Canada Financial News

Montreal were arrested in New York City Monday for allegedly conspiring to illegally ship $13.9 million worth of restricted technology to the Russian military.Some of the components that the Montrealers obtained through front companies later ended up in advanced Russian weapons systems and spying equipment found on battlefields in Ukraine, according to Breon Peace, the United States Attorney for the Eastern District of New York.Peace unsealed a criminal complaint that identified the two Montrealers who were charged in the case as Nikolay Goltsev, 37, and Kristina Puzyreva, 32.A third Russian man, Salimdzhon Nasriddinov from New York, was also charged.“These defendants are alleged to have illegally exported millions of dollars in electronics to support the Kremlin in its ongoing attacks of Ukraine,” said Ivan J. Arvelo, Special Agent in Charge of Homeland Security Investigations in New York.The charges follow a major probe by the Department of Homeland Security, the Federal Bureau of Investigation, U.S.

Ozempic maker Novo Nordisk is facing a proposed class action lawsuit that alleges the company has not properly warned Canadians about severe side effects, including stomach paralysis and gallbladder disease.The proposed class action lawsuit was filed on Oct. 6 in British Columbia for alleged damages arising from Novo Nordisk’s drugs Ozempic, Rybelsus and Wegovy.

Canada have chosen to leave in recent years, a threat to a country that relies on immigration to drive population and economic growth. The rate of immigrants leaving the country, or onward migration, has been steadily increasing since the 1980s and is rising among recent cohorts, suggesting newcomers “may not be seeing the benefits of moving to Canada,” according to a study on immigrant retention by the Institute for Canadian Citizenship and the Conference Board of Canada. Click & check your eligibility for immigration Find out The report, published Tuesday, underscored the risks of Canada failing to meet expectations of newcomers, who are facing worsening housing affordability, a strained health-care system and underemployment, among other issues.

Canadian banks are seeing a rapid uptake in tax-free first home savings accounts, according to Chrystia Freeland.

With energy bills soaring through the roof and inflation running high, Canadians are having to cut back on their household expenses – in some cases at the cost of their safety and comfort, according to a national survey.

With 60 per cent of Canadian mortgages set to come up for renewal within the next three years, homeowners are facing a “payment shock” unless interest rates come down in a significant way, according to Royal Bank of Canada.

Finance Minister Chrystia Freeland says she will meet provincial and territorial finance ministers later this week to discuss the possibility of Alberta’s withdrawal from the Canada Pension Plan (CPP).

There was a “record spike” in the number of immigrants who left Canada between 2016 and 2019, according to a new study that urged the government to make retaining newcomers a top priority to boost the economy.

The Canadian economy could already be in a “modest” recession, one economist says, after Statistics Canada released the latest GDP numbers for August and a preliminary forecast for September and the third quarter.

By Howard Levitt and Stephen Gillman

heating oil from the carbon price for the next three years, a policy that primarily benefits residents in Atlantic Canada.Energy and Natural Resources Minister Jonathan Wilkinson first said the federal pollution price will remain in place for other forms of home heating on his way into cabinet Tuesday morning.“There will be no more carve-outs coming,” Wilkinson said, who stressed Canadians on heating oil stand to save around $2,500 annually now.Conservative Leader Pierre Poilievre spent question period pressing Trudeau on the exemption, accusing him of doing it for political, not environmental reasons.Trudeau responded saying that eight out of 10 Canadians who use natural gas for heat get more money back from carbon rebates than they pay.NDP Leader Jagmeet Singh says the approach is one that divides the country.“It provides help to those that live in the ridings where the Liberals are worried about losing their seats and doesn’t provide help across the country. It’s a divisive approach,” Singh said.As an alternative, Singh called on the government to remove GST from all forms of home heating, calling it an essential as winter approaches.Premiers across the country are calling the federal carbon price exemption on home heating oil unfair as the policy announced last week primarily benefits Atlantic Canada.

gross domestic product (GDP) was essentially unchanged in August, Statistics Canada said Tuesday, pointing to the impacts of extreme weather.Higher interest rates are weighing on economic growth as people and businesses pull back on spending. Drought conditions and forest fires raging through the month also helped to pull down economic growth.Resource extraction sectors such as mining and oil and gas saw growth in August, while manufacturing and the accommodation and food services industries faced declines.Retail trade also fell for the third month in a row.Air, rail and water transportation sectors all saw gains, with StatCan saying the latter’s rebound fully offsetting declines tied to the B.C.

BHP will spend a further $US4.9 billion ($7.7 billion) to build stage two of the Jansen potash project in Canada, bringing the total investment for the project to $US15.1 billion.

