February 1, 2024
Ontario Making it Easier and More Convenient to Access Government Services
The province officially launched the expansion of ServiceOntario in six Staples Canada stores which will open on February 1. These new centres are part of the government’s ongoing work to explore new ways to make ServiceOntario more accessible for Ontario residents.
Bank of Canada holds interest rate at 5%, but signals shift in direction
“The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation,” the central bank said in a Jan. 24 statement. READ MORE
RELEVANT NEWS
New Brunswick – Minimum wage to increase April 1
The province’s minimum wage will increase to $15.30 per hour on April 1, from the current rate of $14.75 per hour.
Canada’s economy grows more than expected, easing pressure on Bank of Canada to cut rates
Canada’s real gross domestic product grew 0.2 per cent in November and early estimates suggest December growth was even stronger, a sign of economic resilience that some economists say could take the pressure off the Bank of Canada to cut interest rates.
IMF ranks Canada third-fastest growing advanced economy for 2024
While overall growth is still below its average from 2000 to 2019, IMF chief economist Pierre-Olivier Gourinchas sees a combination of steady expansion and weakening inflation paving the way for a “soft landing” for the global economy.
Don’t expect the Bank of Canada to reduce interest rates before June. Here’s why
In his statement, Bank of Canada Governor Tiff Macklem added that the bank’s concerns now shifted “from whether monetary policy is restrictive enough to how long to maintain the current restrictive stance.”
Quebec minimum wage increasing on May 1
Quebec’s minimum wage will increase by 50 cents to $15.75 an hour beginning May 1.
Ontario is proposing rules to help newcomer job seekers. Nova Scotia is watching
Ontario hopes to address the dilemma facing immigrants by introducing legislation banning the requirement of Canadian work experience in job postings and application forms.
Canadian economy regains momentum, boosting odds of soft landing
Real gross domestic product grew 0.2 per cent in November, outpacing a previous estimate of 0.1 per cent, Statistics Canada said Wednesday in a report.
Former Bank of Canada deputy governor Beaudry sees first interest rate cut in July
The former Bank of Canada deputy governor said he expects the central bank to start cutting interest rates in July, later than markets are currently predicting, as inflationary pressures remain stubborn.
THE CFA NEEDS YOUR SUPPORT!
Be active, be engaged, and get involved with the CFA’s advocacy work to help protect the franchise business model.
We need your donation to help support the work we’re doing to protect, promote, and advance the franchise industry in Canada. By supporting CFA’s advocacy with a financial donation, you can help augment and strengthen our advocacy initiatives. Learn more about our initiatives here.
Thank You to Our Advocacy Champions
CFA’S ADVOCACY PRIORITIES FOR 2022-2023
- Access to Labour for Franchisors and Franchisees
- Access to Capital
- Common Employer: Adopt the 4 Factor Test
- Burdens of Small Business:
- Ensuring a Fair Playing Field for Franchised Business under Environmental Legislation
- Educating Public Officials About Franchising
Access to Capital
Our proposal would allow individuals to withdraw up to $100,000 from their RRSP/RESP accounts to make a down payment on the purchase of a new or existing business, without having to pay tax on the withdrawal. This proposal would allow individuals who are ready, willing, and able to start a business to unlock some of their retirement savings to purchase a new or existing business.
CFA ADVOCACY ACCOMPLISHMENTS
The CFA is dedicated to guaranteeing that policymakers nationwide recognize the significant role played by the franchise business model in Canada’s economy and its impact on the livelihoods of nearly two million Canadians employed in franchising.
Learn more about our recent advocacy accomplishments here:
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