Dec 8 (Reuters) - The following are the top stories from
selected Canadian newspapers. Reuters has not verified these
stories and does not vouch for their accuracy.
THE GLOBE AND MAIL
** Oil prices sank to their lowest level in nearly seven
years, threatening fresh pain for Canada's economy. The drop in
oil prices triggered major falls in both the Canadian dollar and
the stock market. Benchmark West Texas intermediate tumbled
nearly six percent to $37.65 a barrel, its lowest since
February, 2009.
** Federal Finance Minister Bill Morneau confirmed Monday
that the contribution limit on the tax-free savings account will
drop back to C$5,500 ($4,061) from C$10,000 effective January 1,
2016, but that the limit for 2015 will remain untouched.
** Vancouver-area banks reported suspicious transactions
involving mainland Chinese clients 17 times more often than
those tied to citizens of any other outside country in recent
years. It is unclear if any Canadian laws were broken in the
Vancouver-area cases. One expert says it is likely the
statistics are evidence of more money entering Vancouver's hot
housing market.
NATIONAL POST
** The Canadian government is poised to make good on its
promise to cut federal income taxes for middle earners by
raising the rate on the richest Canadians - cuts that the
government admits won't be revenue-neutral. Finance Minister
Bill Morneau is conceding for the first time that the changes
are going to cost the federal treasury C$1.2 billion annually,
starting in the 2016-17 fiscal year. )
($1 = 1.3543 Canadian dollars)