In this edition:
- Postage stamp price increase takes effect today
- GST/HST holiday tax break having little impact on Canadians’ finances
- Trump could declare a national emergency to implement 25 per cent tariffs
- Canadians’ financial stress ramping up despite interest rate cuts
- Gasoline is more expensive in Ontario, prices expected to keep climbing
- Holdback amendments to Construction Act a ‘significant change’ for contractors
- Focus on Climate
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Picture credit: Blacqbook / Adobe Stock
Postage stamp price increase takes effect today
The cost to send a letter in Canada is increasing by about 25 per cent, effective today.
Canada Post says the cost of stamps for domestic mail bought in a booklet, coil or pane has increased by 25 cents to $1.24 per stamp.
Picture credit: AddMeshCube / Adobe Stock
GST/HST holiday tax break having little impact on Canadians’ finances
A new survey suggests HST/GST tax breaks and promises of government rebates aren’t having a major impact on Canadians’ bank accounts.
A Nanos Research poll found most Canadians have an overall negative perception of the economic measures that would cost the federal government an estimated $6.3 billion.
Picture credit: Office of the Prime Minister of Canada
Trump could declare a national emergency to implement 25 per cent tariffs
United States president-elect Donald Trump may declare a national emergency in order to turn his threat to slap Canada with 25 per cent across-the-board tariffs into a reality.
Greta Peisch, the former general counsel for the Office of the U.S. Trade Representative, said the incoming president could use the International Economic Emergency Powers Act (IEEPA).
However, a new report says the U.S. benefits at least as much from trade with Canada as Canada benefits. It notes that 76 per cent of Canadian exports to the U.S. are used as inputs by U.S. businesses in their own production.
Picture credit: photobyphotoboy / Adobe Stock
Canadians’ financial stress ramping up despite interest rate cuts
Half of Canadians are $200 or less away from being unable to cover their monthly bills and debt payments, according to MNP Ltd.’s quarterly report on consumer debt.
Picture credit: Михаил Решетников / Adobe Stock
Gasoline is more expensive in Ontario, prices expected to keep climbing
Gasoline prices have risen over the past week by an average of three to four cents a litre in Ontario to a GTA average of 158.9 cents per litre for regular grade. Diesel prices have risen by five to six cents a litre to a GTA average of 174.9 cents per litre. Prices outside the GTA tend to be lower.
Sadly, price hikes aren’t likely to stop there, said Dan McTeague, president of Canadians for Affordable Energy.
Picture credit: adrian_ilie825/ Adobe Stock
Holdback amendments to Construction Act a ‘significant change’ for contractors
Changes to the Construction Act of Ontario and its regulations this spring will impact contractors, designers and others in the building industry.
The most significant change is that the 10 per cent holdback (retained from payments within a project) will be required to be released annually, according to Glenn Ackerley, a partner in Toronto-based law firm WeirFoulds LLP.
Did you know?
The financial losses from the Los Angeles wildfires are projected to reach $250 billion.
Focus on Climate
The road to cleaner and safer long-haul trucking
Long-haul trucking is the lifeblood of Canada’s supply chain, transporting goods across vast distances. However, it comes at a cost: diesel-powered trucks are among the largest contributors to greenhouse gas emissions and air pollution. According to Cedric Smith, director of transportation at Pollution Probe, this pollution poses serious health risks, particularly to communities near major highways. “Diesel exhaust contributes not just to environmental challenges but also to a wide range of health issues,” he says.
Pollution Probe’s recent report examines the transition to zero-emission vehicles (ZEVs), focusing on battery electric vehicles (BEVs) and hydrogen fuel cell electric vehicles (FCEVs). The report highlights both the potential health and safety benefits of this transition and the significant challenges to overcome.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
