Blog

BOC Announces Fourth Consecutive Interest Rate Hike

Blog
Bank of Canada (BOC) has announced its fourth consecutive interest rate hike to 3.25%, the highest level since early 2008. It has further boosted the bank rate to 3.5% and the deposit rate to 3.25%. the latest hike is again part of measures being used to control spiralling inflation that…

Prairie Livestock Producers to Benefit from Tax Relief

Blog
It is good news for livestock producers struggling from the effect of extreme weather conditions as the government announced new tax relief measures under its Livestock Tax Deferral provision. This provision will permit livestock producers who are forced to sell off a significant portion of their breeding herd due to…

Northwest Territories Hike Tobacco Taxes

Blog
Smokers in the Northwest Territories (N.W.T.) can expect to pay more to feed their habit after the territorial government decided to hike taxes on tobacco products. The tax on loose tobacco will rise by almost 74%, making a gram of loose tobacco increase by 21 cents. This means a 200-gram…

CRA Holding $1.4 Billion In Uncashed Cheques

Blog
The Canada Revenue Agency (CRA) says that it has about $1.4 billion in funds from uncashed cheques sent out to taxpayers. These funds represent a mix of refunds and benefits. The payments can be sent out as cheques or through direct deposit. The CRA had launched a campaign in February…

BC EV Rebate Program Amended

Blog
British Columbia’s (BC) electric vehicle (EV) rebate program has proven popular over the years. To the extent, it has severally run out of funds. However, this has prompted concern that perhaps the program has not been assisting ordinary citizens, but rather those that could have easily afforded such vehicles even…

New ESG Rules To Hit Small Canadian Businesses

Blog
The International Financial Reporting Standards Foundation (IFRS) is proposing a new accounting standard to be imposed in Canada by the Intentional Sustainability Standards Board (ISSB). This standard is based on the environmental, social and governance (ESG) concept and is likely to hit Canadian SMEs hard. They have put forward a…

Canada’s Inflation Rate Hits 8.1percent

Blog
Despite inflation setting the highest record since 1983 by reaching 8.1% in June, the outcome was better than what financial analysts expected. Their earlier predictions were that inflation would rise to 8.4%. Though gas prices were a key driver that saw consumers pay 6.2% more in June as compared to…

Canada’s Interest Rate Hike Surprise To Impact Homebuyers

Blog
In a surprise move, the Bank of Canada (BOC) has announced a 100-basis points increase to its main interest rate. This means the policy rate has now risen from 1.5% to 2.5%, the biggest rate increase since 1998. This also means the central bank has raised its rates by a…

Canadian Wineries Get Federal Government Support

Blog
With the recent return of a federal tax on domestic brands, Canadian wine prices are expected to rise by about 4%. This change comes after the government was able to resolve a dispute with Australia at the World Trade Organisation (WTO) that allowed for the repeal of an excise duty…

Why No Gas Tax Holiday Just Yet

Blog
Statistics Canada is reporting that in May, pump prices rose by 48% as compared to the same period last year thanks to supply constraints and high crude oil prices. This surge was further exacerbated by the growing demand for fuel due to the easing of travel restrictions instituted during the…