Economy

Ontario posts $2.1-billion surplus with higher-than-expected revenue

Ontario Premier Doug Ford and members of province’s legislature pay tribute to Queen Elizabeth and swear allegiance to King Charles III in Toronto on Sept. 14.Christopher Katsarov/The Canadian Press Ontario’s provincial government says it brought in 20 per cent more revenue than anticipated thanks to a galloping economy, and ran a surplus last year of …

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Issue cap short-term thinking that will hurt Canada for generations

Breadcrumb Trail Links Oil & Gas FP Energy Commodities Indigenous reconciliation, something the Liberal government supposedly cares deeply about, will become even harder to achieve Publication date: Sep 23, 2022 • 10 hours ago • 4 minute read • 14 Comments Prime Minister Justin Trudeau and Minister of Environment and Climate Change Steven Guilbeault hold …

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Retail sales fall for 1st time this year as consumers start to tap out

Facing sky-high inflation, consumers put away their wallets more often in July, new data revealed Friday, as retail sales fell for the first time since 2021. Canadian retailers rank up $61.3 billion in sales in July, Statistics Canada reported Friday. That’s a decline of 2.5 per cent from the previous month’s level as lower sales …

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Contrarian economist Larry Summers was right all along about inflation. His ominous new prediction for what’s next.

Too far, too fast? That’s what some portfolio managers gripped as the stock market plunged following the Fed’s latest rate hike on September 21. “We continue to believe that the Fed is making yet another policy mistake,” Jay Hatfield, CEO of Infrastructure Capital Management, told Fortunearguing that the central bank’s interest rate hikes are now …

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Ontario records $2.1B surplus despite projected deficit for fiscal year

Ontario ended the last fiscal year with a $2.1-billion surplus — a far cry from the $33-billion deficit projected in the budget — thanks to inflation and stronger economic growth, officials said Friday. The surplus is a result of revenues that were 20 per cent higher than the 2021 budget forecast, largely coming from taxes, …

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Why gold and cryptocurrencies aren’t ‘inflation-proof’ investments

Gold and cryptocurrencies are often lumped together as inflation-proof investments, but with prices rising at their fastest pace in decades, neither asset has performed well amid rising inflation in 2022. Bitcoin, the world’s most popular digital coin, is down nearly 71% from its all-time high of $65,000 in November, as of Sept. 23. And gold …

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