In this edition:
- Economy stagnant in August, likely continuing for Q3 2023
- Niagara College now offering R&D help to small- and medium-sized businesses
- Workplace Safety and Insurance Board (WSIB) premiums will remain steady in 2024
- Gas and fuel tax cuts extended to end of June, 2024
- Ontario agrees to give some teachers, education workers, retroactive salary bumps
- Focus on Finance and Economy
Economy stagnant in August, likely continuing for Q3 2023
Real gross domestic product (GDP) was essentially unchanged for a second consecutive month in August, Statistics Canada reported today, as factors such as higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy. Services-producing industries edged up 0.1% in the month, while goods-producing industries contracted 0.2%. Overall, 8 of 20 industrial sectors increased.
Advance estimates for September suggests that the third quarter of 2023 was essentially unchanged. The official estimate for the third quarter will be available on November 30, 2023, when the official estimate of real GDP by income and expenditure is released.
Niagara College now offering R&D help to small- and medium-sized businesses
Niagara College’s Research & Innovation division is currently offering small- and medium-sized businesses (SMEs) a way to advance their product development, improve their performance or take an innovative leap forward, thanks to government funding from various sources, and service opportunities available with our Innovation Centres.
The College can help with innovation challenges related to technology adoption, in the sectors of:
- advanced manufacturing
- food and beverage
- horticulture/greenhouse and environmental technologies
- business & commercialization
In all cases, the intellectual property developed during the project belongs to the industry partner.
Workplace Safety and Insurance Board (WSIB) premiums will remain steady in 2024
The Ontario government announced today that the average premium rate businesses pay to the Workplace Safety and Insurance Board (WSIB) will remain steady in 2024. At a time when businesses are combatting rising costs of inflation, the government said in a statement, the stability will keep rates at a decades-long low, helping create new jobs and allowing for bigger paycheques for workers.
n the last year, the WSIB provided a 6.5 per cent cost of living increase to people receiving income replacement benefits and is also extending incentives for smaller businesses enrolled in its Health and Safety Excellence program through to December 31, 2024. Small businesses can now benefit from double rebates for every topic completed in the program, plus an additional $1,000 towards implementing a health and safety program.
The Ontario government today announced its intent to introduce legislation through its upcoming 2023 Fall Economic Statement that would, if passed, extend the gasoline and fuel tax rate cuts to June 30, 2024, saving households $260 on average since the tax cuts were first introduced.
Since July 1, 2022, Ontario has lowered the gasoline tax by 5.7 cents per litre and the fuel tax by 5.3 cents per litre. The government is proposing to extend the rate cuts so the tax rate on gasoline and fuel (diesel) would continue to remain at 9 cents per litre until June 30, 2024.
Ontario agrees to give some teachers, education workers, retroactive salary bumps
Ontario has agreed to give public high school teachers and some elementary school education workers retroactive salary increases to compensate them for constrained wages under a law known as Bill 124. Education workers represented by the Elementary Teachers’ Federation of Ontario ratified a new contract last week and the union says today that the deal includes an agreement on a Bill 124 remedy.
That 2019 law capped salary increases for public sector workers to one per cent a year for three years. An Ontario court has ruled it unconstitutional, but the government has appealed.
Did you know?
Focus on Finance and Economy
Forecasters more certain rate hikes are over as recession talk grows over GDP numbers
The Canadian economy may have entered a technical recession as high interest rates weigh on consumer spending, preliminary data from Statistics Canada suggests.
The federal agency released its August gross domestic product report on Tuesday, which shows the Canadian economy remained flat in the month. Meanwhile, a preliminary estimate is tracking a small contraction in the third quarter.
The weaker-than-expected data is reinforcing forecasters’ expectation that the Bank of Canada is done raising interest rates and sparking recession chatter.
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.