The International Monetary Fund is estimating the Canadian economy will shrink by 8.4 per cent this year- a 2.2% steeper decline than it forecast in April.Globally, the IMF is predicting a drop of 4.9 per cent in GDP, significantly worse than the three per cent drop it had estimated two months ago.The IMF says the COVID-19 pandemic is disproportionately hurting low-income households and imperilling the significant progress made in reducing extreme poverty in the world since 1990.

New statistics show 21 people were apprehended by the RCMP crossing into Canada from the U.S. in May, despite the shutdown of the border.That's up from just six who were stopped in April, the first full month the border was closed to nearly everything but essential travel in a bid by the two countries to slow the spread of COVID-19.Immigration, Refugees and Citizenship Canada says 1,390 people in total filed for asylum in Canada in May, and 1,570 did so in April.Since 2017, nearly 57,000 people have crossed the border between Canada and the U.S. using unofficial entry points so they are able

There are 101,963 confirmed and presumptive cases in Canada. Quebec: 54,884 confirmed (including 5,424 deaths, 23,620 resolved) Ontario: 33,853 confirmed (including 2,619 deaths, 29,107 resolved) Alberta: 7,781 confirmed (including 153 deaths, 7,096 resolved) British Columbia: 2,835 confirmed (including 170 deaths, 2,471 resolved) Nova Scotia: 1,061 confirmed (including 63 deaths, 998 resolved) Saskatchewan: 753 confirmed (including 13 deaths, 642 resolved) Manitoba: 303 confirmed (including 7 deaths, 293 resolved), 11 presumptive Newfoundland and Labrador: 261 confirmed (including 3 deaths,

Foreign Affairs Minister Francois-Philippe Champagne says he has repaid two mortgages with a Chinese state bank and refinanced them with a Canadian financial institution.Champagne disclosed the development during testimony today before the House of Commons health committee, saying he decided to refinance the mortgages to avoid a distraction.Earlier this month, Conservative Leader Andrew Scheer called on Champagne to explain how the mortgages with a Chinese state bank would not compromise his ability to handle Canada's tense relations with the People's Republic.Champagne says he disclosed the t

The federal government will make the case to the Trump administration that Canadian aluminum is no threat to the American market, as the mercurial president reportedly prepares to slap on tariffs anew.Treasury Board President Jean-Yves Duclos says federal officials will push back against any new protectionist effort by the U.S. administration to impose tariffs on steel and aluminum.A report from Bloomberg says the Trump administration is planning to impose a 10 per cent tariff on aluminum imports from Canada.Duclos would not say whether the government is aware of a new round of tariffs, but sa

Aurora Cannabis Inc. is continuing to restructure with more layoffs and facility closures. The Edmonton-based cannabis company says it will reduce its selling, general and administrative workforce by 25 per cent immediately.Another 30 per cent of production staff will be laid off from the company over the next two quarters.Aurora has also decided to cease operations at five facilities over the next two quarters in order to focus production and manufacturing at the company's larger scale and more efficient sites.The affected facilities are Aurora Prairie, Aurora Mountain, Aurora Ridge, Aurora V

The parliamentary budget officer estimates in a new report that it will cost $17.9 billion to provide eight extra weeks of payments through the Canada Emergency Response Benefit. The report this morning from budget officer Yves Giroux says that would bring the total cost of the benefit program to $71.3 billion. The CERB, now budgeted at $60 billion, has paid out $43.51 billion to 8.41 million people as of June 4 as demand surges past federal expectations. With the first cohort of CERB applicants set to hit the 16-week limit on the payments early next month, the Liberals have promised to increa

There are 101,637 confirmed and presumptive cases in Canada. Quebec: 54,835 confirmed (including 5,417 deaths, 23,506 resolved) Ontario: 33,637 confirmed (including 2,609 deaths, 28,933 resolved) Alberta: 7,736 confirmed (including 153 deaths, 7,041 resolved) British Columbia: 2,822 confirmed (including 169 deaths, 2,471 resolved) Nova Scotia: 1,061 confirmed (including 63 deaths, 998 resolved) Saskatchewan: 751 confirmed (including 13 deaths, 643 resolved) Manitoba: 303 confirmed (including 7 deaths, 293 resolved), 11 presumptive Newfoundland and Labrador: 261 confirmed (including 3 deaths,

Canada's employment minister says the country's most recent job figures suggest that low-wage workers will go back to a job if one is available instead of remaining on federal aid.Carla Qualtrough says the growth in jobs from May gives her confidence that workers will choose to work when they get an offer and are able to do so.Statistics Canada's labour force survey for May showed that lower-wage jobs rebounded at a faster rate than the national rate as restrictions meant to slow the spread of the novel coronavirus started to ease.Speaking at the Senate's finance committee today, Qualtrough sa