Things To Know Today
Trial of suspended senator Mike Duffy begins today. Harper Government sells off remaining GM stock. Tax free savings contributions could double. 407 ETR expansion in Durham to be announced today. Ontario bars and restaurants pushing for take home beer sales. +*Are you saving enough for the future?*
TRIAL OF SENATOR MIKE DUFFY BEGINS TODAY
Former senator Mike Duffy will go to trial in Ottawa today. The suspended M.P.is accused of using government money to pay for a number of expenses, including the costs for travel and housing. The total amount spent was $90,000. Duffy faces 31 charges, including fraud over and under $5,000, breach of trust and bribery. Prosecutors are looking to prove that the former senator had the intentions to deceive and gain for his own benefit.
HARPER GOVERNMENT SELLS REMAIN GM STOCK
The Harper government says it has unloaded its remaining multi-billion-dollar stake in General Motors. The Federal Finance department says the government sold nearly 73.4 million shares in an unregistered block trade to Goldman-Sachs & Company. The federal government’s stake in the company was worth more than $3.3 billion.
TAX FREE SAVINGS CONTRIBUTIONS COULD DOUBLE
The Toronto Star reports that they have a letter from Federal Finance Minister Joe Oliver that claims the contribution towards tax free savings accounts will now double. It’s expected the announcement will come when the federal budget is handed down next week. The current limit that you can contribute is $5,500. A new survey from BMO finds that close to 20 % of Canadians did not make an effort to save money in 2014.
407 ETR EXPANSION IN DURHAM TO BE ANNOUNCED TODAY
An update will be provided today for the expansion of Highway 407 through Durham Region. Transportation Minister Steven Del Duca will be making an announcement in Oshawa alongside the chair of Durham Region at 11:30 a.m.. There are plans to expand the 407 ETR between Taunton and Harmony Roads. Phase two of the construction project is slated to take place in late 2015. The new addition along the highway would be a stretch of 49.2 kilometres.
ONTARIO BARS & RESTAURANTS PUSHING FOR TAKE-HOME BEER SALES
Restaurant and Bar owners in Ontario are looking to sell beer in a different way in the province. The liberal government has already said there will be a change to the way beer and wine is sold in the province in the upcoming budget. It is widely expected that beer and wine will be sold at large grocery store. Now a restaurant industry group called “Restaurants Canada” is pushing to allow take home sales of beer from bars or restaurants. The group says it is the natural evolution of beer sales in the province and is already allowed in other provinces like Quebec and British Columbia. The idea known as “off sales” was presented to the special advisory panel on government assets headed by former T-D Bank Chair Ed Clark. A spokesperson for the group says it would also mean wider distribution for craft and micro brewers who complain about their limited access to the LCBO and Beer Store.
Not all Canadians are financially prepared for the future. The latest Household Savings Report from BMO finds, for whatever reason, roughly 20% didn’t put aside any money last year. Another 40% said they weren’t saving enough, and 31% said they had a fixed savings plan in place which included monthly contributions, which is a 5% increase from 2013. The survey also found about 33% had less than $10, 000 socked away. The most common reasons to save? Vacations, followed by retirement, and emergencies.