Finance Minister Chrystia Freeland

Canada's finance minister warned of a difficult exit from the pandemic as soaring prices and rising rates squeeze consumers, but said the government is ...

Finance Minister Chrystia Freeland outlined Ottawa's plan for dealing with inflation Thursday, pledging to focus on fiscal restraint, boosting productivity ...

Much of today’s inflation is caused by supply-side issues tied to the COVID-19 pandemic: transportation bottlenecks, factory shutdowns in China, shortages of key manufacturing inputs like semiconductors. The Bank of Canada is likewise moving quickly: announcing three consecutive interest rate hikes, including two oversized half-percentage-point moves, while promising that it is prepared to “act more forcefully if needed.” Low interest rates encouraged Canadians to gorge on housing, pushing up the average home price up by more than 50 per cent over the past two years. Scaling back on federal spending would complement the central bank’s efforts to cool the economy. The size of the deficit is projected to be $8.4-billion by 2025-26. However, they face off daily with opposition parties that are seizing on the issue. In April, the annual rate of inflation hit 6.8 per cent – the fastest pace of consumer price growth in three decades. Those measures include a range of enhanced benefits to individuals through programs such as the Canada Workers Benefit, a 10-per-cent increase to Old Age Security for seniors over 75, and increased funding for child care and rent support. Similarly the Ontario government sent out rebates earlier this year by scrapping license plate renewal and sticker fees. As interest rates were set to rise, we understood the importance of maintaining Canada’s triple-A rating.” Central banks were slow to start pushing back against inflation, hoping that it would be transitory. Canada is experiencing the biggest inflation threat in a generation.

Deputy Prime Minister and Finance Minister Chrystia Freeland has presented a multi-pronged 'affordability plan' outlining how the government intends to ...

Deputy Prime Minister and Finance Minister Chrystia Freeland has presented a multi-pronged 'affordability plan' outlining how the government intends to address inflation, based on pre-existing commitments. Deputy Prime Minister and Finance Minister Chrystia Freeland has presented a multi-pronged 'affordability plan' outlining how the government intends to address inflation, based on pre-existing commitments. While he predicts the industry will continue to grow, he said he's unsure yet whether smart furniture sales are part of a larger consumer trend. But for those who rent their homes, a rise in inflation is also likely to send rent prices shooting up over the months to come, experts say. Increasingly, it seems, doing so might require the one painful thing the Fed has sought to avoid: A recession. The stunning leak of a U.S. Supreme Court draft opinion to strike down the landmark Roe v. Six candidates are on the ballot to become the Conservative Party's next leader. - And, the increase expected to a host of other benefits, because they are indexed to inflation. "Jobs are plentiful, business is booming, but it is also harder for a lot of Canadians to pay their bills at the end of the month." "For a lot of Canadians, the only thing that speech will outline that's going to help them is a $7 increase. "If the data is so rosy, if the rebound is so strong… All of the initiatives cited by Freeland on Thursday, stem from the last two federal budgets.