Tag: canada

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…

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%…

Taxpayers Put On Alert As Tax Season Begins

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With tax season around the corner, it comes as no surprise that online tax scams are on the rise. Not only are incidents up, but so too is the sophistication of the scams. Many of the scams work on the pretence that communication is coming from the Canada Revenue Agency…

CRA Faces Strike Votes Over Return to Office Demands

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The Union of Taxation Employees (UTE), which represents some 35,000 Canada Revenue Agency (CRA) employees, has expressed disappointment with the tax body’s move to file a labour practices complaint against them with the Federal Public Sector Labour Relations and Employment Board. The CRA is claiming that the union is not…

Fear Mounts As Household Debt Levels Rise

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The household debt to income (DTI) ratio has risen in the third quarter, adding to the woes of already highly indebted Canadian households. The Canadian DTI has reportedly risen sharply to 183.3% in the third quarter of 2022. This is 4.3 points higher than last year. Household DTI reached record…

N.B. Municipalities Asked to Cut Tax Rates

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Thanks to strong performance in the real estate market and new construction, property assessments in New Brunswick have risen to a total value of $81 billion. This is an increase of $8 billion or 10.9% since 2021. However, the impact of this performance is not quite good news for property…

$5.3B In New Corporate Taxes Expected

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Two Parliamentary Budget Office (PBO) reports estimate that proposed new federal corporate taxes on banks and life insurance companies could reap the government about $5.3 billion over the next five years. $3 billion is estimated to be generated from a one-time 15% windfall tax, dubbed the Canada Recovery Dividend, that…

Alternative Payment Options Gain Traction Over Credit Cards

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A recent survey by J.D. Power indicates that Canadians are now spending, on average, $11 less on their monthly primary credit card use compared to a year ago. The survey polled 6,478 respondents that use credit cards, who were found to spend an average of $1,144 per month. When looking…

New ESG Rules To Hit Small Canadian Businesses

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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…