A small township in northern Ontario says it will suspend all municipal services next month, after years of financial instability and pleas for provincial help, GlobalNews.ca reported. The Township of Fauquier-Strickland announced the decision last Tuesday, citing over $2.5 million in accumulated operating deficits and the complete depletion of reserve funds. In a release issued July 9, municipal officials say they’ve exhausted all other options, including layoffs and significant service cuts.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry, Reuters reported. A 50% tariff will apply to imports from these countries that surpass the 2024 volumes, though Canada will honor existing arrangements with its United States-Mexico-Canada Agreement trade partners, Carney said. Canada will implement additional tariffs of 25% on steel imports from all countries containing steel melted and poured in China before the end of July.
Read more
Mexican President Claudia Sheinbaum said on Wednesday that she had spoken with Canadian Prime Minister Mark Carney and that the two had agreed to strengthen trade collaboration, particularly in light of the tariffs from U.S. President Donald Trump set to go in effect on August 1, Reuters reported. "We both agreed that the (U.S.-Canada-Mexico) trade agreement needed to be respected, and we shared our experiences about the letter than we received from President Trump," Sheinbaum said in her daily morning press conference.
Read more
Canada's annual inflation rate rose to 1.9% in June, meeting analysts' expectations, as increases in the price of automobiles, clothing and footwear pushed the index higher, data showed on Tuesday, Reuters reported. The consumer price index was at 1.7% in the prior month. Statistics Canada said on a monthly basis the CPI increased 0.1%, matching analysts' forecasts.
CPI has been under 2%, or the mid-point of the Bank of Canada's inflation target range, for three consecutive months.
Read more
Hudson’s Bay is firing back at one of its biggest lenders. A new court filing from the defunct department store’s chief financial officer pushes back on the lender’s calls to subject the retailer to more oversight because it allegedly mishandled its liquidation and is hopelessly pursuing a deal to sell 25 of its leases, Bloomberg News reported.
Read more
Although markets are trying to shrug off the week's U.S. tariff threats as yet another negotiation tactic, there's growing unease at the daily barrage, the latest being a 35% tariff on Canadian goods and higher levies on other countries, Reuters reported. U.S. President Donald Trump ramped up his tariff assault on Canada on Thursday, saying the U.S. would impose a 35% tariff on imports next month and planned to impose blanket tariffs of 15% or 20% on most other trading partners.
Read more
The Canadian advertising market has been in turmoil for some years, with local broadcasters and online media players cutting jobs and losing market share amid shifting advertising demand, marketing budget cuts and U.S. streaming giants with ad tiers increasingly dominating the domestic media space, The Hollywood Reporter reported. But now that volatility has reached the Canadian podcasting business, with news The Podcast Exchange, a Toronto-based advertising reseller and branded content producer, has signaled it may seek bankruptcy protection.
More than 34,000 Quebec households filed for insolvencies, which includes bankruptcies, from June 2024 to May 2025, according to the Office of the Superintendent of Bankruptcy (OSB), the Montreal City News reported. That’s equivalent to 94 families in financial distress every day. This represents a 4.7 per cent increase — or 1,546 more cases — from the same time period last year. While this number is slightly lower than the national average, Quebec consumers outrank other provinces with the increase of bankruptcies filed in the past year.
Fewer Canadians are shopping for U.S. homes, new data shows, amid anecdotes that President Trump’s tariff and immigration policies have put off home buyers from across the border, Mansion Global reported. The number of Canadians house hunting in the U.S. via Redfin plunged more than 26% in May compared to a year ago. Overall searches on the listing site took a very slight dip that month, but the decline was nowhere near enough to explain the large dropoff in Canadian shoppers, according to a report from Redfin on Monday.