Canada Economics News
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CMHC hikes mortgage insurance premiums
Canada's national housing agency has increased the amount of money that homeowners with less than 20 per cent down payments must pay to insure their mortgages.
Consumer debt snowballs to $1.4T
Canadians' consumer debt load continued to snowball last year, rising nine per cent to more than $1.4 trillion, according to a new survey from the credit rating agency Equifax Canada.
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
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