A stop, start, continue analysis is often used to determine how a team or individual in a workplace can improve their performance. But it’s also a useful exercise for figuring out how we can get Canada’s economic competitiveness back on track. 

What is economic competitiveness?

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Economic competitiveness is Canada’s ability to compete against other global players for international talent, trade and investment. It’s also linked to a country’s wealth and prosperity, which determine standard of living.

What happened to Canada’s competitiveness?

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There are a lot of factors that have contributed to our decline in this area — low productivity, high inflation, unreliable supply chains, nation-wide skills gaps, not enough housing… But instead of focusing on how we ended up here, let’s look at what we can stop, start and continue doing to grow our competitiveness once again.

Stop

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• Stop adding taxes. The way to fix Canada’s economic competitiveness is not through more spending on government programs — spending fuelled by new taxes — it’s by enabling private-sector businesses to do business because government spending simply cannot replace private-sector innovation or investment. The government frequently talks about encouraging business investment, yet at the same time, adds new rules, regulations and taxes that make it more time-consuming and costly to do so.
  In the 2023 International Tax Competitiveness Index, Canada ranked 24 out of 38 countries for corporate taxes. Under our complex tax system, businesses have less resources to invest back in their business (hiring more people or producing better products for Canadians) because they’re putting their time and money towards making sure they’re paying the right amount of tax to the government. Government shows no sign of reducing the tax burden or simplifying the system, choosing instead to move forward with the retroactive Digital Services Tax.
• Stop ignoring threats to our supply chains. Strikes at ports, railways, airports and borders halt the flow of goods to market, damaging Canada’s economy and hurting our reputation as a reliable place to do business, both of which make us less competitive on the global stage. Yet government has voted for more frequent and longer strikes by rushing to pass the anti-replacement worker legislation that prevents organizations in sectors like trucking, rail, ports, telecom and air transportation to provide a basic level of service, preserving critical functions for Canadians. 
• Stop the misalignment between immigration and regional and sectoral labour needs. A report from RBC found that, despite the fact that immigration has been responsible for all labour force growth in the past decade, it hasn’t been able to counteract the impact of Canada’s aging population or the shortages in the job markets because the skills immigrants are bringing with them and the fields of study international students are choosing are not in alignment with the long-term needs of our economy. To address this misalignment, government and educational institutions need to work with businesses and communities to determine which skills, credentials and education should be prioritized.

Start

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• Start applying an economic and competitiveness lens to regulations. When creating and implementing new regulations, sufficient consideration isn’t given to how they will impact businesses. If an economic lens were applied, regulations would become more manageable for businesses, supporting economic growth and our global competitiveness by increasing investment, growth and jobs.
• Start investing in long-term trade infrastructure. We need reliable ports, bridges, roads and railways to transport our goods to Canadians and our customers abroad. Committing to a strategy like the Canada Trade Infrastructure Pan will help us build and maintain our trade infrastructure, ensuring the smooth flow of goods and services.
• Start expediting foreign qualification recognition for immigrants. After all, it doesn’t make sense to choose individuals based on the skills, education and credentials they possess and that our economy needs if we then prevent them from working in their fields upon arrival. Expedited recognition will help address the urgent labour needs of priority sectors like agriculture, childcare, construction, healthcare and transportation, and allow qualified newcomers to fully participate in our economy right away. 

Continue

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• Continue reducing interprovincial barriers. It’s easier for Canadian businesses to trade with Europe or the United States than within Canada. While the government has made progress streamlining internal trade and removing interprovincial barriers, more needs to be done. Especially considering that we stand to benefit from a potential 8% increase in GDP growth if this issue is addressed.
• Continue incentivizing business adoption of AI. Given AI’s potential to help address our productivity problems, Canadian businesses should be at the forefront of adoption — not sitting on the sidelines. Government can help stimulate adoption by ensuring our AI regulation is proportionate and risk-based, and by fully leveraging private sector partners when allocating the new $2.4 billion in AI funds announced in the 2024 Budget.
• Continue being open to the movement of people. It may be time for a new strategy, but there’s no doubt that Canada needs immigration. Given our low birth rates and aging demographics, immigration is the only way we’ll be able to fill our skills gap and grow our economy. 

