Business
CMHC dished out $30 million in bonuses in 2024
 
																								
												
												
											By Ryan Thorpe
The Canada Mortgage and Housing Corporation rubberstamped $30.8 million in bonuses in 2024, according to government records obtained by the Canadian Taxpayers Federation.
That pushes total bonuses at the CMHC up to $132 million since the beginning of 2020.
“Why are Canada’s housing bureaucrats showering themselves with bonuses when countless Canadians can’t afford homes?” said Franco Terrazzano, CTF Federal Director. “Canadians need more homes, not more highly paid pencil pushers rubberstamping bonuses for each other.”
A total of 2,398 CMHC staff (91 per cent of its employees) took $30.8 million in bonuses in 2024 – for an average of $12,865 each.
The records show that 12 CMHC executives took a combined $1 million in bonuses last year – for an average of $83,859 each.
The CMHC also issued 2,190 pay raises to staff in 2024, costing taxpayers $9.3 million. No employees took a pay cut, according to the records.
The CMHC has repeatedly claimed it’s “driven by one goal: housing affordability for all.”
In 2024, the Royal Bank of Canada said it was the “toughest time ever to afford a home.”
Last year, polling from Ipsos found 72 per cent of Canadians who do not own a home say “they have given up on ever owning” one.
Eighty per cent of respondents to that poll also said home ownership in Canada is now “only for the rich.”
The Canadian Real Estate Association, in its latest housing outlook report, predicted the average home price will “climb by 4.7 per cent on an annual basis to $722,221 in 2025.”
“The CMHC’s c-suite deserve pink slips more than huge bonuses,” Terrazzano said. “The federal government must stop rewarding failure with taxpayer-funded bonuses.”
Undeserved bonuses are a longstanding tradition in Ottawa.
The federal government has awarded $1.5 billion in bonuses since 2015, despite the fact that “less than 50 per cent of [performance] targets are consistently met within the same year,” according to the Parliamentary Budget Officer.
Business
“We have a deal”: Trump, Xi strike breakthrough on trade and fentanyl
 
														President Trump declared “we have a deal” Thursday after meeting with Chinese President Xi Jinping in South Korea, describing their nearly two-hour summit as “a 12 out of 10.” Speaking aboard Air Force One, Trump told reporters the two leaders reached a sweeping agreement to stabilize trade relations and address the deadly fentanyl crisis. “We have a deal. Now, every year we will renegotiate the deal,” Trump said. “But I think the deal will go on for a long time.”
According to Trump, Xi agreed to suspend for one year China’s export restrictions on products made with rare-earth and critical minerals — materials essential to the production of semiconductors, batteries, and high-tech magnets. “There’s no roadblock at all on rare earth,” he said. “It’s a one-year deal that I think will be very routinely extended.” In exchange, Trump said the U.S. would lower the average tariff rate on Chinese imports from 57.6% to 47.6%. Trump emphasized that Xi also committed to intensifying China’s crackdown on fentanyl exports, which have been a major driver of overdose deaths in the United States. “We agreed he’s going to work very hard to stop the flow,” Trump said. “I think you’re going to see a big difference.”
Beijing also pledged to resume “tremendous” purchases of American soybeans, reversing its earlier retaliatory halt. In a Truth Social post later Thursday, Trump said China had additionally agreed to begin purchasing U.S. oil and gas, noting that “a very large-scale transaction may take place concerning the purchase of oil and gas from the Great State of Alaska.” The president confirmed that Taiwan was not discussed during the meeting but said both sides talked about working together to bring an end to the war in Ukraine. “We didn’t really discuss the Russian oil,” he added. “We discussed working together to see if we can get that war finished.”
The meeting, held at a South Korean air base, marked the first in-person exchange between Trump and Xi since his return to the White House. The two leaders greeted each other warmly, with Xi telling Trump, “Great pleasure to see you again.” Xi praised Trump’s leadership, saying, “China’s development goes hand in hand with your vision to make America great again,” and added that the two nations “are fully able to help each other succeed and prosper together.” Much of Thursday’s agreement builds upon a framework negotiated earlier this month in Kuala Lumpur between U.S. and Chinese trade teams.
Trump said he plans to visit China in April, calling the meeting “amazing” and “an outstanding group of decisions.” He did not say whether the pending TikTok deal was discussed. The renewed cooperation on fentanyl follows years of tension over China’s role in the U.S. opioid crisis. The CDC reports the drug has killed nearly 330,000 Americans in the past five years — roughly one in every 1,000 people. Trump has long pressed Beijing to stop the export of precursor chemicals used to make fentanyl, arguing the problem is both moral and economic. “They make $100 million selling fentanyl into our country,” Trump said last week. “They lose $100 billion with the 20% tariff. It’s not a good business proposition.”
Trump left Thursday’s summit expressing confidence that the new arrangement marked a major step forward. “On the scale of 0 to 10, with 10 being the best, I would say the meeting was a 12,” he said. “It was an amazing meeting — and I think this deal will go on for a long time.”
Business
Canada’s attack on religious charities makes no fiscal sense
 
