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Feds target short term rentals

The upcoming fall fiscal update by federal Finance Minister Chrystia Freeland is set to include a targeted measure aimed at reducing the appeal of using properties for short-term rentals, according to sources at the Star.

Property owners in areas already imposing restrictions on short-term rentals will no longer be allowed to claim rental expenses against their income, as disclosed by a senior federal official to the Star. This move aims to eliminate the incentive for individuals to circumvent local restrictions and list their properties on platforms like Airbnb.

“This is going to change the financial equation,” emphasized the official.

You can read more on the matter here.

What’s going on?

• Argentina: Newly-Elected President Javier Milei Promises To Dollarize Economy (theDeepDive)

• Cruise CEO Kyle Vogt Walks Away from Robotaxi Company He Founded (theDeepDive)'

• UAW says 64% of workers vote to ratify Detroit Three contracts (Reuters)

• Traynor Ridge: Where Did The Money Go? (theDeepDive)

• Iconic Toronto Strip Club Location Nominated for Heritage Recognition Amid Redevelopment Plans (theDeepDive)

• CRA claws back $458 million in pandemic-era wage subsidies after partial audit (BNN)

• Sam Altman Is Already In Discussions To Return To OpenAI (theDeepDive)

• The NRA’s Influence May Be Shrinking (theDeepDive)

• Feds launch $10M program for small businesses in Indigenous tourism (BNN)

• New Startup Groundly Wants To Sell You A House But Not The Land Under It (theDeepDive)

What’s the latest?

• OpenAI Disaster: Microsoft has hired Sam Altman and Greg Brockman, former executives of OpenAI, after their unexpected departures from the AI company. This move coincides with Emmett Shear, former Twitch leader, taking over as interim CEO of OpenAI. Microsoft's decision to bring Altman and Brockman on board signals their commitment to advanced AI research, amidst a backdrop of growing interest and development in generative AI technologies.

• Canada’s Debt Problem: Trudeau's government in Canada is facing financial pressure due to rising debt payments and slowing revenue growth. With an election due within the next two years and the government's popularity waning, Trudeau's administration is challenged by the high cost of borrowing, a departure from previous years when interest rates were low. The Bank of Canada's high policy rate and persistent inflation further complicate the situation.

• UAW Resolution: Workers at the Detroit Three automakers, represented by the UAW union, have ratified new contracts through April 2028. The agreements, passed by a 64% majority, include a significant 25% increase in base wages, potentially raising the top wage to over $42 an hour when compounded with cost-of-living adjustments. The ratification follows a challenging period marked by strikes and production halts, and its acceptance is seen as a major relief for the automakers.

• Handout Clawback: The Canada Revenue Agency has adjusted or denied $458 million in claims under the Canada Emergency Wage Subsidy Program (CEWS) following an auditing process. The CEWS, which provided a 75% wage subsidy to businesses during the COVID-19 pandemic, disbursed approximately $100 billion in total.

• Working Class Struggle: As of October, 60% of adults in the United States are living paycheck to paycheck, a situation unchanged from the previous year, according to a report by LendingClub. This financial strain is being felt despite signs of cooling inflation. Many Americans consider themselves financially worse off compared to 2022, with 4 in 10 expressing this sentiment.

Practical insights into the gold market

The stock market and stuff

• Congress Letter To Biden Links Hamas To Binance As Firm’s Counter-Terrorism Official Resigns (theDeepDive)

• Amazon Launches Free AI Classes in Bid to Win Talent Arms Race (WSJ)

• First Quantum Warns Of Cobre Panama Shut Down Over Illegal Blockade (theDeepDive)

• Crypto firm Tether says it has frozen $225 mln linked to human trafficking (Reuters)

• Elon Musk’s Antisemitic Era: Tesla Bulls Changing Tune, X Advertisers Pulling Out (theDeepDive)

In the juniors

• Vortex Metals To Acquire Up To 80% In Chilean Copper Project (theDeepDive)

• Power Nickel Raises Flow Through Funds At $0.90 A Share For Next Stage Of Feasibility Study (theDeepDive)

• Colonial Coal: Recent Met Coal Deals Bode Well For This Small Cap (theDeepDive)

• Argentina Lithium Plans 30 Hole Exploration Program Following Stellantis Investment (theDeepDive)

• Fisker Reports Broadly Disappointing 3Q 2023 Results (theDeepDive)

FULL DISCLOSURE: Vortex Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Vortex Metals. The author has been compensated to cover Vortex Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.