Some concerns among Canadian investors over Trump's ‘big, beautiful bill'
An advisor says Canadian investors don't need to panic yet over the tax implications of U.S. President Trump's 'big, beautiful bill'. Adrian Ghobrial explains.
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CBC
26 minutes ago
- CBC
N.L. government doesn't understand true level of child-care demand, NDP leader says
Political opposition in Newfoundland and Labrador says the government is letting child-care operators down by not communicating updates for months, while NDP Leader Jim Dinn says it shows the province doesn't understand the overall need for care. "I can't help but think that the main reason for these delays is because they know they don't have the funding for it, and they're slowing it down and frustrating the people who are trying to move this forward," Dinn told CBC News Thursday. Dinn's comments follow reporting from CBC News that at least three prospective daycare operators feel bogged down in bureaucracy. They've heard radio silence from the provincial government for months in some cases, waiting for updates about when they can receive the funding they've applied for. Newfoundland and Labrador's 2025 budget allocated $3.9 million for the creation of new $10-a-day child-care spaces, but advocates have said that isn't enough. One advocate told CBC News earlier this week that amount of money would only fully cover about five projects. "In the execution of it, it's really disappointing to parents, and to organizations that are trying to create these spaces," Dinn said. "I don't think government fully appreciated the demand that was there, and they didn't fund it appropriately." WATCH | Delays operators face are 'alarming and fustrating': NDP, PCs blast 'alarming and frustrating' months-long wait by daycare operators trying to open new centres 23 minutes ago Duration 2:05 PC Leader Tony Wakeham and NDP Leader Jim Dinn say the Liberal government should have to answer to firm deadlines when considering applications for daycare centres. Several operators say they have everything lined up — except approval from the provincial government. The CBC's Heather Gillis reports. Tony Wakeham, leader of the Official Opposition, said the fact that operators looking to open $10-a-day spaces are facing government-created barriers is alarming. "They face enough barriers when it comes to financing, when it comes to staff. The last thing they need is a Liberal government saying, 'No, we're not going to respond on a timely basis.' Or, they haven't responded on a timely basis," Wakeham said. "I wrote the minister a week ago about these issues. I have not even gotten a response back." Wakeham said the issue also translates to other problem areas — specifically noting health care. A lack of child care in an area of the province, especially in rural areas, can keep communities from being able to recruit the health-care professionals they need, he said. He wants to see better timelines established and a more frequent update schedule that can keep parties seeking funding informed on their status. Dinn said he'd want to see the $3.9 million allocated for the creation of spaces increased to reflect the true demand for child care, and believes child care will be a key election issue this fall. "If we want to encourage families to make Newfoundland and Labrador their home, to move beyond the city, then we've got to make sure that there's an investment there," Dinn said. "If our children are our most valuable resource, and I hear that from government as well, than put the money into it. They're just as deserving of that investment as oil companies." CBC News has asked Education Minister Bernard Davis for an interview on the matter, but Davis isn't answering questions.
Globe and Mail
28 minutes ago
- Globe and Mail
This $4.6-billion money manager used the April downturn to buy Canadian dividend stocks on sale
While the U.S.-led trade war hasn't been as catastrophic for Canada as originally feared, at least so far, money manager Scott Lysakowski is still cautious about the impact the ongoing uncertainty is having on the economy. 'It hasn't really materialized in the numbers yet,' says Mr. Lysakowski, managing director and a senior portfolio manager at RBC Global Asset Management in Vancouver. He's also head of the Phillips, Hager & North (PH&N) Canadian equity team. While he's 'not overly defensive' right now, Mr. Lysakowski says he's 'mindful' of the pullback in business spending and impact on jobs that could weigh on economic growth in the coming months. 'And of course, when you've had the markets recover like they have, the risk-reward today is a lot less compelling than it was during the depths of the market volatility in April,' he says. Mr. Lysakowski, who manages the $4.6-billion PH&N Dividend Income Fund, used the April downturn to buy companies he felt were on sale, including Canadian dividend-paying stocks. The fund returned 16.7 per cent over the past 12 months, as of April 30, and has a three- and five-year annualized return of 8.5 per cent and 15.1 per cent, respectively. The performance is based on total returns, net of fees. The Globe spoke with Mr. Lysakowski recently about what he's been buying and selling. Name three stocks you own today and why. Arc Resources Ltd. ARX-T, the mid-sized natural gas producer, is a long-time core holding and a stock we've been adding to recently. It has assets in some of the best acreage in the Montney region of northeast B.C. and northwest Alberta. Arc is a low-cost producer that's disciplined with its production growth and capital allocation. And despite natural gas being a volatile commodity, it has done a good job of maintaining and growing its cash flow. Its strong balance sheet has allowed it to acquire more assets to help it build inventory for long-term growth. The company has also sustained and grown its dividend over time, which is an important feature for us. Canadian National Railway Co. CNR-T and Canadian Pacific Kansas City Ltd. CP-T are both core holdings and stocks we added to in April. Before the tariff threats, railroad stocks faced freight recessions, which are characterized by declining volumes, pricing pressure and operational challenges such as labour unrest and wildfires. We're about three years into this freight recession, a follow-on from the pandemic, which meant lagging performance. We believe railway stocks are high-quality growth cyclicals that will be impacted by economic activity but will survive. CP has been the clear outperformer in recent years and continues to drive synergies thanks to its merger with Kansas City Southern, and we expect those results to continue. There's a particular opportunity for CN to make