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Greater Niagara Chamber of Commerce

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Daily Update: November 30, 2022

Auditor General of Ontario releases annual report, Canada leads G7 for educated workforce, but is experiencing losses in trades, and more.

In this edition:


Auditor General of Ontario releases annual report

Value-for-money audits in the Auditor General’s 2022 Annual Report show that public organizations need to improve planning and coordination to improve service delivery, and provide more accessible information to help Ontarians make more informed decisions, Auditor General Bonnie Lysyk said today after the Report was tabled in the Legislative Assembly. Financial accountability and governance were other recurring themes in her Report.

Prominent findings include:

  • Climate change increases the likelihood of more frequent and severe rainfall events, which can overwhelm storm sewers and other stormwater infrastructure, and increase the risk of urban flooding. However, the Province isn’t making changes to reduce these flood risks. 
  • Even though the purpose of the Niagara Escarpment Planning and Development Act is to conserve the natural environment, the Ministry of Natural Resources and Forestry doesn’t provide sufficient financial and staffing resources to ensure the Niagara Escarpment Plan and Act are effectively and efficiently implemented.
  • COVID-19 contracts reviewed were mostly procured in a timely and cost-effective manner, given the urgent circumstances of the pandemic, and were conducted using fair, open and transparent processes.
  • There was no registry that contained vaccination records for all Ontarians when the pandemic began. This limited Ontario’s ability to rapidly adapt to new or existing disease outbreaks and required the Ministry of Health to create a new database for COVID-19.
  • Even though Ontario has one of the lowest rates of automobile injuries among provinces, the average private passenger automobile insurance premium is the highest in Canada, and has increased by almost 14% to $1,642 between 2017 and 2021.
  • The Ministry of Transportation prioritized the construction of four lower-ranked highway projects, resulting in the deferral of higher-ranked projects inconsistent with the recommendations of its own subject matter experts.
  • The OEB regulates Ontario’s energy sector, yet it has no authority to regulate almost 34% of charges on an average residential bill, and it doesn’t have sufficient oversight of fees charged by the companies that provide metering and billing services to occupants of multi-unit buildings such as condominiums.
  • The OLG is responsible for managing casinos in Ontario. However, the audit found that neither OLG nor the Alcohol and Gaming Commission of Ontario (AGCO) is monitoring to ensure slot machines are connected to OLG’s central monitoring system, and that slot machines actually pay out 85% in winnings over the life of each machine, as per AGCO standards. The audit also noted that following the privatization of casinos, in 2019/20 the net profit to the Province from casino gaming revenue decreased by $54 million from what it received before privatization.
  • OPG has been a reliable provider of hydroelectric power to the province. However, the audit found the OPG has not
    been able to fully utilize its hydroelectric generating capacity over at least the last seven years. In 2021 alone, it could have generated an additional 4.6 million MWh of electricity, or enough to power over 540,000 Ontario households for a year.

Click here to read more.


Canada leads G7 for most educated workforce, but is experiencing losses in key trades

Canada has a larger share of the population with a college or university credential than any other country in the G7, a report by Statistics Canada revealed today. The share with a bachelor’s degree or higher continues to rise with an influx of highly educated immigrants and a growing number of young adults completing degrees. However, we may be leaving talent on the table with the educational qualifications of some foreign-educated workers being underused.

From 2016 to 2021, the working-age population saw an increase of nearly one-fifth (+19.1%) in the number of people with a bachelor’s degree or higher, including even larger rises in degree holders in the fields of health care (+24.1%) and computer and information science (+46.3%).

In contrast, the number of working-age apprenticeship certificate holders has stagnated or fallen in three major trades fields—construction trades (+0.6%), mechanic and repair technologies (-7.8%) and precision production (-10.0%)—as fewer young workers replace the baby boomers who are retiring.

Click here to read more.


Statistics Canada: COVID-19 pandemic caused number of commuters to fall by 2.8 million

The way Canadians commute was altered in 2021 by the pandemic, with lockdowns to slow the spread of COVID-19 and changes in how and where Canadians worked leading to 2.8 million fewer commuters, compared with five years earlier.

The number of Canadians “car commuting”—that is, travelling to work by car, truck or van as a driver or as a passenger—declined by 1.7 million from five years earlier to reach 11 million in May 2021. The drop in car commuting mainly occurred among those working in professional service industries, while the number of front-line workers commuting by car increased.

There were 245,000 fewer Canadians making car commutes of at least 60 minutes, compared with May 2016.

The number of people usually taking public transit to work fell from 2 million in 2016 to 1 million in May 2021, declining for the first time since the census began collecting commuting data in 1996.

With the economy more open and most public health measures related to the pandemic removed, the number of car commuters, at 12.8 million, had exceeded 2016 levels by May 2022. However, the number of public transit commuters, at 1.2 million, remained well below pre-COVID-19 levels.

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Mike Schreiner asks integrity commissioner to investigate government’s plans to develop greenbelt

The Ontario Green Party has asked the integrity commissioner to investigate whether the premier or housing minister tipped off developers about their plans to open up the Greenbelt.

Leader Mike Schreiner told reporters he filed an affidavit on Monday asking for an opinion on whether Premier Doug Ford and MPP Steve Clark breached Section 2 or Section 3 of the Members Integrity Act.

Section 2 covers conflict of interest and ensures that a member of the Legislature does not knowingly make a decision that could further their own private interests or those of another individual. Section 3 prohibits a member from providing insider information that is not publicly available for private gain.

Click here to read more.


Focus on Climate

Why does Canada keep missing its climate targets?

At this year’s UN climate conference in Cairo, Canada avoided mentioning one inconvenient truth: We keep making climate promises we can’t keep.

From 2005 to 2019, our last normal economic year, we reduced our national emissions by less than 1 per cent – around two million tonnes – toward our goal of cutting emissions by 40 per cent to 45 per cent below 2005 levels by 2030. By contrast, the United States reduced their emissions by more than 800 million tonnes in the same time period.

Why is Canada such an emissions failure? It is not for lack of political ambition. There is unlikely to be a federal government more committed to climate action than this one. The failure is with our strategy: using domestic political emissions targets to try to address global emissions.

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Small Canadian cities rank high on environmental scorecard that has a few surprises

A new environmental scorecard says Canada’s biggest cities have lower scores than most small and medium-sized municipalities, but a closer look at the data reveals some surprises.

The study, published Tuesday in the journal Environment International, rates 30 cities and towns on nine indicators related to health, including air quality, heat and cold waves, ultraviolet radiation, access to green spaces and other factors.

