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Freeland to release mini-budget today as economists warn a recession is coming

Finance Minister Chrystia Freeland will table her fall economic statement today — a roadmap of what's to come from the federal government as the economy stands on the brink of a recession.

Prime Minister Justin Trudeau faced some heat when he told reporters during the 2021 election campaign that he doesn't pay much attention to monetary policy and the Bank of Canada's mandate to keep inflation at manageable levels.

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"You'll forgive me if I don't think about monetary policy. You'll understand, I think about families," Trudeau said at a Vancouver campaign stop.

But now, with inflation at levels not seen in decades, monetary policy is something virtually everyone in government is seized with as the central bank hikes rates to push down sky-high prices.

Under Canada's system, monetary policy (interest rates) is set by the Bank of Canada, while fiscal policy (spending) is up to the elected government.

Speaking to reporters on Wednesday, Liberal MPs said they don't expect to see major fiscal outlays from Freeland as the central bank continues to fight inflation.

WATCH: Liberal MPs discuss priorities ahead of Freeland's mini-budget: 

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Quebec MP Greg Ferguson, Associate Minister of Finance Rachel Bendayan and Minister of Innovation, Science and Industry François-Philippe Champagne weigh in on the Fall Economic Statement, set to be released Thursday. 1:47

"I'm a balanced guy. That might mean cuts in some places and some expenses in others. That works for me," Liberal MP Greg Fergus said.

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Conservative Leader Pierre Poilievre has made it clear what he wants: no new spending unless there are cuts elsewhere.

Anything else would be "pouring inflationary fuel on the fire," Poilievre said in question period on Wednesday.

NDP Leader Jagmeet Singh said he wants Freeland to address what he calls corporate greed and reform the employment insurance program.

Freeland warns of 'difficult days ahead' as Canada's economy shows sign of weakness

Amid growing criticism, Macklem says Bank of Canada's independence isn't under threat

"Canadians are cutting back on costs and so too is our government. That's our part ... to not make inflation worse and more enduring," Freeland said at a recent event in Windsor, Ont.

Instead, the government has said it will consider targeted measures geared to low-income families — the people who are most affected by higher consumer prices. Read the full story here.

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North Korea fires more missiles, including a possible ICBM, after record day of launches

TOPSHOT - Television screens show a news report about the latest North Korean missile launch with file footage of a North Korean missile test, at an electronic market in Seoul on November 3, 2022. - North Korea fired one long-range and two short-range ballistic missiles on November 3, Seoul's military said, with one prompting warnings for residents of a South Korean island and people in parts of northern Japan to seek shelter. (Photo by Jung Yeon-je / AFP) (Photo by JUNG YEON-JE/AFP via Getty Images) ( Jung Yeon-je/AFP/Getty Images)

(Jung Yeon-je/AFP/Getty Images)

Television screens show a news report about the latest North Korean missile launch at an electronic market in Seoul on Thursday. North Korea fired one long-range and two short-range ballistic missiles today, Seoul's military said, with one prompting warnings for residents of a South Korean island and people in parts of northern Japan to seek shelter. Read more here.

In brief

New Brunswick's billionaire Irving family created an offshore insurance company that allowed them to move millions of dollars in profits out of Canada and into the tax haven of Bermuda, according to leaked documents reviewed by CBC News and Radio-Canada. The Irving-owned Bermuda insurance company, F.M.A. Ltd., sold insurance premiums to Irving companies in Canada and Bermuda for their marine vessels. F.M.A. then reinsured major risks to those vessels by paying lower premiums to a non-Irving reinsurance company based in Bermuda. That allowed F.M.A. to accumulate almost $13.4 million in untaxed income between 1973, when it was incorporated, and 2001, the last year for which CBC News and Radio-Canada have financial statements. The company's records provide a rare glimpse into a topic that has intrigued New Brunswickers for years: the complex multibillion-dollar financial apparatus — including a $3 billion tax-free trust — that corporate patriarch K.C. Irving created in Bermuda over several decades. Read the full story here.

Respiratory illnesses are running rampant among children, resulting in hospital visits and admissions at far higher rates than normal for this time of year, according to fresh data from hospitals across Ontario. Similar surges are being reported at hospitals across Canada. Although no other province makes public as much data on respiratory illnesses, experts say Ontario's figures help give a clearer picture of the extent of the problem nationwide. The number of kids aged five to 17 who came to hospital emergency rooms with respiratory complaints over the past week was more than triple the seasonal average, according to Ontario's Acute Care Enhanced Surveillance (ACES) database. For kids up to four years old, daily ER visits for respiratory illnesses during the same period stood at more than double the usual number, ACES showed Wednesday. The trend is happening at comparable rates across all regions of Ontario and, in some cases, is putting hospitals under such pressure they've had to cancel surgeries or redirect patients. Medical experts link the surge in illnesses among children to the withdrawal of preventive public health measures such as mask-wearing that had been in place since the start of the COVID-19 pandemic. Read more on this story here.

