Voice of Business: What a High-Speed Train Means for Peterborough’s Economy and Tourism

Peterborough is finally getting a high-speed passenger rail service.

This newly announced line will run between Toronto and Quebec City, with Prime Minister Trudeau confirming the project last week. The fully electric train will connect Toronto, Peterborough, Ottawa, Laval, Montreal, Trois-Rivières, and Quebec City, reaching speeds of up to 300 km/h.

The federal government has committed $3.9 billion over the next six years to support system development, including laying approximately 1,000 km of new tracks. This week on Voice of Business, we explore why this rail project matters, what businesses need to know, and what to expect next.

This rail line will serve a region of 18 million people with an economy worth over $850 billion. Once completed, it will reduce travel time between Toronto and Montreal to just three hours, positioning Peterborough as a prime hub for intercity and interprovincial trade. This project aligns with the federal government's commitment to reducing interprovincial trade barriers, opening new opportunities for local businesses to access broader markets.

Tourism, a $300 million industry in Peterborough, is also expected to benefit. Many international visitors rely on public transit, and a high-speed rail link will make Peterborough a more accessible and attractive destination. The Chamber of Commerce has been a strong advocate for this rail initiative.

“Ensuring Peterborough is a stop on the high-speed rail line has been a priority for the Chamber, as this is a key way to connect our community to the rest of the province,” said Gail Moorhouse, Interim President and CEO of the Peterborough and the Kawarthas Chamber of Commerce.

“Peterborough is an incredible place to work, live, and visit. We look forward to the train connecting our community and businesses to the province,” adds Vice President Joel Wiebe.

The Chamber has been deeply involved in this effort, starting as a founding member of the grassroots Shining Waters Railway organization. Over the years, it has worked closely with VIA Rail, VIA HFR, and now Alto to develop the business case for the rail line. "Having Peterborough as a major stop on this rail project is a win for the tireless advocacy work of the Chamber," says Wiebe.

The economic benefits of this project are substantial. The high-speed train will cut travel time between Toronto and Montreal in half, from six hours to three, making transportation more accessible and positioning Peterborough as a key destination. The increased connectivity is expected to boost tourism and create a spillover effect that benefits local businesses by attracting more visitors to the community. A study from the C.D. Howe Institute estimates the economic impact could range between $11 billion and $27 billion over a 60-year period (2039–2098), depending on whether the train operates at conventional or high-speed levels. While the project remains in the initial design phase, Peterborough’s position as a tourist destination with over three million annual visitors makes it well-suited to capitalize on this opportunity. Events like MusicFest, local sports teams, lakes, hotels, the Canadian Canoe Museum, and Trent University already draw significant traffic, and a passenger train will further increase accessibility.

With the train potentially cutting travel time significantly from Montreal to Peterborough, students, tourists, and business professionals will no longer be restricted to car travel, which currently takes nearly three hours.

It is worth noting that similar passenger rail proposals have been discussed in the past but never materialized. However, with this renewed commitment and funding, there is hope that Peterborough will finally become a key destination for high-speed rail. If realized, this project could transform the region, making Peterborough not just a stop on the map but a hub for travel, tourism, and economic growth.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Reconsidering Interprovincial Trade Barriers

The temporary implementation of U.S. tariffs by President Donald Trump, followed by a pause until March 4, has reignited discussions about improving domestic trade.

In response, the Ontario Chamber of Commerce, along with many other provincial chambers, has renewed its call to remove interprovincial trade barriers.

With the U.S. being Canada’s largest trading partner and thousands of Canadian jobs relying on the American economy, it is crucial to look inward and mitigate potential risks associated with a trade war. The pause in tariffs has forced Canada to rethink its trade strategy, leading to efforts to strengthen relationships with European and other global partners. Amidst these shifts, calls to eliminate interprovincial trade barriers have gained momentum, as doing so could add an estimated $200 billion to annual GDP.

The debate over interprovincial trade barriers has persisted for decades, but recent U.S. trade policies have intensified the urgency. While removing these barriers may not replace Canada’s trade relationship with the U.S., experts argue that it is a crucial step toward economic resilience. This edition of Voice of Business will examine the impact of interprovincial trade barriers, current restrictions between provinces, and the future of interprovincial trade and its benefits for businesses.

