Ottawa approved sharp spike in large corporate writeoffs last year
The federal government approved a sharp spike in large corporate writeoffs last year, with 11 companies receiving $1.2-billion in combined writeoffs for tax debt and other financial obligations, new figures show.
The 11 companies accounted for nearly a quarter of the $4.9-billion in writeoffs approved last year, which covered a 1½ million cases of corporate and individual writeoffs.
Citing privacy reasons, the Canada Revenue Agency is not identifying the businesses and individuals who had their debts waived. The CRA can write off debts owed to the government for a wide range of reasons, such as bankruptcy, extraordinary circumstances or financial hardship.
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The federal government approved a sharp spike in large corporate writeoffs last year, with 11 companies receiving $1.2-billion in combined writeoffs for tax debt and other financial obligations, new figures show.
The 11 companies accounted for nearly a quarter of the $4.9-billion in writeoffs approved last year, which covered a 1½ million cases of corporate and individual writeoffs.
Citing privacy reasons, the Canada Revenue Agency is not identifying the businesses and individuals who had their debts waived. The CRA can write off debts owed to the government for a wide range of reasons, such as bankruptcy, extraordinary circumstances or financial hardship.
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The Globe and Mail
Ottawa approved sharp spike in large corporate writeoffs last year
Eleven companies received $1.2-billion in combined writeoffs for tax debt and other financial obligations, nearly a quarter of the total $4.9-billion the CRA wrote-off in 2023-24
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💸Canada's 10 worst natural disasters totaled C$30 billion in annual insured losses
Insured losses from natural disasters averaged C$2.2 billion ($1.63 billion) a year over the last decade, far exceeding the previous decade's average of C$632 million, according to the IBC, which expects escalating losses to continue.
The wildfire in Jasper this year surpassed C$880 million in insured damages, according to initial estimates, IBC said last week.
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Insured losses from natural disasters averaged C$2.2 billion ($1.63 billion) a year over the last decade, far exceeding the previous decade's average of C$632 million, according to the IBC, which expects escalating losses to continue.
The wildfire in Jasper this year surpassed C$880 million in insured damages, according to initial estimates, IBC said last week.
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Reuters
FACTBOX Canada's 10 worst natural disasters totaled C$30 billion in annual insured losses
Insured losses have surged in the past decade as climate change in Canada sparks wildfires, intense hailstorms and thunderstorms with severe flooding in major cities.
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❗️Jagmeet Singh breaks the supply and confidence agreement and will no longer prop up the Liberal government.
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🏦 Bank of Canada cuts key interest rate to 4.25%
Bank of Canada Governor Tiff Macklem confirmed a third consecutive interest rate cut on Wednesday. The 25-basis-point cut brought the central bank’s benchmark interest rate to 4.25 per cent.
Macklem added.
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Bank of Canada Governor Tiff Macklem confirmed a third consecutive interest rate cut on Wednesday. The 25-basis-point cut brought the central bank’s benchmark interest rate to 4.25 per cent.
If inflation continues to ease broadly in line with our July forecast, it is reasonable to expect further cuts in our policy rate.
Macklem added.
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Global News
The Bank of Canada cut rates again. Here’s why, and what’s next - National | Globalnews.ca
The Bank of Canada is continuing to cut its benchmark interest rate, lowering the cost of borrowing as inflation increasingly looks to be under control.
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✈️Air Canada offers pilots 30% pay boost as strike deadline nears
Air Canada has offered to boost the pay of more than 5,000 pilots by about 30 per cent within the next three years, according to people familiar with the matter, as it seeks to prevent a strike.
Pilots at Canada’s largest airline would received a minimum 20 per cent increase up front, followed by annual raises over a three-year period, said the people, asking not to be identified because the discussions are private. Pilots with one to four years of service would receive more, the people said.
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Air Canada has offered to boost the pay of more than 5,000 pilots by about 30 per cent within the next three years, according to people familiar with the matter, as it seeks to prevent a strike.
