In this edition:
- Councillors decided that Tourism NOTL should fund reimagined Niagara Icewine Festival
- Ontario bill would allow sacking of municipal councillors who violate code of conduct
- Ontario bill aimed at ending homeless encampments to stiffen trespass, drug penalties
- Household net worth buoyed by strong financial markets despite lower real estate values
- The Body Shop Canada to be sold to Serruya Private Equity
- Bank of Canada interest rate drop good news for mortgage holders
- Ontario Chamber of Commerce to host the 2027 World Chamber Congress (WCC) in Toronto
- Focus on Marketing
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Councillors decided that Tourism NOTL should fund reimagined Niagara Icewine Festival
A reimagined Niagara Icewine Festival for the next three years may be a world-class event and economic bonanza for Niagara-on-the-Lake but town councillors have decided taxpayers shouldn’t be helping to foot the bill.
Councillors didn’t want residents to contribute the $50,000 organizers requested from the Town to help pay for various activities on Queen Street as part of the festival’s Niagara-on-the-Lake Icewine Village. The request, up $10,000 form previous years, is to offset higher costs, said Dorian Anderson, executive director of Niagara Grape and Wine Festival as well as Wineries of Niagara-on-the-Lake.
Councillors said Niagara-on-the-Lake Tourism should provide the $50,000 because it was formed to support events such as the icewine festival. The funding, they said, should also come from the agency’s portion of the municipal accommodation tax.
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Ontario bill would allow sacking of municipal councillors who violate code of conduct
Ontario municipal councillors could be removed from office and disqualified from running again under new provincial legislation introduced today that would increase penalties for violating a municipal code of conduct.
Municipalities have for years been calling for updated codes of conduct to address workplace harassment, as well as stricter penalties for those who violate the rules, including removal from office.
Municipal Affairs Minister Paul Calandra introduced a bill today that would allow for the creation of a standard code of conduct for all municipalities and penalties of removing and disqualifying a member from office if they are in serious violation of the code.
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Ontario bill aimed at ending homeless encampments to stiffen trespass, drug penalties
Ontario legislation aimed at helping municipalities clear homeless encampments out of public parks will include stronger trespass laws and fines or jail time for illegal drug use in public, Premier Doug Ford announced today.
Families should be able to enjoy parks and people facing homelessness, addiction or mental-health challenges should be supported in the right settings, Ford said.
The bill is set to strengthen penalties for people who repeatedly break trespass laws, adding “continuous trespassing” as an aggravating factor the courts would consider during sentencing.
The legislation would also allow police and provincial offences officers to ticket or arrest people using illegal drugs in public, with penalties of up to $10,000 or six months in jail.
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Household net worth buoyed by strong financial markets despite lower real estate values
Households were wealthier in the third quarter of 2024 as their net worth – the value of all assets minus all liabilities – increased $287.7 billion (+1.7%) to $17,287.1 billion. This marked the seventh increase in household net worth in the last eight quarters, a period during which household wealth increased by nearly $1.9 trillion.
Average net worth per household was steady at just over $1 million in the third quarter. However, household net worth is not evenly distributed across all wealth quintiles. For instance, the gap in wealth between the wealthiest (top 20% of the wealth distribution) and the least wealthy (bottom 40% of the wealth distribution) increased to 64.9 percentage points in the second quarter of 2024, up 0.4 percentage points from the second quarter of 2023.
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The Body Shop Canada to be sold to Serruya Private Equity
The Body Shop Canada is due to be sold to a company led by the co-founder of frozen yogurt chain Yogen Früz.
The cosmetics and skincare retailer says in court filings that an agreement it signed on Dec. 6 will see it sell all of its assets to an affiliate of Serruya Private Equity Inc.
The affiliate is run by Markham, Ont.-based businessman Michael Serruya, whose private equity firm has also invested in St. Louis Bar and Grill, Second Cup Coffee Co., Swensen’s and Yogurty’s.
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Bank of Canada interest rate drop good news for mortgage holders
A major cut to the Bank of Canada’s key interest comes as welcome news to realtors and those holding variable rate mortgages – but it also signals a growing sense of uncertainty about the broader Canadian economy.
The rate drop means significant savings for some homeowners. Those with variable rate mortgages could see their monthly payments reduced by several hundred dollars. And those sitting on the fence, waiting for the right time, may jump into the market.
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Housing unaffordability still rising despite billions in government measures
The Parliamentary Budget Officer says the number of households in need is still rising even though Canada is spending billions of dollars a year to address housing affordability,
A new report from the budget watchdog this morning says 2.4 million Canadian households are now in core housing need.
That means they’re living in unaffordable, unsuitable or inadequate housing.
In addition, the report does say without the government’s initiatives, there would be about 78,000 more households in need of affordable homes.
Ontario Chamber of Commerce to host the 2027 World Chamber Congress (WCC) in Toronto
“It is an immense honour for the OCC to be chosen as the host of the 2027 World Chambers Congress,” said Daniel Tisch, President and CEO of the OCC. “With the theme ‘Prosperity with Purpose: Building Inclusive, Sustainable Economies,’ this event is an opportunity to tackle global challenges, connect chambers from every continent, and bring together diverse voices to the world’s most diverse city – Toronto. We are excited to welcome the world to Ontario in 2027.”
By bringing together more than a thousand of the world’s leading chamber leaders, trade delegations, and local business leaders, the 15th annual WCC in Toronto will mark the return to North America in more than a decade.
The Honourable Doug Ford, Premier of Ontario expressed: “Congratulations to the Ontario Chamber of Commerce on winning the bid to host the 2027 World Chambers Congress. This is an incredible opportunity to showcase our province as a hub for investment and innovation, supported by a talented workforce and a competitive business environment that make Ontario a prime destination for international businesses to invest, grow, and create jobs.”
Did you know?
Study reveals TikTok’s annual carbon footprint may exceed that of Greece.
Focus on Marketing
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Jodie Cook; Forbes
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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.
