Ottawa to launch $6B infrastructure fund to help build homes — with strings attached
The upcoming federal budget will include a $6-billion infrastructure fund to support homebuilding as well as a $400 million top-up to the housing accelerator fund, Prime Minister Justin Trudeau said Tuesday.
Trudeau was in Dartmouth, N.S., alongside Housing Minister Sean Fraser as part of the government's pre-budget tour, which aims to drum up attention and win back support on cost-of-living issues.
Will Ottawa meet its fiscal target? Economists split as deficit tracks higher
Finance Minister Chrystia Freeland has pledged that the government will meet its fiscal targets in the upcoming federal budget, but economists say achieving that goal will be challenging as the deficit tracks higher.
Amid mounting pressure to rein in spending, the Liberals unveiled new fiscal guardrails in the fall that aim to limit deficits. Among the government's promises was that this year's deficit will not exceed $40.1 billion.
PBO expects inflation to fall to 2% by end of year, deficit to grow amid weak economy
The parliamentary budget officer is projecting inflation will return to the Bank of Canada's two per cent target by the end of the year and the federal deficit will grow amid weakening economic conditions.
The budget watchdog's latest economic and fiscal outlook comes as the federal government gears up for its spring budget and Canadians eagerly wait for the central bank to begin lowering interest rates.
The report predicts the first rate cut to come in April, slightly earlier than financial markets expect.
Business investment per worker fell 20% in 15 years amid weaker competition: StatCan
Canadian business investment per worker plummeted by 20 per cent over a 15-year stretch, according to new Statistics Canada research that suggests weaker competition is partly to blame.
The report finds for every worker, businesses invested $628.80 less in their companies in 2021 than they did in 2006.
The decline was more significant in large and medium-sized companies and foreign-controlled businesses, though it's unclear why that was the case.
Statistics Canada reports record population growth in Q3, population grows by 430,000
Canada’s population grew by more than 430,000 during the third quarter, marking the fastest pace of population growth in any quarter since 1957.
Statistics Canada released its Oct. 1 population estimates on Tuesday, putting the number at more than 40.5 million.
The agency says the population growth over the first nine months of 2023 has already surpassed the total growth in any other full year, including the record set in 2022.
CRA claws back $458 million in pandemic-era wage subsidies after partial audit
The Canada Revenue Agency has denied or adjusted $458 million in funds disbursed to employers through a pandemic-era wage subsidy program as a result of a partially completed auditing process.
The agency is releasing a report Monday that offers detailed findings of its audits of the Canada Emergency Wage Subsidy Program. The bulk of the findings cover the period ending March 31, but the report also offers more up-to-date figures as of Sept. 29.
Miller shares strategy for Canada's immigration system, ahead of new levels plan
The federal government's priorities for improving Canada's immigration system include better aligning the number of people welcomed to the country with what the labour market needs, as well as services and infrastructure, says a report released Tuesday.
"With an aging population, people living longer, families having fewer children, Canada imperatively needs immigration to rebalance our demographics and support the growing need for workers," federal Immigration Minister Marc Miller said Tuesday.
Poilievre calls on Liberals to exempt all forms of home heating from carbon price
Conservative Leader Pierre Poilievre is calling on the Liberals to exempt all forms of home heating from the carbon price, after Prime Minister Justin Trudeau announced a temporary exemption that only applies to home heating oil.
The federal government announced last week that it is increasing the carbon price rebate for rural Canadians and lifting the carbon price off home heating oil entirely for the next three years.
Major Canadian grocers won't confirm discounts, price freezes feds promised last week
Major grocers in Canada are not yet confirming whether they have committed to special promotions to stabilize grocery prices, as was recently promised by the federal government.
Industry Minister François-Philippe Champagne announced last week that the grocers have presented initial plans to stabilize prices, which include discounts, price freezes and price-matching campaigns.
The Canadian Press has reached out to the grocers — Loblaw, Empire, Metro, Walmart and Costco — to confirm what exactly each of them has promised to do.
Canada's inflation rate jumps to 4%, making the BoC's next rate decision harder
Canada's inflation rate jumped to four per cent last month, as economists warn the latest consumer price index report spells bad news for the Bank of Canada.
Statistics Canada released its latest inflation reading on Tuesday, which shows the annual rate rose from 3.3 per cent in July, marking the second consecutive month inflation has risen.
Forecasters were widely anticipating inflation to come in hotter last month due to higher gasoline prices. But Tuesday's report was even more discouraging than many expected.