Business in Vancouver (Issue 1812-14)

BIV

Haisla blazes path for Indigenous industry Final investment decision makes Cedar LNG the first multibillion-dollar, First Nations-owned industrial project in Canada | Page 8

The changing economics of gig work More pay and better protections for B.C. gig workers likely mean higher costs for businesses and consumers starting in September | Page 6

BUSINESS INTELLIGENCE FOR B.C.

Daily business news K biv.com

July 22-August 11, 2024 | Issue 1812-14 | $4.00

WHAT A SECOND TRUMP TERM MEANS FOR OUR ECONOMY And why a significant number of Canadians prefer Biden’s America over Trudeau’s Canada | Pages 4-5

Recent polling favours a second term for former president Donald Trump | SPUKKATO/ISTOCK/GETTY IMAGES PLUS

7

PM40069240

71114 78312

R8876

6 27

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT: 303 W 5TH AVENUE, VANCOUVER, B.C. V5Y 1J6.

BIV DAILY NEWS

Free. Fresh content straight to your inbox.

Sign up at biv.com.

2

JULY 22-AUGUST 11, 2024

COMMENT

FIND IT FINANCE LIST

7 9

INSIGHTS COURTS

INSIDE JOKE

10 11

WE ACKNOWLEDGE THE [FINANCIAL] SUPPORT OF THE GOVERNMENT OF CANADA

CONTACT

INSIDE JOKE

Editor-in-chief | Hayley Woodin Hastings Business editor | Tyler Orton ADVERTISING SALES Customer service and subscriptions

604-608-5149 604-608-5103 604-688-2398 | ads@biv.com 604-688-2398

GROW

your business and reach new markets.

boardoftrade.com

JOIN TODAY

Business in Vancouver s published by BIV Media Limited Partnership at 303 West 5th Avenue, Vancouver, BC, V5Y 1J6.

Telephone 604-688-2398. New subscriptions: visit biv.com/ subscribe. Copyright 2024. Articles may not be reprinted without permission from the publisher. PUBLICATIONS MAIL AGREEMENT NO. 40069240. REGISTRATION NO. 8876. Return undeliverable Canadian addresses to Circulation Department: 303 West 5th Avenue, Vancouver, BC, V5Y 1J6. Email: subscribe@biv.com.

NEWS

JULY 22-AUGUST 11, 2024

3

Nine B.C. public auditors hammered by U.S. regulator REGULATION | Unprecedented enforcement action not shown on B.C. accountant licensing body’s site

BY GRAEME WOOD GWOOD@GLACIERMEDIA.CA

E

ach year, provincial lawmakers gather in Victoria with the organization that regulates B.C. accountants and last April was no different, with a breakfast hosted by then-newly appointed Minister of Post-Secondary Education and Future Skills Lisa Beare.

Beare’s ministry is tasked with overseeing the Chartered Professional Accountants of British Columbia (CPABC)—the training, licensing and regulatory body for the province’s 40,000 CPAs and 6,000 CPA candidates and students.

In March, CPABC had proposed an amendment to the Chartered Professional Accountants Act, the profession’s enabling legislation, to add “protection of the public interest” to its legislated objectives.

The amendment was not only to align the act with other professional regulatory bodies—it was in response to the 10 recommendations money laundering inquiry commissioner Austin Cullen directed at the CPABC in June 2022.

“These are changes that the chartered professional accounta nts a re ver y excited about because they believe they are already doing this work,” said Beare in committee last April.

“The expectation is for CPABC and the ministry to continue the fantastic work that they do together already.”

However, not mentioned anywhere in the public record is how, while Beare was lauding CPABC for its “fantastic” regulatory record, Canadian and U.S. regulators were busy unleashing an unprecedented wave of enforcement actions against Vancouver accounting firms that audit the books of B.C. public companies.

Since March 2021, the U.S. Public Company Accounting Oversight Board (PCAOB) has levied hundreds of thousands of dollars’ worth of fines and numerous practice restrictions against eight B.C. firms that are responsible for the lion’s share of

audits of B.C. public companies.

In June, the PCAOB—the U.S. regulator for audits of U.S.-listed public companies—sanctioned a ninth Vancouver firm.

T he P C AOB cen s u red , restricted or in some cases banned these firms from operating in the United States under settlements in which they did not admit nor deny the violations alleged by board investigators.

