Canada economy – Images For Canada http://imagesforcanada.com/ Thu, 24 Nov 2022 11:31:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://imagesforcanada.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Canada economy – Images For Canada http://imagesforcanada.com/ 32 32 US states where payday loans are legal https://imagesforcanada.com/us-states-where-payday-loans-are-legal/ Thu, 24 Nov 2022 11:31:52 +0000 https://imagesforcanada.com/us-states-where-payday-loans-are-legal/ Payday loans are legal in 37 US states. The most popular states for payday loans are California, Texas, and Nevada. Other locations include Alabama, Colorado and Ohio Payday Loans to name a few. Payday loans offer a quick and easy way to get extra cash before your payday. They can be extremely beneficial if you […]]]>

Payday loans are legal in 37 US states. The most popular states for payday loans are California, Texas, and Nevada. Other locations include Alabama, Colorado and Ohio Payday Loans to name a few.

Payday loans offer a quick and easy way to get extra cash before your payday. They can be extremely beneficial if you encounter a financial emergency or incur unexpected expenses. Currently, there are over 20,000 stores where you can physically request and receive funds on the same day, and it is also possible to apply for a payday loan online.

Payday lenders are coming under increasing media scrutiny for charging high interest rates. As a result, payday loans are currently illegal in 13 states due to rules and regulations that prohibit lenders from offering quick cash. States that ban payday loans include Georgia, New York, and West Virginia.

Other states, such as Colorado, Montana and South Dakota, have set caps on payday loan interest rates to prevent the exploitation of their residents, with key legislation in place to prevent predatory lending.

This article breaks down the states where payday loans are legal or illegal and the types of laws where citizens can borrow money.

What are payday loans?

Payday loans offer a helpful type of short-term financing for customers who need money but can’t wait to pay an urgent expense until they get their next paycheck. The cash advance is intended to help someone get by until the end of the month, with the intention that they pay it back as soon as possible. Common reasons for using payday loans include the need to pay emergency expenses such as medical bills, dental bills, rent, funeral expenses, car repairs, or home renovations.

Private companies offer payday loans, lenders, startups and apps, they are usually not from banks. Loans for bad credit are also generally available.

Payday loans typically last between 2 weeks and 1 month, with the entire loan and interest usually paid in full on the borrower’s next payment date. There’s also normally the option of repaying your loan early – it’s just important to check the terms and conditions of your loan agreement and contact the lender to arrange this.

Since payday loans are often criticized for carrying rates ranging from 300% to 600% APRto make it easier to compare the price with other financial products, the interest rate is multiplied as if it were an annual product, which makes it seem much higher even if it only lasts a few days or a few weeks.

In which US states are payday loans legal?

There are currently 37 US states that allow payday loans, which means getting a payday loan is legal. The states are:

  • Alabama
  • Alaska
  • California
  • Colorado
  • Delaware
  • District of Colombia
  • Florida
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • Caroline from the south
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

What kinds of payday loan regulations exist?

Each state has its own laws regarding payday loans. For example, the maximum loan amount that can be borrowed at one time is $300 in California, $500 in states like Alabama, Alaska, Missouri, and New Hampshire, $1,000 in Delaware and $50,000 in Oregon.

Similarly, there is often a maximum loan term. For example, money cannot be borrowed for more than 13 days in Alaska, 31 days in Iowa, 32 days in Hawaii, and 60 days in Kentucky. Minimum loan terms also exist in states such as Alabama of at least 10 days and at least 14 days in Indiana.

Interest rate caps on payday loans have also been set in states like Colorado, Montana, New Hampshire and South Dakota. In these states, the annual interest rate limit on payday loans is 36% and all additional charges have been banned. On top of that, federal law also states that fees are capped at 36% for all service members, regardless of state.

In which US states are payday loans illegal?

There are currently 13 US states that ban payday loans, making it illegal to borrow money through a payday loan. These states are Arizona, Arkansas, Connecticut, District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia. .

How do I know if a payday lender is legally licensed in a US state?

To check if a payday lender is legally licensed before taking out a payday loan, check to see if the lender or online payday loan companies have a state-issued license. The licenses should be visible in store or on the website, and if you can’t find them, ask to see them. If you are still unsure, you can check the license with your financial regulatory office or state attorney.


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Southern Alberta businesses hope World Cup will boost economy – Lethbridge https://imagesforcanada.com/southern-alberta-businesses-hope-world-cup-will-boost-economy-lethbridge/ Thu, 24 Nov 2022 00:06:11 +0000 https://imagesforcanada.com/southern-alberta-businesses-hope-world-cup-will-boost-economy-lethbridge/ Southern Alberta soccer fans gathered across Lethbridge, including outdoors in downtown’s Festival Square for Canada’s World Cup opener on Wednesday against Belgium. “Years ago, when I was growing up playing youth soccer, you would never have imagined that Canada would be at this point,” said soccer fan David Selles. “The almost expected results for this […]]]>

Southern Alberta soccer fans gathered across Lethbridge, including outdoors in downtown’s Festival Square for Canada’s World Cup opener on Wednesday against Belgium.

