Canada
column for Sunday, May 20/12
---
THE CANADIAN REPORT
(c) By
Jim Fox
Canadians making a run to the U.S. border to shop are costing the economy
much more than earlier believed, the Bank of Montreal says.
"There are already more than 50-million visits to the U.S. by
Canadian residents annually,” with the number expected to swell with higher
duty-free limits starting June. 1, said Doug Porter, the bank’s deputy chief
economist.
"A
culmination of factors is likely to unleash a wave of Canadians cross-border
shopping this summer in numbers not seen in two decades," he added.
This is happening even as the bank assessed the gap between Canadian and
U.S. prices for consumer goods has narrowed to 14 percent on average from 20
percent a year ago.
Canadian business owners are not pleased that the government is raising
the duty-free limit to $200 from $50 for stays longer than 24 hours and to $800
for visits of two days and more. It has been $400 after two days and $750 for
seven days away.
Generally, most people aren’t charged anything extra on same-day
shopping trips for groceries, which are duty free, gasoline or goods amounting
to less than $100.
Since
many people don’t report everything they’ve bought, even a “conservative
estimate” of five percent more in goods drains an added $20 billion a year from
the economy, Porter said.
---
Quebec’s
attempts to get tough with rioting students with large fines are being called a
“blow to freedom of expression” by student leaders.
An
emergency bill allows for fines of $1,000 to $5,000 for preventing anyone from
entering an educational institution in protests over planning tuition-fee
increases.
The
penalties climb to between $7,000 and $35,000 for a student leader and $25,000
and $125,000 for unions or student federations.
All
the fines will double for repeat offenders and there are strict regulations for
demonstrations, including having to give eight hours’ notice.
The latest protests have included blocking university campuses, roads
and businesses.
Premier
Jean Charest said the measures are aimed at restoring order after three months
of student walkouts and demonstrations that have turned increasingly violent.
---
News in brief:
-
There were mixed signals from the Canadian government over planned changes to
jobless benefits after Finance Minister Jim Flaherty suggested a hardline
approach. He said “any job is a good job” and the current rules are a
disincentive to work. Human Resources Minister Diane Finley said later there
are no plans to force unemployed workers receiving benefits to take any job
available or refusing jobs significantly below their previous earnings level.
- Superior
Court Judge Thomas Heeney called Michael Rafferty, 31, of Woodstock, Ontario a
“monster” as he sentenced him to life in prison for the rape and murder of Tori
Stafford, 8. The Grade 3 student was abducted as she walked home from school
three years ago. Terri-Lynne McClintic, 21, who assisted Rafferty, was earlier
sentenced to life in jail.
---
Facts and figures:
Canada’s
inflation rate edged up one-tenth of a point to two percent last month, led by
increases in transportation costs and food prices.
There was a big dip for the Canadian dollar in the past week, down 2.5
cents to 97.89 cents in U.S. funds on Friday. The U.S. dollar rose to $1.0214 Canadian,
before bank exchange fees.
The Bank of Canada’s key interest rate is steady at 1 percent while the
prime-lending rate is 3 percent.
Stock
markets are again lower, with the Toronto exchange index at 11,347 points and the
TSX Venture index 1,232 points.
Lotto
6-49: (May 16) 2, 3, 12, 15, 19 and 49; bonus 5. (May 12) 4, 5, 10, 34, 37 and 45;
bonus 7. Lotto Max: (May 11) 1, 6, 7, 24, 31, 36 and 39; bonus 26.
---
Regional briefs:
-
A review into the G20 economic summit in Toronto two years ago recommends
criminal charges against several police commanders for misconduct. The charges
would be in addition to 28 frontline officers facing disciplinary hearings for
offenses including unlawful arrests and use of excessive or unnecessary force.
-
Five people were killed in a mid-air collision near St. Brieux, Saskatchewan involving
a Piper Cherokee and a Lake Buccaneer amphibious plane. Eric and Joy Jackson of
Regina, Saskatchewan died in the crash along with Eric and Wade Donovan of
Mossleigh, Alberta and pilot Denny Loree of Nanton, Alberta.
-30-
Jim Fox can be reached at canadareport@hotmail.com
No comments:
Post a Comment