The Ontario government announced Friday that it is investing $736 million more in public education for the 2020-21 school year, increasing the total to more than $25.5 billion.
This funding, through the Grants for Student Needs (GSN) program, represents the largest investment in public education in Ontario’s history. As a result, Ontario’s average per-pupil funding amount has reached $12,525, which is an increase of $250 over the previous year.
“We are investing more in our students to ensure they are safe, and well prepared to hit the books beginning in September,” said Stephen Lecce, Minister of Education.
“As we review all scenarios related to the COVID-19 outbreak, our government is supporting each and every school board in the province to ensure our students and educators have the resources available for a successful year.”
All 72 district school boards in the province are projected to have increases to their GSN allocations for the upcoming school year, which includes record-high investments in special education, mental health and well-being, among many other key areas.
Under the GSN, the new $213 million student-centric Supports for Students Fund (SSF) will support:
Special education
Mental health and well-being
Language instruction
Indigenous education
STEM programming
“We are investing in new supports for marginalized and racialized students to give hope and confidence to their families that we will work to unlock their full potential and remove the barriers to their success,” said Lecce.
The Supports for Students Fund can also be used for additional critical staffing needs during the return to school in September, including hiring custodians and education assistants for students who need support.
In addition to the GSN, Ontario is providing funding for the Priorities and Partnerships Fund (PPF), which enables school boards and third-parties to undertake important initiatives and provide critical resources for curricular, extra-curricular, and wrap-around supports. In the upcoming school year, the PPF is projected to be over $300 million, funding approximately 150 initiatives to support students.
Quick facts:
The Government is providing funding to support the mental health and well-being of students upon the return to school in Fall 2020, as a result of emerging needs related to the COVID-19 school closures.
Ontario is also continuing to invest $1.4 billion in school facility repair and renewal to support healthy and safe learning environments, which directly aligns with a recommendation from the Auditor General of Ontario.
The Ministry of Education provides operating funding to Ontario’s 72 district school boards through the annual GSN education funding model. Funding to school boards is provided on a combination of per student, per school, and per board basis.
Ontario launched Learn at Home and Apprendre à la maison, a new online portal that provides resources for families so students can continue their education while schools are closed due to the ongoing COVID-19 situation.
Visit Ontario’s website to learn more about how the province continues to protect Ontarians from COVID-19.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
