 2025-2026, higher than what was forecast in the budget last spring. The federal government is on track to stick to two of its three fiscal guardrails, with the debt-to-GDP ratio set to be 42.1 per cent for 2023-2024 and decline to 41.9 per cent the following year. Additionally, the deficit-to-GDP ratio is projected to fall to under one per cent in 2026-2027. The fall economic statement was tabled by the government house leader Karina Gould after Chrystia Freeland resigned as finance minister earlier in the day. In a letter addressed to Prime Minister Justin Trudeau,, she said she had been at odds with the prime minister for weeks over “the best path forward for Canada.” The economic update detailed $23.3 billion in new spending over the next six years. Department of finance officials said the deficit was $21.8 billion higher than expected for 2023-2024 due exceptional factors. Those included $16.4 billion Indigenous contingent liabilities expenses. The second factor is money that still hasn’t been recovered under the Covid-19 pandemic support programs. The higher-than-anticipated provision for these two categories accounted for $21.1 billion in accounting charges. The statement projects the economy will grow by 1.3 per cent in 2024 and 1.7 per cent in 2025. Tax revenues for 2023-2024 are expected to be $5.5 billion below the spring budget’s projection, due lower tax revenue consistent with a softening economy. The most significant investments introduced in the fall economic statement include renewing the Accelerated Investment Incentive, to make Canada’s corporate tax system more competitive. The incentive was first introduced by former finance minister Bill Morneau in 2018 following competitiveness concerns after Donald Trump was first elected U.S. president. The re-upping of these incentives will cost the federal government an estimated $17.4 billion over the next six years. They will slowly be phased down starting in 2030 to 2033. The government has also announced $1.1 billion in new spending to boost the Scientific Research and Experimental Development tax incentive program. Additionally, $1.6 billion was allocated for the government’s GST holiday, which gives a break for the goods and services tax on a number of goods between Dec. 14 and Feb. 15. Missing from the statement, is costs associated with the $250 rebate cheques, which has gotten no support from opposition parties in Parliament. The government also committed $1.3 billion over six years for the border, an issue of contention with the incoming Trump administration that the federal government hopes to solve. Read More

Bank of Canada governor Tiff Macklem says the central bank is preparing for a future that is more uncertain. Read More

The federal government tabled a fall economic statement Monday that calls for more than $20 billion in new spending and explains how last fiscal year's deficit ballooned to $61.9 billion — but it was Chrystia Freeland's abrupt resignation as finance minister and her questioning of her own government's economic policy that sent Canadian politics into a frenzy.

U.S. president-elect Donald Trump, with SoftBank Group CEO Masayoshi Son at his side, announced on Monday that Tokyo-based SoftBank would invest $100 billion US in the country over the next four years in what they said would be a boost to its economy.

Roshel Inc., a Brampton, Ont.-based manufacturer of armoured vehicles, has opened a new production facility outside Detroit, saying it is committed to “American-built products.” Read More

The Canadian Real Estate Association says the number of homes sold in November rose 26 per cent compared with a year ago, marking the second straight month of large year-over-year gains.