“Years ago, when I was growing up playing youth soccer, you would never have imagined that Canada would be at this point,” said soccer fan David Selles. “The almost expected results for this country are enormous.”

Team Canada losing 1-0 in its first World Cup appearance since 1986 was not the outcome fans were hoping for.

Read more:

FIFA World Cup: Canada lose 1-0 to Belgium

But with two more round robin games guaranteed to come, local businesses predict the interest will boost the economy.

“We’re hoping people will come and enjoy the game obviously, but people have downtown businesses full of new customers after the game,” said David Velazquez, operations coordinator for Downtown BRZ.

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“These sporting events get people excited – you want to join the rest of the community in supporting your team,” said Tyler Harvey, owner and general manager of the Canadian Brewhouse in Lethbridge.

“Let’s hope everyone gets the fuck out of this and comes and checks out the game.”

And while Canadian soccer is thriving on the national stage, it is also thriving at the local community level.

Read more:

FIFA World Cup: Canadians ready for the 1st match against Belgium

“All of our age groups, even our adult leagues, you’re seeing an increase in registrations,” said Lethbridge Soccer Association program coordinator Kristy Lauzon.

“Everyone seems to want to get involved and enjoy the game that we all love.”

Lauzon believes Canada’s participation in the World Cup could also lead to greater participation at the youth level.

“It’s huge for these young kids to have role models like that to look up to,” Lauzon said.

“It gives them this incentive, ‘Hey, you can come from any background and look at what you can achieve.'”

Even with a loss in the first game, local football fans have high hopes for their national team.

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“We’re grateful to have had the chance to watch this, but at the same time we’re expecting great things,” said Zachary Hampton, who watched Wednesday’s game from Festival Square.

Canada’s next opponent is Croatia. This game starts Sunday at 9 a.m.

© 2022 Global News, a division of Corus Entertainment Inc.

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The Prime Minister strengthens ties with the Francophonie at the Sommet de la Francophonie https://imagesforcanada.com/the-prime-minister-strengthens-ties-with-the-francophonie-at-the-sommet-de-la-francophonie/ Sun, 20 Nov 2022 14:46:16 +0000 https://imagesforcanada.com/the-prime-minister-strengthens-ties-with-the-francophonie-at-the-sommet-de-la-francophonie/ Prime Minister Justin Trudeau today concluded his participation in the 18th Summit of La Francophonie in Djerba, Tunisia, where he met with his counterparts from member countries and governments of La Francophonie to advance common priorities such as protecting the democracy and human rights and the defense and promotion of the French language. This brings […]]]>

Prime Minister Justin Trudeau today concluded his participation in the 18th Summit of La Francophonie in Djerba, Tunisia, where he met with his counterparts from member countries and governments of La Francophonie to advance common priorities such as protecting the democracy and human rights and the defense and promotion of the French language. This brings the Prime Minister’s trip to four international meetings – the Association of Southeast Asian Nations (ASEAN) Summit, the G20 Summit, the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting ( APEC) and the 18th Summit of La Francophonie – to a loved one.

At the Sommet de la Francophonie, Prime Minister Trudeau reaffirmed Canada’s commitment to remain a strong partner for the other members and governments of La Francophonie and to continue to support the institutions of La Francophonie. He announced:

  • $20.8 million to the International Organization of La Francophonie (OIF) to continue implementing its mandate and programming in key areas, including inclusive governance and growth, promotion of the French language, democracy and human rights, education and economic cooperation for sustainable development;
  • $2.4 million to the Agence universitaire de la Francophonie to continue to foster cooperation between Francophone universities, improve access to quality education for learners in the South, and support professional training and research; and
  • $200,000 to allow TV5MONDEplus to continue to support, promote and broadcast French-language programming, including content produced in the South.

To promote sustainable development while continuing to advance peace, security and democracy in the French-speaking world, the Prime Minister announced that Canada is providing:

  • approximately $65 million to support sustainable development projects in the Sahel, particularly in Mali and Burkina Faso, with an emphasis on supporting vulnerable populations, empowering women and girls, good governance and democratic resilience, and socio-economic development;
  • $49.5 million to support the ACTION project, which aims to improve the economic, food and nutritional security of poor rural populations in Mali practicing local irrigation, particularly women and young people; and
  • $1.5 million to support the mission and ongoing operations of the International Counterterrorism Academy, which supports African countries, including Francophone West Africa, in their counterterrorism efforts .

During the Summit, the Prime Minister reiterated Canada’s commitment to promoting democracy and human rights in the countries of La Francophonie and throughout the world. He announced that Canada is allocating $10 million to the new Democracy in La Francophonie initiative to provide rapid and flexible support to countries, as well as to the OIF, to meet new challenges and threats to democracy and human rights, including by improving the resilience of governments against disinformation. and empowering women to fight threats to their democratic rights.

On the sidelines of the Summit, the Prime Minister and the Minister of Foreign Affairs, Mélanie Joly, hosted a meeting with the Member States and governments of the OIF on the situation in Haiti and the need to support the efforts of the Haitian authorities to restore order and meet Haitians’ immediate humanitarian needs. At the meeting, he announced:

  • $8 million to meet the needs of crisis-affected populations, including those affected by displacement, recent violence, chronic food insecurity, and the cholera outbreak;
  • $5 million to strengthen the capacity of Haitian authorities to investigate, prosecute and adjudicate cases of corruption and economic crime, money laundering and other offences; and
  • $3.5 million to strengthen and improve access to legal aid for victims of gender-based violence, while strengthening access to justice, fighting impunity and supporting efforts to fight against corruption.

