Financial Post TopStories

Temporary foreign workers who apply to become permanent residents through Canada’s immigration system will no longer get additional points if they have a job offer that’s supported by a Labour Market Impact Assessment (LMIA), Immigration Minister Marc Miller said on Tuesday. Read More

The Quebec government has adopted regulations banning the sale of most new gasoline-powered vehicles as of 2035. Read More

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 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 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

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

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

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

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

Ottawa was gripped by political drama on Monday after Finance Minister Chrystia Freeland stunningly resigned from cabinet, hours before she was scheduled to table the Trudeau government’s Fall Economic Statement. Read More

The mental health of Canadian workers hasn’t been this bad since the darkest days of the pandemic and financial worries are driving the decline, finds a new study by Telus Health out today. Read More

For the owner of Sparta Country Candles and Anything Used, a store located southeast of London, Ont., the news that Ottawa is ordering Canada Post employees back to work pending arbitration was small consolation. Read More

Many Canadians are choosing to stay home for the holidays because budget constraints are keeping them from travelling this winter, according to a new survey by Simplii Financial. Read More

Central bank may have to cut more if tariffs are enacted and growth slows, but other adjustments will also be required, says Paul Beaudry

A handful of investors — including Spain’s Ferrovial SE and Canada’s Caisse de dépôt et placement du Québec — have sold down their holdings in the company that controls London’s Heathrow Airport in a transaction valued at £3.3 billion. Read More

Will partner with The One's lenders to complete 85-storey building located in the heart of the city's downtown