💉Public health no longer advising boosters for most Canadian adults
Еhe National Advisory Committee on Immunization recommended spring booster shots exclusively to at-risk groups, including those over the age of 80, and those who are immunocompromised.
🚫The recommendation excluded Canadians under the age of 65 – so long as the person did not have complex medical needs or live in a long-term care home.
🍁 Maple Chronicles
Еhe National Advisory Committee on Immunization recommended spring booster shots exclusively to at-risk groups, including those over the age of 80, and those who are immunocompromised.
🚫The recommendation excluded Canadians under the age of 65 – so long as the person did not have complex medical needs or live in a long-term care home.
🍁 Maple Chronicles
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Governments of Canada and Ontario invest over $109 million to bring high-speed internet to home and rural communities in Ontario
The governments of Canada and Ontario have announced a total investment of $109 million to bring high speed Internet access to over 19,000 homes, businesses and rural communities in Ontario.
The government of Ontario has committed to bring high speed internet access to every community in Ontario by the end of 2025, and has finalized agreements totalling more than $2.2 billion for nearly 200 broadband projects across the province, as of Feb. 2023.
So far, 93.5 per cent of Canadian households have access to high speed internet, or are targeted to receive access through existing program commitments, compared to just 79 per cent in 2014, the two governments said in a release.
#Ontario
🍁 Maple Chronicles
The governments of Canada and Ontario have announced a total investment of $109 million to bring high speed Internet access to over 19,000 homes, businesses and rural communities in Ontario.
The government of Ontario has committed to bring high speed internet access to every community in Ontario by the end of 2025, and has finalized agreements totalling more than $2.2 billion for nearly 200 broadband projects across the province, as of Feb. 2023.
So far, 93.5 per cent of Canadian households have access to high speed internet, or are targeted to receive access through existing program commitments, compared to just 79 per cent in 2014, the two governments said in a release.
#Ontario
🍁 Maple Chronicles
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🏦Bank of Canada holds interest rate at 4.5%
The Bank of Canada dropped its scheduled interest rate update on Wednesday, announcing a rate hold after eight consecutive hikes since March 2022, when it stood at 0.5%.
Throughout 2022, the bank hiked its interest rate seven times. Another increase followed in January of this year, bringing the key rate to 4.5%. Throughout its rate hike updates, the Bank of Canada has repeatedly cited inflation as the core reason for its decisions.
The central bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on April 12, 2023.
🍁 Maple Chronicles
The Bank of Canada dropped its scheduled interest rate update on Wednesday, announcing a rate hold after eight consecutive hikes since March 2022, when it stood at 0.5%.
Throughout 2022, the bank hiked its interest rate seven times. Another increase followed in January of this year, bringing the key rate to 4.5%. Throughout its rate hike updates, the Bank of Canada has repeatedly cited inflation as the core reason for its decisions.
The central bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on April 12, 2023.
🍁 Maple Chronicles
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Poilievre accuses Trudeau of working against Canada and in 'a foreign dictatorship's interests'
Conservative Leader Pierre Poilievre has accused Prime Minister Justin Trudeau of working in China's interests and against Canada.
Poilievre suggested that members of Canada's security services have been leaking information about the election interference allegations to the media because they "must be very worried about how the prime minister is working against the interests of his own country and his own people."
"They've been warning him for years about this. And what has he done? He's covered it up, even encouraged it to continue," Poilievre told reporters Tuesday.
The source of the leaked documents has not been identified and there is no evidence detailing who the leakers are, what department they work in.
🍁 Maple Chronicles
Conservative Leader Pierre Poilievre has accused Prime Minister Justin Trudeau of working in China's interests and against Canada.
Poilievre suggested that members of Canada's security services have been leaking information about the election interference allegations to the media because they "must be very worried about how the prime minister is working against the interests of his own country and his own people."
"They've been warning him for years about this. And what has he done? He's covered it up, even encouraged it to continue," Poilievre told reporters Tuesday.
The source of the leaked documents has not been identified and there is no evidence detailing who the leakers are, what department they work in.
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🏠Record-high number of Canadians don't think they'll ever afford a home
A report released by Mortgage Professionals Canada found about a third of respondents believe they’ll never be able to afford their first house.
▪️The rapid decline in affordability—thanks to both high home prices and now high interest rates—has played a central role in Canadians’ view towards homebuying, according to the report said.