Pilots at Canada’s largest airline would received a minimum 20 per cent increase up front, followed by annual raises over a three-year period, said the people, asking not to be identified because the discussions are private. Pilots with one to four years of service would receive more, the people said.
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Financial Post
Air Canada offers pilots 30% pay boost as strike deadline nears
Air Canada has offered to boost the pay of more than 5,000 pilots by about 30 per cent within the next three years, according to people familiar with the matter, as it seeks to prevent a strike.
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🍻Convenience stores across Ontario allowed to sell alcohol beginning today
Convenience stores across Ontario are allowed to sell booze as of Thursday as the province significantly loosens its grip on the alcohol marketplace.
The Alcohol and Gaming Commission of Ontario said that by Tuesday it had granted 4,200 licences to convenience stores. That means roughly 40 per cent of convenience stores will be able to sell beer, wine, cider and ready-to-drink cocktails.
All grocery stores will be able to sell alcohol by Oct. 31, but spirits will only be available in Liquor Control Board of Ontario stores and outlets.
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Convenience stores across Ontario are allowed to sell booze as of Thursday as the province significantly loosens its grip on the alcohol marketplace.
The Alcohol and Gaming Commission of Ontario said that by Tuesday it had granted 4,200 licences to convenience stores. That means roughly 40 per cent of convenience stores will be able to sell beer, wine, cider and ready-to-drink cocktails.
All grocery stores will be able to sell alcohol by Oct. 31, but spirits will only be available in Liquor Control Board of Ontario stores and outlets.
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The Globe and Mail
Ontario’s corner stores begin selling alcohol as rules loosen
The Alcohol and Gaming Commission of Ontario said that by Tuesday it had granted 4,200 licences to convenience stores
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📊 Concern over immigration quadruples over last 48 months
New data from the non-profit Angus Reid Institute finds Canadians’ concern over immigration has risen four-fold over the last two years.
One-in-five (21%) say “Immigration/refugees” is one of the top issues facing the country, putting it in a tie with climate change (21%), though still far off from the high cost of living (57%), health care (45%) and housing affordability (32%).
#immigration
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New data from the non-profit Angus Reid Institute finds Canadians’ concern over immigration has risen four-fold over the last two years.
One-in-five (21%) say “Immigration/refugees” is one of the top issues facing the country, putting it in a tie with climate change (21%), though still far off from the high cost of living (57%), health care (45%) and housing affordability (32%).
#immigration
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angusreid.org
Federal Politics: Concern over immigration quadruples over last 24 months -
Conservatives lead by 22 points in vote intent nationally and hold advantage in all provinces but Quebec September 4, 2024 – While the number of Canadians galvanized over the cost of living and inflation is beginning to decrease, their attention is fixating…
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❗️Liberal national campaign director Jeremy Broadhurst is stepping down
Embattled Prime Minister Justin Trudeau and his governing Liberals have taken another hit with Jeremy Broadhurst quitting as national campaign director for the party.
Broadhurst stated.
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Embattled Prime Minister Justin Trudeau and his governing Liberals have taken another hit with Jeremy Broadhurst quitting as national campaign director for the party.
After much consideration and discussion with my family, I have decided to step away from my role as National Campaign Director for the Liberal Party of Canada effective September 30, 2024. Given the stakes involved, the Prime Minister, the Liberal Party of Canada and all its candidates deserve someone who can bring more energy and devotion to the job than I can at this stage of my life.
Broadhurst stated.
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CTVNews
Liberal national campaign director says he will step down
Embattled Prime Minister Justin Trudeau and his governing Liberals have taken another hit with Jeremy Broadhurst quitting his job as national campaign director for the party.
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💸🇨🇳Canadian canola industry could take $1B hit in wake of Chinese trade actions
Canada’s canola industry could take a $1-billion hit in the wake of Chinese trade actions, according to a new report from an international credit rating agency.
The report from Morningstar DBRS estimates the potential losses Canada could incur if China’s recently announced plan to launch an anti-dumping investigation into canola seed imports from Canada results in China levying tariffs on the crop.
