The Bank of Canada has raised its benchmark rate by a quarter of a per cent to one per cent on Wednesday, the second time it has raised the rate since July, which was the first hike in seven years. That will affect, among other things, mortgages and lines of credit. The hike wasn’t expected until October and there could be another on the way before the end of 2017 … Also coming down the pike this fall and worth keeping an eye on are proposed tax changes that could impact small businesses such as golf courses. For more on that, see this story from CBC. For more on the pushback from small business and entrepreneurs, click this story from Global News … It’s interesting to note how Toby Sanger of the Canadian Union of Public Employees writes about corporate profits and juicy compensation packages for CEOs in this column for the Toronto Star about the $15-an-hour minimum wage, but only pays lip service and effectively shrugs off its impact on smaller businesses such as golf courses. It’s predictable, isn’t it, that all types of businesses get stereotyped into the bad guy role or just don’t matter because they don’t fit into the writer’s world?
Some smaller businesses with low or no profits may find the wage increases challenging, especially if they can’t immediately pass on the costs, and some may blame layoffs on the minimum wage increase. However, I expect the overall benefits of higher wages will exceed these more specific losses.
Lisa “Longball” Vlooswyk of Calgary reports from Oklahoma that she finished 11th at the World Long Drive Championship after winning the national title for the eighth time last week … This week’s GNN Poll asks how much of this year’s summer staff do readers expect to return in 2018. As of this writing, 34 per cent said they expected 41 to 60 per cent of summer staff back, while 25 per cent said they expected 21 to 40 per cent to return next year. Another 21 per cent said 61 to 80 per cent will return, with 10 per cent each going to below 20 per cent and above 80 per cent. If you haven’t already, you can cast your vote on the GNN home page.