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Home is Where Risk is When Carrying on (Insurance) Business: Law360
March 20, 2023
Christine Viney, Ian Thompson and Hana Syed write in Law360 on why the decision in Vale Canada Limited v. Royal & Sun Alliance Insurance Company of Canada provides a clear articulation of court jurisdiction over insurers who issue policies to Ontario businesses and residents—and why it also has broader implications for litigants engaged in contract disputes.
Is the Safe Third Country Agreement Still Applicable Today?
February 28, 2023
John Manley appears on CTV's Question Period to discuss the Safe Third Country Agreement between Canada and the United States. John says reducing the number of migrants coming into Canada at irregular crossings isn’t just a question of renegotiating or scrapping the deal, but rather the focus should be on the federal government being able to better control the border.
Ottawa Needs to Fix Foreign Homebuyer Ban
February 28, 2023
Mark Lewis spoke with the Financial Post on the Canadian government's Prohibition on the Purchase of Residential Property by Non-Canadians Act and its impact on the commercial real estate industry. "Law firms have detailed the surprising expansion of the regulations. The legal team at Bennett Jones highlighted the obvious glitches, including the provision that foreign investor control occurs when “direct or indirect ownership of shares or ownership interests of a corporation or entity represents three per cent or more of the value of the equity in it, or carries three per cent or more of its voting rights.”"
David Dodge on the Herle Burly Podcast
February 13, 2023
David Dodge joins the one-and-only David Herle on the Herle Burly Podcast for an in-depth discussion on the big, timely things shaping Canada's economy and its future.
High Interest Rates Have Turned a Hard Fiscal Anchor to From Advisable to Essential
February 06, 2023
The Globe and Mail writes on why high interest rates and high debt have left Canadian government finances far more at risk if their fiscal projections fall short. This is the underlying message of Assessing the Potential Risks to the Sustainability of the Government of Canada's Current Fiscal Plan, written by David Dodge and Richard Dion, in collaboration with Robert Asselin, Senior Vice President of Policy at the Business Council of Canada.
Ottawa's Spending is Making Bank of Canada's Job Harder
February 02, 2023
The Financial Post reports on John Manley voicing his concerns over the federal budget, saying he thinks federal fiscal policy is making it harder for the Bank of Canada to contain inflation. John says he agrees with David Dodge's report last week that concluded federal deficits are not sustainable for the next 10 years.
Canada's Fiscal And Monetary Policies Are Not Aligned
February 01, 2023
John Manley joins BNN Bloomberg for his view on Canada's economic outlook amid rising rates. He notes inflation remains a major factor in the decision making going forward—but also warns about wage increases and psychological side of how much Canadians expect inflation to fall. He adds that the loonie's decrease will continue to feed into food inflation. John also comments on the possibility of more insolvencies in Canada, how the federal budget is shaping up and what Canada needs to do to attract and retain investment.
Canadian Government Cannot Rely on More Borrowing to Fund Pledges
January 27, 2023
David Dodge joins BNN Bloomberg to talk about the risks associated with the federal government's fiscal policy plans in Budget 2022 and the November economic statement. He says it's likely the government will not have much more room to add more pledges in 2023 due to a lack of real resources.
Why Ottawa's Plans to Restore Fiscal Balance Are On Shaky Ground
January 26, 2023
The Financial Post reports on David Dodge's warning that the federal government’s path back to fiscal balance may be more precarious than it seems, and could be disrupted by a number of daunting economic challenges in the coming decade. Ottawa faces the prospect that Canada’s two main fiscal anchors, the debt-to-gross domestic product ratio and a ratio measuring interest costs as a percentage of revenue, remain elevated for years.
Canada Needs to Get Its Act Together on Growth
January 25, 2023
Anne McLellan explains in the Financial Post why anemic private sector investment is one of the main culprits in Canada's middling economic growth over the past decade. The real stock of business capital per worker outside of housing is about what it was a decade ago, and well below records.