#China
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Canada’s canola industry could take a $1-billion hit in the wake of Chinese trade actions, according to a new report from an international credit rating agency.
The report from Morningstar DBRS estimates the potential losses Canada could incur if China’s recently announced plan to launch an anti-dumping investigation into canola seed imports from Canada results in China levying tariffs on the crop.
#China
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BNN Bloomberg
Canadian canola industry could take $1B hit in wake of Chinese trade actions: report
Canada’s canola industry could take a $1-billion hit in the wake of Chinese trade actions, according to a new report from an international credit rating agency.
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💰🇺🇸Canada’s economic gap with the U.S. reaches a new record
Canada’s economy has fallen behind its population growth for the fifth straight quarter, with real GDP per capita declining by 0.1 percent in Q2 2024.
Compared to the same period last year, per capita GDP is now down 2.2 percent. Compared to 2022, it’s down 3.6 percent.
🔹The gap between the Canadian and American economies has now reached its widest point in nearly a century. If this continues, we’ll have not persistently seen this wide of a gap since the days of John A. Macdonald.
#US
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Canada’s economy has fallen behind its population growth for the fifth straight quarter, with real GDP per capita declining by 0.1 percent in Q2 2024.
Compared to the same period last year, per capita GDP is now down 2.2 percent. Compared to 2022, it’s down 3.6 percent.
🔹The gap between the Canadian and American economies has now reached its widest point in nearly a century. If this continues, we’ll have not persistently seen this wide of a gap since the days of John A. Macdonald.
#US
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The Hub
Trevor Tombe: The Great Divergence: Canada’s economic gap with the U.S. reaches a new record
Canada’s economy has fallen behind its population growth for the fifth straight quarter, with real GDP per capita declining by 0.1 percent in Q2 2024, according to the latest data from Statistics Canada released last week.
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Former federal public servant pleads guilty to awarding 72 sole-source contracts to his own company
A former federal public servant has pleaded guilty to criminal breach of trust for directing 72 sole-source contracts worth $231,663 to a company that he fully owned.
Marc Primeau of Long Sault, Ont., had admitted to using his position at the department of Innovation, Science and Economic Development Canada (ISED) to direct the contracts and six other purchase orders to Access Security Logistix (ASL), a company he created.
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A former federal public servant has pleaded guilty to criminal breach of trust for directing 72 sole-source contracts worth $231,663 to a company that he fully owned.
Marc Primeau of Long Sault, Ont., had admitted to using his position at the department of Innovation, Science and Economic Development Canada (ISED) to direct the contracts and six other purchase orders to Access Security Logistix (ASL), a company he created.
🍁 Maple Chronicles
The Globe and Mail
Former federal public servant pleads guilty to awarding 72 sole-source contracts to his own company
Marc Primeau admitted to using his position to direct the contracts and six other purchase orders to Access Security Logistix, a company he created
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Quebec man who imported 26,630 fake $2 coins made in China gets jail time
A Quebec man has been jailed after he admitted masterminding one of the largest ever series of shipments of Chinese-made counterfeit toonies in Canadian history.
Jean-Francois Généreux from Sorel, Que., about 70 kilometres from Montreal, was sentenced to nine months in jail before the Labour Day weekend after he pleaded guilty to two criminal charges, including importing and introducing counterfeit money into Canada.
Quebec Court Judge Marc-Nicolas Foucault ordered the confiscation of 26,630 dodgy toonies that Généreux imported from a Chinese manufacturer in Quanzhou, China, so federal authorities can oversee their destruction.
#Quebec #China
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A Quebec man has been jailed after he admitted masterminding one of the largest ever series of shipments of Chinese-made counterfeit toonies in Canadian history.
Jean-Francois Généreux from Sorel, Que., about 70 kilometres from Montreal, was sentenced to nine months in jail before the Labour Day weekend after he pleaded guilty to two criminal charges, including importing and introducing counterfeit money into Canada.
