Press Hits

A new study shows the average price of rent in Canada has dropped, but not as fast in the Maritimes.

Starting Thursday, new rules regulating how much Canadian banks can charge customers in non-sufficient funds (NSF) fees will take effect. Anti-poverty groups say the charges disproportionately impact low-income Canadians and call the new limits a win for people already struggling with rising costs of living. Here’s what to know.

Canadians living paycheque to paycheque will soon face a smaller penalty when money runs short. Ottawa is capping non-sufficient funds (NSF) fees on personal deposit accounts at $10, effective March 12, down from charges as high as $48.

The new policy also prohibits multiple NSF charges within a two-day period and disallows fees when an account is short by less than $10. The government estimates Canadians will save approximately $4.1 billion over the next 10 years.

Despite the delay of NB Power’s proposed 4.75 per cent rate hike, advocates warn higher power bills will still hit low-income residents hard.

In a ruling Monday, the New Brunswick Energy and Utilities Board rejected NB Power’s request to increase electricity prices, which, if approved, would have taken effect April 1.

Instead, the board decided to delay the rate hike until June or July, stating that an interim rate order is an “extraordinary remedy and is not intended to shield utilities from the known or reasonably foreseeable consequences of their business decisions.”

New regulations that will cap non-sufficient funds (NSF) fees at $10 will save Canadians $4.1 billion over the next decade, according to the federal government.
Effective Thursday, Canadian banks won’t be allowed to charge more than $10 when someone doesn’t have enough money to cover a pre-authorized payment or cheque.
Right now, banks are allowed to charge up to $48 for an NSF fee. Banks will also no longer be able to charge more than one NSF fee within two business days, and they cannot charge an NSF fee if an account is short by less than $10.

London city council has allowed the construction of a 30-storey high rise rental building in a downtown neighbourhood, drawing scrutiny from area residents and a tenant advocacy group.

During Tuesday’s council meeting, politicians voted 11-4 to approve York Developments’ request to build the high rise at 550 Ridout St. N. and 82-90 Kent Street — a property that currently houses a significantly smaller building with 30 affordable units and three rental homes.