Weekly Digest – 5 May 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Canadian economic growth hit 1-year high
In February 2022 the Canadian economy had its largest monthly gain in a year, according to Statistics Canada. The real gross domestic product rose 1.1 percent that month, the largest monthly increase since March 2021.
Canada’s unemployment rate drops to record lows
In March 2022, Canada added 73,000 jobs to the economy, pushing the jobless rate to 5.3 percent. The jobless rate is now lower than it was before the pandemic and at levels not seen since the 1970s.
$4.9 billion vehicle battery plant announced
Windsor, Ontario, will be the site of Canada’s first lithium-ion electric vehicle (EV) battery manufacturing plant. The plant will cost $4.9 billion and will be operational by 2024. Around 2,500 jobs are expected to be created as a result of the battery plant.
Canada increasing fees for permanent residency
As of April 30, it will be more expensive to obtain permanent residency status in Canada. A principal applicant and spouse or common-law partner will have fees increase from $500 to $515. Other permanent resident applicants will also see their fees increase, with prices varying depending on the program they apply through.
Bank of Canada issues its 2021 annual report
The Bank of Canada has issued its 2021 annual report. The report highlights the impact of the pandemic, the restart of the global economy, and the modernization of payment options.
Air Canada to operate at 80% capacity during summer of 2022
Air Canada expects to operate at around 80% of its pre-pandemic capacity in the summer of 2022. During an earnings call, representatives said the delay in recovery is linked to ongoing travel restrictions in the Asian-Pacific market.
Passport applications see long wait times
Canadians looking to apply for their passport see long wait times as more people prepare to travel. From April 1, 2020 to March 31, 2021, Service Canada issued only 363,000 passports, but in the following year more than 1.3 million were issued.
Canadians giving up on home ownership
More than 60% of Canadians who don’t currently own a home have given up on ever owning one, according to Ipsos. Many of those, however, say that they’re focused on embracing other aspects of life instead.
COVID-19 Recovery Programs
The government is taking immediate action to support Canadians and businesses facing hardship due to the COVID-19 pandemic. You will find support for individuals, businesses, sectors, communities, and other measures here.
Canada-Ukraine authorization for emergency travel
The Government of Canada created the Canada-Ukraine authorization for emergency travel to help Ukrainians and their family members get to Canada as quickly as possible, and give those in Canada the option to extend visitor status so they can stay longer.
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