In this edition:
- Ontario invests in free training for construction workers
- Canada introduces Recognized Employer Pilot for Temporary Foreign Worker program
- Canadian trade deficit widens to $3.7bn
- Ottawa announces Powering Canada Forward plan for grid decarbonization
- New hospital in Niagara Falls gets $2M donation from LJM
- Affordable housing for seniors coming to Thorold
- Reading Recommendations: Finance & Economy
Ontario invests in free training for construction workers
The Ontario government is investing $3.6 million to support three innovative projects to help over 2,200 women and young people across Ontario prepare for meaningful and well-paying careers in the construction trades. Led by the Provincial Building and Construction Trades Council of Ontario (PBCTCO), these free programs will focus on increasing female participation in the industry, providing online training tools and exclusive employment opportunities to jobseekers, and giving grade 12 students a first-hand look at life-changing careers in construction.
Canada introduces Recognized Employer Pilot for Temporary Foreign Worker program
Today, the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages, launched the Recognized Employer Pilot (REP) under the Temporary Foreign Worker (TFW) Program. REP is a three-year initiative that will help to address labour shortages and reduce the administrative burden for repeat employers participating in the program who demonstrate a history of complying with program requirements.
Most employers need a Labour Market Impact Assessment (LMIA) before they can submit a work permit application to hire a temporary foreign worker. An LMIA confirms that there is a need for a temporary foreign worker and that no Canadians or permanent residents are available to do the job. It also ensures that the employer’s job offer is legitimate, and that the employer has complied with Program requirements to protect workers.
Employers who become recognized will gain access to LMIA validity periods of up to 36 months, and, if required, simplified LMIA applications to hire additional workers in the future.
Canadian trade deficit widens to $3.7bn
In June, Canada’s merchandise exports decreased 2.2%, while imports were down 0.5%. As a result, Canada’s merchandise trade deficit with the world widened from $2.7 billion in May to $3.7 billion in June.
Following a 3.0% decrease in May, total exports were down 2.2% in June, with 9 of the 11 product sections posting declines. Total exports in real (or volume) terms fell 1.1% in June. As for export prices, they declined for the 11th time in the past 12 months. From June 2022 to June 2023, total export prices decreased 14.2%. However, during the same period, the value of total exports declined 12.3%, meaning that exports in real terms in fact increased.
Ottawa announces Powering Canada Forward plan for grid decarbonization
Today, the Honourable Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, released Powering Canada Forward, the Government of Canada’s vision for transforming Canada’s electricity sector, to decarbonize our grids by 2035, keep our electricity systems reliable and ensure household energy costs are affordable.
Powering Canada Forward underscores the critical importance of decarbonizing Canada’s electricity systems as a step toward achieving net-zero emissions across the economy by 2050 and ensuring a prosperous future for Canadians. To get there, the government stated, the paper invites Canadians to join an important national conversation that will inform the development of Canada’s first Clean Electricity Strategy to be released in 2024.
New hospital in Niagara Falls gets $2M donation from LJM
Another donation has been made for the new South Niagara Hospital with the Niagara Health Foundation’s announcement that LJM Developments Inc. and the Mian Family have donated $2M towards the ‘It’s Our Future’ campaign.
So far, over $55 million has been made in donations and pledges to help get shovels in the ground for the new hospital in Niagara Falls.
LJM Developments Inc. was founded in 2001 with a focus to invest, develop and manage commercial and residential properties in Canada.
Affordable housing for seniors coming to Thorold
A total of $18 million in funding is being provided to construct 60 new units for seniors in Thorold.
Twelve of units will be fully wheelchair accessible. The building is located at 5 Baker Street, and owned and operated by the Thorold Municipal Non-Profit Housing Corporation.
The project has sustainability goals, aiming for a 30% reduction in energy consumption and 33.5% decrease in greenhouse gas emissions. Construction of the project is expected to be complete by Fall 2024.
Did you know?
Focus on Finance & Economy
Inflation is down overall, so why are my grocery bills still going up?
Despite Canada’s inflation rate falling to its lowest point in two years, food prices remain high. The Consumer Price Index slowed to 2.8 per cent in June compared to last year, but food prices increased by 8.3 per cent. Food prices in stores increased by 9.1 per cent.
The gap between general inflation and food prices is puzzling — and frustrating — for many, especially because the Bank of Canada’s interest rate hikes don’t seem to be affecting food prices at all. In periods of high inflation, central banks raise interest rates to moderate price increases, or, ideally, bring them down.
But food prices don’t respond to interest rate policies as much as other factors do. This is because food demand is relatively steady — we can’t put off food purchases like we might put off the purchase of a new computer or car.
So if interest rates won’t help bring down food prices, what will?
An exodus from Canada’s priciest provinces is driving many to plant ‘New Roots’
“Alberta is calling,” read the ads plastered across Toronto’s transit system.
“Find things you’d never expect,” they coax, “like an affordable house.”
The advertisements, a blunt recruitment initiative from the Alberta government launched last fall, tout ample job opportunities alongside comparisons of housing prices between Toronto and Calgary.
For the family of Suzi Hansen and Tyler Brown, Alberta’s advertising campaign seems to have worked.
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.
