According to a report from the Financial Post, the end of three year wireless contracts in Canada helped boost retail sales in June.
On Friday, Statistics Canada said that the total sales increased 0.6 percent from the previous month to a record $43.2 billion. Economists that were surveyed forecasted an increase of 0.2 percent, based on an average of 20 estimations.
On June 3, any existing three year contracts which have been running for 24 months or longer can be cancelled without any penalties. If you signed a three year contract between June 3, 2013 and December 2, 2013 (which means you haven’t had the contract for a full 24 months), you may have to pay a small cancellation fee which is determined through a formula created by the CRTC.
Sales in Canada rose in eight of 11 major categories representing 64 percent of retailing, including a 9.4 percent increase in electronic store sales and a 2.6 percent increase at gasoline stations.
Canadian consumer spending has definitely been assisted by an increase in available jobs and a decrease in interest rates. Prime Minister Stephen Harper, campaigning for an October 19 election, has touted the economy’s resilience though an oil shock that curbed exports.
The report supported Harper’s case, with an increase in sales across all 10 of Canada’s provinces. The increase in sales was also present in Alberta, even though the damages from the oil crash are the greatest.