Interest rates need to keep rising to fight inflation, Tiff Macklem tells MPs

Interest rates need to keep rising to fight inflation, Tiff Macklem tells MPs

Bank of Canada Governor Tiff Macklem waits to appear before the House of Commons finance committee in Ottawa on Nov. 23.Adrian Wyld/The Canadian Press Parliamentarians questioned Bank of Canada Governor Tiff Macklem about inflation and historic financial losses at the central bank on Wednesday, with top opposition politicians looking to frame the bank’s continuing dilemmas … Read more

Bank of Canada poised to lose money for the first time on rising interest expenses

Bank of Canada poised to lose money for the first time on rising interest expenses

The Bank of Canada is expecting total losses of between $5-billion and $6-billion over the next few years, spokesperson Paul Badertscher says.Adrian Wyld/The Canadian Press The Bank of Canada will report its first financial loss in its 87-year history in the coming weeks, a development that risks further denting the central bank’s reputation and inviting … Read more

Insurers face double hit from new accounting rules and new taxes

Insurers face double hit from new accounting rules and new taxes

The leaders of Canada’s life-insurance companies, already unhappy they’ve been lumped in with banks for a new tax on financial institutions, have now learned they’ll face another multibillion-dollar hit when the government adopts new accounting rules when calculating their taxes . The federal budget, released last Thursday, revealed the final decision on how Canada’s tax … Read more