Ontario businesses affected by recent public health measures can apply for rebates on property taxes and energy costs, the government announced Wednesday amid warnings some companies were on the brink of collapse due to the rapid spread of the Omicron variant.
The federal government, meanwhile, said it was expanding eligibility for its $300-per-week worker benefit program.
Instead of applying only to those who lost work due to lockdowns, it will now apply in regions where business capacity has been capped at 50 per cent to directly affected workers who’ve lost half or more of their income.
Ontario’s new benefit will cover up to 50 per cent of the property taxes and energy costs of eligible businesses while they’re affected by public health restrictions that capped capacity in restaurants, salons and other indoor settings at 50 per cent.
“We recognize that these necessary capacity limits to reduce the transmission of the virus will impact businesses, and that’s why we are introducing these new supports, which will put money directly into the hands of business and free up their cash flows during this critical time,” Finance Minister Peter Bethlenfalvy said in a written statement.
The province said the new Ontario Business Costs Rebate Program will start accepting applications in mid-January, but the rebates will be retroactive to Dec. 19, when the latest round of restrictions came into effect.
It said businesses will be required to submit their property taxes and energy bills in order to get the rebates.
The government is also providing a six-month “interest- and penalty-free period” to make payments for most provincially administered taxes, starting Jan. 1, 2022 and running through July 1.
Ontario’s latest round of restrictions, introduced in a bid to slow the spread of the Omicron variant of COVID-19, also include reduced hours for serving alcohol.
New rules leaving businesses on ‘verge of collapse’
The announcement of new supports came the same day the Ontario Chamber of Commerce urged Premier Doug Ford to “consider further grants, targeted support programs, and other direct measures” to help businesses and their employees.
“Newly imposed restrictions intended to control the spread of the Omicron variant have left countless small businesses on the verge of collapse,” Chamber CEO Rocco Rossi said in an open letter to the premier.
“Nearly two years into this pandemic, it is imperative that any further public health restrictions that inhibit business activity are accompanied by targeted relief and support programs, including loan forgiveness and extensions on payment terms for small businesses.”
Rossi later said that while the measures announced by both the provincial and federal governments were good news, he worried they wouldn’t be enough to prevent “a wave of business closures.”
“For example, applications for the Ontario Business Costs Rebate Program will not open until mid-January,” he said.
“This delay — along with the limited eligibility of the rebate to energy and property taxes — may not be enough for many small businesses to keep their doors open.”
The Opposition NDP, meanwhile, suggested Ford’s plan was “insulting.”
“Businesses asked for help. What they’re getting today from Doug Ford is a slap in the face,” said finance critic Catherine Fife.
“Any small, local business that desperately needs support will be gone by the time their property tax bill comes due for 2022 — some may even be gone by the time applications open in mid-January.”
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
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)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
