A majority of Canadians say they will be financially hurting due to the latest Bank of Canada (BoC) rate hike, according to a new poll. With another recent increase to the BoC’s key overnight rate—the tenth rise since the start of 2022—59 percent of Canadians say it will have a negative impact on their personal…
Canada Hits ‘Milestone Moment’ as Inflation Rate Drops Below 3%, Says Freeland
Finance Minister Chrystia Freeland says that Canada has hit a “milestone moment” as the nation’s inflation rate dropped below 3 percent in June, according to a recent Statistics Canada report, which is its lowest point in about two years. “That is a significant moment. It should provide a lot of relief to Canadians,” Ms. Freeland…
48% of Canadians Have Lost Sleep This Year Due to Financial Stress: Poll
With interest rates on the rise and record-high inflation rates persisting, nearly half of Canadians say they have lost sleep due to financial stress this year, according to a new poll. “For the sixth year [in a row], Canadians say money is their top source of stress, with elevated inflation, higher gas prices and cost…
No Evidence Retailers and Grocers Have Inflated Prices, Says Bank of Canada
Despite accusations of price gouging from some parliamentarians, there is no evidence that retailers, grocers, and wholesalers have increased their prices to take advantage of inflated supply-chain costs, says the Bank of Canada. “The cumulative growth of markups of consumer-oriented firms was close to zero between 2020 and 2022,” wrote the Bank of Canada (BoC)…
Inflation, Interest Rates Weighing on Canadians’ Retirement Plans: Survey
Canadians are struggling to save for retirement, with many planning to push back the next phase of their life amid inflation and higher interest rates, according to a new survey from the Healthcare of Ontario Pension Plan. “With a prolonged period of rising inflation and interest rates, Canadians of all ages are finding it much…
Parliament Should Consider Introducing an Excess Profit Tax for Grocers, Committee Suggests
June 14, 2023
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Parliament should consider implementing a new tax on excess profits for grocers, a House of Commons committee is suggesting, despite Canada’s grocery-store CEOs unanimously denying that they’ve profited on inflated food costs over the past year. “Despite the range of inflationary pressures discussed above, some large firms in certain sectors have reported record earnings, leading…
Poilievre Vows to Keep Delaying Budget’s Passage Until Feds Introduce Anti-Inflation Plan
Conservative Party leader Pierre Poilievre vowed while addressing his party’s caucus that he will keep delaying the federal government’s omnibus budget bill from passing in the House of Commons until cabinet introduces a plan to cut deficits and bring down inflation. “Today I am announcing that I will be on my feet at roughly 7…
BoC Can Address Banking System Stress, Even as It Fights Inflation: Macklem
The Bank of Canada has shifted its messaging in recent months from the need to get inflation under control to bringing it back down to the two percent target. But recent turbulence is in the global banking sector is forcing the central bank to pivot and reassure Canadians that it’s ready to contend with any…
Dollarama Plans to Open up to 70 New Canadian Stores in 2024 as Sales Boom
As Canadians deal with rising inflation and higher prices for food, fuel, and home heating costs, discount chain Dollarama says demand has boomed for bargains and the dollar store giant plans to open more stores next year. The Montreal-based retailer reported its fourth-quarter growth on March 29, saying comparable store sales grew 15.9 percent and…
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