▪️The survey revealed a record-high number of non-owners believe they will never be able to buy a family home, at 33 percent, growing by 8 points in just six months and a whopping 15 points year-over-year.
▪️Canadians are more anxious about inflation, with 60 per cent of respondents saying they’re worried about how it will impact their finances, up 20 per cent from six months earlier.
🍁 Maple Chronicles
A report released by Mortgage Professionals Canada found about a third of respondents believe they’ll never be able to afford their first house.
▪️The rapid decline in affordability—thanks to both high home prices and now high interest rates—has played a central role in Canadians’ view towards homebuying, according to the report said.
▪️The survey revealed a record-high number of non-owners believe they will never be able to buy a family home, at 33 percent, growing by 8 points in just six months and a whopping 15 points year-over-year.
▪️Canadians are more anxious about inflation, with 60 per cent of respondents saying they’re worried about how it will impact their finances, up 20 per cent from six months earlier.
🍁 Maple Chronicles
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Giving the middle finger is a 'God-given right,' says Quebec judge
Giving someone the middle finger is a "God-given" right that belongs to all Canadians, a Quebec judge said, as he recently acquitted a Montreal-area man of criminal harassment and uttering threats.
In his ruling, Quebec court Judge Dennis Galiatsatos wrote that not only was Neall Epstein not guilty, the fact that he was arrested and prosecuted at all was a bewildering injustice.
Police arrested Epstein on May 18, 2021, after he had a heated argument with a neighbor which involved raising middle fingers.
#Quebec
🍁 Maple Chronicles
Giving someone the middle finger is a "God-given" right that belongs to all Canadians, a Quebec judge said, as he recently acquitted a Montreal-area man of criminal harassment and uttering threats.
In his ruling, Quebec court Judge Dennis Galiatsatos wrote that not only was Neall Epstein not guilty, the fact that he was arrested and prosecuted at all was a bewildering injustice.
Police arrested Epstein on May 18, 2021, after he had a heated argument with a neighbor which involved raising middle fingers.
#Quebec
🍁 Maple Chronicles
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Alberta introduces firearms act to counter federal legislation
The Alberta government introduced legislation Tuesday aimed at bulking up in its ongoing firearms feud with the federal government.
Bill 8 is meant to strengthen the province's ability to regulate, administer and advocate on behalf of firearms owners.
Alberta Justice Minister Tyler Shandro has been critical of the federal Liberals' Bill C-21, which includes a national handgun freeze and prohibition on many assault-style firearms.
He has indicated Alberta would not agree to having RCMP officers act as confiscation agents and would protest any such move under the provincial-federal agreement that governs policing.
About 30,000 prohibited firearms are believed to exist in Alberta under the federal definition.
#Alberta
🍁 Maple Chronicles
The Alberta government introduced legislation Tuesday aimed at bulking up in its ongoing firearms feud with the federal government.
Bill 8 is meant to strengthen the province's ability to regulate, administer and advocate on behalf of firearms owners.
Alberta Justice Minister Tyler Shandro has been critical of the federal Liberals' Bill C-21, which includes a national handgun freeze and prohibition on many assault-style firearms.
He has indicated Alberta would not agree to having RCMP officers act as confiscation agents and would protest any such move under the provincial-federal agreement that governs policing.
About 30,000 prohibited firearms are believed to exist in Alberta under the federal definition.
#Alberta
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Ford government allocating $21B less to fund health care, hospital capacity to shrink
▪️The Financial Accountability Office of Ontario (FAO) is out with a scathing report detailing the Ford government’s health-care spending, revealing that hospital capacity will considerably diminish by 2027-2028 due to surging demand and that the province is allocating over $21 billion less to the sector.
▪️During the COVID-19 pandemic and the ensuing health-care crisis, Ford promised billions in spending to create more capacity in health care, but the FAO report concludes that the pledged increase in capacity will be offset by growing demand due to a larger and aging population.
▪️The FAO says the province would need to add significant funding to its current health-care plan or make cuts to its programs to reach targets. The projections were released as Ontario manages a shortage of nurses and personal support workers (PSWs) — a deficit that the FAO projects to persist through its six-year forecast period.
▪️Even with government measures to increase the supply of nurses and PSWs, by 2027-28, the FAO projects a shortfall of 33,000 nurses and PSWs. These nurses and PSW shortages will jeopardize Ontario’s ability to sustain current programs and meet program expansion commitments.
