News of the day: Canada's AI strategy, interest rate predictions, defined contribution pensions, joint account owners, CUSMA negotiations and more

It’s Thursday, June 4. Here are the top stories we’re following today.

Canada’s new AI plan commits billions for AI adoption, new jobs and skills training

The federal government says it is committing billions to supercharge the adoption of artificial intelligence across the country, support companies including AI startups and boost AI literacy, skills and trust in the technology.

Ottawa’s budget watchdog predicts Bank of Canada will hike interest rate to 2.75% in 2027

Ottawa’s budget watchdog’s new economic outlook projects the Bank of Canada will hold its key interest rate steady through 2026 before gradually raising it to 2.75 per cent by the end of next year.

Garry Marr: The revenge of the defined contribution pension plan

Tell a 60-year-old Canadian with a $4,200 per month defined benefit pension that they are sitting on an asset worth close to $1 million, and they might shrug it off as an abstraction. Offer that same person that lump sum up front, and it’s a different story.

Why adding adult children as joint owners can create more problems than it solves

Joint assets may seem simpler but families may end up not speaking with each other, writes Ida Khajadourian.

When it comes to the U.S., the first negotiation is not the one that matters most

The current round of Canada-United-States-Mexico-Agreement talks are just a staging ground for the next round. It’s what we do in between that will matter most, writes Eliot Pence.