Immigration fuels Atlantic Canadian 'economic renaissance,' authors argue
But in Atlantic Canada, those irritants are largely overshadowed by a much different story: the transformation of moribund and stagnant economies that made the region Canada's poor cousin.
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The authors of a new book detail the dramatic improvements newcomers are bringing to the East Coast — and argue this is no time to swerve. They argue only for a more strategic immigration policy, one that reflects the region's economic needs.
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Nova Scotia seeks to double its population to two million by 2060, and New Brunswick, where the population was pegged at 854,355 last year, is aiming for one million people within the decade, according to their 2025 book published by Halifax-based Nimbus.
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'Most of the region's largest municipalities now have their own population growth strategies as well,' Mills and Campbell write. 'All these population strategies acknowledge the critical role of immigration to drive labour force and population growth.'
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Last year, after three years of especially rapid growth in Canada's immigration population, the Liberals under Justin Trudeau announced they were reducing the number of permanent residents admitted to the country by 21 per cent. Earlier this year, Prime Minister Mark Carney pledged to cap the total number of temporary workers and international students to less than five per cent of Canada's population within two years.
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Conservative Leader Pierre Poilievre this month called for 'very hard caps' on the number of newcomers allowed into the country. He told reporters the country has struggled to integrate newcomers and he wants to see more people leaving than coming in 'while we catch up.'
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'We have millions of people whose permits will expire over the next couple of years, and many of them will leave,' Poilievre said. 'We need more people leaving than coming for the next couple years.'
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Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Career in transition, eye on opportunity
In the executive suite, a special greeter helms the reception desk — a reversible plush octopus. It's smiling: it's a Friday in July, sunlight is cascading through the windows, it's inside a Winnipeg-headquartered company that oversees more than $3 trillion in total client assets. And, from the outgoing leader's perspective, Great-West Lifeco is poised to grow further. Paul Mahon is eyeing retirement — both his own and the sector in general, as a growth 'opportunity' for the mammoth financial services company. Acquiring more retirement-focused firms is likely in Great-West Lifeco's future, said Mahon, 61. Acquisitions aren't new to him — he's overseen plenty during his 39-year career with the business. He officially left his role as president and chief executive on Canada Day. However, he's still in his office overlooking Osborne Street, steps away from the friendly stuffed animal. Mahon will keep commuting to work until early 2026. He's advising his replacement, David Harney, on how to steer the international company and its many subsidiaries. He sat down to reflect in a wide-ranging interview with the Free Press. 'It's been a really good transition,' said Mahon, who started with Great-West Lifeco in 1986. When he became president in 2013, the company had $582 billion in consolidated assets under administration. It had just announced its $1.75 billion purchase of Irish Life, an Ireland-based life insurance, pension and investment provider. Canada Life — the country's first life insurance company — and London Life were already under Great-West Lifeco's umbrella. It had 20,000 staff and at least 12 million Canadian customers. The parent company now counts more than 40 million customers globally. It employs some 32,000 people, including 13,000 Canadians. Manitobans account for 3,600 staffers, making Great-West Lifeco one of the province's biggest employers. 'You grow organically by winning more customers every day out in the marketplace.'— Paul Mahon Mahon attributes the growth, in part, to 'competitive' offerings and services. 'You grow organically by winning more customers every day out in the marketplace,' he said. Acquisitions have also ballooned the numbers. Over the past five years, Great-West Lifeco has shifted its gaze into the United States, acquiring companies as it's built out its retirement arm. The corporation's U.S. retirement subsidiary — called Empower — is a result of at least three major acquisitions, including the 2014 takeover of J.P. Morgan's retirement business. Great-West Lifeco has offered retirement options in the U.S. since the 1980s, but an acceleration came around 2019. 'We saw there was both that organic growth opportunity (and) that consolidation opportunity,' Mahon recalled. Empower now has more than 19 million clients, Mahon said. Older adults outnumber children in 11 states, the U.S. Census Bureau shared in June. 'I think we'll continue to see Empower grow,' Mahon stated. 'There's opportunities for further acquisition there.' Empower customers have self-service technology; it makes the brand more attractive to subscale firms open to being purchased, per Mahon. Great-West Lifeco sold Putnam Investments, an investment management firm in the U.S., partly to focus on its retirement portfolio. It took a stake in Franklin Resources, the company who bought Putnam. Meanwhile, Great-West Lifeco has been expanding its wealth management side. Canada Life acquired the Investment Planning Counsel from IGM Financial in April 2023, and Value Partners, a wealth planning firm, two months later. A 2024 survey by JLL, a global real estate and investment management company, found 16 per cent of wealth management firms expected to be acquired or to leave the market by 2027. For Great-West Lifeco, there's a chance for growth, Mahon said. 'The balance of our businesses are really important businesses to us,' he said, highlighting group benefits like health and dental coverage. 'We'll continue to invest in that.' He expressed confidence in Harney, whom he's passing the reins to. Harney, an actuary by trade, started with Irish Life more than 35 years ago. The new CEO wasn't available for an interview by print deadline. 'I'm personally energized by the opportunity,' Harney said in a news release. Great-West Lifeco shifts as the world changes, Mahon noted. Climate risks affect insurance claims — in 2025's first quarter, Great-West Lifeco had a California wildfires-related claims provision of $21 million. 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future,' Mahon said. Artificial intelligence use is already being implemented, he added. Management attended a Great-West Lifeco event where employees showcased their AI usage science fair-style. Harney studied artificial intelligence before it exploded in the public zeitgeist, Mahon said. 'I think AI will be a tool to make us more efficient and more effective,' he added. 'But I think it has to be balanced with those … personal relationships.' 'We want to make sure that we're investing in companies that will thrive 10, 20, 30 years into the future.'– Paul Mahon Such relationships are key in call centres and service roles, Mahon said. 'You (might) need less people doing one thing,' he said. 'At the same time, you're going to need more technology experts. 'When a company is large and growing, it creates opportunities.' Great-West Lifeco has grown at an 'unprecedented' level in the insurance industry, said Bram Strain, the Business Council of Manitoba's president. Canada Life is a council member; Mahon sits on the entity's board. Monday Mornings The latest local business news and a lookahead to the coming week. 'I'm not worried about Canada Life at all,' Strain said, adding plenty of senior management reside in Winnipeg. Mahon has been a 'stalwart' in the community, Strain continued: 'I'm excited for what comes next.' Mahon and his wife Anne, a former University of Manitoba chancellor, are preparing to chair United Way Winnipeg's campaign next year. The new retiree said he also plans to help tackle the issue of homelessness. And more family time is in the cards — he's been working at Great-West Lifeco since his U of M graduation, preceded by a St. Paul's High School convocation. Gabrielle PichéReporter Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Toronto Star
4 hours ago
- Toronto Star
CN Rail lowers earnings expectations, cuts outlook amid trade volatility
MONTREAL - Canadian National Railway Co. reported its net income inched up to $1.17 billion during its second quarter compared with last year, as it said the trade uncertainty is making it difficult for it to provide investors with an outlook. The Montreal-based company says revenue fell about one per cent, to $4.27 billion compared with $4.33 billion a year earlier.
