Tag: Canada

Insolvencies to remain high in Canada as economy plays catch-up: experts – National

Business insolvencies will likely remain elevated throughout 2024, experts said, as the economy plays catch-up after historically low levels during the pandemic.

“We did have … so many years of artificially low filings. We’ve got a fair bit of catch-up to do,” said Natasha MacParland, a partner at Davies Ward Phillips & Vineberg LLP.

The pandemic saw a historically low level of insolvency filings — which include bankruptcy and restructuring procedures — as government supports kicked in but in 2023 things started to normalize, said MacParland. That trend is continuing into 2024.

Business insolvencies in 2023 were up 41.4 per cent compared with 2022, according to data from the Office of the Superintendent of Bankruptcy. Compared with 2019, they were up almost 31 per cent.


Click to play video: 'Canada’s inflation fell to 2.9% in January, Freeland says'


Canada’s inflation fell to 2.9% in January, Freeland says


At some point in the latter half of 2023, business insolvencies started surpassing pre-pandemic, or 2019, levels. But that’s not necessarily a worrying thing, MacParland said.

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“I would have been concerned if all of a sudden there was a deluge of filings. But this seems to me to be what I would have expected,” she said.

She also noted 2019 was a milder year for insolvency filings, and that a certain level of insolvencies is healthy for the economy.

Insolvency, which a business often faces when it’s unable to pay its debt and other expenses, includes both bankruptcies and proposals. Bankruptcies mean the business is closing down, while a proposal offers a way to restructure.

Government support and patient lenders kept business insolvency levels low for several years, longer than industry watchers had expected, said Dina Kovacevic, editor of trade publication Insolvency Insider.


Click to play video: 'Money Matters: Why personal insolvencies are surging and how to avoid debt trouble'


Money Matters: Why personal insolvencies are surging and how to avoid debt trouble


“In 2023, we saw

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What are the best companies to work for in Canada?


A chocolate maker, a children’s hospital and several universities are among Canada’s top employers right now, according to a newly released ranking by Forbes.


The business- and lifestyle-focused media company released its annual list of Canada’s “best” employers Wednesday, a ranking based on factors including a competitive salary, opportunities for promotion and work-life balance.


Forbes’ editors said the ranking involved results of more than 40,000 survey responses.


They said they divided the respondents’ list into two categories: testimonies given by current employees and those who know the company through friends, family or industry connections.


Based on this criteria, Forbes gave the top spot to Hershey Co., noting its “family-friendly” work hours and training initiatives, and the added perk that employees get to sample “the newest chocolate creation.”


Also in the top five were the Children’s Hospital of Eastern Ontario (CHEO), Brock University, Elections Canada and Concordia University, which all scored high for their commitments to employee wellness, Forbes said.


Of the top 100 employers on the list, about 20 per cent are organizations in education, while 15 per cent are government organizations.


Here are Forbes’ picks for the top 25:


  1. The Hershey Company

  2. Children’s Hospital of Eastern Ontario (CHEO)

  3. Brock University

  4. Elections Canada

  5. Concordia University

  6. Government of Prince Edward Island

  7. Hydro-Quebec

  8. Workplace Safety and Insurance Board (WSIB)

  9. Parks Canada

  10. Fisheries and Oceans Canada

  11. Canadian Mental Health Association

  12. Carleton University

  13. The Keg Steakhouse + Bar

  14. Western Financial Group

  15. Bank of Canada

  16. Google

  17. Ville de Quebec

  18. WM (Waste Management Inc.)

  19. Mount Royal University

  20. Pratt
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What are the best companies to work for in Canada?


A chocolate maker, a children’s hospital and several universities are among Canada’s top employers right now, according to a newly released ranking by Forbes.


The business- and lifestyle-focused media company released its annual list of Canada’s “best” employers Wednesday, a ranking based on factors including a competitive salary, opportunities for promotion and work-life balance.


