Pamela Heaven

Bank of Canada may have to cut interest rates lower than expected, says CIBC

Advertisement 1 Share this Story : Posthaste: How higher savings rate might not save Canadians from the mortgage cliff Posthaste: How higher savings rate might not save Canadians from the mortgage cliff Bank of Canada may have to cut interest rates lower than expected, says CIBC Author of the article: Article content Posthaste: How higher savings rate might not save Canadians from the mortgage cliff Back to video There's an idea out there that Canada's rising savings rate could buffer homeowners from the looming challenge of higher mortgage payments Advertisement 2 Article content The numbers look encouraging. The savings rate hit 7.2 per cent in the second quarter, up from 6.7 per cent in the first and far above the 2 per cent average in 2019, and some have interpreted this as a sign that homeowners are putting money away to deal with higher mortgage payments to come. However, a report by CIBC Capital Markets out this week questions this narrative and argues that upcoming mortgage renewals remain a threat that may force the Bank of Canada to cut interest rates lower than expected. “The higher household savings rate seen post-pandemic appears to be no saving grace for homeowners with upcoming mortgage renewals,” wrote CIBC economist Andrew Grantham. “Not only may the true amount of excess savings in the economy be less than implied by this simple measure, but the distribution appears to be tilted towards the least vulnerable households.” Advertisement 3 Article content Grantham argues that the household savings rate is “far from a perfect gauge of excess liquidity,” and the money Canadians supposedly socked away during the pandemic and after may be less than it appears. Other measures such as bank deposits and financial assets may give a truer picture and these suggest excess savings at between 5 and 13 per cent of household income rather than the 25 per cent suggested by the national accounts figures, he said. Then there is the question of who is holding these savings. Again data suggest that it is not the people who need it the most. Quebec, in fact, holds almost three-quarters of excess bank deposits in the country, said Grantham, not Ontario and British Columbia which saw the largest growth in mortgages during the pandemic. Advertisement 4 Article content Sixty per cent of the savings increase in 2023 was driven by homeowners without a mortgage, a group that represents about a quarter of the population. By income, the highest and lowest quintiles account for most of the increase in the savings rate, with the middle two — the households that took on the most mortgage debt — actually showing a decline in savings, compared with 2019. “Because of that the wall of mortgage renewals looming next year and in 2026 remains a downside risk to the economy, even as interest rates move lower,” said the economist. Grantham says the higher savings rate may boost the economy as lower interest rates encourage those who are saving to spend more. “However, the wall of mortgages coming up for renewal next year and in 2026 remains a threat, and the Bank of Canada may have to take interest rates slightly below neutral to mitigate the risk at that time,” he said. Advertisement 5 Article content Sign up here to get Posthaste delivered straight to your inbox. The world wants tin , but hardly anybody wants to produce it. The energy transition has boosted demand for the silvery white metal, which is key in the electronics sector. Electric vehicles require two to three times more tin than gas-powered autos, and tin use in the solar industry has grown sixfold in the past decade. Tin, though, is in short supply. Production has stagnated for almost two decades, depleting global inventories, say analysts with BofA Global Research. New challenges sprang up this year when mining was suspended in Myanmar's Wa State, the top supplier for China, the world's largest tin consumer, say analysts with BofA Global Research. Advertisement 6 Article content Exports from Indonesia, the second largest producer, also fell over delays to the issuance of mining licences. All this promises to push prices, already up 20 per cent year to date, even higher. BofA expects tin to rise another $2 a pound by 2026. U.S. presidential debate between Kamala Harris and Donald Trump in Philadelphia at 9 p.m. ET Bank of Canada governor Tiff Macklem speaks at the Canada-United Kingdom Chamber of Commerce today in London. Dave McKay, chief executive of Royal Bank of Canada, will give a luncheon speech at the Canadian Club Toronto. Canada Fintech Forum opens in Montreal, showcasing emerging global trends in financial technology Carbon Capture Canada, a pan-Canadian convention showcasing Canada's offerings in carbon capture, utilization and storage opens in Edmonton Jeff Hoffmeister, chief financial officer at Shopify, will participate in a fireside chat at the Goldman Sachs Communacopia & Technology Conference in San Francisco Today's Data: United States wholesale trade and consumer credit Earnings: Oracle Corp. Advertisement 7 Advertisement 8 Article content Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line with your contact info and the gist of your problem and we'll try to find some experts to help you out, while writing a Family Finance story about it (we'll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers, led by Julie Cazzin, can give it a shot. McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Today's Posthaste was written by Pamela Heaven , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: How higher savings rate might not save Canadians from the mortgage cliff Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake Featured Local Savings

What if once again we are in a world awash with oil? Article content Oil prices took a frightening turn this month, in what one commodities analyst described as “a complete bloodbath .”

