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CTV News
7 minutes ago
- CTV News
Ontario should rejig supports for small auto businesses in wake of tariffs, CFIB says
Employees work on the production line at the Martinrea auto parts manufacturing plant in Woodbridge, Ontario on Feb. 3, 2025. The site supplies auto parts to both the Canadian and U.S. auto plants. THE CANADIAN PRESS/Chris Young TORONTO — Ontario should rejig its programs meant to support auto businesses through the impact of tariffs and associated economic uncertainty, as the way they're currently structured is leaving small businesses in the lurch, an advocacy group says in a new report. The Canadian Federation of Independent Business released a report Wednesday based on a survey of 187 small-to-medium-sized businesses in the automotive sector, from parts suppliers to repair shops, and found that tariffs are already having an impact. Their revenue has declined by 13 per cent, on average, and half of them reported that they have paused or cancelled investments due to uncertainty caused by the Canada-U.S. trade war, which could lead to billions in lost revenue or missed investments, the report said. 'It's impossible for a business owner to really know what's going on these days,' Joseph Falzata, co-author of the report and policy analyst with CFIB Ontario, said of the whiplash trade policy news. 'I do this as my full-time job, and it's always difficult for myself. So you can only imagine a business owner who's working 50, 60 hours a week trying to keep track of things.' Their revenue is taking a hit in part because they are paying higher prices and there is confusion about which products are affected by tariffs, as well as due to costs associated with seeking out new supply chains, Falzata said. Ontario has programs meant to help shore up businesses in the automotive sector, but while appreciated, they're missing the mark when it comes to supporting smaller businesses, the CFIB report says. In its spring budget the provincial government said it was putting $85 million into two programs: the Ontario Automobile Modernization Program to help parts suppliers upgrade equipment and the Ontario Vehicle Innovation Network for research and development. 'Though these programs have been created with good intentions, few small businesses plan to use them, and over a third of them are ineligible,' the CFIB report says. 'The programs focus on R&D innovation and large-scale manufacturing, while disregarding the reality that most automotive (small and medium businesses) either cannot afford or are not involved in these processes.' A new $50-million Ontario Together Trade Fund meant to help businesses develop new markets and find domestic supply chains, requires businesses to show a revenue loss of at least 30 per cent and requires them to put up $200,000 of their own capital, which the report calls 'a luxury most (small and medium businesses) cannot afford.' The government said its programs have already helped hundreds of businesses, with the Ontario Vehicle Innovation Network supporting more than 600 small and medium businesses since its inception in 2019 and the Ontario Automotive Modernization Program has supported 215 projects since 2021. 'In the face of unprecedented global economic uncertainty, our government is protecting and building on the progress we have made to champion small businesses in the auto sector and across the economy,' Jennifer Cunliffe, a spokesperson for Economic Development Minister Vic Fedeli, wrote in a statement. The best way to help small businesses would be to lower the small business tax rate from 3.2 per cent to two per cent, the CFIB said. The government lowered the rate from 3.5 per cent in 2020. This report by The Canadian Press was first published July 16, 2025. Allison Jones, The Canadian Press
Globe and Mail
31 minutes ago
- Globe and Mail
Starting your back-to-school shopping before more tariffs hit? You may not save by going early
Mila Olumogba has fine-tuned her back-to-school shopping routine over the years. The mother of three from Gatineau scours off-season bargains to spread out costs, buys clothes one size up to fit in August and always checks her cupboards first. This year, she's also been trying to shop more locally in light of Canada's trade war with the United States and President Donald Trump's tariff threats, including sweeping levies as high as 35 per cent on Canadian imports starting in August. But avoiding American mega-chains has often been challenging in the back-to-school category. 'As much as I would like to boycott Amazon and Walmart, it's not always possible with three kids,' she said. 'Where we can, we shop locally. But sometimes we need to go to the big-box stores and shop their deals.' Many Canadian parents expect to spend more on back-to-school shopping this year. And most of them are starting early by jumping on the flurry of summer sales from big-box brands, with some looking to cut costs in the face of economic headwinds and potential price hikes from the Canada-U.S. trade war. But some financial advisers and retail strategists say parents and students are unlikely to save much by snapping up sharpened pencils, calculators and the like early, and may even end up spending more than if they'd waited. A June report from Retail Council of Canada and Caddle, a rewards app, found that about 67 per cent of parents surveyed had either started or planned to start back-to-school shopping in late spring or early summer. Surveys took place in May on Caddle's mobile platform and online panel across a representative randomized sample of 1,211 Canadian shoppers with children attending kindergarten to Grade 12 in the coming school year. According to the report, the average spend per child was $600 to $750. Concerns about possible price hikes or limited availability could be influencing shopping behaviour, according to the retail council's vice-president of member services and marketing, Santo Ligotti. Opinion: What does it cost to raise a kid? That depends on how much parents earn 'Consumers may also be inclined to start earlier this year given the uncertainty around tariffs,' he said in an e-mail. 