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Metaverse real estate sales boom as businesses try to stake a claim in a 'risky' virtual world – CBC News

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Cosmos, a half-century-old greasy spoon known for its house omelette with bacon, ham, salami and sausage, isn’t exactly synonymous with cutting-edge technology.

But the new owner, David Minicucci, wants to bring his Montreal restaurant into the fledgling three-dimensional realm of the metaverse.

Minicucci envisions customers in different cities using virtual reality headsets to get together in a 3D version of the restaurant – even enjoying Cosmos’ signature dishes, prepared in kitchens set up across the country and delivered to your door.

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“Just like we got onto UberEats or went on to other technology platforms that help us increase sales or get our name out there … it’s just the next level of that,” said Minicucci. 

While the metaverse concept was coined in Neal Stephenson’s 1992 novel Snow Crash, the idea that interconnected, immersive virtual worlds could be the next phase of the internet has gotten a lot of attention lately – particularly after Facebook rebranded itself as Meta.

Since Facebook rebranded itself as Meta, the idea of an interconnected virtual reality becoming the future of the internet has gotten a lot of media attention. (Eric Risberg/The Associated Press)

For Minicucci, who has owned Cosmos since 2020, that meant purchasing a plot of virtual land in a digital world called Decentraland, paying the equivalent of $15,000 in cryptocurrency.

Metaverse real estate transactions worth millions

And he’s not the only one willing to spend money on land that doesn’t actually exist.

A recent report by the Centre for Technology, Finance and Entrepreneurship in the U.K. found that land transactions in the metaverse last year hit an average of $100-million US each month.

WATCH | Metaverse investment a risky proposition, expert says

Dining out in the metaverse

4 days ago

Duration 0:41

The owner of a Montreal diner lays out his vision for the metaverse version of his restaurant 0:41

In Decentraland those sales were worth $110-million US, the report says, and in another virtual world, The Sandbox, they hit $350-million US.

A subsidiary of Toronto-based company Tokens.com, which invests in digital assets linked to the metaverse, recently paid nearly $2.5 million US for virtual land in Decentraland’s fashion district. 

At the end of March, the company will host Decentraland’s fashion week, with avatar models showcasing NFTs, which are unique digital assets like art or media, and virtual products from brands such as Tommy Hilfiger and Dolce & Gabbana. 

“A lot of people were scratching their heads at how much money we spent on it,” said CEO Andrew Kiguel, who sees an opportunity for digital advertising – and more.

The fashion show, he said, is an example of how his company could make money off its virtual land.

“It’s being hosted on our land, so we’re being compensated for that,” he said.

“We own the peripheral land around the fashion show, so we’re working with various groups to set up pop-up shops to get some of that peripheral traffic. And we also own the rights to any of the advertising that happens on this property.”

Decentraland’s land plots are non-fungible tokens, or NFTs, which means that each one is unique and cannot be replicated. Part of their value comes from the fact that the organization behind Decentraland created a finite number of plots: 90,000.

Skepticism amid the hype

For enthusiasts, the metaverse will be home to virtual spaces where you can wear a virtual reality headset and have your avatar shop for clothing, visit an art gallery, or go to concerts and fashion shows with friends.

But some experts caution that the user experience is still years away from fully immersive worlds that aren’t awkward or clunky, where users can move seamlessly between different virtual platforms.

Cosmos opened in 1967 and is famous for greasy breakfasts including a house omelette and the creation sandwich. People might soon be able to enjoy those in a virtual environment. (Alison Northcott/CBC)

“The zeitgeist is hot right now for the metaverse,” said Rabindra Ratan, associate professor of media and information at Michigan State University. Despite all the attention, Ratan sees virtual real estate as a high-risk investment, at least for now.

“I am definitely in favour of the development of the metaverse, but I also believe we are so far from realizing this vision that the virtual real estate thing is just too risky, in my opinion.”

Ratan points out there are multiple digital worlds, all vying to become the dominant space with the most traffic and no one knows which of them, if any, will win out. The use of cryptocurrencies and a lack of regulation can add further volatility and risk.

“We’ll see, probably, some bubble busts in real estate, but that doesn’t mean the metaverse is dead,” Ratan said. He sees land as “the worst investment” in the metaverse right now.

