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Top 20pc Of Earners Pay 53pc Of All Taxes

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The Frasier Institute has found that the top 20% of income earners pay more than half of the total income taxes, refuting the notion by Finance Minister Chrystia Freeland that more needed to be done to ensure high-income earning Canadians pay their fair share. The study titled ‘Measuring Progressivity in…

Housing A Major Factor for Emigrating Canadians

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Despite the latest figures from Statistics Canada confirming that the inflation rate has dropped to its lowest level of 2.8% in over two years, many Canadians are still struggling with the high cost of living. The fall in inflation was majorly driven by the reduction in gasoline prices which dropped…

Central Bank Hikes Interest Rate To 5pc

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The Bank of Canada has raised its benchmark interest rate by 25 basis points. This brings its key interest rate to a high of 5%, with the prime rate now at 7.2%. This is the highest level seen since April 2001. The impact of interest rate hikes can often take…

FCAC Issues New Guidelines for Mortgage Lenders

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The Financial Consumer Agency of Canada (FCAC) has announced new guidelines for mortgage lenders following research that showed an increasing number of Canadians are struggling to meet their regular financial obligations. The rising cost of living and hiked interest rates are among the key causes of financial stress for many…

OSFI Announces Change to Minimum Capital Buffer

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Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), has said that it will be increasing the minimum capital buffer for the country’s major banks. The country’s largest six banks that control the majority of the banking sector include the Royal Bank of Canada (RBC), Canadian Imperial…

Banks Boost Bad Loan Provisions

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Four of the top five Canadian banks have reported lower-than-expected earnings for the second quarter. These results have been driven by higher provisions for bad loans and increased inflation that had driven up costs. Some banks have also been impacted by slow loan growth, particularly in mortgage facilities. National Bank…

Bank of Canada Worried by Mounting Household Debt

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With mortgage rates expected to be renewed at higher levels in the coming years, the Bank of Canada is worried that many households that are overly burdened by debt may not be able to absorb the financial shock. The issue of growing household debt loads was a recurring theme in…

Inflation Slows To 5.2 percent

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Statistics Canada has reported that the country’s inflation rate cooled to 5.2% in February. This is the largest single-month deceleration since April 2020. It fell from 5.9% recorded in January and is at its lowest level in 13 months. It is also lower than many analysts’ prediction of a 5.4%…

Bank of Canada Holds Key Rate Steady

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The Bank of Canada has announced that it will maintain its policy rate, with the overnight rate at 4.5%, the bank rate at 4.75%, and the deposit rate at 4.5%. The Canadian dollar fell against the US dollar following the announcement to a four-month low, trading at 72.54 US cents.…

Vancouver Approves New 10.7 percent Property Tax Hike

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Vancouver has just approved a 10.7% increase in property taxes as part of the operating budget for 2023. This increase came just a week after city staff proposed a lower 9.7% hike. Unexpectedly, during the first public meeting to discuss the budget this week, the council went ahead to approve…