Latest news with #CAD
Economic Times
3 hours ago
- Business
- Economic Times
Canada hikes wage thresholds for Temporary Foreign Worker Program
Agencies Canada has increased the wage thresholds for employers hiring under the Temporary Foreign Worker Program (TFWP), a move that will impact new Labour Market Impact Assessment (LMIA) applications submitted from June 27, 2025, as per a CIC News report. Employment and Social Development Canada (ESDC) confirmed the revision affects nearly all provinces and territories, altering how foreign nationals qualify under either the high-wage or low-wage streams of the Temporary Foreign Worker Program is used by employers when no Canadian citizen or permanent resident is available to fill a job. The program's classification between high-wage and low-wage streams is determined by comparing offered wages against the median hourly wage of the province or territory. Wage thresholds revised across provinces The updated wage benchmarks will directly influence employer eligibility for LMIAs. For example, the threshold in Ontario rose from CAD 34.07 to CAD 36.00, while British Columbia saw an increase from CAD 34.62 to CAD 36.60. The threshold in Nunavut remained unchanged at CAD 42.00. Provinces such as Quebec, Alberta, and Nova Scotia also recorded moderate must apply under the high-wage stream if they offer wages at or above the new thresholds. Otherwise, they must proceed under the low-wage stream, which faces additional limitations. Employment and Social Development Canada (ESDC) reiterated that a moratorium remains in effect for LMIA applications under the low-wage stream in areas with unemployment rates at or above 6%. This policy, active since September 26, 2024, will continue until at least July 10, federal government has also restricted low-wage LMIA approvals based on the structure of an employer's workforce. Generally, low-wage positions must not exceed 10% of the total workforce at a given location. However, specific industries like construction (NAICS 23), food manufacturing (NAICS 311), hospitals (NAICS 622), and nursing care facilities (NAICS 623) are permitted a 20% cap. Moreover, ESDC confirmed that similar restrictions now apply to select caregiving roles under the National Occupation Classification (NOC) system. This includes roles such as registered nurses (NOC 31301) and home childcare providers (NOC 44100). 'ESDC and Immigration, Refugees and Citizenship Canada (IRCC) are reviewing the effects of including these in future measures,' the statement added. Policy changes reflect government's broader reforms The changes come amid increased scrutiny over the TFWP in 2024, when reports surfaced alleging worker exploitation and wage suppression. The federal government has since implemented several reforms: shortening LMIA validity to six months, cutting employment durations under the low-wage stream, capping new foreign worker admissions, and eliminating in-country job-supported work permit options for updates reflect a broader policy shift aiming to balance the country's labour market needs with concerns about temporary resident volumes and pressure on public services. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. The bike taxi dreams of Rapido, Uber, and Ola just got a jolt. But they're winning public favour Second only to L&T, but controversies may weaken this infra powerhouse's growth story Punit Goenka reloads Zee with Bullet and OTT focus. Can he beat mighty rivals? 3 critical hurdles in India's quest for rare earth independence HDB Financial may be cheaper than Bajaj Fin, but what about returns? Why Sebi must give up veto power over market infra institutions These large- and mid-cap stocks can give more than 23% return in 1 year, according to analysts Are short-term headwinds from China an opportunity? 8 auto stocks: Time to be contrarian? Buy, Sell or Hold: Motilal Oswal initiates coverage on Supreme Industries; UBS initiates coverage on PNB Housing
Pink Villa
4 hours ago
- Entertainment
- Pink Villa
Sardaar Ji 3 Box Office: Diljit starrer opens overseas, Biggest ever for India in Pakistan BUT...