No other jurisdiction outside of the United States has come close to meeting that level of scrutiny and enforcement by the PCAOB for serious violations that it asserts—if left unchecked—would imperil the integrity of U.S. investment and capital markets.

“No matter where they are located, PCAOB-registered firms must follow PCAOB rules and standards,” said PCAOB chair Erica Y. Williams on June 18, following findings against the ninth B.C. firm. “Failing to do so puts the investing public at risk and will not be tolerated.”

When Glacier Media inquired about this unprecedented conf luence of regulatory actions against Vancouver accounting firms, CPABC CEO Lori Mathison declined an interview.

Ministry staff cancelled a schedu led i nter v iew w it h Bea re, who a lso decl i ned a n opportunity to speak to Glacier Media about the amendment and CPABC’s record of protecting the public from errant accountants.

“National and international regulators have lifted the lid off a serious systemic problem,” said David Baines, who for more than three decades monitored accountant regulations in B.C., particularly in relation to the public markets, as a business columnist for The Vancouver Sun. “Nearly every accounting firm that audits B.C. junior companies has come under regulatory fire. Equally worrisome is that the reaction of CPABC officials and their political overseers seems to be: ‘No problem here.’”

U.S. regulator hands out bans, US$445,000 in fines to B.C. firms

The first of the nine B.C. firms penalized by the PCAOB since the spring of 2021 was Morgan and Company LLP, which was censured and fined US$25,000 in March 2021 for careless auditing of two public companies, including partnering with an unregistered Mexican accountant to audit a Canadian mining company.

In September 2021 the regulator revoked the registration of WDM Chartered Professional Accountants and barred its sole ma nag i ng pa rtner Mike Kao from being associated with a registered public accounting firm after failing to improve quality control standards following multiple warnings from inspectors. A US$10,000 was also imposed.

M o n t h s l a t e r, i n D e c e mber 2021, the board fined Dale Matheson Carr-Hilton LaBonte LLP US$50,000 and censured it for deficient audits on two Canadian companies. Specifically, when the U.S. Securities and Exchange Commission told the firm its audits needed to meet PCAOB standards, the firm simply amended the same audits to say they had, when in fact nothing changed.

The same month, Harbourside CPA LLP was fined US$10,000 and censured for filing errors.

In September 2022, the board revoked the registration of Hay & Watson and its principal Essop Mia. The authorities also barred Mia from becoming or remaining “associated with any issuer, broker or dealer in an accountancy or a financial management capacity” in the U.S. and jointly fined them US$50,000 for altering and backdating documents for an audit of an Ontario-registere d oi l a nd ga s c ompa ny, among other accounting violations. Mia did not cooperate with the board’s investigation, according to the PCAOB. A year later, in September 2023, the board revoked the registration of North Vancouver accounting firm K.R. Margetson Ltd. and its sole director Keith Margetson. They were censured and the firm was fined

US$30,000 a f ter i nspectors found multiple violations of accounting rules deemed to be “reckless” if not purposeful.

A month later, in October 2023, Smythe LLP faced the biggest fine yet—a US$175,000 penalty for poor standards in auditing four public companies, including two operating in Canada. In particular, Smythe LLP accepted the audits of unregistered auditors of client subsidiaries from Mexico and Argentina. The board also censured the firm and ordered it to complete remedial actions.

In November 2023, the board imposed a US$35,000 fine on Manning Elliot LLP, which was also censured and ordered to take corrective policy measures. The firm had failed to disclose nine reportable events concerning three disciplinary proceedings brought by the Canadian Public Accountability Board (CPAB)— the Canadian counterpart of the PCAOB that specifically regulates auditors for Canadian-listed public companies.

The lastest firm to face penalties was De Visser Gray LLP, which was fined US$60,000 and censured for poor quality control standards, failing to correct “significant deficiencies in its system” and conducting non-compliant audit methodologies that were first flagged in 2019 and continued in 2022, when investigators checked back in with the firm.

CPAB also took disciplinary action last year against several of the B.C. firms that have been penalized by the PCAOB. Smythe LLP is prohibited from accepting any new audits, and both Manning Elliot LLP and Da le M at heson Ca r r-H i lton LaBonte LLP are each prohibited from accepting new high-risk files. WDM Chartered Professional Accountants is prohibited from accepting new mediumand high-risk files.

CPAB did not administer fines.

CPAB terminated Hay & Watson’s publ ic compa ny aud it registration and directed the company to cease all ongoing audits of B.C. public companies on June 23, 2023.

