This roundup from The Canadian Press provides an overview of current events impacting Canada, including economic updates, weather warnings, political developments, and legislative proceedings.
February Inflation Data from Statistics Canada
Statistics Canada is set to release its January consumer price index report this morning. Economists surveyed by Reuters predict that the annual inflation rate will increase slightly to 1.9 percent for January, as reported by LSEG Data & Analytics. This increase follows a moderation from recent highs, with inflation stabilized around the Bank of Canada’s target of two percent. In December, Canada’s inflation rate had fallen to 1.8 percent, largely due to a temporary federal tax break implemented by the government. In response to these economic conditions, the Bank of Canada recently executed its sixth consecutive interest rate cut, lowering the policy rate by a quarter-percentage point to three percent.
Severe Winter Conditions Affecting Eastern Provinces and the Prairies
As winter weather continues to impact various regions, severe cold conditions are gripping eastern provinces and the Prairies. Environment Canada has issued extreme cold warnings for areas north and southwest of Toronto, with wind chill temperatures expected to plummet to around minus 30 degrees Celsius. Snow squall warnings are also in effect north of Toronto, where communities may receive between 15 and 70 centimeters of snow. In Nova Scotia, wind warnings have been issued for much of the province, forecasting gusts of westerly winds reaching approximately 90 kilometers per hour. Additionally, extreme cold warnings are prevalent across Saskatchewan, as well as several parts of Alberta and Manitoba.
Leadership Campaigns Resuming in Ontario
Following their second and final debate, Ontario's main political party leaders are returning to the campaign trail. Progressive Conservative Leader Doug Ford plans to make announcements in Sault Ste. Marie and Sudbury. Meanwhile, NDP Leader Marit Stiles is scheduled to hold a morning announcement in Toronto, followed by an evening rally in the city. Liberal Leader Bonnie Crombie will announce her plans in Hamilton before returning to her Mississauga constituency. Green Party Leader Mike Schreiner is also set to make campaign stops in Toronto and Flesherton, Ontario.
B.C. Legislative Session Opens with Throne Speech
Today marks the opening of British Columbia's legislative session, which Premier David Eby describes as a period of "extraordinary change and uncertainty." The speech from the throne will be delivered this afternoon by Lt.-Gov. Wendy Cocchia, outlining the government's strategies in light of potential U.S. tariffs that could affect the Canadian economy. Eby asserts that the speech will detail plans aimed at protecting British Columbians. Colin Hansen, a former finance minister, emphasizes that this moment calls for politicians to set aside partisanship to collaboratively address the significant impacts of U.S. policies on the province.
Nova Scotia's Budget Presentation Amid Economic Uncertainty
Nova Scotia's Progressive Conservative government is scheduled to present its budget today amid growing economic uncertainty due to impending trade tensions stemming from tariff threats by U.S. President Donald Trump. The budget for the 2025-26 fiscal year comes after Premier Tim Houston's party secured an expanded majority in the November elections, focusing on promises to cut taxes and control electricity rate increases. However, with Trump threatening to impose 25 percent tariffs on Canadian goods, the budget's presentation will be closely scrutinized for its approach to mitigate potential fallout. Approximately 70 percent of Nova Scotia's exports from January to September 2024 were directed to the United States, illustrating the province’s vulnerability to a trade conflict. The premier's recent communications have shifted to endorsing a "resource-focused" economy, with pledges to bolster development in hydrogen, offshore wind, and critical minerals.