Punjabi film Sardaar Ji 3 amassed over USD 500K (Rs. 4.50 crore) on Friday from the overseas market, with a record-breaking opening in Pakistan. This marks the highest opening day ever for a Punjabi film; however, the two films it is ahead of, Jatt and Juliet 3 and Carry on Jatta 3, had a mid-week release on Thursday. When comparing Friday-to-Friday, both those titles outperformed Sardaar Ji 3, making this the third-best opening day for a Punjabi film in relative terms.. The Diljit Dosanjh starrer featuring Neeru Bajwa and Pakistani actress Hania Aamir had to let go of release in India due to ongoing tensions between India and Pakistan. While Diljit is facing criticism in India for casting a Pakistani actress, this controversy appears to have amplified the film's appeal in Pakistan and the Pakistani diaspora abroad. In Pakistan, the film grossed PKR 3.35 crore (USD 120K) on Friday, which is the highest ever first day for an Indian film, beating Sultan from almost a decade ago. The Pakistani market isn't the same as it was back in the day. Ticket prices have gone up, but the overall market has shrunk, with far fewer operational screens today. Moreover, while Bollywood films once had pan-national appeal in Pakistan, Punjabi films mostly draw audiences in West Punjab. The top market for the film was Canada with CAD 195K, a good start, but pales in comparison to CAD 302K opening day and CAD 380K Friday of Jatt and Juliet 3. Similarly, Australia underwhelmed with AUD 80K against AUD 201K Friday of Jatt and Juliet 3, though here the film could have done better, but was limited by showcasing as most key locations were running full. UAE and UK, with their sizable Pakistani diaspora, saw strong starts, ahead of Jatt and Juliet 3. The overseas box office for the film may see it through, but the loss of the domestic market, not just theatrical but potentially non-theatrical, is a big blow. It's not just a setback for the film but for the Punjabi film industry as a whole, which has been struggling on the domestic front. Sardaar Ji 3 was seen as a potential shot in the arm for the industry… alas.
NDTV
10 hours ago
- Business
- NDTV
Digital Services Tax: Trump's Latest Beef With Canada
New Delhi: US President Donald Trump is once again going after Canada. He has announced through Truth Social that he is "terminating all discussions on trade" with Canada with immediate effect. The reason for his tirade this time is the Digital Services Tax. The Digital Services Tax was enacted last year, but companies are expected to start paying the tax from June 30. And since it will directly impact the big tech companies and large e-commerce platforms headquartered in the US, President Trump is seeing red. What is the Digital Services Tax The Digital Services Tax requires foreign and domestic large businesses to pay revenue tax that is earned from engaging with online users in Canada. It applies a three per cent tax on revenue earned from some digital services that rely on engagement, data, and content contributions. So, the taxable revenue could be generated through online marketplace services, online advertising services, social media services, and sales of user data. The Digital Services Tax will apply to companies or groups with annual global revenues of €750 million or more and Canadian digital services revenue of more than CAD 20 million. Significantly, the tax is retroactive to January 1, 2022, and companies will start paying the tax on June 30, 2025. Canada's rationale vs US pushback The overarching premise of the Digital Services Tax is that if big companies, that are based abroad, are earning significant revenue from Canadian users, then Canada should be able to tax a portion of that income. The revenue that Canada would make from the Digital Services Tax is expected to be around $875 million per year, said a note from the US Trade Representative last year. Over five years, the Digital Services Tax will increase federal government revenues by CAD 7.2 billion, per the Canadian Parliamentary Budget Office. The Computer and Communications Industry Association (CCIA) in the US claims that companies will end up paying up to $3 billion in taxes to Canada. It is also predicting 3,000 US job losses. What has been US' response in the past The US Trade Representative (USTR) had previously investigated Digital Services Tax in other countries and said that it had found them discriminatory toward US companies. The US had announced plans for retaliatory tariffs against the countries with Digital Services Tax and had said it would use the same yardstick for Canada. In August 2024, USTR Katherine Tai announced that the United States had requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA or CUSMA) regarding Canada's Digital Services Tax. The USTR had alleged that Canada's tax appeared to be inconsistent with its commitments under the Cross-Border Trade in services and investment chapters of the USMCA, not to treat US businesses less favourably than Canadian businesses. The US said that it had raised the concern with Canada in three official comments about its plan to enact a Digital Services Tax in June 2021, February 2022, and in September 2023. The US Chambers of Commerce has called the Digital Services Tax "discriminatory" and said that it is in contravention of prevailing international tax principles. It adds that doing so would not only discriminate against US companies but also directly contravene Canada's obligations under both the US-Mexico-Canada Agreement (USMCA) and the World Trade Organisation. Hence, President Trump's reaction to the Digital Services Tax as the date of payment closes in is hardly a surprise. Why is Canada not flinching yet on Digital Services Tax Earlier this month, Canadian Finance Minister Francois-Philippe Champagne had said the Digital Services Tax was passed by Parliament, and the government would hence go ahead with the tax. The reason why Canada went ahead and implemented its own Digital Services Tax was that the global effort to establish a broader, multinational digital taxation plan had been woefully delayed. Some argue that the Digital Services Tax is a unilateral measure that would undermine the stability of the agreed multilateral framework. However, with the Trump administration imposing unilateral tariffs - from aluminum and steel to automobiles and energy, against Canada - this argument is unlikely to move Canada. At a time when Canada feels betrayed by its largest trading partner, the United States, and is already reeling under the onslaught of the punishing Trump tariffs, it is beginning to assert its economic leverage. And the Digital Services Tax could perhaps serve as a negotiating tool in the process.
