Domestic economy: CRA resumes all debt collection efforts; A look at rising food prices

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CRA expects full recovery of debt collection

If you owe the government money, be prepared to hear from the Canada Revenue Agency – if you haven’t already. The agency informed the federal Minister of Revenue that it planned fully resume its debt collection efforts ahead of tax season this year, according to The Canadian Press. During the pandemic, the CRA relaxed its collection efforts due to the economic impact felt by many Canadians.

Workcations are the latest fad among remote workers

A new study shows that more and more Canadians are putting away their laptops and working from abroad. He earned the nickname “workcation” – where an employer allows their staff to travel and work from anywhere in the world – and this is becoming increasingly popular with the shift to full-time remote working. A December study by vacation booking company Kayak estimated that 27% of employed Canadians will take a workcation this year.

Groceries are more expensive, but which items have seen their prices rise the most?

Groceries continue to be one of the most immediate indicators of the impact of inflation. In February, food prices rose 7.4% from a year ago, according to Statistics Canada data. The annual inflation rate has reached its highest level since 1991 (at 5.7%), and some economists are warning that there will be more pressure on prices before inflation slows. How will this be reflected in grocery store aisles? Read it breakdown by The Canadian Press to see how your grocery costs have gone up since last year.

House prices rise 3.5% in February, a record

February was marked by a push record in Canadian home prices. The Canadian Real Estate Association said benchmark home prices rose 3.5%, while home sales rose 4.6%. Even though new listings have risen sharply, the surge in sales has caused inventory levels to fall to a record low, and the data shows there is only 1.6 months of supply in the market.

Only 29% of Canadians think it’s a good idea to buy a home now: Poll

Speaking of entering the housing market, a new investigation shows that many Canadians don’t think now is the right time to buy. With prices and interest rates rising, homebuyer sentiment has plummeted: only 29% of 2,000 Canadian respondents think now is the best time to buy (compared to 50% a year ago). latest).

Gen Z are less concerned about financial scams than older Canadians

Are you afraid of being scammed? Many young Canadians are not. In 2021, the amount of money stolen through online fraud has skyrocketed, but an Equifax poll suggests Gen Z are less worried than the average Canadian. Experts attribute this lack of interest to a dangerous misconception that being tech-savvy equals being difficult to manipulate. In a world of digital evolution, however, experts warn fraudsters should not be underestimated.

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3.2%

That’s how much retail sales jumped in January, led by a increase in car purchases

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