Advertisement 1 Share this Story : Posthaste: The biggest risk to oil prices might not be what everybody thinks Posthaste: The biggest risk to oil prices might not be what everybody thinks What if once again we are in a world awash with oil? Author of the article: Article content Posthaste: The biggest risk to oil prices might not be what everybody thinks Back to video Oil prices took a frightening turn this month, in what one commodities analyst described as “a complete bloodbath .” Advertisement 2 Article content The descent that saw prices for Brent crude drop below US$70 for the first time in three years was driven mainly by concerns about demand after the world's top two oil consumers, China and the United States, showed signs of slowing. Today the International Energy Agency warned that oil consumption had dropped to the slowest rate since demand crashed during the early days of the pandemic. Investors are right to worry about demand, says Capital Economics, but there is a bigger question mark hanging over the oil market right now — supply. OPEC+ announced last week that it would delay the unwinding of production cuts until December in an effort to bolster falling prices. But there is a chance that these oil-producing nations could change tack and start ramping up production, said David Oxley, Capital's chief climate and commodities economist — and that's a key downside risk to oil prices. Advertisement 3 Article content Since last 2022, Saudi Arabia has led OPEC+ in cutting oil output, with its production falling from 11 million barrels per day to 8.9 million. Crown prince Mohammed bin Salman ‘s approach since he took tighter control of oil policy has been to limit supply to drive up prices, but it wasn't always so. Up until 2016, Saudi's oil policy led by then oil minister Ali Al-Naimi focused on retaining market share. When oil prices started to fall in mid-2014, OPEC ramped up production to keep prices low and squeeze out higher-cost producers, mainly in U.S. shale oil which was booming. And to a certain extent it worked. Both the United States' and Canada's oil industries still bear the scars of the 2015 meltdown. Saudi Arabia's oil capacity is 12.5 million barrels a day, leaving 3.6 million barrels spare right now, says Capital. Advertisement 4 Article content “If Saudi Arabia were to suddenly turn on the taps and ramp up output to this level, it would almost certainly result in a fall in oil prices as the global oil market flipped into a large surplus,” said James Swanston, Middle East and North Africa economist. But why would they do that? Capital says Saudi needs oil prices at US$105 per barrel and $85 to balance its budget and current account position, respectively, and at current prices it's running a deficit on both. “We've argued before that the swing to a current account deficit could prove a turning point for policymaking and, as we see it, there are three main routes the Kingdom could take with regards to oil output over the coming months,” said Swanston. Saudi could continue on the path it's on and slowly increase production, but this won't add much to the Kingdom's coffers. Advertisement 5 Article content It could make deeper cuts, but even this would do little to boost revenues unless oil prices rebound above US$100, which Capital considers unlikely. Slashing output would also further erode Saudi's market share, which has already fallen from almost 11 per cent of the global oil market in 2022 to 8.8 per cent now. The Kingdom's gross domestic product would take a hit. Capital estimates that every 500,000 barrel drop in output shaves 1.5 percentage points off Saudi's annual GDP growth. “Meanwhile, if Saudi Arabia tries to push other OPEC+ members to cut oil output further too, that would run the risk of renewed tensions with the likes of the UAE, which is keen to raise oil output,” said Swanston. Or it could flood the market. Advertisement 6 Article content If Saudi aggressively raises oil output it would boost GDP substantially and oil revenues would remain about the same even if the oil price sank to US$50. “We estimate that, all else equal, raising production to 12.5 million bpd would increase the size of the Saudi economy by 11.5 per cent compared to 2023 levels,” said Swanston. Capital's central scenario is that Saudi Arabia will continue on the course it's on and raise output gradually, “but if oil prices continue to struggle, Saudi officials will face a tough choice,” he said. Sign up here to get Posthaste delivered straight to your inbox. So long, half-point cut from the Fed. The United States consumer price index out yesterday disappointed when core inflation, which excludes the more volatile components of food and energy, rose 0.3 per cent, the most in four months. Advertisement 7 Article content The hotter reading virtually wiped out market bets on a bigger rate reduction when the Federal Reserve meets next week. Trader still think the Fed will cut, however, and have fully priced in 25 basis points on Sept. 18. Today's Data: Canada building permits for July, United States producer price index Earnings: Empire Co. Ltd., The Kroger Co., Adobe Inc. The Phillips curve states there is an inverse tradeoff between unemployment and inflation. The latter seems to have come off the boil, pushing central banks to lower their rates, which often results in higher multiples and consumers spending more. But veteran investor Noah Solomon says that may not be the environment we're heading into. Find out more Advertisement 8 Article content Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line with your contact info and the gist of your problem and we'll try to find some experts to help you out, while writing a Family Finance story about it (we'll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers, led by Julie Cazzin, can give it a shot. McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Today's Posthaste was written by Pamela Heaven , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: The biggest risk to oil prices might not be what everybody thinks Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake Featured Local Savings

