In this edition:
- Federal government reduces credit card fees by 27 per cent for small business owners
- Garden City Skyway among provincially fast-tracked highway projects
- Niagara-on-the-Lake appoints Andrew Niven to fill vacant council seat
- Port Colborne seeks public feedback on expansion to Municipal Accommodation Tax
- Ontario Land Tribunal approves Randwood re-designation in Niagara-on-the-Lake
- Ontario proposes reforms to bike lane policy, pothole repair, speed limits
- Minister Fraser outlines Housing Design Catalogue timetable, process
- Deficit to hit $46.4-billion, above Ottawa’s projections, says budget watchdog
- New federal mortgage policies will boost Canadian home prices in 2025: TD
- Focus on Technology
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Photo credit: Yuliia / Adobe Stock
Federal government reduces credit card fees by 27 per cent for small business owners
Today in Hamilton, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced that new credit card fee reductions for small business owners will come into effect this Saturday, October 19, 2024. For qualifying small businesses, Visa and Mastercard have agreed to:
- reduce domestic consumer credit interchange fees for in-store transactions to an annual weighted average interchange rate of 0.95 per cent;
- reduce domestic consumer credit interchange fees for online transactions by 10 basis points, resulting in reductions of up to 7 per cent; and,
- provide free access to online fraud and cyber security resources to help small businesses grow their online sales while preventing fraud and chargebacks.
Image credit: Infrastructure Ontario
Garden City Skyway among provincially fast-tracked highway projects
The Ontario government is introducing legislation that would, if passed, allow the province to build highways faster, getting drivers out of gridlock and where they need to go. The Building Highways Faster Act would designate priority highway projects to speed up construction, with Highway 413, the Bradford Bypass and the Garden City Skyway bridge all set to receive this designation.
Andrew Niven | Photo credit: Town of Niagara-on-the-Lake
Niagara-on-the-Lake appoints Andrew Niven to fill vacant council seat
Photo credit: City of Port Colborne
Port Colborne seeks public feedback on proposed expansion to the Municipal Accommodation Tax
A new survey is asking residents of Port Colborne to share their thoughts on potential changes to the City’s Municipal Accommodation Tax (MAT).
The City’s current MAT was implemented in 2022 with the purpose of generating additional revenue to support economic growth and promote tourism in Port Colborne. The current MAT applies a four per cent tax to overnight stays of 30 days or less at camping sites and Sugarloaf Marina boat slips.
The survey can be accessed at www.portcolborne.ca/MATsurvey and will close on Wednesday, Oct. 30.
Image credit: Solmar Development Corp.
Ontario Land Tribunal approves re-designation of Randwood Estate in Niagara-on-the-Lake
The Town of Niagara-on-the-Lake reported that it was made aware of the Ontario Land Tribunal’s Decision on the Official Plan Amendment (OPA) and an interim decision on the Zoning By-law Amendment and Plan of Subdivision regarding Randwood Estate on Friday, October 11, 2024.
The OPA has been approved to reflect the urban area boundary as a straight line and to redesignate the lands from Agricultural to Low-Density Residential. This will align the Town’s boundary with the boundary found in the Region’s Niagara Official Plan.
Photo credit: maho / Adobe Stock
Ontario proposes reforms to bike lane policy, pothole repair, speed limits
The Ontario government has announced it will consult with municipalities to develop a potholes prevention and repair fund to open in the 2025 construction season.
The announcement is part of a broader set of proposal that will also curb the rise in bike lanes and raise the speed limits of many Ontario highways.
Minister Sean Fraser | Photo credit: Anne Kalagian / Greater Niagara Chamber of Commerce
Minister Fraser outlines Housing Design Catalogue timetable, process
Federal Minister of Housing, Infrastructure and Communities Sean Fraser says the federal government’s new Housing Design Catalogue will be launched in December with 50 conceptual designs commissioned by the federal government through an RFP process.
The catalogue will provide standardized designs and is intended to reduce the time required for design, approvals and construction of new housing.
Photo credit: Hildenbrand / MSC
Deficit to hit $46.4-billion, above Ottawa’s projections, says budget watchdog
Canada’s fiscal deficit is expected to come in at $46.4 billion in 2024-2025, above what was initially promised in the federal government’s spring budget, the Parliamentary Budget Officer said on Thursday.
Initial estimates in the spring budget indicated a $39.8-billion deficit for the 2024-2025 fiscal year, but the PBO’s Economic and Fiscal Outlook shows a different fiscal picture for Canada’s finances.
Photo credit: ArLawKa / Adobe Stock
New federal mortgage policies will boost Canadian home prices in 2025: TD
New federal housing policies will likely drive average home prices higher next year, but also cause “affordability erosion” that will eventually slow sales volume and price growth, according to a new analysis by TD Economics.
The paper, by economist Rishi Sondhi, published Wednesday, says that “both Canadian home sales and average home prices will likely be about two to four percentage points higher” by the end of 2025 than they would have been without the new federal policies.
Did you know?
Focus on Technology
When AI plays favourites: How algorithmic bias shapes the hiring process
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.