Quebec Court Judge Marc-Nicolas Foucault ordered the confiscation of 26,630 dodgy toonies that Généreux imported from a Chinese manufacturer in Quanzhou, China, so federal authorities can oversee their destruction.
#Quebec #China
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Global News
Quebec man who imported 26,630 fake $2 coins made in China gets jail time
Mike Marshall, an Ontario-based counterfeit coin expert, called the Quebec man's sentence a "slap on the wrist." The sentence could have been up to 14 years.
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👤Canada's unemployment rate rises to 6.6% in August amid challenging job market
Statistics Canada says the unemployment rate increased to 6.6 per cent in August – up from 6.4 per cent in July.
The agency’s labour force survey says the economy added a modest 22,000 jobs last month, lagging the pace of population growth.
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Statistics Canada says the unemployment rate increased to 6.6 per cent in August – up from 6.4 per cent in July.
The agency’s labour force survey says the economy added a modest 22,000 jobs last month, lagging the pace of population growth.
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CP24
News - CP24
Get the latest local, Canadian and international breaking news with CP24, including trusted updates, in-depth analysis, and exclusive reports.
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🇨🇦🇺🇦🪖Canada plans to send Ukraine over 80K unarmed small rockets
Canada plans to send 80,840 surplus small unarmed air-to-surface rockets to Ukraine as well as 1,300 warheads in the coming months, Defense Minister Bill Blair said in a statement on Friday.
Canada will also donate chassis assemblies from 29 M113 armored personnel carriers and 64 Coyote armored cars, which the Canadian armed forces are no longer using, Blair said.
#Ukraine
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Canada plans to send 80,840 surplus small unarmed air-to-surface rockets to Ukraine as well as 1,300 warheads in the coming months, Defense Minister Bill Blair said in a statement on Friday.
Canada will also donate chassis assemblies from 29 M113 armored personnel carriers and 64 Coyote armored cars, which the Canadian armed forces are no longer using, Blair said.
#Ukraine
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Global News
Canada plans to send Ukraine over 80K unarmed small rockets - National | Globalnews.ca
Canada plans to send 80,840 surplus small unarmed air-to-surface rockets to Ukraine as well as 1,300 warheads in the coming months, Defense Minister Bill Blair said.
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🇨🇦🇨🇳Ottawa ties Wealth One founders to possible Chinese interference
Finance Minister Chrystia Freeland has alleged that three principal shareholders in Wealth One Bank of Canada were vulnerable to coercion by China’s ruling Communist Party and may have engaged in money laundering as part of Beijing’s foreign-interference operations in this country.
Lawyers for three of the bank’s founders went to court last year to seek a judicial review of Ms. Freeland’s April, 2023, decision to order them to divest their shares in Wealth One, a Schedule 1 bank established in 2016 that caters to Chinese-Canadian clients. A Schedule 1 bank in Canada is considered a domestic institution, not a subsidiary of a foreign bank, and is authorized to accept deposits and provide mortgages.
#China #Freeland
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Finance Minister Chrystia Freeland has alleged that three principal shareholders in Wealth One Bank of Canada were vulnerable to coercion by China’s ruling Communist Party and may have engaged in money laundering as part of Beijing’s foreign-interference operations in this country.
Lawyers for three of the bank’s founders went to court last year to seek a judicial review of Ms. Freeland’s April, 2023, decision to order them to divest their shares in Wealth One, a Schedule 1 bank established in 2016 that caters to Chinese-Canadian clients. A Schedule 1 bank in Canada is considered a domestic institution, not a subsidiary of a foreign bank, and is authorized to accept deposits and provide mortgages.
#China #Freeland
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The Globe and Mail
Ottawa ties Wealth One founders to possible Chinese interference
Freeland alleges Beijing could use bank to further objectives in Canada, court documents reveal
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🚶♂️Five chiefs of staff set to leave the Trudeau government
Prime Minister Justin Trudeau’s government is contending with an exodus of senior staff just as the minority Liberals are returning to a precarious position in the House of Commons, having lost the automatic support of the New Democratic Party.
