Daily Update: April 19, 2023

In this edition:


Bargaining continues as federal workers picket, major service disruptions expected

Canada’s largest federal public-service union and the federal government continue to negotiate as workers go on strike.

Federal workers were hitting the picket lines across the country on Wednesday after Canada’s largest federal public-service union and the government failed to reach a deal by a Tuesday evening deadline.

In a statement, the Government of Canada said that it “has done everything it can to reach a deal and avoid disrupting the services that Canadians rely on… The Government has presented a fair, competitive offer to the PSAC and responded to all their demands.”

Chris Aylward, PSAC national president, said in a release that “we truly hoped we wouldn’t be forced to take strike action, but we’ve exhausted every other avenue to reach a fair contract for Canada’s Federal Public Service workers.”

Approximately 46,000 workers are deemed essential, but Canadians should anticipate major disruptions to non-essential services. PSAC has announced that the passport office in the Pen Centre will be picketed, but no other picket lines in Niagara are planned.

Click here to read more.


Raw material prices down 16.5% year over year

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), edged up 0.1% month over month in March and fell 1.8% year over year. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 1.7% on a monthly basis in March and were down 16.5% year over year.

Prices for crude energy products fell 3.3% in March, a fifth consecutive monthly decrease. In March, the price of conventional crude oil declined 3.4% month over month and was 28.2% lower compared with March 2022. This was the largest year-over-year decrease for conventional crude oil since November 2020 (-28.9%).

Click here to read more.


St. Catharines recognized for efforts to adapt to climate change with award

The City of St. Catharines received a Climate Action Award from the Water Environment Association of Ontario. Presented in partnership with the Ontario Water Works Association, the award recognizes and acknowledges innovations in infrastructure that adapt to climate change (resilient infrastructure) or reduce climate impacts by significantly decreasing greenhouse gas emissions (mitigation).

The news of the award came on the heels of a recent University of Ottawa research paper which ranked the City’s Climate Adaptation Plan third of about 15 plans from across the province evaluated for comprehensiveness –  finishing ahead of communities like Toronto, Hamilton and Kitchener, among others.

Click here to read more.


$500,000 gift in honour of Laura Sabia to support women in STEM, aspiring entrepreneurs

Women students and researchers working and studying in the fields of science, technology, engineering and math (STEM), as well as those developing their own business ideas, got a substantial boost Wednesday thanks to a generous gift from Brock University Chancellor Hilary Pearson and her husband Michael Sabia.

The $500,000 gift — made in honour of noted Niagara politician, journalist and women’s rights leader Laura Sabia — will support students and researchers in the Yousef Haj-Ahmad Department of Engineering and in the Entrepreneurship Co-op program. Laura Sabia was the mother of Michael Sabia and a strong public advocate for women’s success in business and professional occupations.

Click here to read more.


St. Catharines will spend $250,000 on study to protect downtown heritage buildings

St. Catharines will spend $250,000 on a study to assess how the Ford government’s new housing bill will impact heritage buildings, and how the city can protect them.

Councillors voted 11-2 to fund the study, possibly creating a downtown heritage district in order to protect more than 100 buildings.

There are currently five heritage districts in the city, including the Yates Street and Port Dalhousie areas.

Click here to read more.


Investigation paused at Port Colborne dig site

Jennifer Dockstader has concerns about how an investigation into a potential burial ground with Indigenous artifacts in Port Colborne has been handled so far.

But the executive director of the Fort Erie Native Friendship Centre said she is grateful the investigation has been paused so the Haudenosaunee Development Institute (HDI) can have a chance to lend its expertise.

“The HDI protects and preserves the heritage of Haudenosaunee people and Indigenous people. Their involvement brings a level of expertise to the potential finds of Indigenous people and will bring expertise with regard to the Indigenous artifacts found,” Dockstader said.

Click here to read more.


Focus on Climate

How Sweden electrified its home heating — and what Canada could learn

In the 1970s, three quarters of Swedish homes were heated with oil boilers. Today, electric-powered heat pumps have all but replaced oil in single-family homes (most multi-family homes rely on district heating). That has driven greenhouse gas emissions from oil heating of buildings down 95 per cent since 1990, according to the Swedish Energy Agency, said Martin Forsén a Swedish heating industry veteran and president of the European Heat Pump Association.

So how did that happen? And are there lessons for Canada’s transition away from fossil heating?

Click here to read more.


How a Supreme Court case could decide the future of Canadian climate policy

On the heels of the latest United Nations Intergovernmental Panel on Climate Change report declaring a “rapidly closing window of opportunity” to secure a liveable future, the Supreme Court of Canada recently heard a case that could decide the future of Canadian climate policy.

Late last year, the Alberta Court of Appeal said the federal Impact Assessment Act — which seeks to minimize the environmental impacts of major economic projects — was unconstitutional because it intruded into provincial jurisdiction over natural resources development.

The federal government, on March 21 and 22, asked the Supreme Court of Canada to overturn the Alberta Court of Appeal’s opinion.

Click here to read more.


Did you know?

Pepsi was first invented in 1898 by pharmacist Caleb Bradham and sold as “Brad’s drink.”


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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Espresso Live: Tax Hacks For Your 2022 Return

Make this year’s tax season headache-free as we examine the changes, updates and tips for perfect 2022 filing

With a new year comes new opportunities to save on your taxes and maximize your deductions. Join us as we cover the latest tax updates and explore some expert tips and strategies to help you navigate the tax system and save money. Whether you’re an individual taxpayer or a business owner, you don’t want to miss this informative session.

Hosted by Mishka Balsom, CEO, Greater Niagara Chamber of Commerce.

With guests:

  • Bill Crysler, Partner, MNP
  • Doug Carroll, Tax & Estate Specialist, Aviso Wealth, Wealth Management Partner to Meridian Credit Union

Powered by Meridian Credit Union

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Daily Update: April 11, 2023

In this edition:


Ontario launches new ultra-low electricity rate

The Ontario government is launching a new Ultra-Low Overnight price plan on May 1, 2023. Customers of Toronto Hydro, London Hydro, Centre Wellington Hydro, Hearst Power, Renfrew Hydro, Wasaga Distribution, and Sioux Lookout Hydro can opt-in to this new optional electricity price plan, with all utilities required to offer it to customers within six months.

The new electricity pricing structure is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans.

Click here to read more.


Tax questions to be answered in upcoming free GNCC webinar

The 2022 tax year saw several changes, including tweaks to the income tax brackets, doubling the home buyers’ tax credit, the Ontario staycation credit, and new eligible medical expenses.

Join guests Bill Crysler of MNP and and Doug Carroll from Meridian Credit Union for a free webinar on April 13 that will cover an overview of the changes and tax hacks that can maximize your return for 2022.

Click here to register.


Ministry of Labour issues 18 orders for Welland condo project

The Ministry of Labour, Immigration, Training and Skills Development reports it has issued 18 orders following two partial collapses of a 226-unit, five-storey condo project under construction at 350 Prince Charles Dr. in Welland, Ont.

The Upper Vista Welland project suffered a structural failure on Feb. 18 and a further partial collapse on Feb. 26, both on the south side of the building.

Developer Evertrust Developments began a site cleanup in early March after receiving a partial demolition permit from the municipal government.

Click here to read more.


Ford Motor Co. unveils details of plan to spend $1.8B in Oakville to produce electric vehicles

Ford Motor Co. has revealed some details of its plan to spend $1.8 billion on its Oakville Assembly Complex to turn it into an electric vehicle production hub.

The automaker said Tuesday that it will start retooling the Ontario complex in the second quarter of 2024 and begin producing electric vehicles in 2025.

Ford said the transformation of the Oakville site, to be renamed the Oakville Electric Vehicle Complex, will include a new 407,000 square-foot battery plant where parts produced at its U.S. operations will be assembled into battery packs.

Click here to read more.


Niagara Health launches digital platform to improve surgical care experiences for patients

Niagara Health has launched a new digital platform to improve patient outcomes and surgical care experiences.

Called SeamlessMD, the digital platform guides patients with personalized education materials, reminders, progress tracking, post-surgery symptom monitoring and other services. Available on smartphones, tablets and computers, the tool aims to improve recovery outcomes, reduce hospital stays and readmissions, and Emergency Department visits.

Click here to read more.


Canadian office vacancy spikes in Q1

Office vacancy continued to rise in Canada’s major markets in the first quarter of 2023 as tenants adjust to hybrid work and office landlords strive to maintain their appeal.

The result, said CBRE in its Q1 2023 Canada Office Figures report, is a “sector in flux and greater separation forming between uninspired older offices and well-amenitized modern spaces.”

Canada’s overall national office vacancy rate increased to an all-time high of 17.7 per cent, according to the report.

Click here to read more.


IESO doubles incentives for business energy-saving measures

As part of the Local Initiatives Program, the IESO is introducing Retrofit regional adders in some areas of the province where electricity constraints exist.

The purpose of these adders is to encourage further uptake in the Retrofit program to assist in reducing demand for the transmission assets in these constrained areas. The target areas were selected in consultation with the IESO’s system planners and include regions that have been identified as electricity-constrained through the regional planning process.

The adders will be available for a period of six months effective April 3, 2023; during this time, all non-lighting measures will be eligible for double the incentive normally available.

Click here to read more.


Focus on Finance & Economy

Municipal procurement is a challenging environment

Municipalities lack comparatively bottomless resources of more senior levels of government.

They also have less capacity to spread risk and cost. Despite declining real revenues, the demands upon them have been increasing steadily in recent years due to the practice of downloading.

Many municipalities must somehow deal with the problem of an aging infrastructure, while at the same time maintaining a level and range of services consistent with public expectations.

In such an environment it is becoming progressively more necessary to drive if not hard bargains, then certainly economical ones.

Click here to read more.


Debt weighing heavily, as half of Canadians believe ‘worst is yet to come’: MNP survey

Canadians remain concerned about their debt levels amid higher interest rates, a new report has found, with half expecting that economic circumstances will deteriorate further and that “the worst is yet to come.”

That’s according to MNP’s quarterly Consumer Debt Index released Tuesday. While the Index rebounded from an all-time record low last quarter, rising 12 points to 89 points, Canadians are still worried about their indebtedness. Nearly half (46 per cent) said they are concerned with their current levels of debt (down from 47 per cent), and more than half (57 per cent) said if interest rates go up they will be in financial trouble (down from 59 per cent).

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: April 5, 2023

Canadian international trade surplus narrows as total exports fall, Ontario strengthens tenant protections, adds more adjudicators, and more.

In this edition:


Canadian international trade surplus narrows as total exports fall

Following strong increases in January, Canadian merchandise exports and imports decreased in February. Exports were down 2.4%, while imports decreased 1.3%. As a result, Canada’s merchandise trade surplus with the world narrowed from $1.2 billion in January to $422 million in February. The February surplus is close to the typical bounds for monthly revisions to imports and exports.

The “International trade monthly interactive dashboard” offers the most recent results of Canada’s international trade in an interactive format.

Click here to read more.


Ontario strengthens tenant protections, adds more adjudicators

Ontario is increasing the number of adjudicators and staff at the Landlord and Tenant Board to speed up decision timeframes, as well as strengthening a broad range of tenant protections. The Province will invest $6.5 million to appoint an additional 40 adjudicators and hire five staff to improve service standards.

Ontario is also proposing changes that would enhance tenants’ rights to install air conditioning in their units and to strengthen protections against evictions due to renovations, demolitions and conversions, as well as those for landlord’s own use.

Click here to read more.


West Lincoln approves 6.5% levy increase

Property taxes are going up in West Lincoln, but by an amount that’s less than what was originally proposed.

Residents will see a 6.5 per cent increase, which is down from the previous figure suggested at the Feb. 21 council meeting, which had been a rate of 7.78 per cent.

For an average house, assessed at $386,000, that means residents will pay roughly $291 yearly, or $24.25 per month, more in property taxes this year.

Click here to read more.


YourTV will broadcast GNCC Minister O’Regan event on Friday and Monday

The GNCC’s Spotlight event with federal Minister of Labour Seamus O’Regan will be broadcast on YourTV at 7 p.m. on Friday, April 7, and 6 p.m. on Monday, April 10.

Minister O’Regan delivered remarks and answered audience questions on a range of topics including Budget 2023, temporary foreign workers, closing the wage gap, and addressing the labour shortage.

Click here for more.


Queen’s Park raises eligibility cap for energy bill support

Ontario is updating the eligibility for the Energy Affordability Program which provides free home-efficiency upgrades for Ontarians who are looking for support with their energy bills. To ensure families have access to these critical supports and help keep costs down, the income eligibility threshold is being raised by $11,715 for a four-person household, and by $8,285 for a couple.

The Energy Affordability Program offers energy saving measures that can help participating households manage their energy use and lower electricity costs by up to $750 per year depending on eligibility, at no cost to the customer.

Click here to read more.


Niagara College launches vision and action plan for equity, diversity and inclusion

Niagara College and its students are proud to launch an Equity, Diversity and Inclusion (EDI) Blueprint, reflecting a shared commitment and a clear plan to support and enhance EDI initiatives where all members of our community are engaged, valued, and supported.

A reflection of the voices of the College community, the EDI Blueprint was born from tremendous collaboration between NC and the Niagara College Student Administrative Council (NCSAC).

Click here to read more.


Innovate Niagara seeks 120 local businesses to receive seed funding

Applications remain open for Innovate Niagara’s i.d.e.a. Fund, a program that fosters inclusion, diversity, environment and acceleration while contributing to a green recovery.

The program will provide specialized industry expertise to develop growth plans and related strategies in the areas such as talent attraction, raising follow-on investment, product development and quantification of product benefits/market value propositions, commercialization of intellectual property, and market diversification. Up to a maximum of $30,000 in matching seed funding will be distributed to select innovative businesses in various sectors.

Click here to read more and apply.


Rogers takeover of Shaw finalized, deal now official

The head of Rogers Communications Inc. pledged to lower costs for customers and brushed aside competition concerns after the company closed its $26-billion purchase of Shaw Communications Inc. on Monday.

The deal, which was first announced in March 2021, cleared its final regulatory hurdle last week after Industry Minister Francois-Philippe Champagne agreed to the transfer of Shaw-owned Freedom Mobile’s wireless licences to Quebecor Inc.’s Videotron.

Click here to read more.


Prompt payment toolkit aims to help contractors get paid on time

A new Ontario-wide campaign co-ordinated by the Council of Ontario Construction Associations (COCA) aims to raise awareness about prompt payment and adjudication and provides a guide to help contractors get paid on time.

The Prompt Payment and Adjudication Toolkit, an online resource centre, was launched recently.

The toolkit features downloadable documents with information for owners, contractors and subcontractors. Prompt Payment Adjudication 101 provides an overview of the act in layman’s terms and there is also information about holdbacks and proper invoicing.

Click here to read more.


Minister Ng to visit Niagara

The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, will visit small businesses and stakeholders in the Niagara region tomorrow to highlight federal budget investments.

Minister Ng will tour Ravine Vineyard Estate Winery and Ramaker’s Dutch Imports, followed by a small business walk on St. Paul and James streets in St. Catharines, visiting Adam’s Flora, Beechwood Doughnuts, and Wandering Spirits.

Click here to read more.


Cheekbone Beauty celebrates new partnership with Sephora

Niagara-based Cheekbone Beauty, the very first Indigenous-owned and founded cosmetics company, has announced a new partnership with Sephora Canada, a celebration of diversity in the beauty industry.

This partnership is not only a huge milestone for Cheekbone, but also for the Indigenous community, whose voices are so often overlooked in the beauty industry.

We are so incredibly excited to see our brand and message of sustainability, authentic representation and Indigenous education expand to Sephora,” said Cheekbone Beauty CEO and founder Jenn Harper.


Focus on Climate

Royal Bank of Canada Creates Climate Action Institute

Royal Bank of Canada (RBC) is expanding its Economics and Thought Leadership group to create a dedicated approach to climate policy research and action across key sectors of the economy.

The RBC Climate Action Institute will bring together economists, policy analysts and business strategists to help research and advance ideas that can contribute to Canada’s climate progress.

Click here to read more.


Climate and Construction: HVAC and AI are game-changers for offices of the future

The interior comfort of commercial spaces has moved beyond just a heat or cool situation. The quality of air and the regulation of interior environments has now become a health and safety issue. Meanwhile, decarbonization of buildings is becoming a government priority.

How can building owners and their operations managers cope with these rapid changes while simultaneously moderating or even reducing their consumption of energy and carbon emissions? It sounds complicated.

But is it?

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: April 3, 2023

Labour market still tight, but shortages have eased from peak, most Canadians see recession as most likely economic scenario, and more.

In this edition:


Labour market still tight, but shortages have eased from peak

Today, the Bank of Canada released the results from its first-quarter 2023 Business Outlook Survey and the Business Leaders’ Pulse surveys from January through March 2023.

Firms continue to view the labour market as tight, though labour shortages and wage growth pressures have eased. Demand for labour has softened over the past several quarters but continues to be robust—more than half of firms still plan to increase their workforce over the next 12 months.

As in recent surveys, businesses anticipate that their sales will grow but at a slower pace. For many firms, this slowdown will follow a period of exceptional strength over the past year.

Click here to read more.


Most Canadians see recession as most likely economic scenario

The Canadian Survey of Consumer Expectations for Q1 2023 has revealed that most Canadians see a recession as the most likely scenario for the economy in the next 12 months, but many are uncertain about where the economy and labour market are going.

Expectations for inflation one to two years ahead have fallen but remain well above their levels from before the COVID-19 pandemic. Most consumers think the Bank of Canada’s ability to get inflation back to target is hampered by high government spending and challenges with supply chains.

High inflation and rising interest rates are putting pressure on consumers, and particularly on mortgage holders. In response, consumers expect to spend less on discretionary services such as travel, restaurant meals and other social activities than they did over the last 12 months.

Click here to read more.


Ontario introduces new red tape reduction legislation

Today, the Ontario government introduced the Less Red Tape, Stronger Economy Act, 2023. This is the 11th Red Tape Reduction package and the 10th Red Tape Reduction bill introduced by the Ontario government since 2018.

Ontario’s Spring 2023 Red Tape Reduction Package includes 42 new initiatives that, when fully implemented, are estimated to save businesses, not-for-profits, and the broader public sector $119 million in net annual regulatory compliance costs.

Click here to read more.


New supports for Canadian families struggling with cost of living take effect

The Government of Canada is highlighting new measures aimed at reducing the rising cost of living for Canadians. Measures taking effect this month include:

  • The federal minimum wage is increasing from $15.55 to $16.65 per hour, to keep pace with inflation;
  • Canada Student Loans and Canada Apprentice Loans, including those currently being repaid, become permanently interest-free;
  • Financial institutions can offer the Tax-Free First Home Savings Account, to help Canadians save up to $40,000 tax-free for their first home;
  • Quarterly Climate Action Incentive payments increase for people in provinces where the federal price on pollution currently applies;
  • Eligible low and median income homeowners can receive up to $10,000 toward a new energy efficient heat pump through the Oil to Heat Pump Affordability Program.

These newly available support measures build on a range of other investments and initiatives, including doubling the GST Credit for six months, providing dental care for more than 250,000 children, and delivering a one-time tax-free payment of $500 for low-income renters.

Click here to read more.


Port Colborne retains consultant for Active Transportation Master Plan

The City of Port Colborne has retained McIntosh Perry Consulting Engineers to undertake a study to develop an Active Transportation Master Plan (ATMP) for the City.

The ATMP will serve as a centralized document to guide all active transportation related development within the City and will support the management and direction of short and long-term active transportation initiatives until 2032.

Click here to read more.


Black Owned 905, Future Black Female prepare for opening of storefront

Black Owned 905 and Future Black Female will open their storefront on April 8, and the grand opening will feature a market inside the space.

The store, located in the Corbloc, serves as a space for black-woman-owned businesses to get their feet off the ground.
The businesses featured in the store will be chosen through the organizations’ joint “Marketplace Bootcamp” program.

Black women between the ages of 18 and 25 with a business plan can contact info@futureblackfemale.com for more information.

Click here to read more.


Meridian launches Earth Month eco-upgrade project to help businesses become more eco-friendly

Meridian is marking Earth Month with the launch of its inaugural Eco-Upgrade Project for small business owners in Ontario. The project aims to help businesses become more eco-friendly by providing eco-upgrade grants from a total grant pool of $30,000.

There will be one large eco-upgrade selected to a maximum value of $15,000, two medium sized upgrades to a maximum value of $5,000 each and the remainder of the budget will be divided up to grant as many smaller eco-upgrades as possible within the total grant pool.

Click here to read more.


Hidden Bench adds to estate with purchase of 48-acre Beamsville Bench property

In what is likely one of the largest parcels of land left on the Beamsville Bench suitable for planting grapes, Hidden Bench has acquired a “coveted” 48-acre property.

Preparation for the vineyard has already begun, with approximately 25-30 acres devoted to new plantings, bringing the total amount of acreage Hidden Bench owns and farms organically to approximately 110 acres in now four estate vineyards — Locust Lane, Rosomel, Felseck and the new vineyard, plus a vineyard the estate leases and farms organically in the Lincoln Lakeshore sub-appellation.

Click here to read more.


Focus on Small Business

Do not apply a ‘one-size-fits-all’ approach to your marketing

A common mistake that many companies make is using a “one-size-fits-all” approach to its marketing efforts. Said another way, the company comes up with one marketing strategy, uses mass marketing techniques and the same messaging to everyone that sees its advertising.

Yes, that is a simple approach, and saves you time and efforts required to customize your messaging to specific sub-audiences. But if you are looking to maximize your return on marketing spend, that additional upfront investment in building customer personas (sub-audiences) and a customer journey flow (from upper funnel to lower funnel) will pay back in spades.

Click here to read more.


Whatever happened to Groupon?

Founded in 2008, Groupon’s appeal was a supposed win-win for both customers and businesses:

  • Customers scored big discounts at local merchants if enough of them agreed to make the same purchase.
  • Businesses got exposure and new customers.

In August 2010, Forbes called the Chicago-based platform the “fastest growing company ever.” The following year, it IPO’d at a $17.8B market cap.

Today? Groupon is worth just $103m — a 99.4% plummet from its IPO. And though it does maintain ~14m active users, it had 83m+ subscribers in 2011, per TechCrunch.

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: March 24, 2023

In this edition:


2023 Ontario budget roundup

Niagara Regional Chair Jim Bradley states, “I am pleased to see that our advocacy on a number of critical issues has helped to motivate the provincial government to provide much needed increases in funding.”

Ontario Chamber of Commerce President Rocco Rossi remarks, “we appreciate the government’s focus on fiscal responsibility while maintaining growth-enabling investments that support greater productivity.”

CBC News reports on “biggest-ever $204B budget, but one with little to ease daily affordability issues.”

The Toronto Star reports that the budget has “more money for health care, but little to help fight inflation.”

TVO Today calls it “good news for the government, bad news for big cities.”

CTV News said the budget placed “an emphasis on industry in an effort to support an uncertain economy.”

The Toronto Sun commented on the “ambitious goal to build an end-to-end electric vehicle industry. ”

Restaurants Canada says it is “pleased to see several welcomed initiatives announced in yesterday’s Ontario Budget.”

The Canadian Federation of Independent Businesses was “encouraged that [the] budget continues the Ontario government’s consistent ‘do no harm’ approach to small business policy.”

The Ontario Road Builders’ Association “congratulates and thanks the Ontario Government’s significant increase in transportation infrastructure investments announced yesterday in the 2023 provincial budget.”

The Ontario Home Builders’ Association said the budget took “important steps forward to help accelerate the delivery of housing supply.”

The Residential and Civil Construction Alliance of Ontario (RCCAO) “welcomes the Ontario Government’s continued investment in critical infrastructure.”


Applications now open for STCPatio program

The City of St. Catharines is helping restaurants, bars and food establishments get their seasonal patios up and running for the start of patio season.

Applications are open for the City’s new Seasonal Temporary Commercial Patio (STCPatio) Program to support businesses wanting to expand their service areas outside with temporary patios for the upcoming season.

St. Catharines City Council recently approved the amalgamation of the City’s Temporary Outdoor Patios During COVID-19 Recovery and the Sidewalk and Curbside Patio programs to create a new program offering one annual application supporting STCPatios on both municipal and private property.

Click here to read more.


Wainfleet, Grimsby pass budgets with tax hikes

Wainfleet Council passed its 2023 municipal budget at their regular meeting held on Tuesday March 21, 2023. The Budget includes a tax levy requirement of $6,175,639 for local operating requirements, a $1,273,887 infrastructure levy, and a $872,655 capital levy.

The combined Township of Wainfleet municipal rate (consisting of the above-mentioned operating, infrastructure and capital levies) will mean an increase of about $0.35 cents per day in property taxes for the average residential home assessed at $320,000. This amounts to $129.98 over the course of the year – a 5.45% increase versus 2022.

Grimsby councillors approved the 2023 town levy on Tuesday, March 21, giving staff the green light to hire six new staff, increase its legal fees budget and fund several capital projects. All told, the average home assessed at $442,000 will be paying $129 more in 2023 on their overall tax bill.

As part of the consolidated budget, councillors also approved the roughly $52-million capital budget, which funds major one-time projects. This year includes a couple of major projects, including the Peach King Centre expansion as well as Casablanca Boulevard and GO station improvements.


Welland receives Longstanding Community Service Award from the United Way

The City of Welland has announced its receipt of the United Way’s Longstanding Community Service Award, an honour acknowledged on March 22 at the United Way’s Campaign Celebration event.

Throughout the year, the City’s United Way Committee organizes events and fundraisers for City staff to participate in, with all funds going to the United Way. Some of these events include the Halloween Spooktacular and Christmas fundraisers, which include 50/50 draws, special draws, a pizza tailgate, a Superbowl fundraiser, the Period Promise, Let’s Get Busy fundraisers, and payroll deductions (dress down days).

Click here to read more (PDF link).


Car and gasoline sales take lead in January retail bump

Retail sales picked up 1.4% to $66.4 billion in January, Statistics Canada reported today, with increases posted in seven of nine subsectors, representing 88.7% of retail trade. The increase was led by higher sales at motor vehicle and parts dealers (+3.0%) and gasoline stations and fuel vendors (+2.9%).

Core retail sales—which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers—increased 0.5% in January. In volume terms, retail sales increased 1.5%.

Given the continually evolving economic situation, Statistics Canada is providing an advance estimate of retail sales, which suggests that sales decreased 0.6% in February.

Click here to read more.


Trudeau and Biden issue joint statement on growing clean economy and job creation

The Prime Minister, Justin Trudeau, welcomed the President of the United States of America, Joe Biden, to Canada from March 23 to 24. The leaders issued a joint statement with commitments to drive significant progress on shared priorities including growing the middle class, making life more affordable for people, and creating good jobs through clean growth and economic integration, taking ambitious climate action and protecting the environment, and defending North America and advancing peace and security around the world.

The Prime Minister announced that Canada is moving forward with a new investment tax credit for clean technology manufacturing and the leaders launched an Energy Transformation Task Force to accelerate our work together over the next year across the spectrum of the clean economy. The leaders agreed to work together to promote trade in clean goods, including clean steel and aluminum, and continue to collaborate on renewable energy and electric vehicle supply chains, the critical minerals value chain, nuclear energy, and aligning zero-emission vehicle (ZEV) infrastructure.

A cross-border semiconductor manufacturing corridor plan was also announced, beginning with the signing of an arrangement between Canada and IBM to expand domestic research and development and advanced packaging of semiconductors.

Click here to read more.


CRTC launches consultation to improve Broadband Fund

The CRTC is launching a consultation to improve its Broadband Fund, which helps bring high-speed Internet and mobile services to communities across Canada.

The CRTC is proposing to make the application process faster and easier. The CRTC also wants to create a new funding stream for Indigenous communities and to fund projects that would increase the reliability of rural and remote networks.

A summary of the notice of consultation is also available in various Indigenous languages.

The CRTC is accepting comments until July 21, 2023. Comments can be submitted by:

  • filling out the online form,
  • writing to the Secretary General, CRTC, Ottawa, Ontario, K1A 0N2, or
  • sending a fax to (819) 994-0218.

Click here to read more.


Sunset Beach renovation project awarded $4.4 million in provincial funding

On Friday, March 24, the Provincial government joined the City of St. Catharines for a funding announcement at an event at Sunset Beach.

The project is set to take place in two parts. Phase one starts this fall and will include improvements to the parking lot, reconstruction of the existing boat ramp and shoreline protection efforts. Phase two will include improvements to existing park amenities such as trails and picnic tables and a complete replacement of the playground structure.

The project is part of the Sunset Beach Community Vision which was approved by Council in July 2019. In November of that year, staff applied to the Community, Culture and Recreation stream of the ICIP grant.

Click here to read more.


Focus on Human Resources

Accessibility obligations and upcoming deadlines for federally-regulated entities

By June 1, 2023, most larger federally-regulated entities (i.e. those with 100 or more employees) will be required to publish their initial Accessibility Plan in accordance with the requirements set out in the Accessible Canada Act (“ACA”).

The ACA created an accessibility regulatory regime designed to remove barriers to accessibility in seven key areas. The regime includes separate and overlapping sets of regulations issued by the Governor in Council (“GC Regulations”), which apply to most federally-regulated entities, the Canadian Transportation Agency (“CTA Regulations”), which apply to entities regulated under the Canada Transportation Act, and the Canadian Radio-television and Telecommunications Commission (“CRTC Regulations”), which apply specifically to entities that are regulated under the Broadcasting Act and Telecommunications Act.

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: March 23, 2023

In this edition:

This edition of the Daily Update was delayed in order to include details of the 2023 Ontario budget.


Ontario releases 2023 budget

The Government of Ontario today released details of the 2023 budget, Building a Strong Ontario.

Although able to capitalize on higher-than-expected revenues and a smaller deficit than forecast, the government still faces a number of challenges affecting the budget for 2023. Slower economic growth is expected, with real GDP growth of 0.2% forecast, although growth will recover to 1.3% in 2024 and 2.5% in 2025, the budget predicts. A strong employment recovery, ahead of US and Canadian averages, has helped to drive growth.

The government predicts a deficit for 2023, but is forecasting a surplus of $200 million in 2024, and a $4.4bn surplus the year after. However, future economic challenges, such as a possible recession this year, could affect this forecast.

Inflation is projected to hit 3.6% this year, higher than was expected in budget 2022, although expected to fall to 2.1% next year and to the historical norm of 2% thereafter. The Bank of Canada’s interest rate hikes, enacted to combat this inflation, have affected Ontario’s cost of borrowing as rates exceeded those forecast in the 2022 budget. $27.5bn in borrowing is forecast for this year, but that number will increase to $28.7bn next year.

The government has set a target net debt-to-GDP ratio (a measure of the public debt relative to the size of the economy and therefore, the ability to repay it) of 40%, down from last year’s target of 42%. Among the 22 Organisation for Economic Co-operation and Development and European Union (OECD-EU) member states, for comparison, net debt-to-GDP ratios average 115%.

Spending highlights from the budget include:

  • $184.4bn over the next 10 years for highways, transit, and infrastructure projects, including $20.6bn for upcoming year. This includes the QEW Garden City Skyway Bridge Project and investments in GO Transit throughout the Greater Golden Horseshoe area, including stations in Niagara.
  • The Ontario Made Manufacturing Investment Tax Credit, which will offer a potential 10% tax credit for qualifying invesments, up to $2m per year. The total cost is estimated to be $780m over the next three years.
  • Expanded access to the small business Corporate Income Tax (CIT) rate by increasing the phase-out from $10-$15m of taxable capital to $10-50m, allowing more businesses to claim the rate.
  • $15m over three years for the Racialized and Indigenous Supports for Entrepreneurs (R.A.I.S.E.) program.
  • $4bn for high-speed internet infrastructure to ensure all Ontario communities have access to broadband by the end of 2025.
  • Extending gas tax and fuel tax rate cuts until December 2023.
  • A 50% reduction in child care fees for children aged 0-5 through a joint $13.2bn investment with the Government of Canada.
  • A harmonized liquor tax rate of 12%.

Other projects announced without funding figures included the creation of serviceable industrial sites to boost competitiveness in attracting high-value advanced manufacturing projects, exploring the introduction of an Urban Mobility Vehicle pilot program to allow urban mobility vehicles to operate on the roads of participating municipalities, and a review of the provincial tax system.

Click here to read more.


Folk Arts Centre to present A Social Enterprise Plan for Newcomers in Niagara

On March 30th, the Niagara Folk Arts Multicultural Centre invites the Niagara community to an evening addressing how IHEP Healthcare Navigators will serve the community. The program graduates will lead an informative presentation on “A Social Enterprise Plan for Newcomers to Niagara,” which was developed as part of a training program which included 12 weeks of in-class and hybrid sessions in: Ethics, Communication, Mental Health and Systems Navigation. Two months of practical community placements experiences were completed in over 20 organizations in the region. This program is being evaluated for future opportunities by Brock University’s Professional and Continuing Studies Unit.

The plan will be reviewed by an expert panel that includes: Emily Kovacs (Executive Director,  NFAMC), John Armstrong (President, Armstrong Strategy Group), Barry Wright (Dean, Goodman School of Business), Lorraine Hulley (Executive Director, Rose Cottage), Ed Unrau (Decision Architect, 3DM6) and Rachel Crane (Workforce Collective). The panel will provide organizational and strategic guidance and support to this forming social enterprise as part of the evening’s features .

The evening will conclude with a celebration acknowledging the hard work, dedication and success of the graduates and the supporting team.

Click here to read more (PDF link).


Open House for St. Catharines GO station to be held

Niagara Region and the City of St. Catharines are hosting an open house on March 30th to provide information about upcoming projects and how they will impact the area over the next couple of years.

​It will be a busy couple of years with many construction projects happening to improve multi-modal access to the St. Catharines GO Station and to make upgrades to the transportation network in Niagara.

Existing connections will be improved and new connections will be developed to provide safe and convenient access to the station and from the station into the downtown, employment areas, commercial areas, Ridley College and other key destinations.

Click here to read more.


St. Catharines invites residents to apply for Advisory Committees and Task Forces

The City is looking for applicants following a review and recent restructuring of its advisory committees and task forces.

All residents are encouraged to apply before applications close on April 21 at noon.

A recruitment fair/open house is scheduled to take place on April 5, from 3 p.m. to 7:30 p.m. at the St. Catharines Kiwanis Aquatics Centre at 425 Carlton St. This is a chance for the public to ask questions and learn more about the committees.

Click here to read more.


Number of EI claimants in January was lowest on record

In January, 375,000 Canadians received regular Employment Insurance (EI) benefits, Statistics Canada revealed today, down by 20,000 (-5.0%) from December 2022. This was the lowest number of regular EI beneficiaries on record since comparable data became available in 1997, outside of the period when the Canadian Emergency Response Benefit was in place from March to September 2020.

On a year-over-year basis, the number of regular EI beneficiaries fell by 294,000 (-43.9%). The largest proportional decline was observed among young women aged 15 to 24 years (-73.0%; -27,000), followed by young men aged 15 to 24 years (-59.9%; -31,000).

Click here to read more.


United Way Niagara celebrates record fundraising year

United Way of Niagara is celebrating a record fundraising year, with $5.2M raised in its fall campaign.

The campaign, led by Campaign Chair and President of Niagara College Canada, Sean Kennedy, raised $5,270,000, surpassing the $5 million-dollar goal set in September.

“It has been my pleasure to serve as the 2022 Campaign Chair,” said Niagara College President Sean Kennedy. “I am inspired by the generosity of the donors and volunteers who have not only met the challenge of our five-million-dollar fundraising goal, but who dug deep to exceed it substantially. Thank you to each and every one of you for your commitment to making Niagara a better place for everyone who lives here.”

The number of people accessing United Way-funded programs is on the rise with 175,000 people helped for the first time ever last year.

Click here to read more.


Hoverlink needs more time to float Toronto-St. Catharines rapid transit

Plans to launch a hovercraft service between St. Catharines and Toronto this summer have been postponed.

Hoverlink Ontario Inc. said it has delayed the launch of the 30-minute rapid hovercraft service because time lines to complete the project are “running longer than anticipated.”

In a statement, the company said due to the complexities involved in the project, it is presently re-evaluating its time line for completion.

“We want to assure the communities we intend to serve that we are continuing to move forward through the requirements necessary for operational success,” founder and chief executive officer Christopher Morgan said in the release.

In September, Hoverlink announced that after 10 years of work it was in the final approval stages to launch a rapid transit route between Port Weller in north St. Catharines and Ontario Place in Toronto.

Click here to read more.


Citizen task force to study St. Catharines councillor pay

St. Catharines city council is forming a citizens task force to let residents determine if councillors are being paid enough.

After narrowly rejecting a pay raise that was recommended by staff last May, this term’s council is getting a second opinion.

St. George’s Coun. Kevin Townsend, who made a motion to establish the task force, said other municipalities, such as Kingston, Barrie, Milton, Burlington and Oakville, took a similar step before the last municipal election.

“I’m asking for us to have a look at this and allow residents to partake in the discussion and determine what the city should be doing,” he said.

But Port Dalhousie Coun. Carlos Garcia said council already had an extensive staff report about remuneration last year.

“I just can’t support this because we already spent a lot of time on this and a lot of staff time.”

Click here to read more.


Affordable housing pitched for City of Thorold-owned land

Thorold city councillors have called for a staff report outlining a housing advocacy group’s hopes of having affordable housing units built for people struggling in the rental housing market.

Thorold Housing Group, a part of One Thorold — a group of organizations, businesses and faith groups — spoke to council Tuesday.

The group is hoping a city partnership would assist in building a housing project for a potential 40 to 60 units on land near the corner of St. David’s Road and Wellington Street.

Member and business owner Bill Vanderklippe said city land is needed as bidding on property the size necessary would make the project unfeasible and rents, therefore, unaffordable.

“This property should remain in the city’s hands and for a long-term lease agreement, which has been done in other communities,” he said.

Click here to read more.


Focus on Equity, Diversity and Inclusion

Female-owned businesses on the rise, but barriers persist: study

The number of businesses owned by women is on the rise in Canada, but female entrepreneurs still disproportionately face barriers such as lack of access to capital from financial institutions, according to a new study.

The Women Entrepreneurship Knowledge Hub’s 2023 State of Women’s Entrepreneurship in Canada report, released Monday, suggests the proportion of majority women-owned businesses is increasing.

The study estimated 18 per cent of businesses are majority-owned by women, up from 16.8 per cent in 2020 and 15.6 per cent in 2017.

Lead researcher Wendy Cukier, the founder of Toronto Metropolitan University’s Diversity Institute, said she is also encouraged that the gender gap related to early interest in entrepreneurship and innovation is shrinking.

Click here to read more.


Number of hate crimes increased 72% from 2019-2021: Statistics Canada

The number of hate crimes reported by police in Canada rose from 2,646 incidents in 2020 to 3,360 in 2021, a 27% increase. This finding follows a 36% increase in 2020. The number of police-reported hate crimes rose by 72% from 2019 to 2021. The COVID-19 pandemic exacerbated experiences of discrimination in Canada—including hate crimes—and underscored an increase in discourse around issues of systemic discrimination.

Higher numbers of hate crimes targeting a given religion (+67%; 884 incidents), sexual orientation (+64%; 423 incidents), and race or ethnicity (+6%; 1,723 incidents) accounted for most of the reported increase from 2020 to 2021. All provinces and territories reported increases in the number of hate crimes in 2021, except for Yukon, where it was unchanged. When population size is accounted for, the rate of police-reported hate crime in Canada rose 26% in 2021, to 8.8 incidents per 100,000 population. As in previous years, more than half (56%) of police-reported hate crimes were non-violent offences, primarily mischief.

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: March 17, 2023

In this edition:


GNCC celebrates three years of the Daily Update

On March 17, 2020, we issued the first-ever GNCC Daily Update. Governments around the world were struggling to deal with the unfolding COVID-19 pandemic. There was a near-constant stream of new directions and requirements, sometimes only hours apart. To try and reduce this confusion, we started to send an update at the end of every day summarizing the important changes.

What began as a COVID-19 update grew and evolved. The crisis of the coronavirus was replaced with labour shortages, inflation, supply chain issues, and fears of recession. The Update pivoted as well, and we began to include business news, business updates from all levels of government, data products, and reading recommendations.

The Daily Update is now received by four thousand people every day. You will have seen adverts and paid content as well, which help us maintain the Update as a free service to the community. Advertisers, in return, receive space in the region’s premier business news source and an industry-leading open rate. If you would like to see your business featured in the Daily Update, please contact us.

We hope that you have find the Daily Update useful and that it helps you and your organization stay up-to-date on the news you need to know about. It is our pleasure to serve you.


Raw material prices fall

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.8% month over month in February and rose 1.4% year over year. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), decreased 0.4% on a monthly basis in February and were down 5.2% year over year.

Prices for energy and petroleum products fell 5.8% on a monthly basis in February. Prices decreased for diesel (-11.7%) and finished motor gasoline (-2.9%), while prices for primary ferrous metal products (+1.7%) were up month over month for the first time since June 2022, and prices for softwood lumber rose 7.4% month over month in February, after falling for six consecutive months.

Click here to read more.


Inflation is easing but Ottawa faces pressure to help those who have fallen behind

Canada’s inflation rate likely took another dip last month, but with many Canadians still struggling with the cost of living, the federal government is facing pressure to deliver more help in the upcoming budget.

Statistics Canada is set to release its February consumer price index report on Tuesday, giving its most up-to-date reading on inflation ahead of the federal government’s budget on March 28.

Desjardins and RBC are both forecasting the inflation rate fell to 5.4 per cent last month, down from 5.9 per cent in January.

But even as inflation eases, the federal government has signalled the budget will include affordability measures to help Canadians still challenged by the cost-of-living.

Desjardins’ chief economist Jimmy Jean said all eyes are on Ottawa to balance affordability priorities with fiscal restraint.

Click here to read more.


Businesses expect slower sales in short term as cost, labour issues persist: survey

Businesses expect subdued sales in the short term as they face continued cost and labour pressures, despite slowing inflation, according to a survey by the Canadian Chamber of Commerce. The chamber’s Business Data Lab released the results of its first-quarter poll on business conditions on Thursday, which found one-third of companies expect to raise prices next quarter.

The retail, accommodation and food services sector, along with wholesale trade, construction and manufacturing sectors, reported feeling the most impacted by ongoing price pressures.

Businesses said they expect inflation to remain the top obstacle over the next three months at 58 per cent, followed by input costs at 46 per cent and interest rates and debt costs at 40 per cent. Inflation slowed to 5.9 per cent in January, down from 6.3 per cent the month prior. Statistics Canada is expected to release February’s inflation rate next Tuesday.

Most companies with at least five employees said they are still concerned about labour challenges, which businesses plan to address through higher wages, more flexible work arrangements, and enhanced training, according to the survey.

Click here to read more.


PM launches Housing Accelerator Fund

The Prime Minister, Justin Trudeau, was in Guelph, Ontario today to launch the Housing Accelerator Fund (HAF), a $4 billion initiative that will provide funding for local governments to fast track the creation of 100,000 new homes across Canada. Local governments are now invited to develop innovative action plans, in line with the flexible criteria, to remove barriers to building more homes, faster.

The Fund aims to help cities, towns, and Indigenous governments unlock new housing supply by speeding up development and approvals, like fixing out-of-date permitting systems, introducing zoning reforms to build more density, or incentivizing development close to public transit. Local governments are being encouraged to “think big” and be innovative in their approaches. They could be accelerating project timelines, allowing increased housing density, encouraging affordable housing units, and more. The Fund will provide upfront funding to support implementation, as well as additional funds upon delivering results.

Click here to read more.


Canada vs. Finland hockey match to be held in Niagara Falls

Niagara Falls is set to host Canada vs. Finland at Gale Centre in Niagara Falls on Saturday, April 1, at 7 pm. In total, six communities across southern Ontario will play host to seven pre-tournament games featuring all 10 competing federations from March 29–April 2. The 2023 IIHF Women’s World Championship tournament begins April 5 in Brampton.

Niagara hockey fans interested in attending the Canada vs. Finland game at the Gale Centre can purchase tickets at Gale Centre’s Box Office in advance for $20 per ticket (includes tax).

Visit HockeyCanada.ca for more details on the 2023 IIHF Women’s World Championship.

Click here to read more.


Welland Canal to open Wednesday

The start of the 2023 shipping season will begin with the traditional Top Hat Ceremony on Wednesday, March 22nd. Port Colborne Mayor Bill Steele, representatives from federal and provincial governments and the marine industry will welcome the captain of the first downbound vessel for a brief ceremony.

Everyone is invited to attend.

Click here to read more.


Canadian investors make largest divestment of foreign securities since March 2022

Canadian investors reduced their holdings of foreign securities by $16.2 billion in January, the largest divestment since March 2022. Meanwhile, non-residents acquired $4.2 billion of Canadian securities in January 2023, down considerably from a $21.2 billion investment in December 2022.

As a result, international transactions in securities generated a net inflow of funds of $20.4 billion in the Canadian economy in January 2023, following a net inflow of funds of $151.0 billion in 2022.

Click here to read more.


Ontario to provide $1.25bn for hiring and retaining long-term care home staff

The Ontario government is providing up to $1.25 billion to long-term care homes this year to hire and retain thousands more long-term care staff across the province, to continue increasing the amount of direct care time provided to residents. This is part of the government’s historic four-year, $4.9 billion commitment to hire and retain more than 27,000 registered nurses, registered practical nurses and personal support workers over four years and ensure residents receive, on average, four hours of direct care per day by March 31, 2025.

Click here to read more.


Military reservists to be provided with job-protected leave

The Ontario government has introduced new legislation that, if passed, would guarantee military reservists can return to their civilian jobs after deployment, even if they need additional time off to recover from physical or mental injuries. Of the Canadian 40,000 soldiers deployed in Afghanistan, nearly one in seven developed a mental injury attributed to trauma from their mission.

In addition, the proposed legislation would make Ontario among the first in Canada to allow reservists to respond and deploy to domestic emergencies – including search and rescue operations, recovery from national disasters such as flood relief, and military aid following ice storms – even if they just started a new job. Similarly, reservists would be eligible for job-protected leave when deployed abroad or upgrading their military skills after just two months – as opposed to the current three.

Click here to read more.


Meridian recognized in 2023 Achievers 50 Most Engaged Workplaces

Meridian, Ontario’s largest credit union, and second largest in Canada, has been named one of the 2023 Achievers 50 Most Engaged Workplaces® in North America. The annual award recognizes top employers demonstrating leadership in innovative employee engagement and recognition.

The award evaluates organizations based on the eight elements of employee engagement, including manager empowerment, culture alignment, wellbeing, recognition and awards, purpose and leadership, professional and personal growth, accountability and performance, and belonging, equity and inclusion.

Click here to read more.


NPCA and Knight Archives partner for Earth Day

The Niagara Peninsula Conservation Authority (NPCA) and Knight Archives are pleased to once again partner for an Earth Day fundraising campaign. From April 3 to 28, 2023, Knight Archives will be donating proceeds from their purges and walk-in paper shredding to the Niagara Peninsula Conservation Foundation for the purchase of trees to be planted in Grimsby.

Knight Archives is a local document management business in Beamsville. Their 2022 Shredding Earth Day campaign raised $3,000 to plant 2,206 trees at Two Mile Creek Conservation Area. The planting completed at this site was an important part of a forest and stream rehabilitation project started in 2021, to address concerns of invasive species and ecosystem diversity at the conservation area.

Proceeds from this year’s campaign will support the planting of native trees along the 40 Mile Creek corridor in Grimsby, through a joint project between the NPCA and the Town of Grimsby.

Click here to read more.


Focus on Crypto

Here’s how ChatGPT-4 spends $100 in crypto trading

PT-4, the latest version of artificial intelligence chatbot ChatGPT, believes the events of the last seven days could be bullish for Bitcoin, Ether, and Cosmos’ ATOM, according to an AI-trading experiment run by Cointelegraph.

The experiment is aimed at understanding GPT-4’s potential biases toward certain cryptocurrencies, how the events of last week could impact investment decisions, and whether it can adjust strategy to eventually turn a profit.

