Tax News

Low interest rates prompt interest in borrowing to invest

Kevin Stone is 28 years old and already has over half a million dollars of debt, including a mortgage and a loan to purchase farmland. The Bank of Canada recently lowered its benchmark lending rate by 25 basis points for the second time this year. Canada's major banks partially followed suit and lowered their prime lending rates to 2.7 per cent.

  • Greek stocks plunge after five-week … CBC - 23 hours ago

    Greece's stock market and banks were closed on June 29, when the government put limits on money withdrawals and transfers to keep a run on the banks from bringing down … More »Greek stocks plunge after five-week …

    Greece's stock market and banks were closed on June 29, when the government put limits on money withdrawals and transfers to keep a run on the banks from bringing down the financial system. Two surveys published Monday illustrate the extent of the damage wreaked on the Greek economy in July by the bank closures, money …

  • Imperial Oil's profit misses as … Reuters - Fri, 31 Jul, 2015

    (Reuters) - Imperial Oil Ltd , Canada's No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. … More »Imperial Oil's profit misses as …

    (Reuters) - Imperial Oil Ltd , Canada's No.2 integrated oil producer and refiner, reported a lower-than-expected quarterly profit, hurt by the slump in crude prices. Global oil prices have nearly halved in the past year, hurting oil and gas companies and forcing them to cut expenditure and jobs. Imperial, majority owned …

  • Canada's RioCan says to explore … Reuters - Fri, 31 Jul, 2015

    Canada's largest real estate investment trust RioCan said on Friday it is exploring a potential sale of its assets in the United States, valued by analysts at between … More »Canada's RioCan says to explore …

    Canada's largest real estate investment trust RioCan said on Friday it is exploring a potential sale of its assets in the United States, valued by analysts at between $2 billion and $2.25 billion. The company, which acquired most of its assets on the cheap in the midst of the global financial crisis, said it has benefited …

  • Spain's PM Rajoy gestures during his news conference after weekly cabinet meeting at the Moncloa Palace in Madrid
    Spain's Rajoy loosens purse strings, … Reuters - Fri, 31 Jul, 2015

    By Julien Toyer MADRID (Reuters) - Spain's Mariano Rajoy sought to persuade Spaniards on Friday that earlier austerity would be reverted if he won re-election later … More »Spain's Rajoy loosens purse strings, …

    Spain's PM Rajoy gestures during his news conference after weekly cabinet meeting at the Moncloa Palace in Madrid

    By Julien Toyer MADRID (Reuters) - Spain's Mariano Rajoy sought to persuade Spaniards on Friday that earlier austerity would be reverted if he won re-election later this year, unveiling a 2016 budget featuring the first spending hikes since he took office. Rajoy announced a 1 percent increase in civil servants' salaries, …

  • Universal Child Care Benefit ads 'misleading' families, say critics
    Universal Child Care Benefit ads 'misleading' … CBC - Fri, 31 Jul, 2015

    The federal government is running a pricey ad campaign to inform parents they're receiving a beefed up Universal Child Care Benefit (UCCB). With an election call perhaps … More »Universal Child Care Benefit ads 'misleading' …

    Universal Child Care Benefit ads 'misleading' families, say critics

    The federal government is running a pricey ad campaign to inform parents they're receiving a beefed up Universal Child Care Benefit (UCCB). With an election call perhaps only days away, that has led the government's critics to accuse the Conservatives of attempting to put a misleading gloss on the plan right before the …

  • Canadian Oil Sands posts quarterly  … Reuters - Thu, 30 Jul, 2015

    (Reuters) - Canadian Oil Sands Ltd , the biggest shareholder in the Syncrude oil sands project, reported a quarterly loss, hurt by fall in crude oil prices and deferred … More »Canadian Oil Sands posts quarterly  …

    (Reuters) - Canadian Oil Sands Ltd , the biggest shareholder in the Syncrude oil sands project, reported a quarterly loss, hurt by fall in crude oil prices and deferred tax expenses due to an increase in the provincial corporate tax rate in Alberta. The slump in oil prices has resulted in a drop in production and investment …

  • Conocophillips CEO Ryan Lance speaks during an interview with Maria Bartiromo, for her Fox Business Network show "Opening Bell with Maria Bartiromo" in New York
    Conoco results beat estimates, cuts … Reuters - Thu, 30 Jul, 2015

    (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, reported quarterly results that beat analysts' expectations Thursday and said it would cut … More »Conoco results beat estimates, cuts …

    Conocophillips CEO Ryan Lance speaks during an interview with Maria Bartiromo, for her Fox Business Network show "Opening Bell with Maria Bartiromo" in New York

    (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, reported quarterly results that beat analysts' expectations Thursday and said it would cut capital expenditure as low crude oil prices persist. Chief Executive Officer Ryan Lance said Conoco was preparing for "lower, more volatile prices." Crude …

  • Penn West Petroleum cuts 2015 budget … Reuters - Thu, 30 Jul, 2015

    (Reuters) - Canadian oil producer Penn West Petroleum Ltd cut its 2015 capital budget for the second time as it looks to contain costs amid a steep fall in crude oil … More »Penn West Petroleum cuts 2015 budget …

    (Reuters) - Canadian oil producer Penn West Petroleum Ltd cut its 2015 capital budget for the second time as it looks to contain costs amid a steep fall in crude oil prices. The company also reported a smaller-than-expected quarterly loss, helped by a 21 percent fall in total expenses. Penn West cut its capital budget …