Interprovincial trade barriers create inefficiencies in multiple industries, including product sales, trucking regulations, and labour mobility (licensing and certification requirements). One of the most well-known examples is alcohol sales. Each province has its own regulations for selling alcohol, making it difficult for businesses to operate across borders. These barriers increase compliance costs and reduce business opportunities.

For instance, in Quebec, only the provincial alcohol corporation, Société des Alcools du Québec (SAQ), has the legal authority to import alcohol. Even individuals bringing alcohol into Quebec must file an online declaration form, regardless of whether the alcohol is a gift or personal purchase. This creates significant hurdles for Ontario businesses trying to expand into Quebec.

Another major barrier is trucking regulations. Different provinces impose varying restrictions on truck weights and loads, limiting the ability of businesses to transport goods efficiently. For example, Nova Scotia enforces strict weight limits, restricting certain types of cargo from entering the province. Additionally, direct-to-consumer shipping alcohol is restricted in several provinces, further complicating interprovincial commerce. While these regulations are often intended to protect local businesses, they ultimately hinder economic growth and business expansion.

The federal government has acknowledged these challenges and has expressed its commitment to addressing them. However, because trade regulations fall under provincial jurisdiction, the responsibility lies with the provinces to harmonize rules and ease restrictions. Some progress has been made. In 2017, the federal, provincial, and territorial governments signed the Canadian Free Trade Agreement (CFTA), committing to reducing trade barriers. In early 2024, agreements were approved for 17 of the 30 restricted sectors, but key barriers remain. Provinces have taken independent steps, such as Alberta and British Columbia reducing alcohol trade restrictions and the Atlantic Growth Strategy (launched in 2016) harmonizing licensing requirements for skilled trades.

With new U.S. tariffs on steel and aluminum already in place and more expected in early March, Canada must act quickly to support businesses. By removing interprovincial trade barriers, businesses can offset some of the negative effects of external trade restrictions and strengthen the domestic economy. Minister of Transport, Anita Anand has suggested that trade barriers could be eliminated within a month if provinces collaborate. However, achieving meaningful progress requires a coordinated effort to streamline trade regulations, standardize trucking policies, and improve labour mobility.

By fostering a truly open domestic market, Canada can better support its businesses and ensure long-term economic growth—regardless of external pressures.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Addressing Ontario’s Family Doctor Shortage: Where Healthcare, Governance, and Business Intersect

This week on the Voice of Business, we’re tackling an issue that many in Ontario are familiar with, including right here in Peterborough: the growing shortage of family doctors.

It’s not just about healthcare—this is something that impacts local businesses, the economy, and thousands of people in our community.

Currently about 2.5 million people don’t have access to a family doctor. Locally, it’s estimated that by next year, around 63,000 people in Peterborough will be in the same boat. Municipalities everywhere are struggling to recruit doctors, often competing in what some have compared to a “Hunger Games” style race—where only the communities with the biggest budgets and best incentives can win. Physician recruiting and retaining is thus a multifaceted issue with several intersecting factors that requires focused policy attention.

With a growing number of people without family physicians we can see the effects where this can unintentionally strain local hospitals. A study by Ontario’s Auditor General found that one in five patients goes to the hospital simply because they don’t have a family doctor. This leads to pressure on emergency services, forcing patients with severe medical needs to wait longer while lower-acuity cases backlog the system. It’s a reminder of what happens when there is an unprecedented family physician shortage.

While many municipalities work to compile family physician recruit teams, it remains a challenge as family medicine can be seen as a daunting and unattractive option for medical students. The Ontario Medical Association (OMA) has shed light on this trend: as of 2024, family physicians are paying between 30% and 50% of their income on overhead expenses. For any business owner, seeing nearly half your revenue absorbed into overhead costs is uninspiring—this is no different for family doctors.

The number of family physician vacancies highlight this trend further. Family physician vacancies rose from 30 in 2020 to 108 in 2024. Out of the 560 residency positions for family medicine that year, 108 went unfilled. These vacancies highlight how family medicine is becoming less appealing, not just financially but in terms of workload.

Administrative burdens further exacerbate the issue. Family doctors spend an average of 19 hours per week on paperwork—40% of their total working time. Tasks like processing sick notes consume a large portion of a physician’s work. While the Ontario government has waived the need for sick notes for absences up to three days, many doctors continue to call for their complete removal. This reasoning lies behind the idea that every minute spent on unnecessary paperwork is a minute they could be spending with patients.

