A new poll suggests that about half of working Canadians would be hard-pressed to meet their financial obligations if their paycheque was delayed for a week. The survey by the Canadian Payroll Association found that 48 per cent of respondents said they rely on each payday to cover their bills, with 40 per cent admitting they spend an amount equal to all or more of their net pay each week.
The Bank of Canada is set to make its latest interest rate announcement today. The central bank is widely expected to keep its key rate unchanged, but economists will be scrutinizing its announcement for details on its view of the economy. The bank’s target for the overnight rate has been set at 0.5 per cent since July 2015.
The latest batch of home sales figures from Canada’s largest city could reveal whether or not Vancouver’s new tax on foreign buyers is sending investors to Toronto. The Toronto Real Estate Board is expected to release sales data today for the month of August. Some industry observers say Vancouver’s new 15 per cent tax could drive up prices in a Toronto market that is already scorching hot.
The CRTC will kick off public hearings today to discuss how the new, trimmed-down $25 packages have been offered to consumers. Hundreds of complaints were filed with the CRTC and consumer groups in the weeks after the regulator mandated the skinny-basic packages, which came into effect March 1.
POSTMEDIA’S DEBT RESTRUCTURING PLAN FACES VOTE
Postmedia’s shareholders and debt holders vote today on whether to approve the media conglomerate’s proposal to restructure its $648-million debt. In July, the company announced a plan to slash its debt by nearly half by exchanging a large portion of its debt for shares. Postmedia’s second lien debt holders would exchange the roughly $345 million they are owed for a 98 per cent stake in the company.
ALSO IN THE NEWS TODAY:
— Concordia University academics hold news conference to call for the release of professor Homa Hoodfar from an Iranian prison.
— Court appearance in Calgary for Edward Downey, charged in the deaths of Sara Baillie and her five-year-old daughter Taliyah Marsman.
— Don McMorris, the former deputy premier of Sask., makes court appearance on an impaired driving charge.
— The Quebec Liberals begin a two-day caucus meeting in Gatineau, Que.
— Farm Credit Canada will release its Farm Assets and Debt Report.