Ottawa has sold its stake in Air Canada: sources
Two senior federal government sources have confirmed to CTV News that the federal government has sold its stake in Air Canada.
The news was first reported by the Globe and Mail.
During the COVID-19 pandemic in 2021, the government purchased a six per cent stake in the airline for $500 million as part of a bailout package.
Ottawa's rescue deal with Air Canada at the time included a $5.9-billion loan from the government to help support the airline after it lost billions of dollars during the pandemic.
As of Thursday afternoon, Air Canada shares closed at $25.28 on the Toronto Stock Exchange, up 23 cents.
CTV News reached out to the federal transport minister's office and was referred instead to Deputy Prime Minister and Minister of Finance Chrystia Freeland's office, who has not yet responded.
Last week, Transport Minister Anita Anand told CTV News she was "examining the particular legal relationship" with Air Canada in an effort to figure out how to dissuade the airline from bringing in additional carry-on fees.
Air Canada has yet to respond to CTV News' request for comment.
Ian Lee, associate professor at Carleton University's Sprott School of Business, says the government should have never bought shares in Air Canada in the first place.
"Its role is the referee of the hockey game, it should not own the hockey team or tell Sidney Crosby when to shoot the puck," he told CTV News Channel.
"The government of Canada provided billions of dollars to many thousands of corporations in Canada and did not take ownership positions in all those other companies."
When asked about whether Ottawa selling its shares in Air Canada is in any way connected to the government's spending announcement on Monday, Lee says yes.
"There's an awful lot of buzz that they're going to crank up spending yet again. And so, the government needs money. They're rattling the cupboards to see what bits and pieces can be sold off."
IN DEPTH
Justin Trudeau is resigning after an historic political tenure, here's a look back at his career-defining moments
In a seismic political move, Justin Trudeau has announced his intention to step down as leader of the Liberal Party of Canada and prime minister, once his successor is named. This decision comes after more than nine years in the country's top job and nearly 12 years at the helm of his party.
Justin Trudeau steps down as Liberal leader. Who are the top contenders to replace him?
With Prime Minister Justin Trudeau's resignation as Liberal party leader, several well-known political faces may be waiting in the wings for their opportunity to take his place.
Trudeau says Parliament is 'prorogued' until March. What does that mean?
In his resignation speech on Monday, Prime Minister Justin Trudeau announced that Parliament would be prorogued until March, which will give the Liberal party time to find a new leader ahead of an expected confidence vote and early election.
A new book about Chrystia Freeland just came out. Here's what we learned
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EXCLUSIVE
EXCLUSIVE Canada's immigration laws 'too lax,' Trump's border czar says
Amid a potential tariff threat that is one month away, U.S. president-elect Donald Trump's border czar Tom Homan is calling talks with Canada over border security 'positive' but says he is still waiting to hear details.
Opinion
opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
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New Canadian joins the navy, fulfilling his father's dream
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Why Canada and the U.S. are seeing a trend of wildfires in recent years
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Biden speaks with relatives of Americans held by Taliban, but deal to bring them home still elusive
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16 dead, 16 missing as fire crews try to corral Los Angeles blazes before winds return this week
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Man sifts through the debris of his burned home to find urn holding his late wife's ashes
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Los Angeles tree lovers hope their vital work recovers from devastating fires
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Vance says Jan. 6 participants who committed violence 'obviously' shouldn't be pardoned
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California man says two of his cats died after drinking raw milk recalled for bird flu
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University of Guelph sees positive norovirus test as 190 report feeling ill
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Toronto still trying to get students ‘back on track’ with vaccinations after COVID-19 pandemic
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Sci-Tech
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Meta oversight co-chair says the company looks like it’s ‘buckling to political pressure’ by ending fact-checking program
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They built careers on TikTok. Now they’re bracing for a possible ban
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Reality TV star Chase Chrisley accused of slapping a Twin Peaks bar manager in Atlanta
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The implications for Canada if Trump goes through with his punishing Tariffs
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Hot couple from Stellarton, N.S., hold spicy world record
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Northern Ont. friends prepare for 450-km ski and snowshoe trek
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Canada shuts out U.S. to win U-18 women's world championship
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Waterloo Regional Police Service helps recover 20 stolen vehicles in Hamilton, Ont.
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Local Spotlight
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Meet Franklin, the rescued tortoise who spent the last three months in a B.C. fridge
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Police search for vehicle involved in Langley hit-and-run
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'It looked apocalyptic': Vancouver actress details nightmare few days in L.A.