He and Minister Joly also announced that Canada is imposing new sanctions in response to the flagrant conduct of Haitian political elites who provide illicit financial and operational support to armed gangs. These latest sanctions target a former Haitian president and two former Haitian prime ministers suspected of protecting and enabling the illegal activities of armed criminal gangs in Haiti, including through money laundering and other acts of corruption, effectively freezing all assets they may hold in Canada. We will continue to put pressure on those responsible for the violence and insecurity in Haiti and to defend respect for human rights, democracy and international peace. These sanctions are in addition to three additional sanctions announced on 19 November.

While in Djerba, Prime Minister Trudeau spoke out against the illegal and unjustifiable invasion of Ukraine by Russia, an observer member of La Francophonie, and reaffirmed Canada’s unwavering support for the government and people of Ukraine. He stressed the need for member countries and governments to reaffirm La Francophonie’s commitment to peace and democracy, and stressed the importance of working together in the face of Putin’s continued aggression and to counter Russian false narratives and disinformation.

Prior to the Francophonie Summit, Prime Minister Trudeau participated in the ASEAN Summit in Phnom Penh, Cambodia, November 12-13, the G20 Summit in Bali, Indonesia, November 15-16, and the APEC Economic Leaders Meeting in Bangkok, Thailand. November 17-18. During the meetings, he worked closely with Indo-Pacific and global partners to strengthen ties and make progress on common priorities including expanding trade and investment, growing the economy for the benefit of all and creating opportunities for people and businesses. in Canada and around the world. He announced significant additional funding to support Ukraine and stressed the importance of continuing to work together to advance democracy and human rights, protect the environment and fight climate change, and called on allies and international partners to continue to support Ukraine and to hold Russia accountable.

Quotation

“Canada works actively with the International Organization of La Francophonie in its efforts to promote and protect the French language, cultural diversity and important common values ​​such as peace, democracy and human rights. We will continue to work together to strengthen Canada’s already strong ties with other French-speaking countries and create opportunities for our peoples.

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Fast facts

  • This is the third Francophonie Summit attended by Prime Minister Trudeau.
  • La Francophonie is a group of 88 states and governments that share French as a common language and have common values. It represents 1 billion people, including 300 million French speakers, on five continents.
  • During the Summit, Prime Minister Trudeau also held bilateral meetings with the Premier of Quebec, François Legault, the Prime Minister of Armenia, Nikol Pashinyan, the President of the Swiss Confederation, Ignazio Cassis, and the President of the Niger, Mohamed Bazoum.
  • On November 19, Minister Joly announced that Canada was sanctioning three Haitian political elites, imposing a trade ban on them and effectively freezing any assets they might have in Canada.
  • In Djerba, OIF member states and governments adopted key documents, including the Djerba Declaration, the Declaration on the French language in the linguistics of La Francophonie, the Resolution on crisis situations, crisis resolution and consolidation of peace in the French-speaking world, the Regulations relating to the procedure for membership or modification of the status of a State or government with the OIF, and the Strategic Framework of La Francophonie 2023-2030.
  • At the Summit, Canada promoted the value of studying in Canada and the Canadian International Development Scholarships 2030 program. Announced earlier this year, the $80 million program combines access to scholarships quality higher education, tailored professional training, as well as technical and professional training opportunities in Canada and in some developing countries. The program supports the empowerment of women in beneficiary countries so that they can become drivers of change. At least 75% of the funds will be allocated to member countries of La Francophonie, including Tunisia.
  • This was the 18th Summit of La Francophonie, and the first to be held in four years.
  • Canada is one of the founding countries and an active member of the institutional Francophonie, in which it has continued its strong and sustained commitment for more than 50 years.
  • Canada is the second largest donor to the institutions of La Francophonie, with contributions totaling nearly $43 million in 2021-2022.
  • Canada and Tunisia established diplomatic relations in 1957. The two countries maintain deep bilateral relations and dynamic and diversified trade relations. In 2020, the Tunisian diaspora in Canada represented nearly 35,000 people. Canada attracts between 2,000 and 3,000 Tunisian students each year.

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Deputy finance minister says protests come at ‘tricky time’ for Canadian economy https://imagesforcanada.com/deputy-finance-minister-says-protests-come-at-tricky-time-for-canadian-economy/ Thu, 17 Nov 2022 23:12:42 +0000 https://imagesforcanada.com/deputy-finance-minister-says-protests-come-at-tricky-time-for-canadian-economy/ OTTAWA — Canada’s economy was already facing uncertainty when protests against COVID-19 restrictions blocked borders and occupied downtown Ottawa last winter, the senior ministry official said Thursday. finances. OTTAWA — Canada’s economy was already facing uncertainty when protests against COVID-19 restrictions blocked borders and occupied downtown Ottawa last winter, the senior ministry official said Thursday. […]]]>

OTTAWA — Canada’s economy was already facing uncertainty when protests against COVID-19 restrictions blocked borders and occupied downtown Ottawa last winter, the senior ministry official said Thursday. finances.

