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Articles by Craig Wong
Energy prices expected to push inflation higher for May, economists say
OTTAWA — High oil and gasoline prices are expected to push inflation higher when Statistics Canada reports its consumer price index for May on Monday. But the devil will be in the details as economists look for any signs that the cost at the gas pump is causing inflation to heat up elsewhere in the economy. TD Bank senior economist Andrew Hencic says gasoline prices rose in May, so that will push inflation higher for the month, but oil prices have since come off their highs in recent days.
Business sentiment is subdued, but sales outlook improves: BoC outlook survey
Consumers continue to feel the weight of high prices and economic uncertainty, while business sentiment is also subdued. A pair of reports by the Bank of Canada published Monday offered a look at how both companies and households viewed the economy in the fourth quarter of 2025. Business leaders reported fewer tariff-related cost pressures than the previous quarter in the central bank's business outlook survey, although the pressure is still widespread.
Budget 2025: Ottawa to end investment transfer fees in hope of more competition
OTTAWA — Ottawa plans to make it easier for Canadians to move their banking and investment accounts in a bid to increase competition and reduce costs for consumers. The government said as part of Tuesday's federal budget it will move to eliminate investment and registered account transfer fees, which it says cost Canadians on average $150 per account.
Budget 2025: Ottawa to end investment transfer fees in hope of more competition
Canadian Press - 3 minutes ago OTTAWA - Ottawa plans to make it easier for Canadians to move their banking and investment accounts as part of changes in the federal budget. The government says it will move to eliminate investment and registered account transfer fees that it says cost Canadians on average $150 per account. The government also says it intends to work with banks on ways to simplify the process of switching primary chequing accounts to other Canadian financial institutions.
BoC reports show trade uncertainty takes toll on business and consumer confidence
OTTAWA — A pair of reports from the Bank of Canada pointed to declining business and consumer sentiment in the first quarter as the uncertainty over U.S. tariffs took their toll. The central bank’s business outlook survey said 32 per cent of firms are now planning with the assumption that a recession will occur in Canada over the coming year, up from 15 per cent over the past two quarters.
Be prepared when using your credit card while travelling to ensure trip goes smoothly
Author of the article: The Canadian Press Craig Wong Published May 23, 2024 • 3 minute read You can save this article by registering for free here. Or sign-in if you have an account. Article content Having your credit card declined when you know you’re up to date on your payments can be a nerve-racking experience, but having it happen when you’re travelling can be even more stressful. We apologize, but this video has failed to load.
Real estate, inflation and other predictions for 2024 in Canada
OTTAWA - Business headlines in 2023 saw a housing crisis and the fight against inflation take centre stage while the job market proved to be stronger than expected. Housing and the cost of living will likely remain at the forefront in 2024, as will central banks. Economists expect a shift in gears to interest rate cuts as the economy softens further.
Canadian retail sales up 0.2% to $66-billion in May, boosted by gains at new car dealers
Statistics Canada says retail sales rose 0.2 per cent to $66.0-billion in May, helped by gains at new car dealers and grocery stores. However, the figure fell short of the agency’s early estimate for May released last month that forecasted a gain of 0.5 per cent. Its early estimate for June suggests retail sales for that month were unchanged, but cautioned the figure would be revised.
Fewer consumers think a recession is likely, finds BoC
Craig Wong, The Canadian Press Businesses continue to expect wage and price increases to be larger than normal, but they are shifting to closer to what they were before the pandemic, a new survey by the Bank of Canada suggests. In its business outlook survey released Friday, the central bank said for the first time since the beginning of the pandemic, businesses on balance expected slower wage growth over the next year.
Canadian firms still anticipating larger-than-normal wage and price increases, but expectations shifting
A new survey by the Bank of Canada suggests businesses still anticipate larger-than-normal wage and price increases, but expectations are shifting closer to what they were before the pandemic. In its business outlook survey, the central bank says that for the first time since the beginning of the pandemic, businesses on balance expect slower wage growth over the next year. Firms on balance also expect their input and output prices to grow at a slower rate over the next 12 months.
Annual inflation rate edged up in April, raises chances of higher interest rates
OTTAWA - The annual pace of inflation rose in April for the first time since it peaked in June last year, a move some economists say will test the Bank of Canada's decision to pause hiking interest rates if the economy does not cool as expected later this year. Statistics Canada said Tuesday its consumer price index was up 4.4 per cent compared with a year ago, up from a year-over-year increase of 4.3 per cent in March.
Bank of Canada surveys suggest business and consumer inflation expectations up
A pair of new reports from the Bank of Canada point to rising inflation expectations by Canadian businesses and consumers. In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased, and firms expect inflation to be high for longer than they did in the previous survey.
