Weekly Digest – 22 June 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Bill regarding tax measures receives Royal Assent

Bill C-8 received Royal Assent this month. This Bill enacts various previously announced tax measures as well as the annual 1 per cent tax on the value of vacant or underused residential property directly or indirectly owned by non-resident non-Canadians.

Further interest rate hike needed

Economist Don Drummond suggests that rampant inflation in the Canadian economy means the Bank of Canada will have to raise rates above three per cent to bring things back under control.

Pandemic spurs boom in entrepreneurship

With an economic downturn on the horizon and workers questioning their current employment situation, many people turned to entrepreneurship during the pandemic.

Rail strike threatens further supply chain issues

CN Rail signal and communications workers went on strike across Canada as of Saturday. The company says operations are currently operating at “safe and normal levels.”

New defence spending amid “new threats”

Defence Minister Anita Anand announced Monday that Canada will spend $4.9 billion over the next six years to modernise continental defence. The money will go toward overhauling ageing NORAD stations in the far north.

Some European countries returning to coal as gas shortages loom

Several European countries are considering a return to coal power to address a shortage of gas. Russia has been slowing its delivery of gas exports in a retaliatory response to international sanctions.

The crypto crash explained

CTV News has published an explainer on the freefall cryptocurrencies are experiencing, which continued last week. It can be found here.

Analysts now 95% sure Rogers takeover of Shaw will go through

Experts are feeling optimistic that Rogers will be able to clear the two remaining regulatory hurdles in its $20-billion takeover of Shaw now that it has announced plans to sell Freedom Mobile.

Shoppers recalls several infant formula products

Echoing the ongoing and serious infant formula shortage in the US, Shoppers recalled several infant formulas last week over fears of salmonella contamination.

Rising costs push Canadians to take drastic measures

In a response to inflation and rising costs, some Canadians are taking second jobs or skipping meals. Guest host Duncan McCue learns how some people are making ends meet in this episode of The Current. Listen here.

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