Global News - Money

Federal budget gives and takes away on tariffs

Mon, 25 Mar 2013 06:20:30 GMT

Canadians will be paying hundreds of millions of dollars more on everything from food to bicycles because of a little-noticed change in tariffs Ottawa places on imports from emerging nations like China and India, say analysts.

In emergency, could Ottawa seize savings Cyprus-style?

Mon, 25 Mar 2013 06:20:30 GMT

The short answer: yes. But the situation is so fundamentally different that bank depositors in Canada should sleep well at night, experts say.

Flaherty targets tax dodgers

Mon, 25 Mar 2013 06:20:30 GMT

With little appetite to raise fresh taxes and a sluggish economy pulling down total revenues, federal Finance Minister Jim Flaherty is taking aim at tax dodgers to buffer Ottawa’s coffers. Ottawa estimates billions will be raised over the next several years from the efforts.

An end to 'boutique' tax breaks in budget would be welcome by economists

Mon, 25 Mar 2013 06:20:30 GMT

Tax credits, loved by vote-thirsty governments – none more perhaps than the Conservatives – but resented by economists rankled by measures they deem sloppy and ineffective, are again in focus ahead of Thursday’s federal budget announcement.

Budget puts brakes on spending hoping to accelerate growth

Mon, 25 Mar 2013 06:20:30 GMT

When Jim Flaherty was a young man, they called it a brake stand - one foot on the gas and one on the brake, creating lots of noise and plumes of blue smoke but moving the vehicle sideways if at all.

Senator lobbies for budget to address billions kept in tax havens

Mon, 25 Mar 2013 06:20:30 GMT

Imagine if Canada’s Finance Minister Jim Flaherty could erase the deficit without cutting programs or jobs.

Cyprus has 4 days to find bailout solution

Mon, 25 Mar 2013 06:20:30 GMT

Cyprus has four days to agree on a new plan to raise funds to avoid bankruptcy after the European Central Bank warned Thursday it will pull the plug on the country's banks at the start of next week if no bailout deal is agreed.

Flaherty overstepped bounds on mortgage rates: Conservative minister

Mon, 25 Mar 2013 06:20:30 GMT

Not everyone in the Conservative cabinet is backing Jim Flaherty's latest intervention in the mortgage market. Small Business Minister Maxime Bernier says he believes the finance minister overstepped his bounds this week by asking mortgage giant Manulife to halt a promotional rate on home loans.

Settle in for long-term housing slowdown, Scotia says

Mon, 25 Mar 2013 06:20:30 GMT

An ageing population and slower growing economy will weigh on the country’s housing market for the next decade or more, Scotiabank, one of the country’s largest home-loan lenders, said Monday. The bank -- the latest to offer a dour long-term view of the real-estate market -- is bracing homeowners for the slowdown following a 10-year period of explosive growth.

Flaherty signals budget agenda: skills training, tax breaks for manufacturers

Mon, 25 Mar 2013 06:20:30 GMT

OTTAWA - Finance Minister Jim Flaherty is signalling he'll concentrate on skills training, infrastructure and the battered manufacturing sector in Thursday's budget. The finance minister outlines the three priorities in a letter to the Conservative caucus, but offers few specifics.

Rona hires senior exec from Metro to be next CEO

Mon, 25 Mar 2013 06:20:30 GMT

MONTREAL - Home improvement retailer Rona Inc. is hiring a senior executive from the Metro grocery business to be its next president and chief executive. Robert Sawyer will become Rona's CEO next month. He has held the No. 2 management position at Metro since April 2009.

Homes sales slide in February as slowdown takes root

Mon, 25 Mar 2013 06:20:30 GMT

After a decade of soaring home prices and sales activity, an anticipated slowdown this year is taking root. The Canadian Real Estate Association says resales of houses and condos through its members fell 2.1 per cent month-to-month in February.

Economists split on where record debt levels will go from here

Mon, 25 Mar 2013 06:20:30 GMT

Household debt remained at record levels in the fourth quarter, Statistics Canada said Friday, while economists are torn as to whether consumers are reining in borrowing or not. For every dollar in after tax income a Canadian household earns, it now owes $1.65, up 5.5 per cent in 2012.

Canada moves up in economic ranking

Mon, 25 Mar 2013 06:20:30 GMT

It appears Canada is moving up in the economic rankings of industrialized countries - but mainly because others are slipping.

Will home renos be next shoe to drop for housing market?

Mon, 25 Mar 2013 06:20:30 GMT

Could home reno projects be the next shoe to drop for the country’s weakening housing sector? It’s an observation put forward by a Toronto market research firm this week that suggests renovation spending will suffer as a result of the unfolding downturn.

Quebecor names Videotron head as its new CEO

Mon, 25 Mar 2013 06:20:30 GMT

Pierre Karl Peladeau is stepping aside as president and chief executive of Quebecor Inc. and Quebecor Media Inc. but will remain with the companies and oversee corporate strategy.

New homes see slight price gain in January

Mon, 25 Mar 2013 06:20:30 GMT

Statistics Canada says its price index for new homes rose 0.1 per cent in January, following a 0.2 per cent increase in December. The agency says the metropolitan region of Toronto and Oshawa, as well as the Calgary region, were the top contributors to the increase.

Former minister Prentice urges Obama to approve Keystone pipline, touts advantages

Mon, 25 Mar 2013 06:20:30 GMT

The Keystone XL oil pipeline is in the U.S. national interest and that President Barack Obama should let it be built, Former Conservative cabinet minister Jim Prentice says. In a speech to the Financial Times Forum, Prentice, now a senior executive at CIBC, stressed the importance of the Canada-U.S. relationship.

Ottawa grants Air Canada more time on pension plan, freezes exec pay

Mon, 25 Mar 2013 06:20:30 GMT

The federal government announced Tuesday that it would give Air Canada more time to eliminate the $4.2-billion deficit in its pension plan, but imposed strict rules on the airline that limit executive pay and prevent it from paying dividends.

U.S. CEOs report higher optimism, but hiring plans unchanged

Mon, 25 Mar 2013 06:20:30 GMT

Chief executives at the largest U.S. companies are much more optimistic about their sales prospects than they were three months ago, though many remain cautious about hiring.