A more than week-long railway strike is leaving its mark on the Canadian economic landscape. About 3,200 Canadian National Railway Co. (CNR) rail yard operators and conductors in Canada took to the picket lines and the fallout is being felt in the business and commercial sectors of the country. In fact, layoffs and shutdowns are expected as the strike is affecting the shipping of cargo.
The Ontario government is trying to pave the way to increased success for small business owners. It is not always easy for those invested in business and commercial endeavours in Ontario to make a go of it. The province has plans to decrease the small business tax rate to 3.2% by the beginning of next year. It's also expected that the dividend tax credit will also be lowered, allowing shareholders to earn back some of their expenses.
Experts say the increasing popularity of electric vehicles will likely change the economic landscape. In the world of business and commercial endeavours in Canada, much is being said in the media about how electric vehicles will impact society. In fact, a recent report suggests that by 2030, there will be more than 13 million electric vehicles on Canadian roads, which will vastly change energy demands.
One of Canada's major newspapers recently held a Growth Camp for entrepreneurs. Those in the business and commercial fields in Canada always want to learn new, innovative ways of growing their businesses and this venue held in Toronto brought business leaders together to offer tips and networking opportunities. It also presented attendees with some important information on what it takes to help them to build a sustainable business.
The oil industry has had a shake-up with the sale of a major oil refinery. The business and commercial world recently learned that Husky Energy is selling its west coast based oil refinery to Tidewater Midstream and Infrastructure to the tune of $215 million initially in the hopes it can focus on other assets in Canada and stateside and offshore production. Husky will likely also receive about $60 million in contingency payments regarding the deal over the next two years.
A well-known clothing chain will soon be closing its locations. The business and commercial world was sent reeling recently when Forever 21 announced it would be closing all its stores in Canada and stateside and has filed for bankruptcy. The company has nearly 2,000 employees in Canada at 44 locations. A statement issued by the company stated it would reposition the brand and global business in Canada to adapt to the current retail environment.
Four major food chains are preparing to expand their businesses in the Great White North. The business and commercial world has been talking about four fast food chains operating stateside moving into Canada -- Jollibee, Chik-fil-A, Eataly and In-N-Out Burger. Many Canadians already know these companies from travelling stateside and many have said they are looking forward to outlets opening in Canada.
The world is changing for the well-heeled. In addition to swanky lounges where the upper crust can enjoy a high-priced designer cocktail at the end of the day, they will soon be able to order an expensive strain of marijuana edibles at a posh cannabis lounge set to open in 2020. This lounge will be the first of its kind in Ontario and with its opening, the business and commercial world will likely be bracing for more of the same. The 8,000-square-foot space will be located in downtown Toronto.
Canada is looking for some reassurances regarding its overseas trade deals. Politicians here wants more than optimistic talk from the United Kingdom's new Prime Minister regarding the U.K.'s business and commercial dealings with Canada, which likely will affect Canadian entrepreneurs. Canada's business owners want to see trade continue to grow between the two countries even on the heels of the U.K.'s exit from the European Union.
One of the country's major cannabis producers has stopped production amid allegations by Health Canada officials that the company was producing product illegally. The business and commercial world was sent reeling recently as CannTrust's market shares plummeted and the company voluntarily halted production at its headquarters in Vaughn, Ontario. The company is accused of growing cannabis at its Pelham, Ontario location between Oct. 2018 and this past March -- in rooms that were apparently unlicensed to do so.