Canadian SMEs least sure about AI, survey finds
While AI is touted as the new frontier in the business realm — not all business owners are smitten by its automated potential. Case in point, the second edition of a Peninsula Group survey of Canada, New Zealand, Australia, Ireland and the UK on the opportunities and concerns of AI in the workplace, which found that, despite a 50% year-over-year increase, only one in 10 SMEs say they are regularly using AI in their workplace. Almost half of those surveyed report concerns about the security risks posed by AI, a 60% increase from 2023. "While many can see the benefits of AI, there are still significant concerns around security, productivity, and intellectual property that need to be addressed before we will see widespread implementation across businesses. With online security and data protection being a top priority for most employers, this is not a big surprise,” Alan Price, Peninsula’s chief operations officer, said. "All employers are looking for ways to speed up processes, improve productivity and, ultimately, increase profits. With costs continuing to rise globally, it's not surprising to see 1 in 4 small business owners believe that AI will probably reduce the number of people they employ at some point." For the second year running, Canadians are the most cautious among the countries surveyed, with only 23% of employers believing AI has the power to positively transform the workplace. Another 53% are either fearful of the unknown, unsure about negative elements or believe that AI will be highly detrimental to the workplace.
While AI is touted as the new frontier in the business realm — not all business owners are smitten by its automated potential. Case in point, the second edition of a Peninsula Group survey of Canada, New Zealand, Australia, Ireland and the UK on the opportunities and concerns of AI in the workplace, which found that, despite a 50% year-over-year increase, only one in 10 SMEs say they are regularly using AI in their workplace. Almost half of those surveyed report concerns about the security risks posed by AI, a 60% increase from 2023. "While many can see the benefits of AI, there are still significant concerns around security, productivity, and intellectual property that need to be addressed before we will see widespread implementation across businesses. With online security and data protection being a top priority for most employers, this is not a big surprise,” Alan Price, Peninsula’s chief operations officer, said. "All employers are looking for ways to speed up processes, improve productivity and, ultimately, increase profits. With costs continuing to rise globally, it's not surprising to see 1 in 4 small business owners believe that AI will probably reduce the number of people they employ at some point." For the second year running, Canadians are the most cautious among the countries surveyed, with only 23% of employers believing AI has the power to positively transform the workplace. Another 53% are either fearful of the unknown, unsure about negative elements or believe that AI will be highly detrimental to the workplace.
Canadian government streamlining eSIN process
The Canadian government has made significant improvements to its SIN application process – namely that it can now be done online. Clients can apply for their SIN from the comfort of their homes and receive it within five business days, when an online application is completed with all the required documents. "The Government of Canada must keep up with the needs and expectations of Canadians when they seek access to government services. By listening to Canadians, Service Canada Officers and newcomers, we are implementing new, digital solutions and meeting Canadians where they are in their communities, identifying where they can be best served,” Terry Beech, Minister of Citizens’ Services, said. “Accessing services should not be a mystery novel, but rather a seamless customer service experience that respects Canadians and their valuable time. That is what we are making a reality with initiatives like eSIN." The previous processing standard was 10 days.
The Canadian government has made significant improvements to its SIN application process – namely that it can now be done online. Clients can apply for their SIN from the comfort of their homes and receive it within five business days, when an online application is completed with all the required documents. "The Government of Canada must keep up with the needs and expectations of Canadians when they seek access to government services. By listening to Canadians, Service Canada Officers and newcomers, we are implementing new, digital solutions and meeting Canadians where they are in their communities, identifying where they can be best served,” Terry Beech, Minister of Citizens’ Services, said. “Accessing services should not be a mystery novel, but rather a seamless customer service experience that respects Canadians and their valuable time. That is what we are making a reality with initiatives like eSIN." The previous processing standard was 10 days.
