Tag: Economy

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

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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

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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…

Canada’s Inflation Rate Falls Along With Gas Prices

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As gas prices plummeted in March, Canada’s annual inflation rate also fell to its lowest point in nearly five years. On a year-over-year basis, energy costs dropped 11.6% in March – the largest one-month fall since November of 2008. Moreover, gas prices last month were 21.2% lower than they were…

Government Extends Tax Deadline in Response COVID-19 Pandemic

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The federal government has announced that Canadians will have extra time to file and pay their taxes this year. In response to the COVID-19 pandemic, the tax filing date has been postponed to June 1 for individuals. The deadline for trusts has been moved to May 1. The Canada Revenue…

CRA Hones in on Private Contractors Who Shop at Home Depot

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As part of its crackdown on unreported income, Canada Revenue Agency is targeting suspected under-the-table home improvement contractors who buy their materials from Home Depot. Back in July, the CRA obtained a Federal Court order that compels Home Depot Canada to give the CRA a list of their customers, along…

Bank of Canada Holds Fast on 1.75% Interest Rate

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As predicted by a majority of economists last month, the Bank of Canada did not change interest rates, even though the mounting tensions in the US-China trade war affected the global economy more than it predicted in July. For a seventh meeting in row, the central bank’s policy makers decided…