In this edition:
- The Grey Wave is Here
- Ontario announced Housing Supply Action Plan Implementation Team members
- Minister of Transport announced additional funding for the Canadian Transportation Agency to help clear the backlog of air passenger complaints
- Facebook parent company Meta slashes 10,000 jobs
- Canadian Tire launches fee-based Triangle Rewards subscription program for $89/year
The Grey Wave Is Here
The number of people over the age of 65 is growing faster than the rest of the populace and what this group values, how they think, where they decide to spend their money and how the economy will be sustained over the next 10 – 20 years will affect Canadians profoundly in the next decade.
Numbers released in late July by StatsCan illustrate that the country is getting older and will stay that way for the next two decades with 12.5 % of the population being retired and another 9.51 % expected to add on in another five years. This will not only change how Canadian companies advertise, how media communicates in the external world or how financial institutions offer their services; it will affect how organizations stay competitive.
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Ontario announced Housing Supply Action Plan Implementation Team members
Today, the Ontario government announced the members of the Housing Supply Action Plan Implementation Team. The new members join Chair Drew Dilkens, the Mayor of Windsor, and Vice Chair Cheryl Fort, the Mayor of Hornepayne. The Team will evaluate progress and provide advice on implementing Ontario’s Housing Supply Action Plans and tackling Ontario’s housing supply crisis.
The new members are:
- Marlene Coffey, Chief Executive Officer, Ontario Non-Profit Housing Association
- Simone Swail, Senior Manager, Government Relations, Co-operative Housing Federation of Canada
- Adam Brown, Founding Partner, Sherman Brown
- Jim Harnum, Founder, Municipal VU Consulting Inc.
- Tony Irwin, President and CEO, Federation of Rental-housing Providers of Ontario
- Richard Lyall, President, Residential Construction Council of Ontario
- Paula Tenuta, Senior Vice President, Policy and Advocacy, Building Industry and Land Development Association
Minister of Transport announced additional funding for the Canadian Transportation Agency to help clear the backlog of air passenger complaints
Today, the Minister of Transport, the Honorable Omar Alghabra, announced $75.9 million in additional funding over three years, starting in 2023-24, to ensure the Canadian Transportation Agency (Agency) has the resources to address passenger rights complaints, and strengthen the operation of the federal transportation network, enabling the Agency to efficiently deliver on its mandate for Canadians. For example, the new funding will make it possible to hire more employees to deal with complaints.
In 2019, for the first time in Canadian history, an air passenger rights regime, called the Air Passenger Protection Regulations (APPR), was implemented to clarify minimum requirements and compensation based on whether an airline has control over the disruption or not. During the pandemic, the government strengthened these rights to include refunds for situations outside the airline’s control, including major weather events or a pandemic.
The funding announced today will help strengthen passenger rights by giving the Agency additional resources to carry out its mandate and reduce the backlog of existing complaints.
Facebook parent company Meta slashes 10,000 jobs
Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs.
The company said today it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May. “This will be tough and there’s no way around that,” said CEO Mark Zuckerberg. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”
It is unclear whether the company’s Canadian operations will be impacted by layoffs.
Canadian Tire launches fee-based Triangle Rewards subscription program
Canadian Tire Corp. has rolled out a new fee-based subscription tier as part of its Triangle Rewards loyalty program. The retailer said the subscription, which will cost $89 a year plus taxes, is an upgrade to its existing rewards program that will deliver “even more value to customers.”
Members who pay for Triangle Select status will be able to earn CT Money faster through “stackable, bonus rewards” on eligible purchases at its stores, including Canadian Tire, Mark’s, Sport Chek, Sport Experts and Party City, the company said.
Subscribers will also receive a “welcome gift” valued at $50, online shopping perks and, for a limited time, a six-month subscription to the streaming service Crave.
“In a year where customers are spending more purposefully, the Triangle Select program offers Canadians a new way to stretch their dollars and earn even more rewards on their everyday purchases,” said Jason Blanchette, senior vice-president of loyalty and customer insights at Canadian Tire Corp.
Focus on Finance
Canadians’ interest payments are growing at the fastest pace in more than 30 years
Pamela Heaven, Financial Post
Canadians are now paying 45 per cent more interest than they were a year ago, the fastest increase in records going back to 1990, Statistics Canada said on March 13.
Interest payments totalling $33.2 billion rose 14.1 per cent from the quarter before, surpassing the record increase set in the third quarter.
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.