Then there’s licensing. Locally, a study from a municipality in Peterborough County found that licensing family physicians can take up to four months. For a region where over 36,000 residents lack a family doctor, streamlining these processes is crucial. Quicker licensing would mean faster access to care and less reliance on overburdened emergency departments.

Peterborough County and the city of Peterborough are doing their part by hiring physician recruitment coordinators to attract more family doctors. Yet, smaller communities like ours face a unique challenge competing with hundreds of other municipalities. Some municipalities such as Bracebridge, St. Catherines and Brockton have attributed this to a “hunger games” approach where the municipality with deeper pockets can present more attractive packages, leaving smaller areas like Peterborough at a disadvantage.

All these challenges point to a bigger issue: the need for decisive government action. While Ontario has made progress—like easing the burden of sick notes for short absences more still needs to be done. Following communication with the city of Peterborough and Peterborough County on their goals to help in recruiting family physicians, the following measures were discussed below:

· Address overhead expenses to make family medicine a more viable and attractive career choice.

· Set fair recruitment standards to create equal opportunities for municipalities to recruit family physicians.

· Streamlining administrative processes to accelerate the timeline for family physicians to receive their licensing to practice.

At the end of the day, family physicians aren’t just healthcare providers—they’re business owners too. Their well-being directly impacts our workforce, employers, and business owners. A stronger healthcare foundation means a stronger community for all of us.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: The Uncertain Future: A Look Into the Implications of U.S Tariffs and a Looming Election

Recent months have seen a turbulent political climate in Canada and challenges in the relationship with the U.S.

This week's VOB explores the implications of proposed tariffs on Canadians and Canadian businesses, the historical context of similar situations and the potential economic fallout of this looming issue.

In November 2024, President-Elect Donald Trump announced his intent to impose a 25 per cent tariff on all goods from Canada and Mexico unless both countries address issues related to drug and migrant flows across the border. In response, Canada pledged $1.3 billion in new spending for border security although legislative action on this plan is stalled due to Parliament’s prorogation until March 24, leaving key details in limbo.

The potential consequences of these tariffs are evident. Experts estimate that Canada’s GDP could decrease by more than 2.4 per cent, contributing to significant inflationary pressures and the loss of as many as 1.5 million jobs. The impact wouldn’t be isolated to Canada—the U.S. is also projected to see a 1 per cent reduction in its GDP if these measures proceed. These tariffs would affect manufacturers, employers, and consumers alike, creating widespread disruption and economic strain.

This is not Canada’s first experience with Trump-era tariffs. In 2018, he imposed a 25 per cent tariff on steel and 10 per cent on aluminum products. Canada responded with its own $16 billion in tariffs on U.S. goods before both nations reached an agreement in 2019. A similar cycle repeated in 2020 with the introduction of additional 10 per cent tariffs by the U.S., countered by Canada. Prime Minister Justin Trudeau has signalled that Canada will implement countermeasures if the proposed January 2025 tariffs go into effect.

The automotive sector, which sources 20 per cent of its inputs from the U.S., is one of the industries most vulnerable to cost increases. Other affected sectors include energy, chemical and plastic manufacturing, forestry products, and machinery—all susceptible to supply chain disruptions and rising costs. Small and medium-sized businesses, which account for 40 per cent of Canada’s exports to the U.S., would face similar challenges, with tighter margins and declining sales potentially leading to widespread job losses. In Ontario alone, the potential toll could reach 500,000 jobs.

In preparation, the Canadian government is considering retaliatory tariffs, targeting products such as toilet paper and orange juice, although specific measures remain under development. This situation, experts suggest, is part of Trump’s broader negotiation strategy—a high-pressure tactic aimed at achieving stricter border security measures by leveraging extreme demands.

While the federal government’s response is on hold due to Parliament’s prorogation, several provinces have proactively bolstered border security resources. For businesses, preparing for the potential tariffs is vital. Andrea Schaffer, an expert in international trade, recommends business conduct a “thorough supply chain assessment to identify risks, planning for both 10 per cent and 25 per cent tariff scenarios, building six months of cash reserves, and renegotiating contracts to include tariff provisions and limit financial exposure.”