WATCH | Respiratory illnesses among children is on the rise: 

This year, there's an environmentally friendly take on the poppies worn in the lead-up to Remembrance Day. For the first time, the Royal Canadian Legion is offering biodegradable poppies, as well as wreaths. Brian Harris, who leads the legion's poppy campaign in Ontario, said the 2022 symbols of support for veterans are made with cotton velvet, bamboo, non-woven fabric and some string. "You would be able to tell by just looking at them; the actual composition of it almost looks like it's stamped out of the material," he said. "It's the same colour, but if you look at the back, it's not quite as shiny as poppies were in the past." Previous poppies were made of plastic and felt. Across Canada, 22 million to 25 million poppies are distributed each year, according to Harris. Read more here.

Despite blanket denials of war crimes from the Kremlin, a Russian soldier has revealed details of looting, torture and killing that took place in the Kyiv suburb of Andriivka back in March. The soldier's confession came in an interview with iStories, an organization of independent Russian journalists who have left their country for their own safety. The interview is part of a documentary investigation of alleged war crimes by The Fifth Estate in collaboration with iStories and the Swiss public broadcaster RTS. Russian soldiers were tracked down after they left photos of themselves on cellphones they stole from Andriivka residents, some of whom they killed. Survivors in the town later recovered the phones and the photos. Read the full story from The Fifth Estate here.

WATCH | What invading Russian soldiers did first after they arrived: 

Toronto high schooler Jacqueline Snidman-Stren is no stranger to experiencing antisemitism, from people invoking Hitler and drawing swastikas to taunt the Jewish student — "they think it's funny" — to scrolling through social feeds and seeing comments and videos spouting conspiracy theories about Jewish people. "I've seen on social media that Jewish people committed 9/11. That Jewish people run social media. Run the government. Control the weather. I've seen a bunch of crazy conspiracy theories that are completely not true," said the Grade 12 student, whose social accounts include Instagram, Snapchat, TikTok, Twitter and Pinterest. "These people don't even know what they're talking about, but they decide to say it anyway because they see it on other platforms." While public school students usually get some Holocaust education, it isn't enough to counter the antisemitic messages young people see and share online, whether intentionally or through ignorance, she said. As events marking Holocaust Education Week get underway, CBC News talked to students and experts about antisemitism facing young people in online spaces today, and the need for better education to help navigate harmful and pervasive misinformation in these social spheres. Read more on this story here.

WATCH | Students seeing rampant antisemitic content online:

Hockey season is underway in rinks across Canada after months of scrutiny and scandals related to Hockey Canada's mishandling of sexual assault allegations. The federal sports minister said there is a "systemic problem" of sexual violence and toxic masculinity in Canada's hockey culture that Hockey Canada has failed to change. Public outcry has prompted headlines that assert Canadians' love of hockey has wavered. But that's certainly not the case at Flying Dust First Nation, 300 kilometres northwest of Saskatoon. Enrolment in the under-7 (U7) division is up even higher than before the pandemic in this Saskatchewan community, which includes the First Nation and Meadow Lake, a city of 5,300 people. "So that shows there's still a desire and still a love for the game, and kids show up and still want to work hard, smile and have fun, and that's the important part," said coach Dwight King, 33, who won Stanley Cup championships with the L.A. Kings in 2012 and 2014. "I see grassroots hockey still thriving and still a big part of Canadian culture." Read more on this story here from CBC's Bonnie Allen.

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WATCH | Former NHLers bring the love of hockey to Meadow Lake, Sask., kids:

Now here's some good news to start your Thursday: To take home a medal at the WorldSkills Competition 2022, calmness is key, according to Korae Nottveit, who competed in the culinary arts category last month. Some of the world's brightest young chefs take part in the event, each put to the test through a number of intense challenges. And calmness would be recommended. "You'll have five judges that you can see out of the corner of your eye, and then, you know, the nerves start coming and you start shaking," Nottveit said, noting that she'd give herself an internal pep talk. "'Calm down, breathe, get the food on the plate and make it look as good as possible. You know how to do this.' I think that was something I had to do the entire time." Clearly, her strategy worked. Nottveit, from Alberta's Rocky View County, won the gold medal in her category, celebrating the victory at a ceremony last week in Lucerne, Switzerland. Read more here.

Opinion: When you are Black, elderly and a woman, health-care discrimination is a triple whammy

My mother experienced both racism and sexism once she arrived in Canada. However, now, as an elderly woman, ageism is yet another form of discrimination she has to navigate, writes Rogene Reid. Read her column here.

Front Burner: A high-stakes labour fight in Ontario

For many people, Ontario Premier Doug Ford's showdown with CUPE education workers has become about much more than one fight with one union. Experts say that what the Ontario government chooses to do here — and how the public responds — could have ripple effects for labour disputes and the right to strike across the country. 

That's because the Ford government introduced legislation this week that would prevent these workers from striking before they even start. It uses the highly controversial notwithstanding clause, which allows provinces to temporarily override some parts of the Charter of Rights and Freedoms. 

Today, we'll first speak to Bea Bruske, president of the Canadian Labour Congress, about what's been happening on the ground in Ontario. Then we'll speak to Charles Smith, an associate professor in the Department of Political Science at the University of Saskatchewan's St. Thomas More College, about whether this could set a precedent for labour fights across Canada.