Take Stock – October 1

The federal government is pushing back the start date for a key element of credit card reform meant to increase transparency for card users.

Credit card transparency rules come into effect on Jan. 1

The federal government is pushing back the start date for a key element of credit card reform meant to increase transparency for card users. The Finance Department has published new rules that come into effect in the new year, but says it won’t implement a mandatory 21-day interest-free grace period until next September.

The announcement posted on the department website says that starting Jan. 1, credit card issuers must provide a ”summary box” on application forms detailing interest rates and fees. As well, banks must inform clients how long it will take to repay their balance if they only make minimum payments each month, give notice of changes in interest rates and require approval before increasing the credit limit on a card.

Canada’s banks opposed the reforms during public hearings earlier this year, saying the changes were unneeded and costly and noted that 70 per cent of users paid their bills in full on time.


Transcanada to spend $1.2B on gas-fired power plant in ontario

TransCanada Corp. (TSX:TRP) has won a contract to build a $1.2-billion natural gas-fired power plant west of Toronto, as the Calgary-based company continues to add to its presence in Ontario’s power market.

The Ontario Power Authority awarded TransCanada a 20-year contract to build, own and operate the 900-megawatt plant in Oakville, Ont. It is scheduled to start producing power by the end of 2013, the Calgary company announced Wednesday. “We look forward to providing additional electricity supply and reliability within this key North American market,” Hal Kvisle, TransCanada’s chief executive officer, said in a statement. “The Oakville generating station is a strong fit with our strategy of developing large scale energy infrastructure projects that will produce stable, long-term returns for our shareholders.”

Just Posted

Red Deerian spreads kindness with one card at a time

One Red Deerian wants to combat bullying by spreading kindness in the… Continue reading

Bowden baby in need of surgery

“Help for Alexis” Go Fund Me account

PHOTO: First Rider bus safety in Red Deer

Central Alberta students learned bus safety in the Notre Dame High School… Continue reading

Red Deer dancer attends national summer school

Dancers with others from across Canada and beyond

WATCH: Annual Family Picnic at Central Spray and Play

Blue Grass Sod Farms Ltd. held the Annual Family Picnic at the… Continue reading

Woman has finger ripped off at West Edmonton Mall waterslide

SASKATOON — A Saskatchewan woman says she lost a finger after her… Continue reading

Uncertainty looms over Canada’s cannabis tourism, but ambitions are high

TORONTO — Longtime marijuana advocate Neev Tapiero is ready for the cannabis-driven… Continue reading

Feds mulling safeguards to prevent ‘surge’ of cheap steel imports into Canada

OTTAWA — The federal government extended an olive branch of sorts to… Continue reading

Ontario govt caps off summer session by passing bill to cut Toronto council size

TORONTO — The Ontario government passed a controversial bill to slash the… Continue reading

Updated:Italian bridge collapse sends cars plunging, killing 26

MILAN — A 51-year-old highway bridge in the Italian port city of… Continue reading

Saudi Arabia spat affecting Canadians embarking on hajj, community members say

TORONTO — Members of Canada’s Muslim community say recent tensions between Ottawa… Continue reading

Tug carrying up to 22,000 litres of fuel capsizes in Fraser River off Vancouver

VANCOUVER — The smell of diesel filled the air as crews worked… Continue reading

Nebraska executes first inmate using fentanyl

LINCOLN, Neb. — Nebraska carried out its first execution in more than… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month