In this edition:
- PM cancels capital gains tax increase, axes GST for first-time homebuyers
- OCC opens applications for Summer 2025 Talent Opportunities Program
- Americans made over 20% more trips to Canada in January 2025
- ‘Look for the Leaf’ campaign puts on a united front
- BMO changes mortgage rules for steel, aluminum business owners
- Focus on Retail
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Photo credit: Policy Exchange / CC BY 2.0
Prime Minister cancels capital gains tax increase, axes GST for first-time homebuyers
Today, Prime Minister Carney announced that the Government of Canada will cancel the proposed hike in the capital gains inclusion rate. In addition, the government will maintain the increase in the Lifetime Capital Gains Exemption limit to $1,250,000 on the sale of small business shares and farming and fishing property.
In addition, the Prime Minister announced late yesterday that the Government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million. The Canadian Home Builders’ Association called the policy “a welcome move.”
Photo credit: wavebreak3 / Adobe Stock
Ontario Chamber opens applications for Summer 2025 Talent Opportunities Program
Are you an employer hiring post-secondary students on work-integrated learning (WIL) placements, such as cooperative education and internships? If so, you may be eligible for a wage subsidy of up to $7,000 per student!
The Talent Opportunities Program (TOP) is an initiative of the Ontario Chamber of Commerce designed to help employers located anywhere in Canada hire college and university students on WIL placements. Employers hiring eligible students may receive a wage subsidy up to 70% of the wages for each ‘net new’ placement.
The program is offered in partnership with the Government of Canada’s Student Work Placement Program (SWPP).
Picture credit: photobyphotoboy / Adobe Stock
Americans made over 20% more trips to Canada in January 2025
In January, trips to Canada by US residents increased 20.8% to reach 1.1 million trips, Statistics Canada reported today. In contrast, trips to Canada by overseas residents experienced a fourth consecutive month of year-over-year declines that began in October 2024.
Picture credit: Pixel-Shot / Adobe Stock
‘Look for the Leaf’ campaign puts on a united front
As Canadians unite in support of buying Canadian products, Maple Leaf Foods is taking it a step further by uniting Canadian-owned brands.
The CPG giant has launched the “Look for the Leaf” campaign, showcasing 15 Canadian brands. The lookfortheleaf.ca microsite encourages Canadians to “shop the leaf” by showcasing participating brands and linking to their websites.
Picture credit: primestockphotograpy / Adobe Stock
BMO changes some mortgage rules for steel, aluminum business owners due to trade war
Canada’s Bank of Montreal has changed some terms of its mortgage process for steel and aluminum business owners, a memo sent to its brokers shows, as U.S. tariffs stoke uncertainties in the industry.
Focus on Retail
Hudson’s Bay gets court approval to start liquidating Monday at all but six stores
Hudson’s Bay Co. on Friday received court approval to start liquidating all but six of its 96 stores starting on Monday, as Canada’s oldest department store tries to find a way to pay back the millions of dollars it owes to its creditors and not shut down completely.
The stores the company doesn’t plan to liquidate as of now are its flagship store in downtown Toronto, as well as those in Toronto’s Yorkdale Shopping Centre, Hillcrest Mall in Richmond Hill, Ont., and three in the Greater Montreal Area: Carrefour Laval mall, Pointe-Claire mall and the downtown location.
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.