Trudeau had said that Canada had ‘credible evidence’ that India and its intelligentsia were involved in the June killing of Canada-based Pro-Khalistan terrorist Hardeep Singh Nijjar in Surrey. The months that followed saw apprehension of Canada restricting Visa for Indians, while India restricted entry for Canadian citizens in India.

immigration, particularly concerning concerns about its impact on the housing crisis. In 2023, Canada reached a historic milestone by surpassing a population of 40 million people, with a significant portion attributed to international migration. While the country has welcomed a record number of immigrants, the latest Focus Canada research indicates that there has been a notable increase in the belief that there is too much immigration to Canada, which contrasts with the trend observed in the past. Want to know if you qualify for immigration? Click here This shift in perspective is primarily driven by concerns about how newcomers might be contributing to the current housing challenges. Over the past year, Canadians have become increasingly pessimistic about the direction of the country, the state of the economy, and their confidence in the government's ability to address future challenges, the report has highlighted. Inflation, the cost of living, housing affordability, and interest rates have emerged as top concerns. While Canadians are now more likely to say there is too much immigration to the country, there has been no corresponding change in how Canadians feel about immigrants themselves or their contributions to communities and the country.

health insurance for themselves or their dependents in India. According to a PolicyBazaar report, among NRIs, those from Gulf nations like the UAE, Saudi Arabia, Qatar, Oman, and Kuwait constitute the largest percentage of health insurance buyers, at 58%, followed by the USA/Canada (14%), the UK (8%), and Australia (6%). Think you check all the immigration boxes? Find out The appeal lies in the lower cost of health insurance in India compared to other countries, making it a viable choice for those residing abroad. Family floater health insurance plans are the preferred choice among NRIs, accounting for 40% of purchases. A significant portion of these policies (25%) is bought for parents or senior citizens residing in India. To maximize their health insurance benefits, NRIs opt for high-sum insured plans, especially crucial for severe illnesses or costly medical conditions. At least one-fourth of NRIs choose coverage of more than Rs 1 crore, while 34% opt for a sum insured between Rs 25 lacs to Rs 1 crore. Over half of the buyers opt for multi-year policies to take advantage of premium discounts. This not only locks in the premium for the chosen period but also guards against medical inflation or changes in premiums due to increasing age.

The share of Canadians missing payments on their mortgages is down compared to last year despite the impact of higher interest rates, according to the Canada Mortgage and Housing Corp.

caste discrimination in Canada is a huge step forward for civil rights, advocates say.In its ruling, the OHRC said while caste is not specified as a protected category under Canadian law, it is covered by international human rights law and hence, can be protected under the Ontario Human Rights Code.“Caste is not a prescribed Code ground, and only the legislature can recognize a new ground,” the OHRC noted.“However, the OHRC, the Human Rights Tribunal of Ontario and the courts must take a liberal and progressive interpretation of the Code. Human rights tribunals have found that caste-based discrimination is covered by human rights laws and can be challenged under one or more existing grounds.”Vijay Puli, executive director of the Canada-based South Asian Dalit Adivasi Network (SADAN), told Global News just the acknowledgment of caste discrimination from the OHRC is a huge leap forward.“People from oppressed castes can now finally go to court if they face discrimination.

Bitcoin futures exchange-traded funds have seen the largest single week of inflows since July of last year. The funds raked in about $326 million with expectations rising that the US Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF, according to a report by crypto asset manager CoinShares on Monday. The optimism is also helping to boost demand for so-called altcoins, with Solana-related products seeing $24 million in inflows. Ether, the second largest cryptocurrency after Bitcoin, saw $6 million in outflows. Forecasts for the approval of a spot Bitcoin ETF have been increasing since the SEC declined to appeal an August court ruling that threw out its rejection of a plan by Grayscale to convert its Bitcoin trust to an ETF. Bitcoin is trading at levels that have not been seen since the crypto market meltdown last May. However, investors are showing restraint despite the prospect of a spot Bitcoin ETF approval. “While positive for Bitcoin, this weekly inflow only ranks the 21st largest on record, suggesting continued restraint among investors,” the report said.

Government-owned broadcaster SBS has secured the rights to the 2026 FIFA Men’s World Cup, outbidding commercial free-to-air networks and streaming giants including Paramount and Optus Sport.

Ryan Smolkin to unexpected complications from a recent surgery.Smolkin started the Ajax, Ont.-based brand in 2009, calling himself the company’s chief entertainment officer.Under his leadership, Smoke’s locations cropped up all over Canada and the brand expanded into the U.S.Prior to Smoke’s, Smolkin owned a branding and design company that counted Nike, Maple Leaf Sports & Entertainment, Molson Breweries and Corus Entertainment as clients.Smoke’s president and chief operating officer Mark Cunningham will take on Smolkin’s role.