Weekly Digest – March 06, 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Canada’s economy grows more than expected, dodging recession

Stronger growth supports case for Bank of Canada to hold interest rates steady until June.

Canada tax changes to be aware of in 2024

There are a number of new tax measures and reporting requirements Canadians should keep in mind when filing their 2023 returns this spring. Here is a list of important tax changes and dates.

Canadian economy not in recession, but 2023 was one of its weakest recent years

The Canadian economy continues to beat recession fears, posting modest growth in the fourth quarter even as high interest rates weighed on consumers and businesses. Statistics Canada reported Thursday that real gross domestic product increased by an annualized rate of one per cent, beating economists’ expectations and the Bank of Canada’s forecast for the final three months of 2023.

Canadian businesses continue to contract as closures outpace startups

Canada is proving that a massive population boom doesn’t always mean a booming economy. Statistics Canada (Stat Can) data shows the number of active businesses slipped lower in November. A lot more businesses have been shuttering their doors recently, and fewer entrepreneurs are interested in replacing them.

Economy compelling young Canadians to explore alternative ways to purchase a home

Canadians’ desire to enter the housing market prompts new trends in co-ownership, rent-to-own and rental-unit scenarios. Economic factors, including the high cost of living, high interest rates and the price of housing, are prompting one-third of Canadians to explore alternative ways of entering the housing market (32 per cent), according to a Leger survey commissioned by RE/MAX Canada.

Canadian Survey on Business Conditions, first quarter 2024

Statistics Canada conducted the Canadian Survey on Business Conditions from January to early February 2024. The survey collects information on the environment businesses are currently operating in and their expectations moving forward.

Federal government discontinues First-Time Home Buyer Incentive

The Canada Mortgage and Housing Corporation (CMHC) has discontinued the First-Time Home Buyer Incentive (FTHBI), according to a statement on its website.

Inflation in Canada slows with 2.9% increase in January, keeping June rate-cut expectations on track

Canada’s annual rate of inflation slowed more than economists expected in January, with prices rising 2.9 per cent, as food price growth slowed and gas prices fell. Economists had expected the Consumer Price Index (CPI) to dip from 3.4 per cent in December to 3.3 per cent in January, according to Reuters.

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