Federal government posts $1.5B surplus for first two months of fiscal year
BNN Bloomberg
The federal government posted a budgetary surplus of $1.5 billion in April and May, the first two months of the 2023-24 fiscal year.
In its monthly fiscal monitor, the Finance Department says the result compared to a surplus of $5.3 billion during the same period in the previous fiscal year.
Revenues rose by $1.3 billion or 1.8 per cent due to higher interest and employment insurance premiums, on top of greater proceeds from personal income tax and a carbon pricing hike.
Expenses rose $3.9 billion or 6.6 per cent as the government paid out more returns under the pollution pricing framework as well as higher elderly benefits and transfers to other levels of government — all partly offset by the wind-down of COVID-19 income supports.
Google is arguing it shouldn’t have to pay about $370,000 in legal fees and other costs the Competition Commissioner is seeking after the tech giant lost a constitutional challenge.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.