The WSIB has announced that average premium rates for Ontario businesses will remain steady for 2024. While most sectors have had slight fluctuations, G6 Non-Residential Building Construction was one of few sectors to retain their same average premium rate from2023 of $1.55 per $100 of insurable payroll. This stability, however, may be short lived dueto the WSIB’s announcement of a 6.5% cost of living increase to people receiving in comereplacement, as well as, the 2% super indexing included in Bill 149, which both signal that rates are likely to increase in the future.
To access your individual 2024 premium rate statements, visit the WSIB website
HERE!
The Federal government officially launched their Prompt Payment for Construction Work Act on December 12th, 2023. According to the act, the federal government must make payments within 28 calendar days of receiving a proper invoice from a contractor. Contractor’s then have seven days to pay subcontractors, and they subsequently have an additional seven days to pay their sub-subcontractors. The act, passed in June 2019 with regulations posted in February, has no grandfathering for older contracts, however existing construction contracts must comply with the act within one year, starting from December 9,2023.
Read the full act HERE!
We are happy to announce that MCA Ontario will be partnering with MCA American againt his year to offer their Preparatory Institute for Project Management course. The Pre-IPM is an online program designed to provide a strong foundation in mechanical project management education. The 90-minute sessions are taught by contractor-instructors and provide an introductory education in everything from planning to scheduling, and from cost control to time management.
The usual cost of this course is $2500 USD for non-members; however, we are able to offer this course for MCAA’s member cost of $1,025 USD. Registration opens at 12pm EST on February 15th, 2024, and as an added bonus, the MCAO will reimburse the difference in conversion rate for the first ten members who register; upon successful completion of the course!!!
For more information on registration please reach out to our Operations Manager Dylan at
dylan@mcao.org and to learn more about the Pre-IPM course click
HERE!
The Ontario government is supporting Indigenous people across Northern Ontario by investing $7.3 million in eight innovative training projects. These initiatives seek to help address the 17,000 job vacancies in the region by equipping 1,700 participants with the necessary skills for fulfilling careers within their communities, focusing on vital sectors such as mining, logging, construction, healthcare, and tourism.
Read More about it
HERE!
Inflation
Inflation continued its overall downward trend through 2023 with rates falling from 6.3% in December of 2022 to 3.1% in November of 2023. This trend is anticipated to stabilize through the middle of 2024 with the possibility of further declines predicted towards theyear’s end.
Interest Rates
The bank of Canada has maintained its benchmark interest rates at 5% over the last four announcements. This consistency, however, is not expected to last as analysts predict an increase in rates during the second quarter of 2024, followed by a projected decline inthe last two quarters of the year.
On November 17th, 2023, the TSSA launched its new website to help facilitate seamless customer interaction. The choice to modernize their website comes from extensive research performed via surveys of both internal and external stakeholders and included walkthroughs at various stages of planning and development. The new website will make it easier to access information and services through a more customer friendly design, structure, and content.
To visit the new site, click HERE!
The Ontario Government is committing over $62.9 million to boost two foundational skilled trades programs benefitting more than 18,000 young individuals as they explore and prepare for lifelong careers. Focused on meeting the demand for skilled workers in construction and infrastructure projects, the funding will support the training of an estimated 100,000 skilled workers required by 2031. The investment includes $21.1 million for the expansion of the Ontario Youth Apprenticeship Program (OYAP), enabling students to gain exposure to trades while completing their diplomas. Additionally, $41.8 million will launch approximately 100 pre-apprenticeship training projects, providing hands-on experience in high-demand trades.
Read more about it HERE!
If you want to be added to the waiting list for the MCA Ontario Annual GeneralMeeting/Conference, please contact either our office by calling 905-629-0344 or emailing mcao@mcao.org
Our intent is to make this a quarterly newsletter that is full of timely and valuable information for you. If you would like to see a specific topic or concern included in a future version please reach out to us atmcao@mcao.org. We welcome any feedback and/or questions you may have.
5250 Solar Drive, Suite 201
Mississauga, ON L4W 0G4
Phone:
905-629-0344
Email:
mcao@mcao.org
Monday – Friday: 8:30AM–4:30PM
Saturday & Sunday: Closed
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