The national unemployment rate crept up to 7.3% last month for the first time in three years amid flat overall job growth, Statistics Canada said Friday. The jobless rate increased by 0.1% for the third month in a row, the agency’s latest labour force survey found. The report says the country lost 2,300 net jobs […]
The Bank of Canada is expected to make its latest announcement on interest rates later today. And while there is little expectation of a change to its overnight rate target, economists will be looking for any clues as to how the central bank views the economy. The Bank of Canada’s key interest rate stands at […]
After nearly a decade-long legal battle, roughly 1,600 people who say they were required by Scotiabank to work unpaid overtime will soon be splitting a $20.6 million settlement. Judge Edward Belobaba of the Ontario Superior Court approved a settlement in the class-action lawsuit against the bank Thursday, with written reasons to follow in the coming […]
Negotiations between the city of Toronto and its inside workers’ union have ended – at least temporarily –without a contract, and neither party is taking the blame. The city posted “highlights” of its offer online, which includes a change to the amount of benefits for workers on long-term disability; previously, workers could claim for 75% of […]
Disabled military veterans will take their fight for long-term benefits to a Halifax courtroom today where they will argue that they were wrongly denied payments because they received incorrect information from an insurer. Stephane Hebert, who served in the Forces for 21 years before being involuntarily released in 2007, is part of the proposed class action […]
TD Bank CEO Bharat Masrani was given a 10 per cent pay bump in 2015, a year when the bank laid off staff as part of a company-wide effort to trim costs. The bank issued its management proxy circular on Tuesday, showing that Masrani was paid $9 million in total compensation. Read: 20% of employers link […]
Finance Minister Bill Morneau’s updated picture of the economic backdrop heading into this year’s budget isn’t pretty, says CIBC chief economist Avery Shenfeld in a research note. This morning, Morneau gave an economic update at a townhall event in Ottawa, as part of his pre-budget consultations. He announced the 2016 federal budget will be released on March […]
Statistics Canada says the number of Albertans receiving employment insurance has doubled in a year. It’s the latest sign of the province’s economic struggles driven by falling oil prices. About 62,500 people in the province were on EI in December, up from the 31,200 who were receiving jobless benefits from the same month a year earlier. Read: Sounding […]
The CPP Investment Board and a partner are jointly buying six seniors housing properties in Florida for US$555 million. The Toronto-based retirement fund manager will own 45% of a new joint venture that will buy the Aston Gardens properties, which have a total of 1,930 rental units in low-rise buildings in several communities throughout Florida. […]
The OECD has lowered its projections for Canadian, American and global economic growth over the next two years. The Paris-based economics think-tank now estimates Canada’s economy will grow by 1.4% in 2016, slightly more than the 1.2% estimated for 2015 but less than the OECD’s previous estimate for this year of 2% growth. Canada’s economic […]