Overall, the most important things the government can do to help Canada’s competitiveness is to stop getting in the way of businesses doing business, start focusing on growth driven by the private sector, and continue collaborating and partnering with Canada’s vibrant business community.

On Saturday, July 6 we hosted an afternoon reception in Calgary in tandem with the annual Stampede festivities. We welcomed political and business leaders from Western Canada and beyond to network, connect and enjoy some food and entertainment.  

View the Full Photo Album.

We were very happy to host this year’s event at the Rooftop YYC. They provided us with stellar food, a great atmosphere and some fun tunes from their DJ!

We would like to extend a heartfelt thank you to everyone who attended the event throughout the afternoon and got to connect with fellow members of the Canadian business community!

About the Western Executive Council

The Canadian Chamber of Commerce’s Western Executive Council is composed of Chief Executive Officers from a cross section of companies that are committed to building a stronger Western Canadian economy, and by extension a more successful and sustainable economy for all of Canada.  

The Council plays a leading role in developing and advocating sustainable, positive policies that include uniquely Western perspectives for the benefit of all Canadians.

Thank You to Our Event Sponsors

This featured blog post was provided by our partners at Energir.

On June 26, Corporate Knights released its ranking of the Best 50 Corporate Citizens in Canada. Based on publicly available data, and combining ESG and sustainable economy performance indicators, Énergir has earned a spot on the list for the past seven years.

This year, Énergir ranks 16th across all sectors and 2nd out of 103 organizations in its business group. This recognition reflects our organization’s efforts to move toward a more sustainable business model.

A necessary shift

As an energy company primarily involved in gas distribution in Quebec, we realized a few years ago that the future of our company would depend on the relevance of our activities in a world that is—and rightly so— moving toward decarbonization in a sustained manner.

Our business model is literally being transformed. With an eye to the long term, it now calls for us to think of energy not as a product, but as a service that must best meet various needs, including reducing GHG emissions in order to move toward a lower-carbon economy. It is based on two main objectives: reducing the volume of fossil natural gas distributed and developing sustainable energy solutions.

Consistency rewarded

One of the Corporate Knights indicators where Énergir stands out is the one measuring the link between compensation and sustainability—the “Sustainability Pay Link.” To ensure that our transformation is fully implemented and that employees take ownership of it, a portion of  executive officers and managers as well as professionals compensation is now tied to the achievement of our strategic plan targets, including those for reducing GHG emissions.

All 1,600 employees are therefore working in the same direction. Obviously, this has led to a complete transformation of certain roles. For example, our sales team, which once aimed to sell more volumes, is now an energy solutions team working to put in place decarbonization measures for our customers.

In a shift as major as the one Énergir is undergoing, consistency is definitely key to moving the needle faster and achieving our goals of a 30% reduction in GHG emissions from the buildings we serve by 2030, and carbon neutrality for the energy we distribute by 2050.

Progress regarding our targets and indicators, as well as projections, are published every year in our sustainability performance and climate resiliency reports.

Sustainability in the balance

In its ranking, Corporate Knights strongly emphasizes sustainable revenue and investments. By diversifying its activities in the renewable energy sector through our subsidiaries, particularly in the northeastern United States, Énergir is succeeding. Of our $10 billion in assets, half are in renewable energies.

In Quebec, our affiliate Énergir Development Inc. (EDI) is working with Boralex and Hydro-Québec on what could become Canada’s largest wind farm, with 1,564 MW of installed capacity. The project represents a potential investment of some $1.5 billion.

In addition to investing in the development of energy loops, EDI is focusing on the production of renewable natural gas, in partnership with Nature Energy. While EDI’s data is not included in the Corporate Knights analysis, its activities point to where Énergir is going.

Toward our focus: Value

This recognition from Corporate Knights confirms, once again, that we’re moving in the right direction. While we’re proud of how far we’ve come, we’re also aware that there’s still a long way to go. We continue to move forward with confidence and humility, determined to create value for the future of our communities.

