Canada

Second quarterly report on economic and industry developments launched

THE REAL ECONOMY

Toronto ,

The Real Economy, Canada shows that key economic and industry developments such as the Trans Mountain Expansion Project, an increase in immigration, and the rise of Canada’s digital economy will all have a positive impact on Canada’s small and medium-sized businesses.

RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its second edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into what is driving growth in Canada's middle market.

RSM Canada’s second report of the year explores the potential impact that macro-level trends or large-scale projects such as the Trans Mountain Expansion Project, Canada’s approach to immigration, international trade, and the state of its digital competitiveness, all have on small and medium sized businesses.

Key topics in this quarter’s report include:

  • The Trans Mountain Expansion Project has the potential to create an estimated 40,000 jobs across Canada. The Real Economy, Canada breaks down how small and medium sized businesses stand to benefit from the project.The benefits will be felt across all provinces, but Alberta and British Columbia will benefit the most from the project’s completion.
  • Canada’s openness to immigration and diversity is a vital part of its future economic and intellectual success. By bringing in people with vital digital and labour skillsets, along with a variety of backgrounds, experiences and perspectives, this depth of knowledge will help reinforce Canada’s future on the global stage.
  • Canada is now ahead of the UK in terms digital competitiveness, but there is a skills gap to close to maintain momentum. Canada’s digital economy is growing and facilitating real change within Canada’s middle market, but there is a digital skills gap that needs addressing before the country can continue to develop its position as a technology leader.

“The numbers show that Canada’s relative openness to immigration is a clear benefit for many middle market businesses,” said Joe Brusuelas, chief economist, RSM. “As the digital economy grows, it brings in the right skillsets to help bridge the widening skills gap, but it will also support Canada’s plans for economic growth, where a broad spectrum of diversity and perspectives will develop the country into a major tech and industry player.”

Alex Kotsopoulos, vice president, projects and economics, RSM Canada commented: “While projects such as the Trans Mountain Expansion Project are currently facing headwinds and roadblocks, it’s clear from this latest report that there are lots of positives for Canadian small and medium sized businesses, including up to 40,000 jobs and a GDP increase that will benefit the whole country.”

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RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. RSM Alberta LLP is a limited liability partnership and independent legal entity that provides public accounting services. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International.  For more information visit rsmcanada.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.