Monday, the July 29th, a delegation of Oakville representatives and parties attended the Oakville Chamber of Commerce's Vote Prosperity event. The event took place at the Holiday Inn Oakville-Centre. It featured the Honourable Bill Morneau, Canada's Minister of Finance from 8:00 Am to 9:00 AM.
Those in attendance included
- Member of Parliament for North Burlington, Pam Damoff
- Mayor of Oakville Rob Burton
- Anita Anand, Oakville Federal Liberal Candidate
- PWC
- Sheridan College
- 100 CN
- Ford Motor Company Canada
- Many others
The room filled with close to 176 people. Bill Morneau began his keynote address with engaging ideas and discussions about economic empowerment, trends, strategies, and realizations. He wanted the room to reflect on those.
He discussed economic improvements that have advanced from the past 50 years particularly in health and wellbeing. This also included the increase in areas where people have access to clean water , electricity, and education. There's been an increase in life expectancy.
"The crime rate has been cut in half over the past 50 years, women have now entered the workforce seamlessly, and Canada has been successful at bringing people from around the world to join in on the economic success," continued the London School of Economics graduate. He was referring to the importance of immigration as it relates to economic success and empowerment. Immigration in 2018 represented 80% of Canada's population growth which would help alleviate population decline in a decade which would make economic growth substantially decline.
Off that notion, Morneau spoke about Canada's economic situation from a global standpoint, drawing attention to the fact that while Canada like every other country has its fair share of concerns, struggles, and liabilities, it is not as much of an uphill a battle as it is in many other countries.
He referenced the OECD 'Better Lives Report'. It reported that Canada scored the highest in terms of happiness and wellbeing among G7 countries. Canada compared closely with Scandinavian countries as well as Australia. Those countries also have a small population.
The keynote went on to address other topics including:
- Income Inequality between and within states as an increasing challenge
- The effect of Automation in world business
- The large percentage of population in debt and their borrowing behaviour
- Global trade and its economic byproducts
- The difference in productivity between urban and rural settings.
Conclusive thoughts were that if one has the right skills, works with the right company, and lives in the right place, then they are in a state of economic peace. It's about orienting oneself towards the ideal combination of the three, that makes an impact in one's financial betterment.
After the keynote speech, Morneau was joined by the Chair of the Board for the Oakville Chamber of Commerce Tim Caddigan for a fireside chat. The chat focused on Vote Prosperity and the Oakville Chamber's member's identified priorities.
Chat highlights
- Tax systems - International negotiations on the digital taxation. Embarking on a broad based change in the tax system, referencing Canada as having the lowest small business tax rates from all G7 countries, a largely competitive hub for large business tax rate as per OECD reports, and one the lowest tax rates for middle class Canadians in the OECD. Whether tax should be the public discourse and a priority for the government.
- Comparative advantage of Canada with regard to other countries. Looking at the investment and US business incentives, trends, and how Canada and the US navigate trading routes and transnational business with regard to resource allocation.
- Future preparations in case of a business slowdown or economic downturn, and what actionable plans the government intends to roll out to reduce deficit, combat fiscal problems, and manage debt among others.
At the end, Minister Morneau held a press conference.
Oakville News sought the Finance Minister's input on two issues.
- Discussing previously issued statements by the Minister concerning Indigenous communities on the Trans mountain project, and empowering these same communities by way of involvement.
- Incentives proposed to make housing affordable for first-time home buyers.
In response to our questions, Morneau illustrated the excitement that the government has high hopes to provide economic empowerment to Indigenous communities by way of ownership in many areas of the project.
While the Minister of finance did not disclose details, he mentioned that there will soon be announcements concerning the plan to provide incentives and help for first-home buyers.
For more information on events hosted by the Oakville Chamber of Commerce, click here.