Hamilton Spectator
13 hours ago
- Business
- Hamilton Spectator
Bitcoin Treasury Corporation Announces Completion of Initial Bitcoin Acquisition Phase and Now Holds a Total of 771.37 Bitcoin
Not for distribution to United States news wire services or for dissemination in the United States. TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — Bitcoin Treasury Corporation (TSXV:BTCT) ('Bitcoin Treasury' or the 'Corporation'), is pleased to announce that it has completed the initial phase of its Bitcoin accumulation plan in alignment with its core strategy to accumulate Bitcoin as a principal treasury asset. The Corporation acquired 478.57 Bitcoin for a total purchase price of CAD$70 million. The Corporation now holds 771.37 Bitcoin on its balance sheet. This results in a starting Bitcoin per Share ('BPS') of approximately 0.0000634. BPS is calculated on a fully diluted basis, accounting for the convertible debentures but excluding warrants. Bitcoin Treasury Corporation will continue to accumulate Bitcoin as part of its broader strategy to build long-term shareholder value. The Corporation plans to deploy its Bitcoin holdings through institutional lending and liquidity services, offering counterparties access to capital while maintaining a strong focus on financial security and risk management. The Corporation views Bitcoin not only as a long-term reserve asset, but as a foundational pillar of its business model and revenue strategy. Through disciplined corporate finance and institutional-grade Bitcoin services, the Corporation aims to grow BPS and redefine corporate treasury management for the digital age. About Bitcoin Treasury Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury's core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin. Recognizing Bitcoin's finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while supporting the development of its service offerings. For further information, please contact: Bitcoin Treasury Corporation Elliot Johnson, Chief Executive Officer Phone: 416-619-3403 Email: ejohnson@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Statements This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects' or 'does not expect', 'is expect', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: business integration risks; the Corporation's operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Corporation operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Corporation; evolving cryptocurrency regulatory requirements and the impact on the Corporation's business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation's business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the Bitcoin Treasury Shares; market price of the Bitcoin Treasury Shares; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation's business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Corporation's resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations. Although management of the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law. The TSXV has neither approved nor disapproved the contents of this news release.
Economic Times
16 hours ago
- Business
- Economic Times
Carney vs Trump: President shuts down trade talks with Canada, tariff announcement coming in 7 days
Carney vs Trump escalated on June 27, 2025, after President Donald Trump abruptly ended U.S.–Canada trade talks, following Ottawa's announcement of a 3% Digital Services Tax on American tech firms like Google, Meta, and Amazon. Trump called it a 'direct and blatant attack' and promised to announce new U.S. tariffs on Canadian imports within 7 days. He highlighted Canada's long-standing 400% tariffs on U.S. dairy exports, signaling retaliation. With over $900 billion in U.S.–Canada trade annually, this move could trigger massive economic shifts. Trump ends trade talks with Canada over new 3% digital tax on U.S. tech giants like Google and Meta; threatens tariffs within 7 days, citing 400% Canadian dairy taxes. $900B U.S.–Canada trade now facing major 2025 disruption. Tired of too many ads? Remove Ads What triggered Trump's decision to cut off trade talks with Canada? More than €750 million (approx. USD $802 million) in global revenue, and At least CAD $20 million (approx. USD $14.6 million) annually in Canadian digital services revenue. Alphabet (Google) – $307 billion in global revenue (2024) – $307 billion in global revenue (2024) Meta Platforms (Facebook, Instagram) – $134 billion in global revenue (2024) – $134 billion in global revenue (2024) Amazon – $575 billion in global revenue (2024) – $575 billion in global revenue (2024) Uber Technologies – $38 billion in global revenue (2024) Tired of too many ads? Remove Ads Carney vs Trump is heating up fast after President Donald Trump officially shut down trade talks with Canada, slamming the country for its new Digital Services Tax targeting U.S. tech giants. Trump announced that tariffs on Canadian imports will be revealed in 7 days, sparking fears of a new trade war. What other trade grievances does Trump have with Canada? Canadian tariffs on U.S. milk, cheese, and other dairy products have reached up to 400% under Canada's supply management system. The U.S. dairy industry exported over $7.8 billion globally in 2024, but sales to Canada have remained flat due to high barriers. In contrast, Canada exported $453 million in dairy to the U.S. in 2024 under favorable access through the USMCA (United States-Mexico-Canada Agreement). What happens next: Will Trump impose tariffs on Canadian goods? 