The results are compiled in the new Canadian Environmental Quality Index, produced by researchers at Dalhousie University in Halifax.

Click here to read more.


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.


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How a new FREE resource can benefit your business & promote mental health

Host Meron Samuel chats with Dr. Bill Howatt, an international expert in workplace mental health, about a new resource called the Mental Harm Prevention Roadmap. Learn how this free resource can support workers’ mental health and prevent mental harm – no matter where you are on your journey!

Note: This episode was recorded on October 5, 2022. All information presented was in effect at that time.

SHOW NOTES
Mental Harm Prevention Roadmap | mentalhealthroadmap.wsps.ca
Dr. Bill Howatt – Howatt HR Consulting | howatthr.com
Psychologically Healthy and Safe Workplaces Video | wsps.ca/resource-hub/health-a…y-and-safe-workplaces

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Daily Update: November 14, 2022

Ontario releases Fall 2022 economic statement, Ontario government repeals anti-strike law for CUPE education workers, and more.

In this edition:


Ontario releases Fall 2022 economic statement

Today, Minister of Finance Peter Bethlenfalvy released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update.

In a statement, the Government of Ontario highlighted measures such as providing Ontario’s small businesses with $185 million in income tax relief over the next three years, and automatically matching property tax reductions for small businesses within all municipalities that adopt the small business property subclass.

However, just months after the Ontario government touted a $2.1-billion surplus for 2021-22, the province is yet again in the red.

Ontario is projecting a $12.9 billion deficit for 2022-23, according to the fall economic statement released Monday. This shortfall is nearly $7 billion less than what was projected in the 2022 budget and includes a number of affordability pledges meant to save drivers, small business owners, and seniors money.

The latest financial documents show the government has made about $186.8 billion in revenue, primarily from taxes and federal transfers.

They expect to spend about $198.8 billion in 2022-2023, with about $185.2 billion earmarked for programs.

In a statement, Mishka Balsom, CEO of the GNCC, said that the GNCC was pleased to see business-friendly measures highlighted, such as providing small businesses with $185 million in income tax relief over the next three years, matching property tax reductions for small businesses within all municipalities that adopt the small business property subclass, and $675 million in additional tax relief through changes to the small business corporate income tax for capital investment.

In addition, improving deficits over the next couple of years, despite an expected economic slowdown, is a positive signal, but one that we view with caution. Organizations are aware that government indebtedness is historically high in Ontario and therefore eliminating the deficit is critical to ensure the province’s long-term economic viability.

As Niagara businesses seek to create an environment to support long-term growth, productivity, competitiveness and resilience, we are concerned that urgent vulnerabilities in our health care system were not addressed, and neither was a more robust way to deal with talent gaps in our workforce.


Ontario government repeals anti-strike law for CUPE education workers

Ontario repealed a law Monday that imposed a contract on education workers and banned them from striking.

The province passed Bill 28 on Nov. 3 in a bid to prevent 55,000 workers from the Canadian Union of Public Employees from striking.

But thousands of workers walked off the job anyway, shutting many schools across the province to in-person learning for two days.

Last week, Premier Doug Ford offered to withdraw the legislation if CUPE members returned to work, which they did.

Click here to read more.


Meridian Credit Union becomes largest certified living wage employer in Ontario

Meridian marks an important milestone today in becoming the largest employer to become certified by the Ontario Living Wage Network (OLWN). A living wage reflects an income that a worker must bring home in order to meet their basic living needs and participate more fully in life, work and community.

“Our employees power Meridian’s purpose and we have a commitment to support their financial security and economic well-being,” says Jay-Ann Gilfoy, President & CEO, Meridian. “As a Certified Living Wage Employer, we are building resilience and wealth in the communities where we live and work.”

Click here to read more.


Unifor federal lobby calls for stronger policies and action on affordability for workers

Unifor National President Lana Payne called for urgent action to address the affordability crisis and for enactment of policies that will bolster and support workers and their families as she outlined the union’s 2023 federal budget priorities to start the union’s lobby week.

Payne spoke at a media conference alongside Len Poirier, Unifor National Secretary-Treasurer, Daniel Cloutier, Unifor Quebec Director and Matthew Green, NDP MP for Hamilton Centre.

“These are challenging times for workers, who are dealing with economic uncertainty and the continued impact of the pandemic. An affordability crisis, broken supply chains, high inflation, rising interest rates, and public services including health care under stress place workers and their families in a crisis scenario,” said Payne. “What we need in response to this unique moment is a federal government that implements worker-centric polices and a reinvestment in strong public services and labour market supports.”

Click here to read more.


Investment in building construction shows decline for September

Investment in building construction declined 0.6 to $20.9 billion in September, with most of the weakness coming from Quebec (-3.4%). The residential sector decreased 1.3% to $15.4 billion. Conversely, the non-residential sector rose 1.6% to $5.4 billion.

Investment in non-residential construction increased 1.6% to $5.4 billion in September. Overall, eight provinces reported gains, with Ontario (+2.0%) leading the way in each component.

Click here to read more.


Prime Minister announces additional military assistance for Ukraine and additional sanctions against Russia

Today, at the G20 Summit in Bali, Indonesia, the Prime Minister, Justin Trudeau, announced that Canada will provide $500 million in additional military assistance for Ukraine, to assist the Armed Forces of Ukraine in defending their country against Russia’s brutal and unjustifiable invasion.

This commitment builds on the $500 million in military aid for Ukraine announced in Budget 2022 and will go toward military, surveillance, and communications equipment, fuel, and medical supplies.

Click here to read more.


FAO: education spending will grow faster than government projects

A new report from the Financial Accountability Office of Ontario (FAO) has analyzed the Ministry of Education’s spending plan as set out in the 2022 Ontario Budget and the 2022-23 Expenditure Estimates.

Based on current program design and announced commitments, the FAO projects that Ministry of Education (EDU) spending will grow at an average annual rate of 4.5 per cent between 2021-22 and 2027-28, reaching $40.9 billion in 2027-28. In contrast, in the 2022 Ontario Budget, the Province projects that EDU spending will grow at an average annual rate of 3.6 per cent, reaching $38.9 billion in 2027-28.

The spending gap between the FAO’s projection and the Province’s outlook is $0.4 billion in 2022-23, increasing to $2.0 billion in 2027-28.

Click here to read more.


