Business Update – 10 May 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Canadian support for royals may have slumped, but the scenes in London tell a different story
Support for the monarchy in Canada is at its lowest point in years, but there were still a large number of Canadians present at the King’s coronation in London. In a continuation of a long-standing tradition of Canadian equine gifts, the RCMP gave the King a mare named Noble, which the King will ride during Trooping the Colour.
Canada commemorates King Charles III’s coronation with ceremony in the nation’s capital
Although Canada did not have a national holiday for the King’s coronation, ceremonies were held in Ottawa, including opening remarks from Ottawa’s poet laureate Albert Dumont, a 21-gun salute, and a performance of the royal anthem by the Central Band of the Canadian Forces Serenade of Strings.
King Charles III will replace his mother on Canadian $20 bill and coins
After officially being crowned Canada’s sovereign, King Charles III will replace Queen Elizabeth II on Canada’s $20 bill and on coins, in a process that will take several steps. Unlike his mother’s image, which was facing right, King Charle’s image will face left. The process to produce the coins will take weeks while the process to create the bills will take a few years.
CRA strike ends after union reaches tentative deal with Ottawa
The Public Service Alliance of Canada has reached a deal with the Canadian government that will end the Canada Revenue Agency workers’ strike, only a few days after a separate deal was announced involving more than 120,000 other public servants. The CRA deal includes wage increases and a one-time lump sum payment.
Canadian air passenger rights changes put burden of proof on airlines, not travellers
The Canadian government is revising the rules regarding air passenger rights, putting more responsibility on airlines to help passengers when flights are delayed or cancelled. Part of the reason for the move was that airlines often cited safety reasons for last-minute cancellations and delays, which relieved them of the obligation to compensate customers. The regulations would expand the situations in which airlines are required to compensate passengers for delayed or cancelled flights.
Canadian artificial intelligence leader Geoffrey Hinton piles on fears of computer takeover
Geoffrey Hinton, a pioneer in AI, has issued a warning that smart machines are likely to take over, with no obvious way to prevent this from happening. Hinton left his job at Google so he could speak freely about AI, saying “In a few years time [smart machines] may be significantly more intelligent than people.”
Alberta declares state of emergency as wildfires rage
With tens of thousands of people forced from their homes due to wildfires, Alberta has declared a state of emergency. As of Saturday, May 6, there were 392 wildfires burning in the protected forest area, with 36 of those out of control.
Legendary folk singer-songwriter Gordon Lightfoot dies at 84
Gordon Lightfoot, a legendary folk singer, died at a Toronto hospital at age 84. During his career he recorded 20 studio albums and hundreds of songs, including “Sundown,” and “If You Could Read My Mind.”
Many Canadian offices are empty. It could be the economy’s ‘canary in the coal mine’
Many commercial spaces – including office towers, retail spaces, and warehouses – are currently empty, possibly the result of instability in the banking industry. Demand for office spaces has been greatly reduced, with office buildings struggling to keep and attract tenants.
Meta set to block news of Facebook, Instagram from Canadian users
A spokesperson for Meta says the company is working towards blocking news for Canadian users of Facebook and Instagram if the government’s online news bill passes. If passed, Bill C-18 would require tech giants to pay Canadian media companies for linking to or repurposing their content online.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business. Get in touch with a Boyer & Boyer, CPA ([email protected]) accountant to discuss your bookkeeping, accounting, and tax needs. You can also call 613-747-8494.
J. Sylvain Boyer, CPA, CA
Boyer & Boyer, CPA
Partner Financial and Tax Strategies, Planning and Execution