(Jan. 7/18): Researchers at the Bank of Canada (BOC) released a research note at the end of 2017, stating that 60,000 jobs could be lost by 2019 due to the vast increases in the minimum wage taking place in provinces across the country.
On January 1, Ontario increased its minimum wage to $14/hour, while Alberta is expecting to implement a $15/hour minimum wage before the year’s end. Ontario plans to follow suit and increase its minimum wage to $15/hour on January 1, 2019.
P.E.I. is increasing its minimum wage to $11.55/hour in April and B.C. is planning on raising its minimum wage up from $10.85/hour to $11.25/hour this year as well.
According to the BOC’s report, Canada’s inflation rate is expected to see a 0.1% increase, while economic growth is expected to slow by the same amount.