Though businesses can take steps to mitigate the potential impacts, support from all levels of government will be critical in navigating the challenges ahead. The uncertainty surrounding these tariffs underscores the importance of proactive planning and coordinated action to protect the economy and the workforce from their far-reaching effects.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Navigating the Holiday Tax Break

This past month has been challenging for businesses and organizations across Canada.

With postal strikes affecting businesses across Ontario, we’re diving into some news that could shake up our holidays for businesses and shoppers across Canada. Starting this Saturday, December 14th, 2024, the government is rolling out a GST/HST tax exemption on various products until February 15th, 2025.

The GST/HST offers zero rate taxes on multiple products. The following products are:

• Food

• Beverages

• Restaurants, catering, and other food or drink establishments

• Children’s Clothing and Footwear

• Children’s diapers

• Children’s car seats

• Children’s Toys

• Jigsaw Puzzles

• Video Game consoles

• Physical Books

• Printed Newspapers

• Christmas and Similar decorative trees

Now, this may seem like a win for consumers. No tax means lower prices and we could see increased spending, but we don’t know the whole impact on businesses and how this pressure to comply with new tax rules takes its toll at a time when shipping is delayed from ongoing postal strikes. While customers might enjoy the savings of an estimated total of $1.7 billion, businesses are stressed and scrambling to get ready. According to the Canadian Federation of Independent Business (CFIB), many small businesses call this tax break a headache. A survey from 3,500 small businesses found that 75 per cent of small firms expect it’ll cost them about $1,000 just to reprogram their systems to handle the exemption. And 65% said there’s not enough time to get everything in place before the deadline.

With the perceived benefit for consumers, businesses will still have to go through the tedious task of updating their systems. This tedious task could update their computing systems to apply zero-tax to the products listed above.

Some industries, such as hospitality, will have to go through more tedious tasks than others. This involves distinguishing between selecting the alcohol eligible for GST/HST relief because there are specific alcoholic beverages eligible for tax relief and some that are not. According to the CRA, beer and malt beverages (canned or bottled beer, pitches of beer) qualify. Wine, cider and sake (including fortified) that are 22.9 per cent alcohol by volume or less. And/or Spirit cooler and premixed alcoholic beverages that are 7 per cent ABV or less also qualify.

The items that would not qualify are alcoholic spirits and liqueurs, including cocktails with spirits that would not qualify. For example, a sangria, including wine and rum, would not qualify. Beverages sold from a vending machine also are not eligible. Examples like these create an additional burden for businesses. Another burden is that businesses will additionally have to revert to their original systems after the tax relief period.

There are also some confusing rules around returns. For instance, a customer buys something now during the tax break, then returns it and repurchases it later. That could mean extra fees for businesses handling those transactions through credit cards. And let’s not forget some of the confusion around qualifying items—like age limits for children’s products. Businesses will need to sort through these nuances, which could lead to even more confusion. This is not ideal for already stretched small businesses preparing for the busy holidays.

While the government hopes this holiday tax break will boost consumer spending, not everyone is convinced. Only 4 per cent of small business owners surveyed by the CFIB think it’ll lead to stronger sales. For many, the costs and logistical challenges seem to outweigh the potential benefits. As Saturday looms closer, this GST/HST relief is inevitable. Still, we can only hope this holiday relief will increase sales for our local businesses and make the tedious work worth doing.

If you’re a business owner feeling overwhelmed, there are resources to help you navigate this. You can call the CRA’s GST/HST inquiries line (1-800-959-8287 for English, 1-800-959-8296 for French) or check out the CRA’s webpage here.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Second-Annual Mayor's Breakfast

Addressing the Elephants in the Room: From Development Charges, Physician Recruitment, Tax Increases and More!

Last week, your local Chamber of Commerce brought together our local business and political leaders, Mayor Jeff Leal and Jasbir Raina, the Chief Administrative officer (CAO). This was the second annual Mayor's Breakfast, with a packed house at the Peterborough Golf and Country Club. This meeting covered important municipal matters, from increasing development charges and tax rates to physician recruitment and MAT tax.

