The Bank of Canada has cut its benchmark five-year mortgage rate to 4.79 per cent, the second cut in three months. The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent. Three-year rates now dropped to 3.75 per cent and one-year rates remained unchanged at 3.09 per cent. The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent. Lower rates risk propelling housing demand higher. The Bank of Canada's governor, Tiff Macklem, indicated about a month ago that

Canada's official fiscal watchdog says the federal wage subsidy program might cost $14 billion less than the government predicted. A new report today by Parliamentary Budget Office analyst Ben Segel-Brown estimates subsidizing wages for companies during the COVID-19 pandemic will cost $67.9 billion through the end of December.Finance Minister Bill Morneau estimated in his July fiscal report it would cost $82.3 billion.Segel-Brown says that figure was prudent at the time because of economic uncertainty and ongoing work to update the program's rules.The Canada Emergency Wage Subsidy encourages

There are 120,844 confirmed cases in Canada. Quebec: 60,813 confirmed (including 5,709 deaths, 53,270 resolved) Ontario: 40,289 confirmed (including 2,787 deaths, 36,590 resolved) Alberta: 11,893 confirmed (including 217 deaths, 10,632 resolved) British Columbia: 4,196 confirmed (including 196 deaths, 3,469 resolved) Saskatchewan: 1,484 confirmed (including 20 deaths, 1,314 resolved) Nova Scotia: 1,071 confirmed (including 64 deaths, 1,007 resolved) Manitoba: 563 confirmed (including 8 deaths, 368 resolved), 15 presumptive Newfoundland and Labrador: 268 confirmed (including 3 deaths, 263 reso

The federal government has announced an additional $305 million to help Indigenous Peoples combat COVID-19.Indigenous Services Minister Marc Miller says the money is meant to help Indigenous communities prepare for emergencies and prevent the spread of the new coronavirus.He says communities can also use the money for a variety of other measures, including helping elders and vulnerable people, food insecurity, educational and other supports for children and mental health assistance.The new money will flow through the Indigenous community support fund, bringing the total amount to $685 million

The leader of the Bloc Quebecois is demanding the resignations of Prime Minister Justin Trudeau, Finance Minister Bill Morneau and Trudeau's chief of staff, Katie Telford. Yves-Francois Blanchet says he will try to trigger an election in October if the three don't step down. Blanchet says the WE controversy and new details about a contract for small-business rent relief that went to a company employing Telford's husband, have shown that the Liberal government is no longer trustworthy. The Bloc leader says he has not yet had discussions with other opposition leaders to see if he would have the

Today's sitting of Parliament is expected to be the last one that will see Andrew Scheer in the role of Conservative leader.In addition to being an MP from Regina since 2004, he also served as the Speaker of the House of Commons from 2011 to 2015.It was after the Tories lost government in 2015, and the subsequent resignation of then-leader Stephen Harper, that Scheer decided to go for the leadership job.He won in 2017, eking out a very narrow victory over fellow MP Maxime Bernier.He spent the next two years trying to gain recognition across the country, while shoring up the party's war chest

There are 120,421 confirmed cases in Canada. Quebec: 60,718 confirmed (including 5,697 deaths, 53,135 resolved) Ontario: 40,194 confirmed (including 2,786 deaths, 36,456 resolved) Alberta: 11,772 confirmed (including 216 deaths, 10,552 resolved) British Columbia: 4,111 confirmed (including 195 deaths, 3,444 resolved) Saskatchewan: 1,479 confirmed (including 20 deaths, 1,294 resolved) Nova Scotia: 1,071 confirmed (including 64 deaths, 1,007 resolved) Manitoba: 547 confirmed (including 8 deaths, 360 resolved), 15 presumptive Newfoundland and Labrador: 268 confirmed (including 3 deaths, 263 reso

The chief public health officer says Canada will not cut corners to get a vaccine for COVID-19 approved. Dr. Theresa Tam says she has full confidence in Health Canada's process to approve a vaccine. She says she is cautiously optimistic that will happen soon but says safety will not be compromised to get there. Her words come as Russia approved the world's first COVID-19 vaccine Tuesday. Her deputy, Dr. Howard Njoo, says the Russian product went from discovery to approval unusually fast. He says there is not really any information available about the safety or effectiveness of the Russian vac

Prime Minister Justin Trudeau says he has full confidence in Finance Minister Bill Morneau and that any reports to the contrary are false.Trudeau's office has taken the unusual step of issuing a statement in support of Morneau in a bid to shut down speculation the finance minister is about to be fired.Opposition parties have been calling for Morneau's resignation over allegations that he had a conflict of interest in the WE Charity affair.News that Mark Carney, a former governor of both the Bank of Canada and Bank of England, is helping to advise Trudeau on the post-pandemic economic recovery