National Observer
4 hours ago
- National Observer
Ford and Smith divided over Trump response at premiers' summit
Conservative premiers Doug Ford of Ontario and Danielle Smith of Alberta are at odds over how Canada should respond to US tariffs — especially when it comes to energy exports. At a premiers' summit in Huntsville on Tuesday, Ford refused to rule out an electricity export tax, while Smith firmly said no. 'We don't want to see export taxes on energy or export restrictions. It would have a devastating impact on Alberta and on Canada,' Smith said at a joint press conference. 'The Americans have a bigger hammer if they cut off [the Enbridge Line 5 pipeline]. Not only does that harm Ontario, it also harms Quebec.' Ford took a different view. 'Everything's on the table,' he said. 'We'll see how this deal goes and we'll see what he [Trump] has to say on August 1.' President Donald Trump has said he will impose tariffs of up to 50 per cent on dozens of countries, including Canada, starting Aug. 1. Prime Minister Mark Carney downplayed the deadline, saying Canada's focus is on getting the best deal possible, no matter how long it takes. Ford, however, urged an aggressive response. 'We need to make sure we match tariff for tariff, dollar for dollar, and hit them back as hard as we possibly can,' Ford said. 'There's one thing President Trump understands — it's strength. He doesn't understand or appreciate weakness. He will roll over us like a cement roller if we show an ounce of weakness. We need to send a strong message.' At a premiers' summit in Huntsville on Tuesday, Ford refused to rule out an electricity export tax, while Smith firmly said no. Ford and Smith, along with Saskatchewan Premier Scott Moe, signed a Memorandum of Understanding on Tuesday to build pipelines, rail lines and trade infrastructure aimed at reducing Canada's reliance on US markets. The premiers also called for repealing nine federal regulations they see as barriers to resource development, including Bill C-69, the tanker ban, the oil and gas emissions cap, federal carbon pricing and clean electricity rules. The federal government hasn't proposed an energy export tax, but experts say Canada should consider one. A 15 per cent levy on oil and gas could match Trump's tariffs, raise billions and support workers and green investments. 'The provinces are just bystanders' Earlier this year, Ford briefly introduced a 25 per cent electricity export tax targeting Michigan, New York and Minnesota. He dropped it after Trump threatened to raise tariffs on Canadian steel, aluminum and cars. Still, Ford says the tax could return if trade talks fail. 'We don't have to take a back seat to anyone in the world, and we sure as heck don't have to take a back seat to President Trump,' Ford added. Smith, however, says using Alberta's oil as leverage in a trade fight is not an option; the province exports most of its oil to the US and she wants that trade to remain stable. In 2023, Canada exported four million barrels of crude oil per day — 97 per cent of it to the US — and Alberta accounted for 87 per cent of that. The exports were worth $125 billion. Ontario, meanwhile, sends electricity to US states such as Michigan and New York, powering more than 1.5 million American homes and businesses. US governors have warned that new energy taxes could raise costs and damage cross-border energy ties. Fred Lazar, an economics professor at York University's Schulich School of Business, says Ford's tax idea is politically risky and argues this is a federal matter — not one provinces should try to handle alone. 'This is really a dispute between Canada and the US. The provinces are just bystanders,' Lazar said. 'Politically, they may have their own incentives, but practically, there's nothing they can do that would compel the US to change its policies. All it would do is make life harder for Ottawa.' Lazar believes the best move is for provinces to avoid taking action on their own and let Ottawa lead the negotiations. 'They're better off talking tough, doing nothing and letting Carney work it out.' Sheldon Williamson, a professor at Ontario Tech University, said the Ford–Smith split weakens Canada's bargaining power. 'While both leaders want to push back against US tariffs, diverging approaches — especially on energy exports — undermine any unified Canadian stance,' he said. 'Without cohesion, it becomes harder to exert meaningful pressure on Washington or to present a credible domestic front to Ottawa.' For Ontario, the stakes are high. Its auto sector is deeply integrated with the US supply chain. 'A broad-based tariff regime could be economically devastating,' Williamson said. He warned that although an electricity export tax may seem like an easy lever, 'it could backfire by raising prices for US consumers, inviting retaliation and damaging Ontario's own cross-border energy ties.'