“Don’t go buy a plot of land and then figure out what to do with it. Think first about what you want your users to do in the metaverse.”

This is what Cosmos looks like in Decentraland, a virtual reality 3D world with 90,000 plots of land. (Decentraland screenshot)

Henry Kim, associate professor at the Schulich School of Business in Toronto, said investors are drawn to what the metaverse may become, but have no guarantee it will take off.

“It’s either pure, pure speculation and gambling,” he said. “Or it’s a very, very risky investment to something happening in the future.”

Kim recognizes the potential the metaverse has to transform how we interact, looking at it as a way to add 3D space to social media.

“If social media is very popular and people see great opportunities with that, then imagine if you could do that in 3D,” he said.

“Imagine all the promises and benefits that come with that. The issue really is that no one really knows what that’s going to look like.”

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US February PCE core inflation +2.8% y/y vs +2.8% expected – ForexLive

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US core PCE yy

  • Prior month 2.8% (revised to 2.9%)
  • PCE core m/m +0.3% vs +0.3% expected (unrounded +0.261%)
  • Prior m/m core +0.4% (revised to +0.5%)
  • Headline PCE +2.5% y/y vs +2.5% expected (prior 2.4%).
  • Headline m/m +0.3% vs +0.4% expected (unrounded +0.333%)
  • 6 month core annualized 2.9% vs 2.6% prior
  • Full report

Consumer spending and consumer income for February:

  • Personal income +0.3% versus +0.4% expected. Prior month 0.3%.
  • Personal spending +0.8% versus +0.5% expected. Prior month +0.2%
  • Real personal spending +0.4% vs -0.1% last month (revised to -0.2%)

The revisions to the January data are a touch higher but it didn’t bump up the Feb y/y numbers.

Overall, it’s a tad hot but the dollar is a tad softer, perhaps focusing on the lower headline m/m reading.

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Looking deeper at spending, goods rose 0.5% with services up 0.9%. On the inflation side, goods prices were down 0.2% y/y while services prices rose 3.8% y/y.

US core PCE mm

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What’s open and closed Good Friday, Easter Monday in Hamilton, Burlington and Niagara Region – Global News

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The Easter long weekend is upon us, bringing a rare four-day holiday to some in the Hamilton area. Several businesses and services will be closed on Good Friday (March 29), Easter Sunday (March 31) or Easter Monday (April 1).

Here’s a list of some things that will or will not be operating in Hamilton, Burlington and Niagara Region.

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Administrative offices: Offices are closed on Friday and Monday.

Licensing and bylaw services: Licensing and bylaw phone queue line will be closed on Friday and Monday. Service will resume on Tuesday.

Green bin, garbage and recycling: No collection on Good Friday. Friday’s pickup will occur on Saturday (March 31). Monday will be a regular collection day (April 1). The city says all materials must be at the curb by 7 a.m. Community recycling centres and transfer stations will be closed Friday and Monday.

HSR bus: Buses will operate on a Sunday/holiday schedule Friday and a regular schedule on Monday.

GO Transit: Trains and buses are operating on a Sunday schedule Friday.

ATS DARTS: Service will be operating with holiday service hours on Friday and Monday. Subscription trips on DARTS, with the exception of dialysis, are cancelled for Friday and Monday. ATS customer service will also be closed on Friday and Monday.

Ontario Works: The program, including the special supports, will be closed Friday and Monday. Phone service will resume on Tuesday.

Recreation centres: Closed on Friday and Monday.

Hamilton civic museums: Dundurn National Historic Site, the Hamilton Military Museum and the Hamilton Museum of Steam and Technology will be closed on Friday and Monday.

Tourism Hamilton visitor information centre: Closed Friday to Monday.

Hamilton Public Library: All HPL branches are closed on Good Friday, Easter Sunday and Easter Monday. Branches are open on Saturday and regular hours resume Tuesday, April 2

Social services: All Ontario Works offices, special supports and the housing services office will be closed on Friday and Monday.

Senior centres: Closed Friday and Sunday. Senior clubs will be running modified program schedules from Friday to Monday.

