A new piece of legislation was recently introduced by Prime Minister Mark Carney and if passed, would eliminate interprovincial trade barriers and give the government broad powers to fast-track projects it deems in national interest. The economic legislation, known as Bill C-5 (officially known as the One Canadian Economy Act), will allow fast-track powers to the federal government to approve specific projects like infrastructure (pipelines, ports), with a single set of clear conditions. The government has stated that this new bill will reduce approval times from a minimum of 5 years currently to approximately 2 years. Additionally, this new law will deem compliant, any product or service, which meets provincial standards anywhere in the country. This new economic bill represents one of the largest systemic reforms to Canada’s economy in decades. So why does this matter? It is a timely and needed act that will provide the Canadian economy the boost it so desperately requires, especially given the current climate of US tariffs threatening growth and the job market becoming extremely challenging as of late. Additionally, Prime Minister Carney has proposed a huge boost to military spending, the largest since World War Two. There will challenges to these changes, that is certain and the true economic outcome remains to be seen- but we believe that the end of economic provincial silos, will be a positive for Canadian business and taxpayers moving forward. The government is looking to pass the bill by June 20th and will extend Parliament’s current session into the summer, if necessary, to get it done.
We have additional information on tariffs and why the negotiations of shared tariff costs have become so important. Check it out!
Canada’s trade deficit is at record levels, thanks to the tariff impacts on exports. We have an insightful article on what is driving the deficit and what exports are being impacted the most.
President Donald Trump’s proposed “Big Beautiful Bill” has a potential impact to Canadian investors, as the rate of US foreign withholding taxes on dividends received could rise significantly. We have more information on what this means to Canadians in the attached article.
The recent rhetoric from the US president has impacted Canadian tourism down to the US. We have an article that highlights where they are opting to travel, in lieu of the US. Have a read!
Is it possible that the reason people eat more ultra-processed foods is because of its texture? We have an interesting article that suggests that the texture of this type of food is why it goes down so easily, and so fast!
There are no further updates on the possibility of an additional postal strike. Postal workers remain on the job and negotiations are continuing but the threat remains. If a strike does occur, it could delay things like client statements, government cheques etc.… Fortunately, we have an alternative for you! If you have not yet signed up for the client portal and would like to know how, please reach out to Deb ([email protected] or 226-647-4595) and she can help get you set up. The client portal is a great tool, and we have received lots of positive feedback regarding its ease of setup and its efficiency of use. The client portal can assist you in staying connected and managing your portfolio at any time. Please reach out if you need help getting set up for the client portal.
Go to https://iaprivatewealth.ca/access to register.
Have a wonderful week everyone!
A common question that is being asked these days is whether the emergence of AI is dulling critical thinking skills. We have an excellent article that highlights the risks.