Odds of a smaller or bigger cut still close to a coin toss The world's most powerful central bank is poised to cut its interest rate when it meets Wednesday, and rarely has there been so much suspense about the outcome.

Advertisement 1 Share this Story : Posthaste: Canada and the world brace for the Fed — and the suspense has rarely been higher Posthaste: Canada and the world brace for the Fed — and the suspense has rarely been higher Odds of a smaller or bigger cut still close to a coin toss Author of the article: Article content Posthaste: Canada and the world brace for the Fed — and the suspense has rarely been higher Back to video The world's most powerful central bank is poised to cut its interest rate when it meets Wednesday, and rarely has there been so much suspense about the outcome. Advertisement 2 Article content The United States Federal Reserve ‘s decision comes in a week that Bloomberg describes as a “36-hour monetary roller coaster” which includes policy decisions by central banks in the United Kingdom, Japan, Brazil and South Africa. “There has rarely been so much uncertainty over central bank intentions,” analysts at Edmond de Rothschild wrote in a note. “They are caught between signs of economic weakness and inflation which is stubbornly resisting a return to the 2 per cent target.” The Bank of Canada has been known to come up with a few surprises, but rarely has the Federal Reserve done so, said National Bank of Canada economist Taylor Schleich. Surprises from the Fed have the tendancy to throw global markets for a loop. Advertisement 3 Article content Since 2022, overnight indexed swap markets have correctly predicted the outcome of all 21 Fed meetings and the day before the decision have never priced in more than five basis points of uncertainty, he said. Before the weekend, it was still “a virtual coin toss” whether the Fed will go for a 25 or 50 basis-point cut, Bloomberg reported. This morning odds had swung to a 60 per cent chance of a deeper cut. Whatever the Fed decides if will affect Canada. If Fed chair Jerome Powell and company opt for the smaller cut the Canadian dollar could take a hit, said Avery Shenfeld, chief economist at CIBC Capital Markets. CIBC expects a quarter point from the Fed Wednesday, followed by two 50-bp cuts. “It's hard to overstate the significance of the Fed giving the all-clear sign for inflation — particularly the significance for Canadian mortgage rates,” said Robert McLister, analyst at MortgageLogic.news Advertisement 4 Article content A cut by the Fed signals that the U.S. economy is weakening, and if this in turn slows Canada's output, “it's possible that markets aren't pricing in a big enough drop in our overnight rate,” he said. Among Canada's big six banks, CIBC has already trimmed its target for the Bank of Canada's interest rate by a quarter point to 2.25 per cent, said Shenfeld. To stay out of recession, the central bank also needs to pick up the pace, he said. CIBC now expects the Bank of Canada to cut rates by 25 bps in October, and 50 bps in both December and January. Previously their forecast had been for smaller cuts. Sign up here to get Posthaste delivered straight to your inbox. Canadians saw wages grow at the fastest pace in a year in the second quarter, but a big chunk of those bigger paycheques was gobbled up by the higher cost of debt, says National Bank of Canada Advertisement 5 Article content The cost of servicing household debt consumed an amount equivalent to 40 per cent of the additional wage growth in the quarter, said economist Matthieu Arseneau, who brings us today's chart — the highest share recorded in the past year. “With the weak labour market likely to moderate wage growth, the rising interest burden is expected to remain a significant share of household income growth for the foreseeable future, limiting the potential for a strong rebound in consumer spending growth,” he said. The Canadian Real Estate Association releases its figures for August home sales today. Today's Data : Canada manufacturing sales, United States empire manufacturing Advertisement 6 Article content You can transfer assets to your spouse in-kind, but spousal attribution rules prevent a higher-income spouse from transferring assets to a lower-income spouse to avoid higher taxes. However, certified financial planner Andrew Dobson says there are strategies you can employ to help improve your overall family tax efficiency. Find out more. Build your wealth Are you a Canadian millennial (or younger) with a long-term wealth building goal? Do you need help getting there? Drop us a line with your contact info and your goal and you could be featured anonymously in a new column on what it takes to build wealth. Advertisement 7 Article content McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Today's Posthaste was written by Pamela Heaven , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Canada and the world brace for the Fed — and the suspense has rarely been higher Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake Featured Local Savings

