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If you qualify for this tax credit, you can expect a payment in your bank account this week
The next quarterly GST/HST tax credit payment is expected to go out this week, according to the Canada Revenue Agency.
Canada's main stock index gained almost 200 points Tuesday with broad-based strength across sectors while U.S. markets also rose, erasing Monday's losses.
The S&P/TSX composite index was up 195.27 points at 20,767.38.
January appeared to end on a note of cautious optimism, echoing the month’s overall trend, said Stephen Duench, vice-president and portfolio manager for AGF Investments Inc.
“I do believe that most of today's flow is really just … kind of a continuation of what we've seen on trends to start the year in 2023.”
In New York, the Dow Jones industrial average was up 368.95 points, or more than one per cent, at 34,086.04. The S&P 500 index was up 58.83 points, or almost 1.5 per cent, at 4,076.60, while the Nasdaq composite was up 190.74 points, or almost 1.7 per cent, at 11,584.55.
It was a great month for the companies and sectors that didn’t perform well last year, like tech, Duench noted — the Nasdaq was up almost 11 per cent for the month, while the Dow gained almost three per cent and the S&P 500 more than six per cent.
New data Tuesday showed Canadian GDP growth cooling in the fourth quarter of 2022, with economists saying it's evidence that rate hikes are beginning to take effect.
And in the U.S., a report showed that growth in worker pay and benefits slowed during the end of 2022.
With economic data showing inflation cooling, there’s more hope than there was a month ago for a soft landing as the central banks wind down their rate hike cycles, he said.
That hope hasn’t been fully priced in yet, but the tone has definitely shifted, said Duench.
The Federal Reserve is widely expected to raise its key interest rate another 25 basis points Wednesday, though 50 points isn’t out of the question, said Duench. Investors will be looking for any signs in the central bank’s commentary that it’s gearing up to pause its hikes.
But the Fed is not likely to be as definitive with its messaging this time as the Bank of Canada was last week, said Duench.
“I think it'd be surprising … if they came with dovish rhetoric tomorrow.”
The Canadian dollar traded for 74.91 cents US compared with 74.87 cents US on Monday.
The March crude contract was up 97 cents at US$78.87 per barrel and the March natural gas contract was up a penny at US$2.68 per mmBTU.
The April gold contract was up US$6.10 at US$1,945.30 an ounce and the March copper contract was up two cents at US$4.23 a pound.
This report by The Canadian Press was first published Jan. 31, 2023.
The next quarterly GST/HST tax credit payment is expected to go out this week, according to the Canada Revenue Agency.
The U.S. Supreme Court found on Monday that Donald Trump cannot be prosecuted for any actions that were within his constitutional powers as president, but can for private acts, in a landmark ruling recognizing for the first time any form of presidential immunity from prosecution.
Recent high school graduate Suborno Isaac Bari, 12, plans to start studying math and physics at New York University in the fall, but he’s already got his ambitious sights set on beginning a doctoral program.
Millions are celebrating Canada’s 157th birthday this year -- as they do every year -- with fireworks, food and family. In Newfoundland, it is a day of mourning for one of the bloodiest battles of the First World War.
Eating higher levels of ultraprocessed food may shorten lifespans by more than 10 per cent, according to a new, unpublished study of over 500,000 people whom researchers followed for nearly three decades.
A Florida judge released Monday afternoon the transcripts of a 2006 grand jury investigation that looked into sex trafficking and rape allegations made against the late millionaire and financier Jeffrey Epstein.
Eddie Murphy is reflecting on some of the “cheap shots” he feels he’s taken over the years.
England star Jude Bellingham is being investigated by UEFA over a potentially offensive gesture made during a European Championship win against Slovakia.
The soft, pink blob stares at the camera with glassy eyes — before pulling its face into a dimpled smile.
When Zhya Aramiy was living in Turkey and Iraq, he had to keep his Pride flags hidden away.
A rave at the Ontario Science Centre was the place where Greg LeBlanc says his relationship first began with his husband Mark in 1997.
Travellers flying with WestJet continue to watch as the airline cancels more flights due to a sudden strike by its mechanics union.
The remains of a soldier from Newfoundland killed in the battlefields of France during the First World War will be laid to rest in St. John's Monday, bringing an emotional end to a years-long effort in a place still shaken and forever changed by the bloodshed.
The city is entering the final stages of resuming water service through its repaired feeder main, as water consumption continues to fall below the city’s threshold level.
A grandfather and grandson duo proudly graduated alongside each other at the same northern Manitoba school.
A large basking shark was captured close to the shoreline on Nova Scotia's Eastern Shore.
The world's largest hockey stick could soon become the world's most in-pieces hockey stick as a Vancouver Island community prepares to tear down and carve up the Canadian landmark.
For half a decade, a Saskatoon family has been trying to bring their orphaned niece to Canada, they say now it’s a matter of life or death.