Engaging the Biden Administration on Trade Will Be Key to Canada’s Long-term Economic Fortunes, Shows Latest RSM Canada Report

USA and Canada trade deal
  • A trade boost with the U.S., alongside effective vaccine distribution, would put Canada on track for robust two-year growth
  • Canada’s output will likely expand four per cent in 2021 & 2022, though its economy likely won’t reach full potential until 2023


RSM Canada (“RSM”), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its first 2021 issue of “The Real Economy: Canada” – a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth, or economic headwinds, in Canada’s middle market.

As Canada tackles its most serious wave of the COVID-19 pandemic to date, and its biggest trading partner – the United States – is set to introduce a new President this week, the latest Real Economy: Canada report shines a light on how the country’s trade and economic prospects can benefit from improved U.S. relations and a strong vaccination response in the coming months.   

The report also examines what the federal government must do to address Canada’s daunting infrastructure deficit as it looks to get the country’s economy back on track.

 

Key findings in this quarter’s report include:

1. Canada’s long-term economic prospects will largely depend on expansion of U.S. and global trade

  • Canada’s economy is the most dependent on trade among large, developed nations. It can expect a boost if the Biden administration re-enters the U.S. in the Trans-Pacific Partnership (TPP).
  • From 1961 to 2019, the importance of international trade to Canada’s economy has nearly doubled, with total exports and imports accounting for 67 per cent of Canada’s GDP in 2019.
  • Canada poised to make significant economic gains should the U.S. end its trade war with China, which analysis shows has harmed Canada nearly as much as the U.S. given integration between the two economies.


2. 
Economic growth shows promise, but will be uneven across sectors

  • Canadian output will likely expand four per cent in 2021 & 2022, though economy won’t reach full potential until 2023.
  • Gains in 2021 likely uneven across sectors until vaccine is widely distributed, while “energy-intensive” parts of Canada will face greater difficulties than others.
  • Nonfinancial corporations are poised to lead Canada out of recession following their quick turnaround, helped by a likely decline of U.S. trade barriers.


3. 
Service sector job shortage and spike in household savings remain a concern for the economy

  • Continued oversupply of labour threatens to drag wages down and reduce household income and consumption.
  • Canadian households continued propensity to save during the pandemic, despite increases in disposable income, will be a concern for fiscal authorities should lack of household spending turn a supply shock into a demand shock.
  • Households were saving on average as much as 27.5 per cent of disposable income during pandemic, in comparison to 1.4 to 2 per cent in the first quarter of 2020.


4. 
Decades of underinvestment leaves Canada with a daunting infrastructure deficit

  • Deficit ranges from $110 billion to $270 billion, though Canada is investing enough to start reducing the shortfall.
  • The federal government has signaled a major infrastructure program to provide needed stimulus to reinforce the economic recovery from the pandemic.
  • Decelerating labour productivity growth rates in Canada and the U.S. – a key driver of long-term economic growth – are directly related to decreasing infrastructure investment levels.


“Given Canada’s historic over-dependence on trade, as well as its integration with the U.S. economy, it’s difficult to think of anything that could have a greater impact on Canada’s long-term recovery than the U.S. re-entering the Trans-Pacific Partnership (TPP)” says Alex Kotsopoulos, partner, projects and economics with RSM Canada. “This was a deal that President Trump walked away from in 2017, but the incoming Biden administration has hinted at its intent to re-enter the agreement, while also potentially ending the country’s trade war with China. Both actions could lead to substantial economic benefits for countries like Canada, which have been harmed by association through these trade disputes in recent years.”

Joe Brusuelas, chief economist with RSM US LLP, added: “Once the vaccine is in place and case numbers drop down, we’ll start to see the Canadian economy gradually reopen and when you pair that with a stronger, more fruitful trade relationship with the U.S., we’re in a good place to see robust growth over the next two years. However, it’s not going to be plain sailing – the large supply shocks felt across North America as a result of the pandemic will take a number of years to repair, with damages to the labour force and a decline in investment and productivity resulting in lower output.”

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New PayBright Consumer Report Reveals That Offering Deals, Flexible Payment Options, and Safety Will Be Key to Canadian Retailer Success in 2021

Payment options

A new report, The 2021 Canadian Consumer Trends Guide: Reimagining Retail and E-tail Beyond the Pandemic, predicts e-commerce retailers offering increased value and diverse payment options will attract the attention of Canadian shoppers this year.

Published by PayBright, one of Canada’s leading providers of installment payment plans, the report is designed for retailers seeking to understand and anticipate consumer behaviour in 2021, and make concrete, data-informed business decisions. This is especially crucial as Canadians gain access to vaccines and look ahead to living (and shopping) in a post-pandemic world.

The inaugural report is informed by a PayBright-sponsored survey of 2,500 Canadians across all regions, conducted in October of 2020. From their candid responses emerged several actionable insights into:

  • The products Canadians will be shopping for;
  • The payment options Canadians will want and expect;
  • Canadians’ preferred channels (in-store or online);
  • The major motivators accelerating consumers’ purchasing decisions; and
  • The psychology behind spending in a mid-and post-vaccine world.