Philippe Lanthier
Director, Sustainability, Climate Change and Public Policy, Énergir
Member, Canadian Chamber of Commerce Net-Zero Council

This blog was provided by our partners at the York University School of Continuing Studies.

This fall, the York University School of Continuing Studies will launch its new Certificate in Diversity, Equity and Inclusion in Action, a 6-month part-time program for mid-career professionals and business leaders. Learners who enrol in the program will gain the necessary knowledge and skills to transition into diversity, equity and inclusion roles or implement DEI initiatives within their workplaces.

“Over the past few years, we’ve seen a major shift and emphasis toward prioritizing diversity, equity and inclusion efforts in the corporate world. This program is another step forward to ensuring a future workforce that is more diverse and inclusive,” says Denine Das, financial services DEI leader and advisory committee member for the program. “Through the real-life experiences from the program instructors and invaluable insight into the success and areas of opportunities with regards to DEI, this program will provide students the necessary skills and abilities to understand the imperatives organizations require to succeed in the global market.”

Canadian organizations are implementing DEI strategies at an increasing rate, recognizing that promoting diversity, equity and inclusion is crucial for both their workforce and broader societal success. This has created a growing need for adept leaders capable of championing and successfully implementing DEI initiatives.

Between 2018 and 2022, DEI job postings have increased by 56% in the GTA, 63% in Ontario and 71% nationally[i]. The School of Continuing Studies’ Certificate in Diversity, Equity and Inclusion in Action aims to fill this talent shortage by providing professionals with the knowledge, skills and experience in current DEI practices to match their passion.

“The York University School of Continuing Studies is proud of its commitment to diversity, equity and inclusion to our community members including staff, students and instructors. DEI is at the heart of everything we do, from our objective of removing barriers to education for learners to the design of our new building,” says Christine Brooks-Cappadocia, assistant vice president of continuing studies at York University. “That’s why we are excited to launch this new program which responds to what DEI professionals are telling us is needed to support their work — a formal education credential that ensures graduates have practical experience in implementing DEI practices.”

The program’s curriculum was created in partnership with Canadian business leaders who specialize in DEI. Students in this program will gain hands-on practice engaging in activities like:

• Conducting a real-world examination of the processes and workflows of DEI professionals through an end-to-end DEI action plan project
• Interpreting data analytics to identify DEI trends and measure the effectiveness of initiatives
• Making evidence-based decisions to foster an inclusive and equitable work environment

Instructors who work full-time in senior-level DEI roles will support students through projects and classes and will bring their real-world expertise and insights to every course.

 

For more information on the Certificate in Diversity, Equity and Inclusion in Action launching in September 2024, visit the School of Continuing Studies webpage.

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[i] According to Lightcast data

On June 19, the Canadian Chamber of Commerce and Jordan’s Ministry of Digital Economy and Entrepreneurship, through the Jordan Source program, hosted the “Gateway to MENA” event at Hotel X in Toronto.

This event aimed to enhance collaboration between the technology sectors of Canada and Jordan, emphasizing Jordan’s prominence as an ICT hub in the Middle East and North Africa (MENA) region. The event drew over 120 business attendees and notable speakers from various local, regional, and international ICT companies.

The delegation from Jordan, led by the Ministry of Digital Economy and Entrepreneurship and the Jordan Source program, showcased Jordan’s vibrant ICT sector through presentations, discussions, and panels. These sessions emphasized the strategic advantages of Jordan’s location, its skilled workforce, and its supportive regulatory environment that has attracted numerous multinational tech companies.

Pre-event session: Small Group Engagement with Canadian Sector Leaders

The day began with a Small Group Engagement featuring Canadian sector leaders from The Dias, Microsoft, and Google. Karim Bardeesy, Executive Director of The Dias, provided an overview of Canada’s ICT sector, highlighting the tech economy and workforce. Marlene Floyd, Senior National Director of Corporate Affairs at Microsoft, discussed Canada’s generative AI opportunity. Abed Ibrahim, Principal Architect at Google Cloud, presented on unlocking the promise of AI.

