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Bank of Canada launches commemorative $10 bill

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OTTAWA: The Bank of Canada has released a commemorative ten-dollar banknote for Canada 150 celebrations. Regional Director of the Bank of Canada, Monique LeBlanc says for the first time ever, four people are on the front. Portrayed are fathers of Confederation Sir John A. MacDonald and Sir George-Etienne Cartier, as well as first woman elected to the House of Commons, ... Read More »

Apache sells Canadian oil assets to Cardinal for C$330 mln

Станок-качалка на нефтяном месторождении Monterey Shale в Калифорнии, 29 апреля 2013 года. Цена нефти Brent опустилась ниже $109 за баррель и может завершить в минусе восьмую сессию подряд, чего не случалось четыре года. REUTERS/Lucy Nicholson

ALBERTA: U.S. oil and gas producer Apache Corp is selling Canadian light oil assets to Canada’s Cardinal Energy Ltd to focus on high-growth areas like the Permian basin shale play, an Apache spokesman said on Thursday. The C$330 million ($244 million) cash deal includes the House Mountain assets in Alberta and Apache’s share of the Midale and Weyburn oil assets ... Read More »

Canada’s economy grew at 3.7% pace in Q1 of 2017

ECONOMY

OTTAWA: Canada’s economy expanded at an annual pace of nearly four per cent in the first quarter, more than three times the growth seen in the U.S. in the same period. According to Statistics Canada, the total value of all goods and services sold in Canada grew in absolute terms by 0.9 per cent from the level seen at the ... Read More »

Bank of Canada finds flaws with current blockchain solutions

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OTTAWA: Underpinning wholesale payment systems with distributed ledger technology (DLT) would introduce greater costs and risks for institutions than those which apply under existing wholesale payment systems, the Bank of Canada has said. However, a study carried out by the Bank of Canada, into the feasibility of using DLT to create new distributed wholesale payment systems, identified potential for DLT-based ... Read More »

Canada Q1 current account deficit widens more than expected

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OTTAWA: Canada’s current account deficit widened more than expected in the first quarter of the year on an increase in imports of both good and services, data from Statistics Canada showed on Tuesday. The C$14.05 billion ($10.44 billion) gap in the first three months of the year exceeded economists’ expectations for a deficit of C$12 billion. The fourth quarter was ... Read More »

CMHC insurance volumes plunged 41% after mortgage rules tightened

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OTTAWA: Canada’s housing agency saw a sharp decline in the number of home buyers who qualified for mortgage insurance under tougher rules implemented last fall. In its quarterly financial results posted Tuesday, the Canada Mortgage and Housing Corporation said that it insured just over 48,000 new mortgages between January and March, a 41 per cent decline from the previous three-month ... Read More »

Canadian incomes declined for first time in 4 years

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OTTAWA: Canadian incomes are on the decline, just not for everyone. The latest survey release from Statistics Canada delivers numbers on after-tax income… for 2015. The relatively slow update gives us some new  insights on what you already probably know, Canadians are experiencing increased income polarization. The number of Canadians earning over six-figures has steadily increased, but so has the ... Read More »

Canada’s Husky approves $1.6 bln West White Rose project

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OTTAWA: Canada’s Husky Energy Inc said on Monday it is proceeding with its long-delayed C$2.2 billion ($1.6 billion) West White Rose project off the Atlantic coast, even as the energy downturn makes the high-cost project less attractive. In its statement announcing the West White Rose plans, Husky said that the first oil is expected in 2022 and the project could ... Read More »

Canada central bank votes ‘no’ on blockchain

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OTTAWA: After an inquiry to examine the potential for blockchain to play a role in the nation’s interbank system, the Bank of Canada has ultimately decided against the technology. Reports Friday (May 26) said the central bank revealed its views in an article for The Globe and Mail publication, penned by Senior Deputy Governor Carolyn Wilkins as well as Payments ... Read More »

