Tucked into the 500-page Notice of Ways and Means Motion Finance Minister Chrystia Freeland released last month is an insidious measure that urgently needs to be withdrawn. First announced as part of Budget 2023, it imposes an additional $3 billion of federal income tax on “financial institutions” over the next five years. We all know how popular financial institutions are. A tax imposed on big banks and insurance companies will appeal to many people. But who really will pay this tax is: everyone — despite the government’s cynical attempt to try to convince us all that someone else will ultimately bear its burden.
It is a fundamental principle of Canadian income taxation that corporate profits should be taxed…
Canada must stem the surge in temporary foreign workers and international students - Globe and Mail
Recent years have seen an unprecedented increase in Canada’s non-permanent resident population, far surpassing increases in annual admissions of new permanent residents. The unbalanced growth in Canada’s temporary and permanent migration inflows will inevitably result in a growing undocumented population and forced deportations. Both developments risk inflaming Canada’s immigration politics and undermining public confidence in the immigration system.
It is imperative that the government take immediate steps to stem the continuing growth in foreign student and temporary foreign worker entries.
Several factors have contributed to the non-permanent resident (NPR) population surge, including ad-hoc programs aimed at expanding…
The Bank of Canada surprised no one by holding its target for the overnight lending rate at 5 per cent on Wednesday. Last week’s releases by Statistics Canada showing a decline in third-quarter GDP and an uptick in the unemployment rate sealed the deal.
Nevertheless, the announcement made it clear that the bank is not satisfied with the pace at which inflation is falling, stressed that the fight against inflation is not yet won, and stated that they stand ready to boost rates again if inflation numbers disappoint.
It’s clear that the bank is concerned about inflation expectations becoming de-anchored from the 2-per-cent target. They continue to prioritize re-establishing any…