Event Highlights

The main event kicked off with welcoming remarks from Catherine Fortin LeFaivre, Vice President of Strategic Policy & Global Partnerships at the Canadian Chamber of Commerce, where she highlighted the Chamber’s Gateway to the World program — which assists Canadian businesses in international trade and investment. Following her, Jordanian Ambassador in Canada, Sabah Al Rafie, underscored Jordan’s stability and its emergence as a key ICT hub in the MENA region, driven by strategic investments and a conducive business environment.

Jordan Technology Sector: Incentives & Opportunities

Dana Darwish, Jordan Source Program Manager, opened the first session with a presentation on the investment incentives offered by the Jordanian government. She showcased the opportunities available for the Jordanian technology delegates, providing valuable insights into the sector’s growth. Nidal Bitar, CEO of The Information and Communications Technology Association of Jordan (int@j), followed with a presentation titled “Jordan as a Hub for IT & Business Process Outsourcing,” highlighting Jordan’s strategic position in the ICT landscape.

Unlocking Opportunities: Canadian Tech Businesses & the Jordan Youth, Technology & Jobs Project 

This dynamic discussion featured leaders from the Youth, Technology & Jobs (YTJ) Project at the Ministry of Digital Economy and Entrepreneurship. They discussed initiatives aimed at cultivating a skilled digital workforce, unlocking market expansion opportunities, and fostering a collaborative digital future. The session provided insights into how Canadian tech businesses can leverage these opportunities for mutual benefit.

Success Stories in Action: Showcasing Successful Canadian Businesses Operating in Jordan

The panel discussion centered on the experiences of Canadian businesses operating in Jordan. Panelists shared their insights on market understanding, partnering with local entities, establishing a presence, lessons learned, and strategies for success in Jordan and the MENA region. These success stories provided valuable takeaways for attendees considering expansion into the region.

To close off the event, Mohamad Sawwaf, Chair of The Canada Arab Business Council, highlighted the Jordanian government’s investments in creating a conducive environment for ICT growth, including several incubators and accelerators supporting over 600 startups and small enterprises. Ziad Aboultaif, MP and Chair of the Canada-Jordan Inter-Parliamentary Friendship group, emphasiezed the opportunity for Canadian and Jordanian tech businesses to share capabilities, learn from each other, and forge lasting partnerships.

Networking Reception

The event concluded with a networking reception, providing participants from Jordan and Canada an opportunity to connect in a relaxed, informal setting. This facilitated deeper discussions and the exploration of potential collaborations.

Jordanian Delegation

The Jordanian delegation, led by the Jordan Source team, showcased a diverse spectrum of expertise in the ICT sector. Representatives from 99brightminds, Enjez, Ideal Innovation House, Mawdoo3, Jordan Ahli Bank, Progressive Generation, Safeer, SIS, True Markets, and int@j were present, highlighting Jordan’s strength in technology, innovation, and entrepreneurship.

The “Gateway to MENA” event successfully highlighted the growing potential of Jordan’s ICT sector, offering unparalleled opportunities for information technology outsourcing (ITO) and business process outsourcing (BPO). With significant investments, an impressive growth rate in foreign market ICT revenue, and attractive tax incentives, Jordan stands as a highly sought-after outsourcing hub. The event not only showcased Jordan’s capabilities but also opened new avenues for Canadian businesses to explore and capitalize on the opportunities in the MENA region.

For more information on future events and initiatives, visit our events page and stay connected with our Gateway to the World program.

In Collaboration With

Supporters

Jordanian Corporate Delegates

Canadians interact with artificial intelligence (AI) every day — often without realizing. AI refers to technology that can perform tasks that typically require human intelligence, such as visual perception, speech recognition, language translation, etc. From showing us more of the content we like on social media to popping up as a chat bot that helps us find the answer to our question faster, AI is now part of our everyday lives. 

Not only does it make the daily activities of Canadians easier and possible, but it also makes businesses better at doing business by empowering innovation and enhancing productivity. 

But compared to other countries, Canada is slower to adopt AI and Canadians are less knowledgeable and more nervous about it. Public interest and attitudes toward AI are likely positively correlated with a country’s business adoption rates. So, if we can get more Canadians on board with AI, we can get more businesses on board too, and that’s good news for our economy.

