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Gatineau: a key player in Quebec's economy – Canada NewsWire

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Minister Mélanie Joly announces more than $1.5M in support from Canada Economic Development for Quebec Regions for an organization and a group of businesses based in Gatineau.

GATINEAU, QC, Aug. 27, 2020 /CNW Telbec/ – Canada Economic Development for Quebec Regions (CED)

Quebec’s future and economic recovery depend on the strength of its businesses and organizations. For many years now, the Government of Canada has been committed to supporting these businesses and organizations for the ultimate benefit of Quebecers.

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages, visited the Outaouais region today to announce a total of $1,553,448 in financial assistance. This funding will help expand the entrepreneurial ecosystem and allow recipients to continue operating despite the impact of the health crisis.

Five forward–looking projects to strengthen the local economy

The Outaouais region is home to hundreds of dynamic entrepreneurs and organizations with innovative ideas, which help stimulate their communities by creating high–quality jobs and boosting the local economy.

With this in mind, CED is providing $1,263,448 in support to five projects related to business start–up and growth and international marketing.

Additional information on the projects is provided in the related backgrounder.

ID Gatineau supports SMEs affected by COVID–19

The health crisis has had a major impact on the Outaouais economy, and a number of the region’s organizations need help to structure their operations, manage their cash flow and adapt to COVID–19 in order to continue operating.

CED is therefore providing $290,000 to ID Gatineau so that from now until March 31, 2021, it can offer technical assistance to businesses and NPOs affected by the economic fallout of COVID–19 located in the Gatineau, Hull and Aylmer areas. These businesses and organizations will be able to draw on the expertise and support of specialized resources to better prepare for the economic recovery.

Quotes

“Across the country, local businesses are contributing to the recovery of our economy. We therefore consider it a top priority to help them innovate to increase their competitiveness and create jobs for Quebecers. With today’s announcement, our message is clear: we are taking concrete action to support Quebec and are working with local businesses to create jobs for Quebecers and relaunch our economy.”

The Honourable Mélanie Joly, MP for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED

Gatineau is home to an outstanding business community whose dynamic nature is not only a source of pride, but also a source of vitality and development for our community. The Government of Canada is determined to support innovation and growth, help local businesses export their products, and encourage the creation of high–quality jobs in the Outaouais region.”

Steven MacKinnon, MP for Gatineau and Parliamentary Secretary to the Minister of Public Services and Procurement

“Today, more than ever, the government is here to help the Canadian economy recover during these difficult times. We must support our businesses, our urban and rural regions and our communities. It is now also important to buy local to help our business communities boost our economy.”

Stéphane Lauzon, MP for Argenteuil–La Petite-Nation and Parliamentary Secretary to the Minister of Seniors

“Since the pandemic began, the government has acknowledged that our businesses are faced with unique situations and challenges arising from COVID–19. This new funding will help businesses keep the Outaouais region strong as the economy recovers.”

William Amos, MP for Pontiac and Parliamentary Secretary to the Minister of Innovation, Science and Industry (Science)

“The government is investing in organizations like ID Gatineau and Foko to help relaunch our economy here in the Outaouais region. The pandemic has certainly been tough, but our community and its entrepreneurs are tougher.”

Greg Fergus, MP for Hull–Aylmer and Parliamentary Secretary to the President of the Treasury Board and to the Minister of Digital Government

Quick facts

  • The Honourable Mélanie Joly is the Minister responsible for the six regional development agencies (RDAs), including CED.
  • CED is the key federal partner for regional economic development in Quebec. With 12 regional business offices, CED helps businesses, support organizations and the regions of Quebec to prepare for the economy of tomorrow.
  • The repayable contributions made to the five SMEs were awarded under the Regional Economic Growth through Innovation (REGI) program, which aims to help Quebec’s SMEs expand through innovation.
  • The non–repayable contribution made to ID Gatineau was awarded through the Regional Relief and Recovery Fund (RRRF). With a total budget of almost $1 billion, the RRRF will provide $211 million in support to Quebec businesses and NPOs. Under this initiative, emergency working capital funding and technical assistance will be provided to the province’s businesses and NPOs.

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SOURCE Canada Economic Development for Quebec Regions

For further information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Alexander Cohen, Press Secretary, Office of the Minister of Economic Development and Official Languages, [email protected]

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Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

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Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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