World Report - Tuesday's top stories in 10 minutes

Episode Date: December 31, 2024

2025 is bringing with it some monetary changes for Canadians.The US Treasury Department says some of its workstations have been breeched by a China-sponsored hackCanada, United States set for 13th NYE's clash at World Juniors.

Every language is a note in the symphony of our heritage. Together they create a harmony that cannot be silenced. Discover your voice on the new APTN Languages TV channel. This is a CBC Podcast. This is World Report. Good morning, I'm John Northcott.

Good morning, I'm John Northcott. Fireworks ringing out in New Zealand's capital to ring in the new year this morning. One of the first places on the planet to do so as we count down to the new year in our part of the world. One thing we can count on is change. And for Canadians, those changes may be in your wallet. CBC's business reporter Scott Peterson is here to look at some of the changes to personal finances in 2025. Scott, what are some of the things we can look forward to? We're going to see a lot of benefits for lower-income Canadians, for seniors.

They benefit a lot in the new year. For example, brackets for taxes for inflation are getting adjusted. brackets for taxes for inflation are getting adjusted. They're going up 2.7%, so the 15% minimum tax will now apply up to $57,375. That's about $1,500 year over year. So that's a good thing. We're paying less taxes. Unemployment insurance, those deductions that we pay on pay stubs, they're going down $0.02 to $1.64 per $100. It's not a great deal, but it's going down in the right direction according to a lot of taxpayers out there100. It's not a great deal, but it's going down in the right direction according to a lot of taxpayers out there. Also, there's a new Canada Disability Benefit Payments that'll start in July, $200 per month

for working-age Canadians with disabilities. That's expected to reach about 600,000 Canadians. And also, those not currently covered by dental programs, dental insurance, will be covered, will be eligible as far as more extensive dental coverage at the same time. For seniors, CPP and OAS payments will remain the same, but the OAS should be reviewed in March. Potentially good news there for a lot of seniors that say they could use more help. So a break for some there, Scott, but who might be getting hit harder next year?

Well, one, that 60-day holiday with the GST that we saw, that is going to end February 15th. There might be a lot of people getting used to that. So that is one, not a lot of time to get used to that one. And also food, despite cooling inflation and cooling food prices, we're expecting that to go up anywhere between three and five percent. That's a recent study by the Food Price Report led by Dalhousie. Family 4, for example, are going to be paying about $800 more for the same basket of goods next year. So that's going to hurt a lot of Canadians there.

Lower Canadian dollar, partly to blame for that as well. CBC Business Reporter Scott Peterson joining us in studio. Thanks, Scott. Thanks, John. Also coming in the new year, the BC government will start cracking down on house flipping. As of tomorrow, buyers and sellers could be subject to a new tax that penalizes people who buy homes to turn a quick profit.

Georgie Smyth explains. The B.C. home flipping tax will apply to the profit a person owns from selling a property if it was owned for less than two years. The penalty will vary over time. A person will be taxed 20% if they resell in the first year, and that rate decreases over time until it reaches zero when 730 days pass. The point is to discourage investors from holding property short term to turn a profit. And also make sure that prices aren't escalating based on speculation.

Kevin Barrett is a realtor with Remax Crest Realty in Vancouver. He says it might work, but mostly for other reasons. There's not a lot of people buying homes and renovating them and getting that lift and reselling them in this market. Find a home, renovating it and flipping it. The money, the math just doesn't make sense anymore. Because of that, some critics say the new policy is unlikely to move the needle for affordable housing in B.C. Regardless, the province predicts about 4,000 properties may be taxed, with the money raised going towards building more affordable housing.

Georgie Smyth, CBC News, Vancouver. The U.S. Treasury Department says some of its workstations have been breached by a China-sponsored hack. Lawmakers were notified of the major incident by letter, copies of which were provided to CNN and Reuters news agency. For more, we've got Megan Fitzpatrick in our Washington bureau. Megan, what do we know about this cyber attack? Well, we know that the hack was detected in early December. And then, yes, a top official at the Treasury Department did notify members of Congress about it yesterday in a letter.