AI, Business and You

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First, let’s dispel the myth that businesses want to use AI to replace workers. In fact, only 13% of businesses are interested in this outcome, with most businesses using AI to simplify and streamline operations and create better outcomes for customers. 

Here are some the most common reasons that businesses are using AI and why it’s a good thing for Canadians:

1. To accelerate the development of content

By far the most popular business use for AI is creating content. Social media is an excellent and popular connection point between business and customer, as well as an important source of information on promotions, events, special offers, hours, etc. But it’s also a huge time commitment and can often be neglected due to other pressing priorities. By using AI to create content faster, businesses can produce more of what their customers want. 

2. To increase automation in tasks

Workers often have to manage daily tasks that, while urgent or necessary, are of lower value to the overall business goals, such as tracking sales metrics or monitoring suppliers. Being able to hand these sorts of tasks off to AI frees workers up for more strategic and profitable work — like improving products for consumers.

3. To improve customer experience

AI-powered chat bots are an example of how businesses are improving customer experience. By using a chat bot to answer common queries, businesses can cut down on wait times for customers, leading to greater customer satisfaction instead of frustration. 

4. To make data-driven decisions

Data allows businesses to make informed decisions but sifting through the data for insights — especially for micro firms with four employees or less — isn’t always possible. Using AI to assist with finding and delivering insights is a win-win for businesses and their customers. Better decisions make for better products, service and delivery.

Empowering Innovation, Enhancing Productivity

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Labour productivity is the amount of gross domestic product (GDP) created per hour worked. Productivity is closely related to a country’s prosperity and long-term standard of living. Rising productivity improves wages, lowers prices, and increases the tax revenue that supports the public services that Canadians rely on. But Canada is in the middle of a productivity emergency. We haven’t experienced productivity growth in the past six years. 

More businesses adopting AI will empower innovation and enhance productivity across our economy. Our Business Data Lab’s recent report on generative AI adoption by Canadian businesses found that, depending on how fast businesses adopt AI, we could improve our productivity levels by up to 6% over the next 10 years!

While 14% of businesses are early adopters of AI, almost three-quarters of businesses are hesitant. To see the economic benefits, more businesses need to start implementing AI, and fast.

What can businesses do to get started?

1. Try out AI with small pilot projects first and measure the before and after performance for accurate comparisons. 
2. Align adoption with overall business goals. Identify where AI can enhance existing processes, improve customer experience and drive innovation. 
3. Leverage public resources like the federal government’s guide on the use of generative AI or tap available funding. 

But most importantly, businesses should experiment! 

The Canadian Chamber’s Work

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The Canadian Chamber’s Future of Artificial Intelligence Council plays a leading role in advocating for policies that will establish AI as a positive economic force through the responsible development, deployment and use of AI in business.

This blog was provided by our partners at Packetlabs.

Richard Rogerson

Founder and CEO

Packetlabs

Summary: According to recent studies, Canadian organizations are seeing a 7.7% increase in Dark Web-related cyberattacks. In dollar terms, this results in the average cyberattack costing Canadian companies over 7 million per breach.

In 2024, proactive cybersecurity goes beyond regulatory compliance. Although over 133,927 executive credentials are known to be circulating on the Dark Web–resulting in significant reputational damages, potential corporate espionage, loss of critical data, and significant financial losses–the increasing additional impact on individual lives cannot be ignored.

A prime example of this is in the healthcare industry, where breaches don’t just impact reputation and finances–they also directly affect individuals’ well-being. In January, nonprofit patient safety organization ECRI released its 17th annual report of its top 10 health technology hazards for 2024; these included the remote hacking of home medical devices, the wide-scale encryption of patient data by threat actors that is then sold on the Dark Web, and third-party web analytics software that can compromise patient confidentiality (and product usage.) Just earlier this month, the HHS Health Sector Cybersecurity Coordination Center (HC3) published a sector alert regarding two recently disclosed critical cybersecurity vulnerabilities in Baxter blood pressure monitoring products that could result in credential exposure and product failure if exploited.

This human element is what powers Packetlabs. Alongside being 95% manual–versus cybersecurity firms that outsource or automate their work–Packetlabs purposefully seeks out engagements that go beyond regulatory compliance.