Forbes’ editors said the ranking involved results of more than 40,000 survey responses.


They said they divided the respondents’ list into two categories: testimonies given by current employees and those who know the company through friends, family or industry connections.


Based on this criteria, Forbes gave the top spot to Hershey Co., noting its “family-friendly” work hours and training initiatives, and the added perk that employees get to sample “the newest chocolate creation.”


Also in the top five were the Children’s Hospital of Eastern Ontario (CHEO), Brock University, Elections Canada and Concordia University, which all scored high for their commitments to employee wellness, Forbes said.


Of the top 100 employers on the list, about 20 per cent are organizations in education, while 15 per cent are government organizations.


Here are Forbes’ picks for the top 25:


  1. The Hershey Company

  2. Children’s Hospital of Eastern Ontario (CHEO)

  3. Brock University

  4. Elections Canada

  5. Concordia University

  6. Government of Prince Edward Island

  7. Hydro-Quebec

  8. Workplace Safety and Insurance Board (WSIB)

  9. Parks Canada

  10. Fisheries and Oceans Canada

  11. Canadian Mental Health Association

  12. Carleton University

  13. The Keg Steakhouse + Bar

  14. Western Financial Group

  15. Bank of Canada

  16. Google

  17. Ville de Quebec

  18. WM (Waste Management Inc.)

  19. Mount Royal University

  20. Pratt
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16 Best Business Credit Cards in Canada for December 2023

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Whether you’re seeking a business credit card for frequent flyers, a basic, no-fee option or something in between, there’s a lot to consider. To speed up the selection process — you do have a business to run, after all — we evaluated more than 40 business credit cards in Canada and chose ones that provide the most value across multiple categories.

Jump to




Best business credit cards in Canada

Best overall business credit card

American Express® Business Edge™ Card

American Express® Business Edge™ Card
  • Annual Fee

  • Interest Rates

  • Rewards Rate

  • Intro Offer

Why we like it

There’s a lot of value packed into the American Express Business Edge Card: a manageable annual fee, impressive earn rates on common business purchases, and a wide range of perks and special offers, such as business and expense management tools and payment flexibility.

Pros

  • The generous welcome offer and 1,000-point monthly spend bonus should be attainable for many businesses.
  • A healthy earn rate on several everyday business purchases, like office supplies, electronics and gas.
  • Ability to add up to 99 supplementary cards — and up to $100,000 in coverage in case of employee misuse.

Cons

  • Not all retailers accept American Express.
  • Because of the relatively low spending limits associated with the 10x and 3x earn rates,
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Hockey Canada welcomes William Huff Advertising as National Marketing Partner

Haneet Parhar thought she was done with hockey after university, but through coaching, the BFL Female Coach of the Year found her way back to the game

Haneet Parhar didn’t always have hockey in her plans. But for one reason or
another, hockey always found a way back into her life. And for that, Parhar
is forever grateful for the opportunities she’s had through the game.

Her passion for giving back to the sport that gave her so much has led to
her being honoured as the BFL Female Coach of the Year in the High
Performance category.

“There’s been so many times in my life where I’ve told myself ‘This is it, I
don’t know if I’ll ever go back to a rink or pick up my skates,’ and then
boom, I come back to hockey,” Parhar says.

As a student-athlete at the University of British Columbia, there was a lot
of uncertainty if she would even make the Thunderbirds roster. She would
eventually have a very successful U SPORTS career, winning three Canada West
championships, but her time at UBC also kicked off a career in coaching that
she never imagined.

From wanting to just stay involved as an 18-year-old undergrad student,
working as a coach in community rink programs and UBC hockey camps in the
summer, it reminded Parhar of the joy she found in hockey, for herself and
the kids in her programs.