That letter explains that the hackers compromised a third-party provider, a company called Beyond Trust. provider, a company called Beyond Trust. The hackers gained access to a key, like a digital key, used by the vendor to secure a cloud-based service used to provide tech support to the department. And then the hacker or hackers were able to override security guardrails, remotely access certain workstations, and access certain documents. Now, it's not clear what kinds of documents, what information they contained, or how sensitive they were, but they were not classified. Treasury Department says it's working with the FBI and the Cybersecurity and Infrastructure Security Agency to determine the impact of the hack. And meanwhile, the company, Beyond Trust, says it's hired an external cybersecurity firm to assist with the investigation. So, Megan, what more do we know about who might be behind us?

Well, the letter to members of Congress says, based on available indicators, it's been attributed to a China state-sponsored advanced persistent threat actor. These kinds of hackers are described as well-resourced and sophisticated, and the U.S. says China is known to use this kind of cyber activity. China, though, is known to use this kind of cyber activity. China, though, is denying that it has anything to do with this hack, calling these baseless accusations that lack evidence. The Treasury Department is characterizing this as a major incident and says it will follow up with Congress with more details within 30 days. Megan Fitzpatrick, BNR Washington Bureau. Thanks, Megan. You're welcome.

Power is out across almost the entire island of Puerto Rico. It's not clear what caused the blackout. Initial investigations suggest an underground line may have failed. There's just one backup plant generating power. Officials say when the lights, cannot say rather, when the lights may come back online. Puerto Rico has been plagued with chronic power outages since Hurricane Maria struck over seven years ago. That storm devastated the territory's crumbling power grid. Well, it's a matchup everyone is waiting for at the World Junior Hockey Championships.

The New Year's Eve clash between Canada and the United States in a battle for top spot in their group. Vanessa Lee has a preview. Canada is looking to ride the momentum from Sunday's 3-0 win over Germany into tonight's matchup against their arch rivals. 19-year-old team captain Brayden Yeager says the atmosphere inside of Ottawa's Canadian Tire Centre will be unlike any other. The games that you dream of as a kid is playing against the States, wearing the Maple Leaf. And yeah, it's going to be a good one. Growing up watching, it's always U.S.-Canada.

And we want to make our country proud. Both Canada and the United States are heading into the game with identical records after each suffered surprising losses. The defending champion Americans are coming off a 4-3 overtime loss to Finland, while Canada was shocked by Latvia losing 3-2 in a shootout. Canada coach Dave Cameron. Other than we're a little bit snake bitten, the character of this team is exceptional. The team character is obviously we result of the individual character. Some of the parts, it's excellent.

Tonight's clash will determine the top spot of the group heading into the knockout stage. The puck drops at 8 o'clock Eastern. Vanessa Lee, CBC News, Montreal. One of the longest and most contentious divorces in Hollywood history is finally settled. You have an unusual problem, Jane. You obviously want me dead. And I'm less and less concerned for your well-being. So what do we do?

The stars who found love on the set of Mr. and Mrs. Smith, Angelina Jolie, and Brad Pitt have reached a divorce settlement. It's been eight years since Jolie first filed, citing irreconcilable differences, that triggered a bitter custody dispute over their six children. There were multiple properties and assets to split, including an infamous French winery. And finally... It's 2.15 up in the morning I'm talking to you but I'm really trying to hold your hand That's Montreal DJ producer Kay Trenada featuring Childish Gambino with Witchy, the number one Canadian song of 2024.

According to our colleagues at CBC Music, they describe it as, quote, a golden-hued R&B ode to the magic of falling in love. Coincidentally, Kate Tornado will be performing at a New Year's Eve bash in the old port of Montreal this evening. Speaking of which, you can ring in the New Year with CBC Joint Chief Correspondent Adrian Arsenault, co-host of the National, Ian Hanneman Singh on the radio, and yours truly as we count down to the new year all night long. There will be some familiar faces and surprise

guests taking part in the festivities. And we want to hear from you, Canada. Send an email to nye2025 at cbcnews.ca That's nye2025 at cbcnews.ca. That's nye2025 at cbcnews.ca. And tell us what you will be celebrating and how you'll be doing it. Countdown 2025 starts at 9 p.m. local time on CBC Radio. CBC Radio 1, that is, CBC TV, and everywhere you stream CBC News. That is the latest national and international news from World Report. I'm John Northcott. Happy New Year, everyone. This is CBC News. That is the latest national and international news from World Report. I'm John Northcott. Happy New Year, everyone. This is CBC News.