  • Open Text revenue beats estimates for … Reuters - Wed, 29 Jul, 2015

    Canada's business software maker Open Text Corp raised its fiscal 2016 operating margin forecast and reported a better-than-expected revenue for the first time in four … More »Open Text revenue beats estimates for …

    Canada's business software maker Open Text Corp raised its fiscal 2016 operating margin forecast and reported a better-than-expected revenue for the first time in four quarters as it closed more big contracts. Open Text's U.S.-listed shares rose 14 percent in trading after the bell on Wednesday as the financial results …

  • Sign with a logo of MasterCard is seen on the door of a shoe shop in Stavropol
    MasterCard's revenue misses estimates … Reuters - Wed, 29 Jul, 2015

    (Reuters) - MasterCard Inc , the operator of the world's second largest payment network, reported lower-than-expected quarterly revenue as the company offered more rebates … More »MasterCard's revenue misses estimates …

    Sign with a logo of MasterCard is seen on the door of a shoe shop in Stavropol

    (Reuters) - MasterCard Inc , the operator of the world's second largest payment network, reported lower-than-expected quarterly revenue as the company offered more rebates and incentives to win new and renewed deals. Shares of MasterCard, which operates the world's second largest payment network, fell about 3 percent in …

  • China says recovered 38.7 billion yuan … Reuters - Wed, 29 Jul, 2015

    China has recovered 38.7 billion yuan ($6.2 billion) in losses from graft, state media reported, as the leadership pursues a campaign against pervasive corruption. Corrupt … More »China says recovered 38.7 billion yuan …

    China has recovered 38.7 billion yuan ($6.2 billion) in losses from graft, state media reported, as the leadership pursues a campaign against pervasive corruption. Corrupt officials had to return ill-gotten land and property to the state, the official People's Daily reported on its website, citing the ruling Communist …

  • Canada's Prime Minister Harper and B.C. Premier Clark visit a command post near the Westside Road wildfire in Kelowna
    Canada Conservatives likely to lengthen … Reuters - Tue, 28 Jul, 2015

    By David Ljunggren and Randall Palmer OTTAWA (Reuters) - Canada's governing Conservatives are likely to lengthen this year's election campaign by launching it in August, … More »Canada Conservatives likely to lengthen …

    Canada's Prime Minister Harper and B.C. Premier Clark visit a command post near the Westside Road wildfire in Kelowna

    By David Ljunggren and Randall Palmer OTTAWA (Reuters) - Canada's governing Conservatives are likely to lengthen this year's election campaign by launching it in August, three senior party sources said, a move that would benefit the cash-rich party. Given that campaigns must last at least 37 days, the latest date Prime …

  • Husky Energy keeps head above water … CBC - Tue, 28 Jul, 2015

    Husky said it took a substantial hit because of an increase in Alberta's corporate tax rate. Husky's production edged higher in the quarter to 337,000 barrels of oil … More »Husky Energy keeps head above water …

    Husky said it took a substantial hit because of an increase in Alberta's corporate tax rate. Husky's production edged higher in the quarter to 337,000 barrels of oil equivalent per day compared with 334,000 boepd a year ago. In its outlook, Husky said it expects approximately 85,000 barrels per day of new production to …

  • President and CEO Ghosh of Husky Energy addresses shareholders during the company's annual general meeting in Calgary.
    Husky Energy profit falls 81 percent … Reuters - Tue, 28 Jul, 2015

    (Reuters) - Husky Energy Inc , Canada's No.3 integrated oil company, reported a nearly 81 percent fall in quarterly profit as it struggles to cope with weak oil and … More »Husky Energy profit falls 81 percent …

    President and CEO Ghosh of Husky Energy addresses shareholders during the company's annual general meeting in Calgary.

    (Reuters) - Husky Energy Inc , Canada's No.3 integrated oil company, reported a nearly 81 percent fall in quarterly profit as it struggles to cope with weak oil and gas prices. The company's net income fell to C$120 million, or 10 Canadian cents per share, in the second quarter ended June 30, from C$628 million, …

  • Logo of Swiss bank UBS is seen at the company's headquarters in Zurich
    UBS fails to impress with forecast-beating … Reuters - Mon, 27 Jul, 2015

    By Joshua Franklin ZURICH (Reuters) - Swiss bank UBS failed to impress investors with a jump in second-quarter profit and a boost to its capital as strong earnings from … More »UBS fails to impress with forecast-beating …

    Logo of Swiss bank UBS is seen at the company's headquarters in Zurich

    By Joshua Franklin ZURICH (Reuters) - Swiss bank UBS failed to impress investors with a jump in second-quarter profit and a boost to its capital as strong earnings from rival Credit Suisse last week had raised hopes for even better results. Net profit rose 53 percent on the year to 1.2 billion Swiss francs ($1.25 billion) …

  • Canadian families may have big plans for the sudden influx of backdated Universal Child Care Benefit cheques that Ottawa mailed out this week, but there's little evidence that the economy as a whole is going to benefit from them, one of Canada's biggest banks said Friday. Based on Shenfeld's crunching of the numbers, however, …

  • Oil prices are down, gasoline prices are not. What gives?

    This week, the price of oil is hovering around $50 a barrel and the average price of a litre of gasoline is $1.22. Refining margins are the difference between the cost of crude oil and the cost of wholesale gasoline.