Arenas: Closed to public programming Friday, Sunday and Monday.

Animal services: Closed Good Friday, Sunday and Easter Monday.

Canadian Warplane Heritage Museum in Mount Hope: Open Good Friday, Saturday and Easter Sunday. Closed Easter Monday.

Burlington

Government offices: Local government such as city hall, municipal offices and facilities will be closed on Good Friday and Easter Monday.


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Administrative services: Services including parks, roads and forestry will be closed on Friday and Monday. Only snow removal and urgent services will be provided.

Animal Shelter and Control: Closed all weekend, Friday through Monday. Emergencies can be called in to 905-335-7777.

Recreation centres: Some city pools, arenas and community centres will be operational on a limited schedule. Visit burlington.ca/dropinandplay for details. Some outdoor recreation facilities will also be open, weather permitting. Visit burlington.ca/outdoorplay for more information. Tyandaga Golf Course will be closed. The tentative season opener is set for April 6.

Halton Provincial Offences Court: Closed on Friday and Monday.

Free parking: Available Friday and Monday in the downtown core in municipal lots, on-street and in the parking garage, however, the Waterfront parking lots (east and west) do not provide free parking on statutory holidays. Parking exemptions are required to park overnight on city streets and for longer than five hours. Visit burlington.ca/parkingexemptions for more.

Burlington Transit: Transit will operate a holiday schedule Sunday. The downtown transit terminal, specialized dispatch and the administration office will be closed on March 29. Monday is a regular schedule.

Niagara Region

Government offices: City halls, the Enterprise Centre and administration offices are all closed on Good Friday. Some offices, like St. Catharines, will reopen on Easter Monday.

Parks, recreation and culture services: All City recreation centres are closed on Good Friday and Easter Sunday. Administration offices are all closed on Friday. Some will be closed on Monday. St. Catharines Kiwanis Aquatics Centre is closed Friday, but open on Saturday. Seymour-Hannah Sports and Entertainment Centre is closed Friday, but open regular hours through the weekend and Monday.

Community centres: All older adult centres and arenas will either be closed or have reduced hours on Friday, Sunday and Monday.

St. Catharines Museum; Welland Canals Centre: Both facilities will be closed on Good Friday but open the rest of the long weekend between 9 a.m. to 5 p.m.

Niagara Regional Transit: Both St. Catharines and Niagara Falls buses will operate on a holiday schedule for Good Friday. Regional, Fort Erie and Welland service will not be running Friday. The agency will have regular hours on Easter Sunday and Monday.

Canada Post: No collection or mail delivery on Monday. Most post offices operated by the private sector will also be closed during business hours.

Grocery stores: Major grocery stores like Fortinos, Metro, FreshCo and No Frills will be closed on Good Friday and Easter Sunday.

Shoppers Drug Mart: Some locations in the city will be open on Good Friday and Easter Sunday, but not all. Holiday hours can be seen on the Shoppers store locator map.

Rexall: Some outlets are open on a holiday schedule, but not all. Visit the Rexall website for store hours.

Malls: All major shopping centres in Hamilton, Burlington, St. Catharines and Niagara Falls will be closed on Good Friday. Exceptions include:

  • Outlet Collection at Niagara Falls: Open from 10 a.m. to 6 p.m.
  • CF Toronto Eaton Centre: Open noon to 7 p.m.
  • Toronto Premium Outlets in Halton Hills: Open Friday from 9:30 a.m. to 7 p.m. and Sunday from 11 a.m. to 7 p.m.
  • Pacific Mall in Toronto: Open between 11 a.m. and 7 p.m.
  • Vaughan Mills will be open from 11 a.m. to 7 p.m.

In Toronto, retailers in designated tourist areas such as Yorkville, downtown Yonge, Queen’s Quay West and the Distillery District can stay open Good Friday, according to City of Toronto bylaws.

Walmart: All Walmarts in the GTHA will be closed Good Friday and Easter Sunday except the Niagara Falls Supercentre on Oakwood Drive, which is open between 7 a.m. and 11 p.m. on those days.

Alcohol

The Beer Store: All stores will be closed Good Friday and Easter Sunday.