OTTAWA — Canada’s economy was already facing uncertainty when protests against COVID-19 restrictions blocked borders and occupied downtown Ottawa last winter, the senior ministry official said Thursday. finances.

Michael Sabia, the deputy finance minister, is one of three senior departmental officials to testify at the public inquiry into whether the Liberal government was justified in triggering the Emergencies Act on February 14 to end the protests.

He said the country’s economy was at a “very, very fragile time” when the “Freedom Convoy” protests began in late January, due to the lingering effects of the ongoing COVID-19 pandemic and the changing dynamics of world trade.

Sabia told the Emergency Public Order Commission that the protests, which closed several border crossings, were damaging Canada’s reputation as a reliable trading partner at a time when protectionist sentiment was growing in the United States.

He also said the Department of Finance fears there will be lasting consequences for the economy, particularly on the Canadian auto industry, if the protests last too long.

“Duration is everything here, in terms of disruption to the Canadian economy,” Sabia said.

He said it was a “very delicate time” for Canada, as the federal government prepared the 2022 budget and anticipated the consequences of Russia’s impending invasion of Ukraine.

Ministry officials prepared a memo for Finance Minister Chrystia Freeland on February 9, detailing how legislative levers could be pulled to help end the protesters, including a proposal to freeze bank accounts.

When invoking the Emergency Measures Act, the government was able to regulate or prohibit the “use of assets” to finance or support the blockade, allowing financial service providers to immediately freeze personal accounts or business without incurring liability.

Sabia said this was intended to deter people from coming to protests and to encourage those who were already participating to leave.

The settlement included an order requiring banks, credit unions, crowdfunding platforms and other financial service providers to register with FINTRAC and report suspicious transactions to the financial watchdog.

They also required institutions to review their relationships with anyone involved in the blockades and report their assets to the RCMP or the Canadian Security Intelligence Service.

Around 280 accounts have been frozen as a result, with around $8 million in total assets.

The Department of Finance did not produce an assessment of the economic impacts of the lockdowns, but Assistant Deputy Minister Rhys Mendes said there was no direct long-term impact on the Canadian economy.

“It’s fair to say the impact has been limited,” he said, adding that this was only the case because the protests were neither widespread nor long-lasting.

Prime Minister Justin Trudeau’s national security adviser, Jody Thomas, is also due to testify on Thursday.

The commission previously learned that hours after the historic decision to invoke the Emergencies Act on Feb. 14, Thomas contacted the RCMP for a threat assessment of the protests in Ottawa and at several border crossings.

His actions, detailed in documents previously released by the inquiry, provide insight into the advice Trudeau and his cabinet colleagues were receiving when they decided to use the Emergencies Act.

The inquest heard that Thomas did not go through official channels and told the RCMP that the protests posed a threat to democracy and the rule of law.

When Trudeau invoked the law, he told Canadians his extraordinary but temporary powers were needed to quell protests against pandemic restrictions and the Liberal government.

This report from The Canadian Press was first published on November 17, 2022.

David Fraser and Marie-Danielle Smith, The Canadian Press

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JAMA Advocates for Reinstatement of Monthly Child Tax Credit Payments https://imagesforcanada.com/jama-advocates-for-reinstatement-of-monthly-child-tax-credit-payments/ Thu, 17 Nov 2022 14:32:19 +0000 https://imagesforcanada.com/jama-advocates-for-reinstatement-of-monthly-child-tax-credit-payments/ Image source: Getty Images Congress will have to turn a blind eye to reality if it refuses to reinstate monthly child tax credit payments. Key points In six months, the expansion of the child tax credit lifted 3.7 million children out of poverty. The month after the child tax credit expansion ended, food insecurity soared. […]]]>

Image source: Getty Images

Congress will have to turn a blind eye to reality if it refuses to reinstate monthly child tax credit payments.


Key points

  • In six months, the expansion of the child tax credit lifted 3.7 million children out of poverty.
  • The month after the child tax credit expansion ended, food insecurity soared.
  • JAMA urges Congress to reinstate the expanded child tax credit.

Last month’s edition of the Journal of the American Medical Association (JAMA) confirmed what dozens of other studies have found: food insecurity increased dramatically after Congress refused to extend tax credits children’s monthly federal.

A break for families

In 2021, as the country continued to battle COVID-related illnesses, the Biden administration successfully pushed the American Rescue Plan Act through Congress. The plan included three major changes to the child tax credit:

  • Expanded eligibility to include families earning little or no income.
  • Increase in credit amounts from $2,000 per child annually to $3,600 per child under age 6 and $3,000 per child age 6 to 17.
  • A provision that allowed families to receive half of the credit as an advanced monthly payment in their Bank account between July and December 2021.

For reasons we’ll get to in a moment, it’s important to note that no Republicans in the Senate or House of Representatives voted in favor of this family support.

