economy

Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen. Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang

Statistics Canada says economy posted record 11.6% plunge in April

Statistics Canada said its initial flash estimate points to growth of three per cent in May

Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen. Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang
Bank of Canada Governor Tiff Macklem takes part in a photo opportunity at the Bank of Canada amid the COVID-19 pandemic in Ottawa on Monday, June 22, 2020. Macklem will deliver a speech and take part in a press conference at the Bank of Canada later today. THE CANADIAN PRESS/Sean Kilpatrick

COVID-19 to leave some lasting economic damage, Bank of Canada chief says

Canadians shouldn’t expect the short and sharp economic bounce-back expected over the coming months to last

Bank of Canada Governor Tiff Macklem takes part in a photo opportunity at the Bank of Canada amid the COVID-19 pandemic in Ottawa on Monday, June 22, 2020. Macklem will deliver a speech and take part in a press conference at the Bank of Canada later today. THE CANADIAN PRESS/Sean Kilpatrick
Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy

Forecast says Canada’s economy will grow in 2021 if there isn’t another national shutdown

Group projects Canada’s national unemployment rate will peak at 13.7 per cent

Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy
In this Jan. 9, 2019, file photo, Facebook employees sit at their stations during a tour of its new 130,000-square-foot offices in Cambridge, Mass. Facebook, Open Text and Shopify are transitioning to permanent work from home, but that will likely mean changes to compensation and salaries if you live or move somewhere not in the vicinity of your current office. THE CANADIAN PRESS/AP/Elise Amendola, File

Canadians working from home permanently should expect salary changes: experts

Some companies, like Facebook, have already announced changes

In this Jan. 9, 2019, file photo, Facebook employees sit at their stations during a tour of its new 130,000-square-foot offices in Cambridge, Mass. Facebook, Open Text and Shopify are transitioning to permanent work from home, but that will likely mean changes to compensation and salaries if you live or move somewhere not in the vicinity of your current office. THE CANADIAN PRESS/AP/Elise Amendola, File
Finance Minister Bill Morneau rises during Question Period in the House of Commons Tuesday May 26, 2020 in Ottawa. The Canadian Association of Petroleum Producers says if bridge loans for smaller oil and gas companies aren’t ready to flow soon some companies will have to turn to less-safe options to survive the COVID-19 slowdown.THE CANADIAN PRESS/Adrian Wyld

Federal aid for oil sector still in development, three months later

Global demand for oil plummeted by more than 16 million barrels a day this spring

Finance Minister Bill Morneau rises during Question Period in the House of Commons Tuesday May 26, 2020 in Ottawa. The Canadian Association of Petroleum Producers says if bridge loans for smaller oil and gas companies aren’t ready to flow soon some companies will have to turn to less-safe options to survive the COVID-19 slowdown.THE CANADIAN PRESS/Adrian Wyld
Prime Minister Justin Trudeau gives a COVID-19 update in front of Rideau Cottage on Wednesday, June 17, 2020. (CPAC)
Prime Minister Justin Trudeau gives a COVID-19 update in front of Rideau Cottage on Wednesday, June 17, 2020. (CPAC)
Statistics Canada says annual inflation rate drops in May for second month in a row

Statistics Canada says annual inflation rate drops in May for second month in a row

The agency says the consumer price index fell 0.4 per cent compared with a year ago

Statistics Canada says annual inflation rate drops in May for second month in a row
Prime Minister Justin Trudeau rises during a meeting of the Special Committee on the COVID-19 Pandemic in the House of Commons on Parliament Hill in Ottawa, on Tuesday, June 9, 2020. THE CANADIAN PRESS/Justin Tang

Opposition parties reject emergency COVID-19 aid bill with fines for CERB fraudsters

The bill includes a proposed expansion of the wage subsidy program to include seasonal workers

Prime Minister Justin Trudeau rises during a meeting of the Special Committee on the COVID-19 Pandemic in the House of Commons on Parliament Hill in Ottawa, on Tuesday, June 9, 2020. THE CANADIAN PRESS/Justin Tang
Parliamentary Budget Officer Yves Giroux waits to appear before the Commons Finance committee on Parliament Hill in Ottawa on March 10, 2020. Parliament’s spending watchdog will detail today possible costs associated with extending and changing the Canada Emergency Response Benefit. Budget officer Yves Giroux’s report scheduled to be released this morning comes on the same day that the House of Commons meets to discuss proposed changes to the COVID-19-related aid. Prime Minister Justin Trudeau said Tuesday that his government wanted to redo how the $2,000-a-month benefit is doled out and get more people back to work, while also cracking down on fraud. THE CANADIAN PRESS/Adrian Wyld