PayBright’s 24-page consumer report reveals dozens of key insights that will help Canadian retailers make actionable business decisions this year, including the following:

  1. Canadians are most looking forward to travel, socializing, and serenity in a post-pandemic world.

    PayBright asked Canadians what they were most looking forward to post-pandemic, finding that spending time with family (56%); peace of mind (55%); and travelling (54%) topped the list for respondents. The report also found that nearly half of Canadians will likely invest in social activities (40%); mental health and well-being (38%); physical health (37%); financial preparedness and savings (34%); and home improvement (23%) this year.

  2. With deals and sales top of mind, Canadians are planning to lower their budgets and spend with more scrutiny in 2021.

    Nearly 40% of Canadians are lowering their intended budget for 2021 for several reasons, including spending less in general (38%); a COVID-specific change to their financial status (24%); a dedication to paying off current debts (17%); and a weariness around shopping during a pandemic (14%).

  3. Canadians want and expect a buy-now-pay-later option like PayBright when they reach checkout in 2021, regardless of the channels on which they shop.

    While a popular option across age groups, in particular, Millennials and Gen Z-ers overwhelmingly want and expect diverse payment options when shopping online in 2021, with 65% of 35- to 44-year-olds64% of 25- to 34-year-olds, and 61% of 18- to -24 year-olds indicating it is an important purchase driver.

“At the start of another unprecedented year, PayBright is continuing to help prepare retailers to meet the ever-changing needs and circumstances of Canadians in 2021,” says Wayne Pommen, Senior Vice President of PayBright, an Affirm company. “We are thrilled to launch this annual report and give merchants the freshest and most accurate data available for them to make actionable insights that will help them thrive during these otherwise unpredictable times.”

Gain full insight into how Canadians are planning to shop this year. Read the PayBright 2021 Trends Report here.

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Just One More – This Holiday Season, Your Time Might Be The Best Gift You Can Give

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This holiday season The GenWell Project is challenging Canadians to make the world a happier and healthier place by reaching out and making Just One More connection

Everybody has the ability to make a difference in someone’s life this holiday season. That’s the message behind The GenWell Project’s Just One More challenge that launched last week – continuing a message it has been sharing with Canadians during the pandemic.

The GenWell Project is encouraging people to think of Just One More person, team or group that they can reach out to this holiday season. Just One More – it could be a group of old friends, an elderly neighbour, some old colleagues, a relative in another city or the extended family that you haven’t seen for a while. Whoever it is, the important thing is to take the idea and make it happen, for your health or the health of those you connect with.

We all need human connection. It is vital to our physical and mental well-being, happiness and longevity, and in a holiday season that will be defined by lockdowns and physical distancing, we need to make the effort to connect (virtually or stay connected), with others more than ever. The GenWell Project wants to be the reminder about the importance of human connection and that we all have the power to make a difference in the lives of others and in our own lives, through a simple conversation and letting people know they are not alone.

“By reaching out to that one extra person this season, you’ll not only be doing yourself some good, you will also be helping the people you connect with. Who knows, that one call, Facetime or Zoom chat might make all the difference in the world to someone who has been feeling the negative impact of this period of increased physical distancing,” said Pete Bombaci, founder of The GenWell Project. “We are asking people for their time and connection. This holiday season, they really might be the best gifts that you can give to others.”

There are plenty of ways to reach out to Just One More this holiday season – here are a few suggestions to get things started: 

  • Make your holiday cards count – along with a message of season’s greetings, include an invitation to connect (safely) sometime over the holidays or early in the New Year.
  • Leave a note to let your neighbours know you are around to lend a hand if needed.
  • Life can be pretty busy at times, so why not take the initiative and book a time to connect.
  • Simulcast a movie or game with a friend or colleague.
  • Drop off a treat – it’s a fun and thoughtful way to reach out to a neighbour or friend.

Don’t assume everyone you know feels connected. Please think of those that maybe struggling with the pandemic and reach out to them. Together we can make the world a happier and healthier place one virtual conversation at a time. Stay safe, stay healthy and stay connected.

For more information, or to connect with us online, please visit https://genwellproject.org/.

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Latest Survey on SEO to Boost Your SERP Rankings

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GoodFirms Latest Survey on SEO to Boost Your SERP Rankings to Adopt New Strategies During COVID-19

Due to the COVID-19, most of the businesses are becoming more reliant than ever on digital marketing. It includes several techniques to promote a brand, product, or service. Companies have been showing more interest in digital marketing and their innovative strategies. Industries from diverse sectors have understood the significance of digital marketing to stay one jump ahead of all competitors.

Search Engine Optimization is one of the most powerful strategies in digital marketing. In this unprecedented situation of the pandemic, businesses are opting for SEO tactics as the key to resilience to mitigate against the loss.

The Best SEO Companies & Services are helping the organizations to improve their online presence, increase the chances of the company’s websites to rank higher in the search engines like Google, etc. As higher the organization’s content features on the search engine results page (SERP) for the critical keywords and phrases, there are better chances of reaching new and relevant leads.

