City Ottawa Financial News

Canada unexpectedly recorded a $638 million trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher.

By Jake Fuss and Grady Munro

The Federal government’s move to rein in the entry of temporary residents to Canada could have more of an impact than we thought.

The Bank of Canada on Wednesday cut its interest rate by 25 basis points for a second time in a row, citing a pullback in household spending on both consumer goods and housing as a reason to bring the rate down to 4.5 per cent even as price pressures in shelter and services continue to keep inflation elevated.

The Trudeau government is like a band that only knows one tune: more spending/higher taxes.

OTTAWA — Canada’s banking regulator says it has delayed by a year a rule change established by international banking standards.

Thousands converged in the nation’s capital and across the country to celebrate Canada Day, marking 157 years of Confederation.

Liberal Member of Parliament Anthony Housefather is denouncing a poster that appeared on a Montreal lamppost asking him to “get out of Canada.”

Housing affordability in Canada is a problem. That’s a fact.

The Canadian government has ended the Newfoundland and Labrador cod moratorium, which gutted the Atlantic-coast province’s economy and transformed its small communities more than 30 years ago

terrorism in Canada as «deplorable», India has said it was «unfortunate» that such actions are allowed to be «routine» on many occasions here when it should be condemned by all peace-loving countries and people. In a statement on the 39th anniversary of the 1985 Kanishka bombing, in which 329 persons, most of them Canadians of Indian descent, on board an Air India flight lost their lives, the Indian High Commission said that terrorism knows «no borders, nationality, or race.» The Montreal-New Delhi Air India 'Kanishka' Flight 182 exploded 45 minutes before it was to have landed at London's Heathrow Airport on June 23, 1985, killing all 329 people on board, including 86 children.

Russia must be held accountable for “an element of genocide” it’s perpetrating by taking thousands of Ukrainian children from their homes and trying to erase their Ukrainian identity, Prime Minister Justin Trudeau said Sunday at the end of a global summit focused on restoring peace between the two countries.

When the Canadian Western Bank opened its doors in 1984, it was a bank on a mission.

OTTAWA — The chief executives ofCanada’s five biggest banks are set to testify before a parliamentary committee later today about the impacts of the financial sector on climate and the environment.

Justin Trudeau meets Joe Biden at the G7 summit in Italy this week, Trudeau probably won't ask if the US might have a civil war soon. But, as per the reports of 'Politico', a research group in Trudeau's government is already thinking about it. In a report called «Disruptions on the Horizon,» they suggested that Ottawa should prepare for the possibility of a civil war in the U.S. The report mentioned how ideological differences, weakening democracy, and unrest within the country could lead to such a situation. The report is 37 pages, but it says this in just 15 words.

Canada's intelligence agency chief David Vigneault paid two quiet visits to India in February and March to apprise Indian officials of the case relating to the killing of Khalistani extremist Hardeep Singh Nijjar, people familiar with the matter said.

John Tavares’ $8-million tax dispute with the Canada Revenue Agency, arguing the Toronto Maple Leafs captain is offside.In a reply to Tavares’ appeal with the Tax Court of Canada, the Attorney General of Canada (AGC) is disputing Tavares’ ask to have the CRA’s reassessment of his 2018 tax return annulled.The CRA, according to Tavares’ appeal filed in January, determined his 2018 income was $17.8 million higher than reported, and ordered the player to pay $6.8 million in taxes — over 38 per cent — plus $1.2 million in interest.The 33-year-old from Mississauga, Ont., signed a seven-year, US$77-million contract to join the Leafs on July 1, 2018. He previously played for the New York Islanders from 2009 to 2018.The $17.8-million sum accounts for a US$15.25-million signing bonus in the contract’s first year, and “was integral to Tavares’ decision” to accept the deal, his appeal states.The court document added Tavares’s signing bonus “was an inducement to sign an agreement relating to the performance of an athlete,” and should not be considered as salary or wages.The AGC took issue with that in its reply filed late last month.“With respect to the entirety of the Notice of Appeal, the Attorney General of Canada (AGC) denies that any amount referred to as a ‘signing bonus’ was a signing bonus or an inducement payment,” it reads in part.Tavares’ appeal argues that at the time, he was eligible for the reduced tax rate of 15 per cent under a Canada-U.S.

The term “Ozempic babies” is taking social media by storm as a growing number of women have shared their stories of getting pregnant after using the popular weight-loss drug.

Royal Bank of Canada’s landmark deal to acquire HSBC Holdings PLC’s Canadian division led to the country’s first decrease in foreign direct investment in 14 years.

Solar storms are expected to be back and this will bring back the northern lights. The European Space Agency had recorded an incident of a major solar flare on May 20. This was recorded by the agency’s Solar Orbiter Aircraft and it occurred right behind the Sun. It was rated as a X12 and it is believed that it hasn’t occurred since 2017. Scientists believe that it will lead to more solar flares in the coming days.

The federal government and the government of Ontario have reached a $357-million deal under the National Housing Strategy.