Hay & Watson became just the second B.C. firm to be terminated by CPAB following the April 15, 2019 termination of Jackson & Company, whose principal Anthony Jackson has since been suspended from the investment markets for participating in a consulting scheme deemed abusive to the capital markets.

No accounting of U.S. enforcement by CPABC All of the above B.C. accounting firms are licensed by CPABC in order to offer other services to the general public, such as business audits, financial assessments and personal income tax filings.

However, a nyb o dy checking the CPABC website for the regulatory record of any of these firms would find no mention of the enforcement actions taken by the U.S. regulator, and although CPABC has taken some minor enforcement action against some of those firms, it has withheld their identities from public view.

For e x a mple, t he u nd ate d CPA B C d i scipl i n a r y not ic e “2022 - #15 - A Member and Firm,” states the respondents failed to comply with U.S. auditing standards and, recognizing that they had already incurred significant penalties, CPABC only issued a reprimand and $1,500 fine.

T he respondents a re not na med, but the i n formation in the notice aligns precisely with the US disciplinary action against WDM and its sole managing partner, Kao. A l s o i n 2 0 2 2 , C PA B C a nnounced reprimands against two other firms whose identities a re not d isclosed, but whose violations align precisely with Habourside CPA and Dale Matheson Carr-Hilton LaBonte.

Similarily, notice “2023 - #19 - A Member” does not identify the respondent, but cites violations that align exactly with Hay & Watson and its principal, Mia. CPABC issued a reprimand and fined the firm an additional $1,000.

CONTINUED ON PAGE 8

4

JULY 22-AUGUST 11, 2024

NEWS

What a second Trump presidency POLITICS | The areas of trade, migration and defence are most likely to see change

BY GLEN KORSTROM GKORSTROM@BIV.COM

P

ol ls have show n former president Donald Trump widening his lead over President Joe Biden since the June 27 election debate, in which Biden’s performance was widely panned.

The results suggest an increased likelihood that the Republican candidate will win the Nov. 5 presidential election.

Whoever leads the U.S. has a significant impact on Canada.

As former Ca nad ia n pri me minister Pierre Trudeau told an American audience in a 1969 speech: “Living next to you is in some ways like sleeping with an elephant. No matter how friendly and even-tempered is the beast, if I can call it that, one is affected by every twitch and grunt.”

His son, Prime Minister Justin Trudeau, had a rocky relationship with Trump during the latter’s 2017-21 presidency, and has recently made unenthusiastic comments about the prospect of a second Trump term.

“It wasn’t easy the first time and if there is a second time, it won’t be easy either,” Trudeau told the Montreal Chamber of Commerce in a January speech.

University of British Columbia (UBC) political scientist Stewart Prest told BIV that a Trump

election win could cut two ways for Trudeau, who is slated to run for re-election next year despite the fact that his Liberal party has fallen far behind the Pierre Poilievre-led Conservatives in the polls.

“A Trump win could give more momentum to Mr. Poilievre, as another indication of the success of the right, and more right-leaning and culturally right arguments,” Prest said.

“On the other hand, if Trump were to win and take office in early 2025 and things go really badly, then that might become a problem for Mr. Poilievre, who would have to justify and say that he’s not going to create a version of that here in Canada.”

Politically, a Trump win has the potential to most rattle Canada on issues such as the economy and trade, immigration and migration, and security and defence.

Economy and trade Trump has a reputation for being more of a protectionist than a free trader.

His first term in office saw him threaten to tear up free-trade agreements and he levied new tariffs on various countries, including Canada.

This alarmed Canadian politicians, given that about three-quarters of Canada’s goods

exports—equivalent to more than one-quarter of the country’s GDP—go to the U.S. The Canadian government successfully convinced Trump to renegotiate the decades-old North American Free Trade Agreement, which resulted in what is known in Canada as the Canada-United S t a t e s-M e x i c o A g r e e m e n t (CUSMA).

That agreement loosened Canadian dairy restrictions and forced Canada to provide U.S. dairy farmers access to about 3.5 per cent of the country’s $16 billion annual domestic dairy market.

The U.S. has since increased exports of some milk products to Canada.

“The U.S. won some concessions from Canada, but Canada did a pretty strong job of holding the line on the dairy market,” Prest said.

New CUSMA provisions also related to data and intellectual property, restricting Canada’s ability to require that servers or “computing facilities” be located in Canada, and restricting its development of domestic policies related to data and IP. The agreement also imposed stricter labour and environmental standards.

