News of the day: Housing market hope, bitcoin hack, Shopify shares surge, CRA denies legal fees tax deduction, retirement planning and more

Whether economists ultimately conclude that Canada’s housing market bottomed in 2026 may not be known for months or even years. Photo by Peter Power/Postmedia

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It’s Wednesday, August 5. Here are the top stories we’re following today.

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It’s been more than four years since Canada’s housing boom came to an abrupt end in 2022, and throughout that period the perennial question hanging over the market has been, how much farther will it fall? Now, a handful of economists are cautiously floating the ‘b’ word, positing that we may finally be nearing the bottom.

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Dozens of bitcoin investors around the world collectively lost millions of dollars after their accounts with crypto storage company Coinkite Inc. were compromised last week. Photo by Getty Images/iStockphoto

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Dozens of bitcoin investors around the world received a rude awakening last week after discovering they had collectively lost millions of dollars after their accounts with Toronto-based crypto storage company Coinkite Inc. were compromised. So what exactly happened, how do cold wallets work and will those who lost money get it back? The Financial Post takes a closer look.

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Shopify Inc. expects its third quarter revenue to grow at a low-thirties percentage rate and gross profit dollars to increase at a mid-to-high twenties percentage rate on a year-over-year basis. Photo by HYUNGCHEOL PARK/Postmedia

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Shopify Inc., which helps businesses build online stores and sell goods online, said its artificial intelligence tools, partnerships and integrations are helping merchants tally more sales. AI-driven traffic and orders to Shopify stores tripled year-over-year in the second quarter, company president Harley Finkelstein said during an investor’s call on Wednesday.

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In some situations, the burden of high-priced legal advice can be somewhat offset if you can deduct those legal fees on your tax return. Photo by  Getty Images/iStockphoto

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What if you pay for someone else’s legal fees to challenge their Canada Revenue Agency reassessment? Are those legal fees tax deductible to the payor? That was the question before the Tax Court in a recent case decided late last month.

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Even though Miles and his wife manage their finances separately, they could look for a fee-for-service financial planner in their area who can assist with managing their retirement funds. Photo by Peter Dazeley/Getty Images

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Overly conservative investments create risks such as loss of purchasing power or possibly outliving savings, expert says.

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