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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.
Canada’s Technology Fast 50 celebrates the lightning-speed growth of tech companies
Despite recent headwinds, such as higher interest rates, Canada’s tech sector is thriving. Each company on Canada’s Technology Fast 50 list saw growth of more than 300 per cent in the past three years. Vancouver’s Dapper Labs Inc., a software developer which uses blockchain-technology to create sports experiences for fans took the top spot. Led by CEO and president Sam Gharegozlou, it posted a three-year growth rate of 16,910 per cent. It’s followed by Noibu, an eCommerce website monitoring tool, which posted a three-year growth rate of 12,865 per cent. Explore the full list of growing Canadian tech companies here.
Canadian Tire cutting 3% of work force, trimming costs as economic pressures hit consumers
Canadian Tire Corp. Ltd. laid off 3 per cent of its work force and is cutting costs and slowing planned capital spending, as persistent economic pressures continue to affect consumer demand and weigh on retail sales. Like many other retailers, Canadian Tire has been noting a shift in consumer spending patterns for months. Retailers are also bracing for a slower holiday season, in which discounts and promotions will be more intense as stores compete for consumers’ dollars. While Canadian Tire’s credit card data shows that its sales have outpaced the market in many of its product categories, the company is still feeling the pinch.
Buying a car? It’s going to cost you
The average price of a new vehicle on AutoTrader.ca was nearly $68,000 in October, Matt Lundy reports. For used cars, the average price was close to $39,000. While those prices appear to have levelled off, they are way up from recent years. For new vehicles, the average price has risen by 39 per cent – or $19,000 – over the past two years alone. Used car prices have jumped 25 per cent over the same span. Take a closer look in this week’s Decoder.
CRA’s rate on overdue taxes will rise to 10 per cent, causing tax advisers to shift strategy
The Canada Revenue Agency’s interest rate on overdue taxes will rise to 10 per cent in the first quarter of 2024, tax experts say. Until last year, the interest rate on unpaid taxes was low enough that it was not always a top financial priority, several accountants told The Globe and Mail. The climb to 10 per cent doubles what the rate has been for most of the past decade, Irene Galea reports. For many individual Canadians and business owners, it’s yet another cost straining their income and another burden stemming from high interest rates. CRA spokesperson Nina Ioussoupova said the agency is still calculating the rate and will publish it “in the near future.”
Delaying certain expenses because of inflation? Divorce shouldn’t be one of them
Divorce is typically an expensive legal action. Legal fees can reach roughly a couple thousand dollars when using lawyers for a fairly simple uncontested divorce, and the cost of contested divorces can quickly balloon into tens of thousands of dollars. Because of rising costs and people having less money left over each month, Salmaan Farooqui reports that some people are seeking out cheaper alternatives to legal advice for their split. That decision “oftentimes ends up putting them at risk as they navigate the complexities of the legal system,” says Melissa Bourgeois, a family lawyer with One Family Law in Edmonton
Property developer Westbank faces lawsuits over sprawling Mirvish Village redevelopment project
Westbank Corp. is being sued by four construction companies for more than $25-million in unpaid work at the large Mirvish Village rental apartment development at Bloor and Bathurst in Toronto, the former site of Honest Ed’s discount store. The lawsuits come as high interest rates and the spike in construction expenses have made it increasingly difficult for real estate developers to operate. But these problems have so far been confined to developers that are either inexperienced or do not have enough capital to manage contingencies. A dispute with a company with the size and track record of Westbank could shake the entire industry, according to experts.
Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.