One such engagement was with the SickKids Foundation, a fundraising organization based in Toronto that supports the Hospital with sick children. With over 1.5 million active donors, the foundation collects and manages sensitive information, which could result in reputational damage and loss of donors if breached.

“We are always being asked what our security posture is like. Penetration testing is one of the best ways for us to understand from both the inside and outside exactly how vulnerable we could be in a real-world scenario, which is why we value it so highly,” says Derek Sutton, Director for Infrastructure of Enterprise Architecture at the foundation.

The average cyberattack lifecycle across North America is an estimated 24 days–not accounting for the 197 days taken to identify a breach, and 69 to contain it. Steps that can be taken to help mitigate cyber threats include, but are not limited to:

Putting the passion back into proactivity is one of Packetlabs’s main drivers for 2024 and beyond. When it comes to being the target of a cyberattack, it’s not a matter of “if”–it’s a matter of “when.” And in the fight against threat actors, offensive security is power

On Thursday, June 13, we hosted a celebratory dinner in Vancouver to honor two extraordinary leaders in the Canadian business community. The event recognized the unparalleled commitment to excellence and innovation by Darrell Jones and Don Lindsay. The evening was marked by heartfelt speeches, captivating entertainment, and a room full of distinguished guests eager to celebrate these remarkable individuals.

Darrell Jones, Canadian Business Leader of the Year

Darrell Jones embarked on his 48-year career in the food business in Cranbrook, British Columbia as a retail grocery clerk at the local Overwaitea store. From there, his career advanced through a series of progressively senior operating roles in 23 stores and communities with Save-On-Foods. In 2012, Darrell was promoted to president of Save-On-Foods, where his frankness, charisma and business savvy guided the strategic development of the company, and in 2021, Darrell was named president of the newly-formed Pattison Food Group.

Darrell has culled a wealth of experience over more than four decades in the grocery industry, and he enthusiastically leads an increasingly diverse team of more than 30,000 people known for innovation, customer service and industry leadership in more than 150 Western Canadian communities and the Pacific Northwest of the United States.

He was joined for the evening by his wife and both of his children.

Don Lindsay, Canadian Business Leader Lifetime Achievement Honouree

Don Lindsay began his career as an underground labourer at a uranium mine in Northern Saskatchewan. After completing his education at Queen’s University and spending several years working in mining operations, followed by an MBA from Harvard, Don worked his way through the ranks of executive leadership with CIBC World Markets, then Canada’s largest investment bank, and ultimately was appointed President.

Don Lindsay joined Teck Resources Limited as President in January 2005 and assumed the additional responsibility of Chief Executive Officer in April 2005. He stepped down as CEO in September 2022 and remained as advisor to the Board and management until May 31, 2023 when he retired from the company. He is currently a Director of BHP Group Limited, Chair of the Board of Manulife Financial Corporation, as well as Chair of the Invictus Games Vancouver-Whistler 2025.

He was joined for the evening by his wife and three daughters.

We were privileged to have Dave Martone join us again to provide entertainment during our cocktail reception, and he was later joined on stage by Kadabra Band to provide instrumental entertainment as our guests enjoyed coffee and tea between award presentations.

We were thrilled to have Robin Gill join us as Master of Ceremonies for the evening! For 27 years, Robin Gill was on the airwaves as a journalist at both the national and local level. In her role as Global National correspondent and anchor, she served Canadians across the country in delivering major stories, which included the pandemic, the floods and fires in British Columbia, and countless federal elections. Her journalism career has taken her to reporting stints in Ontario, Alberta, Saskatchewan and British Columbia. In 2022, Robin switched careers and took on the role of Vice President at Talk Shop Media where she consulted for major Canadian companies and non-profit organizations. Robin now spends her time communications consulting, media training and freelancing as a radio talk show host. 

We would like to extend a special thank you to
the Fairmont Pacific Rim and all of our event sponsors.

On June 6, 2024, the Canadian Chamber of Commerce hosted the Canada 360 Summit, an annual event bringing together industry leaders and experts to address pressing economic challenges and uncover new opportunities within the Canadian business landscape. 

