The Canadian government’s fall economic update coming Tuesday will include new money to increase housing supply, as well as tax reforms targeting short-term rentals, CTV News has confirmed.
The fall economic statement will include opening up $15 billion in 10-year low-interest loans to build 30,000 more rental housing units across Canada, according to senior government sources speaking to CTV News on a not-for-attribution basis ahead of Finance Minister Chrystia Freeland’s fiscal presentation.
The money will go from the Canada Mortgage Housing Corporation (CMHC) to builders to push ahead projects currently on the shelf, to increase the country’s housing supply, an aim the source framed as “disinflationary.” The timeline for rollout on this forthcoming pledge remains to be revealed.
Freeland will also be moving forward with a policy measure she first signalled was on the horizon last month: cracking down on short-term rentals such as AirBnb and Vrbo properties, in order to expand the long-term rental supply nationwide.
According to senior government sources, the federal government will be changing the equation for property owners by no longer allowing them to claim income tax deductions on rental expenses for their short-stay properties in regions where short-term rental restrictions are in place.
Set to come in to effect Jan. 1, 2024, one of the sources said, as an example, under this regulation change a short-term rental that earns $120,000 in income with $120,000 in expenses would now have to pay $33,000 in federal taxes.
While Housing Minister Sean Fraser wouldn’t speak to the measures being announced Tuesday, he said the federal government estimates there are likely “tens of thousands” of short-term rentals that could be made available as family homes.
Fraser also spoke to the advantageous policy levers the federal government has, including passing on its low borrowing rate to help projects along and in return bring down the cost of housing. “Every measure that we advance helps,” he said.
In addition to these sneak preview pledges sources have shared, the update is expected to include a $1-billion affordability-focused housing fund and new mortgage guidance.
It has also been reported that Tuesday’s presentation will include an update on pre-committed clean technology measures. Beyond that, it remains to be seen how substantial a fiscal snapshot this will be.
‘A VERY CHALLENGING PICTURE’
Given the Liberals’ recent focus on finding federal savings and economists warning of a slowing economy, the annual economic presentation is not expected to be a big-spending package or a “mini-budget” as it can often be framed, rather a checkpoint on Canada’s finances and the current government’s plans to create jobs and grow the economy.
One source described the document that will be tabled by Freeland after markets close on Tuesday as a “very focused” and “slim” document, meant to be a continuation of the Liberals’ current focuses and reflective of the need to make choices about where to spend.
Freeland’s update — including government spending since the spring federal budget, the overall Canadian economic outlook, and key financial projections — comes at a dire time politically for the Liberals.
It’s likely the federal cabinet will be looking to Tuesday’s “FES” to help turn the tide and convince Canadians that the minority Liberals are accurately attuned to their economic concerns and the best-placed political party to respond to their cost-of-living constraints.
A recent survey from Nanos Research found that most Canadians aren’t feeling positive about their finances, with 48.8 per cent of respondents saying they feel personally worse off financially and 51.8 per cent consider the economy to be weaker now than one year ago.
Though, with Freeland speaking increasingly about this being a time to show fiscal restraint — something Prime Minister Justin Trudeau recently suggested his government has always done — it remains to be seen how much new money the Liberals can responsibly roll out through this update without further exacerbating inflation and hindering the Bank of Canada’s interest rate efforts.
“We continue to deliver investments in Canadians, while remaining responsible fiscally and have all the way through. And that’s more of what I’m excited to share next week with the fall economic update, a demonstration that we know how to continue to be fiscally responsible while we make the investments that are going to grow the economy and support Canadians,” Trudeau told reporters last week.
As of the 2023 federal budget, the government had plans for continued deficit spending targeted at Canadians’ pocketbooks, public health care and the clean economy. In the months since, the Liberals have put a fresh focus on the housing crisis and the cost of groceries.
It’s possible Freeland will look to stitch in a series of policy-based changes rather than new money announcements into Tuesday’s update as the way to signal to Canadians their plans to support them through the current economically uncertain times, while likely continuing to point to Canada having the lowest debt-to-GDP ratio in the G7 as a key metric.
“Every new announcement the government makes in terms of investing new money in the economy is by nature, inflationary,” said Robert Asselin, senior vice-president of policy at the Business Council of Canada. Between 2015 and 2017, Asselin was the policy and budget director for then-federal finance minister Bill Morneau.
Noting that the economy is receding, with the prospect of a recession being considered, he said the priority should be on bringing inflation down in order to stabilize the current levels of uncertainty.
“We have debt servicing costs that are much higher than they were just a few months ago, which means that every dollar the government spends servicing the debt, does less to fund anything else,” Asselin said. “So going into the update, this is a very challenging picture for the government.”
OPPOSITION EXPECTATIONS
Ahead of the update, opposition parties have put in the window the policy measures they’d like to see included.
NDP Leader Jagmeet Singh wants the statement to focus on housing and food costs.