This once again highlights a trend that is unfolding in Canada's health care system.
#Ontario #healthcare
🍁 Maple Chronicles
▪️The Financial Accountability Office of Ontario (FAO) is out with a scathing report detailing the Ford government’s health-care spending, revealing that hospital capacity will considerably diminish by 2027-2028 due to surging demand and that the province is allocating over $21 billion less to the sector.
▪️During the COVID-19 pandemic and the ensuing health-care crisis, Ford promised billions in spending to create more capacity in health care, but the FAO report concludes that the pledged increase in capacity will be offset by growing demand due to a larger and aging population.
▪️The FAO says the province would need to add significant funding to its current health-care plan or make cuts to its programs to reach targets. The projections were released as Ontario manages a shortage of nurses and personal support workers (PSWs) — a deficit that the FAO projects to persist through its six-year forecast period.
▪️Even with government measures to increase the supply of nurses and PSWs, by 2027-28, the FAO projects a shortfall of 33,000 nurses and PSWs. These nurses and PSW shortages will jeopardize Ontario’s ability to sustain current programs and meet program expansion commitments.
This once again highlights a trend that is unfolding in Canada's health care system.
#Ontario #healthcare
🍁 Maple Chronicles
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Ottawa plans to crack down on doctors charging for medically necessary health care
A rise in the number of companies offering Canadians faster access to health care at a price is prompting the federal government to launch a crackdown on the practice.
Health Minister Jean-Yves Duclos is telling the provinces to put a stop to patients being charged for medically necessary care — and warns that Ottawa will claw back federal health transfer payments if the charges continue.
Companies charging patients for virtual visits with a family physician are the chief targets of the federal crackdown, according to a senior government official.
Although the Canada Health Act prohibits charging "insured persons" for medically necessary services, there has been an explosion recently in the number of companies across the country offering online doctors' appointments and charging fees in the range of $50 to $100 per visit.
#healthcare
🍁 Maple Chronicles
A rise in the number of companies offering Canadians faster access to health care at a price is prompting the federal government to launch a crackdown on the practice.
Health Minister Jean-Yves Duclos is telling the provinces to put a stop to patients being charged for medically necessary care — and warns that Ottawa will claw back federal health transfer payments if the charges continue.
Companies charging patients for virtual visits with a family physician are the chief targets of the federal crackdown, according to a senior government official.
Although the Canada Health Act prohibits charging "insured persons" for medically necessary services, there has been an explosion recently in the number of companies across the country offering online doctors' appointments and charging fees in the range of $50 to $100 per visit.
#healthcare
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🏅Canada ranks as the world’s eighth largest economy
▪️Canada is ranked as the world’s eighth-largest economy based on GDP nominal estimates of $2.24 trillion (IMF) and $1.98 trillion (World Bank).
However, adjusting for purchasing power parity, Canada moves lower in the ranking to the fifteenth-largest economy.
#facts
🍁 Maple Chronicles
▪️Canada is ranked as the world’s eighth-largest economy based on GDP nominal estimates of $2.24 trillion (IMF) and $1.98 trillion (World Bank).
However, adjusting for purchasing power parity, Canada moves lower in the ranking to the fifteenth-largest economy.
#facts
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🇨🇦🇺🇸U.S. President Joe Biden coming to Canada in the end of March
▪️U.S. President Joe Biden will be making an official visit to Canada between March 23 and 24 to meet with Prime Minister Justin Trudeau, and his trip to the nation's capital will include an address to Parliament.
▪️Among the pressing cross-border issues that are set to be on the agenda: the role of Norad in defending North America including the Arctic in light of the recent takedown of unidentified aerial objects including a Chinese spy balloon that traversed both Canadian and American airspace, and modernizing the Safe Third Country Agreement amid irregular crossing tensions.
▪️Other topics both sides say will come up are military assistance to Ukraine, the ongoing instability in Haiti and the opioid crisis.
#US
🍁 Maple Chronicles
▪️U.S. President Joe Biden will be making an official visit to Canada between March 23 and 24 to meet with Prime Minister Justin Trudeau, and his trip to the nation's capital will include an address to Parliament.
