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NSF fees cap implemented

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New rules that will cap NSF fees take effect today.

Under these new regulations, federally regulated banks will only be permitted to charge $10 for non-sufficient fund fees.

This new measure will help all consumers, especially those struggling financially.

The Financial Consumer Agency of Canada will oversee the new requirements to ensure industry compliance.

“The new NSF fee regulations represent an important step forward in consumer protection. These fees disproportionately affect Canadians who are already struggling financially. The restrictions on NSF fees will bring down the costs of banking for many Canadians. FCAC will oversee compliance with the new NSF fee requirements, making sure that the rights and interests of financial consumers are protected,” said Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada.

Previous fees ranged from $45 to $50, or even higher.

According to the FCAC, under the new regulations, federally regulated banks or credit unions cannot charge you:

  • more than $10 in NSF fees when your account doesn’t have enough money for a payment
  • NSF fees more than once per account in a period of 2 business days
  • NSF fees when the amount of your overdraft is less than $10

This only applies to personal deposit accounts. It doesn’t apply to business accounts.

Ontario Chamber of Commerce report Feb 2026

Confidence in economy falls, but business self-confidence rises in Ontario

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The Ontario Chamber of Commerce says a majority of businesses are confident they can weather the current economic conditions.

The findings come from its latest Ontario Economic Report.

Through its survey of business owners, the report states that only 23% are confident about the economy, a 3% drop from a year ago.

It falls to 20% among small businesses.

Some of the issues impacting confidence include affordability, rising costs for operations, labour and housing, and trade and supply chain barriers.

Only 19% of firms report increasing their business investment in 2025, with 26% planning to increase spending this year.

In a recent presentation to the Empire Club of Canada, Chamber President Daniel Tisch says while businesses lack confidence in the economy, they have stronger confidence in their ability to weather conditions.

“A majority of them are confident in the prospects for their own business. And that is actually 3% higher than a year ago,” says Tisch.

“So while they’re not confident in the economy, they’re confident in themselves, in their resilience, in their ability to adapt and innovate and to grow.”

Some businesses have responded to the U.S. trade and tariff policies, with 25% increasing prices, 22% diversifying suppliers, and 20% willing to absorb the added costs.

The demand for labour is also showing signs of easing.

“Only 25 % of firms this year report having labour shortages, and that’s the lowest number we’ve seen in our report since the pandemic, although it is uneven across economic sectors and regions,” says Tisch

The report also finds that nearly 50% of firms have developed diversity and inclusion strategies, an increase of 7% from two years ago.

“And what that says to me is that Ontario businesses understand that diversity and inclusion is not about subverting merit, it is about enabling merit to be seen.”

Rolls of steel sheet

Carney unveils support measures for steel and lumber industries as tariff impact grows

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The federal government is rolling out new trade measures aimed at supporting Canada’s steel and lumber industries as tensions with the United States remain high.

Prime Minister Mark Carney announced the changes in Ottawa, saying Canada must adjust to what he called a “new reality” in its relationship with the U.S. Carney said several sectors tightly linked to cross-border markets have become increasingly vulnerable during the ongoing trade dispute.

Among the changes, Canada will significantly reduce foreign steel imports from countries without a free trade agreement, cutting allowed volumes from 50 per cent to 20 per cent of 2024 levels.

The move is largely aimed at reducing imports from China. Quotas for countries with free trade agreements — excluding the United States and Mexico — will also be reduced from 100 per cent to 75 per cent of last year’s levels. In addition, Ottawa is imposing a global 25 per cent tariff on selected imported products made from steel.

The government is also planning to cut freight rates for shipping steel and lumber across Canada by half beginning next spring. Earlier Wednesday, federal officials estimated the cost of that measure at $146 million based on previous programs.

Other actions include implementing a Buy Canadian Policy later this year, which will require defence and construction projects to prioritize Canadian-made materials, and adding $500 million to the Softwood Lumber Development Program, bringing total loan supports to $1.2 billion.

No new measures were announced for the aluminum sector.