Impact of the US bailout

JAMA highlights research conducted by the nonpartisan research group at the Brookings Institution. According to Brookings, the temporary tax credit extension lifted 3.7 million children out of poverty in December 2021.

Brookings found that expanding the Child Tax Credit significantly improved food security and also supported healthy eating. In addition, families were better equipped to combat pandemic-related inflation.

According to the Brookings Institution, there were other benefits associated with expanding the Child Tax Credit, including:

  • A drop in credit card debt, as families no longer need to pull out plastic to pay for necessities.
  • Fewer families relied on payday loans and pawnbrokers to get by.
  • Fewer parents had to sell blood plasma to earn money.
  • Some families have been able to start or build a emergency fund.
  • There has been a significant drop in the number of evictions.
  • Non-white households — including blacks and Hispanics — had funds available to cover child care and education costs.

In other words, life just got easier for over 35 million American households with children.

Then it’s over

When President Biden first proposed expanding the Child Tax Credit, he wanted it to continue through 2025. This would give families time to get back on their feet financially. Instead, the program was only due to run between July and December 2021.

After the monthly child tax credit installments ended, Democrats in Congress failed to get any of their fellow Republicans across the aisle to vote for an extension.

JAMA reports that after the first missed payment, food insecurity immediately increased. And in July, there was an almost 25% increase in the number of families without enough food. The most affected are low-income, single-adult, black, Hispanic and Indigenous households.

The JAMA article recommended: “The results of this study suggest that there was an increase in food insufficiency among households with children after they stopped receiving monthly child tax credit payments. children. lifetime, Congress should consider prompt action to reinstate this policy.”

To advance

Despite recommendations from health officials, hunger advocates, racial justice organizations and civil rights groups, it looks like the House of Representatives will return to Republican hands. Unless several representatives break with their party to support the reinstatement of the program, millions of families will continue to struggle to put food on the table.

If you would like to see the return of child tax credit payments, this link will help you connect with your elected officials.

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Premier of Ontario announces plan to extend provincial gas tax cut for another year https://imagesforcanada.com/premier-of-ontario-announces-plan-to-extend-provincial-gas-tax-cut-for-another-year/ Sun, 13 Nov 2022 18:15:52 +0000 https://imagesforcanada.com/premier-of-ontario-announces-plan-to-extend-provincial-gas-tax-cut-for-another-year/ A temporary tax cut intended to help Ontario residents save money at the pump will be extended for a year, the province’s premier announced Sunday. Doug Ford said his government intends to introduce legislation that would leave in place the tax relief that reduced gasoline prices by 5.7 cents per liter until the end of […]]]>

A temporary tax cut intended to help Ontario residents save money at the pump will be extended for a year, the province’s premier announced Sunday.

Doug Ford said his government intends to introduce legislation that would leave in place the tax relief that reduced gasoline prices by 5.7 cents per liter until the end of 2023. The reduction came in effective July 1 and was originally scheduled to expire December 1. 31.

“We know every dollar counts,” Ford said, speaking at a west Toronto gas station. “And this gas tax reduction is another way to save money for Ontario households.”

Ford cited inflation and global economic uncertainty as reasons for the extension, which will also maintain a 5.3 cent per liter reduction in the price of diesel fuel.

Ford estimated that the tax breaks would save households an average of $195 over the entire 18 months of price cuts.

The provincial gasoline and diesel tax rate will remain at 9 cents per liter until the end of 2023.

The tax cut bill is due Monday along with the province’s fall economic statement.

In a statement, Ontario NDP Interim Leader Peter Tabuns criticized the move, saying it would “leave people in trouble.”

“Ontarians are being crushed by skyrocketing cost of groceries, housing and utility bills, and they need more help,” Tabuns said. “We should restore and extend real rent control. We should double welfare rates. We should be helping people reduce their natural gas bills. We should go after the greedy corporations that use the cover of inflation to rip people off.

Recent findings from Ontario’s financial watchdog suggest the province is in good financial shape.

A report released two weeks ago by the Financial Accountability Office predicts budget surpluses for the foreseeable future.

It forecasts a surplus of $100 million at the end of this fiscal year and a surplus of $8.5 billion in 2027-2028.

Ford disputed those numbers on Sunday.

“It’s a snapshot in time,” he said. “That’s just not accurate.”

Finance Minister Peter Bethlenfalvy announced in September that Ontario ended the last fiscal year with a surplus of $2.1 billion, a far cry from the $33 billion deficit forecast in the budget, thanks to the inflation and a strong economy.

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How newcomers are building Thunder Bay’s food scene with homegrown food and culture https://imagesforcanada.com/how-newcomers-are-building-thunder-bays-food-scene-with-homegrown-food-and-culture/ Tue, 08 Nov 2022 09:29:40 +0000 https://imagesforcanada.com/how-newcomers-are-building-thunder-bays-food-scene-with-homegrown-food-and-culture/ Thunder Bay’s dining scene apparently offers more options than ever, thanks to newcomers bringing a slice of something new to the northwestern Ontario city. Entrepreneurs say Thunder Bay is now a hot spot for new businesses because there’s a great demand for variety and the cost of living is significantly lower than in big cities […]]]>

Thunder Bay’s dining scene apparently offers more options than ever, thanks to newcomers bringing a slice of something new to the northwestern Ontario city.

