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New tax-free first home savings account for Canadians, to help reach home ownership faster

Published Fri, 07 Feb 2025 20:14:59 GMT

MONTREAL – As house prices continue to climb, saving for a down payment is out of reach for many Canadians, particularly young people – says the federal government.“The new tax-free First Home Savings Account is available and helping put home ownership back within reach of Canadians across the country,” says Marc Miller, Minister of Immigration, Refugees and Citizenship, in a statement.It’s a registered savings account that helps Canadians become first-time home buyers by contributing up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years.“To help Canadians reach their savings goals, First Home Savings Account contributions are tax deductible on annual income tax returns, like a Registered Retirement Savings Plan (RRSP). Like a Tax‑Free Savings Account, withdrawals to purchase a first home, including any investment income on contributions, are non-taxable. Tax-free in; tax-free out.”Financial i...

S&P/TSX composite index inches up as week-long rise levels off, U.S. markets mixed

Published Fri, 07 Feb 2025 20:14:59 GMT

TORONTO — Canada’s main stock market index crawled upward Friday morning, buoyed by energy and telecom stocks and restrained by tech and metals, while U.S. markets were mixed.The S&P/TSX composite index rose 24.32 points to 20,367.20, capping a week of gains that kicked off on Aug. 4.In New York, the Dow Jones industrial average increased 36.55 points to 35,212.70. The S&P 500 index dipped 13.42 points to 4,455.41, while the Nasdaq composite decreased 113.71 points to 13,624.28.The Canadian dollar traded for 74.46 cents US compared with 74.58 cents US on Thursday.The September crude oil contract was up 60 cents at US$83.42 per barrel and the September natural gas contract was down five cents at US$2.71 per mmBTU.The December gold contract was down a dollar at US$1,947.90 an ounce and the September copper contract was down four cents at US$3.73 a pound.This report by The Canadian Press was first published Aug. 11, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD)Th...

In the twilight of the muscle car era, demand for the new 486-horsepower V-8 Ford Mustang is roaring

Published Fri, 07 Feb 2025 20:14:59 GMT

DETROIT (AP) — New versions of the Mustang muscle car will begin shipping next week and more than two thirds of the orders include the big, 5-liter V-8 engine, Ford said Friday. Demand for roaring engines remains strong in an era when Detroit automakers are starting to phase out the rumbling gas burners and transition to electric vehicles in order to meet strict government emissions and fuel economy requirements. There are about 13,000 U.S. orders for the 2024 Mustangs, Ford says, which also can be equipped with a four-cylinder turbocharged engine. Of those orders, 67% have the V-8, and more than a quarter of the people seeking that Mustang want the six-speed manual transmission, spokesman Mike Levine says.But muscle cars, at least new ones, are on their way out. General Motors announced in March that it will stop making the Chevrolet Camaro early next year as a 2024 model. The company wouldn’t rule out a replacement for the Camaro at a future date.Stellantis, formerly Fiat Ch...

US government sanctions Russians on the board of Alfa Group in response to war in Ukraine

Published Fri, 07 Feb 2025 20:14:59 GMT

WASHINGTON (AP) — The U.S. Treasury Department on Friday imposed financial sanctions against four Russians on the board of Alfa Group, one of Russia’s largest conglomerates with interests in oil, natural gas and banking.The sanctions are part of continuing efforts to place restrictions on the economy of Russia and its wealthiest powerbrokers, a response to its invasion last year of Ukraine and the ensuing war. Sanctioned by Treasury are Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan and Alexey Viktorovich Kuzmichev.“Wealthy Russian elites should disabuse themselves of the notion that they can operate business as usual while the Kremlin wages war against the Ukrainian people,” said Deputy Treasury Secretary Wally Adeyemo. “Our international coalition will continue to hold accountable those enabling the unjustified and unprovoked invasion of Ukraine.”Also sanctioned is the Russian Union of Industrialists and Entrepreneurs. The group is involved in the te...

Foundations seek to advance AI for good – and also protect the world from its threats

Published Fri, 07 Feb 2025 20:14:59 GMT

While technology experts sound the alarm on the pace of artificial-intelligence development, philanthropists — including long-established foundations and tech billionaires — have been responding with an uptick in grants.Much of the philanthropy is focused on what is known as technology for good or “ethical AI,” which explores how to solve or mitigate the harmful effects of artificial-intelligence systems. Some scientists believe AI can be used to predict climate disasters and discover new drugs to save lives. Others are warning that the large language models could soon upend white-collar professions, fuel misinformation, and threaten national security.What philanthropy can do to influence the trajectory of AI is starting to emerge. Billionaires who earned their fortunes in technology are more likely to support projects and institutions that emphasize the positive outcomes of AI, while foundations not endowed with tech money have tended to focus more on AI’s dangers.For example, form...

