Caught up in a week on the run? A weekly digest of the Globe’s most important business and investing stories, including expert insights and analysis, stock tips, portfolio strategies and more.
Canada’s Technology Fast 50 celebrates the lightning growth of technology companies
Canada’s technology sector is growing despite recent headwinds such as rising interest rates. Each company on Canada’s Technology Fast 50 list has grown by more than 300% over the past three years. Vancouver’s Dapper Labs Inc., a software development company that uses blockchain technology to create sports experiences for fans, took the top spot. Led by CEO and President Sam Gallegozrow, the company has grown 16,910 percent over three years. This was followed by Noibu, an e-commerce website monitoring tool, which recorded a growth rate of 12,865 percent in three years. See the complete list of growing Canadian technology companies here.
Canadian Tire cuts 3% of workforce to cut costs as economic pressures hit consumers
Canadian Tire Co. is laying off 3% of its workforce, cutting costs and cutting back on planned facilities as sustained economic pressures continue to impact consumer demand and weigh on retail sales. delaying investment. Like many other retailers, Canadian Tire has been noticing changes in consumer spending patterns for several months. Retailers are also bracing for a slower holiday season, when discounts and promotions will become more intense as stores compete for consumers’ money. Canadian Tire’s credit card data shows sales are outpacing the market in many product categories, but the company is still feeling the pinch.
How to buy a car?it costs
The average price of a new car is AutoTrader.ca In October, it was about $68,000, Matt Lundy reported. The average price of a used car was nearly $39,000. Although these prices appear to be flat, they have increased significantly compared to recent years. The average price of a new car has increased by 39%, or $19,000, in the past two years alone. Used car prices rose 25% during the same period. Find out more in this week’s Decoder.
CRA tax rate on delinquent taxes rises to 10%, forcing tax advisors to change strategies
Tax experts say the Canada Revenue Agency’s interest rate on delinquent taxes is expected to rise to 10% in the first quarter of 2024. Accountants told the Globe and Mail that until last year, interest rates on unpaid taxes were low enough that they weren’t necessarily a top financial priority. The rise to 10% is double the rate for most of the past decade, Eileen Galea reports. For many individual Canadians and business owners, this represents new costs that are draining their incomes and new burdens resulting from high interest rates. Nina Iusouupova, CRA spokesperson The agency said it is still calculating the rates and plans to publish them “in the near future.”
Will inflation delay certain expenses? Divorce shouldn’t be one of them.
Divorce is usually an expensive legal procedure. If you use a lawyer for a fairly simple uncontested divorce, legal fees can run into the approximate thousands of dollars, while costs for a contested divorce can quickly add up to tens of thousands of dollars. As costs rise and people have less money left over each month, some people are looking for cheaper alternatives to legal advice for partition, reports Salman Farooqi. Melissa Bourgeois, a family lawyer at One Family Law in Edmonton, said the decision “often puts them at risk as they navigate the complexities of the legal system.”
Property developer Westbank faces lawsuit over vast Mirvish Village redevelopment project
Westbank is sued by four construction companies over more than $25 million in unpaid construction work at the massive Mirvish Village rental apartment development (formerly the site of discount store Honest Ed) at Bloor and Bathurst in Toronto is being woken up. The lawsuit comes as real estate developers find it increasingly difficult to survive due to high interest rates and soaring construction costs. However, these problems have so far been limited to developers who are inexperienced or do not have sufficient capital to deal with contingencies. Experts say a dispute with a company of Westbank’s size and track record could shake up the entire industry.
Now that you know everything, test your knowledge with our weekly business and investment news quizzes and prepare for the next week with Globe’s investment calendar.