The summit, featuring insightful panel discussions and keynote presentations, offered a comprehensive view of the economic context, emerging technologies, and sustainability initiatives shaping Canada’s future. 

Here’s a quick recap of the sessions:

1. The Macroeconomic Context

Distinguished economists Frances Donald from Manulife Investment Management and Stephen Tapp from the Canadian Chamber of Commerce discussed global and Canadian economic trends, risks, and opportunities. Frances Donald highlighted global economic trends and financial market developments, while Stephen Tapp focused on Canada’s economic outlook, including slowing consumer spending, the battle to tame inflation, and monetary policy normalization.

2. Canadians’ Economic Perceptions and Anxieties

Renowned pollster Nik Nanos kicked off the session on Canadians’ economic perceptions and anxieties by sharing key insights from recent public opinion surveys. The discussion then transitioned to Kevin Carmichael, Economics Columnist & Editor-at-Large at The Logic, and Rachel Samson, Vice President of Research at the Institute for Research on Public Policy, who reacted to Nanos’s findings and discussed the broader implications for government policy and business strategies. 

3. Interview with a Canadian Business Leader: Todd Winterhalt

Todd Winterhalt, Senior Vice President of International Markets & Head of Communications & Public Affairs at EDC, shared his insights on the international business environment and Canada’s role in it, in a brief interview session with the Canadian Chamber’s President and CEO, Perrin Beatty.

4. The Future of Cities

Richard Florida, Professor of Economic Analysis & Policy at the Rotman School of Management and Distinguished Scholar-in-Residence at the School of Cities, University of Toronto, delivered a thought-provoking keynote presentation on the future of cities. He explored how the pandemic changed the way we work, how public spaces will evolve, and what’s required to rebuild cities, including the role businesses need to play. Laura Miller, Director of Public Policy & Communications at Uber, joined the discussion to share her take on the role of the gig economy in the future of cities, the evolving nature of urban life and the significant role of businesses in shaping the future.

5. Canada’s Role & Opportunities in Managing the Global Net-Zero Energy Transition 

A panel of industry leaders, including Francis Bradley from Electricity Canada, Jon Mitchell from Suncor, and Johanne Senécal from CAPP, discussed Canada’s current energy landscape, the role of renewable energy sources, innovative technologies, policy frameworks, and international collaboration. The conversation highlighted how Canada can position itself as a leader in the global effort to achieve net-zero emissions while unlocking new economic opportunities and ensuring a sustainable future.

6. Interview with a Canadian Business Leader: Neil Pakey

Neil Pakey, President & CEO of Nieuport Aviation, shared his insights on the aviation industry’s challenges and opportunities in the context of Canada’s economic landscape, in with an interview session with the Canadian Chamber’s President and CEO, Perrin Beatty.

7. Artificial Intelligence: The Potential for Productivity Gains Across Canadian Business 

This panel explored the potential for productivity gains across Canadian businesses through the responsible use of AI. Panellists included Nicole Foster from Amazon Web Services (AWS), Bhushan Ivaturi from Enbridge, and Sam Ramadori from BrainBox AI. The discussion focused on the transformative force of AI, emphasizing the importance of leveraging it responsibly to stay competitive in today’s rapidly evolving landscape.

8. Interview with a Canadian Business Leader: Ehren Cory

Ehren Cory, CEO of the Canada Infrastructure Bank, shared his perspectives with the Canadian Chamber’s President and CEO, Perrin Beatty on the critical role of infrastructure in supporting economic growth and resilience.

9. Resilient Supply Chains: A Key Driver of Economic Growth

The final panel of the day addressed the role of resilient supply chains in driving economic growth and stability. Panellists included Eric Harvey from CN, Shri Madiwal from the Vancouver Fraser Port Authority, and Karen Mazurkewich from Greater Toronto Airport Authority. The discussion shed light on the challenges and opportunities in building strong and reliable supply chains that can withstand disruptions, ultimately contributing to economic prosperity in Canada.

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The Canada 360 Summit 2024 provided valuable insights and actionable strategies for businesses and policymakers to navigate economic challenges, embrace technological advancements, and drive sustainable growth. 

