Tax-filing tips, Loblaw’s new CEO and CBC’s twitter battle: Business and investing news for April 23

Open this photo in gallery:

Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Everything you need to know about filing your taxes during the CRA strike

Canadians have one week to file their taxes by the deadline – May 1 – despite 35,000 Canada Revenue Workers being on strike. Electronic tax submissions, which are processed automatically, aren’t affected by the labour action, and taxpayers who owe money will be charged a late-filing penalty. So if you’ve been dragging your feet on gathering T4 slips, you may be out of excuses. Luckily, Salmaan Farooqui has asked tax experts to share their secrets in this weekend’s ROB cover story. Learn tips for newcomers to Canada, strategies for filing as a retiree and insights into overlooked tax credits you may be able to cash in on. Plus, Alison MacAlpine weighs in on nine ways to prevent triggering a dreaded CRA tax audit, which around 30,000 Canadians are subject to each year. Still feel unmotivated or don’t know what you’re doing? Perhaps it’s time to hire an accountant.

Galen Weston out, Per Bank in at Loblaw

Galen Weston will step back from day-to-day operations at Loblaw Cos. Ltd. in 2024, Susan Krashinsky Robertson reports. Canada’s largest grocery retailer announced this week that it has hired European retail executive Per Bank to take over as president and chief executive officer. Mr. Bank is currently the CEO of Salling Group A/S, Denmark’s largest retailer with 1,700 grocery stores in three countries and roughly $13-billion revenue in 2021. Mr. Weston, as a public figure representing the billionaire Weston family and as advertising spokesman for the retailer, has been in the line of fire over soaring food inflation that has contributed to higher revenues and profits in the grocery industry. But that was not a factor in his decision to step back, a Loblaw spokesperson said. Mr. Weston will continue in his role as chairman of Loblaw’s board, as well as chair and CEO of parent company George Weston Ltd.

It’s harder to be mortgage-free in retirement these days

A key to retiring well is paying off your mortgage – and all debts, really – before retirement, but this has become harder for Canadians to achieve in recent years. This drop can be attributed to home prices having risen faster than general inflation, and persistently low interest rates, which have reduced the sense of urgency in paying off debt. In this week’s Charting Retirement, Frederick Vettese looks at what percentage of homeowners have paid off their mortgage.

CBC and other media pause Twitter use

Newsrooms around the world are reconsidering their use of Twitter amid its volatile moves and declining audience. The CBC paused its use of the social-media platform for the foreseeable future this week after one of its accounts was labelled “69% Government-funded Media” by Twitter, Temur Durrani reports, before the platform reversed that decision a few days later. Industry observers say this new label for the CBC is part of a spate of “trolling attempts” by Twitter chief executive Elon Musk, as he reshapes what used to be the world’s foremost communications tool. In the United States, similar labels for National Public Radio and the Public Broadcasting Service (which were removed Friday) have led the news organizations to stop using the platform. Twitter responded to The Globe’s e-mailed request for comment with a poop emoji on Friday. It is an auto-response that the company initiated for media inquiries last month, which Mr. Musk tweeted about on March 19, then deleted thereafter.

Private mortgage lender Romspen battles borrower over $333-million loan defaults

Romspen Investment Corp., one of Canada’s largest private mortgage lenders, is locked in a court battle with its largest borrower after multiple loan defaults allegedly totalling $333-million. According to Tim Kiladze, Romspen has asked the Ontario Superior Court to appoint a receiver to take control of three properties in Toronto – Woodbine Mall, Rexdale Mall and 1500 Birchmount Rd. – that underpin the distressed loans. If approved, the receiver could sell the properties as it sees fit and the proceeds would allow Romspen to recoup some, or all, of the money it is owed. The borrower, Issa El-Hinn, also known as Chris Hinn, is a commercial real estate investor and businessman. He originally defaulted on multiple Romspen loans in 2018, according to court filings, but signed a forbearance agreement with the lender at the time and has since sold six properties, remitting $222-million worth of proceeds to Romspen. The alleged $333-million still owed to Romspen is over and above the $222-million already remitted.

It’s hard to deny the savings of remote work

The pandemic’s biggest long-term impact may be on where we work, writes Tony Keller. Millions of people discovered they like being away from the office, and it’s not hard to see why remote work has gone from imposition to desire. It comes down to the two things nobody ever has enough of: time and money. The 2016 census found that the median Toronto commuter lived 10.6 kilometres from work, and nearly one in five workers lived more than 25 km from the office. There’s also the financial story. Not having to commute to and from work five days a week has helped millions of Canadians save on transit, gas and parking costs. Once at the office, there’s the added cost of coffees and lunches. However, employers are also doing their own math, and despite the Canadian economy being at full tilt, office vacancies have soared.

Ready to get your finances in shape?

MoneySmart Bootcamp is a 5-part newsletter course to improve your personal finance skills, including budgeting, borrowing and investing. Taking the course? Tag us on Twitter (@globeandmail) using the hashtag #MoneySmartBootcamp.

Sign up for MoneySmart Bootcamp: If you want to improve your financial fitness, The Globe’s MoneySmart Bootcamp newsletter course is for you. This new five-part course written by personal finance reporter Erica Alini will improve your personal finance skills, including budgeting, borrowing and investing. Subscribe to the MoneySmart Bootcamp and you’ll receive an e-mail a week to work a different financial muscle. Lessons will land in your inbox Wednesday afternoons.

Now that you’re all caught up, prepare for the week ahead with The Globe’s investing calendar.