Canada Economics News
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Canada can't account for $3.1B in anti-terror funding, AG finds
The Canadian government can't account for $3.1 billion allocated for anti-terrorism funding, Auditor General Michael Ferguson says in his spring report released today, and he also identified problems in a number of other areas including search and rescue
Canada lost when Ottawa cut the GST
Every percentage point of GST is worth about $7-billion a year. Cutting the tax by two percentage points starting in 2006 makes almost everything the government has done since seem like small potatoes, including last week’s budget
Mark Carney named Bank of England governor | CTV News
Canada’s top banker Mark Carney has been named the Bank of England’s new governor. Carney will continue in his role as Bank of Canada governor until June 1, 2013, Finance Minister Jim Flaherty confirmed at a Monday morning news conference in Ottawa.
Alberta, Ontario face EU-style debt crisis, report warns
A European-style debt crisis could happen in Canada unless a number of provinces, specifically Ontario and Alberta, change the long-term direction of their finances, a report from a major Canadian think tank warned Thursday.
Global bacon shortage 'unavoidable'
The British agency in charge of the nation's pig industry says the world is on the verge of a significant pork and bacon shortage as early as next year because of rising feed costs.
Canadian consumer debt level hits record high
Despite worrying economic signs globally and near-constant warnings from financial leaders at home, Canadians are racking up higher-than-ever debt levels, according to a new report from credit bureau TransUnion.
Twitter Rumor Sparked Oil-Price Spike
Crude-oil futures bounced up over $1 at one point Monday after a false Twitter rumor about Syrian President Bashar al-Assad exposed the oil market's knee-jerk fear of Mideast turmoil.
S&P cuts ratings on 7 Canadian banks
Standard & Poor's Ratings Services has cut its outlook from stable to negative on seven Canadian banks, over concerns about unsustainably high home prices and consumer debt levels, according to published reports Friday.
Civil servants share $6B 'severance' without losing jobs
The Harper government is in the process of quietly handing out a jaw-dropping $6 billion in special severance cheques — plus a pay raise — to hundreds of thousands of federal workers who aren't losing their jobs or even changing desks.
Tax cops too weak, says AG
The Canada Revenue Agency is unable to adequately assess and track potentially millions of tax cheats in the country because of limited resources along with weak oversight and enforcement practices, according to a new report from the federal auditor gener
Time to panic about the housing market
Here in Canada, we patted our backs for not falling into the same trap, and basked in the spotlight as the world’s new beacon for financial stewardship. It’s a compelling narrative that has been promoted by the federal government and the Bank of Canada as
Iceland considering switch to Canadian dollar | CTV News
Will ongoing economic uncertainty about the eurozone push Iceland into the stable arms of the Canadian dollar? While the question may have seemed a loonie one only a decade ago, the idea has been gaining traction recently among Icelandic investors.
Euro crisis putting Canada under risk, BoC warns
Global financial conditions stemming from the debt crisis in Europe are deteriorating rapidly, placing Canada's economy under greater stress and Canadians with large debts at greater risk, warns the Bank of Canada.
Italy approves austerity measures
Italian Premier Mario Monti said Sunday his government has approved austerity and growth measures worth $40.53 billion US to reawaken the Italian economy and help save the euro from collapse.
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