Pressure Mounts on the Bank of Canada After Unemployment Falls Sharply

The pandemic may not be over yet but nations around the world are beginning to show signs of recovery. Businesses are gradually beginning to open up again, hopefully permanently, while the overall mood and confidence is also lifting. Canada is no exception and the country saw a significant rise in…

Tax Cuts Proposed to Ease Pressure on Businesses

In December, more businesses were forced to close shop temporarily due to pandemic restrictions. This decision likely contributed to the loss of 63,000 jobs nationwide over the course of the month. Several regions, such as Quebec and Ontario, were forced to comply with strict business closure rules, which significantly increased…

Acceleration Of Canada’s Annual Inflation Rate Threatens To Peak 3% In Spring

Canada’s headline inflation reached 1% in January. This exceeded economists’ prediction of 0.9% and a year-over-year increase of 0.7% in December. Figures above 1% have not been recorded since a year ago when inflation rose 2.2% compared to February 2019. Canada’s provinces of Newfoundland, Labrador, Nova Scotia, Quebec, Ontario, and…

Online Services Taxes Being Underestimated According To PBO

Parliamentary budget officer (PBO), Yves Giroux’s office, has released a report that indicates that the government could be underestimating the amount of revenue that may be collected from online service providers. Nicknamed by some the “Netflix Tax”, it is targeted at foreign-based providers that sell goods or services in Canada.…

Wealth Tax Finds Support Among Many Canadians

The NDP and the Green Party revived their proposition for a wealth tax after a Parliamentary Budget Officer report back in June stated 1% of the country’s highest earners possessed over 25% of the country’s total wealth. Although the Bloc Quebecois, Liberals, and Conservatives objected to the NDP motion for…

Bank of Canada Says Digital Currency May Be Needed Due to Pandemic

The public’s use of online services has increased during the pandemic, prompting the Bank of Canada to look into ways that a central bank digital product might be distributed and accepted quickly. The Bank of Canada’s Deputy Governor Tim Lane discussed the possible development of a CBDC (central bank digital…

StatCan: Canada’s Economy Took a Record-Breaking Fall

Canada’s real GDP fell by an historic 11.6% in April following a 7.5% drop in March, according to a recent report from Statistics Canada. As many “non-essential” businesses resumed operations in May, the agency is expecting the economy to have rebounded by 3% that month. StatCan will release the final…