In this edition:
- Trump tariffs would shrink Canada’s economy by 2.6%, reports Business Data Lab
- Government tables bill for 2-month GST/HST holiday
- Ontario to invest $1B in Housing-Enabling Water Infrastructure (HEWI) lending stream
- Ontario Chamber CEO urges immediate resolution of Canada Post labour strike
- NPCA, NOTL formalize partnership of Virgil Conservation Area
- City of St. Catharines & Downtown Association to beautify vacant storefronts with art
- Focus on Finance & Economy
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Picture credit: LALAKA / Adobe Stock
Trump tariffs would shrink Canada’s economy by 2.6%, reports Business Data Lab
The Canadian Chamber of Commerce’s Business Data Lab (BDL) has released alarming new figures on the economic fallout of the 25% tariff on U.S. imports proposed by President-elect Donald Trump.
Building on its recent Partners in Prosperity report, these new findings highlight the far-reaching consequences for both economies. In the scenario where other countries impose retaliatory tariffs on their imports from the United States:
- Canada’s GDP would shrink by 2.6% (or roughly CAD $78 billion), costing Canadians approximately $1,900 per person annually.
- U.S. GDP would shrinkby 1.6% (or roughly USD $467 billion), costing Americans approximately $1,300 per person annually.
To read the updated charts and analysis, click here.
Picture credit: AddMeshCube / Adobe Stock
Government tables bill for 2-month GST/HST holiday
Today, the government introduced Bill C-78, the Tax Break for All Canadians Act in Parliament. Bill C-78 proposes to provide a two-month Goods and Services Tax/Harmonized Sales Tax (GST/HST) break for holiday essentials, like groceries, restaurant meals, drinks, snacks, children’s clothing, and gifts. Bill C-78, the Tax Break for All Canadians Act would provide real relief at the cash register by making some items tax-free from December 14, 2024, through February 15, 2025.
Opposition leader Pierre Poilievre described the proposal as a “two-month, temporary tax trick” and said that his party would vote against it.
Picture credit: maroke / Adobe Stock
Ontario to invest $1B in Housing-Enabling Water Infrastructure (HEWI) lending stream
The Ontario government is investing up to $1 billion in loans to provide municipalities with more financing options for water infrastructure projects that enable the construction of more homes. The new Housing-Enabling Water Infrastructure (HEWI) lending stream, under Infrastructure Ontario’s (IO) Loan Program, will support the construction, expansion and rehabilitation of drinking water, wastewater and stormwater infrastructure projects that enable new homes.
Infrastructure Ontario will begin accepting applications from municipalities on December 2, 2024.
Ontario Chamber of Commerce CEO Daniel Tisch | Picture credit: Daniel Tisch
Ontario Chamber CEO urges immediate resolution of Canada Post labour strike
Daniel Tisch, President and CEO of the Ontario Chamber of Commerce (OCC), has called for an immediate resolution to the ongoing nationwide labour strike.
“Since approximately 80 per cent of small businesses rely on Canada Post for parcel delivery, sending invoices, and receiving payments from suppliers and customers, the strike’s impacts are catastrophic,” said Tisch. “While alternatives exist, many are inaccessible to small businesses, particularly those in rural, remote, or northern communities.
“This is more than a labour dispute or a logistical challenge; it’s an economic risk to Canada.”
Picture credit: Niagara Peninsula Conservation Authority
NPCA, NOTL formalize partnership of Virgil Conservation Area
The Niagara Peninsula Conservation Authority (NPCA) and the Town of Niagara-on-the-Lake (Town of NOTL) have announced the formalization of their long-standing partnership through a newly established Memorandum of Understanding (MOU).
Picture credit: City of St. Catharines
City of St. Catharines & Downtown Association to beautify vacant storefronts with public art
The City of St. Catharines and the St. Catharines Downtown Association are inviting Niagara-based artists to submit existing works for an exciting public art initiative aimed at bringing creativity and vitality to the downtown core.
The Downtown Storefronts Public Art Project will transform temporarily vacant storefront windows into vibrant displays of art, fostering community engagement and celebrating local talent.
Did you know?
Focus on Finance & Economy
CRA announces TFSA contribution limit for 2025
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.
