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Edmonton Journal
a day ago
- Business
- Edmonton Journal
What is Canada's digital services tax and why is it infuriating Trump?
Article content U.S. President Donald Trump abruptly cut off all trade negotiations with Canada on Friday, citing Ottawa's Digital Services Tax (DST) for the decision. The tax, enacted last June, targets U.S. technology companies that operate in Canada but pay little tax here. Under the new tax regime, the first payments are set to be collected on Monday, June 30. The Financial Post breaks down what you need to know about the DST and why it is infuriating Trump and Americans.
Yahoo
3 days ago
- Business
- Yahoo
Competition Bureau warns Canadian landlords and property managers about illegal discussions on rents
The Competition Bureau issued a warning to Canadian property managers and landlords on Wednesday about engaging in illegal agreements with competitors. The Bureau said it is aware that some landlords and property managers may be engaging with competitors, and while some of these discussions may be justified, others could be illegal. 'Agreements between landlords to 'make the most of the booming rental housing market' or 'find ways to ensure that all players benefit from the strong demand equally' raise concerns under the law and could be illegal,' the Bureau said in a press release. Illegal agreements could involve rental prices, lease terms (including amenities and services) and artificially reducing the availability of rental units to restrict housing supply, the Bureau said. The Bureau warned that engaging in illegal agreements with competitors, 'such as price-fixing, market allocation, restricting supply, or wage-fixing and no-poaching agreements,' is a criminal offence under the Competition Act, with potential prison sentences of up to 14 years and hefty fines. It also noted that some landlords and property managers may be engaging with competitors through discussion groups on social media. Geneviève Chassé, a Bureau spokesperson, told Financial Post in an email that the Bureau would not speculate on the prevalence of the social media groups but added that it wanted to send 'a clear message to the industry' that certain topics cannot be discussed between competitors. Dania Majid, a staff lawyer at the Advocacy Centre for Tenants Ontario (ACTO), said ACTO first became aware of such groups on platforms such as Reddit and Facebook during the COVID-19 pandemic when tenants raised concerns about potential discussions concerning bad faith evictions amid eviction moratoriums. Majid said ACTO had come across chatter among landlords regarding lease terms and how to evict tenants during that time but added that she had not been active on these forums in a couple of years. She said these discussions on social media can help 'normalize and encourage' these types of activities. 'If you're on a forum, and everyone's saying they're pushing out their sitting tenants and this is how they do it … then that illegal activity … seems like standard business practice.' Chassé told Financial Post the Bureau's recent statement was unrelated to its investigation into algorithmic pricing in the rental housing market, which she said is still ongoing. YieldStar, owned by Texas-based RealPage Inc., is one such example of algorithmic software that generates apartment pricing recommendations for landlords. It was the subject of a lawsuit filed by the U.S. Department of Justice (DOJ) last year, which alleged landlords were using the software to artificially inflate rents and reduce competition. RealPage spokeswoman, Jennifer Bowcock, told Financial Post in an earlier email that the company has a history of working with the DOJ to ensure its revenue management software is legally compliant and that the department's claims are 'devoid of merit.' In an April, researchers from the University of Waterloo found some firms that have or may have used YieldStar software charged higher premiums in Toronto, Ont. — in one case, $1,961 more than average rents, or a 118 per cent premium. 'The software has a kind of bird's eye view of more properties than just the landlord's,' said Martine August, an associate professor at the University of Waterloo who worked on the paper. That allows potential collusion, she said, 'because you're looking at the prices of your competitors, and instead of trying to charge less, you (can) set prices together … and you can all charge higher.' More than half of Canadian renters eager to buy Lawsuit alleges rental price-fixing by companies using YieldStar The Bureau said it strongly encourages anyone who suspects a company or individual of engaging in anticompetitive activity and illegal agreements to report this through the Bureau's information centre and online form. 'Cracking down on illegal agreements between competitors and protecting competition in the real estate industry are top priorities for the Competition Bureau,' Chassé said. • Email: slouis@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-06-2025
- Business
- Yahoo
Headwinds could still topple Canadian dollar
Karl Schamotta, chief market strategist of Corpay, talks with Financial Post's Larysa Harapyn about the trajectories of the Canadian dollar and the U.S. greenback. Sign in to access your portfolio
Time of India
18-06-2025
- Business
- Time of India
Canada's growth engine stalls: Immigration curbs bring national population rise to zero
Canada's population growth has come to a halt as the latest government data revealed that only 20,107 people were added in the first quarter of the year, which reflects that there was no percentage change to quarterly population growth, compared with an average of 0.3% over the past decade, as reported by Financial Post. A Historic Slowdown The country's low population growth in the first quarter marks the slowest quarterly rate since comparable records began in 1946, apart from the pandemic year, according to the report. Canada's Temporary Residents No Longer Driving the Boom This comes after Canada's population expansion skyrocketed for years, fueled primarily by massive temporary residents, particularly foreign students, as per the Financial Post. They contributed to the nation expanding at rates rivalling many African nations after the pandemic, according to the report. But the government's move to crack down on immigration policies and attempts to cut back on temporary residents has stalled that momentum, as per the