Porter CEO battling CRA over tax bill from 'significant losses' from 'high-risk' pandemic trading
OTTAWA — Porter Airlines' CEO is fighting the CRA over a six-figure tax bill linked to an unsuccessful incursion into 'high risk' trading in the early months of the COVID-19 pandemic that cost him over $5.7 million.
When the COVID-19 pandemic hit Canada in March 2020, Porter's top executive Michael Deluce saw opportunity. As economies suddenly shuttered and investors scrambled to grapple with the global pandemics, markets experienced some of the largest one-day swings in nearly four decades.
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Calgary Herald
7 hours ago
- Calgary Herald
Canadian venture capital deals tumble to pandemic-era lows
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Winnipeg Free Press
20 hours ago
- Winnipeg Free Press
US national debt reaches a record $37 trillion, the Treasury Department reports
WASHINGTON (AP) — The U.S. government's gross national debt has surpassed $37 trillion, a record number that highlights the accelerating debt on America's balance sheet and increased cost pressures on taxpayers. The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation's daily finances. The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office's January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilize the national economy and support a recovery. And now, more government spending has been approved after Trump signed into law Republicans' tax cut and spending legislation earlier this year. The law set to add $4.1 trillion to the national debt over the next decade, according to Congressional Budget Office estimates. Chair and CEO of the Peter G. Peterson Foundation, Michael Peterson said in a statement that government borrowing puts upward pressure on interest rates, 'adding costs for everyone and reducing private sector investment. Within the federal budget, the debt crowds out important priorities and creates a damaging cycle of more borrowing, more interest costs, and even more borrowing.' Wendy Edelberg, a senior fellow in Economic Studies at the Brookings Institution said Congress has a major role in setting in motion spending and revenue policy and the result of the Republicans' tax law 'means that we're going to borrow a lot over the course of 2026, we're going to borrow a lot over the course of 2027, and it's just going to keep going.' The Government Accountability Office outlines some of the impacts of rising government debt on Americans — including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services. Peterson points out how the trillion-dollar milestones are 'piling up at a rapid rate.' The U.S. hit $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024. 'We are now adding a trillion more to the national debt every 5 months,' Peterson said. 'That's more than twice as fast as the average rate over the last 25 years.' The Joint Economic Committee estimates at the current average daily rate of growth an increase of another trillion dollars to the debt would be reached in approximately 173 days. Maya MacGuineas, president of the Committee for a Responsible Federal Budget said in a statement that 'hopefully this milestone is enough to wake up policymakers to the reality that we need to do something, and we need to do it quickly.'
Cision Canada
21 hours ago
- Cision Canada
OPG Reports 2025 Second Quarter Financial Results
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"The Darlington Refurbishment Project's success to date is a true testament to the planning completed ahead of project execution and the commitment and expertise of OPG staff, skilled trades and project partners," said OPG President and CEO Nicolle Butcher. "Darlington has long been a clean energy powerhouse for Ontario, and thanks to this refurbishment, completed safely and with quality, will continue to reliably generate electricity for decades to come." The Canadian Nuclear Safety Commission (CNSC) held a public hearing in late June 2025 on OPG's application to renew Darlington GS's operating licence for an additional 30 years – the projected lifespan of the refurbished station. The CNSC's decision, expected in the fall of this year, will be an important step as part of enabling the continued safe and reliable operation of the Darlington GS for decades to come. OPG's Role Powering Ontario's Future In June 2025, the Ontario government released the province's first-ever integrated energy plan, Energy for Generations, a blueprint to power future growth, and drive the most competitive economy in the G7. OPG's long-term strategy of maintaining existing and adding net new generation to the grid will help meet that growing need for clean, reliable, and cost-effective electricity. "With electricity demand forecasted to increase by as much as 75 per cent between now and 2050, OPG will continue to play a key role in meeting Ontarians' energy needs – affordably and reliably," said Butcher. "By refurbishing and maintaining our existing fleet, advancing construction on the first of four small modular reactors at the Darlington New Nuclear Project (DNNP) site, and engaging with Rightsholders and stakeholders on potential new generation opportunities on our strategic sites, we are well-positioned to help power Ontario's clean energy future." New Isotopes at Darlington OPG's Darlington GS is set to become the single largest source of potentially life-saving isotope production in North America. In May 2025, the CNSC approved an amendment to the Darlington GS operating licence, permitting OPG subsidiary Laurentis Energy Partners to begin producing Lutetium-177 and Yttrium-90 isotopes from Darlington's Unit 2 reactor. Lutetium-177 and Yttrium-90 are part of a new wave of targeted radionuclide therapies that deliver radiation directly to cancer cells while sparing healthy tissue and offering new hope to patients with hard-to-treat cancers such as liver, neuroendocrine, and prostate. "Our Darlington nuclear station is not only helping power Ontario's growing clean energy needs; it is also advancing the future of cancer care," said Butcher. "Cancer patients around the world could soon benefit from life-saving treatment based on these two new medical isotopes produced here in Ontario, from OPG's reactors." Net Income attributable to the Shareholder Net income attributable to the Shareholder for the three and six month periods ended June 30, 2025 was $541 million and $1,046 million, respectively, representing an increase of $381 million and $665 million compared to the same periods in 2024. The increases for both periods were primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities. About OPG As Ontario's largest and one of North America's most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects and electrification initiatives to power the growing demands of a clean economy. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships and strong communities at Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three and six month periods ended June 30, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company.
