How much can free trade between provinces help Canada’s economy?
As talk of U.S. tariffs continues to dominate headlines, one potential homegrown way to mitigate the effects keeps cropping up: interprovincial trade. But just how much impact would removing or reducing the existing barriers to trade between provinces actually have? John McNally, Economist and Senior Policy Advisor at Scotiabank, is our guest to tell us what the main roadblocks to interprovincial trade are, what the newly-elected Liberal government plans to do about the issue and give us a reality check on just how much of an impact reducing these barriers might have on the Canadian economy.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:29 – How realistic are the estimates of the potential impact of reducing interprovincial trade barriers on GDP ?
2:01 – How much trade currently happens within Canada? And how important is it to the economy?
3:30 – How much of Canada's international trade is with the U.S.?
4:36 – Which sectors do interprovincial trade barriers impact the most?
10:04 – Some examples of the current barriers to trading between provinces
12:31 – How labour mobility is affected by interprovincial barriers
14:56 – How difficult is it to actually reduce these barriers?
17:12 – What about the EU? Is there anything we can learn from their model?
18:47 – What difference has the Canadian Free Trade Agreement made and is that something that can be built on?
20:40 – What has Mark Carney promised on the campaign trail around interprovincial trade?
24:34 – What’s a realistic boost to GDP that we might expect to see if we reduce trade barriers between provinces? And what’s stopping us from getting there?
28:10 – John gives a sense of the scale of trade between provinces vs. trade with the U.S.
30:42 – Why lowering interprovincial trade barriers isn't a silver bullet
--------
32:23
What could a Liberal minority mean for the economy?
This episode we’re bringing you a recording of a special live event that took place the morning after election day. Scotiabank Global Banking and Markets assembled a panel of experts to give their first take on the potential economic implications of the election results.
You’ll hear from Rebekah Young, Vice President and Head of Inclusion & Resilience Economics at Scotiabank, Roger Quick, Director of Fixed Income Strategy at Scotia Capital Inc., Hugo Ste-Marie, Director of Portfolio and Quantitative Strategy in Equity Research at Scotia Capital Inc. and Patrick Bryden, Global Head of Thematic & Sustainability Investment Research at Scotia Capital Inc. The event was moderated by Bannon Kopko, Managing Director of Global Equity Sales at Scotiabank Global Banking and Markets. They’ll give us their first take on the macro-economic implications of the election results, what it means and where things could be heading.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:49 - Rebekah Young discuss the challenges Prime Minister Mark Carney faces in a minority situation in advancing an economic agenda and dealing with the tariff threat
9:58 - Roger Quick looks at the potential impact on interest rates, federal budget deficits, and bond yields
15:48 - Hugo Ste-Marie discusses the stock market implications
20:24 - Patrick Bryden covers sector specific implications, including energy, renewables, mining and more
28:45 - Question for Rebekah and Roger: What would the deficit look like if Canada enters a moderate recession in the next couple of years?
32:24 – How might a response to President Trump look for the Prime Minister? And does a minority government affect negotiating?
--------
38:32
Investing Through the Ages, Part 1: What to set aside (and how) during your working years
No matter what stage you're at in life, saving and investing can seem daunting. That’s why this episode, we're bringing you the first of a two-part series we’re calling Investing Through the Ages. In it, we’ll work our way through different age groups and break down how they should be thinking about saving and investing at each stage along the way. In this installment, we’re focusing on what experts call the accumulation stage – roughly age 25 to 50. These are most people’s core working years where they accumulate the majority of their wealth. Devon Lacombe, Vice President of Retail Investments at Scotiabank, is our guest and has some practical tips on how to balance short-term and long-term savings goals during this pivotal phase.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
2:05 – Devon explains what the accumulation phase is
3:44 – The start of the accumulation stage: how should people be investing and saving in their 20s and 30s
4:36 – A key tool to ensure people are hitting their saving and investment goals during this period
5:48 – The first type of account people should be thinking of during this phase
8:11 – What about people who are carrying student debt? How should they approach saving?
9:43 – The benefits of starting to save and invest early
10:53 – At what point should someone talk to an advisor when it comes to saving and investing?
