Canada’s economy returns to growth in January
Canada’s economy returned to growth in January, with GDP expanding by 0.2 per cent during the month, a turnaround after a decline of the same amount in December. Statistics Canada said Thursday that manufacturing, mining and the oil and gas industry all expanded, while the agriculture forestry and construction sectors shrank. The finance and insurance [...]
New Brunswick budget hikes income, tobacco taxes to fight $479 million deficit
By Kevin Bissett, The Canadian Press FREDERICTON - The New Brunswick government is reversing previous income tax cuts and increasing tobacco taxes in an effort to boost revenues as it fights a growing deficit projected to hit $479 million. The $8.5 billion budget delivered Tuesday for 2013-14 includes a deficit nearly $70 million higher than [...]
Why it’s important to keep Cypriot banks shut
The decision to further push back the re-opening of Cypriot banks, which have been shut since March 16, even as the country hammered out a last-minute bailout deal, may be seen as a signal of further uncertainty in the crisis-hit island nation. But analysts tell CNBC that on the contrary, the move will help restore [...]
Canada best place in G8 to pay business taxes
You may not like paying taxes, or approve of how Ottawa spends the tax revenue it collects, but if you’re a business owner, you have it better than your counterparts in other G8 countries, according to a recent study measuring how easy it is to pay corporate taxes. The study was done by accounting firm [...]
Last-minute Cyprus deal to close bank, force losses
By Jan Strupczewski and Annika Breidthardt BRUSSELS (Reuters) – Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout. The agreement came hours before a deadline to avert a collapse of [...]
Jobs and spending are on the line as Newfoundland and Labrador drifts in red ink
By Sue Bailey, The Canadian Press ST. JOHN’S, N.L. – Austerity is not a word that has been linked lately to oil-rich Newfoundland and Labrador but that’s expected to change Tuesday. Finance Minister Jerome Kennedy will deliver the provincial budget amid forecast deficits totalling almost $4 billion over the next three years. Global economic woes, [...]
Flaherty says new tax rules target cheats who aren’t paying ‘fair share’
By James Keller, The Canadian Press VANCOUVER - New measures in this week’s federal budget targeting tax cheats are aimed at wealthy Canadians who are using schemes with “complicated names” to hide their money from the government, Finance Minister Jim Flaherty said Friday as the federal Conservatives started the task of selling their latest fiscal [...]
Flaherty, ministers fan out to promote budget
As debate on the federal budget began in the House of Commons, Finance Minister Jim Flaherty and other cabinet ministers fanned out across Canada Friday to sell the merits of their 2013 Economic Action Plan. Flaherty headed west to speak at the Vancouver Board of Trade at 12:50 p.m. PT (3:50 p.m. ET). From there, [...]