Canadian deficit projected to reach $343.2 billion

Toll of COVID-19 on the broader economy in 2020 is expected to be the largest and most sudden economic contraction since the Great Depression

Canadian deficit projected to reach $343.2 billionThe Canadian deficit is projected to be $343.2 billion in 2020-21, announced the federal government on Wednesday, adding that the COVID-19 crisis is the challenge of our generation. “The COVID-19 pandemic has had a major impact on the social and economic well-being of Canadians in every part of the country. For many it has meant…

Hailstorm in Calgary caused $1.2 billion in insured damages

The most expensive insured natural catastrophe on record is the 2016 Fort McMurray wildfire, which cost almost $4 billion

Hailstorm in Calgary caused $1.2 billion in insured damagesThe hail, rain and windstorm that hit Calgary, Airdrie, Rocky View County and the surrounding area on June 13 caused almost $1.2 billion in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The majority of the insured damage is to personal property and vehicles, with a smaller percentage of damages to commercial property, said the Insurance Bureau of…

Money is number one cause of stress for Canadians

Money (38 per cent) outranks personal health (25 per cent), work (21 per cent) and relationships (16 per cent) as the top source of stress in Canadians' lives

Money is number one cause of stress for CanadiansConsistent with previous years, in 2020 money is the number one cause of stress for Canadians by a large margin, according to the latest FP Canada survey. The Financial Stress Index found that money (38 per cent) outranks personal health (25 per cent), work (21 per cent) and relationships (16 per cent) as the top…

Hard hit oil and gas sector leads to GDP decline

The anticipated reduction in oil and gas production and investment will be dramatic and will lead to significant drops in GDP and total number of jobs

Hard hit oil and gas sector leads to GDP declineUnless supply and demand conditions for oil and gas unexpectedly improve during the course of 2020, the anticipated reduction in oil and gas production and investment will be dramatic and will lead to significant drops in GDP and total number of jobs in the total economy, says a new report released Wednesday by Statistics Canada.…

Small business owners seeking government support

Small businesses are facing a long, bumpy road ahead of them. In fact, 14 per cent are considering bankruptcy or winding down altogether

Small business owners seeking government supportThe Canadian Federation of Independent Business (CFIB) has sent a letter to Canada's Finance Minister with a list of measures small businesses need to recover from the COVID-19. The letter was sent out to Bill Morneau prior to his fiscal update on Wednesday. “Small businesses are facing a long, bumpy road ahead of them. In…

Best ever quarter for CP transporting Canadian grain

In 2020's second quarter, CP moved 8.41 million metric tonnes (MMT) of Canadian grain and grain products

Best ever quarter for CP transporting Canadian grainCanadian Pacific announced Tuesday its best-ever quarter and June for moving Canadian grain and grain products. "The collaborative relationships CP has built with its customers, combined with responsive rail service, have contributed to another quarter of record-breaking grain movements," said Joan Hardy, CP's Vice-President Sales and Marketing Grain and Fertilizers, in a news release. "We…

Business sentiment in Canada plunges due to COVID crisis

Nearly half of all businesses reported an outright decline of their sales in the past 12 months because of the impacts from COVID‑19, low energy prices

Business sentiment in Canada plunges due to COVID crisisWidespread negative business sentiment caused by the effects of the COVID‑19 pandemic is reflected in a sharp fall in the Bank of Canada’s Business Outlook Survey indicator, which dropped close to the trough experienced during the 2007–09 global financial crisis.  “Since the previous survey, conducted before concerns around COVID‑19 had intensified but as oil prices…

Post-secondary students experiencing financial concerns

35 % of post-secondary students said they no longer have a job placement or summer job this year, and 33% have lost income due to a reduction of work hours

Post-secondary students experiencing financial concernsA new poll, released Monday by CIBC, indicates that  87 per cent of post-secondary students in Canada are experiencing one or more financial concerns including how tuition and living expenses will be funded next term.  The poll also found that 68 per cent indicate their income would be impacted by the pandemic, compared to 36…

Alberta government distributing another 20 million masks

In June, 20 million masks were distributed through restaurant partners, municipalities, long-term care facilities, First Nations and Metis Settlements.

Alberta government distributing another 20 million masksThe Alberta government is distributing another 20 million free non-medical masks which will soon be available at A&W, McDonald’s Canada, and Tim Hortons locations across Alberta. The government said distribution of masks through these restaurant partners will resume on July 13. In June, it said, 20 million masks were distributed through restaurant partners, municipalities, long-term…

6% of Canadians unable to afford food or shelter

Nearly 1 in 4 (22%) are very stressed about their overall financial, while 25% are not stressed at all

6% of Canadians unable to afford food or shelterThe COVID-19 pandemic has had some serious consequences for Canadians and their finances. Here are some key results from a result survey by J.D. Power on the impact the crisis has had on people: General Perceptions  1 in 4 Canadians (24%) are working fewer hours and 12% temporarily lost their jobs and still not working,…
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