Tensions between Canada and the U.S. have escalated since Washington increased tariffs on steel and aluminum imports to 50 per cent earlier this year and raised softwood lumber tariffs to 45 per cent. The fallout worsened last month after a provincial ad campaign in Ontario led the U.S. to pause trade talks.

Carney confirmed Wednesday that he spoke with U.S. President Donald Trump this week and plans to be in Washington on December 5 for the FIFA World Cup draw, where the two leaders could meet in person.

Forestry workers looking at logs Forest Products Association of Canada Oct 2025

Economy gains 67,000 jobs in October; StatsCan

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More jobs popped up in October nationwide.

StatsCan says the economy added 67,000 jobs last month.

That helped the unemployment fall two tenths of a percentage point to 6.9 percent.

It July and August, it had been the highest since 2016, not including the pandemic.

The growth was fuelled by part-time work, as 85,000 jobs were added.

The wholesale and retail sector saw the highest growth at 41,000 positions.

Around 33,000 jobs went to men aged 25-54, while youth picked up 21,000 jobs.

Employment increased in Ontario but fell in Nova Scotia.

Mark Carney_CPAC_UK Reporter Meet

Carney to table first federal budget amid trade tensions and fiscal pressure

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Prime Minister Mark Carney will table his first federal budget Tuesday, describing it as a plan that will require “sacrifice” while delivering what he’s called “generational investments.”

The budget comes as Canada faces mounting economic challenges — including a trade dispute with the United States and ongoing concerns over affordability, public debt, and productivity.

Carney has framed the upcoming fiscal plan as one that will balance discipline with long-term growth, saying it is “the right budget for this country at this moment.”

Finance Minister François-Philippe Champagne will present the budget in the House of Commons, following the pre-budget tradition of unveiling his new shoes — a handmade pair crafted at Boulet Boots in Saint-Tite, Quebec, which also supplies footwear for the RCMP and Canadian Armed Forces.

While specific fiscal measures have not yet been released, Carney has emphasized three themes in recent weeks: boosting competitiveness, keeping spending sustainable, and supporting workers affected by the cost-of-living crisis. The government has also pledged to increase defence funding to meet NATO’s two-percent-of-GDP goal and invest further in housing and infrastructure.

The budget’s release comes at a politically sensitive time for the minority Liberal government.

Opposition parties have not yet committed to supporting the legislation, meaning the vote could serve as a confidence test that determines whether Parliament continues sitting — or heads into a winter election.

Carney has said he’s prepared to defend the plan “in an election if necessary,” underscoring how high the stakes are for both the government and the Canadian economy.

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Canada launches $100-million fund to boost rural small businesses

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The federal government is expanding access to financing for small businesses in rural and remote parts of the country through a new $100-million partnership between the Business Development Bank of Canada (BDC) and Community Futures/Community Business Development Corporations (CBDCs).

The initiative, announced by Small Business Minister Rechie Valdez, is designed to help entrepreneurs who struggle to access funding through traditional lenders. It will provide loans and business support to help small firms launch, expand, or adapt to changing market conditions.

Valdez said the new fund builds on ongoing federal efforts to strengthen Canada’s small-business sector, including tariff relief programs, BDC loan expansions, and the $5-billion Strategic Response Fund created to help businesses facing trade-related disruptions. “Small businesses are the backbone of our economy,” she said. “When local entrepreneurs have access to financing and mentorship, they create jobs and strengthen communities.”

BDC President and CEO Isabelle Hudon said the initiative reflects the bank’s focus on reaching entrepreneurs outside major urban centres. “Every entrepreneur, no matter where they live, deserves a fair chance to grow their business,” she said. “This partnership allows us to go where others don’t and build bridges where gaps exist.”

Troy Dungate, President of Community Futures, said the collaboration will help unlock potential that’s often held back by geography and distance. “This commitment, combined with our grassroots knowledge, ensures that this capital infusion reaches entrepreneurs ready to bring their businesses to the next level,” he said.

