Run on EI

Posted by & filed under Canadian Economy, Canadian Government.

Description: During this last week approximately 500,000 Canadians filed a claim for Employment Insurance (EI). In the same week the previous year, only 27,000 filed. The corona virus has caused closures and layoffs throughout the land, prompting unemployed Canadians to see this form of assistance. Date:  March 20, 2020 Source:  theglobeandmail.com Link: https://www.theglobeandmail.com/business/article-ottawa-receives-500000-new-applications-for-employment-insurance-as/   Discussion… Read more »

Airline Industry Woes

Posted by & filed under Accounting Principles, Canadian Economy.

Description: Perhaps no industry has been hit harder by the Corona virus than travel and tourism. Flight attendants at Westjet are anticipating layoffs of up to 50% in the face of COVID-19. Things are moving very quickly in this crisis, as earlier in the week the layoff numbers being tossed around were in the order… Read more »

Mortgage Rates Drop

Posted by & filed under Canadian Economy.

Description: Mortgage rates in Canada took a drop this week following the Bank of Canada’s 50 basis points cut to its rate. The site ratespy.com – https://www.ratespy.com/ – estimated that for each 1/2% cut in interest rates, Canadians would save $500 per year on each $100,000 borrowed. This is Canada’s lowest interest rate since the… Read more »

What’s a Leap Day Worth?

Posted by & filed under Accounting Careers, Canadian Economy.

Description: The Financial Post took an interesting approach to February 29 this year, slowing things down a bit to reflect on what happens during one day in the Canadian economy. Among the fascinating facts listed is that 4,240,584 barrels of oil are taken from the earth while at the same time 63.7 carats of diamonds… Read more »

Trains not Moving

Posted by & filed under Canadian Economy.

Description: As rail blockades continue in Canada, inventory is beginning to build up at major Canadian ports of Halifax, Montreal, and Vancouver. Atlantic Container Line (ACL) says 90% of its business usually moves out of ports by rail, but the current blockades are hitting the normal routes hard. ACL has started to move shipments to… Read more »

Coronavirus and Tourism

Posted by & filed under Accounting Careers, Canadian Economy.

Description: The Coronavirus story is lingering on. One industry that seems to be suffering is tourism, with travel agents and tourism operators bracing for a decline in activity lingering into 2021. An executive at the Hilton hotel chain estimates the company will be affected somewhere between $25 and $50 million. Date: ¬†February 16, 2020 Source:¬†… Read more »

Rich Or Poor?

Posted by & filed under Canadian Economy, Canadian Government.

Description: November was a bad month for Canadian employment with Canada losing over 70,000 jobs, while our neighbour to the south added over a quarter million. For Canada, this was our worst result in ten years. Financial Post Columnist Jack Mintz offers “that propping up consumer demand by running deficits and distributive tax policies is… Read more »

Food Prices Heading Up

Posted by & filed under Canadian Economy, Student life.

Description: Oh no – food prices are heading up. A family of four is predicted to have to spend an additional $500 on their food purchases in 2020. Unpredictable weather is the culprit, creating uncertainty in food production for farmers in Canada and elsewhere. Date:  December 5, 2019 Source:  cbc.ca Link: https://www.cbc.ca/news/business/climate-change-food-price-increase-report-1.5383507   Discussion points:… Read more »

4 Tips on Debt

Posted by & filed under Accounting Careers, Canadian Economy.

Description: With many out doing their Christmas shopping, fears of personal debt are often around the corner. The Toronto Star offered four tips to keep you out of trouble. Number one is decide what to spend, then cut that number in half. Date:  December 2, 2019 Source:  thestar.com   Link: https://www.thestar.com/business/2019/12/02/four-smart-ways-to-stay-out-of-debt-this-holiday-season.html Discussion points: 1) Have… Read more »

Tough times, no savings

Posted by & filed under Canadian Economy, Contemporary Business Issues.

Description: Over one third of Canadians have no retirement savings. And over one half of our citizens are living paycheque to paycheque. These are the rather dismal findings of a recent poll. As well, one third cannot pay off their credit cards each month, an indicator of financial pressures on Canadian households. Date: ¬†September 30,… Read more »