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  • Canada’s lagging productivity our Achilles heel, Scotiabank CEO says | Small Biz Advisor
    on innovation if companies are going to succeed if we re going to create good jobs for young Canadians here His comments touch on a problem that has mystified policy makers and the private sector alike for years Last month Statistics Canada reported that the labour productivity rate growth contracted 0 2 in 2015 by far its weakest result in three years The issue has captured the attention of Finance Minister Bill Morneau who has set up an economic advisory council in an effort to find solutions Porter also highlighted what he perceives to be a disconnect between the skills that many graduates possess and those that employers look for We see the effects of this at Scotiabank where we have a growing need for digitally savvy employees such as specialized programmers engineers and data scientists Porter said More and more companies regardless of the industry are chasing this same talent pool Scotiabank has shifted its focus to developing the kind of talent it is looking for including through partnerships with Western Queen s and St Mary s universities Porter said The company has also boosted its investment in technology to more than 2 4 billion and has been partnering with financial technology startups in an effort to meet clients changing needs he added One example Porter cited is a partnership with Sensibill a Toronto based upstart that allows customers to digitize their receipts in an effort to simplify tax filing and record keeping Porter also said he is frustrated by the lack of progress on energy infrastructure particularly on the Energy East project a pipeline proposed by TransCanada Corp that would ship 1 1 million barrels of Alberta oil per day to refineries in Eastern Canada I think this project is really important for the national fabric of this

    Original URL path: http://www.smallbizadvisor.ca/news/canadas-lagging-productivity-our-achilles-heel-scotiabank-ceo-says-4293 (2016-04-26)
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  • ORPP bill has option for other provinces to join | Small Biz Advisor
    with his counterparts in other provinces this June to discuss solutions for a national retirement plan From earlier meetings he said the Atlantic provinces British Columbia and Quebec seem to be receptive with Saskatchewan showing less enthusiasm As the province moves forward with legislation one of the key questions around the ORPP has been whether or not federally regulated organizations such as banks would have to enrol their employees into the plan We are not able at this stage to enrol federally regulated employees said Hunter However we have made provision in this legislation that at a future date should that change that they ll be able to be enrolled down the road It s something that we re aware of We re working with the Department of Finance Canada and the Canada Revenue Agency to make those requests known The proposed act describes eligible employees as someone employed in Ontario if they report to work full or part time at an employer s establishment in Ontario On that issue the Canadian Bankers Association noted in a statement recently that the province has put forward a proposal to the federal government to extend the ORPP to federally regulated industries While it is unclear at this point how the federal government views the proposal it raises a number of significant jurisdictional and operational issues that the CBA is currently discussing with our members said the CBA The government said the act would also establish the ORPP Administration Corporation s compliance and enforcement framework which would include permitting it to administer fines Employers that fail to deduct or remit contributions would also be charge interest in late payments It would also establish a formal funding policy to guide the actions of the administration corporation and the government in the event of a

    Original URL path: http://www.smallbizadvisor.ca/news/orpp-bill-has-option-for-other-provinces-to-join-4292 (2016-04-26)
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  • Consumer spending up 6% in Q1 | Small Biz Advisor
    quarter of 2015 also showed growth of 5 8 So far the increases we are seeing in 2016 fall in line with the growth trends we have observed for the past year and a half said Angela Brown President and CEO of Moneris We are now moving into a period where we are building upon growth from the year before which is an encouraging sign for Canadian businesses Following a flat period in 2014 Moneris has recorded six consecutive quarters of positive spending increases All four quarters of 2015 saw growth of between 5 and 7 Moneris findings this quarter are consistent with positive economic indicators released by Statistics Canada showing GDP growth in January along with an uptick in retail sales and employment increases in March Consumer spending rose by 5 9 in January 9 in February and 4 4 in March compared to the first three months of 2015 All provinces posted year over year increases during the quarter with the exception of Alberta Nova Scotia posted the largest increase 11 7 followed by New Brunswick 10 4 The oil producing provinces posted growth below the national average spending in Alberta declined by 3 and Saskatchewan saw an

    Original URL path: http://www.smallbizadvisor.ca/news/consumer-spending-up-6-24-in-q1-4291 (2016-04-26)
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  • Finance officials facing a chronically weak global economy | Small Biz Advisor
    and the OECD the IMF has repeatedly overestimated the strength of the world economy in the aftermath of the 2008 financial crisis Problems span the globe China s sharp slowdown has hurt commodity exporting countries by driving down demand for everything from iron ore to coal Prices of raw materials have sunk as a result A rising dollar has pinched American factories by making their goods more expensive in foreign markets and contributing to a sharp deceleration in U S growth since late 2015 The 19 countries that use the euro currency have struggled to gain any momentum despite aggressive easy money policies from the European Central Bank Japan s economy is hobbled by consumers wary of spending Obstfeld expresses concern about volatility in financial markets the refugee crisis caused by violence in the Middle East and the possibility that the United Kingdom will leave the European Union a prospect that could undercut Europe s political and economic stability The dangers could pull the world economy below stalling speed Obstfeld says Experts have been confounded since the financial crisis by trends that in some ways have defied economic history Wages haven t risen significantly in advanced economies even though unemployment has fallen Inflation has remained dangerously subpar despite ultra low borrowing rates engineered by major central banks And those historically low loan rates have yet to encourage businesses to step up investment meaningfully One especially pressing concern With rates already low and government debts high many countries wouldn t have much ammunition to fight another recession should one occur Obstfeld issues an urgent warning for countries to make a pre emptive effort to jump start their economies through continued low rates government spending that encourages growth and reforms that promote economic efficiency There is no longer much room for error

    Original URL path: http://www.smallbizadvisor.ca/news/finance-officials-facing-a-chronically-weak-global-economy-4287 (2016-04-26)
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  • News | Small Biz Advisor - Part 3
    growth forecasts to 2 2 BY Associated Press March 29 2016 Most economists have lowered their outlooks for U S economic growth in 2016 In fact a U S consumer spending posts scant February increase BY Associated Press March 29 2016 U S consumer spending posted a tiny gain for the third straight month in February while Bad news for business owners corporate class investors BY Dean DiSpalatro Advisor ca March 24 2016 This year s federal budget makes unwelcome changes for small business owners and clients who own Millennials and technology transforming Canadian retail landscape BY Staff March 24 2016 Canadian retailers have fallen behind trying to attract convert and retain their customers who are Canadians prefer buying from Canadians when shopping online BY Staff March 24 2016 Canadians cite benefit to the Canadian economy 44 the cost of delivery 19 the Canadian Ontario minimum wage to rise by 15 cents October 1 BY BenefitsCanada com Staff March 21 2016 On Oct 1 2016 the Ontario government will increase the hourly minimum wage from 11 25 CRA tweaks interest rate for corporate taxpayers BY Advisor ca Staff March 21 2016 The Canada Revenue Agency has announced the prescribed annual

    Original URL path: http://www.smallbizadvisor.ca/news/page/3 (2016-04-26)
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  • News | Small Biz Advisor - Part 4
    2016 Almost half of working Canadians 42 said that they felt distracted at work because they 30 of U K employers have a defined wellness strategy BY Jennifer Paterson BenefitsCanada com March 15 2016 Almost a third 30 of U K employers have a defined wellness strategy in place for What it takes to recruit millennial workers BY Michelle McQuigge The Canadian Press March 15 2016 The old adage suggests you can t teach an old dog new tricks but a growing Strong oil prices to boost TSX BY Advisor ca Staff March 15 2016 Oil prices have continued their upward climb prompting money managers and hedge funds to raise Employee contributions to spousal health coverage on the rise survey BY Advisor ca Staff March 10 2016 More than half 56 of U S employers have increased employee contributions to healthcare coverage for BoC says volatility abating BY Simon Doyle Advisor ca March 10 2016 The Bank of Canada has kept its benchmark interest rate at 0 5 and said financial Bank of Canada holds key rate ahead of budget BY Andy Blatchford Canadian Press March 10 2016 The Bank of Canada is sticking with its key interest rate as

    Original URL path: http://www.smallbizadvisor.ca/news/page/4 (2016-04-26)
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  • News | Small Biz Advisor - Part 5
    does more harm than good think tank BY Advisor ca Staff March 3 2016 Raising the minimum wage will do little to reduce poverty mainly because most minimum wage earners U S China manufacturing shrink BY Associated Press March 3 2016 Factory activity in the U S and China the world s top two economies slowed Canadian economy grew 0 8 in Q4 Statistics Canada BY Canadian Press March 3 2016 The economy exceeded low expectations to grow at an annual rate of 0 8 in the Cyber risks continue to grow BY Staff March 1 2016 Increased risks of ransomware and extortion driven attacks and the rise of the Internet of Things Less than 10 of business processes will rely on paper by 2018 BY Staff March 1 2016 Data is the lifeblood of business today and it s not easy digging through it to Manufacturing deterioration slowing BY Staff March 1 2016 Overall business conditions across the manufacturing sector moved another step closer to stabilization in February Canadian banks Q1 earnings mixed BY Canadian Press February 25 2016 Canada s big banks have started to release first quarter earnings Check out the results from National Fines admin penalties

    Original URL path: http://www.smallbizadvisor.ca/news/page/5 (2016-04-26)
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  • News | Small Biz Advisor - Part 6
    S employees said participation in workplace wellness programs increased their U S consumer prices flat in January BY Associated Press February 19 2016 U S consumer prices were unchanged in January as the rising costs of housing and health Why Canadian equities are due for a comeback BY Michael McCullough CanadianBusiness com February 18 2016 Not since 2009 have investing pros gone into a year with as much trepidation as Why the future of Canadian manufacturing remains uncertain BY Andy Blatchford The Canadian Press February 18 2016 Amid hopes that Canadian manufacturing will drive economic growth in a country reeling from low Yellen says pace of future rate hikes could be slowed BY Martin Crutsinger Associated Press February 18 2016 Federal Reserve Chair Janet Yellen said the U S economy faces a number of global threats Employers tweaking health plans to appeal to millennials BY Alexandra Posadzki Canadian Press February 16 2016 During his three year tenure as a financial analyst at one of Canada s biggest banks Devon U S retail sales expected to grow 3 1 in 2016 BY Associated Press February 16 2016 The National Retail Federation is forecasting retail spending growth of 3 1 in 2016

    Original URL path: http://www.smallbizadvisor.ca/news/page/6 (2016-04-26)
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