With this meeting expected to be heated, Leal and Raina dove into the reasoning behind the proposed budget cuts. As you may know, last week, the city council proposed to cut funding by 25 per cent for various community organizations rather than raising our tax rates. A week later, council rejected most of the proposed budget cuts. Leal brought up how instead of applying budget cuts, he asked the "big three” to reassess their budget asks. These organizations were the Police Services Board, Peterborough County-City Paramedics, and Peterborough Public Health. Rather than raising our tax rates, Leal wants to make this budget work by asking the three organizations to reassess their funding requests.

Raina referred to his experience in Mississauga, where he learned the ropes of accurate municipal budgeting. He reasoned that a municipality must operate with a large tax base. Raina mentioned that "municipalities cannot function and expect to grow with smaller tax bases, specifically Band-Aid budgets." Raina pointed to the many completed roads and ongoing projects adequately funded through tax increases.

Leal also touched on cross-border servicing and physician recruitment. With little industrial land left in Peterborough, this is a big concern if we seek to grow our industrial sector locally. Leal went over how the city has proposed to work with other municipalities in cross-border servicing, where industrial lands would be co-managed. This would benefit the city and the neighboring municipality and bring more businesses and employment to our area. On a physician recruitment note, Peterborough currently has 32,000 people without a doctor, which is a complex situation. Leal touched on this complexity in the city's plan to help bring in more family physicians. The "Bring Them Home" campaign would seek to bring back overseas Peterborian medical students in Ireland to practice at home in Peterborough.

The next elephant in the room was the proposal to increase development charges. One audience member asked how the city expects to spur development with these high increases. Raina responded to this comment, saying, “Every house added to the city is putting pressure on the community, and in accommodating this growth, the community must bear the costs.” Although this makes it seem that development charges are necessary to accommodate growth, many developers are still concerned with this cost increase as it will make it more expensive to build and will pass on to the consumer, as one audience member pointed out. On a side note, the Chamber will address the proposed high increases in development charges with our local Peterborough and Kawarthas Home Builders Association.

The next hot topic was our Municipal Accommodation Tax (MAT), implemented in 2019, in which 50 per cent of its revenue will fund a new city-managed tourism entity. An audience member asked about the city's plan for this. Raina highlighted that the MAT tax would strictly reinvest in tourism development, and the work to establish the city's tourism entity is still a novel proposal and a work in progress. Raina also mentioned the progress in the MAT tax funding projects, such as the new arena, and how this MAT tax can continue to rejuvenate downtown.

Moving on to successful city initiatives, Leal showcased the recent success of the city's green waste initiative. Members of the audience were pleased to hear about creating a plan to expand green waste to businesses. This green waste initiative helped the city see great benefits in reducing landfill use and extending its life. Leal also mentioned that the plan to provide green waste management services could occur in the next calendar year.

This Q&A was jam-packed with sensitive but necessary discussions regarding taxpayer increases and operating challenges. This was a great opportunity for businesses to voice their concerns and have our public servants and mayor hear them. Having this dialogue in uncertain times amidst proposed tax increases is refreshing to see. This Q&A provided much-needed insight into the city's rationale for the following calendar year. This breakfast closed off with remarks from Leal and Raina expressing that to build Peterborough, it will take a unified approach. While true, this unified approach should not come at the expense of our local businesses. We hope our city can hear these concerns addressed at our Mayor's Breakfast and that next year's proposed plans reflect the feedback they received.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Canada’s International Student Cuts: A Double-Edged Sword

This past September, the Canadian government announced another 10 per cent cut to international student permits.

This isn’t the first cut either. Earlier this year, there was already a 35 per cent reduction in student visas, plus a cap of 364,000 visas this fall (down from last year’s 560,000). So, what’s behind these numbers, and what does it mean for Canada? With all these restrictions on international students, there is a lot to unpack—and some potential serious consequences.

The conversation around international students has been heating up, especially with Canada’s housing crisis and labour shortages thrown into the mix. We’re seeing strong opinions on both sides. On one hand, there’s a group that says Canada’s infrastructure just can’t handle the volume of international students coming in. On the opposing side, national student associations argue that international students are wrongly blamed for the housing crisis. Cutting their numbers, they say, also hits universities hard, slashing a vital revenue stream.

