In this edition:
- Canadian Chamber warns Trump’s tariffs could cost average Canadian $1,100 annually
- Inflation, interest rates hit lower-income Canadians’ purchasing power harder: report
- Canada and Ontario announce $4M in funding to agri-food producers and processors
- Technical guidance to lenders for secondary suite financing now available
- Ontario opens annual intake for Indigenous business grant programs
- Add EV charger rough-in to building code, Niagara Falls city council tells province
- Ontario Trillium Benefit: How much to expect from 3 tax credits in 1 monthly payment
- Focus on Small Business
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Canadian Chamber warns Trump’s tariffs could cost average Canadian $1,100 annually
A month before a critical U.S. election, a new report from the Canadian Chamber of Commerce’s Business Data Lab (BDL) offers a stark warning about the serious economic consequences of enacting protectionist policies.
“If enacted, Trump’s tariff would have a significant negative impact, not only for Canada’s economy, but also for the U.S. economy,” said Trevor Tombe, Professor, Department of Economics at the University of Calgary and author of the BDL report.
If other countries retaliated with tariffs of their own, the ensuing trade war would result in roughly $800 USD ($1,100 CAD) in foregone income annually for people on both sides of the border.
Trade with the United States accounts for 41% of the Ontario economy.
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Inflation, interest rates hit lower-income Canadians’ purchasing power harder: report
Inflation and higher interest rates have eroded Canadians’ purchasing power since 2022, particularly for lower-income households, a new report from the parliamentary budget officer has found.
But wealthier households have seen their purchasing power rise thanks in big part to their investment income.
Photo credit: Andrii Yalanskyi / Adobe Stock
Governments of Canada and Ontario announce $4M in funding available to agri-food producers and processors
The governments of Canada and Ontario jointly announced today that they are creating the Labour Force Management Strategies Initiative to attract and retain Ontario agri-food workers, funded through the Sustainable Canadian Agricultural Partnership (Sustainable CAP).
Successful producers and processors can receive up to 50% in cost-share support per project, up to a maximum of $40,000. Eligible industry organizations and collaborations between or among businesses can receive up to 50% of their eligible costs, up to a maximum of $100,000 per project. The Initiative will start accepting applications from eligible primary producers, processors and industry organizations on October 22, 2024.
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Technical guidance to lenders for secondary suite financing now available
The Deputy Prime Minister and Minister of Finance today announced technical guidance for lenders and insurers to offer mortgage refinancing for homeowners looking to add secondary suites to their homes, starting January 15, 2025.
These mortgage insurance reforms, as well as the forthcoming Canada Secondary Suite Loan Program, will make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase housing stock without changing the character of communities.
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Ontario opens annual intake for Indigenous business grant programs
The Ontario government has launched the annual intake for funding applications under the Indigenous Economic Development Fund (IEDF) and the Indigenous Community Capital Grants Program (ICCGP).
This funding provides $3.2 million through the IEDF and $6 million through the ICCGP to Indigenous businesses, communities, and organizations to help develop infrastructure, create growth plans and support access to skills training to help strengthen Indigenous communities and local economies.
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Add EV charger rough-in to building code, Niagara Falls city council tells province
“The province of Ontario has been taking initiatives recently to promote emissions reductions and green the province by supporting industrial initiatives by Volkswagen, Honda and others and to encourage the production of electric vehicles,” said an interdepartmental memo sent last month to council by Jeff Guarasci, a community development co-ordinator with the city and the staff liaison for the committee.
“Consistent with such initiatives, the environmental action committee is in support that the Ontario Building Code again include the mandatory rough-in for future vehicle charging stations in new home builds.”
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Ontario Trillium Benefit comes out this week: How much you can expect from 3 tax credits in 1 monthly payment
If you qualify for the Ontario Trillium Benefit (OTB) — a refundable tax credit to assist families in paying for energy costs, sales tax and property tax — mark your calendar for Thursday, Oct. 10 as cheques are being issued.
Did you know?
Focus on Small Business
Insurance advice for retailers and SMEs
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.