Ontario’s top doctor strongly recommends masking indoors as health system faces ‘extraordinary pressures’

Ontario’s chief medical officer of health is “strongly recommending” that Ontarians wear masks in all indoor public settings, including in schools and in childcare settings, but stopped short of recommending a return to a mask mandate in the province.

At a news conference on Monday, Dr. Kieran Moore said the province’s health system is facing “extraordinary pressures” with the ongoing circulation of COVID-19, the earlier than normal rise in respiratory syncytial virus (RSV), as well as influenza.

Dr. Mustafa Hirji is in support of a mask mandate to help ease pressure on paediatric hospitals in Ontario.

Dr. Hirji told CKTB that hospitals are already stretched, and it will take 2-3 weeks of mask-wearing to start showing an impact on the population.

He says it’s too little too late, as many children’s hospitals are overwhelmed with patients suffering from respiratory viruses.

Click here to read more.


Your input is needed for the Fall 2022 Ontario Economic Report

The GNCC and the Ontario Chamber of Commerce (OCC) are looking for your insights on issues that matter to your businesses. How confident are you in Ontario’s economy and your organization’s outlook? What should governments prioritize to drive economic growth?

Your participation in our annual Business Confidence Survey is as important as ever. The results of the survey will inform the 2023 Ontario Economic Report: the landmark research platform of the OCC, offering a unique perspective on the experience of businesses of all sizes across the province.

Share your views by taking a short five-minute survey here.


Focus on Small Business

4 ways to avoid the slippery slope of side hustling

It seems we are living in the age of the “side hustle.” Everywhere you look there are articles and ads for ways to make more outside of your . The idea of the side hustle has been romanticized as the entrepreneurial spirit hard at work, where dreamers go to start living their dreams while being supported by their “day job.” It’s the person working on a fixer-upper house on nights and weekends in hopes of turning a profit on their first flip. It’s the savvy thrift shopper with an eye for diamonds in the rough they can polish off and sell at a profit. The media has sensationalized side hustles like these through numerous television programs like American Pickers, Flip or Flop and Storage Wars.

Money, however, does not a happy human make. Feeling a sense of purpose, having good relationships, being fully engaged with what you do and accomplishments do. The key is finding your purpose. Once you do, following your purpose will lead to those positive relationships, engagement, accomplishments and positive emotions that lead to a fulfilling life. If you want to avoid the slippery slope of side hustling, if you want to avoid waking up with multiple unfulfilling jobs just to make ends meet, follow these steps.

Click here to read more.


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.


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Daily Update: November 10, 2022

Canada to invest $.99m in wine growers, Tam warns of flu upswing, new COVID-19 variants as viral triple threat continues, and more.

In this edition:


Your input is needed for the Fall 2022 Ontario Economic Report

The GNCC and the Ontario Chamber of Commerce (OCC) are looking for your insights on issues that matter to your businesses. How confident are you in Ontario’s economy and your organization’s outlook? What should governments prioritize to drive economic growth?

Your participation in our annual Business Confidence Survey is as important as ever. The results of the survey will inform the 2023 Ontario Economic Report: the landmark research platform of the OCC, offering a unique perspective on the experience of businesses of all sizes across the province.

Share your views by taking a short five-minute survey here.


Canada to invest $.99m in wine growers

Today, Chris Bittle, Parliamentary Secretary to the Minister of Canadian Heritage, and Vance Badawey, Parliamentary Secretary to the Minister of Indigenous Services, announced on behalf of the Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, an investment of up to $990,866 to Wine Growers Canada.

The Canadian wine industry has over 800 winery establishments nationwide. While the wine industry continues to grow across the country, it is not immune to challenges, including climate change, labour shortages and supply chain issues.

This investment, under the AgriMarketing Program, will support Wine Growers Canada to further develop markets in North America, Europe and Asia, and increase awareness of and trust in Canadian-made wine to protect, maintain and enhance market access for Canadian wine producers.

Click here to read more.


Tam warns of flu upswing, new COVID-19 variants as viral triple threat continues

Canada’s top doctor is warning of “increased growth” in new COVID-19 variants and an upswing in seasonal influenza cases, just as a surge of respiratory syncytial virus inundates hospitals.

Chief public health officer Dr. Theresa Tam said Thursday in a virtual update that the triple threat of all three viruses is posing a challenge for the health system in several parts of the country and points to the need for “stepped up precautions.”

Click here to read more.


PBO analysis says government could reap $4.4B from windfall tax in other sectors

New analysis from the parliamentary budget officer suggests the federal government would pocket $4.4 billion in additional revenue if it extended the Canada Revenue Dividend to the oil and gas sector as well as big-box stores.

The dividend is a one-time 15 per cent windfall tax the Liberals plan to levy on excess profits made by banks and life insurers during the pandemic.

The PBO previously estimated that the dividend would bring in $3 billion in revenue from banks and life insurers over the next five years.

Click here to read more.


Five industries account for 80% of trade value: Statistics Canada

In 2020, exports and imports of commercial services were increasingly concentrated in five industries, with professional, scientific and technical services industries, information and cultural industries, finance and insurance industries, manufacturing industries and wholesale trade accounting for just over 80% of trade value.

By enterprise-size, small and medium enterprises continued to be responsible for a slightly higher share of Canada’s commercial services exports than large firms, while for imports, large firms accounted for the higher share. In addition, multinational enterprises accounted for three-quarters of all commercial services exports and 86% of all imports.

Click here to read more.


How does climate change affect the grape and wine industry?

https://www.youtube.com/watch?v=wQed34-kt6Y


St. Catharines sounds alarm over province’s proposed housing bill

The province’s More Homes Built Faster Act will have “severe” financial implications for St. Catharines and result in a loss of heritage buildings, environmental protections, design standards and accountability to the public, council heard this week.

St. Catharines director of planning and building services director Tami Kitay, with her department’s staff who showed up in solidarity, urged city councillors to champion the abolishment of Bill 23.

“There is nothing in this bill that advances more homes to be built faster or more affordability. Instead, this bill perpetuates a transfer of profit to the development industry at the expense of community,” Kitay said Monday night.

Click here to read more.


Focus on Equity, Diversity and Inclusion

How diversity and inclusion drive business transformation

Business leaders today recognize that agility and adaptability are essential to long-term success. To achieve that agility, companies must overcome organizational inertia, constantly looking for ways to reshape behaviors in order to promote a learning mindset. Strategies to implement change include process redesign initiatives, technology innovation centers and design thinking workshops that embrace psychological safety.

