Canada’s inflation rate hits 2% target, lowest level in more than three years
Inflation finally hit the Bank of Canada's two per cent target in August after a tumultuous battle with skyrocketing price growth, raising the odds of larger interest rate cuts in the coming months.
Canada's annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.
The slowdown can be attributed in part to lower gasoline prices, Statistics Canada said Tuesday in its consumer price index report.
'I'm not going to listen to you': Singh claps back at Poilievre ahead of House return
A battle is heating up between Pierre Poilievre and Jagmeet Singh ahead of the return of the House of Commons next week, as the Conservatives challenge the NDP to help them bring down the government.
Singh said Wednesday he won't be taking advice from Poilievre, while sidestepping questions about whether the NDP would vote in favour of a non-confidence motion, as Poilievre challenged him to do.
'Unshackled' NDP MPs in Montreal for caucus retreat days after breakup with Liberals
New Democrats are huddling in Montreal to strategize a new path forward ahead of the fall parliamentary session — one that doesn't include the Liberals at their hips and ideally makes them a credible alternative to the Conservatives at the next election.
The three-day caucus retreat kicking off Tuesday comes less than a week after NDP Leader Jagmeet Singh announced the end of the supply-and-confidence agreement with the Liberals.
It's also taking place in one of the two cities where the NDP is hoping to win a byelection on Sept. 16.
China retaliates over EV tariffs with anti-dumping probe into Canadian canola imports
China has announced an anti-dumping investigation into Canadian canola imports in response to Canada planning to impose tariffs on Chinese-made electric vehicles, steel and aluminum.
In a news release Tuesday, China's Ministry of Commerce said it is launching an anti-discrimination investigation into the tariffs and an anti-dumping probe into Canadian canola imports as well as certain chemical products.
Prime Minister Justin Trudeau announced Aug. 26 that Canada will impose a 100 per cent tariff on Chinese EVs and a 25 per cent tariff on steel and aluminum.
Liberal immigration pivot forces Canada to reckon with approach to labour shortages
The Liberal government's decision to reel in the temporary foreign worker program after loosening the rules to help businesses find workers after the pandemic is sparking a contentious debate about whether governments should even try to address labour shortages.
Prime Minister Justin Trudeau announced on Monday that his government is bringing back stricter rules to stem the flow of low-wage temporary foreign workers, and he urged businesses to hire and train Canadian workers.
Canada's inflation rate falls to 2.5%, paving way for another interest rate cut
Canada’s annual inflation rate fell to 2.5 per cent last month, matching economists' forecasts and solidifying expectations for another interest rate cut in September.
Tuesday’s consumer price index report says prices for travel tours, passenger vehicles and electricity helped drive the headline figure lower.
Meanwhile, shelter costs are still the main driver of inflation as Canadians face significantly higher rents and mortgage payments.
Pope Francis to meet with Trudeau, lead session on artificial intelligence
Prime Minister Justin Trudeau is headed into the second day of the G7 leaders' summit, which will feature a special appearance by Pope Francis.
The pontiff is slated to deliver an address to leaders about the promises and perils of artificial intelligence.
He is also expected to renew his appeal for a peaceful end to Russia's full-scale invasion of Ukraine and the Israel-Hamas war in the Gaza Strip.
Trudeau heads to Italy as shadows of war in Ukraine, Gaza loom over G7 summit
Prime Minister Justin Trudeau is headed to Italy on Wednesday to attend the annual G7 leaders' summit, which is taking place as two major geopolitical conflicts weigh on the international community.
The three-day summit kicks off on Thursday in Apulia, Italy, where leaders of the seven wealthy democratic nations are expected to discuss the Russia-Ukraine and Israel-Hamas wars, the energy transition, artificial intelligence, migration and collaboration with Africa.
Bank of Canada cuts key interest rate for first time in more than four years
The Bank of Canada marked a major turning point in its fight against inflation on Wednesday as it lowered its key interest rate for the first time in more than four years, making it the first central bank in the G7 to cut rates.
Governor Tiff Macklem says the central bank has more confidence inflation is moving closer to its two per cent target, citing various indicators that suggest price pressures have retreated.
Freeland says capital gains proposal will be tabled before summer break
The Liberal government will bring its proposal to increase the inclusion rate on capital gains to the House of Commons before the parliamentary summer break, Finance Minister Chrystia Freeland said Tuesday.
"In the coming weeks, and certainly before the House rises, we will begin the legislative process to implement our increase in the inclusion rate," Freeland confirmed during a news conference.
The finance minister announced the capital gains tax changes as part of her April budget, but left the new inclusion rate out of the budget legislation she tabled last month.