Navigating non-U.S. travel bookings to keep Canadian dollars at home
Travel agents say more Canadians are cancelling trips to the U.S. in favour of vacationing elsewhere, but Travel Group consultant McKenzie McMillan says dollars can still enter the American economy depending on which companies they book with. He advises a caller who booked a trip to Ireland through an American company to do a little research but tells BC Today guest host Amy Bell it can be unavoidable as operators for Western travellers use U.S. dollars as a default currency.
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Winnipeg Free Press
an hour ago
- Winnipeg Free Press
All regions will get ‘fair share' of defence windfall: industry minister
MONTREAL – Industry Minister Mélanie Joly says the massive funding announced this week for Canada's defence industry will filter down to all regions of the country, as the federal government looks to jump-start domestic and overseas trade and reduce reliance on the United States. At a speech to Montreal's chamber of commerce Wednesday, Joly said the provinces are not in competition for the $9.3 billion in additional spending to be allocated by March 31, but rather in co-operation. The minister says the windfall will benefit companies beyond the military realm, trickling through the supply chain and across sectors ranging from aerospace and manufacturing to critical minerals and artificial intelligence. On top of meeting NATO's target of two per cent of GDP, the defence expenditures aim to reduce Canada's dependence on the United States and pave the way for stronger ties to Europe and 'certain countries in Asia' and the Persian Gulf. The emphasis on greater self-reliance and trade diversification comes as Canada grapples with an increasingly unpredictable southern neighbour whose president has threatened to make Canadians denizens of a '51st state,' on top of a months-long trade war. Joly says recent U.S. tariffs including the 50 per cent duties on steel and aluminum imports imposed by President Donald Trump are 'completely illegal.' As a result, Canadian defence projects will prioritize domestic metal, she said — though Joly did not specify how the government would enforce any Canadian content rules. Her remarks come a day after a U.S. federal appeals court agreed that Trump's sweeping global tariffs will remain in place while a case is heard. 'We are too dependent on the United States,' Joly said. To build a more independent defence sector, companies from coast to coast can expect to see their 'fair share' of the tens of billions of dollars in spending now budgeted by the Department of National Defence this fiscal year, she said, stressing the ripple effects for the broader economy as well. 'There's enough investment for everyone to benefit. And when we think of military investment, we shouldn't think that it's purely military,' she said. Monday Mornings The latest local business news and a lookahead to the coming week. 'Canada is not for sale, but we're open for business.' Joly is eager to foster growth not just in the economy, but in the academy. The minister highlighted a 'golden opportunity' to poach researchers from the United States, with several prominent academics already having left the country due partly to the political climate. 'My goal is to seek out 1,000 researchers from the United States to bring them to Canada,' she said. This report by The Canadian Press was first published June 11, 2025.
Global News
an hour ago
- Global News
Carney names Hydro-Quebec's Michael Sabia as new top bureaucrat
Prime Minister Mark Carney has announced Michael Sabia, a longtime business leader and senior bureaucrat, as the country's new top bureaucrat starting next month. Sabia has been named Clerk of the Privy Council Office, the department that is responsible for supporting the Prime Minister's Office and which plays a central role in turning government priorities into actionable policies for bureaucrats to implement. In a statement, the role is also described one that will 'advise the Prime Minister and elected government officials in managing the country, from an objective, non-partisan, public policy perspective.' 1:28 Danielle Smith urges feds to commit to Alberta energy superpower promise Sabia is currently the president of Hydro-Quebec. He will replace John Hannaford as Clerk of the Privy Council, with Hannaford now retiring, according to the press release. Story continues below advertisement Carney referred to Hannaford's role in helping the new government to transition as being 'invaluable.' Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Carney said Sabia's leadership will play a 'key role' in helping Canada to become 'the strongest economy in the G7,' and added that 'Canada's exemplary public service – with Mr. Sabia at the helm – will advance nation-building projects, catalyze enormous private investment to drive growth, and deliver the change Canadians want and deserve.' Prior to his role at Hydro-Quebec, Sabia served as Canada's deputy minister of finance, director of the Munk School of Global Affairs and Public Policy, and held senior leadership, CEO and president roles respectively at Bell Canada Enterprises and at Canadian National Railway.
Global News
an hour ago
- Global News
The tax deadline for self-employed Canadians is days away. What to know
The tax filing deadline for most Canadians this year was April 30, but there is still a bit more time given to individuals who are self-employed or have a spouse or common-law partner who is self-employed. But the clock is ticking with just days to go, and it is critical to make sure that returns are filed on time and accurately, experts say. 'They get a bit of extra time (compared with individuals filing in April) just because it's a little more involved preparing these returns … to calculate business income and do all the accounting,' says Ryan Minor, director of tax at Chartered Professional Accountants of Canada. 'The final payment is still due April 30. So in April, they should estimate the amount of taxes that are owing and send it in, even though the returns are due a little bit later.' Story continues below advertisement This means that although there are still a few days to submit the returns to the Canada Revenue Agency, the amount that may be owed would have still been due by April 30 of this year, and not paying or filing on time could mean significant fees on top of the original amount owed. 'The penalties (for missing a deadline) are horrendous — a five per cent penalty off the top for missing the deadline, and upward from there,' Minor says. 4:27 CRA on what you need to know for tax season There are also a lot of areas that business owners and self-employed individuals may be overlooking, and filers need to be sure they cover all the necessary areas with time to spare. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Certain things are commonly missed, like a home office expense, automobile expenses, capital cost allowance, where businesses might buy equipment or what they (the CRA) call these 'capital assets,' there are expenses that have limitations like meals and entertainment, there's so many rules,' Minor says. Story continues below advertisement As many self-employed individuals continue to crunch their numbers ahead of the deadline, the CRA is available to answer questions, but getting through can sometimes prove challenging. 'It takes hours to get through sometimes, and dropped calls…. Most of the complaints we hear are about are the individual inquiries lines, but I imagine on the business side they may have similar issues — especially if there's cutbacks,' Minor says. In May, the CRA said it planned to cut hundreds of positions, in addition to several other rounds of job cuts since last year, adding up to more than 3,000 job losses. This means there may be fewer staff members available to assist self-employed individuals with their returns in the days leading up to the filing deadline. 1:52 Canada Revenue Agency uses escape room to highlight tax scams The deadline normally falls on June 15, although because that date falls on a Sunday this year, the deadline for 2025 moves ahead to Monday, June 16 by the end of the day. Story continues below advertisement Technical issues on the CRA's website have also been reported this tax season, and may delay the filing process for some. Minor says he counsels all individuals, including those who are self-employed or business owners, to hire a certified accountant where possible, but if filing alone, there is help available. 'The CRA offers what it calls a 'liaison officer service.' You can request a personalized visit in person, by phone or online, and the officer will help you understand your tax obligations, explain general bookkeeping, how to avoid common errors, give an overview of online tools, and essentially answer tax-related questions,' Minor says. Given the tight timeline until the deadline, Minor says those hoping for the liaison service now are 'not likely to get it, but for those starting out a business for the first time in 2025, this could be something for the future.'
