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An Amazon warehouse in the Lachine neighborhood of Montreal, Quebec, Canada, on Jan. 22, 2025.
Hard Numbers: Amazon to close unionized Canadian facility, Pentagon sends troops to border, Quebec’s new AI infrastructure fund, Freeland abandons capital gains tax
1,700: On Wednesday, Amazon announced it will close all Quebec facilities in the next two months, cutting over 1,700 jobs and outsourcing deliveries to smaller contractors. The company claims the decision is for cost savings, not related to the recent unionization at its Laval warehouse — Quebec's only unionized Amazon workforce in Canada. The CSN union federation denounced the closure as nonsensical. Workers at the Laval facility, who were seeking a $26 per hour wage, received news of the closure through an email to their union lawyer.
1,500: The Pentagon is sending 1,500 troops to secure the southern US border. The move comes two days after Donald Trump signed a series of executive orders – including one declaring a national emergency – to increase military presence at the border.
1 billion: Quebec-based Novacap Investments has successfully closed a $1 billion digital infrastructure fund, predicting that the rapid growth in AI will keep the demand for digital infrastructure high. To put this sum in perspective: Canada only raised $1.56 billion in private equity funds in the first 11 months of last year. The fund exceeded its initial $750 million target despite challenging market conditions, and it aims to invest around $100 million each in 10 regional companies providing connectivity and data services.
19 billion: Despite previously championing the tax increase as finance minister, Chrystia Freeland plans to abandon the Canadian government's capital gains tax hike policy if she wins the Liberal Party leadership race to replace Justin Trudeau. Freeland's shift against the tax hike – the policy would have generated CA$19 billion over five years – comes in response to Donald Trump’s policies and the risk of investment flowing to the US.
Detectives pose in front of the truck used in the Toronto Pearson International Airport gold heist as they give details of the arrests made one year on in Brampton, Ontario, on April 17, 2024.
Hard Numbers: Police make a golden catch, Canada hikes capital gains tax, Haiti names transitional council, Boats wait on Baltimore, Indigenous groups eye energy investments
22.5 million: Police have cracked the case of the biggest gold heist in Canadian history, arresting six people in the $22.5 million caper that involved the theft of a container at Toronto’s Pearson International Airport last year. Two of the suspects were employees of Air Canada.
⅔: No gains, no pain! Canada’s new federal budget increases the tax rate on capital gains from one-half to two-thirds for some payers. The measure, which applies to businesses and individuals whose capital gains earnings exceed $250,000, is projected to net about $19 billion over the next five years.
7: Haiti on Tuesday named the 7 voting members of a transitional council that is charged with selecting a successor to Prime Minister Ariel Henry. Henry, who was unable to return to violence-wracked Haiti following a trip last month to secure international aid, has pledged to resign once the council picks a new PM. The council’s mandate runs until 2026, but it is still unclear when it will actually take power. Last month, Canada dispatched troops to Jamaica to help train an international policing mission for Haiti.
3: After a boat crash brought down a bridge at the entrance to Baltimore’s harbor last month, interrupting shipping at one of North America’s busiest ports, the city opened two alternative shipping channels to accommodate cargo boats. Shipping giant Maersk has said those aren’t deep enough, but there is intrigue afoot: The company also said it had seen unconfirmed reports of a third channel set to open later this month that would be deep enough, and that it was waiting for local authorities to confirm. The ball’s in your port, Baltimore.
3.6 billion: The Canadian government will make available up to $3.6 billion in preferential loan guarantees for indigenous groups that want to invest in natural resources projects. Those projects could include, for example, massive energy transport projects like the Trans Mountain or Coastal GasLink pipelines, as well as a range of renewable energy projects.