report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Statistics Canada's data showed that the number of temporary residents dropped to about 3 million, which is 7.1% of the total population, compared with the record high of 7.4% last year, as reported by the Financial Post. This is the biggest decline in temporary residents for the country on record, as per the report. While, the biggest drop in non-permanent residents came from foreign students, with most decline occurring in Ontario and British Columbia, the two provinces recorded the largest quarterly losses in population since data collection began in 1951, Financial Post reported. Live Events ALSO READ: Caught on Flightradar: Did China secretly send weapons to Iran? 3 mysterious cargo planes spark global alarm Mark Carney's Immigration Approach According to the report, the latest population growth data comes after Canadian Prime Minister Mark Carney had promised to bring immigration rates to 'sustainable levels." While, his predecessor, Justin Trudeau, had already started curbing new arrivals last year, after post-pandemic influxes overwhelmed the country's capacity to absorb them, Financial Post reported. Asylum Claims Hit Record High However, the number of asylum claimants in Canada rose for a 13th consecutive quarter, reaching a record high of 470,029 people, as per the report. But to tackle this issue, Carney's government has introduced a bill with tougher rules on asylum claims, in addition to limits already in place on foreign students and workers, which lawmakers are set to debate the legislation on Wednesday, reported the Financial Post. FAQs Why has Canada's population growth slowed down? Because of tighter immigration rules, especially restrictions on temporary residents and foreign students. How many people were added to Canada's population this year? Only 20,107 in the first quarter, effectively zero percent growth.
Yahoo
18-06-2025
- Business
- Yahoo
Aussie nurse loses savings in just 24 hours from ‘phone porting' scam — what it is and how to protect yourself
An Australian nurse had her life upended when scammers hijacked her phone number, drained her bank accounts and opened loans in her name — all within 24 hours. 'They were able to change my email, passwords,' Lee-Anne McLean told 9News. 'They broke into my social media and they opened bank loans.' And she doesn't know how they did it. 'I have security on my phone and my computer, so I'm not sure how they got all my personal information but I would really like to know.' Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Phone porting is a legitimate process that lets you keep your phone number when switching carriers, and it's typically protected by verification safeguards. But scammers have learned how to exploit it. 'To work around these protections, scammers will gather personal information about their target online, combing through social media posts, or purchasing information from cyber thieves or hackers,' according to the Federal Communications Commission (FCC). If fraudsters have the right combination of personal information — which could include your address, birth date, Social Security number, PINs and passwords — they 'may be able to con the victim's phone company into believing the request to port out the number is from the authorized account holder,' says the FCC. Once the fraudster convinces your phone company to transfer your number, your phone goes offline — and theirs lights up with your messages and calls, often allowing them to bypass safety measures like two-factor authentication. 'Once the scammer has access, they attempt to drain the victim's bank accounts,' says the FCC. 'In another variation, the scammers may attempt to sell or ransom back to the victim access to their social media accounts.' This happened to Associated Press reporter Fatima Hussein in 2024, who woke up one morning to discover she didn't have cell service. 'Using my home Wi-Fi connection, I checked my email and discovered a notification that $20,000 was being transferred from my credit card to an unfamiliar Discover Bank account,' she explained in an article for the Financial Post. Hussein said it took 10 days to get her number back from Cricket Wireless. 'And that wasn't until I told company representatives that I was writing a story about my experience,' she wrote in the Financial Post. During that time, fraudsters had accessed her account three times and transferred $19,000 from her credit card to the same unfamiliar account, even after freezing her credit and changing all her passwords. Bank of America was working to reverse the $19,000 transfer. Neither McLean nor Hussein know how fraudsters got their information. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it In 2024 alone, SIM swapping scams led to nearly $26 million in reported losses, according to the FBI — and the real figure may be even higher, since many victims don't report. To minimize the risk, start by asking your wireless provider about port-out authorization. 'Every major wireless has some sort of additional security for accounts or for port-out authorization that customers can set up, like a unique pin, or add verification questions, which will make it more difficult for someone to port out your phone,' according to the Better Business Bureau (BBB). Be on the lookout for phishing scams, which can lead to phone porting scams. A phishing scam takes place when fraudsters try to trick you into giving away personal information, typically by posing as a legitimate individual or business (such as an HR manager or your bank). They may contact you via text, email or phone. Never give away any personal information to a call or email from an unknown contact. Hang up (or ignore the email) and contact the individual or business with a trusted phone number or even an in-person visit. 'Typically, loss of service on your device — your phone going dark or only allowing 911 calls — is the first sign this has happened,' according to the FCC. If this has happened to you, time is of the essence. Contact your phone company and bank, and place a fraud alert on your credit reports. Aside from filing a police report, you can also file a complaint with the FCC. But for victims like McLean or Hussein, recovery can be a long, difficult process. 'My days are basically taken up by trying to prove who I am again,' McLean told 9News, 'and piece by piece trying to put my life back together.' Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
