This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.
All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.
COVID-19 timeline
- The Government of Prince Edward Island announced on April 5th that effective April 6th the Public Health State of Emergency would be lifted.
- The Government of Nunavut announced on April 6th that it would be lifting the Public Health Emergency, effective April 11th, and that as a result, all remaining public health restrictions across Nunavut are suspended.
Selected COVID-19 responses
- On April 4th, the Government of the Yukon announced it was lifting the vaccination requirement for most workers, but it will continue to be required for employees, contractors, and volunteers working in high-risk settings in the territory.
- On April 5th, the Government of British Columbia announced it was continuing with previously announced plans to further lift COVID-19 restrictions, and that effective April 8th the following changes would take place:
- Showing the BC Vaccine Card proof of vaccination to access events, services and businesses will no longer be required;
- The remainder of the Workplace Safety Order will expire, which means that businesses are transitioning back to communicable disease plans to reduce risk of all communicable disease; and
- The requirement for students residing in residence to be fully vaccinated under the Post-secondary Institution Housing COVID-19 Preventative Measures Order will be repealed.
- On April 5th, the Government of Prince Edward Island announced that the following changes would come into effect on April 6th:
- No limits on personal or organized gatherings or sport and recreational activities;
- No capacity limits for wedding receptions, funeral receptions or stand up receptions;
- Businesses, including retail operations, gyms and fitness facilities, museums, and libraries can operate at full capacity; and
- Food premises and licensed establishments can operate at full capacity.
- On April 26th, the Government announced that it would be ending the mandate to wear masks in indoor places on May 6th.
- On April 5th, the Government of Quebec announced that the requirement to wear masks in public places would be maintained beyond mid-April.
- On April 21st, the Government said the wearing of masks in public places would be maintained until mid-May.
- On April 6th, the Government of Nunavut announced that effective April 11th:
- Masks are no longer mandatory for the public;
- There are no restrictions on gathering sizes;
- There are no restrictions, such as capacity and distancing requirements, on businesses, recreation facilities, museums, libraries, and galleries;
- Isolation is no longer mandatory for COVID-19 positive individuals.
- On April 11th, the Government of Nova Scotia announced that the COVID-19 Paid Sick Leave Program would be extended until May 7, 2022, the same date that Canada's Sickness Recovery Benefit will end. The Government said the program had been scheduled to end March 31st.
Selected responses to Russia's attack on Ukraine
- On April 11th, the Government of Canada announced it was imposing new sanctions under the Special Economic Measures (Russia) Regulations on 33 entities in the Russian defence sector.
- On April 19th, the Government announced it was imposing new sanctions on 14 close associates of the Russian regime, including Russian oligarchs and their family members, including President Putin's two adult daughters.
- On April 27th, the Government announced it was imposing new sanctions under the Special Economic Measures (Ukraine) Regulations and that the new measures impose restrictions on 11 senior officials and 192 other members of the People's Councils of the so-called Luhansk and Donetsk People's Republics.
- Toronto-based Kinross Gold Corporation announced it had entered into a definitive agreement to sell 100% of its Russian assets for total consideration of USD $680 million. Kinross said the transaction is subject to the approval of the Russian government and the finalization of certain ancillary agreements.
Resources
- The Government of Canada announced it had agreed with the conclusion of the Impact Assessment Agency of Canada's Environmental Assessment Report that determined the proposed Bay du Nord Development Project is not likely to cause significant adverse environmental effects when mitigation measures are taken account. The Government said the project, which includes a floating offshore oil and gas production facility 500 kilometres east of St. John's, Newfoundland and Labrador, is allowed to proceed with 137 legally-binding conditions which the operator, Equinor ASA of Norway, must comply with throughout the life of the project.
- Vancouver-based Woodfibre LNG Limited announced it had issued a Notice to Proceed to prime contractor McDermott International to begin the work required in order to move the project toward major construction commencement in 2023. The company said it expects to reach substantial completion of the export facility in 2027.
- Calgary-based Suncor Energy Inc. announced it plans to divest its wind and solar assets and strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050.
Manufacturing
- Oshawa-based General Motors of Canada Company (GM) announced it was investing more than $2 billion in Canada to start production of electric vehicles at its CAMI Assembly plant in Ingersoll, Ontario and adding light-duty pickup production and a third shift at its Oshawa Assembly plant. GM said production of electric delivery vans will begin at CAMI Assembly in December 2022 while pickup production and a third shift of production at the Oshawa Assembly plant will be added in the coming months.
- Winnipeg-based NFI Group Inc. announced that its subsidiary New Flyer Industries Canada ULC had received new firm orders from the Toronto Transit Commission for 134 Xcelsior forty-foot hybrid-electric heavy-duty transit busses, and 68 Xcelsior sixty-foot hybrid-electric buses. NFI said the contracts include options for up to an additional 263 forty-foot hybrid-electric buses and 100 sixty-foot buses.