up some lost ground. CN has lagged its peers in North America with declining volumes and operational outages. The company is focused on returning to its historical growth trend in terms of volumes, getting some of these operational issues behind it and focusing on productivity. We have been adding more CN than CP recently because we see more growth potential ahead. Telus Corp. T-T is a stock we've owned for several years and bought more of recently. All telecoms have faced several headwinds, including increased wireless competition, decreasing population growth and rising interest rates. All of the telecom stocks have underperformed the market significantly, but Telus has done slightly better than its peers. It has delivered slightly better than average revenue and EBITDA [earnings before interest, taxes, depreciation and amortization] growth. Its capital spending has peaked and is now being reduced, which enabled it to recently increase its dividend, which is quite different than some of its peers. Telus has also signalled to the market that it aims to deliver some dividend growth over the next few years. Name a stock you sold recently. Northland Power Inc. NPI-T, the offshore wind generation company, is a stock we recently exited after owning it since the fall of 2023. Investor sentiment toward renewable stocks has soured lately with the new U.S. administration removing some of the tax incentives in the industry. That led us to reduce our exposure to that group as a whole, but specifically to Northland Power. The company is developing two large-scale offshore wind projects. It has a reasonable track record of delivering projects like this and does its best to de-risk them, but as it moves through the construction phase, it will experience an elevated payout ratio – the dividends it pays out as a percentage of cash flow will be high. The market is concerned about the payout ratio and the potential risk of a dividend cut. So, as a dividend manager focused on dividend growth, I don't want to be invested in companies that are cutting their dividends. We decided to step aside during this period of uncertainty. This interview has been edited and condensed.
CBC
an hour ago
- CBC
Battle of Stoney Creek win over the U.S. offers a lesson about peace, say organizers of re-enactment
Social Sharing Despite the muskets, bayonets and firing cannons, organizers of the annual Battle of Stoney Creek re-enactment — which takes place this weekend in Hamilton — see the event as a celebration of peace. Alyssa Gomori, the site supervisor at Battlefield House Museum and Park where the 1813 battle and its subsequent re-enactments have taken place, says the event is a commemoration of a shared history with the United States — and a celebration of the peace that has held since the War of 1812 ended a couple years later. "It's not to glorify war or celebrate violence," she said this week, noting about 20 American re-enactors typically attend, a number that isn't changing this year despite the tensions between the two countries following the imposition of tariffs and U.S. President Donald Trump threatening to annex Canada. "It's to commemorate that these were real people who fought and they put their lives on the line," she added. Re-enactor Laurence Michor, 64, who is also involved in event preparations, notes the War of 1812 re-enactment community stretches into both countries, as did the family ties of people fighting in the war itself. "You can't lose sight of the fact that perhaps on the other side is a cousin of yours," he told CBC Hamilton Wednesday at Battlefield Park, amid a flurry of preparations for the big weekend. Michor says while fewer Canadian re-enactors seem to be travelling to the U.S. for events this year, he continues to go and has felt nothing but appreciation and affection from his American counterparts. "The American people, aside from the political nature of things now and perhaps their [affinity for firearms], they're wonderful people," said Michor, who has uniforms of British and American soldiers but ends up playing an American more often in re-enactments. "They're very welcoming." Battle was an unexpected win for the British The Battle of Stoney Creek happened on June 6, 1813, midway through the War of 1812. The British had lost Fort George and Niagara-on-the-Lake, and retreated to Burlington Heights, now Dundurn Castle in Hamilton. The American troops made their way to what was then the Gage family home, now the Battlefield House Museum. "They set up camp, they lit campfires and they were just kind of resting to continue following the British," Gomori said. "The British found out that the Americans were here and they launched a surprise nighttime attack on the American contingent." "It was a victory for the British, which was not expected," she said. "The Americans had 3,500, the British sent 750…. But because it was a surprise, the Americans were not prepared." The Americans retreated, and the battle marked the furthest the Americans would make it into the Niagara Peninsula on foot during the war. 3 battles, a drone show and lacrosse The events marking the occasion this weekend are wide-ranging, and include several elements that recognize Indigenous participation in the war and on the land for thousands of years before it, including a drone light show that tells the story of the land's history from an Indigenous perspective. There will also be multiple lacrosse games. The site was expecting school groups for educational field trips in the lead up to the weekend, while Saturday and Sunday are the big days for the general public. There will be two re-enactments on Saturday and one on Sunday, and several other demonstrations, performances and events in between. The full schedule is available on the City of Hamilton website. The event has been running in this form since 1981, except during 2020 to 2022 due to the pandemic. Since then, it has seen record interest and attendance, with 10,000 people attending in 2023 and about 12,000 last year, Gomori said. The Argyll and Sutherland Highlanders, based in downtown Hamilton, will also be participating, conducting a commemorative "ruck march" on Saturday, walking along the British soldiers' route from Dundurn Castle to Battlefield Park starting at 11 a.m. Deputy Commanding Officer Maj. Mike Wonnacott says it's an opportunity for the soldiers to connect their own work with those who defended Canada more than 200 years ago. "We felt that it was important for the soldiers in the garrison to draw a connection between the British and militia soldiers that would have participated in the battle, which is in their own backyard, and service to their communities and country today," he said in an email on Wednesday.