'Particularly following Trump's remarks about a potential 35-per-cent increase.' This year, shoppers have also been inundated with promotions in the second week of July. The so-called 'Black Friday in summer' sales included Inc.'s Prime Day promotion from July 8 to 11, alongside deals from competitors that are playing catch-up. The shopping event brought in US$24.1-billion in online spending across American retailers, a 30.3-per-cent spike year-over-year, Adobe Analytics said on Saturday. The apparel category was expected to boast the biggest discounts, at 24 per cent, but back-to-school merchandise represented some of the biggest growth in sales, according to Adobe. Online sales of backpacks and lunchboxes were set to grow 225 per cent during this promotional period compared to the daily average in June, Adobe said – the largest projected increase of any product category, despite not having the biggest discounts. Canadian parents are actively seeking deals, with mass merchandisers such as Walmart Canada remaining the go-to starting point, according to the survey from retail council and Caddle. Opinion: The dreaded B-word: It's time for kids (and parents) to stop avoiding boredom The report found that 91 per cent of shoppers feel prices have increased and more than half said school supplies are significantly more expensive than in previous years. Even so, parents are unlikely to save much, if at all, by starting early. For starters, most retailers purchased inventory months ahead of back-to-school season and long before Mr. Trump's most recent round of tariff threats. So, any new tariffs likely won't bump up back-to-school prices significantly from what they are now, according to Lisa Hutcheson, a retail consultant and managing partner at J.C. Williams Group. 'The inventory that they have now is the inventory they have for their future orders,' she said. The same goes for items such as clothing and electronics. Much of the stock for back-to-school was 'front-end loaded' ahead of expected tariffs, which has helped stabilize prices, said Sylvain Golsse, national global trade leader at EY Canada. If Mr. Trump's tariffs do go through, consumers may see some price increases as retailers try to offset future losses. 'If an iPhone was manufactured in China and imported into the U.S. first ... it's going to be more expensive for the Canadian importer to bring that same device into Canada,' he said, even if Canada hasn't imposed new tariffs. 'But I think they can't change [prices] drastically,' said Ms. Hutcheson. Instead, retailers may offset costs in other ways, such as by embracing automation to cut costs, she said. 'I don't think we're going to just see a 35-per-cent increase in pricing.' That isn't to say that prices won't be pushed up eventually if Mr. Trump unleashes his latest tariff threats. But those are more likely to show up near the Christmas holiday season, said Mr. Golsse. Students are finding it hard to get summer jobs – here's what else they can do Still, retailers may be capitalizing on the uncertainty around tariffs by nudging people to turn 'wants into needs,' said Adam Chapman, a certified financial planner based in London, Ont. At the end of the day, 'you're guessing at what you need; probably buying a lot more than what's required.' Buying earlier often means duplicating or wasting money on items that aren't ultimately necessary, said Mr. Chapman. 'The best kind of controlled, condensed shopping for school supplies is actually after school starts,' he said. At that point, teachers provide checklists and students know what's required. The retail council's survey also found that the vast majority of parents surveyed – more than 90 per cent – plan to shop in-store. But there may be back-to-school savings opportunities online, said Mr. Golsse, especially if your kids roam store aisles with you. 'You're going to end up leaving with a heck of a lot more,' he said. 'They're getting excited … and you already think they need it, so then that excitement coming off them just entices you to spend because it's for education.'
Global News
37 minutes ago
- Global News
Carney to meet with steelworkers as U.S. trade talks continue
Prime Minister Mark Carney is scheduled to be in Hamilton today to make an announcement related to the steel industry. It has been more than a month since U.S. President Donald Trump doubled tariffs on steel and aluminum from 25 to 50 per cent, adding further economic insult to the two industries in Canada. Carney met with his cabinet virtually on Tuesday and told reporters before that meeting he doesn't think Trump will agree to any trade deals without including some tariffs. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Carney will tour a steel company in the city and meet with workers during his visit to Hamilton. 0:53 Carney says talks will 'intensify' as he meets with cabinet amid Trump's 35% tariffs Carney and Trump have been negotiating a new economic and security pact since early May and last week Trump unilaterally pushed the deadline for reaching that from July 21 to Aug. 1. Story continues below advertisement He told Carney in a letter on July 10 Canada will be hit with 35 per cent tariffs that day, with the White House saying the current plan is for that to apply only to those Canadian imports not covered under the existing Canada-U.S.-Mexico Agreement. Carney says negotiations with the U.S. are likely to intensify as that Aug. 1 deadline approaches.
