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No shortage of ideas in Newmarket on how feds can restart the economy – NewmarketToday.ca

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Newmarket’s business community told local MP Tony Van Bynen they want the federal government to address a wide range of issues to reignite the economy after the COVID1-9 pandemic — everything from reshoring manufacturing to tax credits for gym memberships.

Van Bynen hosted a consultation meeting with the Newmarket Chamber of Commerce today, Feb. 11, to gather suggestions for what should be included in the upcoming federal budget, which he said will be focused on rebuilding a better post-pandemic economy.

Chamber members had no shortage of ideas for the Newmarket-Aurora MP to relay back to his government later this month.

“My deepest wish is that we could have this level of discussion and quality of dialogue during question period in the House of Commons,” said Van Bynen after the discussion. 

Scale back benefits to get people back to work

Chamber member Michael Smith said he wants to see more qualifiers placed on Canadian Emergency Response Benefit, although that program has ended and has been replaced with more generous unemployment insurance benefits. He believes the program gave too many people the option of not working.

“I have pointed out a couple of examples of part-time kids in high school making $2,000 a month and can’t be bothered to go back to work in Tim Hortons, which is owned by local residents,” said Smith.

Smith also argued that whatever money is put toward creating more jobs should be focused on private-sector jobs, not the public sector.

Van Bynen said the government had felt it was better to be too generous at the start of the pandemic than risk not providing enough support and causing the economy to “got into a tailspin.”

Concern about increased taxes from pandemic spending

Michael Croxon, CEO of Newroads Automotive Group, expressed his concern about how the amount of government spending during the pandemic and whether paying off the debt racked up over the past year will require increased taxes. 

Van Bynen said that the cost of servicing the debt is manageable at one per cent of GDP, compared to the six per cent it cost in the 1990s. With that in mind, he said, the government believes focusing on the creation of a growing economy again will be the best move in the long run.

Create a tax credit for capital investments

Matthew Waddington of CPG Aerospace suggested an aggressive tax credit for capital investments would be a good way to help restart the economy.

“A significant portion of businesses are in one of two situations: they are either in survival mode or creating an exit strategy. Both of these situations lead businesses to reevaluate their level of investment (in their own operations). When uncertainty occurs, spending is reduced,” said Waddington. 

When companies spend less on improvements, other businesses who provide things like new equipment see their revenues fall. Waddington is concerned that this creates a domino effect that makes the problem worse until something is done to convince companies to start investing again. A “very aggressive tax credit” on capital investments, he said, could do help do that.

“Something in the range of 10 to 20 per cent would be a pretty small carrot when what we need is a real kick in the caboose,” he said. 

“If you need to buy a truck and you can get a 50 per cent tax credit for the next year, then not pushing that purchase off would be the fiscally responsible move.”

He also noted this could be a good way to get businesses to purchase more environmentally sustainable equipment, which jives with the government’s goal of growing back a greener economy. 

Support for green businesses

Pete Basso of Demand Renewables said the federal government could also further that goal by assisting green businesses such as his. He would be interested in having the federal government create a grant program similar to the Green Ontario Fund. This program provided grants and rebates for energy-efficient improvements to homes but was cancelled by the Ford government in 2018.

“We are pushing for some assistance for the green industry to level the playing field because we are operating at a significant disadvantage to the traditional hydro companies,” said Basso.

Van Bynen said that the federal Environment Minister has already taken notice of the Newmarket Energy Efficiency Retrofit Program, and it could be a model to follow.

“It has a huge business case, and the Town of Newmarket has been able to define the environmental benefits of that program very clearly,” said Van Bynen.  

“It’s an example of how we can pursue a green economy.”

Attract companies to reshore manufacturing

Another idea for a tax credit was pitched by Lynn Ford from the Celestica electronics testing lab in Newmarket. She argued the government needs to provide an incentive for manufacturing companies to bring their operations back to Canada after decades of seeing such operations moved offshore. 

Ford said the pandemic has laid bare how a lack of domestic manufacturing has left Canada unprepared to be self-sustainable. She told Van Bynen that a tax credit could be used to convince companies to move back to Canada. She said that particular focus should be on convincing pharmaceutical companies to set up vaccine manufacturing facilities, ideally in small communities. 

Simplify the tax code

Chamber member George Puccia argued now was the time to appoint a royal commission to go over the federal tax code and simplify it and help get the government out of the way of business.

“No one likes significant tax changes unless it benefits them directly. But given that the apple cart has already been overturned and possibly thrown off a cliff, what better time would there be to take a better approach,” said Puccia. 

“I can’t think of anything that would work better to incentivize growth than tax simplification.”

Tax credits to encourage fitness and education

Karate-Do & Fitness Centre owner Brad Jones asked for help for the fitness industry, which he said has been “gutted” by the pandemic.

“Two-thirds of the industry is gone, permanently. And I am in survival mode myself. If it wasn’t for a federal loan and some provincial grants, I wouldn’t be able to survive either,” said Jones.

The martial arts instructor suggested that the federal government issue tax credits for people who sign up for gym memberships or sports programs. That would help the industry and help get people active again after so long being stuck inside. 

John Wager Scholars Education Centre made a similar argument about education and tutoring programs. This past year has had a noticeable impact on the education of the students he sees, and making tutoring more affordable will help get kids back on the right track.

Residents who wish to share their ideas for the federal budget are invited to contact Van Bynen’s office, or to fill out a questionnaire at LetsTalkBudget2021.ca. Deadline for feedback is Feb. 19

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A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

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VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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