Entrepreneurs say Thunder Bay is now a hot spot for new businesses because there’s a great demand for variety and the cost of living is significantly lower than in big cities like Winnipeg or Toronto.

Just over 9,000 immigrants live in Thunder Bay, representing almost 9% of the Canadian population, according to the latest figures from Statistics Canada. About half of these new arrivals come from Europe, while the rest are split between Asia, the Middle East, Africa and South and Central America.

Andre Pires and his mother, Paula Costa, originally from Portugal, opened Thunder Bay’s newest restaurant, Sweet Nata, which is named after a Portuguese pastry shop and is said to be the city’s first Portuguese restaurant.

Costa’s husband frequently worked in Thunder Bay, which meant Andre and Paula came to visit. They noticed the opportunity the city provided for entrepreneurs, she said.

Costa previously owned a cafe in Portugal and had considered opening one in Toronto, but found it too difficult due to affordability and a saturated market.

Duha Shaar, left, and her daughter Aya Wadi arrived in Thunder Bay from Aleppo, Syria in 2017 and run Royal Aleppo off Red River Street in Thunder Bay. (Sara Kae/CBC)

Thunder Bay is “definitely a growing city that has a lot of business potential,” Pires said. “It’s a city that offers a lot of opportunities for everyone, especially opening a new business. There are a lot of new varieties coming in the future, and living wisely – that’s much better Toronto. The cost of living in Toronto is crazy.”

The two are excited to see their menu and business grow, but in the meantime they suggest you check out their current menu items, which include, a Nata. Think butter pie, but puff pastry with a sweet cream filling.

A restaurant for Middle Eastern foodies

Immigrants and other newcomers are critical to the future of Thunder Bay’s economy, according to a 2020 report from Immigration, Refugees and Citizenship Canada (IRCC). He notes that the local workforce and entrepreneurial base is aging rapidly, and building a talent pipeline would be key for the region going forward.

The report also suggested that every 100 new immigrant families with average family income would generate more than $9 million in household spending.

The federal government is making immigration a key part of its economic plan. This fall’s economic statement notes that “immigration is central to our identity as Canadians, while being a key driver of Canada’s economic growth,” and aims to see 1.45 million new permanent residents in this country over the next three years.

The mother-daughter team of Duha Shaar and Aya Wadi are two of the refugees who came to Thunder Bay from Aleppo, Syria in 2017. Now they run Royal Aleppo, which is no secret to fans Middle Eastern cuisine in Thunder Bay.

“I think having an authentic Syrian restaurant here in Thunder Bay is a good thing,” Wadi said. “It helps to tell more about the culture and our history, and at the same time, to have a good variety – for people who are looking for new foods to try.”

They felt grateful to find a new home where they could start their lives, and eventually their business, Wadi said. The two worked closely with the local Roots to Harvest cultural kitchen, where they were able to focus on building economic access and community for refugees and newcomers to Canada.

Due to the success of the program, they were inspired to start with a small home catering business even though it would be just two of them most of the time.

They are proud of all of their accomplishments and will continue to serve their favorite dishes with a smile.

The success of the bubble tea shop during the pandemic

Aaron Parilla and his wife, Hazel Capillan, opened Milktease in February 2020 at the height of restrictions related to the COVID-19 pandemic. They weren’t sure it would work, but were pleasantly surprised when they had to temporarily close after three days because they ran out of supplies.

Aaron Parilla is one of two owners of Milktease, which serves bubble tea. (Sara Kae/CBC)

Parilla and Capillan saw an opportunity to share their love for milk tea (also known as bubble tea or boba tea) in Thunder Bay, knowing there wasn’t much to offer in the local cafes beyond tea or coffee.

Bubble and milk tea is very popular in many Asian countries. Parilla tried her first milk tea while visiting family in the Philippines and realized her potential in Thunder Bay’s growing food scene.

Since opening in 2020, they have already expanded to Lakehead University and now Euclid Avenue on the south side of town. The couple have always intended to expand into multiple locations and are excited to see this happen within three years of opening.

Parilla encourages people to give their ideas a chance. He doesn’t regret his decision to stay in Thunder Bay and not move to Toronto.

“The best thing is when someone walks in and they’re talking on the phone with someone and they’re like, ‘Hey, I’m at Milktease. Do you want something?’ And when you hear that, that’s one thing people know,” Parilla said.

Ryan Moore of the Community Economic Development Center in Thunder Bay works with small businesses and entrepreneurs in the community. He credits international students who come to study at Lakehead University and Confederation College with helping to create a market for these companies.

“Many of them are looking for their own opportunities, having struggled to find their own food and supplies,” Moore said. “They arose from their own needs and others they saw.”

All three companies say they felt welcome in Thunder Bay.

They are excited to see what the future holds and say they are in it for the long haul.