While these measures can have an impact, they’re often limited by the experiences of those involved. In other words, the perspectives of the people being asked to drive change have been shaped within the confines of the rigid and inefficient modes of operation that need changing.

Click here to read more.


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.


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Daily Update: November 9, 2022

Bittle to announce government support for wine growers at Henry of Pelham, 2023 Ontario Municipal Partnership Fund allocations, and more.

In this edition:


Your input is needed for the Fall 2022 Ontario Economic Report

The GNCC and the Ontario Chamber of Commerce (OCC) are looking for your insights on issues that matter to your businesses. How confident are you in Ontario’s economy and your organization’s outlook? What should governments prioritize to drive economic growth?

Your participation in our annual Business Confidence Survey is as important as ever. The results of the survey will inform the 2023 Ontario Economic Report: the landmark research platform of the OCC, offering a unique perspective on the experience of businesses of all sizes across the province.

Share your views by taking a short five-minute survey here.


St. Catharines MP Chris Bittle to announce Government of Canada support for wine growers at Henry of Pelham

At 9:30 a.m. tomorrow (Nov 10), at Henry of Pelham Family Estate Winery, Parliamentary Secretary to the Minister of Canadian Heritage and Member of Parliament for St. Catharines, Chris Bittle, on behalf of the Minister of Agriculture and Agri-Food, Marie-Claude Bibeau, will announce federal investment to help increase domestic and export sales of Canadian-made wine. Bittle will be joined by Parliamentary Secretary to the Minister of Indigenous Services and Member of Parliament for Niagara Centre, Vance Badawey.

Click here to read more.


Province announces 2023 Ontario Municipal Partnership Fund allocations

The Ontario government is announcing 2023 municipal funding allocations under the Ontario Municipal Partnership Fund (OMPF) that primarily supports northern and rural municipalities across the province. The Ontario government is maintaining the program envelope at $500 million for 2023 and communicating funding allocations in advance of the municipal budget year to support municipalities with their planning processes.

The OMPF targets funding to municipalities facing challenging fiscal circumstances and supports areas with limited property assessment.

Recipients of funding in Niagara include:

MunicipalityFunding allocation
Niagara Region$0
Fort Erie$1,490,700
Grimsby$33,300
Lincoln$193,000
Niagara Falls$341,000
Niagara-on-the-Lake$312,100
Pelham$35,300
Port Colborne$2,611,500
St. Catharines$263,700
Thorold$42,100
Wainfleet$516,800
Welland$3,948,900
West Lincoln$1,085,900

Click here to read more.


Striking GO Transit workers, Metrolinx to resume talks Thursday, union says

The union representing striking GO Transit workers says negotiations with their employer will resume tomorrow.

The Amalgamated Transit Union says Metrolinx first reached out with an offer for the two sides to meet on Friday to negotiate a contract for the 2,200 striking workers, including bus drivers, station attendants and fare inspectors.

But ATU Local 1587 president Rob Cormier says after the union pushed for an earlier date, Metrolinx agreed to meet Thursday.

The strike began Monday and has shut down regional bus service across the Greater Golden Horseshoe, causing headaches for thousands of commuters.

Click here to read more.


Toronto public health asks top doctor to ‘urgently explore’ return of mask mandates at schools

Toronto’s board of health asked the city’s top doctor Tuesday to consider reinstating mask mandates amid a surge in viral illnesses that’s sending children to hospital at alarming rates.

The request came a day after the chief of staff at an Ottawa children’s hospital urged a broad return to indoor masking as the flu, COVID-19 and a childhood virus circulate, saying the public has to play a part in protecting the youngest members of the community.

In Toronto, the public health board passed a motion asking Dr. Eileen de Villa to “urgently explore all avenues toward re-issuing mask mandates, starting with schools.”

Toronto Metropolitan University (TMU), Humber College and York University have said they may reinstate mask policies if public health COVID-19 guidelines change.

Click here to read more.


Ministry reschedules update on former GM property testing

Residents in St. Catharines will receive an update on the former GM property on December 5th, in which the ministry of environment, conservation, and parks will provide an update.

A meeting that was scheduled in September was cancelled at the last minute.

The meeting is set for 6 p.m. and is open to the public. It will also be streamed on the city’s YouTube channel.

Click here to read more.


Government of Canada finances trade certification program for micro and small food enterprises

The Government of Canada is supporting the creation of a certification program that will allow businesses to meet specific trade requirements.

The $336,858 investment, announced by the Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, will support GS1 Canada, a not-for-profit association, to develop training tailored to small and micro food enterprises. The project includes learning modules and a virtual portal of resources specifically for them.

GS1 Canada plans to equip at least 200 businesses across Canada with the knowledge, tools and experience they need to prepare for trade with different sectors, including the grocery sector, distribution and food services.

Click here to read more.


Ontario supporting more paid internships for post-secondary students

The Ontario government is providing over $10 million to help Mitacs — an organization that builds research partnerships between postsecondary institutions and industry — create 2,700 paid internships for postsecondary students which aims to help them gain the skills they need to secure in-demand jobs after graduation. This latest investment has been made in support of high-quality research in the province and demonstrates Ontario’s commitment to experiential learning.

Click here to read more.


Artist selected for Neil Peart Memorial

The City of St. Catharines’ Neil Peart Commemorative Task Force has selected artist Morgan MacDonald of The Newfoundland Bronze Foundry (Morgan Sculpture Inc.) to create the memorial in Peart’s honour alongside the Neil Peart Pavilion in Lakeside Park – a place that inspired the lyrics to the famous Rush single of the same name. The Newfoundland Bronze Foundry was selected as the highest-ranked proponent by an evaluation committee after a competitive process.

The concept from the creative team includes two larger-than-life-sized bronze sculptures of Neil Peart. The sculptures will be connected by a pathway offering experiential and interpretive features providing insight into Peart’s personal and professional legacies, including his time with the band.

Click here to read more.


Government of Canada invests in new transload facility to relieve supply chain congestion at Port of Hamilton

Today, the Minister of Transport, the Honourable Omar Alghabra, announced up to nearly $5 million in funding under the National Trade Corridors Fund for the Building Capacity in Canada’s Steel Supply Chain project. The close to $10 million total project will be undertaken by the Hamilton-Oshawa Port Authority and will relieve supply chain congestion at the Port of Hamilton.

With today’s investment, the Hamilton-Oshawa Port Authority will be able to enhance the transfer of steel products between various vehicles at the Port. By creating new interconnections between marine, rail and road, this project will increase the efficiency and the resiliency of the supply chain in the region.

Click here to read more.


