Level of Credit Protection Unclear in Wake of Major Loss

Level of Credit Protection Unclear in Wake of Major LossIn the wake of a class action lawsuit, the federal government now says it will provide a “credit flag” service for nearly 600,000 Canadians whose data was lost in November. But it is not the same level of credit protection it advised those affected to get, and pay for themselves. Human Resources and Skills Development Canada (HRSDC) said the hard drive was lost in November from an office in Gatineau,…

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The Trade Deficit Hits $2 Billion

The Trade Deficit Hits $2 BillionStatistics Canada has compiled their latest trade deficit numbers against the world for Canada revealing a marked $2 billion milestone in November from $552 million back in October.  The rise is due primarily to the fall in exports by 0.9% and the continued increase in imports (climbing 2.7%). With electronics and related equipment once again leading the way in imports ($39.5 billion) and motor vehicles coming in a close second,…

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Half of Canadians Live Paycheque to Paycheque

Half of Canadians Live Paycheque to PaychequeAlmost half of Canadians live paycheque to paycheque, a new survey has found. But that number is down from last year. According to a Canadian Payroll Association poll, 47% of Canadians live payday to payday in 2012, reporting they would struggle if their paycheque was delayed by even one week. That’s down from 57% in 2011. That kind of financial juggling is most common in the Maritimes, where 54% rely…

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Canada’s Economy Outperforming the U.S.

Canada's Economy Outperforming the U.S.Canada’s economy expanded at a 1.8 per cent annual pace during the last quarter, the same growth seen at the start of the year and slightly better than what economists were expecting. Statistics Canada said Friday that an increase in business investment was the biggest factor contributing to growth. Economists had been expecting a 1.6 per cent gain. The Bank of Canada, however, had been forecasting the 1.8 per cent…

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Banks Lose Trust As Service Charges Rise

Banks Lose Trust As Service Charges RiseCanada’s banks are solid, but their service seems to be slipping. After keeping fees stable for awhile, banks are raising charges on a variety of services. Interest rates on lines of credit are being adjusted. At the same time, banks are reporting record profits and senior executives are earning compensation packages that put them ahead of other sectors…

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Markets, Dollar, Rally on EU Crisis Plan

Markets, Dollar, Rally on EU Crisis PlanStocks, the Canadian dollar and commodities all soared Friday in the wake of an agreement among European leaders to a set of prescriptions for their debt crisis. But analysts questioned how long the rally would hold. In Toronto, the S&P/TSX composite index closed up 171.86 points, or 1.5 per cent, at 11,596.56. In New York, the Dow Jones industrial average jumped 277.83 points, or 2.20 per cent, at 12,880.09. The…

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Job Market Slows in May

Job Market Slows in MayCanada’s unemployment rate held steady at 7.3 per cent in May following two months of large gains. Statistics Canada said Friday the economy created 7,700 new jobs last month. That wasn’t enough to move the employment rate one way or the other, although it was slightly ahead of the 5,000 gains that economists were expecting. But the jobs showing was a marked slowdown from the previous two months, which saw…

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Oilsands Critics put Spotlight on Foreign Ownership

Oilsands Critics put Spotlight on Foreign OwnershipAnti-oilsands activists hit back at recent criticism of foreign funding of environmental charities Thursday by releasing a report showing oilsands companies are overwhelmingly foreign-owned. ForestEthics Advocacy — a spin-off of ForestEthics, which is a registered charity — released a shareholder analysis conducted using Bloomberg statistics that found 71 per cent of all companies operating in the Fort McMurray, Alta., area are not Canadian. Of the remaining companies that are headquartered…

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Apple tops BlackBerry in Canadian sales

Apple tops BlackBerry in Canadian salesResearch in Motion’s home-country advantage has worn off amongst Canadian consumers. For the first time, its BlackBerry is no longer the top selling smartphone in the country, according to data compiled by research firm IDC and Bloomberg. Apple’s wildly popular iPhone device took the top spot for 2011 with sales of 2.85 million devices in Canada, easily beating BlackBerry sales that totaled 2.08 million. It marks the first time that…

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Canadian Economic Growth Slows to Crawl

Canadian Economic Growth Slows to CrawlThe growth rate of the Canadian economy slowed to a crawl in the fourth quarter of 2011, Statistics Canada reported Friday. At an annual rate, real gross domestic product (GDP) grew 1.8 per cent in the fourth quarter, after a 4.2 per cent increase in the third quarter. The actual growth in the quarter was 0.4 per cent, compared with one per cent in the third quarter, the agency said. …

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