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Chamber Business of the Year awards two weeks away – Tickets still available

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From the Red Deer & District Chamber of Commerce

What a year it has been – Join us as we celebrate the resilient and outstanding businesses in Central Alberta.

It starts with a dazzling evening beginning with a standing reception at the Red Deer Polytechnic Arts Centre. Enjoy canapes, complimentary wine, beer and a cash bar followed by the award presentations in the Mainstage Theater.

The 2023 Business of the Year Awards finalists are:

Small Business of the Year
Juiced Events
Shift OHS
Solorzano Spa

Business of the Year 
Pass Electric
Premier Academy
Royal LePage Network Realty Corp

New Business of the Year 
Circle Square Childcare Inc.
Johnson Spring & Trailer
Vasectomy Central

Not for Profit Business 
Dress For Success
Golden Circle Senior Resource Centre
Red Deer Museum +Art Gallery

Emerging Business of the Year 
R/T Heating & Air Conditioning
TailBlazers
Three Broke Sisters

Business Leader of the Year
Patricia Arango – CASAC
Ryley Kay – Cilantro & Chive
Shazma Charania – ZS Holdings

Congratulations to all our finalists and nominees for the 2023 Business of the Year Awards.

REGISTER NOW

Time:

Doors open at 6pm

Location:
Red Deer Polytechnic Arts Centre

 

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Economy

Canada’s struggling private sector—a tale of two cities

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From the Fraser Institute

By Jason Clemens and Joel Emes

” the private sector must generate the income used to pay for government bureaucrats and government programs. When commercial centres have lower median employment incomes than capital cities, the private sector may be in real distress. “

According to almost every indicator including economic growth, business investment, entrepreneurship, and the employment and unemployment rates, Canada’s private sector is struggling.

A novel way to think about the sorry state of the private sector is to compare income levels in “commercial” cities (basically, cities with little to no provincial or federal government activity and largely characterized by private business activity) with income levels in capital cities, which are dominated by government.

Since the beginning of COVID (February 2020) to June 2023, government-sector job growth in Canada was 11.8 per cent compared to just 3.3 per cent for the private sector (including the self-employed). Put differently, the government sector is booming while the private sector is anemic.

The marked growth in employment in the government sector compared to the private sector is also important because of the wage premiums paid in the government. A 2023 study using data from Statistics Canada for 2021 (the latest year of available data at the time), found that—after controlling for factors such as sex, age, marital status, education, tenure, industry, occupation and location—government workers (federal, provincial and local) enjoyed an 8.5 per cent wage premium over their private-sector counterparts. And this wage gap does not include the more generous pensions typically enjoyed by government workers, their earlier retirement, and lower rates of job loss (i.e. greater job security).

According to a separate recent study, five of the 10 provinces (British Columbia, Alberta, Saskatchewan, Quebec and New Brunswick) have a distinct commercial centre other than the capital city, and in all five provinces in 2019 (pre-pandemic) the median employment income in the capital city exceeded that of the commercial centre, sometimes by a wide margin. For example, the median employment income in Quebec City was $41,290 compared to $36,660 in Montreal. (The study used median income instead of average income to control for the effect of a small percentage of very high-income earners that can influence the average income for a city.)

Remember, the private sector must generate the income used to pay for government bureaucrats and government programs. When commercial centres have lower median employment incomes than capital cities, the private sector may be in real distress.

Equally as telling is the comparison with the United States. Twenty-three U.S. states have a capital that’s distinct from their main commercial centre, but among that group, only five (North Dakota, Louisiana, Wisconsin, Ohio and Kentucky) had capital cities that clearly had higher levels of median employment income compared to the main commercial centre in the state. This is not to say the U.S. doesn’t have similar problems in its private sector, but its commercial centres generate higher median employment incomes than the capital cities in their states, indicating a potentially better functioning private sector within the state.

Many indicators in Canada are flashing red alerts regarding the health of the economy. The comparative strength of our capital cities compared to commercial centres in generating employment income is yet another sign that more attention and policy reforms are needed to reinvigorate our private sector, which ultimately pays for the government sector.

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Alberta

Taxpayers Federation hoping for personal tax relief in Alberta budget

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From the Canadian Taxpayers Federation

Albertans need income tax relief now

Author: Kris Sims 

The Canadian Taxpayers Federation is calling on the Alberta government to stick to its promise of cutting its income tax in tomorrow’s provincial budget.

“Cutting the provincial income tax was a huge campaign promise from the UCP and it needs to happen right away,” said Kris Sims, CTF Alberta Director. “Finance Minister Nate Horner should announce this income tax cut in the budget tomorrow.”

The provincial budget will be presented Feb. 29.

During the 2023, election the UCP promised to create a lower income tax bracket for the first $59,000 of earnings, charging eight per cent instead of the current 10 per cent.

The UCP said that move would save Albertans earning $60,000 or more about $760 per year.

The Alberta government currently charges workers who make under $142,292 per year a 10 per cent income tax rate.

By comparison, British Columbia charges an income tax of five per cent on the first $45,654 of earnings and seven per cent up to $91,310.

In B.C., a worker earning $100,000 pays about $5,857 in provincial income tax.

In Alberta that same worker pays about $7,424 in provincial income tax.

“Taxpayers need to see a balanced budget, spending restraint and our promised lower income taxes in this budget,” said Sims.

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