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.' Sector 2024 Exports to U.S. Possible Tariff Risk Automobiles $62 billion High Aluminum & Steel $13 billion High Dairy & Agriculture $4.6 billion Moderate Lumber $8.3 billion Moderate Pharmaceuticals $3.1 billion Low Tired of too many ads? Remove Ads How are markets and politicians reacting to the trade freeze? The Canadian dollar dropped 0.7% against the U.S. dollar on June 27 after Trump's announcement. U.S. tech stocks slid: Meta (META) fell 1.9% Alphabet (GOOGL) dropped 2.1% Amazon (AMZN) declined 1.5% The S&P 500 closed down 0.3%, led by tech losses. 'The digital economy has grown rapidly. It's only fair that companies profiting off Canadian users also pay a fair share of taxes here.' Is this the beginning of another North American trade war? New Canadian countermeasures on U.S. tech, agriculture, or energy exports. Legal disputes under USMCA's dispute settlement mechanism. Slowdown in cross-border investment, which reached $972 billion in 2024 between the two countries. Over $30 billion in retaliatory tariffs A $6.6 billion loss for U.S. farmers Temporary shutdowns of auto plants in Ontario and Michigan What's at stake in Trump vs Carney? FAQs: The story escalated quickly on Friday when President Donald J. Trump announced the termination of all trade talks with Canada, calling it a 'very difficult Country to TRADE with.' The move comes after Canada officially passed its Digital Services Tax (DST) into law, aimed at American tech giants operating in its digital made the announcement via Truth Social at 1:44 PM EST on June 27, 2025, warning that a new U.S. tariff on Canadian imports will be finalized and announced within 7 days, by July 4, immediate flashpoint was Canada's implementation of a 3% Digital Services Tax. This new tax applies to companies that earn:This tax is retroactively effective from January 1, 2022, meaning companies could owe three years' worth of back payments. It primarily targets U.S.-based tech giants, including:Canada's DST closely resembles similar laws in the, which have been a long-standing source of trade tension with the response, Trump called the move 'a direct and blatant attack on our Country,' and claimed it mirrors the EU's tax structure, which is also under dispute with the United the digital tax, Trump revisited a long-standing economic complaint—Canada's dairy tariffs. According to the Trump administration:Trump claims this imbalance has cost American farmers millions in potential revenue each also referenced prior grievances dating back to his 2018–2020 trade wars, when tariffs were imposed on Canadian steel (25%) and aluminum (10%), leading to significant retaliation from to Trump's Truth Social post:No tariff details were released yet, but based on past patterns, the following Canadian sectors are at risk:In total, Canada exported $397 billion worth of goods to the U.S. in 2024, accounting for over 75% of its total exports. Any significant U.S. tariff could hit the Canadian economy hard, potentially triggering a GDP contraction of up to 1.1%, according to a March 2025 report by the Bank of markets responded with caution:On the political front, Canadian Prime Minister Mark Carney has yet to respond publicly. However, Chrystia Freeland, Canada's Deputy PM and Finance Minister, defended the tax earlier this week, saying:Back in Washington,andgroups warned that escalating trade tensions could hurt American consumers by increasing costs for imported decision to cut off trade talks mirrors Trump's 2018–2019 approach, where aggressive tariffs were used to pressure allies and adversaries alike. The difference now is the focus on digital services, not just traditional administration is expected to release a formal tariff list by July 4, 2025—possibly on the symbolic day of American independence. Trade policy experts suggest tariffs could range from 10% to 35%, depending on the isn't just a spat over taxes. It's a broader fight over how global tech profits are taxed, and who controls the digital economy. Trump's move to shut down talks sends a clear signal that the U.S. is prepared to act unilaterally—even against close billions of dollars and political capital at stake, the next week will be critical. The world is watching how Prime Minister Carney responds and whether Trump follows through with hard then, business leaders, investors, and everyday workers on both sides of the border are bracing for what could become the biggest U.S.–Canada trade dispute of the Canada imposed a 3% digital tax on U.S. tech companies like Google, Meta, and said a new U.S. tariff—following Canada's 400% dairy tariff—will be announced by July 4, 2025.
