Finance Minister Bill Morneau speaks to members of the media as Prime Minister Justin Trudeau looks on at a press conference on tax reforms in Stouffville, Ont., on Monday, October 16, 2017. THE CANADIAN PRESS/Nathan DenetteThe Canadian Press
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WHAT YOU NEED TO KNOW
Liberals to cut small-business tax, tweak controversial proposals
Prime Minister Justin Trudeau and Finance Minister Bill Morneau announced Monday that they will lower the small-business tax rate to 9 per cent by 2019. It is the government's first official policy response to the strong criticism over the proposed changes to small-business tax rules. The government also said it would announce revisions to the tax proposals throughout the week, including guarantees that low- and middle-income Canadians will be protected from new measures that raise taxes on personal investments made through private corporations.
Think the proposed tax reforms will only affect the wealthy? The Globe did a detailed analysis of four fictitious families at different income levels. (for subscribers)
GM workers at Cami plant approve new contract
After being on strike for four weeks, workers at a General Motors plant in southwestern Ontario have approved a contract. It provides some improvements in job security language, but falls short of strong job security provisions Unifor was seeking after production of one of the vehicles made at the plant was shifted to Mexico. The four-year agreement gives workers a total of $12,000 in bonuses and lump sum payments as well as 2-per-cent annual wage increases in the first and fourth years.
CRA investigation seeks information to identify B.C. condo-flippers
The Canada Revenue Agency has obtained two court orders and applied for two more related to large condo projects in Vancouver to ensure all applicable taxes have been paid when a person flips, or assigns, a sales agreement for an as-yet-unbuilt condo to another buyer. The CRA knows "from past experience" that profits from assignments may not be reported for income-tax purposes and the agency is seeking information to identify people who buy and sell presale contracts before the building is complete.
Last Year, Kathy Tomlinson revealed how loopholes and lax oversight are making it easy for local and foreign speculators to play the system and fuel the rise in Vancouver home prices.
Ontario college strike: What you need to know
After weekend negotiations failed to produce a deal, 12,000 college instructors in Ontario are on strike meaning more than 230,000 full-time students at 24 institutions aren't in class. The Ontario Public Service Employees Union wants a reduction in the percentage of part-time instructors, more job security and protections for academic freedom. But the Employer Council counters that the demands would add $250-million to the costs of running the schools. From the issues to questions about whether students will receive tuition refunds, The Globe's education reporter Simona Chiose breaks it down.
Freed hostage Joshua Boyle explains why he and his wife had kids in captivity
Former hostage Joshua Boyle said Monday he and his wife decided to have children despite being held captive because they always planned to have a big family and decided, "Hey, let's make the best of this and at least go home with a larger start on our dream family." Mr. Boyle, his American wife and their three children were rescued Wednesday five years after the couple was abducted in Afghanistan on a backpacking trip.
MARKET WATCH
Canada's main stock index dropped Monday as investors pressured shares of gold mining companies. The Toronto Stock Exchange's S&P/TSX composite index closed down 0.03 per cent at 15,802.70. On Wall Street, U.S. stocks jumped to record high closes as financial shares recovered and oil prices climbed. The Dow Jones Industrial Average rose 0.37 per cent to 22,957.02, the S&P 500 gained 0.18 per cent to 2,557.64 and the Nasdaq Composite added 0.28 per cent to 6,624.01.
WHAT'S TRENDING
Thousands of women are responding to actress Alyssa Milano's call to tweet "me too" to raise awareness of sexual harassment and assault following the recent revelation of decades of allegations of sexual misconduct by movie mogul Harvey Weinstein. Ms. Milano wrote a friend suggested this "might give people a sense of the magnitude of the problem." Notable names such as Lady Gaga, Monica Lewinsky and Rosario Dawson have tweeted using #MeToo identifying themselves as victims.
TALKING POINTS
The sisterhood that could save NAFTA
"The composition of the sisterhood is as follows: the Prime Minister Whisperer, the Technocrats, the Secret Weapon, the Scribes and the New Powerhouse. To be clear, these are not the only characters in the cast of NAFTA. The front line of the negotiations is populated with an accomplished cadre including Canadian Foreign Affairs Minister Chrystia Freeland. But the group I am about to describe is an entirely new phenomenon to emerge in modern trade negotiations." — Maryscott Greenwood
Too bad Reagan's not here to teach Trump about trade
"It was Mr. Reagan's vision, promulgated in the late 1970s, to bring Canada, the United States and Mexico together in what he termed a "North American Accord." He wanted to do away with protectionist harnesses, open the borders to trade and energy flows and the goodwill of the peoples. Few others were thinking along these lines at the time. But the Gipper, derided in those days as being as shallow as a birdbath, turned misty-eyed when talking about it." — Lawrence Martin
Excess sugar is toxic and we're addicted. Will a tax save us?
"Soft drinks are the consumable with the second-lowest price elasticity, just up from fast food. Sugar is indisputably the easiest hedonic substance in the history of the world to procure; and despite its ubiquity, one that continues to fetch a higher price, even among the poor . Not surprisingly, the top item purchased in the United States with food stamps is soft drinks." — Robert Lustig
LIVING BETTER
How the high-fat keto diet became a weight-loss trend
The ketogenic diet is a low-carbohydrate weight-loss regimen designed to fuel the body with fat instead of glucose. That means no sugar, no fruit and no beans. It was developed in the 1920s to treat epilepsy, but an unintended consequence is that without sugar the liver produces ketones and the body becomes a fat-burning machine. Eventually, this became a weight-loss trend. As Corey Mintz writes, devotees are very satisfied and say the body adapts, but experts are skeptical.
LONG READS FOR A LONG COMMUTE
When these neutron stars crashed, the celestial explosion was a gold mine for astronomers
Scientists have been able to chase down and witness the outcome of two stars colliding in a distant galaxy. It marks the first time anyone has been able to observe both the gravitational signal and the light coming from a celestial event. The result is shedding new light on the violent nuclear reactions that generate and scatter gold, platinum and other rare atoms throughout the cosmos. And, as Ivan Semeniuk reports, a Toronto-based researcher is the lead author on a paper describing the first optical observation of a neutron star merger.
Lobster wars: Tensions flare in Nova Scotia's lucrative fishing industry over influence of black market
Tensions have been running high on the small wharves in communities that dot St. Mary's Bay in Nova Scotia as lobster season begins. In recent weeks, boats have been burned and thousands of pounds of lobster dumped in the forest as allegations of a booming black market are drawing attention from federal investigators. Indigenous people are the only ones able to harvest lobster before Oct. 15, but they can't sell their catch. Some say this summer they saw far more coming off the boats than any one community can eat. The Globe's new Atlantic reporter Jessica Leeder examines the protests that have fishers divided largely along racial lines.
Evening Update is written by Jordan Chittley and Omair Quadri. If you'd like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.