▪️Among the pressing cross-border issues that are set to be on the agenda: the role of Norad in defending North America including the Arctic in light of the recent takedown of unidentified aerial objects including a Chinese spy balloon that traversed both Canadian and American airspace, and modernizing the Safe Third Country Agreement amid irregular crossing tensions.
▪️Other topics both sides say will come up are military assistance to Ukraine, the ongoing instability in Haiti and the opioid crisis.
#US
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🇭🇹🇨🇦Canada's top general concerned military lacks capacity to lead Haiti mission
Canada's top general said he was concerned that the armed forces, already stretched thin by support for Ukraine and NATO, do not have the capacity to lead a possible security mission to Haiti.
Amid talks of a possible military intervention in Haiti, Canada has already deployed ships off the coast of Haiti and sent armored vehicles to Haitian police.
"My concern is just our capacity as we rebuild, as we move to brigade level in Latvia. There's only so much to go around. ... It would be challenging," says Chief of the Defence Staff Wayne Eyre, as Canada is preparing to nearly double its military presence in Latvia (bordering Russia and Belarus).
And this is while Canada over the past year has already spent C$1 billion ($724 million) in military assistance to Ukraine - an amount well beyond its comfort level.
As patience runs out, Biden will use his visit to Canada to push the Canadian government to continue supporting Ukraine and engaging in the Haitian crisis.
#Haiti
🍁 Maple Chronicles
Canada's top general said he was concerned that the armed forces, already stretched thin by support for Ukraine and NATO, do not have the capacity to lead a possible security mission to Haiti.
Amid talks of a possible military intervention in Haiti, Canada has already deployed ships off the coast of Haiti and sent armored vehicles to Haitian police.
"My concern is just our capacity as we rebuild, as we move to brigade level in Latvia. There's only so much to go around. ... It would be challenging," says Chief of the Defence Staff Wayne Eyre, as Canada is preparing to nearly double its military presence in Latvia (bordering Russia and Belarus).
And this is while Canada over the past year has already spent C$1 billion ($724 million) in military assistance to Ukraine - an amount well beyond its comfort level.
As patience runs out, Biden will use his visit to Canada to push the Canadian government to continue supporting Ukraine and engaging in the Haitian crisis.
#Haiti
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Forwarded from Blood Meridian
🇨🇦🇲🇽Canadian cannabis company gets authorization to grow and sell in Mexico
Canadian cannabis company Xebra announced that it had received authorization from Mexico Health Authority (COFEPRIS) for its Mexican subsidiary to import seeds, grow cannabis and sell derived products in Mexico. That comes after a late 2021 Supreme Court ruling in the company’s favor.
COFEPRIS responded to the announcement by saying it was essentially forced to grant the authorization by a court order, which threatened fines and the removal of staff if it did not abide by the ruling. The agency said it intends to try to annul the permits it granted to Xebra in federal court.
#Canada #Mexico
☠️ Blood Meridian
Canadian cannabis company Xebra announced that it had received authorization from Mexico Health Authority (COFEPRIS) for its Mexican subsidiary to import seeds, grow cannabis and sell derived products in Mexico. That comes after a late 2021 Supreme Court ruling in the company’s favor.
COFEPRIS responded to the announcement by saying it was essentially forced to grant the authorization by a court order, which threatened fines and the removal of staff if it did not abide by the ruling. The agency said it intends to try to annul the permits it granted to Xebra in federal court.
#Canada #Mexico
☠️ Blood Meridian
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🏦Growing share of Canadians are spending more than 25 % of income on mortgage payments
The central bank considers households that spend more than 25 % of their income on debt servicing to be more vulnerable to rising interest rates or a loss of income. The proportion of new mortgages that met this definition rose to 29 % in the fourth quarter, according to data published Friday.
That’s up from 12 % in the same quarter in 2021, and 14 % in the fourth quarter of 2019.
🍁 Maple Chronicles
The central bank considers households that spend more than 25 % of their income on debt servicing to be more vulnerable to rising interest rates or a loss of income. The proportion of new mortgages that met this definition rose to 29 % in the fourth quarter, according to data published Friday.
That’s up from 12 % in the same quarter in 2021, and 14 % in the fourth quarter of 2019.
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Half of Quebec ER visits waited over 5 hours
The study from the Montreal Economic Institute showed half of all patients in Quebec emergency rooms waited longer than five hours and 11 minutes.
Quebec’s emergency wait-time increased by 40 minutes since four years ago – a rise of roughly 15%.
