The Ontario government has launched a new Ontario Jobs and Recovery Committee which will focus on getting businesses up and running and people back to work after the COVID-19 pandemic is over.
While the government’s primary focus is on combatting the virus, supporting frontline health care workers and providing immediate relief to people and businesses, this new committee will be developing a plan to stimulate economic growth and job-creation in the weeks and months ahead.
“My heart goes out to those individuals and families who have been out of work, or whose business has closed through no fault of their own,” said Premier Ford.
“I can assure each person affected by this crisis that we will do everything we can to support you, and get you back on the job as soon as possible. While our government battles this virus, members of our new Ontario Jobs and Recovery Committee will roll up their sleeves and develop a roadmap to a stronger, more prosperous economy.”
Ford highlighted the hard numbers associated with the fallout from COVID-19, speaking to the 400,000 jobs that were lost in the province last month alone.
“These are not just numbers, these are real people and it breaks my heart,” said Ford. “In these darkest days, we’re here for the people of Ontario.”
The membership of the Ontario Jobs and Recovery Committee includes:
Rod Phillips, Chair, Minister of Finance
Vic Fedeli, Minister of Economic Development, Job Creation and Trade
Peter Bethlenfalvy, President of the Treasury Board
Caroline Mulroney, Minister of Transportation
Christine Elliott, Deputy Premier and Minister of Health
Ernie Hardeman, Minister of Agriculture, Food and Rural Affairs
Greg Rickford, Minister of Energy, Northern Development and Mines and Minister of Indigenous Affairs
John Yakabuski, Minister of Natural Resources and Forestry
Laurie Scott, Minister of Infrastructure
Lisa MacLeod, Minister of Heritage, Sport, Tourism and Culture Industries
Lisa Thompson, Minister of Government and Consumer Services
Monte McNaughton, Minister of Labour, Training and Skills Development
Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction
The committee will be consulting with a wide variety of people to assess the impact of COVID-19 on the provincial economy and develop an action plan to move forward, including business associations, chambers of commerce, municipal leaders, corporate leaders, small business owners, and entrepreneurs.
“While we focus our energy and resources on defeating COVID-19, today’s job numbers highlight why we also need to plan for an economic recovery,” said Rod Phillips, Minister of Finance.
“At Premier Ford’s request, I have convened the Ontario Jobs and Recovery Committee. And our first order of business is to prepare for the next phase of Ontario’s Action Plan, which will be ready to launch as soon as COVID-19 is contained. This team will get our economy moving again ― with a focus on job creation, opportunities for growth, and protecting our province from future threats.”
Today, Statistics Canada released its monthly job numbers, which showed a 402,800 decrease in employment in Ontario. To support the provincial effort to deal with this crisis, the government launched Ontario’s Action Plan: Responding to COVID-19. This is a $17 billion package with funding targeted to help families and a variety of sectors across the province.
In addition to $3.3 billion in more health care resources, the plan includes $3.7 billion to support people and jobs, and relief of $6 billion by temporarily deferring taxes for 100,000 Ontario businesses, $1.9 billion to allow employers to defer Workplace Safety and Insurance Board payments, and $1.8 billion to defer municipal education property tax payments.
The government is also providing $52 million from the package to better support individuals and families in financial crisis through social assistance. This funding will support those who are not able to access federal assistance to cover needs such as food costs, rent, medicine and other essential services during this time. Individuals can easily apply online for assistance.
To support small businesses, the Ontario government has also worked with the federal government to develop the Small and Medium-sized Enterprise Loan that will enable up to $40 billion in lending, supported through Export Development Canada and the Business Development Bank. This new program will help businesses meet cash flow requirements through guaranteed loans.
“Our government is pulling out all the stops to support our job creators and workers today, during this very difficult time,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade.
“But it is incumbent upon us to look ahead and map out a plan that considers life after COVID-19, a plan that will guide us into a future filled with hope, new employment opportunities and steady economic growth.”
“While the health and safety of Ontarians is our top priority, we need to ensure that our province is positioned to support and facilitate economic growth when we lift the State of Emergency,” said Peter Bethlenfalvy, President of the Treasury Board. “This starts with the Ontario Jobs and Recovery Committee, which will ensure we have a long-term, strategic vision to responsibly reopen our economy.”
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 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.
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.