Dog finds woman in cornfield, 2 days after she disappeared in Michigan crash

Published Fri, 07 Feb 2025 20:14:59 GMT

BRIGHTON, Mich. (AP) — A woman who was missing after being seriously injured in a car crash was finally discovered two days later by a police dog in a dense cornfield in southeastern Michigan, authorities said.“We knew she didn’t have much longer in order to live,” said state Trooper Jeff Schrieber, who found the woman with Woodson, his specially trained dog.The 45-year-old woman, whose name wasn’t released, was involved in a crash Sunday in Livingston County’s Deerfield Township, 45 miles (72.4 kilometers) northwest of Detroit.Her car was found but she was not at the vehicle. By Tuesday, two days later, the state police got involved. Troopers searched for nine hours among mature corn plants.“It feels like needles going in your face as you’re going through the corn at a high rate of speed with the dog,” Schrieber told WXYZ-TV.Finally, Woodson pulled hard and led his handler to the woman, who was nearly a mile from the crash site.“I was able to get her awake. … One ...

‘Perfect storm’ causing constant delays at Air Canada, despite windfall profits: CEO

Published Fri, 07 Feb 2025 20:14:59 GMT

MONTREAL — A “perfect storm” of problems lies behind Air Canada’s wave of flight delays over the summer, its CEO said, even as the country’s largest airline roars back to profitability.Despite more staff and revamped technology, Air Canada’s operations in June and July failed to meet “expected levels,” Michael Rousseau told analysts on a conference call Friday.The chief executive identified “severe weather” — thunderstorms, in particular — and “global supply chain issues” as culprits.Flight tardiness and cancellations have particularly plagued Air Canada’s large network of regional flights, run by Jazz Aviation. Rousseau cited a pilot shortage amid new competitors such as Flair Airlines and Lynx Air, stricter regulations on shift length as well as enrolment at flight schools, which shrank during the COVID-19 pandemic.“We have this almost perfect storm that exists at this point in time,” Rousseau said...

Stock market today: Wall Street is mixed after pickup in wholesale inflation

Published Fri, 07 Feb 2025 20:14:59 GMT

BEIJING — Stocks are mixed on Wall Street in morning trading Friday, as investors review reports on inflation and consumer sentiment for clues about the Federal Reserve’s next move on interest rates. The S&P 500 was down 0.2% after spending much of the morning wavering between small gains and losses. The benchmark index is still on pace for its second losing week in a row. The Dow Jones Industrial Average was up 79 points, or 0.2%, at 35,254, as of 11:07 a.m. Eastern time. The Nasdaq composite was 0.6% lower, reflecting a pullback in big tech companies. Stocks lost ground in the early going after the Labor Department reported Friday that its producer price index, which measures inflation before it hits consumers, rose 0.8% last month from July 2022. The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.While modest, the increase in wholesale prices last month could help persuade the Federal Reserve that...

Akwesasne police detain 13 people suspected of trying to cross illegally into U.S.

Published Fri, 07 Feb 2025 20:14:59 GMT

MONTREAL — Akwesasne Mohawk police say they recently detained 13 people who were allegedly attempting to cross illegally into the United States from Canada.Police say they received a call on Saturday regarding foreign nationals on the American side of the territory in the village of Kana:takon, also known as St. Regis.Officers found a family of four walking down the road and another family of nine in a private home, and turned them over to Canadian authorities. The news comes after the bodies of eight Indian and Romanian migrants were found near an overturned boat in March in the waters off Akwesasne, which straddles Quebec, Ontario and New York state.The body of 30-year-old Casey Oakes, who had last been seen operating the boat, was found last month. Akwesasne police say human smuggling is a serious crime and are encouraging residents to report any suspicious people or activities. 

Child, 3, dies on migrant bus to Chicago: Tribune

Published Fri, 07 Feb 2025 20:14:59 GMT

CHICAGO -- A three-year-old child died aboard a migrant bus to Chicago, the Tribune reported. The Chicago Tribune stated that an Illinois Department of Public Health official confirmed the child died while entering the Chicago area. Since last year, about 12,000 migrants have been bussed to Chicago by Texas Gov. Greg Abbott, without warning. The city has been trying to find spaces to temporarily house them along with dealing with concerned community members and response from the police. Illinois Supreme Court upholds state’s ban on semiautomatic weapons The city confirmed that many migrants have arrived in Chicago from Venezuela and other regions like Africa, Europe and the Middle East. The city currently has about 14 operating shelters and has a goal to get migrant families out of residing in police station lobbies. The cause of death of the child has not been released and WGN will update as more information is recovered.