Port Colborne small business Genius Fitness & MMA receives $10,000 through My Main Street

Genius Fitness & MMA has received a non-repayable contribution of $10,000 through the My Main Street, Local Business Accelerator program. This contribution will allow Genius Fitness & MMA to support findings from the market research provided by My Main Street to drive economic growth and attract new customers to the business and the entire Port Colborne community.

The My Main Street, Local Business Accelerator program is delivered by the Economic Developers Council of Ontario with an overall Government of Canada investment of $23.25 million through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to support the recovery and strength of main streets and local businesses in southern Ontario.

Click here to read more.


Focus on Climate

COP27: Time to pay the climate bill – vulnerable nations

Leaders of countries flooded or parched due to climate change are pleading at the COP27 summit for an urgent financial lifeline from richer nations.

“We will not give up… the alternative consigns us to a watery grave,” Bahamas Prime Minister Philip Davis said.

Countries are meeting in Sharm el-Sheikh, Egypt to discuss next steps in curbing climate change.

Front line nations want a special compensation fund for the climate impacts they cannot recover from.

Click here to read more.


‘Broken promises’: Is Canada falling short on its climate change goals?

With bold plans being laid out to tackle the ever-growing threat of climate change at COP27, an annual United Nations conference, experts say actions should speak louder than words and richer nations, like Canada, need to step up the fight.

As greenhouse gas emissions continue to go up, extreme weather events, exacerbated by climate change, are becoming more frequent and destructive. 

But as world leaders and climate negotiators look for ways to implement global climate goals, observers are less optimistic about progress, saying countries are already falling short on their previous pledges.

Click here to read more.


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.


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Daily Update: November 8, 2022

Ontario brings CUPE education workers ‘improved offer;’ $1-million donation to United Way will help community food programs, and more.

In this edition:


Ontario brings CUPE education workers ‘improved offer,’ Premier Doug Ford says

Ontario Premier Doug Ford says his government is bringing forward an “improved offer” for education support workers with contract negotiations resuming Tuesday as the union returned to work after a two-day walkout that forced many schools to shut their doors.
Not providing specific details to respect the bargaining process, Mr. Ford said the new four-year contract offer for the 55,000 Canadian Union of Public Employees (CUPE) workers will focus on supporting lower-income employees and those who work part-time. The premier said both sides need to “give a little” as they return to the table and work toward a deal that is acceptable to all parties.
Negotiations resume a day after the government pledged to repeal legislation, known as Bill 28, that used the notwithstanding clause to impose a contract on the workers and overrule their right to strike. The premier’s office said legislation to repeal the bill would be tabled when the house returns Monday as it isn’t sitting this week and MPPs are back in the communities they represent.

Click here to read more.


$1-million donation to United Way will help community food programs

The United Way has announced that Greg and Diane Slaight have donated one million dollars to United Way to provide immediate relief for local community food programs.

“The need is growing at an unprecedented rate,” said United Way CEO Frances Hallworth. “We hear every day about the increasing number of people, from children to seniors, seeking support from food programs and the challenges our community partners are facing in addressing the growing need. This gift will be instrumental in helping to ensure that emergency food programs will be able to better meet the increased demand over the next two years.”

With the funds, United Way will support community food programs that are struggling due to increased demand and rising food prices. Any registered charity delivering food security initiatives in Niagara is eligible to apply.

The application, now available on United Way’s website at unitedwayniagara.org/apply-for-funding, will close at 12:00pm on November 28, 2022 and funds will be distributed to successful applicants in early December.

Click here to read more.


Economic accounts confirm 2021 economic bounceback

In 2021, Canada’s real gross domestic product (GDP) rebounded 5.0%, following a 5.1% decline in 2020 due to the widespread shutdown in economic activity in the early stages of the COVID-19 pandemic. Reopening of the economy, combined with low interest rates and continued pandemic-related government support, resulted in substantial upturns in household spending, housing investment, and business investment.

Real GDP rose in 9 of the 10 provinces and in all 3 territories, with Saskatchewan (-0.9%) recording the only decline. Among the provinces, Prince Edward Island (+7.9%), Nova Scotia (+6.2%), and British Columbia (+6.1%) had the largest annual increases in real GDP.

Click here to read more.


Port Colborne seeks citizen board and committee members

The City of Port Colborne is accepting applications for positions on the following Boards/Committees:

  • Committee of Adjustment
  • Port Colborne Public Library Board
  • Port Colborne Historical Marine and Museum Board
  • Property Standards Committee

Visit the City’s Committees and Boards webpage to access the application form.

Email deputyclerk@portcolborne.ca or call the Deputy Clerk at 905-835-2900 x 115 for more information.


Niagara Economic Summit

Missed the Niagara Economic Summit? Need more information?

Over three hundred people attended today’s Niagara Economic Summit to hear plenary speakers Brock Dickinson and John Peller, and to listen to expert panels tackle topics including the future of the economy, the labour shortage, and the housing crisis.

Video footage of the event is available at gncc.ca/nes, where you can also download the slide decks of the local, provincial, and national economies presented by economic analysts Blake Landry, Ester Gerassime, and Marwa Abdou, and watch the messages of greetings from Prime Minister Trudeau and Premier Ford.


Focus on Finance & Economy

Wall Street drifts ahead of election results, inflation data

Stocks are mixed in tentative trading Tuesday as Wall Street braces for the results from the day’s midterm elections and a big update on inflation that’s due later in the week.

The S&P 500 was 0.3% lower in afternoon trading after losing an early gain of 1.4%. The Dow Jones Industrial Average was up 74 points, or 0.2%, at 32,901, as of 2:25 p.m. Eastern time, and the Nasdaq composite was 0.5% lower.

With Americans heading to the polls across the country amid high inflation and worries about a possible recession, analysts say investors appear to be making bets for Republicans to gain control of at least one house of Congress. That combined with a Democratic White House could lead to little getting done in Washington, which may be bad for society but could also keep the status quo on economic policy. And markets tend to abhor uncertainty.

Click here to read more.


U.S. stocks fall as crypto upends risk sentiment

U.S. stocks fell in volatile trading amid sharp declines in some risk assets and as investors turned broadly cautious ahead of results from midterm elections. Treasury yields fell and the dollar trimmed losses.

Both the S&P 500 and the tech-heavy Nasdaq 100 slid into the red. The sudden move lower in stocks coincided with a lurch lower in Bitcoin that rocked market sentiment. The yield on two-year Treasuries, more sensitive to Federal Reserve policy changes, shed 4 basis points, while a gauge of dollar pared declines.

