News of the day: Summer of the Iceman, Churchill Falls deal, Moneris sale concerns, income tax reporting failure, retirement planning and more

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John Silva and his son, Jake Silva at their business, the Iceman, in Concord, Ont.John Silva and his son, Jake Silva at their business, the Iceman, in Concord, Ont. Photo by Peter Power/Postmedia News

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It’s Wednesday, August 19. Here are the top stories we’re following today.

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For 40 years, the Silva family toiled in relative anonymity making and delivering ice. That all changed when the biggest rapper in the world came knocking.

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Prime Minister Mark Carney, Newfoundland and Labrador Premier Tony Wakeham and Quebec Premier Christine Fréchette walk towards the podium on Monday, Aug. 17, 2026 to announce a new Churchill Falls deal. Prime Minister Mark Carney, Newfoundland and Labrador Premier Tony Wakeham and Quebec Premier Christine Fréchette walk towards the podium on Aug. 17, 2026 to announce a new Churchill Falls deal. Photo by Keith Gosse/The Telegram

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The new Churchill Falls agreement promises to rewrite the economics of one of Canada’s largest hydroelectric developments more than a decade before its notoriously lopsided power contract expires.

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Signage for payment processing company Moneris, Thursday May 25, 2023. Created as a joint venture between Royal Bank of Canada and Bank of Montreal in 2000, Moneris Solutions Inc. now helps 325,000 businesses and sales locations accept payments, representing one in three transactions in Canada. Photo by Peter J. Thompson/Postmedia

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The decision to sell Moneris Solutions Corp. to U.S.-based Francisco Partners Management LP has some small businesses worried.

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The national headquarters of the Canada Revenue Agency. The national headquarters of the Canada Revenue Agency. Photo by Spencer Colby/Postmedia files

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If you forget to report some of your income on your tax return, you’ll be able to avoid a penalty the first time around. But, if you get caught a second time, you could be hit with a “repeated failure to report income” penalty, even if the omission was due to a purely innocent mistake.

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The median net worth for couples with children under the age of 18 was $645,900 in 2023. The median net worth for couples with children under the age of 18 was $645,900 in 2023. Photo by Getty Images/iStockphoto

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Expert says George’s goal of reaching $5 million by age 48 is not necessary in order to retire early and fund the couple’s current estimated $170,000 lifestyle.

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