The program comes just ahead of Small Business Week (October 19–25), a national celebration recognizing the contributions of Canadian entrepreneurs to the economy.

ford housing

Province’s ‘special economic zone’ legislation takes step forward

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The province has released its draft criteria for designating special economic zones that will fast-track approvals of major projects.

First introduced under Premier Doug Ford’s Bill 5, also known as the Protect Ontario by Unleashing Our Economy Act, in response to economic threats from U.S. tariffs, the Special Economic Zones Act is aimed at supporting the advancement of job-creating investments and projects that are deemed critical to the province’s economic stability.

According to a release from the Ontario government, the draft regulation was created after consultations with Indigenous communities in the province, which are ongoing.

“Our government continues to facilitate hearty political participation and engagement with Indigenous communities across the province, with increasingly positive feedback, as we build out the regulations for Special Economic Zones,” said Greg Rickford, Minister of Indigenous Affairs and First Nations Economic Reconciliation and Minister Responsible for Ring of Fire Economic and Community Partnerships in a statement.

As part of its consultations, Ontario has engaged with more than 130 Indigenous communities regarding the proposed draft regulation and the development of a new regulatory framework.

That includes five regional sessions carried out across Ontario, including in Thunder Bay with the province saying it will continue to consult with Indigenous communities to support and advance economic stability through development and ensure proposed regulation incorporates ongoing feedback.

However, Bill 5 and the proposal of special economic zones has not been met without its critics.

“The Bill’s ‘special economic zones’ are just a cheat code for this government to do whatever they want, wherever they want,” Marit Stiles, Leader of the Official Opposition NDP previously stated.

“No consent. No consultations. No laws – this is the playbook that this government is selling.”

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Economy Returned To Pre-COVID Levels In November: StatCan

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Canada’s economy grew in November for the sixth consecutive month, but early indications from Statistics Canada show it stalled in December.

The agency said Tuesday that real gross domestic product rose by 0.6 per cent in November.

Statistics Canada said that pushed the GDP above pre-pandemic levels by 0.2 per cent.

“Both services-producing and goods-producing industries were up, as 17 of 20 industrial sectors posted increases in November,” said the agency.

Meanwhile, preliminary data suggests the economy was “essentially unchanged” in December, bringing growth for the full year to 4.9 per cent.

“Widespread increases led by the manufacturing, agriculture, forestry, fishing and hunting, utilities and wholesale trade sectors were offset by declines in the accommodation and food services, mining, quarrying, and oil and gas extraction and retail trade sectors,” said Statistics Canada.

The finalized numbers for December and 2021 as a whole will be released in March.

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Canada’s Economy Sees Some Growth

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Statistics Canada says the economy grew by 4.5 per cent in May following two months of unprecedented declines.

The increase in G-D-P came around the time that provinces and territories began reopening parts of their economies.

Construction rose by 17.6 per cent, retail trade grew by 16.4 per cent and manufacturing rebounded by 7.4 per cent.

Preliminary information from the agency also indicates a five per cent increase in G-D-P for the month of June.

But despite two months of increases, Statistics Canada estimates G-D-P was down by 12 per cent in the second quarter.

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LU Prof Sees No Need For New Tax

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There’s a belief taxes may not have to go up to pay for federal pandemic spending.

Lakehead University economics professor Livio Di Matteo thinks the government can find other ways if the economy recovers and revenues rise.

“They’re going to have to essentially wind down a lot of the new spending initiatives over the next six months to a year…hopefully within two years you will have closed the gap and balanced the budget again,” explains Di Mateo.

However, the economics professor indicates if there is a second wave of the coronavirus the government will have no choice but to raise taxes.

When it comes to the predicted $1 trillion debt, Di Matteo is somewhat optimistic.

He appears confident the government will be able to control a key component of the debt the ratio between the debt and the gross domestic product.

Di Matteo says the trick is to get the debt to GDP ratio back down to around 30% where it was before the pandemic began.

The fiscal update predicted it would go hit 50%.

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