The latest research by GoodFirms on SEO to Boost your SERP Rankings reveals the most popular and preferred SERP Tracking tools. About 41.07% of SEO experts believe Ahrefs is a useful tool to get the exact website analysis report. Around 34.82% voted up for SEMrush for its link building tool, 18.75% for Google Search Console, 16.07% for Google Analytics, 8.93% for MOZ, and 4% for others. 

Apart from this, the study also highlights the primary sources of web traffic such as organic, social, referral, paid search, email, and others(forums, direct, and display). With the help of 100+ SEO professionals, GoodFirms has unfolded the insights to enhance your SERP rankings and stay ahead of the competitors.

For more detailed information to finely hone the SEO skills for your business, here you can check out the recent survey on SEO Strategies, Techniques, & Trends conducted by GoodFirms. In this research, 100+ SEO companies and experts participated to share the insights to learn SEO practices and the challenges faced by them. These participants were asked several thoughtful questions to get deliberate answers that could help them understand how to achieve efficient SEO results for your business.

All these stats give a clear view of the importance of adopting digital marketing strategies to shape up your businesses. Therefore, it is essential to engage with the Top Digital Marketing Companies to get the proper assistance to market your brand, attract new prospects, and earn good profit.

GoodFirms.co is an internationally recognized B2B research, ratings, and reviews platform. It builds a bridge to assist the service seekers in connecting with the best partners that suit their business needs. The analyst squad of GoodFirms conducts a profound assessment where each agency is assessed following several parameters.

The research process of GoodFirms includes three main pillars that are Quality, Reliability, and Ability. Further, each element is subdivided into multiple metrics to analyze every agency deeply. It integrates with verifying past and present portfolios, years of experience, market presence, and feedback received by their customers.

After this method, focusing on the overall assessment process, each firm obtains scores that are out of a total 60. Hence, considering these points, all the agencies are indexed in the list of top IT development and designing companies, best software, and other service providers from the various sectors of industries.

Additionally, GoodFirms encourages service providers to engage in the research process and show compelling evidence of work done by them. Thus, grab an opportunity to Get Listed for free in the catalog of top companies as per their categories. Holding a presence at GoodFirms will increase the chances to be more perceptible, meet new prospects, and grow your business globally.

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Protecting Your Business

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What Your Startup Needs to Know About Insurance

Launching your startup is a dream many people spend years considering. It takes work to find what you’re passionate about and decide if you can find and build a receptive audience. There’s market research to conduct and branding to take care of, all to get your business on its feet.

Before you open your doors for business, there are a few other steps you’ll need to take. While you’re writing your business plan and working out your marketing strategies, you’ll want to think about insurance. There are many different plans you can opt into so you gain protection for every aspect of your business. But where do you start?

Read on to learn what your startup needs to know about insurance. Learning about different plans and whether they apply to your business will help you figure out what steps will help your startup achieve success.

Get Property Insurance
Many startups begin at home, but you may be one of the lucky people who buy a physical location for your business. It’s always a good idea to have a place where your customers can visit, browse through products and meet you in person. While you’re looking through listed properties for your dream location, think about property insurance.

Depending on whether you rent your building or take out a loan, it may be a requirement to get property insurance as well. This kind of insurance covers your losses during two types of events. If someone steals your products or damages your building, you’ll get money back. You’re also protected against natural disasters like hurricanes or earthquakes — although if you want flood insurance, that’ll require an additional plan.

Check Out Workers’ Compensation Insurance
Before you decide to hire your first employee, you should check out Workers’ Compensation insurance. It’s a policy that covers you if your employees get hurt on the job. It will pay for the wages they lose if they need to take time off to heal, as well as any bills you need to pay for medical treatment.

Sometimes small business owners feel like they need to hire a certain number of employees before getting insurance like this. But you don’t want to wait. In the United States, 89.6% of companies operate with fewer than 20 employees, so smaller businesses are more common than you might think. Protect yourself from the beginning with Workers’ Compensation insurance so everyone can go to work with peace of mind.

Consider a Professional Liability Policy
During your many hours of business-related research, you may have read about professional liability policies. Sometimes also called Errors and Omissions insurance, this kind of policy protects your business from any claims that you’ve failed to follow through on customer expectations. If your business doesn’t perform as expected and a customer wants to file a negligence claim, you won’t need to go bankrupt to save yourself.

An important thing to know about this insurance is to look for a policy that covers your niche. It must be specific to your services, so don’t get insurance that doesn’t relate to what you do.

Obtain Product Liability Insurance
You may want to run a business where you make or sell products that change people’s lives. Whenever you start selling things, you’ll need product liability insurance. Even though you’d never sell anything that isn’t safe or easy to use, people may still file lawsuits if they misuse the products or break them.

Product liability insurance backs you up in case someone sues over defective products. It allows you to choose how much insurance you carry for each product, so you pay less for items that don’t sell as well as others or don’t have as pronounced a risk.

Do Your Research
There are many different kinds of insurance for small businesses to consider, so take your time and do your research. Figure out what kind of services you’ll offer, whether you’ll sell products and when you’ll hire employees. Once you have those answers, it’ll be easier to decide which insurance plans are right for you.

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