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Vancouver musician arrested for smuggling $7m of drugs in guitar case

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VANCOUVER: A Vancouver musician could be facing serious jail time in Japan after being accused of trying to smuggle almost 10 kilograms of drugs into the country. Daniel Whitmore, 44, was arrested on Dec. 11 at Narita International Airport for allegedly smuggling stimulant drugs with a street value of more than $7 million. The drugs were allegedly concealed in a ... Read More »

Canadian newsprint makers fear U.S. about to slap duties on its exports

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OTTAWA: The ongoing softwood dispute with the United States may not be hurting Canada much yet, but the industry is bracing for a new trade battle with the U.S. that could take a bite out of a part of the sector that is already facing sharp declines. Derek Nighbor, chief executive of the Forest Products Association of Canada, says heading ... Read More »

Canadian gov’t promotes small business tax cut

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OTTAWA: The upcoming 0.5 percent cut to the Canadian small business tax rate will save SMEs up to CAD7,500 (USD5,699) in federal taxes a year, the Finance Department has said. The Government has proposed reducing the small business corporate tax rate from 10.5 percent to 10 percent, effective January 1, 2018. This is intended as a first step toward lowering ... Read More »

Canada crude-by-rail exports to us rise to 6 month high

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OTTAWA: Canadian crude-by-rail exports to the U.S. climbed to a six-month high of 137,000 barrels per day in October, data from the National Energy Board showed on Dec.29, the latest sign that tight pipeline capacity is pushing more oil onto railroads. October was the third straight month in which rail exports climbed. Volumes rose 2% from September, but were up ... Read More »

Revenue Canada gets court order to force PayPal to hand over account details

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OTTAWA: The Federal Court of Canada has ordered U.S.-based PayPal to hand over details about its business account customers to Canadian tax authorities. The court order, obtained by the Canada Revenue Agency, forces the U.S.-based payment processing firm to release information about Canadians with PayPal business accounts who processed transactions between the start of 2014 and last Friday. PayPal must hand over the names, dates ... Read More »

Canadian approval of preclearance encourages rail travelers

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OTTAWA: Earlier this month, Canadian officials approved a preclearance agreement that expands the ability of border agents from the U.S. and Canada to collaborate. It’s also expected to accelerate passenger rail crossings at the border. In December 2016, President Obama signed a bill approving expansion of preclearance procedures between the U.S and Canada. But, it was not until this month ... Read More »

Canada reports buoyant revenue growth

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OTTAWA: Canadian tax revenues were up 4.8 percent for the first seven months of 2017, according to the Government’s latest Fiscal Monitor. The Canadian budget deficit has fallen. It was CAD6.3bn during the April to October period, compared with CAD9.3bn in the same period during the 2016-17 fiscal year. Both personal and corporate income tax revenues performed strongly, up 5.4 ... Read More »

Canada urged to be bolder on environmental tax policies

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OTTAWA: The OECD has urged Canadian policymakers to bring forward action on climate change to achieve the country’s 2030 emission goals. The OECD’s new third Environmental Performance Review of Canada says that although Canada has reached a stage where it can grow its economy without driving up energy use, air pollution, and emissions, it remains the second most carbon-intensive OECD ... Read More »

Canada needs a pragmatic approach to free-trade dealings with China

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OTTAWA: Free trade with China represents a golden opportunity to secure market access to a global powerhouse at a time of uncertainty in the NAFTA talks. But if we thought the North American free-trade talks were difficult, we have recently seen that negotiations with China will be fraught with even more dramatic ebbs and flows. Canadian pragmatism will be tested, ... Read More »

No new tax with N.B. carbon fund

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OTTAWA: NB, As promised, the final version of New Brunswick’s carbon pricing program won’t add an additional tax to consumers. In a plan released by the government just days before a federal deadline, Premier Brian Gallant stood by a promise he made in October to consider consumers’ wallets when designing the program. Instead of creating a new tax, the levy ... Read More »

