Home Economics: CRA resumes full debt collection efforts; A look at food price increases
BNN Bloomberg
Home Economics newsletter: Home prices rise by record 3.5% in February, ‘workcations’ are the newest fad among remote workers, and groceries are more expensive – but which items have seen their price rise by the most?
CRA plans full resumption of debt collections
If you owe money to the government, prepare to hear from the Canada Revenue Agency – if you haven’t already. The agency informed the federal revenue minister that it planned to fully resume its debt collection efforts ahead of tax season this year, according to The Canadian Press. During the pandemic, the CRA eased up on collection efforts because of the economic impact many Canadians felt.
‘Workcations’ are the newest fad among remote workers
A new study shows more Canadians are packing up their laptops and working from abroad. It’s earned the nickname “workcation” – where an employer allows staff to travel and work from anywhere in the world – and it’s becoming more popular with the shift to full-time remote work. A December study from vacation booking firm Kayak estimated 27 per cent of employed Canadians will take a “workcation” this year.
Groceries are more expensive – but which items have seen their price rise by the most?
Grocery stores continue to be one of the most immediate indicators of inflation impact. In February, food prices rose 7.4 per cent compared with a year ago, according to data by Statistics Canada. The annual inflation rate ascended the highest since 1991 (at 5.7 per cent), and some economists warn that more price pressure is coming before inflation slows down. How will that be reflected in grocery aisles? Read this breakdown by The Canadian Press to see how costs for your groceries have climbed since last year.
Manufacturing sales fell 2.1 per cent to $69.9 billion in March as sales of petroleum and coal products and motor vehicles fell, Statistics Canada said Wednesday. Olivia Cross, North America economist at Capital Economics, said the result was not as bad as the early estimate that pointed to a drop of 2.8 per cent, but it still means sales fell 0.9 per cent over the first quarter. "The weakness of manufacturing sales in March suggests that the economy lost momentum heading into the second quarter, matching the message from the earlier preliminary estimates for retail sales and GDP," Cross said in a note. Last month, Statistics Canada released a pair of preliminary estimates for real gross domestic product and retail sales for March that both suggested the data points were essentially unchanged for the month. Driving the manufacturing sales numbers for March was an 8.0 per cent drop in sales of petroleum and coal products to $8.0 billion as volumes fell 6.1 per cent. Sales of motor vehicles fell 7.9 per cent to $4.6 billion in March as sales of motor vehicle parts lost 2.8 per cent. Statistics Canada says retoolings at several major auto assembly plants in Ontario continued to impact auto manufacturing and contributed to the lower sales for the month. Meanwhile, sales of machinery rose 2.9 per cent to $4.5 billion in March. The increase came as sales in all seven machinery industry groups climbed higher, led by commercial and service industry machinery which gained 41.6 per cent. Overall manufacturing sales in constant dollars fell 2.0 per cent in March. Total inventories for the month were largely unchanged at $121.0 billion in March, while unfilled orders fell 0.8 per cent to $104.8 billion. This report by The Canadian Press was first published May 15, 2024.