An update on legislation, developments and political discussions affecting local businesses.
Monday, Nov. 26:
- Bank of Canada Governor Mark Carney was appointed as the new governor of the Bank of England. Mr. Carney will serve in his current position until June 1, 2013, and will continue to chair the Financial Stability Board.
- Minister of National Revenue Gail Shea and the minister of state for finance, Ted Menzies, announced that the annual contribution limit for a Tax-Free Savings Account has been raised to $5,500 from $5,000.
- The Standing Committee on Finance tabled it’s 13th report, sending the second budget implementation Bill C-45 back to the House of Commons without amendments
- Finance Minister Jim Flaherty addressed the Canadian Council for Public-Private Partnerships, highlighting the importance of the P3s in modernizing Canada’s infrastructure system.
- Labour Minister Lisa Raitt met with the advisory council on workplace and labour affairs in Ottawa, receiving information on trends and emerging issues.
Tuesday, Nov. 27:
- Maxime Bernier, the minister of state for small business and tourism, launched Startup Canada Blueprints, a community and consensus-building exercise, in Montreal.
- Treasury Board President Tony Clement applauded Startup Canada’s efforts to support Canadian entrepreneurship at an event in Shopify’s Ottawa offices.
- The House of Commons passed Bill C-27, First Nations Financial Transparency Act, sending it to the Senate for further review.
- Environment Minister Peter Kent announced proposed regulations to mandate increased fuel efficiency and reduced greenhouse gas emissions of passenger automobiles and light trucks for model years 2017 to 2025.
- Transport Minister Denis Lebel announced federal financial assistance to help the Association pour le développement de la recherche et de l'innovation du Québec in Drummondville stimulate innovation and improve the competitiveness of SMEs its represents. The $493,750 non-repayable financial contribution comes through the Canada Economic Development’s Quebec Economic Development Program.
- Statistics Canada released third quarter 2012 financial statistics for enterprises. Canadian corporations earned $72.2 billion in operating profits in the third quarter, an increase of 3.7 per cent from the previous quarter.
Wednesday, Nov. 28:
- Prime Minister Stephen Harper met with Mexican president-elect Enrique Peña Nieto during his courtesy visit to Canada.
- Agriculture Minister Gerry Ritz and International Trade Minister Ed Fast announced that Oman has opened its market to live cattle imports from Canada. The newly opened market is estimated to be worth $900,000 a year, according to the Canadian Livestock Genetics Association.
- Statistics Canada released payroll employment, earnings, and hours figures for September, 2012. Average weekly earnings of non-farm payroll employees were $902.29 for September, a decrease of 0.5 per cent from the previous month. Year-over-year, earnings have increased 3.4 per cent.
Thursday, Nov. 29:
- The Parliamentary Budget Officer published an assessment of Finance Minister Jim Flaherty’s updated fiscal outlook, questioning the minister’s new increased deficit projections and suggesting they may be inflated.
- Industry Minister Christian Paradis welcomed the report on the Review of Aerospace and Space Programs and Policies led by former minister David Emerson.
- Labour Minister Lisa Raitt announced a number of appointments. André Lecavalier was appointed to the Canada Industrial Relations Board as a full-time member serving as an employer representative for a three-year mandate effective Nov. 28. Helder Botelho was appointed to the Canadian Centre for Occupational Health and Safety as an employer representative for a four-year term effective Nov. 28. Stephen Mansell was appointed to represent Nunavut on the Council of Governors for the Canadian Centre for Occupational Health and Safety for a four- term effective Nov. 28. William Terrance Lineker was reappointed to the Canada Industrial Relations Board as a part‑time member serving as an employer representative for a three-year mandate effective Nov. 28.
Friday, Nov. 30:
- Prime Minister Stephen Harper announced that the governments of Canada, Newfoundland and Labrador, and Nova Scotia have agreed on the terms for a federal loan guarantee for the Lower Churchill Projects.
- The Department of Finance released the September 2012 edition of the Fiscal Monitor. Highlights included a budgetary deficit of $2.7 billion in September 2012, the same as September, 2011. The first six months of the 2012–13 fiscal year saw a budgetary deficit of $8.9 billion, compared to $11.8 billion for the same period in fiscal year 2011-12.
- Finance Minister Jim Flaherty launched pre-budget consultations with community and business leaders in Victoria, B.C.
- International Trade Minister Ed Fast announced that Canada and Japan have concluded first round negotiations toward a Canada-Japan economic partnership agreement.
- Public Works Minister Rona Ambrose officially brought to a close the Knowledge Infrastructure Program in a ceremony held at the University of Alberta. The program invested $2 billion in more than 500 infrastructure improvement projects at post-secondary research and training facilities across the country as part of Canada’s Economic Action Plan.
Eye on the Hill is prepared by Ottawa-based government relations and communications firm Flagship Solutions.