Canada's government is to provide C$400 million ($287.13 million) in financial support for Algoma Steel under its large enterprise tariff relief scheme, Jobs Minister Patty Hajdu said on Monday, Reuters reported. The company has been one of the large steel enterprises worst hit by the 25% tariffs U.S. President Donald Trump slapped on Canadian imported steel, a duty he later cranked up to 50%.

Canada's monthly gross domestic product rebounded from three months of contraction to grow by 0.2% in July as mining, manufacturing and wholesale trade boosted growth, data showed on Friday, Reuters reported. Canada's GDP had shrunk in the second quarter by 1.6% annualized and economists were closely tracking the July GDP growth figure to get an indication of whether there will be a contraction in the third quarter. Two consecutive quarters of contraction are considered a technical recession.

Factory activity in Canada looks to have stalled, with an early estimate of sales showing a pullback in August following a recovery the previous two months, the Wall Street Journal reported. Manufacturing sales fell an estimated 1.5% from a month prior, Statistics Canada said on Wednesday. The largest declines were seen in transportation equipment and food, the data agency said. There have been signs of stability for Canadian manufacturers that have been hit hard by the sharp shift in the U.S.’s approach to trade and frequently changing import tariffs.

British Columbia Finance Minister Brenda Bailey says that government’s plan to find $1.5 billion in savings over three years won’t be enough to “start bending the curve towards balance” as the province forecasts an unprecedent deficit of $11.6 billion, BNN Bloomberg reported.

Retail sales fell 0.8 per cent to $69.6 billion in July as shoppers spent less at supermarkets and grocery stores, Statistics Canada said on Friday, The Canadian Press reported. However, the agency said its advance estimate for August pointed to an increase of one per cent, though it cautioned the figure would be revised. Statistics Canada said that retail sales in July were down in eight of the nine subsectors it tracks with motor vehicle and parts dealers as the only group to increase with a gain of 0.2 per cent.

The Bank of Canada reduced its key policy rate to a three-year low of 2.5% on Wednesday, the first cut in six months, citing a weak jobs market and less concern about underlying pressures on inflation, Reuters reported. The 25-basis-point cut had been widely expected by markets. The central bank paused its easing campaign in March after reducing rates by a total of 225 basis points in nine months, starting in June last year. Bank of Canada Governor Tiff Macklem said the damaging effect of U.S. tariffs meant considerable uncertainty remained.

The end of a duty exemption for small shipments to the United States was the last straw for Canadian luxury fashion retailer Ssense, according to a court filing in the company’s bankruptcy-protection case, Bloomberg News reported. A group of creditors led by Bank of Montreal were seeking repayment from Ssense under Canada’s Companies’ Creditors Arrangement Act and force a sale of the company. Both sides reached an agreement instead to have Ssense file the application for creditor protection, Justice Andres C. Garin of the Quebec Superior Court said in an order.

Complaints about debt advisers have soared more than 170 per cent, according to the Superintendent of Bankruptcy, which cites more awareness efforts alongside rising insolvencies for the increase, the Globe and Mail reported. Data from the Office of the Superintendent of Bankruptcy provided showed that as of March 31, the number of complaints it received involving debt advisers has grown roughly 174 per cent, from 42 complaints in the fiscal year 2023-2024 to 115 in 2024-2025.