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Canada’s long-term economic strategy must maximize productivity https://imagesforcanada.com/canadas-long-term-economic-strategy-must-maximize-productivity/ Thu, 03 Nov 2022 22:12:49 +0000 https://imagesforcanada.com/canadas-long-term-economic-strategy-must-maximize-productivity/ Press release Canada’s long-term economic strategy must maximize productivity November 3, 2022 (Toronto – November 3, 2022) – Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), released the following response to the Government of Canada’s 2022 Fall Economic Statement: “It has never been more important to stimulate long-term business growth, […]]]>

Press release

Canada’s long-term economic strategy must maximize productivity

November 3, 2022

(Toronto – November 3, 2022) – Today, Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC), released the following response to the Government of Canada’s 2022 Fall Economic Statement:

“It has never been more important to stimulate long-term business growth, investment and competitiveness in Canada,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “While the past few years have merited short-term strategies to support Canadians during the pandemic, we are pleased to see the federal government signal a shift toward a long-term economic focus that is driven by investment attraction and productivity.

We welcome the federal government’s intentions to increase the number of immigrants entering Canada to address labor shortages; addressing bottlenecks along supply chains to ensure their long-term reliability; stimulate research and development to increase innovation and productivity; and increase investment and tax incentives around clean energy to provide sustainable resources for future generations.

For Budget 2023, we would like the federal government to:

  • Increase the Ontario Economic Immigrant Allocation under the Ontario Immigrant Nominee Program, address the immigrant backlog and streamline foreign credential recognition for sectors experiencing labor shortages -pressing work.
  • Invest in supply chain infrastructure to remove bottlenecks along the supply chain, especially at ports.
  • Protecting Canada’s clean energy advantage by optimizing existing assets – like nuclear and hydro – as well as encouraging long-term investments in emerging technologies like carbon capture and zero vehicles emission.
  • Modernize regulatory frameworks to enable growth in sectors like mining and cannabis.
  • Prioritize working with provinces and territories to remove barriers to interprovincial labor mobility and trade.
  • Increase Canada health transfer payments to address current and future pressures facing Canada’s universal health care system.
  • Reform the federal tax system to attract foreign direct investment, stimulate domestic business growth and innovation.

“Ontario is home to some of Canada’s most competitive industries, including manufacturing, critical minerals and clean energy. Supporting high performing and emerging industries in Ontario through strategic investments and by removing barriers to growth will generate economic benefits for all Canadians,” added Rossi.

CCO’s recommendations to the federal government are developed through its 60,000 diverse members. Read CCO’s 2022 federal budget presentation.

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About the Ontario Chamber of Commerce
For more than a century, the Ontario Chamber of Commerce (OCC) has been the independent, non-partisan and indispensable partner of Ontario businesses. The OCC’s mission is to support Ontario’s economic growth by championing business priorities at Queen’s Park on behalf of the 60,000 diverse members of its network.

For more information please contact:
Andrea Carmona
Manager, Public Affairs
andreacarmona@occ.ca | 647-234-0255

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5 Tech Trends Helping Unbanked People Access Financial Services https://imagesforcanada.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mon, 31 Oct 2022 19:54:17 +0000 https://imagesforcanada.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mobile banking is booming. Online payment services are all the rage. These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the […]]]>

Mobile banking is booming. Online payment services are all the rage.

These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the US Census Bureau to collect responses from more than 30,000 households in the United States in June 2021.

This year’s survey had a number of takeaways with implications for banking technology, including the prevalence of mobile banking as the primary form of account access, usage patterns of online payment services and technologies that have potentially helped more people obtain banking services or find alternatives. to predatory services. Even though the national unbanked rate has fallen, there are persistent problems with access to banking services among minorities – an issue that has technological implications that are not discussed in detail in the report.

“We’ve had nearly a decade of large-scale digitization of financial services and mass adoption of smartphones,” said Sarah Morgenstern, venture capital partner at Flourish, a venture capital firm that invests in startups. focused on financial health. “This has helped reduce costs and increase access to financial products at fair prices, especially for low- and middle-income consumers.”

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Amid growing criticism, Macklem says Bank of Canada’s independence not in jeopardy https://imagesforcanada.com/amid-growing-criticism-macklem-says-bank-of-canadas-independence-not-in-jeopardy/ Sun, 30 Oct 2022 20:56:34 +0000 https://imagesforcanada.com/amid-growing-criticism-macklem-says-bank-of-canadas-independence-not-in-jeopardy/ As criticism mounts from politicians, pundits and interest groups, Bank of Canada Governor Tiff Macklem says he feels no threat to the institution’s independence. “I’m not concerned that the independence of the bank is at risk,” Macklem said in an interview with The Canadian Press on Wednesday. Over the past year, the central bank has […]]]>

As criticism mounts from politicians, pundits and interest groups, Bank of Canada Governor Tiff Macklem says he feels no threat to the institution’s independence.

“I’m not concerned that the independence of the bank is at risk,” Macklem said in an interview with The Canadian Press on Wednesday.

Over the past year, the central bank has come under intense scrutiny both for its policy response to the COVID-19 pandemic and for the extraordinary measures it has taken this year to combat high inflation for decades.

“Yes, we get a lot of tough questions. People should be asking those tough questions. But I didn’t feel any threat to our independence,” Macklem continued.

Since March, the Bank of Canada has raised its key rate six times in a row, beginning one of the fastest monetary tightening cycles in its history.

