The Bank of Canada’s latest survey of businesses shows that business sentiment was improving heading into the latest round of lockdowns, with most companies reporting stronger investment and hiring plans.
The survey was conducted from mid-November to early-December, as COVID-19 cases were rising, but before the reimposition of strict lock-down measures in a number of provinces over the holidays.
“Robust foreign demand, improved confidence related to vaccines, and ongoing government relief programs all contribute to the improved outlook,” the bank said.
Story continues below advertisement
The recovery remains uneven, with companies in “high-contact” industries, such as hospitality and tourism, reporting a less optimistic outlook. While most companies expect their sales to increase over the next year compared to the previous 12 months, one-third of companies, mostly in high-contact industries, do not expect their sales to return to pre-pandemic levels over the next year.
Investment and hiring plans improved across all regions, with many companies reporting plans to invest in productivity enhancing automation and digitalization.
“Among firms with positive hiring plans, about half expect to ramp up the size of their workforce later in 2021, when they believe the pandemic will be largely under control,” the bank said.
“Still, results point to the uneven and lengthy recovery of labour markets, as one-quarter of firms expect the size of their workforce to remain below pre-pandemic levels for at least another year,” it added.
With demand returning, companies in goods producing sectors are starting to report supply constraints and an increase in input prices. This could factor into the Bank of Canada’s rate decision next week, as the survey signals that there were rising inflationary pressures before the second-wave of lockdowns.
“Many goods-producing firms reported experiencing long wait times sourcing materials — for example, from the United states or Asia. These challenges were most often related to the pandemic,” the bank said.
Companies also “cited growing upward pressure on supply chain costs, mostly related to shipping and freight fees. In addition, a number of firms reported faster cost increases for commodities and other inputs, including subcontracting fees,” the bank said.
Story continues below advertisement
Overall, the majority of businesses expect inflation to remain low over the next two years, with 60 per cent of respondents expecting inflation of between 1 and 2 per cent.
“Despite the recent surge in virus cases, much of the rationale for the optimism about the recovery over the full course of 2021 remain intact, particularly on the vaccine front,” said CIBC economist Royce Mendes in a note to clients about the survey.
The central bank’s gauge of consumer sentiment, also published Monday, was less upbeat, with optimism around vaccine approval being balanced against a surge in COVID-19 infections across the country.
Labour market expectations continue to be weaker than pre-pandemic levels. While consumers reported slightly better prospects for keeping their jobs, expectations for finding a new job deteriorated. The reported likelihood of voluntarily leaving a job also decreased slightly, suggesting that people are unwilling to change jobs while uncertainty around the trajectory of the pandemic persists.
“If these concerns result in less turnover in the job market, that could lower the quality of job-worker matching, leading to lower productivity and weaker wage growth in the future,” the bank said.
The publication comes on the heels of a jobs report from Statistics Canada showing Canada’s labour recovery began to stall in December. Canada lost a net of 62,600 jobs in December, the first decline since April, with close-contact industries suffering the most. The unemployment rate edged up to 8.6 per cent from November’s 8.5 per cent.
Story continues below advertisement
Consumers did indicate that their spending would increase, perhaps in response to optimism around vaccine development, even as expectations for income growth remained unchanged.
Short-term consumer expectations for inflation ticked up in the quarter, which may reflect an increase in gasoline prices, the bank said. Expectations for inflation over the next two years remained stable, while five-year inflation expectations declined.
“While both surveys were taken well-before the latest spike in virus cases and the associated necessary shutdowns, they suggest that businesses and households saw light at the end of the tunnel,” Mr. Mendes wrote.
“The erosion of longer-term inflation expectations in the consumer survey might provide central bankers with a bit more cause for concern. But generally the surveys taken on their own don’t point to any need by the Bank of Canada to take immediate action,” he added.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
