Dear BCCTC Members and Friends,
We hope you are having an enoyable winter. We are back with a full agenda to support your business endeavours - from providing you with key information on Canada-UK relations to offering you opportunities to meet like minded business people.
Do you have an idea for a program? Want to host an event? Let us know! info@bcctc.ca
🇬🇧🇨🇦 British Canadian Chamber of Trade and Commerce 🇬🇧🇨🇦
Did you know?
Both Canada and the UK are part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) offering big opportunities for trade and expansion between Canada, the UK and 10 other countries in the Indo-Pacific: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Both Canada and the UK are part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) offering big opportunities for trade and expansion between Canada, the UK and 10 other countries in the Indo-Pacific: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
BCCTC February Newsletter
UK-Canada Industry News and Updates
UK Export Finance is now in Toronto!
G7/B7 Summit
UK-Canada Trade & Inv stats
Member and Forum Updates
Ensure Your Canadian Business Is Compliant With the Investment Canada Act By Fiona Brown, Partner, Aird & Berlis LLP
Canada's Potential Trade War - Navigating Currency Markets in Uncertain Times by Paul Harrison, Payments International Inc.
Welcome new BCCTC members!: Laura Albrow
Members' corner
Tools from BCCTC Member ACCA to accelerate your Career and your Business
EUCCAN
Strengthening Canada-EU Trade Relations, latest anaylisis on Enhancing Bilateral Trade Ties with France to Mitigate U.S. Tariff Risks.
British community in Canada
Royal Commonwealth Society presents “The Duke of Edinburgh's International Award and its Innovative Educational Philosophy” Alexander Li, BCom, MBA, Director-at-Large, The Duke of Edinburgh's International Award, followed by RCS AGM.
Cricket in Ontario with OSCA Ontario Schools Cricket Association Special Event on March 1
Join the Burlington Welsh Male Chorus and Burlington Welsh Ladies Chorus for St David's Day concert. Saturday Mar 1, 2025 at 3:00 PM at St James Anglican in Dundas.
“Dydd Gwyl Dewi/ St. David’s Day” at Timothy Eaton Memorial Church (Toronto, ON), 7:00pm
Upcoming Events
Feb 20: Responding to Tariff Challenges: A Business Adaptation Workshop (Virtual)
Save the date! March 6: International Women's Day Networking Reception - details TBA
March 13: Quiz & Chips with The Honourable Company of Freemen of the City of London
March 26: European Networking Event - Host: Belgian Chamber
April 9: International Women's Day Webinar with British Chambers of Commerce in Latin America and the Caribbean. Details to be announced.
UK-Canada Industry News and Updates
UK Export Finance
UK Export Finance supports businesses in all sectors to export, whether you’re a small and medium-sized enterprise (SME) or a large company.
When it comes to exporting, having a great product or service is only half the story, don't we know now with the latest news... Learn how UK Export Finance can help - click here.
UK Trade & Investment factsheet - Canada
Latest statistics on trade and investment between the UK and Canada.
Date of release: 31 January 2025; Date of next planned release: 21 February 2025
Total trade in goods and services (exports plus imports) between the UK and Canada was £26.7 billion in the four quarters to the end of Q3 2024, an increase of 6.7% or £1.7 billion in current prices from the four quarters to the end of Q3 2023. Read more here.
G7 and B7 Summit
2025 is a big year for Canada, especially in June when the G7 assembles in Kananaskis, Alberta.
In the lead up to the G7, the Canadian Chamber of Commerce, as the B7 2025 President, will host the B7 Summit in May. "Why the B7 Is Important, Especially Now" Read more on the Canadian Chamber of Commerce Policy Matters.
Member and Forum Updates
Ensure Your Canadian Business Is Compliant With the Investment Canada Act
By Fiona Brown, Partner, Aird & Berlis LLP
The Investment Canada Act (the “ICA”) is federal legislation that applies to, among other things, an investment to establish a “new Canadian business.” Except for investments in Canada to establish certain cultural businesses or those raising national security concerns, all other investments to establish new Canadian businesses are subject to a notification process only under the ICA. The Director of Investments (an officer appointed under the ICA) must be notified within thirty days of the implementation of the investment (the “ICA Notification”).
A “Canadian business” is defined in the ICA as “a business carried on in Canada” that must include “a place of business in Canada, an individual or individuals in Canada who are employed in connection with the business and assets in Canada used in carrying on the business.” Thus, any non-Canadian investor wishing to establish a new Canadian business must complete an ICA Notification. Read more here.
Canada Faces Potential Trade War with the US: Economic Fallout Looms
By Paul Harrison, Payments International Inc.
Canada may be on the brink of its most significant trade war with the United States in decades, a conflict that could push the Canadian economy into recession and stall growth for several years. The initial threat of US tariffs sent the Canadian dollar into a tailspin, plunging to its lowest level since 2003 at 1.4794 before stabilizing at 1.4250 within the same week.
US-Canada Trade Deficit: Energy at the Core
The US trade deficit with Canada is among the lowest compared to its global trading partners, with energy products comprising the entirety of this imbalance. In 2024, Canada exported nearly $170 billion in energy products to the US, while energy accounted for just 6% of total US imports.
The Threat of Tariffs and Their Impact on the Canadian Dollar
If the US goes ahead with the proposed 25% tariff on all Canadian exports, followed by an additional 25% tariff on steel and aluminum, the Canadian dollar may reach levels not seen since February 2002, potentially falling as low as 1.6000 against the US dollar.
