Weekly Digest – 01 May 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Investing tax refunds is low priority for Canadians amid high cost of living

Only one in 10 Canadians plan on investing their tax refund this year as other financial demands take priority, a new CIBC poll found.

Canadian dollar could sink to 50 cents a decade from now, says analyst

Jean-François Tardif, founder of Timelo Investment Management, speaks with Financial Post’s Larysa Harapyn about how the 2024 federal budget could impact the Canadian economy and the Canadian dollar, both in the short-term and over a longer horizon.

70% of Gen Z, Millennials say Trudeau’s government not working in their interest

As the federal government looks to address “generation fairness” in its most recent budget, new data from the non-profit Angus Reid Institute finds most Canadians doubting it’s working for any generation at all.

The federal budget is a taxing blow to Canada’s innovation economy

In the unveiling of the 2024 federal budget, Ottawa’s decision to increase the capital gains inclusion rate from 50 per cent to 66 per cent stands out as a stark blow to Canada’s innovation sector.

Launching the second phase of consultations on the Scientific Research and Experimental Development Tax Incentive Program

Budget 2024 announced an additional $600 million over four years starting in 2025-26, with $150 million per year ongoing, for future enhancements to the Scientific Research and Experimental Development (SR&ED) tax incentive program. To inform the delivery of this additional funding, the government is launching a second phase of consultations as it works to enhance the SR&ED program and target this additional funding to boost research and innovation.

Canadian stocks are the better bargain right now

Despite worries that the Canadian economy is weakening and on the brink of a recession, the Canadian equity market is still bullish and has returned 4.36% year-to-date (April 22). Seasoned investor and value-oriented stock picker Dave Jiles confirms that the market’s behaviour is hard to fathom, and attributes some of the bullishness to fiscal spending and central banks’ potential rate cuts.

Unifor president asks Bank of Canada governor to lower interest rates: ‘What are you waiting for?’

Unifor president Lana Payne has a simple message for Bank of Canada governor Tiff Macklem — slash interest rates, and slash them now. Payne, whose union represents 315,000 workers in more than 20 sectors, has been outspoken in her opposition to interest rate hikes.

Global plastic treaty talks are happening. What do stakeholders want?

Global leaders gathered in Canada’s capital this week to discuss progress in drafting a first-ever global treaty to rein in soaring plastic pollution by the end of the year.

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