A new report from our Business Data Lab says Canada’s productivity problem can be addressed by a renewed focus on enabling and investing in Canada’s natural resources sector.
The report, Canada’s Natural Wealth: Highlighting Canada’s strong natural resources sector, assessing the economic challenges, and identifying growth opportunities, provides recommendations to address Canada’s place as one of the least productive G7 nations, with the country facing significant economic challenges, low productivity, declining living standards, regulatory uncertainty, and weak business investment.
The report is released ahead of the Canadian Chamber's five-city speaking tour, with experts from leading Canadian organizations in the natural resources sector discussing how to harness Canada’s natural resources to strengthen our economy, meet global demands, support Indigenous reconciliation, and strive for a better life for all Canadians. |
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The Bank of Canada Continues to Cut Interest Rates |
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Last week, the Bank of Canada lowered the interest rate for a third consecutive time, bringing it to 4.25%. As inflation risks ease, the central bank's attention has shifted to Canada’s growing economic challenges.
In his latest commentary, our Chief Economist, Stephen Tapp, predicts rates may continue to drop, potentially reaching 3% by summer 2025. The big question: will steady 25 basis points cuts suffice, or will more aggressive measures be needed to support growth? |
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Unemployment Rate Accelerates in Lackluster Job Market |
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Despite the Canadian labour market adding 22,000 jobs in August, the unemployment rate rose from 0.02% to 6.6% — the highest since 2017. Our Senior Economist, Andrew DiCapua, highlights that while part-time gains offset full-time losses, the labour market is still falling short of meeting demand. This fast increase in unemployment could prompt the Bank of Canada to consider larger rate cuts. |
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10 Measures that Will Cost the Government Little to Nothing but Will Help Our Economy |
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House of Commons sitting days start again on September 16, which means the government will soon turn its attention back to governing. When it does, the 10 economic measures discussed in this month’s edition of Policy Matters should be key areas of focus. Importantly, these measures would require minimal or no government spending, yet would generate future wealth and prosperity for all Canadians. |
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Our Submission on the Capital Gains Tax Inclusion Rate and Lifetime Exemption |
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Last week, we submitted feedback to the Department of Finance Canada as part of their consultation on Budget 2024, particularly concerning the capital gains inclusion rate increase and the lifetime exemption increase. While the Canadian Chamber welcomes the opportunity to comment, this consultation occurs after the tax increase has already been implemented, limiting the ability for Canadians and businesses to plan effectively. The business community is alarmed by the negative impact this measure will have on growth, innovation, and job creation. |
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Ian Edwards Announced as 2024 International Business Leader of the Year |
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We are proud to announce Ian Edwards, President and CEO of AtkinsRéalis, as the recipient of the 2024 International Business Leader of the Year Award. This prestigious recognition highlights Mr. Edwards’ exemplary leadership of AtkinsRéalis, a global leader in professional services and project management, known for its innovation and commitment to corporate social responsibility. |
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TWO WEEKS Until Our Women in Business Summit Series! |
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We’re just two weeks away from our Women in Business Summit Series! This virtual event will feature three engaging 90-minute sessions packed with actionable insights on advancing gender equality in your organization. Join us to learn from renowned experts: - Laura Williams, Founder and Managing Partner of Williams HR Law LLP and President and CEO of Williams HR Consulting Inc.
- Dr. Rumeet Billan, CEO of Women of Influence and Founder of Viewpoint Leadership.
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Kadie Philp, Commissioner & Chief Administrative Officer (CAO) of the Ontario Pay Equity Commission
Don’t miss your chance to attend at a special rate! We’ve got something for everyone: -
Canadian Chamber Members: Use code CCCMemberWiB24 for 25% off.
- Small Businesses: Use code SmallBizEntry2024 for 20% off.
- Students: Use code Edu_Student2024 for 20% off.
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Group Registration: Bringing your team or hosting a watch party? Use code Group_reg50 for 50% off!
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Natural Resources Tour: Speaker Lineups for the Vancouver and Calgary Stops! |
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We’re thrilled to announce the speakers for our Natural Resources Tour stops in Vancouver and Calgary! Join us as we explore the future of Canada’s natural resources sector with leading experts in each city. VANCOUVER – October 9 - Stewart Muir, Founder & CEO of Resource Works
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Linda Coady, President & CEO of the BC Council of Forest Industries
- John Desjarlais, Executive Director of the Indigenous Resource Network
- Jon McKenzie, President & CEO of Cenovus Energy
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Jonathan Price, President & CEO of Teck Resources
CALGARY – October 10 -
Shannon Joseph, Chair of Energy for a Secure Future
- John Desjarlais, Executive Director of the Indigenous Resource Network
- Chris Doornbos, President & CEO of E3 Lithium
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Jeff Lawson, SVP of Corporate Development and Acting Chief Sustainability Officer at Cenovus Energy
- Karen Proud, President & CEO of Fertilizer Canada
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Delivering Connected Care for Canadians |
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With mounting pressures on our healthcare system and an increasing need for digital transformation, the creation of a pan-Canadian health data ecosystem is more vital than ever. Join us on October 1 for a conversation with federal and provincial leaders, along with industry experts, on accelerating the delivery of connected care for Canadians through national collaboration and public-private partnerships.
We’re pleased to be joined by: - Dr. Lyle Oberg, Alberta Health Services Board Chair
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Elizabeth Toller, Director General, Health Care Strategies, Health Canada
- Luk Arbuckle, Global AI Practice Leader and Chief Methodologist, IQVIA
- Brigitte Nolet, President and CEO, Roche Canada
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Michael Green, President and CEO, Canada Health Infoway
- Dr. Anderson Chuck, President and CEO, Canadian Institute for Health Information (CIHI)
*More panellists will be announced soon. |
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Geotab CEO’s Perspective on EV Adoption — Tackling the Bump in the Road
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In a new member op-ed, Neil Cawse, CEO of Geotab, explains the opportunities, challenges and realities of EV adoption in Canada. Dive deeper into his perspective in this week’s featured blog post. |
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