Five of his 38 ministers are losing their chiefs of staff in quick succession with several already gone, including the top advisers at Global Affairs, Heritage, Environment, National Revenue, and Mental Health and Addictions, according to six Liberal sources who each confirmed some of the names of those leaving.
It's all crumbling down.
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Prime Minister Justin Trudeau’s government is contending with an exodus of senior staff just as the minority Liberals are returning to a precarious position in the House of Commons, having lost the automatic support of the New Democratic Party.
Five of his 38 ministers are losing their chiefs of staff in quick succession with several already gone, including the top advisers at Global Affairs, Heritage, Environment, National Revenue, and Mental Health and Addictions, according to six Liberal sources who each confirmed some of the names of those leaving.
It's all crumbling down.
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The Globe and Mail
Five chiefs of staff set to leave the Trudeau government
The exodus of senior staff in ministerial offices coincides with the party’s loss of its top staffer, national campaign director Jeremy Broadhurst
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🎓International student enrolment down 45 per cent, Universities Canada says
A group representing almost 100 of Canada’s universities is warning the impact from the federal government’s cap on international students will be “far greater” than what Ottawa aimed for.
Gabriel Miller, president of Universities Canada, said that when the schools officially finish counting how many students have arrived and enrolled, there will be at least a 45 per cent drop of international students. The final tally will be reported in October.
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A group representing almost 100 of Canada’s universities is warning the impact from the federal government’s cap on international students will be “far greater” than what Ottawa aimed for.
Gabriel Miller, president of Universities Canada, said that when the schools officially finish counting how many students have arrived and enrolled, there will be at least a 45 per cent drop of international students. The final tally will be reported in October.
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Global News
International student enrolment down 45 per cent, Universities Canada says - National | Globalnews.ca
Universities Canada suggests when the final tally is done for how many students arrived and enrolled this fall, international student enrollment may have dropped by 45 per cent.
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Bloc Québécois looks to make deals with Liberals as NDP ends agreement
The Bloc Québécois says its ready to wheel and deal with Prime Minister Justin Trudeau’s party for support during confidence votes now that the Liberal government’s confidence and supply agreement with the NDP has ended.
In an interview ahead of Monday’s party caucus retreat in the Outaouais region, Bloc House Leader Alain Therrien says his party is happy to regain its balance of power. He called the situation a “window of opportunity” now that the Liberals are truly a minority government.
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The Bloc Québécois says its ready to wheel and deal with Prime Minister Justin Trudeau’s party for support during confidence votes now that the Liberal government’s confidence and supply agreement with the NDP has ended.
In an interview ahead of Monday’s party caucus retreat in the Outaouais region, Bloc House Leader Alain Therrien says his party is happy to regain its balance of power. He called the situation a “window of opportunity” now that the Liberals are truly a minority government.
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Global News
Bloc Québécois looks to make deals with Liberals as NDP ends agreement | Globalnews.ca
In an interview ahead of Monday's party caucus retreat in the Outaouais region, Bloc House Leader Alain Therrien says his party is happy to regain its balance of power.
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Conservatives call on government to disclose how latest ISIS suspect came to Canada
The Conservatives have called on the government to explain how a 20-year-old Pakistani arrested in Quebec over an alleged ISIS plot targeting U.S. Jews was able to get into Canada.
Federal officials declined to answer questions about the immigration status of Muhammad Shahzeb Khan, citing privacy laws, and said only they were reviewing how he came to Canada.
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The Conservatives have called on the government to explain how a 20-year-old Pakistani arrested in Quebec over an alleged ISIS plot targeting U.S. Jews was able to get into Canada.
Federal officials declined to answer questions about the immigration status of Muhammad Shahzeb Khan, citing privacy laws, and said only they were reviewing how he came to Canada.
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Global News
Conservatives call on government to disclose how latest ISIS suspect came to Canada | Globalnews.ca
Canadian Jewish groups said officials told them at a briefing following the arrest of Muhammad Shahzeb Khan that they were investigating a student visa.
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