Newsletter – April 2019

We, at the Chamber, are watching what you say. We're excited to launch a social media campaign that promotes the power of positive posts.
It's time to change the narrative by promoting and supporting local business by saying positive things online. If we catch you saying something nice, you might win a prize from one of our prize sponsors. It's that simple. We're watching for the hashtag #positivepost, so use that on any of your favourite social media platforms.
Save the date! We've got an exciting new event coming up on Tuesday, June 11. You won't want to miss this. More details coming soon.

 

Jennifer Vandermeer
Member Services Coordinator

(Toronto - March 25, 2019) - Today, the Ontario Chamber of Commerce (OCC) released a report commissioned by Bruce Power outlining an impartial economic impact assessment of the Major Component Replacement (MCR) Project undertaken as part of Bruce Power's Life-Extension Program. The report, Major Component Replacement Project Economic Impact Analysis, reveals that the 13-year-long MCR Project would be of significant benefit to the economy through economic impact, GDP increase, tax revenue, and opportunities for local workers and industry.
The results of the report indicate that Bruce Power's MCR Project will inject billions of dollars into the Ontario and Canadian economies, generating value for industry, communities, and governments. The complexity and size of the MCR Project will also benefit the province's workforce development due to the unique work experience offered and the project's demand of advanced skills.
"Our analysis shows that Bruce Power's MCR project is a fundamental contributor to the Ontario economy. More broadly, the life-extension of the Bruce Power facility will provide quality jobs for Ontarians, produce a stable supply of medical isotopes for the world's health care system, and deliver economic benefit through direct and indirect spending," said Rocco Rossi, President and CEO of the OCC. "As Ontario's energy demand grows, nuclear truly is the best option to meet those demands with reduced GHG emissions. The Bruce Power MCR Project will not only drive economic growth in the region, it will position Ontario as a global leader in nuclear innovation and expertise."
The OCC's economic analysis of the benefits from the MCR project reveals:
  • Ontario GDP to increase between $4.8 and $7.1 billion
  • Canadian GDP to increase between $5.2 and $7.8 billion
  • Ontario labour to receive between $3.8 and $4.6 billion and Canadian workers located in other provinces to receive an additional $300 million
  • The federal government to receive $144 million in excise tax and $1.2 billion in income tax
  • The provincial government to receive $300 million in excise tax and $437 million in income tax
The report also provides an overview of the value of nuclear energy and the nuclear industry to the province. The $5 billion nuclear industry currently provides 60 percent of Ontario's daily energy supply needs and is made up of over 200 companies and more than 60,000 jobs across a diversity of sectors such as operations, manufacturing, skilled trades, health care, and research and innovation.
Mike Rencheck, President and Chief Executive Officer of Bruce Power added that "Nuclear power is the backbone of Ontario's electricity system. Every day, across the great province, Ontarians count on Bruce Power to provide low-cost, clean, reliable nuclear power, to meet their electricity needs.  Our MCR project will ensure that Ontario families and businesses have an affordable and reliable source of emissions-free electricity, while simultaneously supporting tens of thousands of jobs across the province for decades to come."
The Hon. Greg Rickford, Minister of Energy, Northern Development and Mines and Minister of Indigenous Affairs explained "Continued use of the Bruce generating station will create valued jobs for the people of Ontario and advance Ontario's nuclear industrial sector. Our government is committed to making Ontario open for business and open for jobs. It is great to see projects like the MCR that help make Ontario the best place to invest, do business and find a job."


(OTTAWA) - March 15, 2019 - The Canadian Chamber of Commerce wrapped up its work as Canada's official representative at this year's B20 summit, where its input will be included in recommendations to G20 leaders ahead of their June meeting in Japan.

The priority areas for Canadian businesses advocated by the Canadian Chamber were the promotion of digital trade and e-commerce policies to help exporters, tackling unfair industrial subsidies that disadvantage Canadian companies, and reforming the World Trade Organization to preserve multilateral trade rules.

"While next week's Budget will articulate the government's domestic plan, we also need to get the international business environment working in our favour to ensure our companies can succeed by using platforms such as the B20," said the Hon. Perrin Beatty, P.C., O.C., President and CEO of the Canadian Chamber of Commerce.

The Canadian Chamber was joined on this visit by seven Canadian businesses from different sectors, including financial services, technology, and agriculture.

"For Canadian businesses operating abroad, opportunities such as the B20 are important for us to better understand first-hand what's happening in the local market, and what it means for our company," said Peter Wilkinson, Senior Vice President Regulatory & Public Affairs at Manulife and Chair of the Canadian Chamber's International Strategic Advisory Committee.

In addition to participating in the B20, the Canadian Chamber delegation also met with the Japanese Ministry of Foreign Affairs, Minister of Economy, Trade and Industry, the country's two national business federations, and the Embassy of Canada to discuss opportunities to expand bilateral trade under the Japan-Canada Chambers Council. The next Japan-Canada Chambers Council meeting will occur in early 2020.

"As the world's third-largest economy, Japan is vital for Canada's trade diversification efforts. The Comprehensive and Progressive Agreement is start, but there is still more work to ensure we fully maximize its opportunities," said Beatty.

The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom.