In this edition:
- Ontario invests $672,700 in training new electricians in Niagara
- PM reveals excerpts from 2024 budget, housing and infrastructure funding included
- Canadian RRSP contributions fall in 2022 after sizable increases in 2020-2021
- Government of Ontario to give preference to Ontario businesses in small procurement bids
- Canada likely to avoid recession, begin recovering in second half of 2024: Deloitte
- Scotiabank named Best Bank in Canada by Global Finance
- Focus on Retail
Ontario invests $672,700 in training new electricians in Niagara
The Ontario government is working to fill the labour shortage by successfully training new Electrical Construction workers for in-demand careers in Niagara Region, together with union partners. Enabled by an investment of $672,700 through Ontario’s Skills Development Fund (SDF), the government has partnered with the International Brotherhood of Electrical Workers (IBEW) Local 303 to deliver the Job Readiness Program for local apprentices and jobseekers.
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PM reveals excerpts from 2024 budget, housing and infrastructure funding included
The Prime Minister, Justin Trudeau, today announced key measures from the upcoming Budget 2024 aimed at cutting red tape, building more homes, and helping communities grow. These measures include:
- Topping-up the Housing Accelerator Fund with an additional $400 million.
- Launching a new $6 billion Canada Housing Infrastructure Fund.
- Requiring municipal governments to enact pro-housing measures in order to access public transit funding.
Canadian RRSP contributions fall in 2022 after sizable increases in 2020-2021
In 2022, tax filers contributed a total of $54.2 billion to registered retirement savings plans (RRSPs), Statistics Canada reported today, down 3.4% from 2021. This decline in annual contributions followed increases in 2020 (+13.1%) and in 2021 (+12.2%) and reflects broader movements in household savings over this period.
The proportion of tax filers making an RRSP contribution (-0.7 percentage points to 21.7%) also decreased in 2022, resuming a 12-year (2008 to 2019) downward trend that paused during 2020 and 2021, when household savings peaked early in the COVID-19 pandemic.
Government of Ontario to give preference to Ontario businesses in small procurement bids
Effective April 1, 2024, a new regulation under the Building Ontario Businesses Initiative Act, 2022 (BOBIA) will give businesses across the province access to more government and public sector procurement opportunities.
The new regulation enshrines in law that Ontario’s public sector — including hospitals, schools, colleges and universities — give preference to Ontario businesses when conducting procurements for goods and services such as acquiring school supplies or food for cafeterias.
To ensure Ontario remains compliant with its trade obligations, this regulation applies to procurements below $121,200 for goods and services in the Broader Public Sector. Similarly, for the Ontario Public Service, the thresholds are set at $30,300 for goods and $121,200 for services.
Canada likely to avoid recession, begin recovering in second half of 2024: Deloitte
Canada looks set to dodge a recession despite the ongoing downward pressure from higher interest rates, Deloitte Canada said in its economic outlook report.
A number of worrisome trends are still weighing on the economy, Deloitte said, including sticky inflation, rising business insolvencies and increasing mortgage delinquencies.
Scotiabank named Best Bank in Canada by Global Finance
Scotiabank has been named the 2024 Best Bank in Canada by Global Finance magazine. The Best Bank Awards recognize financial institutions that offer the broadest range of services, long-term reliability, and technological innovation.
Click here to read more.
Did you know?
The silk of the Darwin’s bark spider is ten times stronger than Kevlar.
Focus on Retail
Futurist Doug Stephens on why the physical shopping experience matters
In a world where almost anything is available with the click of a button, grocers can offer what many digital players can’t: a unique and exciting in-store experience.
We recently spoke with Doug Stephens, a retail industry futurist and founder and president of Retail Prophet, a Toronto-based retail consultancy, about the impacts of digital on the grocery industry and how grocers can leverage technology to enhance the in-store experience.
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.
