The Canadian federal governmet’s spending for 2020/2021 is now projected to exceed the spending at the peak of World War II and the highest in Canadian history at CAD381 billion. There seems to be no end spending as the government is trying to buy votes for the next election: Massive increases in child care and universal income (a basic or guaranteed income would provide a no-strings-attached minimum income to citizens that would amount to a $17,000-benefit for a single person or $24,000 for a couple) are being planned. The universal income will cost about CAD85 billion a year. Immigrants comming to Canada should prepare themselves for much higher taxes for the next few decades. The upside is that it might create more jobs for immigrants as the productivity might decrease (why work if you get no-strings attached guaranteed income)
Sources:
https://torontosun.com/opinion/columnists/opinion-canadians-will-pay-for-trudeau-governments-record-spending
https://www.washingtonpost.com/opinions/2020/09/02/universal-basic-income-canada-wont-do-enough-fix-inequality/
https://www.ctvnews.ca/politics/parliamentary-budget-officer-says-basic-income-program-could-halve-poverty-rate-1.5377748…
Canada created 295 000 jobs in Feb 2021 & 303 000 jobs in March 2021
Despite an increase in infections, the Canadian economy created 295 000 jobs in February 2021 and another 303 000 jobs in March 2021. It was also reported that “economy added jobs even in some of the areas hit hardest by the pandemic, including retail, accommodation and food services. There were also gains in health care, construction and education.”
Source: https://www.cbc.ca/news/business/canada-jobless-march-1.5981104…
Canada’s labour recovery got a big boost in March
On April 9 the Globe and Mail published an article saying that: “Canada’s labour recovery got a big boost in March, though progress could prove short-lived as parts of the country enact tighter restrictions to contain a third wave of COVID-19. According to Statistics Canada employment rose by 303,100 last month and the unemployment rate fell to 7.5 per cent from February’s 8.2 per cent. The gain was triple what economists were expecting. The labour surge was driven by six-figure gains in both full-time and part-time work, while the number of self-employed jumped by 56,000 people, the first increase in three months. Around two-thirds of job creation came from the private sector.” Read article here: https://www.theglobeandmail.com/business/economy/article-canadian-economy-adds-more-than-300000-jobs-in-march-unemployment-rate/ (subscription needed)
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Home prices in Toronto up by 22%
The average selling price for homes across the Toronto region reached a record $1,097,565. That is 22 per cent higher than March 2020. More and more experts are predicting a correction (or crash in prices). Some home buyers can not get mortages (Bonds) as the selling prices of homes are more than the appraised value. Immigrants should be carefull before buying property at the moment.
Source: Globe and Mail, 6 April 2021 https://www.theglobeandmail.com/business/article-toronto-march-home-sales-blow-past-2016-record/ (For Subscribers only)…
Canada’s economy grew 0.7% in January
The Canadian Press published an article on 31 March 2021 that Canada’s economy grew 0.7% in January and that construction, manufacturing ad real estate contributed to the growth.
Read the full article here: Canada’s Economy…
CANADIAN JOB LOSSES IN SOFTWOOD LUMBER
Due to the drop in lumber prices, 3900 Canadians have been effected in the softwood lumber industry in British Columbia. Some saw mills closed, and others decreased it's production. Canadians that lost their jobs must get first choice in vacant positions in other...
LOWEST UNEMPLOYMENT RATE IN 43 YEARS
The Canadian economy created 106 500 jobs in April 2019 and 27 700 jobs in May 2019. This resulted in the jobless rate to drop to 5,4 % which is the lowest since 1976. Source: https://www.cbc.ca/news/business/may-jobs-statscan-1.5166200
Canada lowest unemployment rate since 2008
Canada's unemployment rate fell to 6,5 % which is the lowest it has been since 2008. From September 2018 to May 2019 Canada developed 32 000 jobs. However cost of living increased 3 times faster than the increase in wage income. Source: CBC. See...