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Calgary Dentist Faces Prison for $680K Insurance Fraud

  Calgary dentist Alena Smadych pleaded guilty to fraud in June, admitting to falsely billing insurance companies when she was the owner of a local dental clinic A Calgary dentist who admitted to defrauding insurance companies of more than $680,000 could spend up to three years in prison , according to Crown prosecutors. Dr. Alena Smadych , former owner of All About Family Dental , pleaded guilty to fraud earlier this year after submitting falsified claims to multiple insurers between 2013 and 2023 . Initially, she admitted to more than $125,000 in phoney billings to Sun Life and Blue Cross, but subsequent investigations revealed additional fraudulent claims totaling $558,000 across three more companies. The Crown argued during Friday’s sentencing hearing that Smadych’s actions represented a decade-long scheme that undermined trust in the insurance system. Her clinic was once the highest billing practice in Canada for root canals, raising red flags that eventually led to inve...
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Bank of Canada may trail Fed rate cut as wage growth continues to soar

 

The Bank of Canada may not follow the Federal Reserve in cutting interest rates, despite the Canadian economy flirting with recession. This is due to high growth in Canadian wages and shelter costs, which could see the central bank shifting to interest rate cuts after the Federal Reserve. However, factors peculiar to Canada, such as declining productivity, record levels of immigration, and a relatively unionized workforce, could stand in the way of inflation returning to the Bank of Canada’s 2% target. Wage growth could be slow to ease as collective bargaining agreements lock in multi-year wage settlements. Analysts suggest that there should be more differentiation between the Fed and BoC rate paths than is currently priced.

The Canadian economy is facing a challenging time, with the Bank of Canada’s 2% inflation target still out of reach. The Bank of Canada may need to take a different approach to the Federal Reserve in order to achieve its goals. Wage growth in Canada is much higher than in the United States, which could make it difficult for the Bank of Canada to cut interest rates. However, analysts suggest that there should be more differentiation between the Fed and BoC rate paths than is currently priced. This could help support the Canadian dollar and delay a rebound in the economy, which would disappoint heavily indebted households, many of which are due to renew their mortgages at higher borrowing costs this year.

In conclusion, the Bank of Canada may trail the Federal Reserve in cutting interest rates due to high growth in Canadian wages and shelter costs. However, factors peculiar to Canada, such as declining productivity, record levels of immigration, and a relatively unionized workforce, could stand in the way of inflation returning to the Bank of Canada’s 2% target. Wage growth could be slow to ease as collective bargaining agreements lock in multi-year wage settlements. Analysts suggest that there should be more differentiation between the Fed and BoC rate paths than is currently priced.

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