“We want to see investments to make housing more affordable, not just any old housing. We need homes that are affordable,” Singh said last week. “We also need action to bring down the price of groceries.”
For months, Conservative Leader Pierre Poilievre has been calling on Freeland to put an end to Liberal “inflationary spending” and present a plan to get the federal budget back to balance, something the last budget projected wouldn’t be happening before 2028 at the earliest.
Speaking to what specifically he wants to see out of Tuesday’s fiscal update, Poilievre has said he wants the Liberals to squash plans to increase the carbon tax, bring down interest rates and inflation by balancing the budget and adopt his proposal to “build homes, not bureaucracy.”
He restated these calls during a press conference on Parliament Hill Monday morning.
“Tomorrow we’ll see more of the same inflationary spending, housing photo-ops and promises and glitzy deficits,” Poilievre predicted.
As of the mega March economic update, the federal deficit was projected to be $40.1 billion in 2023-24, nearly $10 billion more than forecast in the previous fall’s economic snapshot. In a financial statement published last month, the 2022-23 deficit was $35.3 billion, $7.7 billion lower than forecast.
With files from CTV News’ Chief Political Correspondent Vassy Kapelos
Montreal Alouettes wide receiver Tyson Philpot has announced he will be out for the rest of the CFL season.
The Delta, B.C., native posted the news on his Instagram page Thursday.
“To Be Continued. Shoutout my team, the fans of the CFL and the whole city of Montreal! I can’t wait to be back healthy and write this next chapter in 2025,” the statement read.
Philpot, 24, injured his foot in a 33-23 win over the Hamilton Tiger-Cats on Aug. 10 and was placed on the six-game injured list the next week.
The six-foot-one, 195-pound receiver had 58 receptions, 779 yards and five touchdowns in nine games for the league-leading Alouettes in his third season.
Philpot scored the game-winning touchdown in Montreal’s Grey Cup win last season to punctuate a six-reception, 63-yard performance.
This report by The Canadian Press was first published Sept. 12, 2024.
MIAMI GARDENS, Fla. (AP) — Miami Dolphins quarterback Tua Tagovailoa sustained a concussion for the third time in his NFL career, leaving his team’s game Thursday night against Buffalo after running into defensive back Damar Hamlin and hitting the back of his head against the turf.
Tagovailoa remained down for about two minutes before getting to his feet and walking to the sideline after the play in the third quarter. He made his way to the tunnel not long afterward, looking into the stands before smiling and departing toward the locker room.
The Dolphins needed almost no time before announcing it was a concussion. The team said he had two during the 2022 season, and Tagovailoa was diagnosed with another concussion when he was a college player at Alabama.
Dolphins coach Mike McDaniel said Tagovailoa would get “proper procedural evaluation” and “appropriate care” on Friday.
“The furthest thing from my mind is, ‘What is the timeline?’ We just need to evaluate and just worry about my teammate, like the rest of the guys are,” McDaniel said. “We’ll get more information tomorrow and take it day by day from here.”
Some players saw Tagovailoa in the locker room after the game and said they were encouraged. Tagovailoa spoke with some players and then went home after the game, McDaniel said.
“I have a lot of love for Tua, built a great relationship with him,” said quarterback Skylar Thompson, who replaced Tagovailoa after the injury. “You care about the person more than the player and everybody in the organization would say the same thing. Just really praying for Tua and hopefully everything will come out all right.”
Tagovailoa signed a four-year, $212 million extension before this season — a deal that makes him one of the highest-paid players in the NFL — and was the NFL’s leading passer in Week 1 this season. Tagovailoa left with the Dolphins trailing 31-10, and that was the final score.
“If you know Tua outside of football, you can’t help but feel for him,” Bills quarterback Josh Allen said on Amazon following the game. “He’s a great football player but he’s an even greater human being. He’s one of the best humans on the planet. I’ve got a lot of love for him and I’m just praying for him and his family, hoping everything’s OK. But it’s tough, man. This game of football that we play, it’s got its highs and it’s got its lows — and this is one of the lows.”
Tagovailoa’s college years and first three NFL seasons were marred by injury, though he positioned himself for a big pay bump with an injury-free and productive 2023 as he led the Dolphins into the playoffs. He threw for 29 touchdowns and a league-best 4,624 yards last year.
When, or if, he can come back this season is anyone’s guess. Tagovailoa said in April 2023 that the concussions he had in the 2022 season left him contemplating his playing future. “I think I considered it for a time,” he said then, when asked if he considered stepping away from the game to protect himself.
McDaniel said it’s not his place to say if Tagovailoa should return to football. “He’ll be evaluated and we’ll have conversations and progress as appropriate,” McDaniel said.
Tagovailoa was hurt Thursday on a fourth-down keeper with about 4:30 left in the third. He went straight ahead into Hamlin and did not slide, leading with his right shoulder instead.
Hamlin was the player who suffered a cardiac arrest after making a tackle during a Monday night game in January 2023 at Cincinnati, causing the NFL to suspend a pivotal game that quickly lost significance in the aftermath of a scary scene that unfolded in front of a national television audience.