Click here to read more.


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.


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Daily Update: November 3, 2022

Government of Canada releases 2022 Fall Economic Statement, value of building permits posts record decline in September, and more.

In this edition:


Government of Canada releases 2022 Fall Economic Statement

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the 2022 Fall Economic Statement.

The federal government’s fiscal anchor—the unwinding of COVID-19-related deficits and reducing the federal debt-to-GDP ratio over the medium term—remains unchanged. The federal debt-to-GDP ratio is projected to continuously decline and is on a steeper downward track than projected in Budget 2022.

New measures proposed in the 2022 Fall Economic Statement include:

1. Making Life More Affordable:

  • Permanently eliminating interest on federal student and apprentice loans;
  • Creating a new, quarterly Canada Workers Benefit with automatic advance payments to put more money back in the pockets of our lowest-paid workers, sooner;
  • Delivering on key pillars of the government’s plan to make housing more affordable, including the creation of a new Tax-Free First Home Savings Account, a doubling of the First-Time Home Buyers’ Tax Credit, and ensuring that property flippers pay their fair share; and,
  • Lowering credit card transaction fees for small business.

2.  Investing in Jobs, Growth, and an Economy That Works for Everyone:

  • Launching the new Canada Growth Fund which will help bring to Canada the billions of dollars in new private investment required to reduce our emissions, grow our economy, and create good jobs;
  • Introducing major investment tax credits for clean technologies and clean hydrogen that will help create good jobs and make Canada a leader in the net-zero transition;
  • Implementing a new tax on share buybacks by public corporations in Canada; and,
  • Creating the Sustainable Jobs Training Centre and investing in a new sustainable jobs stream of the Union Training and Innovation Program to equip workers with the skills required for the good jobs of today and the future.

Click here to read more.


Value of building permits posts record decline in September

The total value of building permits in Canada fell 17.5% in September to $10.2 billion, the largest recorded monthly decline. This was the first time all survey components posted monthly decreases since September 2019. Both the residential (-15.6% to $7.0 billion) and the non-residential (-21.5% to $3.2 billion) sector posted declines.

On a constant dollar basis (2012=100), the total value of building permits dropped 17.8% to $6.0 billion.

The value of building permits in the multi-family component tumbled 21.2%. This drop was largely due to Ontario, which fell 39.6% following a record high in August.

Click here to read more.


Niagara College launches Equity, Diversity and Inclusion website

The EDI Coordinating Council at Niagara College has launched its new Equity, Diversity and Inclusion (EDI) website – niagaracollege.ca/EDI – which is a resource and learning tool for all at Niagara College to uphold the values of respect and inclusivity.

The College recognizes that a welcoming and inclusive culture is strengthened by a diversity of perspectives and talents that allow students and employees to thrive.

Click here to read more.


Ministry urges Ontario boards not to close schools for CUPE strike

Ontario’s Ministry of Education is telling school boards ahead of an education worker strike Friday to make “every effort” to keep schools open and otherwise pivot to remote learning.

The government is expected to pass a bill today that would impose a contract on the workers represented by the Canadian Union of Public Employees and ban them from striking, with steep fines if they don’t comply.

But CUPE has said its workers, including educational assistants, custodians and administrative staff, will start a strike Friday “until further notice,” even if the legislation passes and makes a walkout illegal.

Click here to read more.


OPSEU/SEFPO education workers to walk out in solidarity with CUPE colleagues

Education workers, represented by the Ontario Public Service Employees Union (OPSEU/SEFPO/NUPGE) will walk off the job this Friday in a show of solidarity with their CUPE colleagues who are set to stage a province-wide protest against Stephen Lecce and the Ford government’s Bill 28.

Click here to read more.


Appeals court rules against Town of Niagara-on-the-Lake in interim control bylaw case

A Niagara-on-the-Lake developer is claiming a legal victory over the town is not just a win for his company, but for the town’s residents as well.

The Court of Appeal has overturned an earlier decision dismissing an application by Hummel Properties Inc. that sought to quash an interim control bylaw (ICB) the town enacted in 2018. The decision opens the door for a new case to be heard on the issue.

“In righting this wrong, we hope to send a clear message to the new council and to other municipal councils that in carrying out their important legislative mandate, they must ensure that they act lawfully and that they govern themselves at all times within the principles of transparency, accountability and good faith,” said Rainer Hummel, president of Hummel Properties, in a press release.

Click here to read more.


Niagara Economic Summit

Introducing the moderators of the Niagara Economic Summit

Guiding the conversations on the Summit’s three panel discussions are our moderators. Each is an expert in the panel’s field, and joins us for their expertise and their ability to focus the discussion into the policy answers we need to build prosperity in Niagara.

Boom or Bust, the panel on our economic future, will be moderated by Pam Lilley of MNP. Pam is a member of MNP’s Assurance and Accounting team in St. Catharines. Pam helps private companies with their accounting and internal control needs, as well as their statutory and regulatory reporting requirements. She brings more than two decades of experience to her work and a strong understanding of the challenges faced by the companies she serves.

The War for Talent, in which we tackle the labour shortage question, is moderated by Lisa Benger of Walker Industries. Lisa is a business-focused Human Resources professional and is currently the Senior Vice President, Human Resources and Health & Safety at Walker Industries, headquartered in Thorold, Ontario. She previously served as a Director with Niagara Workforce Planning Board and as Co-Chair of Niagara Local Immigrant Partnership Council.

Housing the Future, where our panelists will discuss the housing crisis, will be moderated by Lori Beech of Bethlehem Housing. Lori has 28 years’ experience in Director and Management roles in the not-for-profit sector, government agencies, provincial and national associations. For the past 10 years, she has held the position of Executive Director at Bethlehem Housing and Support Services, one of the largest non-profit housing organizations in the Niagara Region. She serves as Chair of the Niagara Region Home for All – Housing Affordability Innovation Committee and a member of the Niagara Region Housing and Homelessness Community Advisory Board and Task Force Committee

Tickets for this year’s Niagara Economic Summit are sold out! Click here to sign up for the waitlist.


Focus on Business Law

Spotlight on Greenwashing

“Greenwashing” involves making environmental (i.e., “green”) claims which may leave consumers with the false or misleading impression that a product or service is “environmentally friendly” when, in fact, it is not. In Canada, greenwashing – as a form of misleading advertising – is largely governed by the Competition Act (the “Act”). Specifically, section 74.01(1) of the Act sets out the general civil prohibition against making representations to the public for the purposes of promoting a product, service or business interest that are false or misleading in a material respect. Section 52(1) of the Act contains the general criminal prohibition against misleading advertising. This section prohibits a person from knowingly or recklessly engaging in the activities prohibited by section 74.01(1).

