What’s In This Email

• Canada tightens foreign worker rules

• Younger Canadians facing increased financial strain

• Beyoncé enters the whiskey business

• Best of Toronto: Chef edition

• Notable Spotlight: Soos

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Canada Tightens Foreign Worker Rules After Rising Unemployment

In response to criticism and a rising jobless rate, Canada is tightening restrictions on its program for hiring low-wage foreign workers. This move comes after concerns that the program had grown too quickly and failed to protect temporary workers from abuse.

Key Takeaways

• Lower Hiring Limits: Businesses will soon only be allowed to hire temporary foreign workers for 10% of their low-wage workforce, down from 20%. This reverses a 2022 decision that was meant to address labour shortages.

• Regional Unemployment Rules Reinstated: The government is bringing back a rule that prevents hiring new low-wage foreign workers in regions where the unemployment rate is 6% or higher. Certain sectors like farming and healthcare will be exempt from this rule.

• Reduced Employment Duration: The maximum employment term for low-wage temporary foreign workers will be reduced to one year from two years.

• Concerns Over Worker Exploitation: Reports have surfaced about foreign workers being exploited, with some paying large sums to secure jobs tied to the program. The government aims to address these abuses through stricter regulations.

Why this matters: These changes reflect a shift in Canada’s economic and labour strategy as the country deals with rising unemployment and concerns over foreign worker exploitation. By tightening the rules, Canada aims to prioritize job opportunities for Canadian citizens while ensuring that foreign workers are treated fairly. This could impact businesses relying on foreign labour and may influence Canada's future immigration and employment policies.


Read the full article here.

Younger Canadians Facing Increased Financial Strain: Equifax Report

A new report from Equifax Canada reveals that younger Canadians are increasingly struggling to keep up with credit payments, a trend driven by rising living costs and unemployment. The report highlights significant financial challenges for those aged 26-35, indicating broader economic pressures affecting this demographic.

Key Takeaways

• Higher Missed Payment Rates: One in 17 Canadians aged 26-35 missed a credit payment in the second quarter of 2024, compared to one in 23 for the overall population. The delinquency rate for this age group was 1.99%, marking a 21.6% increase from the previous year.

• Rising Consumer Debt: Total consumer debt in Canada reached $2.5 trillion, up 4.2% since the same quarter in 2023. Credit card debt continues to be the main driver, with outstanding balances hitting $122 billion, up 13.7% year-over-year.

• Unemployment and Economic Pressures: Canada’s unemployment rate rose to 6.4% in July, contributing to the financial stress experienced by many Canadians. High interest rates have slowed economic growth, leading to more young adults moving back in with their families.

• Auto Loan Delinquencies: Non-bank auto loan delinquency rates have surged, reaching historic highs, with a 26.8% increase year-over-year. Bank auto loan delinquencies are also at their highest levels since the pandemic.

• Housing Market Challenges: Despite a decrease in interest rates, high home prices continue to be a barrier for first-time homebuyers. The report notes that consumers renewing their mortgages are experiencing significantly higher monthly payments, with 15% of renewals in 2024 seeing increases of over $300.

Why this matters: These findings underscore the financial difficulties many younger Canadians are currently facing, from managing day-to-day expenses to securing stable housing. As economic pressures persist, understanding these trends is crucial for policymakers, financial institutions, and individuals alike, as they navigate the challenges of debt management and economic recovery.

Read the full article here.

forbes

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Notable Life is Canada for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.