In this edition:
- Ontario issues reminder of regulations and statutes in force as of January 1
- Canada welcomes historic number of newcomers in 2022
- Canopy Growth completes divestiture of Canadian retail operations
- Shaw Festival’s Jackie Maxwell named to Order of Canada
- China pushes back on air-travel COVID-19 test requirements, but Canadian firms not worried
Ontario issues reminder of regulations and statutes in force as of January 1
The following business-related legislation and regulation changes come into effect on January 1, 2023.
- Privately held business corporations are required to collect and retain certain beneficial ownership information and make it available upon request by law enforcement, tax, regulatory and other prescribed authorities.
- Bars, restaurants and other licensed establishments are now able to create or extend temporary patios, as long as their municipality or band council has the approved extension, on a permanent basis.
- The minimum thresholds for agricultural and horticultural societies to qualify for annual provincial grants needed to operate and ensure financial sustainability is lowered.
- The Professional Engineers Ontario’s Professional Evaluation and Knowledge Program is mandatory for all licence holders.
- Various amendments to the Ontario Heritage Act to streamline and focus processes for heritage protection while reducing approval delays for housing and other projects.
- A voluntary Ultra-Low Overnight (ULO) Price Plan for electricity consumers who pay Regulated Price Plan (RPP) electricity rates
- The use of a new hazardous waste reporting registry with streamlined reporting processes for more than 40,000 businesses and institutions regulated by the Hazardous Waste program is now required.
- Condominium (condo) developers must use a new calculation to pay purchasers interest on their money (deposits or other payments) when terminating purchase agreements, including for condo cancellations.
- Tarion Warranty Corporation (Tarion) is required to provide information about condo cancellations and terminated purchase agreements to the Home Construction Regulatory Authority for posting to the Ontario Builder Directory.
- MTO enforcement officers and police are able to prohibit a driver who has violated hours of service rules from operating a commercial vehicle for a period of time.
- Most existing exemptions to Commercial Vehicle Operator Registration (CVOR) requirements are removed and new equipment requirements are added under the Highway Traffic Act.
- Extensions to driver licensing, vehicle registrations, accessible parking permit renewals and other vehicle products and/or carrier fees that were introduced during the COVID-19 pandemic are amended or revoked.
Canada welcomes historic number of newcomers in 2022
Canada has experienced one of the fastest recoveries from the pandemic, thanks in large part to our approach to immigration. Newcomers enrich our communities, and contribute to our economy by working, creating jobs and supporting local businesses. Recognizing their value, the Government of Canada planned to welcome 431,645 new permanent residents in 2022.
Today, the Honourable Sean Fraser, Minister of Immigration, Refugees and Citizenship, announced Canada has reached that target, surpassing our previous record from 2021. This represents the largest number of people ever welcomed in a year, in Canadian history. Prior to setting a new record for admissions in 2021, the last time Canada welcomed such a large numbers of newcomers was in 1913.
Canopy Growth completes divestiture of Canadian retail operations
Canopy Growth Corporation has closed its previously announced transactions with OEG Retail Cannabis (OEGRC) and 420 Investments Ltd. (FOUR20) to divest its retail business across Canada, which includes the stores operating under the Tweed and Tokyo Smoke retail banners.
“The divestiture of our Canadian retail business marks an important step forward on our path to profitability and furthers Canopy Growth’s focus on generating revenue growth in the Canadian market,” said David Klein, CEO, Canopy Growth. “These retail locations will continue operating under the experienced leadership of OERGC and FOUR20 under their respective retail brands to serve Canadian consumers with high-quality in-store experiences.”
OEGRC has acquired ownership of 23 Tokyo Smoke and Tweed store locations across Manitoba, Saskatchewan, and Newfoundland and Labrador.
Shaw Festival’s Jackie Maxwell named to Order of Canada
When she moved on from her 14-year tenure as Shaw Festival’s artistic director in 2016, Jackie Maxwell had recently been appointed to the Order of Ontario.
When she returns to Niagara-on-the-Lake to direct J.M. Synge’s The Playboy of the Western World in May, she can add Order of Canada to her name.
Maxwell is one of 99 new appointees for the prestigious title for 2022, along with the likes of hockey legend Sydney Crosby, music producer Bob Ezrin and author and historian Ted Barris.
The announcement was made Dec. 29 by Governor General Mary Simon.
China pushes back on air-travel COVID-19 test requirements, but Canadian firms not worried
The Chinese government is unhappy that Canada and other countries are creating new COVID-19 restrictions for people flying in from China, but business groups say the policy won’t affect trade.
“If you’ve been living in China, you’ve been having PCR tests on an almost daily basis for many, many months,” said Sarah Kutulakos, head of the Canada China Business Council.
Under its COVID-Zero policy, China has had some of the strictest pandemic rules on the planet, including mandatory isolation for anyone coming from abroad and almost daily testing for citizens.
Beijing lifted many of these policies last month following widespread protests. A wave of COVID-19 infections has followed that American officials worry could lead to a more severe variant.
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Focus on Finance & Economy
4 key dates for investors to mark in their 2023 calendars
Investors eager to put 2022 behind them can turn their attention to a new year of opportunity. From a tax perspective, opportunity knocks four times in 2023, giving average Canadians the chance to keep more of their tax dollars in their pockets.
All four can be used as part of a broader tax strategy that can save thousands of dollars over the long run. It can get complicated depending on your individual circumstances, so it might be best to discuss them with a qualified advisor or tax professional.
Stocks drop as Tesla, Apple keep traders on edge: markets wrap
US stocks dropped as Tesla Inc. and Apple Inc.’s demand issues bruised sentiment on Tuesday, with investors pondering how much pain is likely ahead for growth stocks and more broadly, the economy. Oil and copper remained under pressure from the strong dollar.
The S&P 500 and the Nasdaq 100 stayed lower for most of the session. A decline in the shares of Apple and Tesla continued to weigh on both indexes. Exxon Mobil Corp. also fell, dragging the S&P 500. The dollar rose the most in nearly three weeks.
In a departure from what stocks are doing on Tuesday, Treasuries rose, with yields declining across the curve. The 10-year yield dropped to around 3.77%, after falling to 3.72% earlier. Stocks and bonds could return to their old ways, with the latter serving as a hedge for risk exposure, according to most respondents of MLIV Pulse’s latest survey.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