11:55 – A mistake Devon made early in her accumulation stage and the lesson she learned from it
13:04 – The next potential milestone during the accumulation stage: home ownership. How does that factor into investing and saving goals?
14:06 – A primer on the First Home Savings Account (FHSA)
15:55 – How much of your income should go towards home expenses?
17:11 – What about buying a house as an investment?
18:32 – Another milestone during this phase: having children. Devon explains how an RESP works
19:27 – How to prioritize saving and investing when financial responsibilities are piling up during this phase
22:31 – How to approach investing during the next major life milestone: middle age (and a good benchmark for what you should have saved for retirement at this point)
24:50 – How should wealth transfer from parents impact financial planning?
26:02 – Planning for the next phase (and our next installment of this series): the decumulation stage
--------
29:06
Bank of Canada 'coin toss' lands with a hold amid global economic uncertainty
The Bank of Canada announced that it held its policy interest rate steady at 2.75% — a pause after seven consecutive cuts — as uncertainty about tariffs and the economy continues to cloud the global outlook. Experts were split on whether the central bank would deliver a cut or a hold.
Scotiabank’s Chief Economist Jean-François Perrault returns to break down the announcement, provide some context around why the Bank of Canada went this direction, what it might say about the state of the economy, take stock of where we are with the ever-evolving global tariffs and much more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:11- JF’s main takeaway from the Bank of Canada’s latest decision
1:54 - Was a hold the right call?
2:45 - What did we learn from the latest inflation data for March about the impact on the economy?
3:49 - The Bank of Canada laid out two illustrative scenarios for the economy, as it is difficult to create a forecast with so much uncertainty. JF explains why this is so rare, and walks us through the central bank’s two scenarios
5:52 - What does JF forecast as the most likely scenario?
7:17 - What is the probability of a severe recession in Canada?
8:56 - An overview of the current state of tariffs in Canada and internationally
12:00 - Are higher costs for businesses and suppliers starting to pass through to consumers?
13:08 - What are the impacts on Canada’s jobs market?
14:23 - What has the ripple effect been on the country’s housing market?
16:07 - JF’s cautious outlook for upcoming Bank of Canada’s decisions
18:22 - Main takeaways for Canadians
--------
20:45
What is Indigenous economic power? An interview with author and entrepreneur, Carol Anne Hilton
In this episode, our guest is Indigenous entrepreneur, CEO and founder of the Indigenomics Institute, Carol Anne Hilton. Her first book, Indigenomics: Taking a Seat at the Economic Table came out in 2021. Her new book is titled The Rise of Indigenous Economic Power: Deconstructing Indian Act Economics. You’ll hear a conversation between Carol Anne and Clint Davis, CEO of Cedar Leaf Capital, the first Indigenous-led, Indigenous-owned investment dealer in Canada. They talk about her new book, the massive potential of the Indigenous economy in Canada and more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Key moments this episode:
1:30 – Carol Anne gives us an overview of her new book, The Rise of Indigenous Economic Power: Deconstructing Indian Act Economics
2:20 – What she aimed to accomplish with this second book
3:25 – Defining what Carol Anne’s new book calls Indian Act economics
6:03 – How the 1876 Indian Act still impacts Indigenous economic development today
8:25 - How Indian Act economics also impacts non-Indigenous Canadians
10:57 – Carol Anne tells us about the ‘phenomenal rise of Indigenous entrepreneurs’
13:48 – The goal of creating a 100-billion-dollar Indigenous economy in Canada
17:12 – Why traditional GDP may not properly capture Indigenous economic power and strength
18:43 - Do we need to get rid of the Indian Act in order to fully unleash the economic potential of Indigenous Peoples?
20:30 – What is the role of the federal government to empower Indigenous economic growth?
22:30 - What does Indigenous economic power look like today and how is it shifting?
24:58 – How the unique location that Carol Anne wrote part of the book helped clarify the themes she was writing about
26:21 – Why focusing on Indigenous economic inclusion is especially important during these times of economic uncertainty
Each week we help break down the important economic issues on Canadian’s minds. With our unique access to leading experts, timely insights and helpful explainers, we navigate the latest in the world of finance, housing, business, the markets — and more.
For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures
Colombia