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Black Canadians and Financial Institutions

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Real Estate News Canada

In the mosaic of Canadian society, diversity is celebrated, and inclusivity is championed as a fundamental value. However, beneath this facade of equality, a harsh reality persists for Black Canadians who find themselves navigating a financial landscape rife with systemic discrimination. This article delves into the various ways in which Black Canadians face disparities and discrimination within the realm of financial institutions, from banking practices to mortgage lending and beyond.

Banking While Black: The Unequal Treatment

Racial Profiling and Suspicious Activity Reports

For Black Canadians, the simple act of banking can become a battleground where stereotypes and biases rear their ugly heads. Numerous reports highlight cases of racial profiling, with Black individuals being disproportionately subjected to suspicion and scrutiny. The filing of Suspicious Activity Reports (SARs) against Black customers, often based on racial stereotypes, raises concerns about systemic bias within financial institutions. This discriminatory practice not only perpetuates stereotypes but also erodes trust in the banking system.

Access to Basic Banking Services

Despite Canada’s commitment to financial inclusion, Black Canadians often encounter obstacles in accessing basic banking services. Reports indicate that some Black individuals face challenges in opening bank accounts, obtaining credit, or securing loans, reflecting a systemic failure to provide equal opportunities. The denial of financial services based on race contributes to a cycle of economic disenfranchisement within the Black community.

Mortgage Discrimination: The Homeownership Disparity

Biases in Mortgage Lending

Homeownership is widely viewed as a pathway to wealth accumulation and stability. However, for Black Canadians, the dream of owning a home is often hindered by discriminatory practices in mortgage lending. Studies reveal disparities in approval rates and interest rates for Black mortgage applicants compared to their white counterparts. This systemic bias not only perpetuates economic inequality but also limits generational wealth-building opportunities within the Black community.

Redlining and Neighborhood Disinvestment

The historical practice of redlining, which systematically denies loans or insurance to individuals based on their racial or ethnic background, continues to cast a long shadow over Black communities in Canada. Redlining contributes to neighborhood disinvestment, limiting economic opportunities and perpetuating cycles of poverty. Understanding the historical context of redlining is crucial to dismantling these discriminatory practices and fostering equitable access to housing finance.

Employment Discrimination: Impact on Financial Stability

Wage Gaps and Employment Opportunities

The impact of systemic racism extends beyond banking and housing, influencing employment opportunities and wage gaps. Black Canadians often face barriers to accessing high-paying jobs, contributing to a persistent wage gap. Discriminatory hiring practices and workplace biases hinder career advancement, leaving Black individuals with limited financial mobility and diminished prospects for economic security.

Microaggressions and Workplace Hostility

Microaggressions, subtle forms of discrimination, pervade workplaces and financial institutions, creating a hostile environment for Black employees. These experiences not only affect mental health but also contribute to disparities in career advancement. Addressing workplace discrimination is essential for fostering an inclusive financial sector where Black professionals can thrive without the burden of systemic bias.

Entrepreneurship Challenges: Breaking Barriers

Limited Access to Capital

Black entrepreneurs face substantial challenges in accessing capital to start or expand their businesses. Discriminatory lending practices and biased decision-making within financial institutions contribute to a lack of funding opportunities for Black-owned businesses. Bridging this gap requires targeted efforts to provide equitable access to capital and support Black entrepreneurship.

Systemic Barriers to Business Growth

Beyond financial barriers, Black entrepreneurs grapple with systemic obstacles that hinder business growth. Limited access to networks, mentorship, and opportunities for contracts or partnerships contribute to a challenging entrepreneurial landscape. Addressing these systemic barriers is crucial for fostering a diverse and thriving business ecosystem in which Black entrepreneurs can succeed.

The Call for Systemic Change

Advocacy and Accountability

To address the pervasive issue of systemic discrimination in the financial sector, there is an urgent need for advocacy and accountability. Civil rights organizations, policymakers, and the public must actively push for reforms that dismantle discriminatory practices and promote equality. Holding financial institutions accountable for their actions and fostering transparency are essential steps toward systemic change.

Financial Education and Empowerment

Empowering the Black community with financial education is a critical component of combating systemic discrimination. Equipping individuals with the knowledge to navigate financial systems, understand their rights, and make informed decisions fosters resilience against discriminatory practices. Initiatives that focus on financial literacy can contribute to breaking the cycle of economic disenfranchisement.

The systemic discrimination faced by Black Canadians within financial institutions is a deeply entrenched issue that demands immediate attention and comprehensive reform. From unequal treatment in basic banking services to discriminatory mortgage lending practices, the financial sector must confront its biases and work toward creating an equitable environment for all Canadians. Addressing systemic discrimination is not only a matter of justice but also a crucial step toward building a more inclusive and prosperous society where every citizen has an equal opportunity to thrive.

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Canada’s Denis Shapovalov wins Belgrade Open for his second ATP Tour title

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BELGRADE, Serbia – Canada’s Denis Shapovalov is back in the winner’s circle.

The 25-year-old Shapovalov beat Serbia’s Hamad Medjedovic 6-4, 6-4 in the Belgrade Open final on Saturday.

It’s Shapovalov’s second ATP Tour title after winning the Stockholm Open in 2019. He is the first Canadian to win an ATP Tour-level title this season.

His last appearance in a tournament final was in Vienna in 2022.

