TD Bank speeds up CEO succession, Canada braces for Trump’s tariffs and CPP increases slow in 2025: Business and investing stories for Jan. 19

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TD Bank CEO, chairman stepping down in sweeping overhaul of board of directors

Toronto-Dominion Bank’s chief executive officer Bharat Masrani will step down two months ahead of schedule, Stefanie Marotta reports. The news comes as the bank launches a sweeping overhaul of its board and slashes executive pay – rare moves linked to penalties from anti-money laundering failures found by U.S. regulators. Mr. Masrani will leave his role as CEO on February 1, ahead of the departure date initially set for April. Meanwhile, Alan MacGibbon, who became the chair of the board less than a year ago, will step down later this year as the bank conducts a search for his successor. Raymond Chun, currently chief operating officer at TD, will be the incoming CEO, but Mr. Masrani will act as an advisor until July 31.

Canadian industries brace for Trump’s threatened tariffs

As U.S. president-elect Donald Trump gets ready for his inauguration ceremony on Monday, many industries across Canada are bracing for his plan to impose tariffs of 25 per cent on all Canadian imports. The tariffs threaten to devastate the auto industry, the softwood lumber industry and primary metals and food and beverage manufacturing. Meanwhile, Canadian leaders have said they are planning retaliatory tariffs if Mr. Trump proceeds with his threat on Jan. 20. But economists are skeptical the Trump administration will follow through with across-the-board tariffs given the economic toll they would take on U.S. businesses and consumers, according to a recent Desjardins Securities report. Plus, Jason Kirby outlines the many ways in which Canada can fight back in a trade war, if it comes to that.

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Calgary’s population growth is in a league of its own

Calgary is growing rapidly, with its population growth breaking records. The province’s population grew by 6 per cent over the 12 months through July 1, 2024 – roughly 100,000 people – according to Statistics Canada latest figures. That is the fastest 12-month growth rate that Statscan has ever recorded for a census metropolitan area (CMA) in numbers that date back to 2001. The reasons for its rapid growth include people moving from other provinces, a large number of new immigrants and temporary residents, and births were substantially higher than deaths. Matt Lundy takes a closer look in the latest Decoder series.

Carney cuts business ties to Brookfield and other boards as he launches bid for Liberal leadership

Earlier this week, Mark Carney announced that he would officially run for leader of the Liberal Party. As he stepped into the political arena, he said he has forfeited a number of executive, board and advisory positions he took on in recent years. He resigned as Brookfield Asset Management’s board chair and head of transition investing, which was arguably his most prominent job in recent years – and his main source of income. The former governor of the Bank of Canada and the Bank of England also said he stepped down from the boards of Bloomberg LP, Stripe Inc. and PIMCO, and as UN Special Envoy for Climate Action and co-chair of the Glasgow Financial Alliance for Net Zero, or GFANZ. The pay Mr. Carney’s earned from his corporate roles is not publicly disclosed, but he stands to give up substantial income and financial benefits to pursue a life in politics, James Bradshaw and Carrie Tait report.

The rise and fall of Trudeau’s big-spending, big-government economics

When Prime Minister Justin Trudeau celebrated his landslide victory in 2015, his economic vision focused on redistributing wealth, tackling climate change, and expanding Canada’s work force through immigration and increased participation of women, youth and minorities – with a heavy dose of deficit spending and government hires to support those efforts. But a decade on, economic metrics suggest Mr. Trudeau’s experiment failed to produce sustainable growth and Canadians are reeling from an affordability crisis. Mark Rendell and Nojoud Al Mallees take a look at how his brand of progressive economics has lost its lustre, not just in Canada, but in advanced economies around the world.

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CPP payment increases slow in 2025 as retirees feel the pinch

Canada Pension Plan payments increased just 2.6 per cent for 2025 – a big drop from the 4.4-per-cent hike last year – and retirees have been feeling the squeeze, Meera Raman reports. Starting in January, the maximum monthly CPP payment for those starting their pension at age 65 will be $1,433 – up $68.40 from last year. CPP payments are adjusted every year based on how much Canadians paid for goods and services, as tracked by Statistics Canada, but this year’s adjustment is based on cooling inflation data. Many retirees, however, say the latest CPP increase falls short of what they actually need – covering the costs for key essentials, such as gas and groceries, which still reman much higher than prepandemic levels.

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