BizNews This Week Archives - Page 3 of 15

Help wanted? Workers caught in TFW rule changes

March 19, 2025/in BizNews This Week, Finding And Keeping Workers, Government Federal, Immigration And Integration, Training And Microcredentials/by Jim Zeeben

The Chamber continues to work to address ill-advised changes to Canada’s Temporary Foreign Workers program. We’ve met with Victoria’s Member of Parliament and heard from several Chamber members about the damaging impact this blanket legislation is causing in our region.

Canadian Tire Hillside has reached out to ask for help finding work for four of their former staffers who are looking for employers able to offer a position with a Labour Market Impact Assessment.

“The workers are well qualified, highly experienced professionals with international and Canadian experience. We would be retaining these top-performing team members, however, recent changes to our country’s Temporary Foreign Worker program will unfortunately not permit it,” Canadian Tire said in an email to The Chamber.

The workers live in our region and have housing. They want to continue to be long-term contributing members of the community. The workers have experience in retail, customer service and warehouse work and can start in early summer — once they receive necessary approvals.

To learn more about hiring these potential team members and applying for LMIAs, contact Ron Heal at ron@cantire365.com.

Inflation adds uncertainty to future interest rate cuts

March 19, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

A surprising uptick in inflation has increased the focus on April 2, when the world is expected to learn how the US administration will roll out tariffs aimed at changing the global economy.

Canada’s Consumer Price Index rose 2.6% year over year in February, following an increase of 1.9% in January. The Bank of Canada considers 2% its target for sustainable growth.

Some of the increase can be contributed to the end of the federal government’s GST holiday on Feb. 15. However, even categories not affected by the tax break rose more than expected.

The Bank of Canada’s next interest rate announcement is April 10. Currently, economists are calling for further cuts to the rate to spur the economy if tariffs are introduced on April 2. However, if Canada is spared from the threatened tariffs, the Bank is expected to hold to allow inflation to settle.

March 11 marked COVID national day of Observance

March 12, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Safe Communities/by Jim Zeeben

It seems like another lifetime. On March 11, 2020, the World Health Organization officially declared a global pandemic.

Our way of life, and, for many, way of doing business, was turned upside down. COVID-19 was an unknown and dangerous disease that would claim 6,600 people in BC and almost 60,000 across Canada despite unprecedented efforts to prevent the spread of infection. The experience changed the way we think about washing our hands, disinfecting our homes and workplaces and even how we greet others.

“I started with The Chamber in June of 2020 — as workers were being told to stay at home and many businesses faced huge losses because they had to shut down,” Chamber CEO Bruce Williams said. “We saw some organizations go into a sort of hibernation, but the need for The Chamber was never more clear. We were asked to be an even louder voice of business and we helped shape many of the programs and policies that got our community through those dark times.”

The Chamber worked closely with federal, provincial and municipal governments to urge them to move quickly on everything from new rules for outdoor patios to low-interest loans to enabling online sales. We also introduced the Chamber Champions program, a new tier of membership for organizations that have the capacity to lift up smaller businesses during times of crisis.

Last year, the federal government declared March 11 as Pandemic Observance Day to “commemorate the efforts to get through the pandemic, to remember its effects and to reflect on ways to prepare for any future pandemics.”

Province recruiting doctors and nurses amid US chaos

March 12, 2025/in BizNews This Week, Government Provincial, Safe Communities, Training And Microcredentials/by Jim Zeeben

The provincial government is seeing opportunity in the political divide currently impacting the United States. BC has begun a recruitment campaign targeting doctors and nurses from the US and fast-tracking credential recognition.

The College of Physicians and Surgeons of BC is being consulted on a direct process for doctors who hold certification from the American Board of Medical Specialties to become fully licensed in BC without the need for further assessment, examination or training. Similar changes were recently adopted by Ontario, Nova Scotia and New Brunswick.

The changes are expected to be implemented in the next few months, following consultations already underway.

The BC College of Nurses and Midwives has also been asked to allow US-registered nurses to apply directly to the college, allowing it to review candidates education, registration, exam completion and regulatory history through the US’s national nurse-licensure and disciplinary database.

The provincial government said 2024 set a record as nearly 250,000 people were able to find a primary care provider, an increase from 186,000 people in 2023 and 131,000 people in 2022.

Bank drops interest rate, citing trade war uncertainty

March 12, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada made another cut to interest rates today, lowering the overnight rate to 2.75%.

“The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth,” the Bank said in a media release. “However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada.”

The Bank has conducted research into how Canadian businesses and households are reacting to the tradewar. Not surprisingly, people say they plan to be more cautious with spending and are worried about job security. Businesses are revising sales outlooks, while also trying to tie into the wave of “buy Canadian” sentiment sweeping the country.

“Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation,” the Bank said.

BC pulls all US alcohol from province’s liquor stores

March 12, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

Serious, surreal and silly. Any of these work for describing the current relationship between Canada and the United States as President Trump continues to attack Canadians’ national identity while threatening to gravely damage businesses, families and industry on this side of the border.

The trade war started with tariffs, which serve as a tax paid by Americans on certain Canadian goods. The dispute expanded to citizen boycotts of US groceries and now a provincial ban on US alcohol.

American beer, wine, spirits and other beverages have been removed from BC Liquor stores and the BC Liquor Distribution Branch has stopped bringing any more into the province.

“We are taking this action in response to escalating threats from south of the border,” BC Premier David Eby said. “Most recently, U.S. President Donald Trump made new threats against Canada’s dairy and lumber industries – and there are reports he has been musing about redrawing the border.”

The symbolic move has the support of the BC Restaurant & Foodservices Association.

BCRFA President and CEO Ian Tostenson sent a letter to members explaining what the decision meant for businesses.

“You will still be allowed to sell US-made products in your establishments for as long as you have a supply,” Tostenson said. “BCRFA is proudly on Team Canada and there is no better time to stand with our local brewers, vintners, and distillers than right now.”

Learn more about how the tradewar could impact your business. Register now for The Chamber’s AGM on April 15 to hear an expert panel discuss current US relations.

Safety for Business session set for next week

March 5, 2025/in BizNews This Week, Government Local, Safe Communities/by Jim Zeeben

The City of Victoria‘s Small Business Info Session: Safety for Business is set for March 12, 4:30 to 7:30 pm, at Victoria City Hall. The session aims to help businesses better understand the resources available to improve their security and ensure customers and staff have a sense of safety.

Businesses can also contribute feedback to help community partners address outstanding concerns. Presentations are planned by police and firefighters, as well as bylaw enforcement, public works staff and the Community Led Crisis Response Team.

New report offers insight into Canadian real estate

March 5, 2025/in BizNews This Week, Finding And Keeping Workers, Housing, Inflation And Rising Costs/by Jim Zeeben

What do the current events of 2025 mean for Canada’s real estate industry? There’s no crystal ball to foretell the future, but the expert prognosticators at Doane Grant Thornton have put together some thoughtful insights in their 2025 Real Estate market summary. The report looks at key trends, including the political winds blowing north from south of the border as well as the state of capital markets and impact of AI.

You can read about various asset classes and more at doanegrantthornton.ca.

Navigate the trade war seas with MNP resource kit

March 5, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

This week saw the first shots fired in a trade war started by US President Donald Trump. The action led to retaliatory tariffs and a heating up of rhetoric across social media. But how will tariffs affect you and your business? To help better understand the specific challenges, MNP has released a Trade Impact Navigator.

This navigator includes a Tariff Exposure Risk Assessment you can take online, articles explaining the issues and a link to register for their webinar Preparing for tariff impacts that go beyond the bottom line.

BC Budget 2025 attempts to tackle trade war’s unknowns

March 5, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Provincial, Inflation And Rising Costs/by Jim Zeeben

The best news from yesterday’s BC Budget 2025 announcement was a promise from the provincial Finance Minister to work more closely with businesses going forward.

As is tradition, the minister met with the Greater Victoria Chamber of Commerce today to discuss the budget.

Brenda Bailey, a former tech sector entrepreneur, was elected to government in 2020 and appointed Finance Minister in November 2024. Her first budget day was overshadowed by news that the United States was moving ahead with a trade war on Canada.

Bailey acknowledged the curveball, noting that the budget was put together with tariffs in mind. There is also $4 billion in contingency funds set aside annually for three years to address unforeseen challenges. It’s a strategy that makes sense, but one business groups will be watching closely.

“We want to see policies that are looking at the horizon, that are investing in making our private sector bigger, growing our economy,” Chamber CEO Bruce Williams said. “We’re fortunate to live in a region with a diverse economy that is relatively sheltered from a trade war. That said, we know we’re in for challenging times ahead as Canada will be impacted by tariffs.”

In response to the US’s tariff announcement, the Canadian Chamber issued a statement saying the trade war will hurt Americans and have disastrous impacts on people in many US cities.

“Canada is resource and talent rich. Our economic future is ours to determine — it’s time to join our economic strategy with concrete action to not only minimize the short-term damage but to chart a more prosperous path long-term,” Canadian Chamber president and CEO Candace Laing said.

Read the Full Media Release