In this edition:
- Ontario invests $1 billion in refurbishing Niagara hydroelectric power stations
- Government of Canada releases Budget 2024
- Inflation rate jumps up to 2.9% in March, fueled by high gas prices
- Crawford Lake core now part of national museum’s collection
- 2 for 1: St. Catharines and Lincoln take tourism to another level
- Staples Canada announces sustainability milestones surpassed
- Tesla plans to lay off 10% of workers due to poor sales
- Provincial-municipal imbalance has to change to manage housing crisis: AMO
- Focus on Technology
Ontario invests $1 billion in refurbishing Niagara hydroelectric power stations
The Ontario government is supporting Ontario Power Generation’s (OPG) plan to refurbish its hydroelectric stations in the Niagara region, including the Sir Adam Beck Complex at Niagara Falls. This $1 billion dollar infrastructure program would secure up to 1,700 megawatts (MW) of clean electricity, equivalent to powering 1.7 million homes, helping to meet increasing demand from electrification and fueling the province’s growth.
OPG and its partner, GE Vernova, will refurbish up to 25 units in total at the Sir Adam Beck Complex as the first phase of this work beginning in 2025, increasing the stations capacity by up to 50 MW. OPG is also developing future plans for its DeCew I and DeCew II generating stations in the region.
Government of Canada releases Budget 2024
This afternoon, the Government of Canada released the full details of Budget 2024, emphasizing measures aimed at more affordable homes, lowering the cost of living for Canadians, and prioritizing economic growth.
The key emphasis was on housing, in hopes of building nearly 3.9 million new homes across Canada by 2031. Measures in service of this goal include increasing the capital cost allowance rate for apartments from four to 10 per cent, allowing builders larger tax writeoffs, and extending the mortgage amortization period to 30 years for first-time homebuyers purchasing new builds.
High-worth individuals, corporations and trusts will pay more in capital gains taxes. The inclusion rate will increase to 66 per cent, up from 50 per cent, on capital gains above $250,000 for individuals and on all capital gains for corporations and trusts. The change is expected to yield an additional $19.4 billion over four years.
Read more below on budget priorities for:
- Small Businesses
- Economic Growth and Productivity
- Fairness for Every Generation
- More Affordable Homes
- Safer, Healthier Communities
- A Stronger Social Safety Net
- A Fair Future for Indigenous Peoples
- Tax Fairness for Every Generation
Inflation rate jumps up to 2.9% in March, fueled by high gas prices
The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in March, up from a 2.8% gain in February, Statistics Canada reported today. Gasoline prices contributed the most to the year-over-year headline acceleration, as prices at the pump rose faster in March compared with February. Excluding gasoline, the all-items CPI slowed to a 2.8% year-over-year increase, down from a 2.9% gain in February.
Crawford Lake core now part of national museum’s collection
A freeze core extracted from Crawford Lake during Brock University-led research is now part of the Canadian Museum of Nature’s permanent collection.
The core was placed into the Museum’s National Biodiversity Cryobank of Canada in Gatineau, Que., during a ceremony April 11. The Cryobank contains a biorepository of specimens from across Canada and abroad, stored at -180°C, to be used in ongoing research.
2 for 1: St. Catharines and Lincoln take tourism to another level
St. Catharines and Lincoln are finally set to team up on a tourism marketing strategy the two communities hope will lure visitors to both areas.
The “town and country” idea, in the works since 2020, will promote St. Catharines’ urban and Lincoln’s rural attractions together to give tourists more reason to stay longer in the neighbouring municipalities.
Staples Canada announces sustainability milestones surpassed
Staples Canada says it has surpassed two of its 2025 Goals for a Greener Future, including 8 million writing instruments and 840,000 kilograms of batteries recycled before 2025.
“We’re continuously investing in our sustainability initiatives to offer simple and effective solutions to help Canadians make environmentally conscious decisions, and we know our programs are making a difference. Our electronics recycling program alone has collected more than 23 million kilograms of e-waste since 2020,” said Rachel Huckle, CEO, Staples Canada.
Tesla plans to lay off 10% of workers due to poor sales
After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported on Apr. 15.
CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.
Provincial-municipal imbalance has to change to manage housing crisis: AMO
Representing the province’s 444 municipalities, the Association of Municipalities of Ontario (AMO) is calling for a new fiscal relationship with the Ontario government to meet the province’s housing targets and all the other services municipalities are required to provide.
“Municipalities are committed to increasing the supply of housing, especially deeply affordable housing,” says AMO’s policy director Lindsay Jones.
But that commitment is severely hampered by the provincial-municipal fiscal imbalance, she says.
Did you know?
Titanium is the ninth most abundant metal in Earth’s crust, but it wasn’t discovered until 1791.
Focus on Technology
Virtual Avatars fueled by Generative AI increasing B2B sales and marketing scalability
Vidyard, a popular video messaging company, has recently announced its entry into the virtual digital avatar market and secured new funding of $15M from Export Development Canada (EDC), BMO Capital Partners, and existing investors Battery Ventures, Bessemer Venture Partners, and iNovia Capital. This brings the company’s total funding to $90.7M.
According to Gartner Research, AI avatars using generative AI technology will support 70% of digital and marketing communications by 2025, up from less than 5% in 2022. The AI avatar market is valued at USD 14.34B in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 47.1% from 2023 to 2030. The growth is driven by increased demand for remote collaboration tools, customer preferences for video content in corporate communications, hybrid work environments, and advancements in video streaming technology.
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.