While it is far from a novel issue, greenwashing has become increasingly prevalent in recent years. A global sweep of over 500 websites by the International Consumer Protection Enforcement Network (“ICPEN”) and the UK Competition and Markets Authority (the “CMA”) found that over 40% of these websites appeared to be using green advertising tactics that could be considered misleading and therefore may be in contravention of applicable consumer protection laws.

Click here to read more.


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.


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Daily Update: October 26, 2022

Bank of Canada increases policy interest rate by 50 basis points, Niagara Economic Development report shows strong business growth, and more.

In this edition:


Bank of Canada increases policy interest rate by 50 basis points

The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. This reflects the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices, particularly for energy, which have been pushed up by Russia’s attack on Ukraine. The strength of the US dollar is adding to inflationary pressures in many countries. Tighter monetary policies aimed at controlling inflation are weighing on economic activity around the world. As economies slow and supply disruptions ease, global inflation is expected to come down.

The effects of recent policy rate increases by the Bank are becoming evident in interest-sensitive areas of the economy: housing activity has retreated sharply, and spending by households and businesses is softening. Also, the slowdown in international demand is beginning to weigh on exports. Economic growth is expected to stall through the end of this year and the first half of next year as the effects of higher interest rates spread through the economy. The Bank projects GDP growth will slow from 3¼% this year to just under 1% next year and 2% in 2024. 

The Bank expects inflation to fall to about 3% in late 2023, then return to 2% in 2024.

Click here to read more.


Niagara Economic Development report shows strong business growth

Niagara Economic Development has released its biannual report that provides an overview of the key economic indicators for Niagara’s economy with forecasts for 2023.

Niagara has shown great improvement through the pandemic period and appears to be on a trajectory of progress across many economic indicators in the near future. However, some significant challenges facing Niagara’s economy remain.

A few key points of the report include:

  • ​Gross domestic product (GDP) continued to grow through the pandemic period and is projected to grow through 2023
  • Niagara’s international trade position has improved substantially
  • Business counts show substantial growth of businesses both with employees and without employees after the height of the pandemic
  • Investment in building construction remains strong with the exception of the commercial sector
  • All labour force indicators have shown great improvement after the disruptive impacts of the pandemic

Click here to read more.


Municipalities continue process of certifying election results

In compliance with legislation, municipal clerks are continuing to certify the results of Monday’s election, after which said results will be deemed official.

Municipalities who have completed certification so far include:


Ontario Chamber welcomes measures in Tuesday housing announcement

Rocco Rossi, President & CEO, Ontario Chamber of Commerce (OCC), released the following statement as the Government of Ontario introduced its latest round of housing legislation:

“We welcome many of the measures proposed in the bill introduced yesterday, several of which we have long advocated for, including reducing red tape and streamlining development approval processes, increasing gentle densification, and incentivizing inclusionary zoning and affordable housing development. Access to affordable housing is critical for businesses to attract and retain talent in the province.”

At the Niagara Economic Summit, a panel of experts will debate the provincial changes in legislation, whether they will be effective, and if they go far enough.

Click here to read more.


Highest proportion of Canadians since Confederation were immigrants in 2021

A study released today by Statistics Canada has revealed that in 2021, more than 8.3 million people, or almost one-quarter (23.0%) of the population, were, or had ever been, a landed immigrant or permanent resident in Canada. This was the largest proportion since Confederation, topping the previous 1921 record of 22.3%, and the highest among the G7.

Given that the population of Canada continues to age and fertility is below the population replacement level, today immigration is the main driver of population growth. If these trends continue, based on Statistics Canada’s recent population projections, immigrants could represent from 29.1% to 34.0% of the population of Canada by 2041.

Click here to read more.


BlackBerry-commissioned research shows four in five software supply chains were exposed to cyberattacks in the last year

On Oct. 26, BlackBerry Limited revealed new research at the 9th annual BlackBerry Security Summit, exposing the magnitude of software supply chain cybersecurity vulnerabilities in today’s organizations. Four in five (80%) IT decision makers stated that their organization had received notification of attack or vulnerability in its supply chain of software in the last 12 months, with the operating system and web browser creating the biggest impact. Following a software supply chain attack, respondents reported significant operational disruption (59%), data loss (58%) and reputational impact (52%), with nine out of ten organizations (90%) taking up to a month to recover.

The results come at a time of increased U.S. regulatory and legislative interest in addressing software supply chain security vulnerabilities.

Click here to read more.


Niagara Economic Summit

Mark Basciano will shed light on barriers to housing development in Niagara at Summit

The urgent need for housing is well-understood in Niagara, but prospective projects often get caught up in red tape and delays, sometimes for years. A lack of new units keeps more middle-income households in the rental market, in turn squeezing those in need of affordable units and people on fixed incomes.

As owner-principal of Mountainview, one of Niagara’s most prominent developers, nobody understands how to get shovels in the ground for housing builds better than Mark Basciano.

At the Niagara Economic Summit, Mark joins the panel on Housing the Future to share his insights into how governments at every level can clear the way for private-sector developers to build the housing that Niagara desperately requires. Unlocking the potential in Niagara’s developers will be key to solving this crisis. Join us at the Summit to hear how.

Contact us to submit your questions for Mark.

Click here for tickets to this year’s Niagara Economic Summit.


Focus on Climate

Current emissions pledges will lead to catastrophic climate breakdown, says UN

Pledges to cut greenhouse gas emissions will lead to global heating of 2.5C, a level that would condemn the world to catastrophic climate breakdown, according to the United Nations.

Only a handful of countries have strengthened their commitments substantially in the last year, despite having promised to do so at the Cop26 UN climate summit in Glasgow last November. Deeper cuts are needed to limit temperature rises to 1.5C above pre-industrial levels, which would avoid the worst ravages of extreme weather.

Click here to read more.


Canada examining how to keep its carbon capture competitive in wake of U.S. incentives

The federal government is looking at how it could alter its carbon capture offerings to keep Canada’s energy industry competitive as the United States moves forward with a more aggressive plan to green its economy.

The U.S. is investing $369 billion US in energy security and climate change programs over the next decade through the Inflation Reduction Act (IRA).