And they’re not wrong—Canada’s colleges and universities rely on international student fees, which are much higher than domestic ones. For example, Fanshawe College recently reported they’re expecting a whopping 39 per cent cut in international students next January, with a 47 per cent drop in first-year international students alone. The Council of Ontario Universities also are projecting a loss of nearly $1 billion in revenue over two years with the drop in international student enrollment. Considering the average cost for an international student is around $36,000 a year, these reductions could severely impact funding for our post-secondary institutions.

The reliance on international students has sparked some tough questions: are schools too dependent on these higher fees to make up for gaps in public funding? And what happens when this revenue source shrinks? Some wonder if Canadian institutions should rethink their business models and find a more balanced way to fund education without leaning so heavily on international students.

There’s another layer to all this: international students contribute more than just tuition fees. They’re a crucial part of Canada’s workforce, particularly in the hospitality sector. According to Statistics Canada, international students make up around 4.6 per cent of that industry—a big deal in a sector that’s facing labor shortages. Plus, the Canadian Bureau for International Education shows that 70 per cent of international students indicated they want to stay and work in Canada after graduation, which could further add to our growing talent pool. Their economic impact also extends beyond tuition, who support local businesses and contribute millions to the economy in consumer spending.

But, of course, we can’t ignore the housing issue. With more than a million international students in Canada, and vacancy rates as low as 1.7 per cent in Ontario, housing is in high demand. More students mean more pressure on an already tight housing supply, which many Canadians feel directly. This is where the government’s policy shift could ease some of that strain, but it’s a double-edged sword. Fewer international students may help with housing, but it could significantly reduce revenues for post-secondary institutions and even lead to staff layoffs.

Ultimately, this situation highlights the complexity of relying heavily on international students. The recent policy changes make it clear: this isn’t just about the students. It’s about sustainable planning and strategies that support Canada’s needs, whether it’s in housing, education funding, or labor supply. Moving forward, we can only hope that these policy adjustments drive further investments in the infrastructure and resources needed to make Canada a stable place for everyone—both local and international residents.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: The Importance of Safeguarding Our Intellectual Property

This week on the Voice of Business, we are diving into an important yet often overlooked topic: Intellectual Property (IP).

IP refers to creations of the mind, like inventions or artistic works, which are increasingly important in today's growing ‘ideas economy.’ This economy is centred around intangible assets like software, technology, and digital innovations. Recently, Jim Balsillie, former co-CEO of BlackBerry, discussed on CBC the urgency of safeguarding Canada’s intellectual property in our evolving economy.

We encounter intellectual property every day, from the apps we use—like Facebook, Netflix, or Microsoft Office. We also observe our reliance on IP with Tesla’s autonomous driving systems or user interfaces with our phones. For business owners, it’s essential to protect their IP, as it shields their innovations from competitors and creates potential revenue streams through licensing agreements. However, many businesses, particularly those in the tech sector, underestimate the importance of protecting their intangible assets.

Balsillie’s podcast appearance emphasizes the consequences of not prioritizing IP protection, which are evident in Canada’s lagging productivity. He warns that foreign companies are buying Canadian-owned IP, which could push Canada to rank last among OECD countries in terms of productivity. According to Balsillie, the issue isn’t who invents these technologies, but rather who owns the rights to them. As more Canadian IP is sold to foreign companies, the potential for foreign entities to shape the future of Canadian industries grows. This could lead to significant changes, including headquarters relocating outside of Canada and essential jobs being outsourced abroad.

The elephant in the room, Balsillie notes, lies in the lack of a legislative framework that incentivizes businesses to retain their IP domestically. On top of that, there’s a gap in educating corporations about the value of IP and how to manage it effectively. He highlights how other countries, such as China, are far ahead in patent filings for technologies like artificial intelligence. China has filed 400,000 AI-related patents, while Canada on an industry wide scale has filed roughly 40,000. This further illustrates how other countries are actively protecting their innovations, giving them a competitive edge in the global market.

Balsillie also draws attention to the sharp growth of the intangible economy, which now makes up for 92% of the value in the Standard & Poor's 500 index—up from just 17%. This rapid growth will only continue, making it even more important for Canada to protect its intellectual property. He argues that Canada must foster a more attractive business environment to encourage companies to hold their IP rather than sell it to foreign competitors. While he doesn’t go into detail, Balsillie suggests we should learn from international models of legislation regarding IP retainment.

