Here are a few recent happenings you need to know for your business:
Reduced Credit Card Transaction Fees:
The federal government has introduced new agreements with major credit card companies reducing interchange fees for small businesses starting in 2024. This move is expected to save eligible businesses thousands of dollars annually, with total savings of about $1 billion over five years. For example, a business processing $300,000 in credit card payments could save around $1,080 per year in fees. This support is part of a broader effort to help businesses thrive by reducing operational costs.
New Limits on Temporary Foreign Worker Program:
As of September 26, 2024, the Canadian government introduced new restrictions on the Temporary Foreign Worker Program’s (TFWP) Low-Wage stream to address the current employment environment. Applications for LMIA in areas with an unemployment rate of 6% or higher will not be processed, with exceptions for critical food security sectors (primary agriculture, food processing, fish processing) and roles in construction and healthcare. Employers are now restricted to employing a maximum of 10% of their workforce through the TFWP in the Low-Wage stream, reduced from the previous cap. The maximum employment duration for low-wage workers has also been shortened from two years to one year. The government plans to continue monitoring the labor market and may make further adjustments, including a comprehensive review of the program within the next 90 days.
Your Chamber’s Advocacy Update: What We’ve Been Up To
Day on the Hill Meetings:
On October 21, 2024, our President and CEO, Loren Remillard, will represent The Winnipeg Chamber at the Day on the Hill meetings in Ottawa hosted by the Canadian Global Cities Council (CGCC). We’ve confirmed meetings with Minister Marc Miller, Minister Anita Anand, MPs Brad Vis and Matt Jeneroux, Minister Francois Philippe Champagne, Minister Fraser with more invitations pending.
ECONx Shaping Tomorrow Together:
We’re excited about the upcoming ECONx Summit on November 27, 2024. This event is your chance to engage directly with discussions on trade, workforce development, and technological advancements that are shaping the future of business in Manitoba. By bringing together industry leaders, policymakers, and businesses like yours, ECONx offers you the opportunity to gain valuable insights, explore new market opportunities, and build partnerships. More importantly, it’s your platform to advocate for the changes and support you need to thrive. Your voice is key in shaping strategies that will foster a resilient, inclusive, and prosperous business environment in our province.
Register for ECONx to ensure your business is part of this conversation!
GM and Manitoba’s Mineral Potential:
GM Canada’s president, Kristian Aquilina spoke at The Winnipeg Chamber of Commerce’s At the Table event, where he emphasized Manitoba’s potential role in the electric vehicle (EV) market and the opportunities this presents for local businesses. General Motors Canada is exploring Manitoba’s mineral reserves, specifically nickel, for EV production. During his visit, Kristian Aquilina met with local leaders, including Premier Wab Kinew to discuss how the province’s rich mineral resources could support GM’s North American EV supply chain.
In the media: https://www.winnipegfreepress.com/arts-and-life/life/greenpage/2024/10/02/manitoba-minerals-sector-on-gm-map
