Archives: Briefings

Conservatives propose new digital-services tax and $250-million cleantech fund

Social media platforms, search engines and online marketplaces with more than $1 billion in worldwide revenue would pay a corporate tax on all Canadian sales after the first $50 million. The parliamentary budget officer estimates the measure would bring in $410 million in the 2020–2021 fiscal year, rising to $920 million in 2028–2029. The private sector would manage the cleantech fund, and the government would require private investors to put in $4 for every $1 it puts in. The party is also proposing a green-patent credit, which will cut corporate income tax to five per cent on environmental technology patented in Canada since 2015. In addition, the Conservatives are proposing “cyber safe” labelling for smart devices and a promise to provide consumers with information on whether the devices are secure. (The Logic)

WeWork’s failed IPO shakes up SoftBank’s investment strategy

Masayoshi Son, SoftBank’s CEO, said the conglomerate will focus its Vision Fund 2 investments on companies with a clearer path to profitability. Son also plans to deploy the fund at a slower rate than its first one, which committed US$80 billion of its US$100 billion in just three years. (CNBC)

Investors announce second-largest angel network, with focus on tech

Equation Angels will consist of 200 investors from three southern Ontario-based angel groups: the Golden Triangle Angel Network (Kitchener-Waterloo), Angel One (Burlington) and Southwestern Ontario Angels (London). Jess Joss, previously executive director at York Angel Investors, will lead the alliance. (The Logic)

Working-age employment hits 40-year high in September

The share of people aged 15 to 64 years old with jobs hit 74.7 per cent, the highest rate since 1976, the first year for which Statistics Canada has comparable data. The agency’s Labour Force Survey showed the national unemployment rate dropped to 5.5 per cent, a 0.2 percentage point month-over-month reduction. The public-sector workforce and self-employment rose in September while the private-business staff count fell, although it is still up 2.3 per cent compared to 2018. (The Logic)