Weekly Digest – 29 March 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Federal budget to include one-time “grocery rebate” for lower-income households
The 2023 federal budget will include a one-time “grocery rebate” for nearly 11 million lower-income Canadians struggling with the rising cost of food. The rebate will provide up to $467 for eligible couples with two children, $225 for seniors, and $234 for single individuals.
Canadians face the largest price increase on alcohol yet
The Canadian federal tax on alcohol, also known as the “escalator tax,” is set to increase by 6.4% on April 1, which could result in a 25% increase in the cost of a 24-pack of beer. This year’s increase will be the largest yet due to recent inflation in Canada.
Twitter source code posted on GitHub likely put there by ex-employee
Twitter is demanding that GitHub reveal the identity of the user who posted its source code on its platform and has filed a Digital Millennium Copyright Act (DMCA) takedown notice. The user with the username “FreeSpeechEnthusiast” posted the source code, which had been public for at least several months.
Toronto PR firm founder breaks industry taboo by sharing company’s salary bands on social media
Craft Public Relations founder Lisa Pasquin shared her company’s salary bands on social media in a move towards salary transparency earlier this year after recognizing the need for greater transparency in salaries. She hoped that by sharing, other agencies would follow suit and inspire bigger changes in the industry.
Canadian start-ups could struggle for funding after collapse of SVB
While companies with loans from other lenders should be unaffected by SVB’s loss, Canadian start-ups may face difficulty raising capital as investors and VC firms are cautious due to the shaky economic landscape and loss of confidence in the start-up sector.
Annual ‘Joe Debtor’ analysis finds millennials have been dealt a losing hand
Insolvency trustee Doug Hoyes says that millennials face a ‘generational losing hand’ with debt from student loans, credit cards, high-interest loans, and CERB tax debt. The study found that 49% of personal insolvencies filed were by millennials aged 26 to 41, despite making up only 27% of adult Canadians.
First Citizens Bank to buy US$72bn of Silicon Valley Bank assets at a discount
First Citizens Bank will acquire US$72 billion in assets from the recently collapsed Silicon Valley Bank, resulting in a 47% rise in First Citizens Bank shares. The deal includes 17 former Silicon Valley Bank branches, which opened their doors as First Citizens Bank branches on Monday.
Crypto prices drop as CFTC sues Binance for violating trading rules
On Monday, the biggest crypto exchange in the world, Binance, was sued by the CFTC for violating trading rules, leading to a 3% drop in bitcoin and ether prices to $27,001.05 and $1,708.73, respectively.
A new strategy to prevent employees from leaving
“Stay Interviews” aim to prevent employee exits by engaging with workers while they are still at the company to understand how they feel and create conditions that make them want to stay. They are meant to catch employee grievances before it’s too late.
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