Canada has officially entered a recession due to the economic devastation caused by the COVID-19 pandemic, the C.D. Howe Institute's Business Cycle Council declared Friday.
Tiff Macklem, a former second-in-command at the Bank of Canada, is returning to the central bank to take over the top job at a moment that he says cries out for bold, unprecedented responses to the economic crisis fuelled by COVID-19.
Prime Minister Justin Trudeau says the federal government is banning a range of assault-style guns, with an order that takes effect immediately. The cabinet order he described in a Friday-morning announcement doesn't forbid owning any of 1,500 "military-style" weapons and their variants but it does forbid them to be used and halts the trade in them
COVID-19 has now spread to every region in Canada, with Nunavut reporting its first case on Thursday, as Ontario reported its largest one-day climb in fatalities and the country's budget officer predicted a staggering $252-billion deficit. The case in northern Nunavut was identified in the 1,600-strong largely Inuit community of Pond Inlet on Baffin Island. The territory's chief public health officer, Dr. Michael Patterson, said a rapid response team was on its way to the community to help manage the situation.
The Canadian military is deploying a flight investigation team to look into the causes of a helicopter crash off the coast of Greece that has claimed the life of at least one service member and left five others missing. Prime Minister Justin Trudeau confirmed during a news conference that six people were aboard the Cyclone helicopter that went down in the Ionian Sea on Wednesday as the aircraft was returning to the Halifax-based frigate HMCS Fredericton from a NATO training mission.
Parliament's budget watchdog says that it's likely the federal deficit for the year will hit $252.1 billion as a result of the COVID-19 pandemic, and could go even higher if emergency measures remain in place longer than planned. The figure is an estimate based on the almost $146 billion in spending measures the government has announced to help cushion the economic blow from the pandemic, estimated declines in the country's gross domestic product, and the price of oil remaining well below previous expectations.
.jpg "Tiff Macklem new Bank of Canada governor")