Shapovalov missed the second half of last season due to injury and spent most of this year regaining his best level of play.

He came through qualifying in Belgrade and dropped just one set on his way to winning the trophy.

Shapovalov’s best results this season were at ATP 500 events in Washington and Basel, where he reached the quarterfinals.

Medjedovic was playing in his first-ever ATP Tour final.

The 21-year-old, who won the Next Gen ATP Finals presented by PIF title last year, ends 2024 holding a 9-8 tour-level record on the season.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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Talks to resume in B.C. port dispute in bid to end multi-day lockout

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VANCOUVER – Contract negotiations resume today in Vancouver in a labour dispute that has paralyzed container cargo shipping at British Columbia’s ports since Monday.

The BC Maritime Employers Association and International Longshore and Warehouse Union Local 514 are scheduled to meet for the next three days in mediated talks to try to break a deadlock in negotiations.

The union, which represents more than 700 longshore supervisors at ports, including Vancouver, Prince Rupert and Nanaimo, has been without a contract since March last year.

The latest talks come after employers locked out workers in response to what it said was “strike activity” by union members.

The start of the lockout was then followed by several days of no engagement between the two parties, prompting federal Labour Minister Steven MacKinnon to speak with leaders on both sides, asking them to restart talks.

MacKinnon had said that the talks were “progressing at an insufficient pace, indicating a concerning absence of urgency from the parties involved” — a sentiment echoed by several business groups across Canada.

In a joint letter, more than 100 organizations, including the Canadian Chamber of Commerce, Business Council of Canada and associations representing industries from automotive and fertilizer to retail and mining, urged the government to do whatever it takes to end the work stoppage.

“While we acknowledge efforts to continue with mediation, parties have not been able to come to a negotiated agreement,” the letter says. “So, the federal government must take decisive action, using every tool at its disposal to resolve this dispute and limit the damage caused by this disruption.

“We simply cannot afford to once again put Canadian businesses at risk, which in turn puts Canadian livelihoods at risk.”

In the meantime, the union says it has filed a complaint to the Canada Industrial Relations Board against the employers, alleging the association threatened to pull existing conditions out of the last contract in direct contact with its members.

“The BCMEA is trying to undermine the union by attempting to turn members against its democratically elected leadership and bargaining committee — despite the fact that the BCMEA knows full well we received a 96 per cent mandate to take job action if needed,” union president Frank Morena said in a statement.

The employers have responded by calling the complaint “another meritless claim,” adding the final offer to the union that includes a 19.2 per cent wage increase over a four-year term remains on the table.

“The final offer has been on the table for over a week and represents a fair and balanced proposal for employees, and if accepted would end this dispute,” the employers’ statement says. “The offer does not require any concessions from the union.”

The union says the offer does not address the key issue of staffing requirement at the terminals as the port introduces more automation to cargo loading and unloading, which could potentially require fewer workers to operate than older systems.

The Port of Vancouver is the largest in Canada and has seen a number of labour disruptions, including two instances involving the rail and grain storage sectors earlier this year.

A 13-day strike by another group of workers at the port last year resulted in the disruption of a significant amount of shipping and trade.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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The Royal Canadian Legion turns to Amazon for annual poppy campaign boost

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The Royal Canadian Legion says a new partnership with e-commerce giant Amazon is helping boost its veterans’ fund, and will hopefully expand its donor base in the digital world.

Since the Oct. 25 launch of its Amazon.ca storefront, the legion says it has received nearly 10,000 orders for poppies.

Online shoppers can order lapel poppies on Amazon in exchange for donations or buy items such as “We Remember” lawn signs, Remembrance Day pins and other accessories, with all proceeds going to the legion’s Poppy Trust Fund for Canadian veterans and their families.

Nujma Bond, the legion’s national spokesperson, said the organization sees this move as keeping up with modern purchasing habits.

“As the world around us evolves we have been looking at different ways to distribute poppies and to make it easier for people to access them,” she said in an interview.

“This is definitely a way to reach a wider number of Canadians of all ages. And certainly younger Canadians are much more active on the web, on social media in general, so we’re also engaging in that way.”

Al Plume, a member of a legion branch in Trenton, Ont., said the online store can also help with outreach to veterans who are far from home.

“For veterans that are overseas and are away, (or) can’t get to a store they can order them online, it’s Amazon.” Plume said.

Plume spent 35 years in the military with the Royal Engineers, and retired eight years ago. He said making sure veterans are looked after is his passion.

“I’ve seen the struggles that our veterans have had with Veterans Affairs … and that’s why I got involved, with making sure that the people get to them and help the veterans with their paperwork.”

But the message about the Amazon storefront didn’t appear to reach all of the legion’s locations, with volunteers at Branch 179 on Vancouver’s Commercial Drive saying they hadn’t heard about the online push.

Holly Paddon, the branch’s poppy campaign co-ordinator and bartender, said the Amazon partnership never came up in meetings with other legion volunteers and officials.

“I work at the legion, I work with the Vancouver poppy office and I go to the meetings for the Vancouver poppy campaign — which includes all the legions in Vancouver — and not once has this been mentioned,” she said.

Paddon said the initiative is a great idea, but she would like to have known more about it.

The legion also sells a larger collection of items at poppystore.ca.

This report by The Canadian Press was first published Nov. 9, 2024.

The Canadian Press. All rights reserved.



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