Canadians are avoiding a summer of overspending
While the summer zeitgeist is generally informed by an insatiable search for wanderlust, almost eight in 10 Canadians (77%) are making changes to their summer spending habits in response to the rising cost of living, according to a new poll by CIBC. Canadians are actively looking for ways to save on summer activities — for some, this may involve looking for opportunities to travel without blowing their budget. "Canadians have been pragmatic and resourceful as they've embraced a savings mentality in order to navigate a challenging economic landscape," said Carissa Lucreziano, CIBC’s vice-president of financial planning and advice. "Many are still concerned inflation will impact their summer fun despite their best efforts to not overspend." In stark contrast to the carefree abandon of summertime endeavours, most Canadians (64%) reveal that they are embracing a savings mindset this season.
While the summer zeitgeist is generally informed by an insatiable search for wanderlust, almost eight in 10 Canadians (77%) are making changes to their summer spending habits in response to the rising cost of living, according to a new poll by CIBC. Canadians are actively looking for ways to save on summer activities — for some, this may involve looking for opportunities to travel without blowing their budget. "Canadians have been pragmatic and resourceful as they've embraced a savings mentality in order to navigate a challenging economic landscape," said Carissa Lucreziano, CIBC’s vice-president of financial planning and advice. "Many are still concerned inflation will impact their summer fun despite their best efforts to not overspend." In stark contrast to the carefree abandon of summertime endeavours, most Canadians (64%) reveal that they are embracing a savings mindset this season.
New financial benefits for post-secondary students
Post-secondary students can expect a bit more financial help in 2024. "Making education more affordable will help students and apprentices to put their talents towards innovation, building up our communities and solving global challenges,” said Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault. “Our government is listening to students [and] it's clear [students] need more supports — that is precisely what we are providing." To help, the Canadian government extended the federal student financial assistance enhancements program. Post-secondary students in 10 provinces and terrorities can expect a 40% increase in available funding (while students in Quebec, the Northwest Territories and Nunavut will receive payments through their provincial assistance initiative, with aid from the federal government).
Post-secondary students can expect a bit more financial help in 2024. "Making education more affordable will help students and apprentices to put their talents towards innovation, building up our communities and solving global challenges,” said Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault. “Our government is listening to students [and] it's clear [students] need more supports — that is precisely what we are providing." To help, the Canadian government extended the federal student financial assistance enhancements program. Post-secondary students in 10 provinces and terrorities can expect a 40% increase in available funding (while students in Quebec, the Northwest Territories and Nunavut will receive payments through their provincial assistance initiative, with aid from the federal government).
Young consumers' credit scores are at risk
According to the latest Market Pulse Consumer Credit Trends and Insights Report from Equifax Canada, consumer debt has risen to $2.5 trillion in the second quarter of 2024 — this marks a 4.2% increase from the same quarter last year. “Inflation is stabilising and interest rates are starting to reduce, which is good news for many consumers,” Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said. “Unfortunately, rising unemployment has offset some of the positives and is driving increased financial stress.” Credit cards continued to be the primary driver of rising debt with outstanding balances reaching $122 billion, up 13.7% from Q2 2023.
According to the latest Market Pulse Consumer Credit Trends and Insights Report from Equifax Canada, consumer debt has risen to $2.5 trillion in the second quarter of 2024 — this marks a 4.2% increase from the same quarter last year. “Inflation is stabilising and interest rates are starting to reduce, which is good news for many consumers,” Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said. “Unfortunately, rising unemployment has offset some of the positives and is driving increased financial stress.” Credit cards continued to be the primary driver of rising debt with outstanding balances reaching $122 billion, up 13.7% from Q2 2023.
Here are the 20 most flood-prone cities in Ontario
Experts are analyzing the province's vulnerability to flooding, especially in the aftermath of the flash floods that ravaged Toronto and parts of southern Ontario in July, which resulted in over $940 milion in insured damage. As a result, insurance comparison platform MyChoice has compiled a list of the most flood-prone cities in Ontario. Here is the total list of cities that should worry about flooding: Ajax Ottawa Mississauga Toronto Brampton Brantford Vaughan Sarnia Markham Lakeshore Brockville Belleville Oshawa St. Catharines Caledon Kingston Burlington LaSalle Windsor Peterborough Alarmingly, 10% of households — or 1.8 million — province-wide are currently at a very high risk of flooding, according to data from the Canadian Climate Institute included in the MyChoice study.
