TSX closes lower as oil slips almost 4 per cent
Oil prices fell almost 4 per cent Tuesday as expectations of an OPEC output deal subsided. The cartel meets Wednesday but non-member Russia will not attend talks while member nations may oppose any significant cuts.
With oil falling, and gold also lower, the main TSX index closed with losses, led by a 2.5 per cent decline for energy stocks while materials, industrials and utilities also posted losses. Gains were led by a 2 per cent rise for healthcare.
Wall Street managed to close above the line with healthcare and real estate boosting all three main indexes. European and Asian indexes were mixed.
The S&P/TSX Composite Index closed 15.55 (0.10 per cent)
The Dow Jones closed up 23.70 (0.12 per cent)
Oil is trending lower (Brent $46.45, WTI $45.28 at 4.20pm)
Gold is trending lower (1186.80 at 4.20pm)
The loonie is valued at U$0.7444
Tax man needs to speed up says federal auditor general
The Canada Revenue Agency takes too long to sort out tax disputes, the federal auditor general said Tuesday.
A report from Michael Ferguson reveals that the CRA takes an average of 263 days to process disputes with the delays costing the government and taxpayers billions in lost revenue and interest payments to those found to have overpaid.
There was a 171 per cent increase in outstanding cases but only a 14 per cent rise in CRA employees tasked with sorting out disputes.
Current account deficit narrows
Canada’s current account deficit was $18.3 billion in the third quarter of 2016, down $0.7 billion on a seasonally-adjusted basis. It has increased in the previous three quarters.
Statistics Canada reported Tuesday that the deficit on international trade in goods narrowed $2.7 billion to $8.3 billion in the third quarter, following a record deficit of $11.1 billion in the second quarter. Exports outpaced imports as exports saw the highest growth since the first quarter of 2014.
In the financial account (unadjusted for seasonal variation), strong foreign investment in Canadian corporate bonds led the inflow of funds in the quarter.