Canada’s inflation rate heats up to 2.4% in January

KITCHENER, Ont. – Prosecutors are arguing a man who stabbed a professor and two students in a University of Waterloo gender studies class last year should face a lengthy sentence because of the attack’s lasting impact on campus safety and security.

Federal prosecutor Althea Francis says a sentence in the upper range is appropriate not only because Geovanny Villalba-Aleman wanted to send a message about his views but also because he sought to make those with different beliefs feel unsafe.

The Crown has said it is seeking a sentence of 16 years for Villalba-Aleman, who pleaded guilty to four charges in the June 2023 campus attack.

The sentencing hearing for Villalba-Aleman began Monday and is expected to continue all week.

Federal prosecutors argued Tuesday that Villalba-Aleman’s statement to police, and a manifesto that was found on his phone, show his actions were motivated by ideology and meant to intimidate a segment of the population.

Villalba-Aleman pleaded guilty to two counts of aggravated assault, one count of assault with a weapon and one count of assault causing bodily harm.

A video of his statement to police was shown in court earlier in the sentencing hearing.

In the video, Villalba-Aleman told police he felt colleges and universities were imposing ideology and restricting academic freedom, and he wanted the attack to serve as a “wake-up call.”

This report by The Canadian Press was first published Oct. 23, 2024.

The Canadian Press. All rights reserved.

HALIFAX – Nova Scotia Premier Tim Houston has announced a one percentage point cut to the harmonized sales tax starting April 1.

Houston made the announcement today as speculation mounts about a snap election call in the coming days.

The premier says the cut to the provincial portion of the tax would reduce it from 15 per cent to 14 per cent.

Houston says his government is making the move because people need more help with the cost of living.

A one percentage point reduction to the HST is expected to cost about $260.8 million next fiscal year.

The department says the HST brings in $2.7 billion or 17.1 per cent of provincial revenues, second only to personal income taxes.

This report by The Canadian Press was first published Oct. 23, 2024.

The Canadian Press. All rights reserved.

OTTAWA – The Bank of Canada cut its key policy interest rate by 50 basis points on Wednesday to bring it to 3.75 per cent. Here’s what people are saying about the decision:

“High inflation and interest rates have been a heavy burden for Canadians. With inflation now back to target and interest rates continuing to come down, families, businesses and communities should feel some relief.” — Tiff Macklem, Bank of Canada governor.

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“Activity in Canada’s housing market has been sluggish in many regions due to higher borrowing costs, but today’s more aggressive cut to lending rates could cause the tide to turn quickly. For those with variable rate mortgages – who will benefit from the rate drop immediately – or those with fast-approaching loan renewals, today’s announcement is welcome news indeed.” — Phil Soper, president and CEO of Royal LePage.

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“This won’t be the end of rate cuts. Even with the succession of policy cuts since June, rates are still way too high given the state of the economy. To bring rates into better balance, we have another 150 bps in cuts pencilled in through 2025. So while the pace of cuts going forward is now highly uncertain, the direction for rates is firmly downwards.” — James Orlando, director and senior economist at TD Bank.

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“The size of the December rate cut will depend on upcoming job and inflation data, but a 25 basis point cut remains our baseline.” — Tu Nguyen, economist with assurance, tax and consultancy firm RSM Canada.

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“Today’s outsized rate cut is mostly a response to the heavy-duty decline in headline inflation in the past few months. However, the underlying forecast and the Bank’s mild tone suggest that the future default moves will be 25 bp steps, unless growth and/or inflation surprise again to the downside.” — Douglas Porter, chief economist at Bank of Montreal.

This report by The Canadian Press was first published Oct. 23, 2024.

The Canadian Press. All rights reserved.