Because of U.S. tariffs, there is a high chance that, this week, Canada will begin to experience an economic shock bringing a recession. Before this latest hit, the economic landscape was already gloomy for Canada. Many of EME’s clients who are small builders and developers were already facing extreme economic hardship due to relative high inflation and high interest rates. A quote from the 1996 film “Primal Fear” comes to mind: “Have you been saving up for a rainy day? Guess what? It’s raining!”
As an employer, here is my challenge:
Over the next six months to a year, the most patriotic act Canadian small businesses can achieve is to do everything we can to keep our folks on payroll. In that vein, hoping for the best, but anticipating the worst, my partners at EME and I have done a refinancing in order to do everything in our power to keep our people employed during the storm, even if it means dipping in our personal savings, and encroaching on our personal assets. This means that we will hold on as long as we can, not because it makes economic sense but because of love of country and its people.
And so, I am sending out this challenge to all similarly situated Canadian small businesses: For as long as you can, please make every effort to keep your people employed!
These small actions, when multiplied, will help preserve and protect Canadian sovereignty. There is a case for Canada. Forged under the harshest of climates, we are the country of true reconciliation and partnership. While the English and the French fought a 100-year war in Europe, in Canada we created a bilingual French/English country through dialogue, cooperation, and understanding.
We are the country that carved out its biggest mass of land, the Northwest Territories, to create the first majority Inuit territory, named Nunavut. We are the country that for more than a century was the end of the line for the Underground Railroad, where African American slaves would finally reach freedom. We are the country that sent thousands of its young to take on the Nazis during World War II to protect world freedom, long before the Americans joined the fight.
The world needs and deserves a free and strong Canada, and I expect to see over the coming months how much Canadians are willing to sacrifice to keep it alive, even if it will make us collectively poorer to remain a free people.
As a traditional Canadian, I always try to save for a rainy day. It is raining. We will weather the storm.
