5 things you need to know this morning: Dec. 5, 2024

Start your day off right with five things you need to know this morning.

Five things you need to know

1. Canada in a recession, 'swamped' with immigrants: Ex-Bank of Canada governor

A former governor of the Bank of Canada has said Canada is in a recession. Stephen Poloz said Canada has "been swamped with new immigrants" who boost consumption by just enough to make it seem that the country is not in a recession.

'We're in a recession,' says former Bank of Canada governor Stephen Poloz https://t.co/YGxgN1dKdp pic.twitter.com/mOfmOyUQ9H

— Financial Post (@financialpost) December 4, 2024

2. Economic freedom study: Alberta ranks 1st in Canada, BC comes 2nd

Alberta has the most economic freedom in Canada, according to a new report from the Fraser Institute, while British Columbia is the second-freest. According to the study, the other eight provinces (along with California and New York) are in the third quartile, just above the "least free" category.

Economic Freedom of North America 2024 https://t.co/7Ka0PLY4ED

— gene syvenky (@ubbergenius) December 5, 2024

3. Average family to pay $800 more for food in 2025: report

In more economic news, the latest version of Canada's Food Price Report has been released, showing that food prices are expected to increase by between three and five per cent next year. That means the average family of four would spent $16,833.67 on food in 2025, an increase of $801.56 compared with 2023.

Average family grocery bill to go up another $800 next year: Canada's Food Price Report https://t.co/W9YY4JmvPU via @nationalpost

— The Food Professor (@FoodProfessor) December 5, 2024

4. Canadians divided on Liberal plan to cap oil and gas emissions: survey

Canadians are divided on the Liberal Party's plan to cap emissions from the country's oil and gas industry, according to a new poll. Abacus Data's survey found that 32 per cent of people back the cap "as necessary action for climate change," while another 32 per cent oppose it because of its "negative economic impact." A final third "have mixed feelings."

New @abacusdataca poll: Canadians are divided on the federal emissions cap for oil & gas. Support splits between climate action and economic concerns. #cdnpoli #ClimateAction https://t.co/5N75O1rQt0

— Eddie Sheppard (@EddieShepp) December 4, 2024

5. Trudeau says Poilievre 'not able' to unite with Liberals to defend Canada from Trump

The prime minister has accused Tory Leader Pierre Poilievre of being incapable of doing the right thing for Canada amid the country's peril in the face of Donald Trump's threatened tariff. Justin Trudeau said it's "increasingly clear" that Poilievre is "not able" to unite with the Liberals to protect Canada's interests.

Trudeau says Poilievre 'not able' to unite to defend Canada against Trump threats https://t.co/xnimxmWO8N

— CTV News (@CTVNews) December 5, 2024