The number of businesses being created is slowing and the number closing is rising

Advertisement 1 Share this Story : Posthaste: Yet another sign that Canada's economy is ailing Posthaste: Yet another sign that Canada's economy is ailing The number of businesses being created is slowing and the number closing is rising Author of the article: Article content Posthaste: Yet another sign that Canada's economy is ailing Back to video Amid national concerns about poor productivity , new evidence suggests that Canada's business landscape has never fully recovered from the pandemic. Advertisement 2 Article content A report by TD Economics out this week looks at business dynamism, which is measured by the rates at which businesses enter the market, grow and leave the market. It was already slipping before the pandemic, but the slow rate of business entries and a rise in bankruptcies since then suggests Canada's business dynamism is stuck in a post-pandemic slump, said the report's authors economist Maria Solovieva and research analyst Matt Palucci. “Such dynamics can lead to slower growth, stagnation or even decline in the number of companies in the economy,” they said. Canada's business exit rate fell dramatically during the pandemic years thanks to government aid, and in the rebound after the lockdowns business entries surged. But since then the entry rate has flattened and the exit rate has accelerated. Advertisement 3 Article content What's striking is the comparison to the United States. Both countries experienced a boost after COVID, but while the Canadian rebound has faltered, the U.S. recovery has remained robust. By the end of 2022 Canada's net entry rate had fallen below the pre-pandemic average while the U.S. had surpassed it. In 2023, entries and new business applications in the United States remained above average, while in Canada they stagnated, said the report. “Deteriorating growth in new businesses points to a widening gap in business vibrancy between Canada and the U.S.,” they said. In Canada, mid-sized companies, especially in manufacturing, appear to be taking the brunt of the downturn. “Despite their potentially lower productivity compared to large firms, the softer growth in business creation among these cohorts could be concerning for the Canadian economy, as it may signal fewer opportunities for scaling up,” said the report. Advertisement 4 Article content The outlook for Canadian business should brighten as interest rates continue to come down, said the authors, but there is also more government can do to help. Reducing regulatory barriers, encouraging entrepreneurship and innovation would create a better environment for business dynamism. “These measures could revive business formation and support long-term economic growth in Canada,” they said. Sign up here to get Posthaste delivered straight to your inbox. Rate-sensitive equities are getting some long-awaited relief now that interest rates are coming down. Today's chart by Robert Kavcic, senior economist at BMO Capital Markets, shows how Canadian utilities and Real Estate Investment Trusts (REITs) have jumped since mid-June as the 5-year GoC yield shed more than 100 basis points. Advertisement 5 Article content “Other areas of the market, like higher dividend-paying equities, have also benefitted after a few years in the basement,” said Kavcic. Physical real estate will take longer, said the economist. Data from the Canadian Real Estate Association Monday showed the housing market is still stuck in a holding pattern. BMO expects things will start to warm up when mortgage rates follow yields down below the 4 per cent level. Statistics Canada releases its latest reading for inflation today in the consumer price index for August. The annual inflation rate slowed to 2.5 per cent in July, down from 2.7 per cent in June. Today's Data: Canada housing starts, United States retail sales, industrial production, capacity utilization and NAHB housing market index Advertisement 6 Article content Jurisdictions across the globe have an “infrastructure deficit,” which is one reason why there's a lot of chatter about investing in the fixes, whether it be the companies making the changes or the assets themselves. Veteran investor David Kaufman lays out your investing options. Build your wealth Are you a Canadian millennial (or younger) with a long-term wealth building goal? Do you need help getting there? Drop us a line with your contact info and your goal and you could be featured anonymously in a new column on what it takes to build wealth. Advertisement 7 Article content McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Today's Posthaste was written by Pamela Heaven , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Yet another sign that Canada's economy is ailing Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake Featured Local Savings

We're not out of the woods yet, according to Moody's Analytics All things considered, Canada's economy has held up pretty well and with the