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Toronto
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Toronto still trying to get students ‘back on track’ with vaccinations after COVID-19 pandemic
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Former PM Chretien says Liberal party must move back to 'radical centre'
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Steeles closed in both directions at Mavis in Brampton following collision
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Alberta premier Danielle Smith meets with Trump at impromptu Mar-a-Lago visit
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Ottawa parents voice concerns about possible phase out of some OCDSB special needs classes
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Ottawa police arrest suspect in Heron Gate grocery store stabbing
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Closure of Algonquin College’s campus in Perth, Ont. has negative economic implications: Mayor
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CTV News Montreal at 6 p.m. for Sunday, Jan. 12, 2025
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Measles outbreak: Quebec Health Ministry urges caution
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Alberta premier Danielle Smith meets with Trump at impromptu Mar-a-Lago visit
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Outdoor tournament held in 'perfect setting' as part of Edmonton minor hockey week
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Fire Fighters Union says it is ‘heartbroken’ after fire in Lower Sackville, N.S.
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Four teams set to represent Curl Moncton at provincial championship
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RCMP investigate suspicious death, fire in Nova Scotia's Annapolis Valley
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'He was a genius': Family remembers man who died waiting for care in Winnipeg ER
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High-risk offender back behind bars
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Contrasts start to take shape in leadership race for Manitoba's Opposition Tories
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Team Canada takes gold at U18 women's hockey worlds, Sask.'s Zablocki leads scoring
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'It gives me freedom': Local organization giving people with disabilities chance to hit the slopes
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Extreme cold warning issued for Regina, southeast Sask.
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Kitchener
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WaterLAN Esport Tournament showcases inclusivity and growth in Waterloo Region: organizers
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Trudeau says Trump's comments on 51st state 'flattering' but a 'non-starter'
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Costco Canada accused of overcharging online shoppers in class-action lawsuit
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Saskatoon
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Police responding to serious crash in southern Saskatoon
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Extreme cold blankets, Saskatoon, Prince Albert, parts of northern Sask.
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'Everybody wins': Saskatoon SPCA garage sale makes room for fundraising
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Northern Ontario
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Two charged with first-degree murder, arson in northern Ont.
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Costco Canada accused of overcharging online shoppers in class-action lawsuit
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Minister says dozens of firefighters from Alberta and B.C. to deploy in California
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London
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'We’re bursting at the seams': BMO Centre eying $30M expansion
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Belmont, Ont's Lexie Bertelson bringing home gold from U18 world tournament
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41-year-old man arrested with fentanyl and cocaine on him: SPS
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Barrie
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Teen's road test halted by stunt driving charge
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Police appeal for help locating missing Barrie teen
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Lone sailor trapped in ice sparks concern in Southern Georgian Bay
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Windsor
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Essex County OPP drop the puck against former NHL stars
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Lions drone show dazzles over Windsor
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Trudeau says Trump's comments on 51st state 'flattering' but a 'non-starter'
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Vancouver Island
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B.C. fire crews sent to fight Los Angeles wildfire: forests minister
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Meet Franklin, the rescued tortoise who spent the last three months in a B.C. fridge
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Florence Girard was 55 pounds when she starved in home-share. Her sister wants change
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Kelowna
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West Kelowna fire chief says L.A. devastation a haunting reminder of B.C. blaze
The fire chief of a British Columbia community devastated by a fast-moving wildfire in 2023 says it's "haunting" to see similar circumstances playing out in Southern California.
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1 hospitalized, residents displaced after Kelowna apartment fire
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Lost skiers rescued off B.C. mountain
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Lethbridge
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'Good neighbours': Montana residents share thoughts on Trump's '51st state' threat
As U.S. president-elect Donald Trump threatens to annex Canada, some residents in Montana are sharing their thoughts on the idea of Canada becoming the “51st state.”
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Man dies after falling into sink hole at Fernie Alpine Resort
An investigation is underway by Elk Valley RCMP after a man died Wednesday after falling into a sink hole at Fernie Alpine Resort.
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One Alberta man gets jail, another community time for 2022 Coutts border protest
Two Alberta men have been sentenced for their roles in the illegal Coutts border blockade in 2022.
Sault Ste. Marie
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Police seek video footage related to suspicious death in Jocelyn Township
Ontario Provincial Police in Jocelyn Township are seeking video or dashcam footage that might be helpful in investigating a suspicious death.
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Sault motorist was driving 175 km/h on Hwy. 17, northern Ont. police say
A 20-year-old from Sault Ste. Marie has been charged with stunt driving and is accused of exceeding the speed limit by 85 km/h.
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Motorist facing impaired driving charges after vehicle stalled on Hwy. 11: OPP
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N.L.
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Heavy equipment used to bash into a Newfoundland bank for second time in a month
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Yvonne Jones, longtime Liberal MP for Labrador, retiring from federal politics
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Quebec energy deal touted as new chapter for Newfoundland and Labrador heads for vote
A draft energy deal with Quebec heralded as a game-changer for indebted Newfoundland and Labrador is heading for a vote Thursday night at the legislature in St. John's, N.L.
