The Bank of Canada may have to raise interest rates further, given that inflation may stay high for some time, said governor Tiff Macklem Thursday. His speech at the Calgary Chamber of Commerce came one day after the central bank decided to hold its key interest rate steady at five per cent as signs of an economic slowdown grow.
Prime Minister Justin Trudeau says Canada's rocky relations with China have stabilized, while telling business leaders in Singapore that Ottawa has committed to a timeline for trade deals with the region. Trudeau is undertaking a weeklong visit to Indonesia, Singapore and India with a focus on shoring up trade in a region Ottawa sees as key to counteracting coercive economic moves by China.
The parliamentary budget officer says the federal government's proposed changes to the alternative minimum tax will generate an additional $2.6 billion in revenue over five years. The tax aims to ensure high-income earners and trusts don't pay disproportionately less in taxes than other taxpayers.
The latest federal government forecast says Canada's already unprecedented 2023 wildfire season could continue late into the fall or winter. Energy and Natural Resources Minister Jonathan Wilkinson says there is potential for increased wildland fire activity from eastern Alberta through to central Ontario at least until the end of this month, while fires in B.C. and the Northwest Territories will continue to smoulder.
The City of Surrey says it will be removing derelict boats from the Nicomekl River this month. The city says boats have been illegally mooring on a narrow section of the river, dumping raw sewage and garbage into the water, and creating hazards for other boaters.
A rabbit that hopped the tracks at a downtown Vancouver transit station was reunited with its owner after efforts by passengers and police. Metro Vancouver Transit Police say the bunny was running loose last Thursday at the Granville SkyTrain station when a passenger picked it up and handed it to officers patrolling the underground stop.