That legislation also dramatically increases the tax credits available to facilities that capture and store carbon emissions. Carbon capture, utilization and storage (CCUS) has been a push from governments and industry as many countries work to decarbonize energy production.

Click here to read more.


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.


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Daily Update: October 25, 2022

Polls close in Niagara, voter turnout declines again, Ontario introduces More Homes Built Faster Act to address housing crisis, and more.

In this edition:


Polls close in Niagara, voter turnout declines again

Voter turnout in Niagara was down again for the municipal election. While final numbers for the entire region are not yet available, St. Catharines, Welland, and Niagara Falls all saw substantial declines in voter turnout.

Among the key results for Niagara are:

  • Brian Grant becomes the new Mayor of Wainfleet
  • Bill Steele re-elected as Mayor of Port Colborne
  • Jeff Jordan re-elected as Mayor of Grimsby
  • Cheryl Ganann becomes the new Mayor of West Lincoln
  • Gary Zalepa becomes the new Lord Mayor of Niagara-on-the-Lake
  • Marvin Junkin re-elected as Mayor of Pelham
  • Wayne Redekop re-elected as Mayor of Fort Erie
  • Terry Ugulini re-elected as Mayor of Thorold
  • Frank Campion re-elected as Mayor of Welland
  • Mat Siscoe becomes the new Mayor of St. Catharines
  • Jim Diodati re-elected Mayor of Niagara Falls
  • Sandra Easton is acclaimed and returns as Mayor of Lincoln

The Regional Chair is elected by that council and not directly by the public. The incumbent Regional Chair, Jim Bradley, was re-elected to council by St. Catharines.

Results are not official until certified by the clerk. Click here for a portal to local results in all Niagara municipalities.


Ontario introduces More Homes Built Faster Act to address housing crisis

Today, the Ontario government introduced the More Homes Built Faster Act, which introduces new measures designed to promote faster homebuilding in the province. Among them are:

  • permitting up to three residential units “as of right” on most land zoned for one home in residential areas without needing a municipal by-law amendment
  • reducing approval timelines in order to meet planned minimum density targets near major transit stations
  • changing regulations to provide certainty regarding inclusionary zoning rules, with a maximum 25-year affordability period, a five per cent cap on the number of inclusionary zoning units, and a standardized approach to determining the price or rent of an affordable unit under an inclusionary zoning program
  • exempting affordable, and inclusionary zoning units, select attainable housing units, and non-profit housing developments from municipal development charges, parkland dedication levies, and community benefits charges
  • removing site plan control requirements for most projects with fewer than 10 residential units (with limited exceptions)
  • making changes to the Ontario Land Tribunal Act to help speed up proceedings, resolve cases more efficiently and streamline processes
  • doubling maximum fines for unethical builders and vendors of new homes who unfairly cancel projects or terminate purchase agreements
  • seeking input on integrating A Place to Grow: Growth Plan for the Greater Golden Horseshoe and the Provincial Policy Statement into a single, provincewide planning policy document
  • calling on the federal government to come to the table and work with us on potential GST/HST incentives, including rebates, exemptions and deferrals, to support new ownership and rental housing development

Click here to read more.


CME: labour shortages are destroying the economy

On Oct. 25, Canadian Manufacturers & Exporters (CME) released its annual labour survey showing that labour and skills shortages are harming the Canadian economy. In the last year alone, CME says these shortages have resulted in economic losses totalling nearly $13 billion, a figure calculated from the responses of 563 manufacturers from across 17 industries in Canada.

According to their data, over the past year, 62 per cent of manufacturers have lost or turned down contracts and faced production delays due to a lack of workers, resulting in $7.2 billion in lost sales and penalties for late delivery. At the same time, 43 per cent of companies have postponed or cancelled capital projects because of labour shortages, corresponding to $5.4 billion of lost investment.

Click here to read more.


Canopy Growth looks to grow U.S. business with new holding company structure

Canopy Growth Corp.’s share price surged more than 27 per cent as it announced it will fast track its plans for the U.S. market with the creation of a new U.S.-domiciled company meant to hold its cannabis investments made south of the border.

Smiths Falls, Ont.-based Canopy’s stock hit $4.02 in afternoon trading after it announced Tuesday that it was establishing Canopy USA LLC. The venture will help it exercise its rights to acquire U.S. cannabis companies Acreage, Wanna and Jetty, which it signed deals to take a stake in should the U.S. move toward national legalization.

In addition, Canopy USA will control a conditional ownership position in U.S. cannabis company TerrAscend Corp.

Click here to read more.


Niagara Economic Summit

Vivian Kinnaird to bring data-driven perspective on Niagara’s labour shortage

“Nobody wants to work anymore.” We’ve all heard it, and many of us have felt it – but is it actually true? The entire country faces a labour shortage that crosses sectoral and occupational boundaries, but, as always, it is not felt evenly across every industry and profession. Solving the labour question cannot be done until we know what the true problems are.

As Strategy Lead and CEO of Workforce Collective, formerly Niagara Workforce Planning Board, Vivian Kinnaird leads Niagara’s leading authority on workforce data and analysis. At the Summit, Vivian will bring a data-driven, evidence-based approach to the labour shortage, revealing where the problems are most acute, the factors that drive them, and what policymakers might do to solve them. Join us at the Summit to hear her insights.

Contact us to submit your questions for Vivian.

Click here for tickets to this year’s Niagara Economic Summit.


Focus on Finance & Economy

Recession or a coming financial crisis? Economists say the difference is vast

Interest rates are creeping higher, and the word “recession” is on everyone’s lips.

But so far, only a few financial commentators are warning of something much worse that could abruptly change the rules of the game: The threat of a financial crisis.

On Wednesday, the Bank of Canada is preparing to announce what’s expected to be another large hike in interest rates, continuing its battle against stubborn inflation.

The bank’s governor, Tiff Macklem, has repeatedly and confidently said that neither the risk of a recession nor falling house prices will stop him from getting inflation down to its target range, two per cent.

Click here to read more.


Heather Zordel resigns as chair of Ontario Securities Commission

The chair of the Ontario Securities Commission has stepped down less than a year after taking the job. A spokesperson for Ontario Finance Minister Peter Bethlenfalvy says the minister accepted Heather Zordel’s resignation on Oct. 21.

No reason was given for Zordel’s departure.

The OSC was recently reorganized in a move that split the roles of chair and chief executive into two distinct positions. Zordel was the first chair of the provincial securities regulator under the new structure. She had been appointed to a two-year term that was to run until April 2024.

Click here to read more.


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.


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