Weekly Digest – 03 April 2024

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

CRA no longer requiring tax return for bare trusts this year

Canadians with bare trust arrangements, such as a co-signed mortgage or joint bank account, won’t be required to comply with new tax-reporting requirements for 2023. The Canada Revenue Agency (CRA) said in an announcement Thursday that bare trusts no longer have to file a T3 Income Tax and Information Return, including Schedule 15 for the 2023 tax year unless the agency makes a direct request.

Bank of Canada to cut rates more sharply than Fed, says CIBC

Avery Shenfeld, managing director and chief economist at CIBC Capital Markets, talks with Financial Post’s Larysa Harapyn about the factors that could compel the Bank of Canada to cut interest rates more sharply than the United States Federal Reserve.

Retailers are cutting prices to win your business. Here’s where you can save

Canadians with extra spending cash right now might find they can score deals on clothing, some discretionary items and higher-ticket purchases as experts say retailers are fighting harder for consumers’ dollars.

Strong Canadian exports support record 2023 trade volumes through the Port of Vancouver

Cargo volumes through the Port of Vancouver increased by 6% in 2023, as terminal operators and supply chain partners moved a record 150.4 million metric tonnes (MMT) of trade. The Vancouver Fraser Port Authority’s 2023 cargo statistics, released today, show it was a mixed year at the Port of Vancouver, with growth in some sectors and softening in others

Credit delinquencies on rise among Canadian businesses

A new report suggests credit delinquencies among Canadian businesses are on the rise. Equifax Canada’s latest quarterly business credit trends report says there was a 14.3 per cent uptick in the number of businesses that missed a payment on a credit product between the fourth quarter of 2023 and the fourth quarter of 2022.

The Canadian Chamber appears before Senate National Finance Committee on Bill C-59

On March 20, the Canadian Chamber’s Senior Vice President of Policy and Government Relations, Matthew Holmes and Senior Director, Fiscal and Financial Services Policy, Jessica Brandon-Jepp appeared before the Senate Committee on National Finance to address Bill C-59. They emphasized the importance of Canada’s economic competitiveness and productivity — noting that Canada’s productivity has declined in 11 of the last 12 quarters — and highlighted the need for businesses to be viewed as critical partners in driving investment and growth to address these challenges.

Simple fixes for the economy

Frank Stronach, founder of Magna International Inc., one of Canada’s largest global companies discusses why it’s critical that we get Canada’s economy back on a solid foundation and offers suggestions on how we go about doing that.

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