Canada's Spending Plans Will be Threatened by Higher Interest Rates and Looming Recession
January 25, 2023
The Toronto Star reports on why the federal government’s budget plan to grow the economy and get the public books in order is “unlikely” to work, given its evolving ambitious political promises, higher global interest rates and the “high likelihood of a more severe recession in 2023,” according to the new paper, Assessing the Potential Risks to the Sustainability of the Government of Canada's Current Fiscal Plan.
David Dodge on Power Play: Canada's Fiscal Plan is Not the Full Story
January 25, 2023
David Dodge appears on CTV's Power Play to explain why the Government of Canada's current fiscal plan may not tell the full story of the country's financial path.
He discussed the new paper, Assessing the Potential Risks to the Sustainability of the Government of Canada's Current Fiscal Plan, which he co-authored with Richard Dion. The report was prepared in collaboration with Robert Asselin, Senior Vice President of Policy at the Business Council of Canada.
Federal Government is Underestimating Risks of Recession and Higher Interest Rates
January 25, 2023
David Dodge speaks with the Globe and Mail about how the federal government is underestimating the risks of a possible 2023 recession and prolonged high interest rates. David warns the government may have a hard time delivering on all their recent political commitments.
The new Bennett Jones-Business Council of Canada paper, Assessing the Potential Risks to the Sustainability of the Government of Canada’s Current Fiscal Plan, says the government’s most recent fiscal forecast now appears to be based on a “plausible but optimistic” set of assumptions about the economy and future interest rates.
Government of Canada Plays "Hide the Deficit" in Fiscal Planning
January 25, 2023
The Globe and Mail writes on why the deficit-busting David Dodge knows a thing or three about the consequences of misrepresenting the country’s finances. In the 1990s the game was “hide the surplus.” Today, the game the government of Canada is playing is “hide the deficit.”
What Unrealistic Fiscal Planning Could Mean for Canada
January 24, 2023
David Dodge tells the National Post why the government of Canada is being too optimistic in its current fiscal planning, particularly when it comes to spending. The government claims that spending in real terms per capita will fall sharply over the next five years. David says, “We think that’s pretty unrealistic to think they’re going to achieve the goals of the budget with declining real spending per capita. That doesn’t align with what the government has said it wants to achieve."
Moving Aggressively in Alberta's Hydrogen Sector
January 19, 2023
Enzo Barichello comments in the Edmonton Journal on Edmonton Global receiving $3,744,000 in federal funding for two projects to strengthen the regional hydrogen supply chain and expand investment initiatives to grow the area's economy. Enzo is Edmonton Global's Board Chair.
Hugh MacKinnon on the Need for Clear, Coherent Public Policy in Canada
January 12, 2023
Hugh MacKinnon sat down with Law.Com International for a year-end interview to share his insights on what 2023 holds for Canadian law firms and the country's economy. He says that in Canada, “We need to be realistic on things like the energy transition, how long it’s going to take, we have to preserve the old before we get the new, and sometimes people forget that. So coherent public policy would be helpful.”
A Look at the Latest Legal Issues Around ESG Investing by Pension Plans
December 16, 2022
Jordan Fremont comments in Benefits Canada on the legal standpoint on ESG considerations as it relates to pension plans: "The primary purpose of pension plans is to provide retirement income—that’s a fundamental principle that guides the duties and responsibilities of the pension plan administrator.”
Jordan also considers some of the complexities of interpreting ESG duties and how they interact with the duty to protect plan members.
Interest Rates, Inflation and Canada's Economic Outlook
December 09, 2022
David Dodge appeared live on BNN Bloomberg to discuss the Bank of Canada's latest interest rate increase and Bennett Jones Fall 2022 Economic Outlook. On interest rates, David says that the Bank of Canada has gotten rates up to a point where they're having an impact, but it is not yet clear how much. On taming inflation, he says the direction of the central bank will depend on how sticky wages and prices will be in response to ending excess demand.