WATCH | The Bank of Canada raises interest rates again:

Bank of Canada raises interest rate to 3.75%

Canada’s central bank raised its benchmark interest rate to 3.75% as part of its ongoing efforts to reduce inflation. Bank of Canada Governor Tiff Macklem pointed to signs of an economic slowdown that could bring inflation under control, but could also lead to recession.

The rate hikes were in response to inflation reaching levels not seen in nearly four decades. Canada’s annual inflation rate was 6.9% in September. It has been steadily declining since hitting its highest rate this year of 8.1% in June.

The ongoing rate hike cycle has drawn heavy criticism from progressive voices concerned about its effect on jobs, as forecasters increasingly expect higher interest rates to trigger a recession.

Crucial Independence: Macklem

In a letter to Prime Minister Justin Trudeau on Oct. 21, NDP Leader Jagmeet Singh said that while he supports central bank independence, he warned that another rate hike would have a ” serious impact on families”.

Asked by reporters Tuesday about the letter, Finance Minister Chrystia Freeland acknowledged the economic difficulties Canadians face, but noted that institutional stability is important in difficult economic times, the independence of the Bank of Canada playing an important role in ensuring stability.

Singh’s criticisms didn’t stop the Bank of Canada from announcing a half-percentage-point rate hike on Wednesday and signaling that it was not yet done raising rates.

At a press conference on Wednesday, Macklem said the Bank of Canada faces tough decisions, and when the decisions are tough, central bank independence becomes more important.

He later echoed that message in his interview with The Canadian Press.

“A lot of people give us advice on what we should do,” Macklem said.

However, there is a reason why central banks are independent institutions, he added.

WATCH | Poilievre criticizes the government over the growing use of food banks:

Poilievre and Gould clash in the House over growing food bank use

Opposition Leader Pierre Poilievre clashed with Families Minister Karina Gould over a Food Banks Canada report that the number of Canadians using their services reached 1.5 million this year.

“The reason for that is that there are tough decisions to be made and you have to look at the longer term. And it’s times like this, when it’s tough, that you see the value of central bank independence.”

Criticism of the Bank of Canada in Ottawa notably began with official opposition leader Pierre Poilievre, who sharply criticized the central bank’s government bond-buying program at the start of the pandemic.

He claimed the bank had printed money to enable federal spending, thereby fueling inflation. As he ran for leader of the Conservative Party of Canada, Poilievre vowed to fire Macklem if he became prime minister, although he did not explain how he planned to get rid of the governor given that the Act on the Bank of Canada would not give it that power.

On Sunday, Poilievre released a letter to Freeland outlining his demands for the fiscal side of Canada’s economic policy, as the government prepares for a fall economic statement on Thursday. He called for the reversal of all tax increases, including the carbon tax, and for any new spending to be “associated with an equivalent saving”.

Stimulus should have ended sooner: deputy governor

Macklem was appointed by the bank’s board with Governor-in-Council approval for a seven-year term. His term runs until June 2027.

In response to claims that the Bank of Canada has been printing money, the central bank took to social media this summer in an attempt to set the record straight, although that hasn’t stopped members of the conservative party to attack the central bank.

Many economists and market watchers have criticized the Bank of Canada for not raising interest rates sooner, and the central bank itself has indicated that the stimulus has gone on too long.

Last month, Bank of Canada Deputy Governor Paul Beaudry said in retrospect that governments and central banks should have withdrawn stimulus earlier as economies recovered from the COVID-19 pandemic, which would probably have limited inflation.

Now the Bank of Canada has swung the other way this year, aggressively raising rates and sparking further criticism.

In its latest monetary policy report, the Bank of Canada revised its economic projections, now taking into account a significant economic slowdown.

LISTEN | What the economic news means for Canadians:

The Sunday review6:40 p.m.What rate hikes, inflation, debt and a possible recession mean for Canadians

He expects economic growth to stagnate by the end of this year and through the first two quarters of 2023, with growth between zero and 0.5%, before gaining ground in the second half of 2023. next year.

The Bank of Canada has repeatedly indicated that it intends to fulfill its mandate and that restoring price stability is its primary objective.

Singh’s recent letter to the prime minister is part of growing calls for the central bank to stop raising interest rates, or at least take a more cautious approach with its rate hikes.

Labor pushes back against the bank

Labor groups in particular have spoken out on the issue.

“The Bank of Canada is determined to push the economy into a recession, regardless of the impact on Canadians who could lose their jobs, their homes and their quality of life,” said Bea Bruske, President of the Labor Congress of Canada, in a press release. statement after Wednesday’s rate decision.

“Canada’s unions are calling on the Bank of Canada to suspend interest rate hikes until the impact of previous policy interventions is clear.”

Macklem said the central bank was aiming to balance risk by raising interest rates, but said if it hesitated in its decisions, Canadians would suffer from high inflation for longer.

“I am acutely aware that the Bank of Canada, particularly at this time, has a huge impact on the lives of Canadians. And that’s a big responsibility,” Macklem said.

As Canadians feel anxious, the governor said the central bank has a responsibility to be transparent with the public and inspire confidence that inflation will come down.

“I would like to get there faster, but it will take time.”

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