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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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"CRA Duped Again: Ontario Construction Tax Credit Scam Costs Millions"

 

The Canada Revenue Agency (CRA) has once again fallen victim to a tax credit scam, this time involving Ontario's construction tax credit scheme. According to sources, the CRA mistakenly paid out tens of millions of dollars to scammers who used fake businesses to claim tax credits for non-existent renovations and construction projects.

The scheme, which began in 2020, allowed businesses to claim tax credits for building or renovating commercial facilities. However, the CRA failed to verify the claims, accepting them without review and paying out the credits without proper scrutiny. This oversight has resulted in significant financial losses, with the exact amount still being calculated but estimated to be in the tens of millions.

Minister of National Revenue Marie-Claude Bibeau has defended the CRA's fraud detection systems, calling them "robust," despite the repeated failures. The CRA has declined to comment on how the scam was missed and has not disclosed specific details about their monitoring strategies.

The Ontario finance ministry has stated that the CRA is responsible for administering the tax credits on behalf of the province, including conducting audits. Both the federal and provincial governments are now working together to address non-compliance and implement measures to minimize fraud in the future.

This latest incident raises questions about the effectiveness of the CRA's fraud detection systems and the accountability for the financial losses incurred.



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