Canada’s competitiveness problems go deeper than carbon tax

CARBON TAX

  OTTAWA: As Donald Trump renegotiates his country’s relationship with the rest of the world, Canada needs to do a serious rethink of its own. The United States is laser focused on improving its competitive position while Canada seems asleep at the switch. Yes, we are having an active debate about the potential negative impact of carbon pricing on Canada’s ... Read More »

Chamber of shipping calls for federal government triage on coastal management

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VANCOUVER: As a new report reveals the substantial value of shipping to Canadians across the country, the industry seeks assurance from the Government of Canada that coastal management will recognize the need to secure marine trade corridors through a focused spatial planning effort. Today, the Clear Seas Centre for Responsible Marine Shipping released a study, The Value of Commercial Marine ... Read More »

Bank of Canada maintains overnight rate target at 1/2%

BOC

OTTAWA: The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation is broadly in line with the Bank’s projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense retail competition, ... Read More »

Canada March wholesale trade climbs 0.9% to hit record

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OTTAWA: The value of Canadian wholesale trade grew by 0.9 percent in March from February to hit a record, pushed up by demand for building materials and supplies, Statistics Canada said on Tuesday. Statscan revised February’s data to a 0.3 percent increase from an initial 0.2 percent decline and slashed January’s growth to 1.7 percent from 3.0 percent. Stripping out ... Read More »

Eight Canada Revenue Agency workers fired for privacy breaches

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OTTAWA: The Canada Revenue Agency says eight of its employees were fired in the last fiscal year after violating taxpayers’ privacy. Previously, the agency has not always confirmed if an employee was fired or shuffled out of the CRA for being part of a privacy breach, often citing the employee’s privacy. A spokesperson for the agency says the employees in ... Read More »

Canadians face 10 years in Chinese jail for customs offense

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OTTAWA: The Chinese government accuses Canadian vintners John Chang and Allison Lu of intentionally under-valuing their shipment of ice wine to Shanghai customs. It may or may not be true, although the Changs deny it. But if they’re guilty, it is said they face ten years in prison. Chang has already been in jail for more than a year. Be ... Read More »

Tax worker fired after biggest privacy breach at Revenue Canada

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OTTAWA: The Canada Revenue Agency has fired an employee for the biggest single privacy breach ever detected involving confidential taxpayer accounts. The employee improperly accessed the accounts of 38 taxpayers in detail, and briefly accessed another 1,264 accounts using a search function to find surnames and postal codes. The incident happened in an agency office in the Prairie region before ... Read More »

Canadian pollution caps & fuel taxes for provinces in works

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OTTAWA: The government of Canada is now planning the imposition of pollution caps on the provinces that haven’t yet agreed to support a national carbon price, according to recent reports. The two provinces in question, which have yet to agree to a national carbon price, are Saskatchewan and Manitoba. The Premier of Saskatchewan, Brad Wall, has previously stated that he ... Read More »

Canadian exports to US grew last year as prices fell, data shows

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OTTAWA: U.S. importers bought more but paid less for Canadian natural gas last year, according to the 2016 annual trade record from the U.S. Department of Energy. The volume of Canadian pipeline exports south into to the United States increased last year by 11% to 3 Tcf, or 8.2 Bcf/d from 2.7 Tcf or 7.4 Bcf/d in 2015. But the ... Read More »

Canada oil industry get $173 mln loan to clean up abandoned wells

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OTTAWA: The oil industry in Canada’s resource-rich Alberta will be on the hook for a C$235 million ($172.7 million) government loan to clean up a rising number of oil wells abandoned by owners who have gone bankrupt, the province said on Thursday. The loan, repayable over 10 years, will go to the government-run, industry-funded Orphan Well Association (OWA), which cleans ... Read More »

Canada’s churches ‘face closure’ as tax bills suddenly shoot up

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OTTAWA: Churches in Canada are being forced to pay council tax despite places of worship being exempt from paying fees. By law, churches in Montreal do not have to pay municipal taxes. However a little known loophole means many churches are now being faced with escalating costs. Fears are growing that churches that often host community groups and food banks ... Read More »