Experts are analyzing the province's vulnerability to flooding, especially in the aftermath of the flash floods that ravaged Toronto and parts of southern Ontario in July, which resulted in over $940 milion in insured damage. As a result, insurance comparison platform MyChoice has compiled a list of the most flood-prone cities in Ontario. Here is the total list of cities that should worry about flooding: Ajax Ottawa Mississauga Toronto Brampton Brantford Vaughan Sarnia Markham Lakeshore Brockville Belleville Oshawa St. Catharines Caledon Kingston Burlington LaSalle Windsor Peterborough Alarmingly, 10% of households — or 1.8 million — province-wide are currently at a very high risk of flooding, according to data from the Canadian Climate Institute included in the MyChoice study.
Market equilibrium doesn't deliver on housing need
It wouldn't surprise anyone in Canada that rental housing is a minefield of problems. Whether it's the landlord that renovicts their tenant, the investor group that focuses on short-term rentals or simply the lack of suitable rental stock for all stages of life, the rental situation in Canada is in bad shape. Now a new report from the review panel on the Financialization of Purpose-Built Rental Housing has made its report public and is urging a call to action to protect the housing rights of tenants in Canada. "The housing market, left to its own devices, is not delivering what is needed," Sam Watts, chair of the review panel said. "Canadians expect universal access to health care; they should expect access to adequate housing. There is an urgent need to respond to this challenge. The right to housing is a shared responsibility, but one where the Government of Canada must lead the way." The panel consisted of three members of the National Housing Council: Sam Watts chair and CEO of the Welcome Hall Mission; Dr. Ann McAfee from Vancouver who has over 50 years of experience in housing and city planning; and Maya Roy from Toronto who has experience in gender-based analysis, racial equity and human rights.
It wouldn't surprise anyone in Canada that rental housing is a minefield of problems. Whether it's the landlord that renovicts their tenant, the investor group that focuses on short-term rentals or simply the lack of suitable rental stock for all stages of life, the rental situation in Canada is in bad shape. Now a new report from the review panel on the Financialization of Purpose-Built Rental Housing has made its report public and is urging a call to action to protect the housing rights of tenants in Canada. "The housing market, left to its own devices, is not delivering what is needed," Sam Watts, chair of the review panel said. "Canadians expect universal access to health care; they should expect access to adequate housing. There is an urgent need to respond to this challenge. The right to housing is a shared responsibility, but one where the Government of Canada must lead the way." The panel consisted of three members of the National Housing Council: Sam Watts chair and CEO of the Welcome Hall Mission; Dr. Ann McAfee from Vancouver who has over 50 years of experience in housing and city planning; and Maya Roy from Toronto who has experience in gender-based analysis, racial equity and human rights.
New Canadians face unique financial challenges
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
EQ Bank launches new notice savings account
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10 and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 4.0% or 4.25% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10 and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 4.0% or 4.25% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Prime rate in Canada
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 6.45% prompted by the Bank of Canada's third, consecutive rate drop of its overnight rate by another 25 basis points (the equivalent of 0.25%). In July, when the Bank of Canada (BoC) announced the second rate drop of its overnight rate, BoC Governor, Tiff Macklem highlighted the growing confidence that inflationary pressures were now under control. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Macklem in the July 24, 2024 policy announcement. The September 4 announcement means the current bank-to-bank lending rate is now 4.25%. This reduction will eventually prompt a reduction in the prime rate lenders use to establish borrowing costs on mortgages, auto loans and other debt products.
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 6.45% prompted by the Bank of Canada's third, consecutive rate drop of its overnight rate by another 25 basis points (the equivalent of 0.25%). In July, when the Bank of Canada (BoC) announced the second rate drop of its overnight rate, BoC Governor, Tiff Macklem highlighted the growing confidence that inflationary pressures were now under control. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Macklem in the July 24, 2024 policy announcement. The September 4 announcement means the current bank-to-bank lending rate is now 4.25%. This reduction will eventually prompt a reduction in the prime rate lenders use to establish borrowing costs on mortgages, auto loans and other debt products.
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