Quarterly Report to Members, Subscribers and Friends
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Quarterly Report to Members, Subscribers and Friends First Quarter, 2020 Q1 Highlights: Impactful Policy Research & Outreach Q1 Research 14 research papers 3 Monetary Policy Council releases 1 Competition Policy Council release Q1 Policy Events 20 policy events and special meetings, including: Toronto Roundtable – Ben Gully Calgary Roundtable – The Hon Travis Toews Ottawa Roundtable –Jason Kenney 9 Inside Access conference calls featuring the authors of Institute research summarizing their work Policy Outreach in Q1 141,055 website page views 6 policy outreach presentations 68 National Post and The Globe and Mail citations Citations in more than 800 media outlets 40 media interviews 15 opinion and editorial pieces 74 Intelligence Memos 2 Q1 Policy Influence Commentary “Healthcare Spending Overshoots a Threat to Sustainability” by William B.P Robson C.D. Howe report cited in CIHI national expenditure trends 1975-2019 report. Commentary “Future Shock? The Impact of Automation on Canada’s Labour Market” by Rosalie Wyonch and Matthias Oschinski C.D. Howe Institute commentary cited in a Future Skills Centre report. E-Brief “Funding for Results in Higher Education” by Alex Usher Alberta government announce large-scale performance-based funding systems for universities. Commentary “Productivity and the Financial Sector – What’s Missing” by Jeremy Kronick Finance decides to proceed to stage 2 of consultations on whether to proceed with open banking, citing C.D. Howe research in its deliberations. Intelligence Memo “Is There a Big Mortgage Debt Problem?” by Paul M. Jacobson Benchmark rate used to determine the minimum qualifying rate for insured mortgages changed to the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. Intelligence Memo “The Economy Needs a Big, Strong COVID Bridge” by Kevin Milligan Canada Student Loans deferred payment with no interest accrual in the meantime during crisis. The Canada Child Benefit was increased by $300 for this year as part of the government’s stimulus package. 3 Q1 Policy Influence Intelligence Memo “Crisis Relief for Canadian Savers” by William B.P. Robson and Alexandre Laurin Government reducing the minimum withdrawal rate for registered retirement income funds (RRIFs) by 25% for 2020. Quebec announced on March 19, 2020 that it will harmonize with the federal government concerning its measure to reduce by 25% in 2020 the amount of mandatory withdrawal from a registered retirement income fund (RRIF). Intelligence Memo “For More and Swift Action, Just Look to Germany” by Thorsten Koeppl Small-business owners will receive a temporary wage subsidy from Ottawa that will be equal to 10 percent of salary paid to employees for a period of three months during the COVID-19 outbreak. Intelligence Memo “Provincial Economic Policy Responses to COVID-19” by Benjamin Dachis Planned Ontario property tax reassessment postponed for 2021. The City of Toronto is waiving all penalties on late property tax and other bill payments for two months, retroactive to March 16 in response to the unprecedented economic impact of the COVID-19 pandemic. Globe and Mail Op-Ed “During this pandemic, Canadians are feeling real financial stress. Here’s how governments can help” by William B.P. Robson Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June. Quebec has announced additional delays to certain tax filings and payments due to the COVID-19 outbreak, harmonized with new federal changes. 4 Q1 Policy Influence Various Publications “Canadian businesses need much bigger subsidies for salaries during this crisis - Globe and Mail Op-Ed;” “Subsidize Wages, Backstop Credit, Protect Supply Chains: C.D. Howe Institute Business Continuity and Trade Crisis Working Group;” “Wage Subsidies and Emergency Financial Support Needed: Crisis Working Group on Household Income and Credit Support” 75 percent wage subsidy for qualifying small and medium businesses, for up to three months, retroactive to March 15. Working Group Report “Enhanced Government Credit Facility Needed: Crisis Working Group on Monetary and Financial Measures” The newly created Canada Emergency Business Account (CEBA), will provide capital to small businesses who need it to cover their operating costs, as a result of the COVID-19 pandemic. Various Publications “Filling the Gap: Emergency Funding Programs and Asset-Based Finance in Times of Economic Crisis” “Enhanced Government Credit Facility Needed: Crisis Working Group on Monetary and Financial Measures” New Small and Medium-sized Enterprise Loan and Guarantee program launched, that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank. 5 Q1 Publications 1. A Work in Progress: Measuring Wage Gaps for Women and Minorities in the Canadian Labour Market, January 9, 2020 – Tammy Schirle, Moyosoreoluwa Sogaolu 2. Work-Ready Graduates: The Role of Co-op Programs in Labour Market Success, January 