Bank of Canada surveys suggest business and consumer inflation expectations up
Article content However, the report also found that most respondents think the Bank of Canada has the credibility and tools to bring inflation back under control and their belief in the bank’s ability to achieve its inflation target has not changed materially since before the pandemic. Statistics Canada reported last month that the annual pace of inflation for May rose to 7.7 per cent, its highest level since 1983.
Inflation skyrockets to highest level in nearly 40 years as gas prices soar
Article content “We’ve been clear all along, the economy’s in excess demand, inflation’s too high, rates need to go up.” We apologize, but this video has failed to load. Try refreshing your browser, or tap here to see other videos from our team. In May, Statistics Canada said the price for food bought at stores rose 9.7 per cent compared with a year ago, matching the April increase, as the cost of nearly everything in the grocery cart went higher.
Fuel prices likely to rise further, economists say
By: Christopher Reynolds, The Canadian Press Posted: 10:05 AM CDT Wednesday, Jun. 22, 2022 Last Modified: 2:41 PM CDT Wednesday, Jun. 22, 2022 Tweet Print Save to Read Later MONTREAL - Soaring gas prices fuelled the largest rise in the annual inflation rate in four decades last month, Statistics Canada says — with further increases anticipated.
Extending mortgage period could keep payments in check even as rates rise
Canadian homeowners may be in for a shock when it's time to renew their mortgages, since rising interest rates mean their monthly loan payments will likely climb higher, too. That's particularly unwelcome as rising prices for gas, groceries and other staples are already eating into household budgets.
Bank of Canada raises key rate half a point to 1% and warns of further hikes to come
Craig Wong, The Canadian Press Published Wednesday, April 13, 2022 5:42AM EDT Last Updated Wednesday, April 13, 2022 2:50PM EDT OTTAWA - The Bank of Canada has raised its key interest rate by the highest amount in more than 20 years and warns more rate hikes are coming amid new forecasts for higher inflation levels. Governor Tiff Macklem said inflation is too high and is expected to stay elevated for longer than the bank previously thought.
Check your budget now with rates set to rise
OTTAWA - The price of gas is going up. The cost of groceries is going up. Community engagement partner Taz Rajan of Bromwich and Smith says if all of your paycheque is already spoken for when it hits your bank account, it may be a warning sign that you need to make changes as the cost of living is rising. THE CANADIAN PRESS/HO/ANCHOR **MANDATORY CREDIT** OTTAWA - The price of gas is going up. The cost of groceries is going up.
Check your budget now with rates set to rise
OTTAWA — The price of gas is going up. The cost of groceries is going up. And now that the Bank of Canada has started to raise interest rates, the cost of borrowing is going up. If you are worried about what that will mean for your finances, financial experts say, now is the time to do something about it, before the central bank raises rates any higher and you find yourself in trouble.
Canada posts $137-million merchandise trade deficit for December
By Craig WongThe Canadian Press Tue., Feb. 8, 2022timer2 min. read updateArticle was updated 1 hr ago OTTAWA - Canada posted a merchandise trade deficit of $137 million in December to end a run of six consecutive monthly surpluses, but finished the year with an annual surplus for the first time since 2014. Statistics Canada said the result for December came as imports rose and exports fell in the final month of the year and followed a surplus of $2.5 billion in November.
Statistics Canada says economy added 55,000 jobs in December, unemployment rate 5.9%
By Craig WongThe Canadian Press Fri., Jan. 7, 2022timer3 min. read OTTAWA - The Canadian economy added 55,000 jobs in December before COVID-19 cases began spiking at the end of the month, prompting public health restrictions that forced many businesses to close or curtail operations. Dominique Lapointe, senior economist at Laurentian Bank Securities, said the report provides a snapshot of the economy before the Omicron variant.
Merchandise trade surplus $3.1 billion in November, Statistics Canada reports
Craig Wong, The Canadian Press Published Thursday, January 6, 2022 12:04PM EST OTTAWA - Canada's merchandise trade surplus rose to $3.1 billion in November, despite the disruptions caused by flooding and landslides in B.C., Statistics Canada said Thursday. The agency said the result compared with a revised surplus of $2.3 billion for October which was initially estimated at $2.1 billion.
Merchandise trade surplus $3.1 billion in November, Statistics Canada reports
By Craig WongThe Canadian Press Thu., Jan. 6, 2022timer2 min. read OTTAWA - Canada’s merchandise trade surplus rose to $3.1 billion in November, despite the disruptions caused by flooding and landslides in B.C., Statistics Canada said Thursday. The agency said the result compared with a revised surplus of $2.3 billion for October which was initially estimated at $2.1 billion.
Experts say dividend stocks can offer some protection against inflation
By Craig WongThe Canadian Press Thu., Dec. 9, 2021timer2 min. read OTTAWA - As the annual pace of inflation rises, investors who depend on their portfolios to provide income may want to consider dividend paying stocks as one way to help them keep up with the rising cost of living, experts say.
