Weekly Digest – 3 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Tim Hortons offers coffee and a donut to anyone affected by breach of privacy laws

Tim Hortons was accused of using its mobile app to collect “vast amounts of sensitive location data” in violation of Canadian privacy laws. To make up for tracking users, the chain is proposing to give each affected person a free hot beverage and a free baked good worth a little under $9 plus tax.

Canada’s economy stalls

Last week, Statistics Canada said that the economy didn’t expand at all in May, the second month of the year that it has failed to make any gains.

Sales of everything but food slowing down

Loblaw’s reports that sales of everything are slowing down, with the exception of food. The company said that inflation is to blame for curbed spending.

Hope for Canadian EV makers as US tax credit bill evolves

Last week, US lawmakers scrapped part of a massive incentive package for electric vehicles that would have excluded those assembled in Canada from a proposed consumer tax credit.

Grain ship headed to market leaves Ukraine

A ship loaded with grain has left the port of Odesa, the first since the war began in February. It is hoped that it will be the first of many and will ease soaring grain costs around the globe.

Gold makes steady gains early in the week

A weaker US dollar and a dip in US Treasury yields boosted demand for gold on Tuesday amid mounting worries of a worldwide economic slowdown.

How to adjust your budget for big purchases in times of inflation

Canadians are putting off buying big-ticket items amid rampant inflation and rising interest rates. But experts say there are ways to adjust your budget when avoiding major purchases isn’t an option.

Shopify posts loss in second quarter, announces job cuts

A slower-than-expected shift to e-commerce and decades-high inflation are among the reasons for Shopify’s stalled growth. The company posted a $1.2bn net loss in the second quarter and announced it is cutting 10% of its staff.

Registration for new luxury tax is now open

The CRA has opened registration for the new luxury tax, which will come into effect on September 1, 2022. Details can be found here.

Help wanted: Chief Candy Officer

A Canadian candy company is offering $100,000 a year to work from home, taste candy, and lead monthly meetings. Details and instructions on how to apply can be found here.

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