LCBO: All stores will be closed Good Friday and Easter Sunday.

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Wine Rack: Most Hamilton locations will be closed on Good Friday and Easter Monday except for the Wilson Street West location in Ancaster and the Guelph Line outlet in Burlington.

Wilson Street will be open Noon to 5 p.m. on Good Friday and 11 a.m. to 6 p.m. on Easter Sunday. Guelph Line will open 10 a.m. to 6 p.m. on Friday and Sunday.

Tourist destinations

Niagara Falls: Some Niagara Falls attractions are closed during the early spring, including the Whirlpool Aero Car and Wildplay Whirlpool Adventure Course, and the White Water Walk.

However, some, like the Niagara City Cruises, Journey Behind the Falls, Niagara Falls History Museum and The Exchange, and the Niagara Power Station are open and will be operating on Good Friday and Easter Sunday. Hours of operation can be seen on the Niagara Parks website.

The Butterfly Conservatory will be open on Good Friday and Easter Sunday between 10 a.m. and 6 p.m.

Toronto: Most Toronto attractions are either closed or have adjusted hours on Good Friday and Easter Sunday.

  • The Hockey Hall of Fame will be open from 10 a.m. to 5 p.m.
  • The Toronto Zoo will be open from 9:30 a.m. to 6 p.m.
  • The Ontario Science Centre will be open from 10 a.m. to 5 p.m.
  • Ripley’s Aquarium will be open from 9 a.m. to 11 p.m.
  • The Art Gallery of Ontario will be open from 10:30 a.m. to 4:30 p.m.
  • The Royal Ontario Museum will be open from 10 a.m. to 5:30 p.m.
  • The Aga Khan Museum will be open from 10 a.m. to 5:30 p.m.

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CRA pausing new 'bare trust' reporting requirement just days before filing deadline – CBC News

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The Canada Revenue Agency (CRA) is hitting pause on a new “bare trust” reporting requirement with just a few days remaining before the deadline.

New reporting requirements for such trust arrangements were introduced for the 2024 tax season. Anyone with a bare trust was required to file a T3 tax return form naming the trustees, beneficiaries and settlors of each trust by April 2.

But on Thursday — with four days before the deadline to file — the CRA announced that it would be pausing the reporting measures.

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“In recognition that the new reporting requirements for bare trusts have had an unintended impact on Canadians, the Canada Revenue Agency will not require bare trusts to file a T3 … for the 2023 tax year, unless the CRA makes a direct request for these filings,” a statement released by the tax agency said.

John Oakey, a vice president with the Chartered Professional Accountants of Canada, said the government hasn’t done a great job of communicating the changes.

“There’s no advertising from the government saying these are coming. You don’t see an ad on the television. You don’t see ads in magazines,” he said.

“The only way that individuals are really finding out is from advisers, financial institutions … people that are already aware of these rules.”

No definition of ‘bare trust’ in Income Tax Act

There is no definition of a bare trust in the Income Tax Act. The CRA defines a bare trust as “arrangement under which the trustee can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust’s property.”

Unlike express trusts, where people seek out a lawyer to create a trust, bare trusts can happen almost accidentally — when a parent cosigns a mortgage for a child and becomes partial owner, or when an aging parent puts their kids down as partial owners of their house in anticipation of an impending death.

Oakey said a bare trust could also be something as simple as a shared bank account.

“If I put my name on [my parents’] bank account in order to help them pay their bills, that creates a trust relationship,” he said.

“I have no real control over the asset. I still have to adhere to their wishes. All I’m doing is acting as an agent on their behalf to do whatever they want me to do.”

In those cases, the bare trust does not earn any money for the trustee to report in a given tax year.

Even though Canadians wouldn’t have been taxed on a trust’s value, failure to report being a member of a bare trust could have resulted in a fine of $2,500, or five per cent of the value of all property in the trust, whichever is higher.

The requirement was meant as a way to crack down on tax avoidance. Corporations and wealthy individuals sometimes hold properties in bare trusts so they can avoid paying property transfer taxes. Oakey said the move was also likely an effort to crack down on money laundering.

The CRA said it would be working to “to further clarify its guidance on this filing requirement” over the coming months.

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