47 h. ago Proposed $26M CIBC settlement could soon put money in Canadians' pockets

Canadians could soon claim a part of a multimillion-dollar proposed CIBC mutual funds settlement.Law firm Siskinds LLP announced on Friday that a $26-million settlement has been reached with CIBC and CIBC Trust Corporation to resolve a class action against various mutual fund trustees and managers, challenging the trailing commissions they have paid to discount brokers on mutual funds under their management.Trailing commissions, also known as trailer fees, are compensation for mutual fund dealers who advise investors. However, over the years, these commissions were also paid to discount brokers, who are not allowed to provide investment advice."It is alleged by the plaintiffs that, since no advice is provided to investors who purchase mutual funds through discount brokers, these investors receive no value for the trailing commissions that reduce the value of their mutual fund investments," reads the class action.This settlement is still subject to approval by the Onta...

Economics

9 d. ago Canada must ‘reinvent’ economy like it did in 1945, finance minister says

Champagne said the government’s efforts will be focused on 'using technology, delivering better services, making sure that Canadians find value for money.'

Politics

1 week ago Canada’s health research funding has a sustainability problem

Canada invests a lot of money in health research — but are we spending it wisely? The Canadian Institutes of Health Research alone receives more than $1 billion per year, with 95 per cent going directly to grants and awards for health projects. Much progress has been made in developing the national health research infrastructure, […]

Science

1 week ago ’Mercy of politics’: Canadian farmers weigh plans as Chinese tariff hits canola price

As Chinese tariffs on Canadian canola products continue to hamper the cash price of one of the country’s most valuable crops, farming experts say producers have big decisions ahead of them. Market analyst Chuck Penner with LeftField Commodity Research said while future prices are down slightly, the cash price farmers receive for their canola, also […]

Economics

2 w. ago Canadian economy contracts 1.6% in Q2 as tariffs hit, StatCan says

OTTAWA — The Canadian economy contracted in the second quarter under the weight of U.S. tariffs, Statistics Canada said Friday. Real gross domestic product declined 1.6 per cent on an annualized basis in the second quarter thanks to a sharp drop-off in exports and business investment. That’s down from annualized growth of two per cent […]

Economics

2 w. ago Payouts now arriving for Canadians in $20 million Yahoo! class action settlement

Some Canadians are starting to receive money from a Yahoo! settlement, so make sure to check your bank account.In 2024, the Ontario Superior Court approved a settlement of a nationwide class-action lawsuit against Yahoo! Inc. and Yahoo! Canada Co.The lawsuit was filed after the online platform faced several data breaches between 2013 and 2016.The first data breach occurred in 2013, and the company issued a notice on Dec. 14, 2016. The second breach took place in 2014, with a notice issued on Sept. 22, 2016. In February 2017, Yahoo issued a notice about the third breach that occurred in 2015 and 2016.The class-action lawsuit alleged that the company failed to protect account holders' personal information and that the data breaches were due to "inadequate data security measures in place.""The defendants Yahoo Inc. and Yahoo! Canada Co. deny that they have violated any laws and deny that they have engaged in any wrongdoing," read the notice.Two years a...

Economics

3 w. ago Each Canadian will pay a shocking amount this year to cover interest on nation's debt

The interest alone on the Government of Canada's debt will cost each Canadian thousands of dollars this year, according to a new study.Public policy think tank The Fraser Institute found that the combined debt interest payments for both the federal and provincial governments in Canada will cost $92.5 billion in 2024/2025. That's between $1,937 and $3,432 per Canadian, depending on the province.This comes as governments in Canada have trended towards deficit spending and growing government debt in recent years."Interest must be paid on government debt, and the more money governments spend on interest payments, the less money is available for the programs and services that matter to Canadians," said Jake Fuss, director of fiscal studies at the Fraser Institute and co-author of the study.According to the report, Ottawa will spend $53.8 billion on debt servicing charges in 2024/2025, which is significantly more than what the government expects to spend o...

Economics

3 w. ago Canadian families with kids will get some money from the government this week

Money is on its way to eligible Canadian families who will receive another monthly payment of the child tax benefit this week.The eighth instalment of the Canada Child Benefit (CCB) will be deposited on Wednesday, Aug. 20.The child tax payment increased in July, marking the beginning of the new benefit year. The federal government uses a process called indexation to raise the payment to help parents as the cost of living continues to soar.An Employment and Social Development Canada (ESDC) spokesperson said in January that the indexation means the max CCB amounts and income thresholds are increased yearly to "keep pace with the rising cost of living."This year, Canadian families were given a 2.7 per cent boost in child tax benefit payments, bringing the annual base benefit for children under six from $7,787 to $7,997 ($666 monthly) and from $6,570 to $6,748 ($562 monthly) for children aged six to 17 until June 2026.The Child Disability Benefit (CDB) also went up from $...

Politics

3 w. ago Canadian defence firm to make ballistic steel through Swedish partnership

OTTAWA — Canadian defence manufacturer Roshel is partnering with a Swedish steel company so it can produce ballistic-protection steel domestically for the first time. Roshel, which makes armoured vehicles, and will now be able to use Swebor’s intellectual property to produce ballistic steel in Canada. The agreement comes as Canada is looking to boost domestic […]

Economics