Tagovailoa wound up on his back, both his hands in the air and Bills players immediately pointed at him as if to suggest there was an injury. Dolphins center Aaron Brewer quickly did the same, waving to the sideline.
Tagovailoa appeared to be making a fist with his right hand as he lay on the ground. It was movement consistent with something that is referred to as the “fencing response,” which can be common after a traumatic brain injury.
Tagovailoa eventually got to his feet. McDaniel grabbed the side of his quarterback’s head and gave him a kiss on the cheek as Tagovailoa departed. Thompson came into the game to take Tagovailoa’s spot.
“I love Tua on and off the football field,” Bills edge Von Miller said. “I’m a huge fan of him. I can empathize and sympathize with him because I’ve been there. I wish him the best.”
Tagovailoa’s history with concussions — and how he has since worked to avoid them — is a huge part of the story of his career, and now comes to the forefront once again.
He had at least two concussions during the 2022 season. He was hurt in a Week 3 game against Buffalo and cleared concussion protocol, though he appeared disoriented on that play but returned to the game.
The NFL later changed its concussion protocol to mandate that if a player shows possible concussion symptoms — including a lack of balance or stability — he must sit out the rest of the game.
Less than a week later, in a Thursday night game at Cincinnati, Tagovailoa was concussed on a scary hit that briefly knocked him unconscious and led to him being taken off the field on a stretcher.
His second known concussion of that season came in a December game against Green Bay, and he didn’t play for the rest of the 2022 season. After that, Tagovailoa began studying ways where he may be able to fall more safely and protect himself against further injury — including studying jiu-jitsu.
“I’m not worried about anything that’s out of my hands,” McDaniel said. “I’m just worried about the human being.”
NEW YORK (AP) — When her husband turns on the television to hear news about the upcoming presidential election, that’s often a signal for Lori Johnson Malveaux to leave the room.
It can get to be too much. Often, she’ll go to a TV in another room to watch a movie on the Hallmark Channel or BET. She craves something comforting and entertaining. And in that, she has company.
While about half of Americans say they are following political news “extremely” or “very” closely, about 6 in 10 say they need to limit how much information they consume about the government and politics to avoid feeling overloaded or fatigued, according to a new survey from the Associated Press-NORC Center for Public Affairs Research and USAFacts.
Make no mistake: Malveaux plans to vote. She always does. “I just get to the point where I don’t want to hear the rhetoric,” she said.
The 54-year-old Democrat said she’s most bothered when she hears people on the news telling her that something she saw with her own eyes — like the Jan. 6, 2021, attack on the U.S. Capitol — didn’t really happen.
“I feel like I’m being gaslit. That’s the way to put it,” she said.
Sometimes it feels like ‘a bombardment’
Caleb Pack, 23, a Republican from Ardmore, Oklahoma, who works in IT, tries to keep informed through the news feeds on his phone, which is stocked with a variety of sources, including CNN, Fox News, The Wall Street Journal and The Associated Press.
Yet sometimes, Pack says, it seems like a bombardment.
“It’s good to know what’s going on, but both sides are pulling a little bit extreme,” he said. “It just feels like it’s a conversation piece everywhere, and it’s hard to escape it.”
Media fatigue isn’t a new phenomenon. A Pew Research Center survey conducted in late 2019 found roughly two in three Americans felt worn out by the amount of news there is, about the same as in a poll taken in early 2018. During the 2016 presidential campaign, about 6 in 10 people felt overloaded by campaign news.
But it can be particularly acute with news related to politics. The AP-NORC/USAFacts poll found that half of Americans feel a need to limit their consumption of information related to crime or overseas conflicts, while only about 4 in 10 are limiting news about the economy and jobs.
It’s easy to understand, with television outlets like CNN, Fox News Channel and MSNBC full of political talk and a wide array of political news online, sometimes complicated by disinformation.
“There’s a glut of information,” said Richard Coffin, director of research and advocacy for USAFacts, “and people are having a hard time figuring out what is true or not.”
Women are more likely to feel they need to limit media
In the AP-NORC poll, about 6 in 10 men said they follow news about elections and politics at least “very” closely, compared to about half of women. For all types of news, not just politics, women are more likely than men to report the need to limit their media consumption, the survey found.
White adults are also more likely than Black or Hispanic adults to say they need to limit media consumption on politics, the poll found.
Kaleb Aravzo, 19, a Democrat, gets a baseline of news by listening to National Public Radio in the morning at home in Logan, Utah. Too much politics, particularly when he’s on social media sites like TikTok and Instagram, can trigger anxiety and depression.
“If it pops up on my page when I’m on social media,” he said, “I’ll just scroll past it.”
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Sanders reported from Washington. David Bauder writes about media for the AP. Follow him at http://x.com/dbauder.
The AP poll of 1,019 adults was conducted July 29-August 8, 2024, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for all respondents is plus or minus 4.0 percentage points.