Canada seen running budget deficits for decades: finance department

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OTTAWA: Canada will run a budget surplus by 2045, the finance department projected on Friday, suggesting the Liberal government will run deficits well beyond the timeline it promised during its successful election campaign. A Canadian flag flies in front of the Peace Tower on Parliament Hill in Ottawa, Ontario, Canada, March 22, 2017. In its updated long-term fiscal projections, the ... Read More »

Canada opens up to Egyptian grape export

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OTTAWA: On Wednesday, the Egyptian Minister of Trade and Industry, Tarek Kabil announced that Canada has allowed access of fresh Egyptian grapes onto its markets. Through a statement EgyptToday learned that the Canadian decision was only adopted after intense negotiations, lasting for more than one year. The Canadian market is one of the biggest markets for fresh grapes. This new step will ... Read More »

Canada economic growth slows

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OTTAWA: Data is expected to show slower economic growth across Canada for the second half of 2017 and, along with it, a slowdown in small- and medium-sized business (SMB) lending, according to new research from small business credit data and analysis firm PayNet. In its “Small Business Lending Index,” released Tuesday (Dec. 19), PayNet found a downturn in borrowing among medium-sized businesses ... Read More »

Canada needs to act fast to counter U.S. corporate tax cuts: Experts

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OTTAWA: While some might think it prudent for Canada to take a wait-and-see approach before reacting to U.S. President Donald Trump’s economic plan, at least one expert believes the Trudeau government needs to be ready to act fast. “There’s no question the Canadian government should seriously consider the impact these changes in the U.S. are going to have and act appropriately,” Walid Hejaz, ... Read More »

Canadian exporters pessimistic on NAFTA, seeking new solutions

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TORONTO: Nearly one-quarter of Canadian exporters believe they are negatively affected by looming NAFTA renegotiation uncertainty and are turning to creative solutions to succeed even if the free trade agreement fails, according to a poll by Export Development Canada. The federal agency supporting export-oriented companies reported Friday that among the 23 percent of firms surveyed that said they were negatively ... Read More »

Canada’s EU trade deal bad for U.S. lobster sales

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OTTAWA: A trade deal between Canada and the European Union could amount to a lump of coal for the U.S. at Christmastime. The Christmas season is typically a busy time for American seafood exporters, as the type of lobster that is native to North America is popular in some European countries around the holiday. But Canada and the EU brokered ... Read More »

Canadian producers struggle to find transport oil cargo

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OTTAWA: Oil producers in Canada are having trouble finding rail space for their commodity due to a pipeline shutdown that caused a backup in Alberta tank farms. “It’s hard for the railroads to change their operating plan really quickly,” Steve Owens, rail analyst at IHS Markit, said in a phone interview with World Oil. “There are equipment constraints and crew constraints.” Heavy ... Read More »

Canada crossing fine line between fair and unfair trade

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OTTAWA: As former senators representing Montana and New Hampshire, both of which border Canada, we experienced firsthand the value in a close relationship with America’s northern neighbor as a friend, strategic ally and trading partner. While the U.S. and Canada have had policy disagreements about nuanced issues, our strong relationship means that, generally, we work them out. This includes one of ... Read More »

Canada’s liberals retreat further on tax policy

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OTTAWA: The Canadian government on Wednesday released revisions to tax measures targeting the country’s small firms, hoping to end a political uproar that has dominated debate in parliament in recent months. The original tax proposals, first revealed in July, were meant to close loopholes small to midsize firms and the self-employed used to reduce their tax bills. A heated backlash ensued, ... Read More »

Russian man sentenced to three years for smuggling person from Canada into U.S

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OTTAWA: An elderly Russian man with backwoods skills has been sentenced to three years in prison for helping smuggle a person from Canada into the United States, court records show. A jury had convicted Nikolay Souslov, 70, of two charges in May, but acquitted him on a third charge that he had profited from his wrongdoing. According to court documents, ... Read More »