By Commodity News Service Canada
July 4 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– North Korea says it has successfully tested its first intercontinental missile causing tension in the region and rebukes from the United States. China called for restraint from all parties.
– Ottawa has unveiled a C$2 billion plan to modernize the country’s transportation network and reduce bottlenecks at ports. Transport Minister Marc Garneau said the federal government is looking for proposals for new infrastructure projects to improve capacity and performance.
– The Canadian Revenue Agency is asking for payment of more than C$75 million following audits of tax-free savings accounts. The agency says about 20 per cent of the funds it wants repaid arise from TFSA that appear to be carrying on a business, such as day trading. Others are from various noncompliant activities, such as over contributing.
– Statistics Canada released today data on foreign control in the Canadian economy. It showed the combined value of both foreign- and Canadian-owned assets in Canada increased 6.7 per cent to C$11.5 trillion in 2015. The data show that foreign control has remained relatively stable over the 10-year period ending in 2015. Foreign ownership of assets ranged from a high of 21.6 per cent to a low of 17.2 per cent. Revenues ranged from 30.1 per cent to 27.7 per cent.