Highlights of the 2022 Fall Economic Statement – CBC News

Published

2 years ago

November 4, 2022

The federal government has unveiled a number of measures meant to help students, workers and businesses cope with the rising cost of living as the economy slows down.

Here are some highlights of the Fall Economic Statement.

Help for workers

$4 billion over six years, starting next year, to automatically issue advance payments of the Canada Workers Benefit to those who qualified for the benefit in the previous year.
$250 million over five years to help workers prepare and retrain for the green energy jobs of the future.
More than $26 million over five years, starting in 2023-24, to crack down on labour code violations and improve working conditions.

Help for students and youth

$2.7 billion over five years to make all Canada Student Loans and Canada Apprentice Loans permanently interest-free as of April 1, 2023, including those now being repaid.
More than $800 million over three years, starting next year, to support summer jobs, an employment strategy for youth and job placements.

Help for businesses

A refundable tax credit equal to 30 per cent of capital costs for investments in non-emitting energy, heating and energy storage projects, and zero-emission vehicles.
$962.2 million over eight years —starting next year, with $121.1 million per year after that — to modernize the National Research Council’s infrastructure and boost innovation.
$1.28 billion over six years and $55.4 million each year after that to speed up approval of natural resource and energy projects

Other measures

The federal government says it will deploy a threat of legislation as it negotiates with credit card companies to get them to lower fees without affecting reward points programs.
It’s promising to tax share buybacks and introduce a new minimum tax regime for the richest Canadians, measures that are expected to boost government revenue by $2.1 billion over five years.
It’s setting aside $1 billion in 2022-23 for Hurricane Fiona-related requests from provinces under the Disaster Financial Assistance Arrangements.
And it’s earmarking $8.5 billion over six years to respond to economic pressures expected to hit Canada in the near term.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

16 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Statistics Canada reports wholesale sales higher in July

Published

23 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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