Another concerning trend is the growing number of Canadian pension funds being invested abroad. Balsillie points out that if our own investors are placing their money outside of Canada, it should be a wake-up call that our market is not offering the support needed for businesses togrow and thrive. Addressing this issue requires a multi-faceted strategy that includes educating businesses about IP and creating a market that rewards innovation and encourages companies to keep their IP in Canada.

Finally, whether you are a large tech company or a small local business it is important business owners are aware of the advantages of their IP rights. Not only does keeping IP retain jobs in Canada- it also boosts our economy. Balsillie stresses the need for a comprehensive strategy to educate businesses about the benefits of protecting their intellectual property and fostering an attractive market environment. By doing so, Canada can ensure its productivity stays competitive and hold onto its valuable innovations!

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: Chamber Trackside Chat Features Local Mayors and Labour Minister David Piccini

This past week, Kawartha Downs and your local Chamber hosted a trackside chat which featured mayors of Cavan Monaghan, Matthew Graham, and Otonabee-South Monaghan Mayor Joe Taylor. Also in attendance was the honorable Minister of Labour, Immigration, Training, and Skills Development, David Piccini. Our VP of Operations & Government Relations, Joel Wiebe led the chat with a Q & A period for our guests.

The conversation began with Minister Piccini addressing the current state of affairs in Ontario. He touched on the big challenges we are facing - labour shortages, foreign workers, and housing. According to Piccini, productivity is taking a hit due to an increasing regulatory burden, labour shortages, and a lack of investment in skills. To combat these issues, he highlighted a new policy initiative which would allow for grade 11 and 12 students to earn co-operative education credits in the skilled trades. Students would also receive a new seal on their diploma recognizing their completion of the program. This will allow students to fast track their learning and hands on experience before entering post-secondary through co-operative learning. This is just one of the ways the minister is addressing our labour shortage by attracting more youth into trades.

Another incentive is the provision of grants for individuals to purchase trade materials. This provincially funded grant provides individuals looking to enter the trades industry with that first set of tools to start their careers. Covering the costs of materials for tradesmen can remove the initial investment to enter trades for individuals.

Shifting to the topic of foreign workers and immigration, Minister Piccini acknowledged the immense contribution immigration has played in building our workforce, including his own grandfather who immigrated from Italy. However, he emphasized the importance of also growing our own domestic worker base specifically in the services industry. While immigration has mitigated our labour shortage problem, it is important to continue to concentrate efforts on enticing our own local workforce to join various industries experiencing labour shortages as well.

Piccini touted the economic success Ontario has experienced without raising taxes and reducing a regulatory environment, pointing out that Ontario is the only province that has not raised taxes, and this has contributed to over $60 billion in revenue. In addition, he proudly mentioned before the pandemic we produced “0% of PPE, now 90% of PPE manufacturing is produced in Ontario” further illustrating our progress in providing a prosperous and viable market for manufacturers here in Ontario.

Next up, Cavan Monaghan Mayor Matthew Graham, and Otonabee-South Monaghan, Mayor Joe Taylor set the stage. They both had a lot to say on municipal matters such as housing, employment lands, and economic development. The mayors had their own set of experiences within their townships but faced the same bureaucratic challenges in lengthy approvals for land development.

In positive news, both townships are experiencing progress with hundreds of housing units in development! For example, Mayor Graham spoke on Millbrook overseeing 600-1200 units in the process of being built. Although housing units are progressing, the cost of development remains a concern. One person for instance, spent $2 million just on buying land and another $2 million on hydro.

Meanwhile Mayor Taylor touched on the need to develop land on cross-border boundaries with the city of Peterborough. Taylor said that “some townships do not have the capital to service city-owned lands and needs cooperation from the city.” With more cooperation this could lead to increased development in areas identified for growth between municipal boundaries.

Both mayors also spoke on the significant delays for developing employment lands. Graham mentioned “one land assessment cost $300,000 and then took four years for approval.” To mitigate these lengthy delays Graham proposes a “streamlining of services where municipalities can go to one body to meet provincial regulations rather than go through multiple bodies.”