14, 2020 – Rosalie Wyonch 3. One More Case for Longer-Term Mortgages: Financial Stability, January 21, 2020 – Michael K. Feldman 4. Monetary Policy, Income Inequality, and Inflation – What’s the Link?, January 28, 2020 – Jeremy Kronick, Francisco Villarreal 5. Water in the Wine? Monetary Policy and the Impact of Non-bank Financial Intermediaries, February 4, 2020 – Jeremy Kronick, Wendy Wu 6. Predicting Financial Crises: The Search for the Most Telling Red Flag in the Economy, February 13, 2020 – Jeremy Kronick, Steve Ambler 7. What You See is Not What You Get: Budgets versus Results in Canada’s Major Cities, 2019, February 20, 2020 – Farah Omran, William B.P. Robson 8. Quantifying CUSMA: The Economic Consequences of the New North American Trade Regime, February 21, 2020 – Dan Ciuriak, Ali Dadkhah, Jingliang Xhao 9. There is No Try: Sustainable Healthcare Requires Reining in Spending Overshoots, February 27, 2020 – William B.P. Robson 6 Q1 Publications 10. Supporting Growth, Restoring Confidence: A Shadow Federal Budget for 2020, March 5, 2020 – William B.P. Robson, Alexandre Laurin 11. The Era of Digital Financial Innovation: Lessons from Economic History on Regulation, March 12, 2020 – David Longworth 12. Conference Report - Vaping and E-Cigarette Regulation in Canada, March 17, 2020 13. The Power of Postponed Retirement, March 24, 2020 – Joseph Nunes 14. Filling the Gap: Emergency Funding Programs and Asset-Based Finance in Times of Economic Crisis, March 31, 2020 – David Powell 7 Our Website’s Five Most-Visited Publications in Q1 1. Work-Ready Graduates: The Role of Co-op Programs in Labour Market Success, January 14, 2020 – Rosalie Wyonch 2. A Work in Progress: Measuring Wage Gaps for Women and Minorities in the Canadian Labour Market, January 9, 2020 – Tammy Schirle and Moyosoreoluwa Sogaolu 3. What You See is Not What You Get: Budgets versus Results in Canada’s Major Cities, 2019, February 20, 2020 – Farah Omran and William B.P. Robson 4. Predicting Financial Crises: The Search for the Most Telling Red Flag in the Economy, February 13, 2020 – Jeremy Kronick and Steve Ambler 5. Kevin Milligan – The Economy Needs a Big, Strong COVID Bridge, March 17, 2020 – Kevin Milligan 8 Q1 Opinion Pieces January Op-Eds There are better, cheaper ways to get Canadians the medications they need - Financial Post Op-Ed– Financial Post Op-Ed, January 11 Fighting the next recession with ‘unconventional fiscal policy’ - Globe and Mail Op-Ed, January 21 U.S., China are going rogue on trade deal - Globe and Mail Op-Ed, January 22 For the Bank of Canada, what a difference a few months makes - Globe and Mail Op-Ed, January 28 February Op-Eds Regulations alone won’t fix Alberta’s potential oil-and-gas well crisis - Globe and Mail Op- Ed, February 5 Ottawa should use principles, not politics, in Frontier decision - Globe and Mail Op-Ed, February 18 CUSMA: Let's get on with it - Financial Post Op-Ed, February 20 Canada's shadow banks are now too big to ignore - National Post Op-Ed, February 21 There should not be a U-turn on Alberta's fiscal journey - Calgary Herald Op-Ed, February 27 9 Q1 Opinion Pieces March Op-Eds There's a better barometer for determining Canadians' financial fragility - Financial Post Op- ed, March 4 Bank of Canada should have kept more of its powder dry in case things get worse - Financial Post Op-Ed, March 11 During this pandemic, Canadians are feeling real financial stress. Here’s how governments can help - Globe and Mail Op-Ed, March 15 Bill Robson: Give businesses a break on GST/HST payments during COVID-19 pandemic - National Post Op-Ed, March 20 Canadian businesses need much bigger subsidies for salaries during this crisis - Globe and Mail Op-Ed, March 22 Job subsidy is key to getting through the COVID-19 crisis – Toronto Star Op-Ed, March 25 10 Q1 Intelligence Memos January Intelligence Memos 1. Glen Hodgson - Five Key Issues for 2020, January 6 2. William B.P. Robson – A Professional Nag Pauses to Reflect, January 7 3. Jon Johnson – CUSMA Auto Rules of Origin, the Protocol and US Implementing Legislation – Part One, January 8 4. Jon Johnson – CUSMA Auto Rules of Origin, the Protocol and US Implementing Legislation – Part Two, January 9 5. William B.P. Robson – Toronto’s property tax hike - because a $1.4 billion surplus isn’t big enough?, January 10 6. Nick Pantaleo – Improving Ottawa’s Changes to the Tax Treatment of Employee Stock Options – Part II, January 13 7. Don Drummond – Improving on a Mandate Letter, January 14 8. Robin Boadway – The Case Against Enhancing Fiscal Stabilization for Resource Revenues, January 15 9. Robert Siddall – With a Little Help From Our Friends, January 16 10. Slattery, Zidar – The costs and limited benefits of firm-specific subsidies, January 17 11. Jon Johnson – Reconciling US Implementing Legislation and CUSMA Uniform Regulations, January 20 12. William B.P. Robson – Net Debt, Capital Assets and Net Worth – Making Sense of the Numbers, January 21 13.