- Toronto-based De Havilland Aircraft of Canada Limited announced it had launched the De Havilland DHC-515 Firefighter program. De Havilland said the final assembly of the aircraft will take place in Calgary and it anticipates that more than 500 people will need to be recruited over the coming years.
- Massachusetts-based Moderna, Inc. announced its plan to build an mRNA vaccine manufacturing facility in Quebec. Moderna said that construction is expected to commence in 2022, with the facility expected to become operational by the end of 2024, subject to planning and regulatory approvals.
Other news
- The Government of Canada released its Budget 2022 on April 7th, which included investments in affordable housing, child care, defence, and dental care as well as small business tax cuts, an increase in the corporate tax rate of banking and life insurance groups, and the creation of a new Canada Growth Fund. The Government forecasts a $52.8 billion deficit in 2022-2023 and real GDP growth of 3.9% in 2022.
- The Government of Newfoundland and Labrador released Budget 2022 on April 7th, which included investments in infrastructure, health, education, communities, seniors, and fighting climate change. The Government forecasts a $351 million deficit in 2022-2023 and real GDP growth of 0.5% in 2022.
- The Government of Manitoba released Budget 2022 on April 12th, which included investments to strengthen health care, make life more affordable, build the economy and communities, and protect the environment. The Government forecasts a $548 million deficit for 2022-2023 and real GDP growth of 3.6% in 2022.
- The Government of Ontario released Budget 2022 on April 28th, which included investments in health care, education, and infrastructure. The Government forecasts a $19.9 billion deficit for 2022-2023 and real GDP growth of 3.7% in 2022.
- The federal minimum wage increased from $15.00 to $15.55 per hour on April 1st.
- Nova Scotia's minimum wage increased from $12.95 to $13.35 per hour on April 1st.
- Yukon's minimum wage increased from $15.20 to $15.70 per hour on April 1st.
- Prince Edward Island's minimum wage increased from $13.00 to $13.70 per hour on April 1st.
- Newfoundland and Labrador's minimum wage increased from $12.75 to $13.20 per hour on April 1st.
- The Bank of Canada increased its target for the overnight rate by 50 basis points to 1.0%. The last change in the target for the overnight rate was a 25 basis points increase in March 2022. The Bank also said it was ending reinvestment and will begin quantitative tightening (QT), effective April 25 and that maturing Government of Canada bonds on the Bank's balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time.
- On April 13th, TD Canada Trust, RBC Royal Bank, Scotiabank, BMO Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), and Laurentian Bank of Canada announced they had increased their Canadian prime lending rate by 50 basis points from 2.70% to 3.20%, effective April 14, 2022.
- Toronto-based Brookfield Business Partners announced an agreement to acquire CDK Global Inc. of Illinois, a provider of technology services and software solutions for automotive dealers and manufacturers, in a transaction valued at approximately USD $8.3 billion. Brookfield said the transaction is expected to close in the third quarter of 2022, subject to customary closing conditions, including shareholder and regulatory approval.
United States and other international news
- The European Central Bank (ECB) announced that (i) the interest rates on the main refinancing operations, the marginal lending facility, and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%, respectively; (ii) monthly net purchases under the asset purchase programme (APP) will amount to €40 billion in April, €30 billion in May, and €20 billion in June; and (iii) it intends to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2024.
- The Executive Board of Sweden's Riksbank raised the repo rate by 25 basis points to 0.25%. The last change in the repo rate was a 25 basis points increase in December 2019.
- The Bank of Japan (BoJ) announced it will apply a negative interest rate of -0.1% to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
- The Reserve Bank of Australia (RBA) maintained the target for the cash rate at 0.10%. The last change in the target for the cash rate was a 15 basis points reduction in November 2020.
- The Reserve Bank of New Zealand (RBNZ) increased the Official Cash Rate (OCR), its main policy rate, by 50 basis points to 1.50%. The last change in the OCR was a 25 basis points increase in February 2022.
- OPEC and non-OPEC members announced they had decided to adjust upward the monthly overall production by 0.432 mb/d for the month of May 2022.
- California-based Twitter, Inc. announced it had entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk for approximately USD $44 billion. Twitter said the transaction is expected to close in 2022, subject to shareholder and regulatory approvals and the satisfaction of other customary closing conditions.
Financial market news
- West Texas Intermediate crude oil closed at USD $104.69 per barrel on April 29th, up from a closing value of USD $100.28 at the end of March. Western Canadian Select crude oil traded in the USD $80 to $95 per barrel range throughout April. The Canadian dollar closed at 78.17 cents U.S. on April 29th, down from 80.03 cents U.S. at the end of March. The S&P/TSX composite index closed at 20,762.00 on April 29th, down from 21,890.16 at the end of March.