The mayors closed off in talking about how meeting the needs of their township is their number one priority. Mayor Graham mentioned a thoughtful point about bureaucracy

acknowledging that while it can be frustrating, these are processes of our democratic system. “Some people hate bureaucracy but a lot of these bureaucratic processes and policies are democratic and to undermine them would be anti-democratic.” Despite these challenges, it was refreshing to hear both mayors remain optimistic about the future of their townships.

Finally, it was a very insightful discussion, offering a behind-the-scenes view of the work being done by our local mayors and the Minister of Labour for businesses in our community. Whether it’s Minister Piccini’s focus on tackling labour shortages or the ongoing work of our mayors to drive housing and employment land development, the topics discussed help address key challenges businesses are facing, such as labour shortages and rising regulatory burdens. The solutions offered by Piccini—encouraging youth to enter the trades and reducing the financial barriers to entry—will provide students with early exposure to the trades and fast-track their skills development. This means businesses can expect a more skilled and prepared workforce in the near future. Additionally, the mayors' focus on reducing bureaucratic delays and fostering cooperation between municipalities and the province would create more opportunities for business growth and investment in our community. It’s encouraging to see proactive steps being taken at both the provincial and municipal levels to build a better future for all.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.

Voice of Business: All Eyes On Housing

Our community needs some creative solutions for our current housing and homelessness crisis.

Right now, we are in a complex situation. Housing is becoming increasingly unaffordable for those who are working-class citizens, and those on the margins of society who simply cannot afford housing. With a vacancy rate of just 1.0 per cent, both groups are competing for a limited housing supply.

However, there is a glimmer of hope with some creative ideas coming forward. We have seen short-term success in our local housing initiatives with modular housing and plans are in motion to increase our housing supply.

One of these projects is from the Brock Mission. Just last month at a local news conference they announced plans to build a permanent 50-unit transitional housing project, which was attended by our own VP of Operations and Government Relations, Joel Wiebe. This 50-unit building will be a transitional housing project, operating in a similar fashion to the organization’s current shelters on Murray Street and Cameron House on Chemong Road. Although the location for the project has not yet been finalized, The Brock Mission is asking for a one-time support payment of $250,000 from the City of Peterborough to cover the costs of professional services and building permit process.

In the meantime, we have seen short-term success with our temporary modular housing project. According to a report from the City of Peterborough, between November 27, 2023, to June 30th, 2024. There was a 96% decrease in calls from the previous site of the encampment which was on the current site of modular housing. Back when there was an encampment on Wolfe Street, police were called 95 times between November 27, 2022, and June 30, 2023. Between Nov. 28, 2023, to June 30th, 2024, police were only called 4 times.

The current statistics paint an optimistic picture. So far, one person has moved into more permanent housing, and another has secured a home. Four people living in the cabins are employed. Additionally,17 people were evicted from the site. For context, four of these evictions happened in the last 3.5 months and 13 happened in the first 5 months of the program. This may paint a negative picture for modular housing, but 33 people have been housed for 6+ months indicating more than half have adjusted to the site.

While the city is considering expanding modular housing, Peterborough’s low vacancy rate is still a big worry. Young families are left with limited housing availability in a time where Peterborough is experiencing a growing population. According to a report from Mike Moffat from the PLACE Centre, Peterborough’s population has significantly increased from upwards of about 2,500 people in just one year. We are seeing more families moving into Peterborough because they are being priced out of the GTA, but this only adds to the pressure on the housing market. This pressure is being felt, where 10 individuals in the modular housing project are waiting for housing to become available.

There are also plans to develop affordable housing units on Hilliard Street. These units will include one-, two--, and three-bedroom apartments. Unfortunately, these plans were put on pause due to a lack of funding but will be reconsidered. If these plans are approved, they could lead to considerable progress in increasing the much-needed supply for our growing population.

In light of a demand for housing, Habitat for Humanity, recently got approval for a five-story, 41-unit condo on 78 and 82 Lansdowne St W. This will offer low-income families the chance to buy a home with a low-interest, geared-to-income mortgage. It is refreshing to see creative local solutions from Habit for Humanity to address our housing needs.

Together, The Brock Mission and Habitat for Humanity projects have a lot of potential to help increase affordable accessible housing in our community. We are finally laying the groundwork to support not only those experiencing homelessness but also the young families who want to make Peterborough their home. Ultimately, we’re going to need more involvement from our Provincial government to fund and support more projects like this.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.