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  • 19 Oct 2016 12:40 | Manjot Cheema (Administrator)

    Canada's economy will take a hit from Ottawa's latest measures to cool the real estate market as the number of homes changing hands slows in wake of the new rules, the Bank of Canada said Wednesday.

    The central bank cut its growth forecast for this year and 2017, "due in large part to slower near-term housing resale activity," and also a weaker-than-forecast export activity.Housing has been a pillar of economic strength for Canada, but the new rules are expected to shave 0.3 percentage points off real GDP by the end of 2018. Read More

  • 17 Oct 2016 11:09 | Deepinder Loomba (Administrator)

    Toronto’s rental market is the hottest it has been in years, with bidding wars breaking out and rents soaring, according to a new study that predicts Ottawa’s new stricter mortgage qualification will make the region’s rental market even less affordable.

    The average monthly rent for a condominium in the Greater Toronto Area rose an annualized 9 per cent in the third quarter, to $1,986, Toronto market research firm Urbanation Inc. wrote in a new report released Friday. The study tracks condo units rented through a realtor over the Toronto Real Estate Board’s Multiple Listings Service Read More

  • 14 Oct 2016 11:14 | Manjot Cheema (Administrator)

    Our national nest egg could be getting bigger. The Liberal federal government is expected to introduce legislation within days to expand the Canada Pension Plan.

    British Columbia was the last province to sign on to the expansion plan. Quebec has its own parallel pension plan, but it has agreed to adopt most of the changes.

    The move comes at a time when the Finance Department estimates one-quarter of Canadian families are not saving enough for retirement.It also comes at a time when Canadian workers are increasing losing the security of defined-benefit pension plans, in favour of defined-contribution plans which are far more uncertain.

    Read More
  • 12 Oct 2016 13:04 | Deepinder Loomba (Administrator)

    MONTREAL -- The federal government investing in aerospace giant Bombardier is not a matter of if but how, Innovation Minister Navdeep Bains said Tuesday.

    "We want to be a partner," Bains said after announcing up to $54 million in funds for a Bombardier-led aerospace-research consortium.

    "We want to find a solution and we want to continue to make meaningful investments. We want to be a partner, we are at the table, we want to find a solution. It's not a matter of if but how we want to make the investment."

    Read More
  • 06 Oct 2016 13:26 | Deepinder Loomba (Administrator)

    TORONTO -- British Columbia is on track to lead Canada's other provinces in economic growth in 2016 and 2017, according to a report released Thursday by BMO Financial Group.

    It estimates B.C.'s economy will grow by three per cent this year -- more than twice the national growth of 1.2 per cent.

    But BMO says neighbouring Alberta is in a recession, with its economy expected to shrink by another 2.3 per cent this year -- following a decline of four per cent in 2015.The banking group says the downturn in Alberta's energy sector has spilled into other parts of the economy, and the provincial unemployment rate is above eight per cent for the first time since the early 1990sRead More

  • 28 Sep 2016 12:30 | Deepinder Loomba (Administrator)

    The Rogers family – best known for its role in creating one of the largest communications companies in Canada – is moving into condos.

    Edward Rogers, son of the late media mogul Ted Rogers and deputy chairman of Rogers Communications, unveiled a $1.5 billion development called M City in Mississauga, Ont. on Tuesday, marking the family’s privately-held holding company’s first major foray into real estate.  

    Rogers Real Estate Development Ltd. will work with Canadian developer Urban Capital to manage the construction processRead More

  • 26 Sep 2016 15:54 | Manjot Cheema (Administrator)

    Ottawa is cracking down on a growing number of Canadians named in the Panama Papers, with the Canada Revenue Agency warning the 2,671 individuals or firms under review they should not expect a negotiated settlement.

    The CRA has already launched 85 detailed audits of taxpayers, acting on information that was contained in the massive leak of confidential information from Panamanian law firm Mossack Fonseca in the spring. The figure shows the number of cases under audit has nearly doubled since May, when the CRA said it was looking into 45 cases. Read More

  • 23 Sep 2016 15:51 | Deepinder Loomba (Administrator)

    Ontario Premier Kathleen Wynne says she is keeping a close eye on how British Columbia is aiming to cool its hot housing market, but remains unconvinced that a tax on foreign buyers is the right move for her province. “We haven’t been advised by people in the province – either in the real estate sector or other sectors – that there is exactly the same issue [in Ontario]… and that the remedies would be exactly the same here,” Wynne told BNN in an interview on Wednesday.

    A growing number of voices are pointing to inflated home prices as a risk for Canada’s economy. The Organisation for Economic Co-operation and Development cut its outlook for Canada’s economy on Wednesday and issued a new warning on the housing market. Read More

  • 20 Sep 2016 12:03 | Deepinder Loomba (Administrator)

    TORONTO - Canada's main stock index rose in early trade on Tuesday, led by gains for its heavyweight financial sector, while energy stocks weighed with lower oil prices.

    The Toronto Stock Exchange's S&P/TSX composite index was up 58.26 points, or 0.40 per cent, at 14,554.49 shortly after the open.

    Meanwhile, Wall Street was trading higher on Tuesday, helped by financial stocks, as investors await the Federal Reserve's decision on interest rates.

    The central bank's two-day meeting will conclude with Fed Chair Janet Yellen's press conference at 2:00 p.m. ET on WednesdayRead More

  • 16 Sep 2016 11:38 | Manjot Cheema (Administrator)

    TORONTO - Financial technology firm Financeit and Concentra, which provides wholesale finance and trust services to credit unions, have signed a deal to buy TD Bank's (TD.TO 0.75%) indirect home improvement financing business.

    Financeit and Concentra said the assets have a book value of $339 million.

    Under the agreement, Concentra acquired 45,000 TD loans and more than 800 merchant dealers have been assigned to Financeit, which runs a cloud-based, point-of-sale financing system.Read More

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