Extending CERB for months could double $60-billion budget, PBO report suggests

Recent figures show 8.41 million people have applied for the CERB, with $43.51 billion in payments made as of June 4

Parliamentary Budget Officer Yves Giroux waits to appear before the Commons Finance committee on Parliament Hill in Ottawa on March 10, 2020. Parliament’s spending watchdog will detail today possible costs associated with extending and changing the Canada Emergency Response Benefit. Budget officer Yves Giroux’s report scheduled to be released this morning comes on the same day that the House of Commons meets to discuss proposed changes to the COVID-19-related aid. Prime Minister Justin Trudeau said Tuesday that his government wanted to redo how the $2,000-a-month benefit is doled out and get more people back to work, while also cracking down on fraud. THE CANADIAN PRESS/Adrian Wyld
Workers board up a luxury store in downtown Vancouver, B.C., Thursday, March 26, 2020. Businesses have been forced closed by the city and the province due to the COVID-19 outbreak. THE CANADIAN PRESS/Jonathan Hayward

COVID-19: A look at how layoffs turned permanent in past Canadian recessions

Statistics Canada report finds nearly half of layoffs in past recessions became permanent

Workers board up a luxury store in downtown Vancouver, B.C., Thursday, March 26, 2020. Businesses have been forced closed by the city and the province due to the COVID-19 outbreak. THE CANADIAN PRESS/Jonathan Hayward
(File photo)

B.C.’s minimum wage bump won’t alleviate housing or COVID-19 pressures: advocates

Of those earning minimum wage across Canada, 60 per cent are women

  • Jun 8, 2020
(File photo)
An aerial view of Gold River. (Photo/Village of Gold River)

Gold River ready to welcome visitors and restart local businesses

In contrast to single-industry remote communities, Gold River’s diversified economy might help it better survive after reopening

An aerial view of Gold River. (Photo/Village of Gold River)
The Bank of Canada building is seen in Ottawa, Wednesday, April 15, 2020. The Bank of Canada is expected to keep its key interest rate unchanged this morning on the first day of governor Tiff Macklem’s tenure. THE CANADIAN PRESS/Adrian Wyld

Bank of Canada keeps key interest rate target on hold at 0.25%

Central bank now expects GDP to decline between 10 and 20 per cent compared with the fourth quarter of 2019

The Bank of Canada building is seen in Ottawa, Wednesday, April 15, 2020. The Bank of Canada is expected to keep its key interest rate unchanged this morning on the first day of governor Tiff Macklem’s tenure. THE CANADIAN PRESS/Adrian Wyld
B.C. Labour Minister Harry Bains arrives at the start of the debate at B.C. Legislature in Victoria, B.C., on Monday, June 26, 2017. The minimum wage in B.C. is going up on Monday, rising to $14.60 per hour from $13.85. THE CANADIAN PRESS/Chad Hipolito

Minimum wage goes up June 1 in B.C. as businesses face COVID-19 challenges

The minimum wage jumps by 75 cents to $14.60 an hour on Monday

B.C. Labour Minister Harry Bains arrives at the start of the debate at B.C. Legislature in Victoria, B.C., on Monday, June 26, 2017. The minimum wage in B.C. is going up on Monday, rising to $14.60 per hour from $13.85. THE CANADIAN PRESS/Chad Hipolito
BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward

BC Ferries losing up to $1.5 million each day as pandemic tanks ridership

The company does not qualify for the wage subsidy

BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld

Feds to seek equity or cash from companies applying for new COVID-19 loan program

Terms are designed to make sure companies using the program receive bridge loans, not bailouts

FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld
Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick

Annual inflation rate turned negative in April, Statistics Canada reports

It was the first year-over-year decline in the CPI since September 2009

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick
Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick

Bank of Canada’s independence key to aiding post-COVID recovery, Wilkins says

The bank’s balance sheet has more than tripled from around $120 billion in early March

Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick
An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson