Fall Economic Statement 2022

Provided by Temple Scott Associates

The Top Line

Finance Minister Chrystia Freeland’s second Fall Economic Statement (FES) was delivered in the House of Commons today as Canada faces significant economic headwinds.  Inflation, which has been largely absent in Canada since the early 1990s, remains stubbornly high, while at the same time many economists are predicting Canada could be headed into a recession in early 2023, if not already. At the same time, households are staring at significantly increased costs of borrowing on their mortgages and debts. 

The statement holds some significant announcements – especially in relation to climate – with technical details surrounding the new Canada Growth Fund and $250 million for training over five years to help workers in a changing economy. Other measures were strategic and micro-targeted to specific groups, with students receiving relief for interest on student loans and the Government seeking to respond to small business with an announcement on credit card transaction fees.

Click here to read the full statement.

CFA’S ADVOCACY PRIORITIES FOR 2022-2023

• Educating Public Officials About Franchising
• Access to Labour for Franchisors and Franchisees
• Access to Capital
• Common Employer: Adopt the 4 Factor Test
• Ensuring a Fair Playing Field for Franchised Business under Environmental Legislation

Educating Public Officials About Franchising

There is a mistaken perception that franchised businesses are not local businesses. Franchising is the most ubiquitous form of local business in Canada, and without ongoing support it will be completely devastated. 

We’re working with all levels of government to protect franchising and ensure the best possible outcome for all stakeholders. READ MORE.

RELEVANT NEWS

Interest rates vs. inflation rates: How the G7 countries compare to Canada

With inflation rates at multi-decade highs, central banks in G7 nations have been rushing to raise interest rates. The Bank of Canada raised its interest rate to 3.75 per cent from 3.25 per cent, while predicting Canada could see a potential recession in the first half of 2023, according to its latest Monetary Policy Report.

Click here to learn more.

Minister O’Regan announces final regulations to bring 10 days of paid sick leave into force

The Minister of Labour, Seamus O’Regan Jr., announced that the final regulations required to bring 10 days of paid sick leave into force on December 1, 2022, are now available on Canada.ca. This is a permanent change to the Canada Labour Code that will empower workers to prioritize their health and will improve the working conditions for the nearly 1 million workers in the federally regulated private sector. 

Click here to read the full news release.

Small businesses welcome Ottawa’s promised action on credit card fees

The fiscal update said the government intends to enter into negotiations with payment networks, financial institutions, businesses and other stakeholders to lower credit card transaction fees for small businesses. 

Click here to learn more.

Promote your job opportunities with the CFA

To take advantage of this new opportunity, please submit your job postings (including a job description and directions for how to apply) to Andrew Schopp at aschopp@cfa.ca. For any inquiries, please contact Jessi-Lyna Wan at jwan@cfa.ca. 

Please note the introductory offer ends October 31st, 2022. Any job posting submitted on November 1, 2022, and onwards will be subject to charges.