“Doing it throughout my school and varsity career at UBC, I coached at the
recreational level for five-and-a-half years,” she says. “When you start at
that level, I really did it because I loved it. You see the kids smile and
it’s really easy to take away that hardcore style of coaching and do it for
fun. It was a great fit for

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We caught technicians at Best Buy, Mobile Klinik, Canada Computers and others snooping on our personal devices

When you need to drop off your tech devices for a repair, how confident are you that they won’t be snooped on?

CBC’s Marketplace took smartphones and laptops to repair stores across Ontario — including large chains Best Buy and Mobile Klinik — and found that in more than half of the documented cases, technicians accessed intimate photos and private information not relevant to the repair.

Marketplace dropped off devices at 20 stores, ranging from small independent shops to medium-sized chains to larger national chains, after installing monitoring software on the devices. In total, 16 stores were recorded. (At four stores, the tracking software didn’t log anything, or the stores didn’t appear to turn the devices on.)

Technicians at nine stores accessed private data, including one technician who not only viewed photos but copied them onto a USB key.

WATCH | Testing tech repair: Who’s spying on your stuff?

Testing tech repair: who’s spying on you?

Featured VideoWe load up smartphones and laptops with private information to find out if technicians will snoop on our devices. We reveal who looks at our stuff and what you can do to protect your privacy.

“These results are frightening,” said Hassan Khan, associate professor in the school of computer science at the University of Guelph. “It’s looking through information, searching for data on users’ devices, copying data off the device…. it’s as bad as it gets.”

To examine the extent of privacy breaches by technicians at repair stores, Marketplace teamed up with Khan, who had previously done a privacy study on laptop repairs in a number of Ontario stores, which found that many technicians snooped on personal data.

For the Marketplace investigation, Khan, along with graduate students Angela Tran and Brandon Lit, loaded four smartphones and six laptops with the kind of

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Best Buy Canada a drag on parent company’s sales – Business News

Best Buy Co Inc.’s (NYSE:BBY) Canadian stores are seeing steeper drops in sales than are the company’s stores in the U.S. – at least when those sales are converted into U.S. dollars.

The Minnesota-based venture, which bases what it calls its “international” division in Vancouver, reported its earnings this morning. Best Buy operated in Mexico for 13 years up until 2021, when it exited that country. It now only operates stores in Canada and the U.S.

The company reported that its “international segment” generated US$693 million in sales in the quarter that ended July 30. That was down 8.8 per cent from the US$760 million that it generated in the same quarter last year.

“This decrease was primarily driven by a comparable sales decline of 5.4 per cent and the negative impact of approximately 340 basis points from foreign currency exchange rates,” the company explained in a news release.

“International operating income was $19 million, or 2.7 per cent of revenue, compared to $28 million, or 3.7 per cent of revenue, last year.”

The reason why Best Buy’s international operating income declined was because the company spent more on general administrative expenses even as it enjoyed higher margins, the company said.

The company’s U.S. business also struggled. It generated US$8.89 billion in sales in the quarter ended July 30, down 7.1 per cent from US$9.569 billion in the same quarter in 2022.

The only time Best Buy CEO Corie Sue Barry mentioned Canada on her company’s conference call with analysts this morning was to express support for those displaced by forest fires.

“I want to make sure we acknowledge the wildfires in Maui, but also the wildfires we’ve seen in

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New to Canada? Here’s how to navigate the financial system


Are you a newcomer to Canada? Whether you’re an international student, travelling on Canada’s new digital nomad visa, a tourist, or have recently immigrated to the country, it’s important to learn the basics of how the country’s financial system works.


Here’s a quick rundown of the fundamentals, so you can better understand how Canadian currency works, as well as how to open a bank account, build your credit, and file your taxes.


Before long, you’ll be a pro!


Canadian currency 101


If you’ve just arrived in the country, you can visit a foreign exchange centre to swap your native currency for Canadian currency that you can spend on local goods and services.


If you’re visiting from the United States, you’ll find Canada’s monetary system is very similar. The two countries share many of the same currency denominations, and the value of everyday items such as milk and bread are also similar.


If you’re visiting from elsewhere in the world, though, it may seem quite different than what you’re used to.


The Canadian dollar (CAD) is the country’s currency. We have colourful bills denoting major denominations, including:


We also have coins denominating amounts less than $1, including:


  • 1¢, also known as pennies (the Royal Canadian Mint no longer produces these but they may still be used as legal tender)

  • 5¢, also known as nickels

  • 10¢, also known as dimes

  • 25¢, also known as quarters

  • 50¢, also known as half-dollars, a rare coin not often used, but it does exist


One of the neat things about living in Canada is that we regularly use $1 and $2 coins as well, with $1 coins referred to as “loonies” (due to

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Best Buy Canada a drag on parent company’s sales – Business News

Best Buy Co Inc.’s (NYSE:BBY) Canadian stores are seeing steeper drops in sales than are the company’s stores in the U.S. – at least when those sales are converted into U.S. dollars.

The Minnesota-based venture, which bases what it calls its “international” division in Vancouver, reported its earnings this morning. Best Buy operated in Mexico for 13 years up until 2021, when it exited that country. It now only operates stores in Canada and the U.S.

The company reported that its “international segment” generated US$693 million in sales in the quarter that ended July 30. That was down 8.8 per cent from the US$760 million that it generated in the same quarter last year.

“This decrease was primarily driven by a comparable sales decline of 5.4 per cent and the negative impact of approximately 340 basis points from foreign currency exchange rates,” the company explained in a news release.

“International operating income was $19 million, or 2.7 per cent of revenue, compared to $28 million, or 3.7 per cent of revenue, last year.”

The reason why Best Buy’s international operating income declined was because the company spent more on general administrative expenses even as it enjoyed higher margins, the company said.

The company’s U.S. business also struggled. It generated US$8.89 billion in sales in the quarter ended July 30, down 7.1 per cent from US$9.569 billion in the same quarter in 2022.

The only time Best Buy CEO Corie Sue Barry mentioned Canada on her company’s conference call with analysts this morning was to express support for those displaced by forest fires.

“I want to make sure we acknowledge the wildfires in Maui, but also the wildfires we’ve seen in

Read More ...

Think of the kids: New restrictions on food and drink advertising to children | Canada | Global law firm

Children are generally recognized by both industry and government to be a vulnerable or special audience when it comes to advertising. On June 28, 2023, a new advertising code will be coming into effect as released by Ad Standards Canada. It is intended to expand upon legislative, regulatory, and self-regulatory regimes that already exist in Canada (including in Quebec). In addition, on April 25, 2023, Health Canada provided a policy update on restricting food advertising primarily directed at children.   


The new Code for the Responsible Advertising of Food and Beverage Products to Children (the Code) prohibits advertising food and drinks to children under the age of 13—unless certain nutritional thresholds are met. The Code targets all advertisements directed to residents of Canada that:

  • feature a food or drink product; 
  • are “primarily directed” at children; and
  • appear in any media, including non-traditional media (e.g., social media, streaming services, apps, games, and product placements). 

“Primarily directed” at children

When considering whether an advertisement is “primarily directed” at children, Ad Standards will consider:

  1. the product’s nature and intended purpose; 
  2. how the advertisement is presented; and
  3. the time and place that the advertisement is shown. 

Whether the advertisement is truly primarily directed at children will depend on context. Consider, for instance, the use of animations, music or special jingles. Ad Standards also notes that an advertisement may appeal to children without being “primarily directed” at them in some situations. For example, advertisements that use animation might not be “primarily directed” at children if:

  • broadcasted after 9 p.m.;
  • posted on age-gated websites; or
  • promoted at adult sporting events. 

Ultimately, this is a fact-specific analysis and Ad Standards will evaluate each advertisement brought to its attention by its own merit.  

Nutritional threshold

The prohibition against advertising a food or beverage product to children under 13

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