In this edition:
- Ontario awards Brock $3.5M for sustainable agriculture research farm
- International student work hours policy will not be extended
- Government proposes changes to visa system for business programs
- End of pandemic benefits and rising inflation contributed to declining household income in 2022
- Robert McLaughlin Gallery, Sport Niagara, and Irish Music Niagara among 2024 recipients of Ontario Cultural Attractions Fund
- Ontario financial services regulator proposes overhaul of mortgage brokering sector
- Focus on Retail
Ontario awards Brock $3.5M for sustainable agriculture research farm
The Ontario government has awarded Brock $3.5 million for a national sustainable agricultural project that will see the University’s innovative grape and wine research expand into other areas of the agricultural sector.
Funding from the Ontario Research Fund – Large Infrastructure Fund program supports the three-part Clean Agriculture for Sustainable Production (CASP) Field Infrastructure project. Central to the project is the Brock-led research farm where scientists from Brock, other institutions and industry will develop and test out agricultural innovations.
International student work hours policy will not be extended
The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, announced today that the temporary policy allowing students to work more than 20 hours per week off campus will come to an end on April 30, 2024, and it will not be extended. This fall, the government intends to change the number of hours students may work off campus per week to 24 hours.
Government proposes changes to visa system for business programs
The Government of Canada today announced changes to the Start-up Visa and Self-Employed Persons programs, to take effect on April 30, 2024.
The government will cap the number of permanent residence applications to those associated with no more than 10 start-ups per designated organization. The government will also provide priority processing for entrepreneurs whose start-up is supported by Canadian capital or by a business incubator that is a member of Canada’s Tech Network, including applications in the inventory and new applications as they are submitted.
End of pandemic benefits and rising inflation contributed to declining household income in 2022
The median after-tax income of Canadian families and unattached individuals was $70,500 in 2022, Statistics Canada reported today, a decrease from $73,000 in 2021 (-3.4%), adjusted for inflation. Despite market income remaining relatively stable, median government transfers declined in 2022, as benefits related to the COVID-19 pandemic were discontinued and pandemic-related modifications to the Employment Insurance (EI) program were removed during the year.
The annual inflation rate in 2022 was 6.8%, which also contributed to the decline in income from the previous year.
Robert McLaughlin Gallery, Sport Niagara, and Irish Music Niagara among 2024 recipients of Ontario Cultural Attractions Fund
The Ontario government is investing more than $8 million over the next three years to support cultural tourism in communities across the province. $2.4 million of this funding will be provided this year through the Ontario Cultural Attractions Fund (OCAF) to help 40 arts, heritage and cultural organizations develop, promote and present high-quality, high-profile events that strengthen local economies and create good-paying jobs.
Local organizations receiving funding included the Robert McLaughlin Gallery’s Triple Threat on Shaw’s Festival Stage, Sport Niagara’s 2024 World Rowing Championships & Fan Festival, and Irish Music Niagara’s Niagara Irish Festival 2024.
Note: a previous version of this story indicated that Bravo Niagara! had received OCAF funding. This information was outdated. We apologize for any confusion caused.
Ontario financial services regulator proposes overhaul of mortgage brokering sector
Ontario’s financial services regulator, FSRA, is proposing guidance to raise the overall professionalism of the mortgage brokering sector.
FSRA’s proposed guidance addresses concerns that some principal brokers are not as effective as they could be in influencing the strong conduct and compliance culture of their brokerages. A 2020 FSRA survey indicated that only 50% of principal brokers at brokerages with over 100 licensees had this authority.
The consultation period is now open and will close on June 28, 2024. FSRA invites stakeholders to review the proposed guidance and submit their feedback.
Did you know?
Over 90 per cent of all SMEs that apply for a loan from a financial institution are approved.
Focus on Retail
The intersection of rising food costs and consumer health safety is emerging as a critical issue in today’s economy. Recent research from Dalhousie University’s Agri-Food Analytics Lab, in partnership with Caddle, provides alarming insights into how financial pressures are influencing food safety behaviours among Canadians, with significant public health impacts.
The study surveyed 9,109 Canadians, revealing that 58% of respondents are more inclined to eat food near or beyond its “best before” date due to economic pressures from rising food prices. This trend is not marginal but indicative of a broad shift in consumer behaviour driven by financial necessity. Alarmingly, 23.1% of these individuals consistently consume such foods, and an additional 38.6% do so frequently.
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.
