November 22, 2022
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Ontario Economic Outlook 2022
Provided by Temple Scott Associates
The Top Line
This afternoon Ontario Finance Minister Peter Bethlenfalvy introduced his Fall Economic Outlook. Entitled ‘Ontario’s Plan to Build: A Progress Update,’ a clear focus of the Minister is to ensure Ontario weathers the economic turmoil expected due to inflation and the continued slowdown of the provincial economy.
While the update was mostly a traditional fiscal and economic overview, it included targeted measures focused on consumers, small businesses and the disabled. These reflect what the government feels are the priorities of the people of Ontario as expressed in the June election, which returned a large majority government for Premier Ford’s Conservatives.
Click here for the full report.
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
Access to Capital
Allow RRSP withdrawals for the purchase of a new or existing business:
Our ask to the government is to create a new program that would allow individuals to withdraw up to $100,000, from their RRSP/RESPs to make a down payment on the purchase of a new or existing business without having to pay tax on the withdrawal. READ MORE.
RELEVANT NEWS
Canada Economy Quickens, Upending Forecasts for Tepid Growth
The reports come with most economists anticipating a sharp slowdown in growth. But Wednesday’s data suggest business activity and household spending remain resilient in the face of high inflation and rising interest rates.
“Markets will be waiting to hear from the Bank of Canada senior deputy governor today and the governor tomorrow to understand how their thinking has evolved with inflation cooling down but activity still solid,” Tiago Figueiredo, an economist at Desjardins Securities, said in a report to investors.
Manitoba introduces legislation for minimum wage increases
Manitoba has introduced legislation that formalizes its phased approach to increasing the minimum wage in the province. Under the Minimum Wage Adjustment Act, the hourly base pay in the province will hike to $14.15 on April 1, 2023, and to $15 on Oct. 1, 2023.
“This phased-in approach to raising the minimum wage would help relieve some of the economic pressures on Manitoba workers while lessening the impact on small businesses’ bottom lines as much as possible.” says Reg Helwer, minister of labour, consumer protection and government services.
Here’s how Canada stacks up against other countries when it comes to high inflation
Decades-high inflation has Canadians worried about the rising cost of living, but as gloomy as things may seem, Canada appears to be faring better than many other major economies.
Inflation in Canada reached the highest levels since 1981 in the summer, with rates creeping steadily higher since the lifting of COVID-19 restrictions. Prices were up 8.1 per cent in June compared to a year earlier.
Ottawa is moving to reduce credit-card fees. What it means for businesses, banks and your loyalty points
Over the next three months, Ottawa will convene many of these players for a series of negotiations, with a goal of reducing fees, especially for small businesses.
If a deal is not reached, the government says it will table legislation to set the fees itself. With a lot at stake, the outcome could weigh on the profits of credit-card companies and Canadian banks, and even compromise the value of the credit-card reward programs that so many Canadians use.
Bank of Canada betting high job vacancies will cushion rise in unemployment
The Bank of Canada is not a passive participant in this process. Mr. Macklem and his team are actively trying to weaken the labour market by raising interest rates and curbing demand for goods and services.
They argue that an overly tight job market is fuelling inflation, as companies raise wages to compete for scarce workers, then raise prices to cover their higher labour costs.
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.