														This article supplied by Troy Media.
 By Lee Harding
By Lee Harding
Ottawa is targeting the charitable tax status of faith-based groups. The fallout could hit every Canadian community
The possibility that Canadian religious organizations will lose their charitable status has never been more real.
On Jan. 6, Parliament’s Standing Committee on Finance recommended numerous changes, including Recommendation 430: “Amend the Income Tax Act to define a charity, which would remove the privileged status of ‘advancement of religion’ as a
charitable purpose, meaning faith-based organizations could lose access to tax benefits.”
The B.C. Humanist Association, a secular advocacy group, has long advocated for removing religion as a stand-alone charitable purpose. That idea is reflected in Recommendation 430. Before adopting such a proposal, the finance committee should have reviewed a study published last November by Cardus, a Canadian think tank focused on faith, civil society and public policy.
The Cardus study examined 64 Christian congregations in various provinces to assess the socio-economic value of their impact. It suggested that congregations make an $18.2-billion socioeconomic contribution to Canadian society, well in excess of tax exemptions and rebates equal to $1.7 billion. The net positive result of $16.5 billion—a “halo effect”—is more than 10
times the value of the tax exemptions.
The implications are clear: society will be worse off if the loss of religious charitable status leads to a drop of more than 10 per cent in donations to affected charities. Why risk it?
When congregations unravel, society follows in ways that go beyond mere economics. As Cardus explains, churches often provide space, often at no cost or below-market rates, for cultural and artistic events, recreation and sports, education, social services and other community activities. They also deliver addiction recovery, counselling and mental-health support, child care, refugee sponsorship and settlement services for newcomers, education and food banks.
Whether institutionally or personally, helping people is often an integral extension of religious belief. A 2012 Statistics Canada study found that the 14 per cent of Canadians who attend church weekly offer 29 per cent of the nation’s volunteer hours and provide 45 per cent of all charitable donations.
No party has explicitly endorsed removing charitable status for religion. But the Bloc Québécois, NDP and Liberals dominated the committee recommendation to remove religion as a charitable purpose. The Conservative Party, which held a minority on the committee, was alone in opposing it outright.
Randy Crosson, executive director of Freedoms Advocate, is organizing a national pushback. In a speech given Oct. 1 to the Regina Civic Awareness and Action Network, he said the recommendation was a “shot across the bow” to gauge public reaction.
“This isn’t just about donors losing tax receipts. It’s about churches losing buildings, staff losing jobs, and ministries being forced to shut down due to reduced donations. This is a direct threat to the future of faith in Canada, and it’s happening fast,” Crosson explained in an online video.
Crosson said religion enjoys less participation and more opposition than in previous decades. Church attendance has slumped since the pandemic, and some Canadians continue to criticize churches for their historical involvement in residential schools.
The Quebec government has also pursued a strongly secular approach to public policy. In 2019, Quebec’s Bill 21 used the notwithstanding clause of the Constitution to ban public servants from wearing religious symbols, such as hijabs, turbans or crucifixes. In August, Quebec’s secularism minister, Jean François Roberge, said that the “proliferation of street prayer is a serious and sensitive issue” and promised to bring legislation to ban it.
That’s why Crosson is urging religious leaders to launch a three-part campaign.
“First, an open letter drafted with legal and faith leaders to show government and the media the real value of the church in Canadian society. Second, mass signatures. We need churches, leaders and individuals to sign the letter,” Crosson says in a video appeal. “And third, a national documentary based on the open letter. This will be released publicly and spread through churches, media and social platforms.”
The Frontier Centre for Public Policy has also come out publicly against the proposed change. A report by Senior Fellow Pierre Gilbert entitled Revoking the Charitable Status for the Advancement of Religion: A Critical Assessment makes a case for the status quo, pointing to benefits such as those mentioned above.
For now, at least, the idea is on hold. A published email response by Liberal MP Karina Gould, the chair of the House of Commons’ Standing Committee on Finance, said the charitable status of faith-driven non-profits will not be revoked in the Nov. 4 budget.
That’s good news. Faith is a big motivator of charity, and it’s hard to see how a less charitable society is a better one. If governments want to balance the books, they should rein in spending, not put faith-based charities at risk.
Lee Harding is a research fellow for the Frontier Centre for Public Policy.
Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country
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