To stay updated on future events and initiatives:

Thank You to Our Sponsors

Canada is in a housing crisis. We don’t have enough units to meet our current or future needs, and demand outpacing supply continues to put pressure on the cost of a home.

According to the Canada Mortgage and Housing Corporation, restoring affordability will require us to build 3.87 million new homes by 2031 (that’s in addition to what’s already in production), and it will cost roughly $1 trillion to do so!

Despite the almost $100 billion allocated to the problem via the National Housing Strategy, the 2023 Fall Economic Statement and Budget 2024, government will never get close to the investment needed — nor should it. But if government were to take a lesson from our southern neighbour, the United States, and tackle the problem of financial gridlock, it could enable the private sector to reach the necessary investment levels.

Current government regulations and taxes are discouraging private sector investment enough that Canadian developers are taking their business to the United States. So, what’s our neighbour doing that is attracting rather than deterring the types of investment we need?

The United States is keeping capital in the country through tax incentives

When the Inflation Reduction Act was signed into law by U.S. President Joe Biden in 2022, the Canadian government understood it needed to come up with incentives of its own to, a) ensure Canada remained an appealing place to do business; and b) prevent a greater share of global and domestic investment heading to the United States. Allowing investment to leave Canada would constitute a considerable failure with long-term economic consequences — potentially leading some industries to the point of crisis.

According to the U.S. Department of the Treasury Board, the Inflation Reduction Act,
“enhanced or created more than 20 tax incentives for clean energy and manufacturing.
For many of these incentives, it created additional bonuses to enhance investments in
communities and workers as well as mechanisms that will increase private sector investment…”

Well, the housing sector is in crisis now, but there are no investment tax credits for companies that build homes. This means developers absorb the cost of the taxes during production, which can take years, only recovering the losses at completion— leading to higher home prices.

Thanks to this tax system, developers use the money they could be investing in new projects to cover the cost of the taxes. As a result, many builders have realized their investments go farther in the United States and are taking their business there instead.

In Ontario, the tax burden on new housing in Ontario accounts for 
31% of the purchase price — and 39% of those taxes go to the government!
In fact, the government is the largest beneficiary of a new home’s construction.

The United States incentivizes reinvestment in housing

Another policy the United States has in place that encourages private-sector investment in housing is that it allows for deferral of capital gains on the sale of a business or investment property provided the proceeds are reinvested in similar property. This means if a company builds and sells a rental housing development, they can defer paying tax on the capital gains by investing the money into another rental housing development project. That alone is a significant incentive to build and reinvest in more housing.

What this means for Canadians

It’s critical to our economy that we have enough affordable housing. Given our declining birth rates and aging population, Canada needs to attract, develop and retain skilled workers to ensure our economy grows. If Canada can’t offer newcomers an affordable place to live, then businesses won’t be able to attract the world’s best talent and we won’t be competitive in the global economy. 

But we won’t make a dent in our housing supply needs if government doesn’t address the lack of investment incentives and work to keep Canadian businesses and capital in the country. 

What we need from government

Since its creation in 2023, the Canadian Chamber’s Housing and Development Strategy Council has been calling for the federal government to address the longstanding regional barriers that have prevented us from building the housing we need.

The government has listened. In the past year, it’s rolled out initiatives like the Housing Accelerator Fund and more recently the Canada Housing Infrastructure Fund. These initiatives distribute federal dollars to provincial and municipal governments as an incentive to rethink restrictions that have impeded, slowed or stalled the private sector from reaching its production potential, while also tackling the financial burden of housing-enabling infrastructure — like water systems — dropped on builders in the form of development cost charges.  

Government has proven that they can tackle the regional barriers that have prevented houses from being built. Now it’s time to shift some of that momentum to the financial barriers, because if we continue to try to tax, regulate, restrict and condition our way to affordability, we end up jeopardizing our prosperity and the standard of living of all Canadians. 

The housing sector has waited patiently as the government exhausted every other option to get homes built. What we need next from the government is to prioritize putting Canada on a level playing field with the United States and start inviting investment back into the country.