Canadian small businesses are facing significant challenges as trade tensions with the United States escalate. Many previously exempt items, such as model trains, toys, and dolls, are now being priced out of the U.S. market due to tariffs. The Canadian Federation of Independent Businesses reports that over 53,000 small and medium-sized businesses are directly affected by these levies, raising concerns about long-term economic impacts.
The Canadian economy saw a sharp decline in September, losing 68,000 jobs and pushing the unemployment rate up to 6.5%. Economists suggest this data strengthens the case for cautious monetary policy at the Bank of Canada, as it balances rising inflation with slowing growth. The latest employment figures could influence future interest rate decisions.
In environmental news, Prime Minister Mark Carney announced a $2 billion rebate program to encourage Canadians to switch to electric heat pumps. Households can receive up to $10,000 in rebates for eligible products, with over 100,000 options available on the government’s approved list.
On the legal front, experts emphasize the importance of marriage contracts in Canada for protecting marital assets. The division of the matrimonial home and other assets is determined by changes in net worth during the marriage, rather than specific asset values. Canadian citizenship and asset locations do not affect the applicable rules.