What’s In This Email

• Canadians opting for employment over entrepreneurship

• Enbridge CEO calls for Indigenous loan guarantee program

• How to find the best deals for Amazon Prime Big Deal Days

• X looks to remove all engagement counts on posts

• Notable spotlight: The Yukon Soaps Company

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✍️ TAKE NOTE

Canadian entrepreneurs are in decline: RBC Economics

The entrepreneurial spirit in Canada seems to be waning, with a notable decrease in the self-employment rate. Economic pressures, coupled with the uncertainties brought about by the pandemic, have made traditional employment more appealing. As the country grapples with these shifts, who knows what the future of self-employment and small businesses will be?

Key Takeaways

• The self-employment rate has decreased to 13.1% in 2023, a significant drop from around 17% before the pandemic.

• Factors such as the uncertainty of the pandemic, strong labour markets, and rising inflation have accelerated this decline.

• Higher hourly wages and the option to work from home have made traditional employment more appealing than self-employment.

• On average, an employee in the professional sector earns 20% more per hour than a self-employed individual in the same industry.

• Only 4% of self-employed Canadians had employees as of 2022, indicating a decline in higher-potential self-employment ventures.

• Canada's aging population, particularly the retirement of Baby Boomers, is contributing to a decrease in small business owners.

• The influx of younger immigrants to Canada is not expected to reverse this trend, as self-employment is less appealing to younger demographics.

• Challenges such as housing affordability and the high cost of living in Canada make paid employment more attractive, especially as small business owners face increasing costs.

Enbridge CEO calls for national Indigenous loan guarantee program

Greg Ebel, the CEO of Enbridge Inc., is championing the idea of a national Indigenous loan guarantee program, emphasizing the need to empower First Nations communities in Canada to secure equity stakes in pivotal resource and infrastructure ventures. While some provincial initiatives exist, the cross-boundary nature of many projects necessitates a nationwide solution. As Canada strives for reconciliation and economic inclusivity, such a program could pave the way for more equitable participation and foster a collaborative spirit in infrastructure development.

Key Takeaways

• The program aims to assist First Nations communities in Canada in obtaining equity stakes in significant resource and infrastructure projects.

• Indigenous communities often lack the necessary capital access. While some provinces offer financing programs, a national solution is essential due to cross-jurisdictional infrastructure.

• Enbridge recently partnered with Indigenous communities, selling an 11.57% interest in seven northern Alberta pipelines to 23 First Nation and Métis communities. This $1.1 billion deal was supported by a $250-million equity loan guarantee from the Alberta Indigenous Opportunities Corp.

• The Indian Act prevents First Nations from using their land as collateral, making securing competitive interest rates for equity partnerships challenging.

• The 2023 federal budget pledged to provide affordable capital through the Canada Infrastructure Bank to Indigenous communities for equity stakes in specific infrastructure projects.

• Enbridge believes that any federal loan guarantee program should not be limited to specific sectors but should be open to all, including natural gas and LNG.

• Facilitating equity stakes for First Nations in infrastructure projects can enhance social license, potentially simplifying Canada's regulatory and permitting process.

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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.