Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy.

Removing domestic trade barriers could boost productivity, add $200 billion to economy annually

The removal of interprovincial trade barriers could improve productivity and add as much as $200 billion to Canada’s economy each year, or $5,100 per person, according to a new report by the Canadian Federation of Independent Business (CFIB).

Soft landing still possible for Canada

Unemployment may be on the rise, but the economy isn’t necessarily headed for a recession, says Desjardins Group. While a rising jobless rate can often signal looming economic trouble, the possibility of a soft landing for Canada may still be in the cards, Desjardins wrote in a report.

Bank of Canada rate cut grows more likely as retail sales slump

Canadians continued to reduce discretionary spending in May, resulting in a drop in retail sales, with flash estimates indicating that the slump likely persisted into June. This weak reading is yet another indicator that signals to the Bank of Canada a potential need to lower interest rates.

Population growth ‘masked’ Canada’s ‘recession-like economic backdrop’

Though Canada’s economy is not technically in a recession, economists say it “feels like one,” given the current economic circumstances, as high population growth prevented an economic contraction. Nathan Janzen, RBC assistant chief economist, and RBC economist Carrie Freestone said in a report that as per-person output is declining in Canada’s economy, population growth “prevented outright declines in Canada’s gross domestic product (GDP).”

Canadian economy continued modest growth in second quarter

The Canadian economy continued growing modestly in Q2 2024, according to the most recent Main Street Quarterly report from the Canadian Federation of Independent Business (CFIB) and AppEco, an economic consulting firm.

Grocery code could spur investment, stabilize prices

A grocery code of conduct could stabilize food prices in the future and encourage more investment in the Canadian food industry, according to the president of Kraft Heinz Canada. “It creates a better trade environment for both the supplier and the retailer, but I think at the end of the day, the consumer is winning,” said Simon Laroche in an interview with The Canadian Press.

Cultivating growth – The business savvy and policies today’s farmers need to thrive

Canada’s agriculture and agri-food system generates around $143 billion, or 7 percent of our gross domestic product, per year. It also provides 1 in every 9 jobs in Canada and employs a total of 2.3 million people.

Is a recession still on the radar in Canada?

Many Canadians consumers under the pressure of high interest rates may feel that the economy is on the brink of a recession. The expert outlook, however, is mixed – with a cautionary consensus.

Going after greenwashing

When making environmental claims about products and practices in Canada, companies can no longer just talk the talk. They must also walk the walk to back up what they’re saying.

Key Dates coming up

• 31st July – Payment for GST/HST collected between April–June 2024 is due if you file your sales taxes on a quarterly basis.
• 5th August – Civic Holiday (AB, BC, SK, ON, NB, NU)
• 15th August – July payroll remittance due

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