Canada's real gross domestic product grew by 0.5 per cent in April, according to Statistics Canada, marking a strong start to the second quarter of 2026. The figure slightly exceeded economists' expectations, driven mainly by the mining, quarrying, and oil and gas extraction sectors.
Recession fears subside
Economists say the bounce back in gross domestic product should be enough to quiet recession talk, but not quite enough to move the Bank of Canada on interest rates. The data suggests the economy is rebounding after a sluggish period.
New CRA head appointed
Prime Minister Mark Carney has appointed Heather Evans, chief of the Canadian Tax Foundation, as the new head of the Canada Revenue Agency. Evans will become the Commissioner of Revenue, effective July 13, taking the place of Jean-François Fortin, who has served as acting commissioner since March 31.
Free trade scars in Wallaceburg
United States demands for concessions on the Canada-United-States-Mexico-Agreement are stirring up painful memories in communities like Wallaceburg, Ont. Some residents wonder if the price Canada already paid for free trade is being exacted anew. The town was gutted by previous trade deals, and the scars run deep.
Bare trust debacle continues
Taxpayers better get prepared to relive the bare trust debacle — again, according to tax practitioner Kim Moody. Once again, tax practitioners will be asked to answer legal questions they were never trained to answer, he writes. The trouble with the new tax policy for bare trusts is not complexity; it is complexity imposed on a broad and unsuspecting audience.