Wait-time has also increased for patients on stretchers. In 2022, one-in-four patients on a stretcher in a Quebec emergency room spent longer than 24 hours waiting for care. That made for roughly 210,000 people.
#Quebec
🍁 Maple Chronicles
The study from the Montreal Economic Institute showed half of all patients in Quebec emergency rooms waited longer than five hours and 11 minutes.
Quebec’s emergency wait-time increased by 40 minutes since four years ago – a rise of roughly 15%.
Wait-time has also increased for patients on stretchers. In 2022, one-in-four patients on a stretcher in a Quebec emergency room spent longer than 24 hours waiting for care. That made for roughly 210,000 people.
#Quebec
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University president urges New Brunswick to eliminate tuition for nursing students
The Higgs government can quickly boost the number of nursing students in New Brunswick by eliminating their tuition fees, says the president of the University of Moncton.
Denis Prud'homme believes that eliminating the fees would be a better way to spend money than the province's decision to subsidize New Brunswick students in a nursing program offered by a university in Maine.
"In my view, there's a very efficient way to quickly increase the number of bachelor or nursing candidates. That's to eliminate tuition fees. It's an urgent need," Prud'homme said.
The government announced last October that it will offer a $6,000 "incentive grant" to up to 100 New Brunswick students who enrol in the bachelor of science in nursing program at Beal University in Bangor, Maine.
Students who accept the $6,000 grant must agree to work as registered nurses in New Brunswick for at least one year after graduation.
#NewBrunswick
🍁 Maple Chronicles
The Higgs government can quickly boost the number of nursing students in New Brunswick by eliminating their tuition fees, says the president of the University of Moncton.
Denis Prud'homme believes that eliminating the fees would be a better way to spend money than the province's decision to subsidize New Brunswick students in a nursing program offered by a university in Maine.
"In my view, there's a very efficient way to quickly increase the number of bachelor or nursing candidates. That's to eliminate tuition fees. It's an urgent need," Prud'homme said.
The government announced last October that it will offer a $6,000 "incentive grant" to up to 100 New Brunswick students who enrol in the bachelor of science in nursing program at Beal University in Bangor, Maine.
Students who accept the $6,000 grant must agree to work as registered nurses in New Brunswick for at least one year after graduation.
#NewBrunswick
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Meta to block access to news on Facebook, Instagram if Online News Act adopted as-is
Canadians would no longer be able to access news on Facebook or Instagram if the federal government's proposed Online News Act passes in its current form, the parent company behind the two popular social media platforms said.
"A legislative framework that compels us to pay for links or content that we do not post, and which are not the reason the vast majority of people use our platforms, is neither sustainable nor workable," says spokesperson for Meta.
Tech giants like Meta and Google have long fought against the proposed law known as Bill C-18, which would require digital giants such as Meta and Google to negotiate deals that would compensate Canadian media companies for linking to or otherwise repurposing their content online.
Large Canadian media companies and the federal Liberal government have supported the bill, saying it would level the playing field for news outlets that compete with tech firms for advertising dollars.
🍁 Maple Chronicles
Canadians would no longer be able to access news on Facebook or Instagram if the federal government's proposed Online News Act passes in its current form, the parent company behind the two popular social media platforms said.
"A legislative framework that compels us to pay for links or content that we do not post, and which are not the reason the vast majority of people use our platforms, is neither sustainable nor workable," says spokesperson for Meta.
Tech giants like Meta and Google have long fought against the proposed law known as Bill C-18, which would require digital giants such as Meta and Google to negotiate deals that would compensate Canadian media companies for linking to or otherwise repurposing their content online.
Large Canadian media companies and the federal Liberal government have supported the bill, saying it would level the playing field for news outlets that compete with tech firms for advertising dollars.
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Majority of Canadians won’t change drinking habits in light of new guidelines
▪️Nearly three-quarters of Canadians say they aren’t changing their drinking habits despite recent national guidelines warning that more than two alcoholic drinks a week can increase risks of cancer, stroke and heart disease.
▪️More than half of the respondents believed the recommended number of drinks was so low that “it lacked credibility” and was nothing but “fear-mongering” tactics. This belief was higher among men (61 per cent) than women (53 per cent).
🍁 Maple Chronicles
▪️Nearly three-quarters of Canadians say they aren’t changing their drinking habits despite recent national guidelines warning that more than two alcoholic drinks a week can increase risks of cancer, stroke and heart disease.