Advertisement 1 Share this Story : Posthaste: Four risks that could tip Canada's fragile economy into a downturn Posthaste: Four risks that could tip Canada's fragile economy into a downturn We're not out of the woods yet, according to Moody's Analytics Author of the article: Article content Posthaste: Four risks that could tip Canada's fragile economy into a downturn Back to video All things considered, Canada's economy has held up pretty well and with the Bank of Canada on the path to lower interest rates , everything should be OK, right? Advertisement 2 Article content Well, fingers crossed, because according to a recent risk report from Moody's Analytics a number of threats still bubble below the surface that could derail the soft-landing scenario. Labour strikes Moody's flags labour disputes as a rising risk for Canada, and there have certainly been plenty of those in the headlines lately. First the railway strike that threatened to “paralyze the country” last month. Ottawa stepped in quickly to end this with binding arbitration , but this was followed shortly after by pilots at Canada's biggest airline threatening to walk out over pay. A strike at Air Canada would have ground 670 daily flights and 110,000 daily passengers, along with air freight, with one economist estimating the impact to the economy at $1.4 billion if it went on for two weeks. Advertisement 3 Article content The airline and business groups called on Ottawa to once again step in, but a last-minute deal averted the strike “These events echo the teacher, healthcare and public sector worker strikes in 2021 and 2022 and the spread of the U.S. auto workers' dispute in 2023,” wrote Moody's economist Charlie Houston. “While inflation is cooling, wage earners evidently still feel the pinch from the increase in prices over the last few years.” Supply-chain stress This risk has fallen slightly on Moody's scale because of the quick action by government and business to head off disruption. Though the federal government forced arbitration between rail workers and the railways in late August, the threat remains as the rail union is fighting for the right to strike in court. Advertisement 4 Article content Moody's estimates that the economic impact of a nationwide rail strike would cost the Canadian economy $341 million a day or 4 per cent of daily gross domestic product. Industries such as agriculture, mining, paper and wood, exporters and motor vehicles that rely on rail freight would be hit the hardest. “Supply-chain stress could reignite inflation pressures — particularly unwelcome as inflation is only just falling back within the Bank of Canada's target range,” said Houston. Limp labour market Moody's sees the weakening job market as another rising risk. Canada's unemployment rate rose to 6.6 per cent in August, the highest level since 2017, outside of the pandemic. There was a slight uptick in new jobs but it wasn't nearly enough to keep up with large gains in the population. Advertisement 5 Article content “A broader downturn in the labour market — extending beyond pockets of weakness such as higher unemployment among recent immigrants — could further depress consumer demand and pressure firms into cutting back on hiring to protect profits,” said Houston. Global pandemic Though the COVID-19 lockdowns have faded into memory, Moody's sees pandemics as a rising risk. “The possibility of a more elusive and deadly strain of the novel coronavirus, or an unaddressed surge of another pathogen, remains a major threat,” said the report. The World Health Organization last month declared the mpox outbreak in Africa a public health emergency of international concern. “While Canadians have likely learned how to better live and work during a pandemic from the experience of 2020, a repeat would have a significant adverse economic impact on an economy still on fragile footing,” said Houston. Advertisement 6 Article content Sign up here to get Posthaste delivered straight to your inbox. The United States isn't the biggest gold buyer these days but it certainly has the biggest stockpile in the world — by a long shot. Most of the gold is stashed in deep storage at — you guessed it — Fort Knox in Kentucky. The United States Bullion Depository here holds more than 147 million ounces, all in gold bars. West Point, New York is the second location where the U.S. Mint keeps 54 million ounces and Denver, Colorado the third, with 43.8 million ounces. At today's record prices the U.S. gold reserve is valued at more than US$657.48 billion. Today's Data: United States existing home sales, current account balance Earnings: FedEx Corp., Lennar Corp., Darden Restaurants Inc. Advertisement 7 Article content People will always search for ways to lower their tax bills when personal tax rates approach 50 per cent, especially if they feel there is not much value compared to the cost. That's why tax expert Kim Moody says Canada needs some wholesale changes to the existing regime. Read more Build your wealth Are you a Canadian millennial (or younger) with a long-term wealth building goal? Do you need help getting there? Drop us a line with your contact info and your goal and you could be featured anonymously in a new column on what it takes to build wealth. Advertisement 8 Article content McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Today's Posthaste was written by Pamela Heaven , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Four risks that could tip Canada's fragile economy into a downturn Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake Featured Local Savings