If a trade resolution with the US occurs, the Canadian dollar could be undervalued at its current levels, paving the way for a potential rally towards 1.3500, akin to the levels seen before the US election.
Navigating Currency Markets in Uncertain Times
In the short term, we anticipate increased volatility in the Canadian dollar, making it susceptible to significant fluctuations. For those with short-term currency needs, consider using a dollar-cost averaging strategy to reduce the risks of trading at market extremes. Alternatively, if you have a transaction at a future date, consider a forward contract, which provides a fixed exchange rate and protects against market swings.
Be prepared. Connect with Paul Harrison on LinkedIn.
Welcome new BCCTC members!
Having worked in the Travel sector for 40+ years Laura has a well-established and respected profile within the industry. Her proactive, effective style and proven track record in successfully developing and maximizing relationships with Global and Canadian based clients has resulted in a robust network comprised of Travel Agents, suppliers, airlines and industry contacts.
As a results driven, accomplished travel industry professional, Laura’s successes in profitable business expansion, commitment to deliver innovative solutions, and creating strategic plans has gained her a strong reputation as a capable, collaborative and approachable individual who is always open to new opportunities.
Laura Albrow
Account Manager
Air Transat
Connect with Laura Albrow on Linkedin
Members' corner
Tools from BCCTC Member ACCA to accelerate your Career and your Business
The move into the advisory space is a familiar journey for many accountants, one accelerated by the emergence of AI and the increasing role of automation.
The accountancy profession has a central role to play in driving and shaping the future of AI use by bridging the gap between technical capabilities and business needs – that includes ensuring ethical and responsible adoption.
Global economic trends impact all businesses that operate internationally. Being able to anticipate emerging and future threats, and responding to these proactively and intelligently is a critical skill needed today. Learn more.
EUCCAN
In January, the European Union Chamber of Commerce in Canada (EUCCAN) hosted a roundtable with senior business leaders to discuss Canada’s economic resilience and the importance of diversifying trade partnerships. The conversation focused on strengthening bilateral relations with the EU, highlighting key strategies for deepening economic collaboration. Here are the key takeaways from the discussion. Read more here.
British community in Canada
Royal Commonwealth Society presents Alexander Li, BCom, MBA, Director-at-Large, The Duke of Edinburgh's International Award
Under the patronage of His Royal Highness The Prince Edward, The Duke of Edinburgh, The Duke of Edinburgh’s International Award for young people challenges, empowers and recognizes youth between the ages of 14 and 24. By recognizing the amazing things they do and learn outside the boundaries of formal education, the Award empowers them to discover hidden talents, develop untapped leadership potential and make a difference in their community.
"Being involved with The Duke of Edinburgh’s Award – Canada has inspired my belief to continue to invest in youth to become tomorrow’s leaders. As someone who found the experience formative in my own life, I recognize the profound impact it can have. It helped shape my character, instilling values of perseverance, teamwork and a commitment to giving back. Supporting growth of the Award in Canada is my way of ensuring that more young Canadians have access to the same transformative opportunities." - Alexander Li. Alexander Li will speak immediately following the AGM.
Royal Commonwealth Society AGM is for Members takes place on February 25th, 2025, at 7:00 pm. More info here.
OSCA Cricket-Ed Forum 2025
In keeping with OSCA's mission and mandate to foster the physical, social, emotional, and intellectual development of students, OSCA is inviting recreational cricket participants and their family members to OSCA's second annual Cricket-Ed Forum on March 1st, 2025.
Secure your spot now! Don't miss this exclusive end-of-semester event centered on recognition, rewards, financial literacy, learning, and mental wellness. More info here.
St David's Day in Canada
We have the pleasure to invite you to 2 events to celebrate St. David's Day in Canada: the Burlington Welsh Male Chorus and Burlington Welsh Ladies Chorus will hold a St David's Day concert on Saturday Mar 1, 2025 at 3:00 PM at St James Anglican in Dundas. More info here.
And the The Toronto Welsh Male Voice Choir will present “Dydd Gwyl Dewi/ St. David’s Day” at Timothy Eaton Memorial Church in Toronto at 7:00pm. More info here.
Upcoming Events
US tariffs are on everyone’s mind these days (rightly so) but many people don’t fully understand how they work, how are they calculated, who pays them, what mitigation strategies exist, etc. By Christian Sivière and Invest Ottawa.
Save the date! March 6: International Women's Day Networking Reception - details TBA
March 13: Quiz & Chips with The Honourable Company of Freemen of the City of London
March 26: European Networking Event - Host: Belgian Chamber
April 9: International Women's Day Webinar with British Chambers of Commerce in Latin America and the Caribbean. Details to be announced.
European Networking Event
Hosted by the Belgian Canadian Business Chamber.
Join us at this great opportunity to network with other business professionals based in Toronto and connect with other Chamber members. We are pleased to announce that Ambassador of Belgium Patrick Van Gheel will be attending the event.
Participating Partners: British Canadian Chamber of Trade and Commerce, the Canada Finland Chamber of Commerce, the Holland House Canada, the Irish Canadian Chamber of Commerce, the Canada Poland Chamber of Commerce, the Spanish Chamber of Commerce in Canada and the Swiss Chamber of Commerce in Ontario.
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