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Economic events in November Canada Ontario’s new government enacted a rise in corporate tax rates to 14% from 12.5% effective January 1 (previously scheduled to be reduced to 11%) and cancelled a property tax rebate for seniors and the private school tax credit. Cigarette taxes were increased by $2.50 a carton and the cap on electricity rates will be raised effective April 1, 2004. Almost 8,000 unionized sawmill workers and loggers on the coast of British Columbia walked off the job after the provincial labour board backed the industry’s decision to impose temporary work conditions aimed at cutting costs. The Alberta government announced a freeze on auto insurance rates for up to 18 months and a 30-month postponement of the next phase of electricity deregulation. WorldThe Bank of England raised its key interest rate to 3.75% from 3.50%, the first rise in three years. The World Trade Organization upheld the decision that the US tariffs imposed on steel imports in March 2002 violated trade rules. The US announced new anti-terrorism rules effective December 5 that will require trucking firms, air cargo companies and railway shippers to submit detailed information about their deliveries before they will be allowed to enter the country. |
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