Experts say dividend stocks can offer some protection against inflation
By Craig WongThe Canadian Press Thu., Dec. 9, 2021timer2 min. read OTTAWA - As the annual pace of inflation rises, investors who depend on their portfolios to provide income may want to consider dividend paying stocks as one way to help them keep up with the rising cost of living, experts say.
Co-signing a loan brings both financial and emotional risks, experts say
OTTAWA -- Co-signing a loan can help someone access credit that they might not otherwise be able to obtain, but experts say it brings risk both to your credit rating and your relationship with the person you are trying to help if things go wrong. Niroch Kanapathypillai, an RBC financial adviser in Ottawa, says before deciding to co-sign for a loan you need to assess your own borrowing needs because taking on the responsibility of co-signing will affect your own borrowing power.
Co-signing a loan brings both financial and emotional risks, experts say
By Craig WongThe Canadian Press Thu., Sept. 30, 2021timer2 min. read OTTAWA - Co-signing a loan can help someone access credit that they might not otherwise be able to obtain, but experts say it brings risk both to your credit rating and your relationship with the person you are trying to help if things go wrong.
Bank of Canada keeps key interest rate target on hold, citing pandemic related risks
Ottawa: Bank of Canada (Photo: Wladyslaw via Wikimedia Commons) OTTAWA – The Bank of Canada kept its key interest rate target on hold Wednesday as it warned the fourth wave of the pandemic and supply bottlenecks could weigh on the economic recovery. The central bank held its target for the overnight rate at 0.25 per cent, what it calls the effective lower bound, and said it will also maintain its quantitative easing program by buying bonds at a target pace of $2 billion per week.
BoC keeps key interest rate target on hold, citing pandemic-related risks
The central bank also said it would maintain its quantitative easing program By: Craig Wong, The Canadian Press September 8, 2021 September 8, 2021 13:53 © Benoit Daoust / 123RF Stock Photo Craig Wong, The Canadian Press The Bank of Canada kept its key interest rate target on hold Wednesday as it warned the fourth wave of the pandemic and supply bottlenecks could weigh on the economic recovery.
Better-than-expected Jan. growth a good sign for pandemic's third wave: economists
OTTAWA - The Canadian economy grew 0.7 per cent in January in the face of severe public health restrictions, and appears to have grown almost as much in February, Statistics Canada said Wednesday. January's reading for real gross domestic product compared with a gain of 0.1 per cent in December, and topped the data agency's preliminary estimate for the month of 0.5 per cent.
Better-than-expected Jan. growth a good sign for pandemic's third wave: economists - Medicine Hat News
By Craig Wong and Jordan Press, The Canadian Press on March 31, 2021. Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. THE CANADIAN PRESS/Sean Kilpatrick OTTAWA – The Canadian economy grew 0.7 per cent in January in the face of severe public health restrictions, and appears to have grown almost as much in February, Statistics Canada said Wednesday.
After worst year on record, Canadian economy enters 2021 with double digit growth
Jordan Press and Craig Wong, The Canadian Press Published Tuesday, March 2, 2021 9:01AM EST Last Updated Tuesday, March 2, 2021 8:20PM EST OTTAWA - The Canadian economy sprinted to the finish line of 2020 with nearly double-digit growth in the fourth quarter, ending its worst year on record on a strong note that has continued into the start of 2021.
Canadian economy lost 63,000 jobs in Dec., first decline since April
By Craig WongThe Canadian Press Fri., Jan. 8, 2021timer3 min. read OTTAWA - Canada posted its first monthly decline in jobs since April amid tightened public health restrictions in December, and economists warn the losses are likely to continue as the number of new COVID-19 cases continue to rise. Statistics Canada said Friday the economy lost 63,000 jobs in December while the unemployment rate edged up to 8.6 per cent compared with 8.5 per cent in November.
Dream house just a dream? New lending rules will impact first-time buyers
OTTAWA -- Canada's first-time home buyers may have to shelve their dream house fantasies due to lending changes announced last week by the federal government, mortgage brokers say. Ottawa moved last week to tighten mortgage lending rules that will limit the amount many Canadians can borrow to help ensure that when interest rates rise, they'll still be able to make their payments.
Sausage and white bean casserole
By Abbey Sharp Ingredients 227 grams (8 oz) chickpea or lentil pasta 1 tablespoon extra virgin olive oil 227 grams (1/2 lb) turkey sausage, cut on the bias 539 grams (19 oz) can of white beans, drained and rinsed 680 milliliters can of plain, no sugar added tomato sauce 1 teaspoon dried oregano 1 tablespoon aged balsamic vinegar 1 tablespoon nutritional yeast, or more to taste 2 cups frozen kale or spinach Salt, pepper and red chili flakes to taste 2 cups aged white cheddar, divided and...
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