The experiment began on March 17, instructing the chatbot to allocate $100 to “make as much money as possible in the shortest time.” The prompt had to be written in a way so that GPT would be comfortable giving out trading instructions.

Click here to read more.


Microsoft is testing a built-in crypto wallet in Microsoft Edge

Microsoft is working on a non-custodial built-in Ethereum crypto wallet for Microsoft Edge to allow users to send and receive cryptocurrency and NFTs.

Public keys can be shared with others to receive payments, while private keys should be kept secret and can be used to authorize transactions when you want to spend your cryptocurrency.

Microsoft sleuth Albacore who first spotted the new Edge Crypto Wallet tweeted some screenshots and expressed his puzzlement about the possibility of it ending up as a new Microsoft Edge feature.

It is not yet rolling out to Insiders, and it’s most likely only available to Microsoft Edge Dev Channel users as part of a very limited test phase.

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: March 9, 2023

St. Catharines mayor delivers State of the City at GNCC event, Brock profs weigh in on Region’s state of emergency declarations, and more.

In this edition:


St. Catharines mayor delivers first State of the City address at GNCC event

His Worship Mat Siscoe today delivered his first State of the City address as Mayor of St. Catharines. In a speech, Mayor Siscoe expanded on his election pledges to pave the way for development that would close the housing gap in the city, delivering on a promise to build 15,000 new homes over the course of ten years.

Mayor Siscoe also touched on the economic potential of the city, highlighting the way that the Canada Summer Games had shown the opportunities for sports tourism. With a nod to Niagara Falls mayor Jim Diodati, who was present in the audience, he noted that tourism was and would continue to be a driver for economic growth throughout the region.

In a fireside chat interview with GNCC CEO Mishka Balsom, the mayor further expanded on some of these themes. Asked about the City’s decision not to cut taxes with the reduction in costs offered by uploading transit to the Region, Siscoe remarked that tax cuts were not possible without cuts in services.

“We had a reserve for a rainy day,” he said, “and COVID was a monsoon.”

State of the City 2023 was powered by Verge Insurance Group, and supported by partner MNP, Gold sponsors Bell and Alectra, Friends of the City McGarr Realty and Heddle Shipyards, and event sponsors Soundbox, Critelli’s, YourTV Niagara, Newstalk 610 CKTB, and Move 105.7.

Click here to view the video of the Mayor’s address.


Brock University professors weigh-in on Niagara Region’s state of emergency declarations

Brock University researchers working with vulnerable populations say more needs to be done to help.

Niagara Region council passed a motion Feb. 23, for three states of emergency involving mental health, addictions and homelessness, calling on the province for assistance in the growing emergencies.

Three Brock professors focusing on research ranging from poverty-related issues, governmental policies and the psychological impacts of substance use, housing and homelessness said provincial involvement needs to occur to tackle these community issues.

“Declaring an emergency at a local level is a cry for help,” said Scott Neufeld, a lecturer in the department of psychology focusing on substance use, housing and homelessness.

“It’s a way of saying we recognize a serious, complex issue we locally don’t have the resources to address, and we need help from other levels of government.

“It’s good to raise awareness in the sense of acknowledging the reality of a problem locally in terms of the actual funding or tangible change attached to it,” he said.
Click here to read more.


McCall MacBain Foundation pledges $5m to new South Niagara hospital

The Niagara Health Foundation has announced that the McCall MacBain Foundation has pledged $5 million to the It’s Our Future campaign in support of the new South Niagara hospital.

In recognition of the donation, the Auditorium in the Interprofessional and Learning Centre will be named The MacBain Family Auditorium.

The donation will help fund the construction of the state-of-the-art hospital as well as new, specialized programs to be offered at Niagara Health, which will be announced in the near future.

The Foundation was Founded by John and Dr. Marcy McCall MacBain in 2007.

Click here to read more.


Credit card debt up 15 per cent in Q4, younger Canadians feel hardest pinch: Equifax

Canadian credit card debt soared in the last three months of 2022 amid rising interest rates and stubbornly high inflation with younger Canadians in particular relying on credit to make ends meet.

Canadians’ credit card debt increased by more than 15 per cent from the same period a year earlier and totalled more than $100 billion for the first time, credit monitoring agency Equifax said Thursday.

Slowing debt payments and rising balances point to a “hard time in 2023,” said Laurie Campbell, director of financial wellness at debt relief firm Bromwich and Smith.

“We haven’t seen incomes rise to the extent of inflation,” she said. “People are using credit … to bridge the gap between income and expenses.”

Overall consumer debt rose in the fourth quarter of 2022, with total debt at $2.37 trillion, up more than six per cent from the same period in 2021, the agency said in its latest quarterly credit trends report.

Click here to read more.


1.5-million new Ontario homes already within reach: planners’ study

New research by area planners suggests there are already enough new homes in Ontario’s planning pipeline to hit government targets without building on Greenbelt lands in Hamilton or elsewhere.

Ontario has made a flurry of recent planning changes meant to create 1.5 million new homes by 2031, including urban boundary expansions, Greenbelt carve-outs and a new housing bill designed to fast-track development.

But a new survey of 15 Ontario municipalities, including Hamilton, shows more than a million homes were in the planning pipeline — and outside the Greenbelt — even before the provincial changes. And if you count planned new homes in cities and towns that were not surveyed, the total “could exceed” that target.

Click here to read more.


Focus on Real Estate

As reverse mortgages boom in popularity, here’s what you need to know

Reverse mortgages are seeing a surge in popularity as more Canadians seek to age in place and supplement their income amid the ongoing affordability crisis.

HomeEquity Bank, Canada’s largest reverse mortgage provider, reported that in 2022, it had issued over $1 billion dollars in reverse mortgages, which is up 30 per cent from 2021.

“A lot of people who are retired fall into a position where they’re house rich and cash poor. So especially if they don’t have any sort of defined pension plan or if they haven’t invested heavily in RRSP… that’s when a reverse mortgage comes in handy,” Toronto-based mortgage broker Mary Sialtsis told CTV’s Your Morning on Thursday.

Sialtsis says the rise in Canadians seeking reverse mortgages is unsurprising, especially after the horror stories coming out of long-term care homes with COVID-19.

Click here to read more.


What mortgage owners need to know about the Bank of Canada’s rate pause

The Bank of Canada’s decision to hold interest rates on Wednesday will provide relief to variable rate mortgage holders and could spur momentum in the nation’s housing market, according to experts.

The Bank of Canada elected to hold its policy rate at 4.50 per cent Wednesday after an interest rate hiking campaign that began in March 2022 and included eight consecutive rate increases.

Leah Zlatkin, a mortgage broker and expert with LowestRates.ca, said in a phone interview Wednesday that the announcement from the Bank of Canada will mostly effect mortgage holders.

“That’s [the decision to hold rates] good news for a lot of variable rate mortgage holders who have been very stressed about mortgage rates rising for them. In terms of fixed rates, if you already have a fixed rate, this obviously doesn’t impact you at all,” Zlatkin said.

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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