▪️More than half of the respondents believed the recommended number of drinks was so low that “it lacked credibility” and was nothing but “fear-mongering” tactics. This belief was higher among men (61 per cent) than women (53 per cent).
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🇨🇦Chronicles of the week: March 6-12, 2023
▪️Trudeau government announces a $5.5 million investment to "combat disinformation."
▪️Prince Edward Island election is set to take place on April 3.
▪️Public health no longer advising boosters for Canadians under the age of 65.
▪️The government is telling the provinces to put a stop to patients being charged for medically necessary care, virtual visits with a family physician being the chief targets of the federal crackdown.
▪️Canada's top general says Canada lacks capacity to lead a possible security mission to Haiti.
#digest
🍁 Maple Chronicles
▪️Trudeau government announces a $5.5 million investment to "combat disinformation."
▪️Prince Edward Island election is set to take place on April 3.
▪️Public health no longer advising boosters for Canadians under the age of 65.
▪️The government is telling the provinces to put a stop to patients being charged for medically necessary care, virtual visits with a family physician being the chief targets of the federal crackdown.
▪️Canada's top general says Canada lacks capacity to lead a possible security mission to Haiti.
#digest
🍁 Maple Chronicles
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More than 70 per cent of Canadians feel the average family is over-taxed
Canadian families pay a lot of taxes to their federal, provincial and local governments — income taxes, sales taxes, fuel taxes and many others. A 2022 study published by the Fraser Institute found that in total the average Canadian family paid 45 per cent of its income in taxes.
According to a new poll, 74 per cent feel the average family is over-taxed. Commissioned by the Fraser Institute and conducted by Leger, the poll surveyed 1,554 respondents spanning all age groups and income levels across Canada.
In 2015, the Trudeau government did reduce the second-lowest income tax rate from 22 per cent to 20.5 per cent.
But the vast majority of families targeted for this tax relief now pay higher federal income taxes than before because the government has also eliminated a series of tax credits — for income splitting for couples with children, for children’s fitness and art, for public transit, for education and for textbooks.
🍁 Maple Chronicles
Canadian families pay a lot of taxes to their federal, provincial and local governments — income taxes, sales taxes, fuel taxes and many others. A 2022 study published by the Fraser Institute found that in total the average Canadian family paid 45 per cent of its income in taxes.
According to a new poll, 74 per cent feel the average family is over-taxed. Commissioned by the Fraser Institute and conducted by Leger, the poll surveyed 1,554 respondents spanning all age groups and income levels across Canada.
In 2015, the Trudeau government did reduce the second-lowest income tax rate from 22 per cent to 20.5 per cent.
But the vast majority of families targeted for this tax relief now pay higher federal income taxes than before because the government has also eliminated a series of tax credits — for income splitting for couples with children, for children’s fitness and art, for public transit, for education and for textbooks.
🍁 Maple Chronicles
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Regulator takes control of Silicon Valley Bank's Canadian branch
A Canadian regulator on Sunday said it was taking temporary control of Silicon Valley Bank’s Canadian branch, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world.
The Office of the Superintendent of Financial Institutions (OSFI) said it is seeking to gain permanent control of the Canadian unit’s assets, adding that it is asking the attorney general of Canada to petition for a winding-up order.
OFSI said the bank has operated in Canada since 2019 as a foreign bank branch based in Toronto. Its business in Canada is primarily lending to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.
The Canadian unit had C$435 million in secured loans at the end of last year, more than double the amount at the end of 2021, according to regulatory filings.
🍁 Maple Chronicles
A Canadian regulator on Sunday said it was taking temporary control of Silicon Valley Bank’s Canadian branch, as the fallout from the collapsed U.S. startup-focused lender reverberated around the world.
The Office of the Superintendent of Financial Institutions (OSFI) said it is seeking to gain permanent control of the Canadian unit’s assets, adding that it is asking the attorney general of Canada to petition for a winding-up order.
OFSI said the bank has operated in Canada since 2019 as a foreign bank branch based in Toronto. Its business in Canada is primarily lending to corporate clients, and the branch does not hold any commercial or individual deposits in Canada.
The Canadian unit had C$435 million in secured loans at the end of last year, more than double the amount at the end of 2021, according to regulatory filings.
🍁 Maple Chronicles
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