Like NAFTA, CUSMA is at risk under a Trump presidency.

Canada, the U.S. and Mexico must by July 1, 2026, confirm in

writing that they want to continue the agreement. Any of the countries deciding not to renew their participation creates uncertainty, the risk of another protracted renegotiation or the possibility of less-free trade.

Tariffs are another risk.

Trump imposed a 25-per-cent tariff on steel imported from a range of countries, including Canada. He also imposed a 10-percent tariff on aluminum from Canada and other countries.

This led Canada to impose those same tariffs on U.S. steel and aluminum. Both of those tariffs have been removed.

Trump this year said he would impose a 60-per-cent tariff on Chinese imports and a 10-per-cent tariff—or more—on all imports from all countries.

A 10-per-cent tariff on exports to the U.S. would subtract $7 billionfrom Canadian GDP annually, representinga 0.3-per-centdecline from the status quo, according to a recent BDC report.

“This drop in economic activity would translate into the loss of around 20,000 jobs in Canada,” the report said.

Central 1 Credit Union chief economist Bryan Yu told BIV that both Trump and Biden are more protectionist than previous presidents, but that tariffs could be a bigger risk under Trump.

“There would absolutely be a lot more of a challenge with a lot of discussions around higher tariffs for all the trading partners, including Canada,” he said.

Prest agreed.

“There’s going to be a number of big industries that have the Trump administration’s ear and we can expect those interests to be vociferously defended,” he said.

Immigration and migration Trump took a tough line on immigration, migration and all other kinds of entry into the U.S. from the start of his presidency.

One week after his Jan. 20, 2017 inauguration, Trump launched an executive order widely described as a Muslim ban. He restricted entry into the U.S. from five majority-Muslim countries, including Iran, Syria, Libya, Yemen and Somalia. The ban also included nationals from North Korea and Venezuela.

The impact of that since-rescinded order was that Canada likely received more visitors, and more people wanting to be accepted as refugees or immigrants.

If Trump retakes the White House and repeats this tough stance, there may once again be more visitors to Canada. That has the potential to elevate already-soaring prices for hotel rooms and homes in Vancouver.

For some Canadians, Biden’s POLITICS |

BY NELSON BENNETT NBENNETT@BIV.COM

B

ased on the track records of both U.S. former president Donald Trump and current President Joe Biden, if Canadians could vote in the November presidential elections in the U.S., it might be in their best interest to vote for the Democratic nominee chosen to replace Biden in the presidential race.

Some Canadians have, in fact, already voted for Biden—with their

A term that continued the approach of the current U.S. president

feet. In 2022, more than 126,000 Canadian citizens moved to the U.S., according to Statistics Canada—the highest number in a decade.

“No matter what happens in the outcome of the election, I think this should be a wakeup call for British Columbia,” said Bridgitte Anderson, president of the Greater Vancouver Board of Trade (GVBOT).

“Last year, more people moved out of B.C. for another province than moved here. But if you look at the numbers in Canada, writ

large, more people have moved out of Canada to the U.S. than we’ve seen in a decade as well.”

Some of those Canadian émigrés would have taken their businesses with them.

“The cost of scaling and running a business in B.C., compared to the U.S., is becoming untenable, and that’s why we’re seeing businesses and individuals leave,” Anderson said.

Who sits in the Oval Office matters a lot for Canadian businesses, especially those that export goods

and services to the U.S. BDC notes that Canada exports 75 per cent of its goods and services to the U.S., and is therefore vulnerable to “Buy American” protectionism.

While both Biden and Trump administrations proved protectionist, Trump was a far more aggressive and unpredictable isolationist.

“What has characterized Biden’s administration is a much more normal, predictable kind of approach to trade,” said Dennis Darby, president of the Canadian

Manufacturers and Exporters (CME).

One part of Canada-U.S. trade that was hurt under Biden was energy. On his first day in office, Biden killed the Keystone XL pipeline, which had economic ramifications for Alberta oil producers as it helped maintain a discount for Alberta crude and also deterred investment in the province.

“The last eight years, for both the Trump and Biden administration, we’ve seen an increasingly protectionist approach,” Anderson said.

NEWS

JULY 22-AUGUST 11, 2024

5

could mean for Canada’s economy should the former president succeed in winning the White House this November Perhaps Trump’s biggest campaign promise was to deter illegal migration by building a wall between the U.S. and Mexico—and force the Mexican government to pay for it. That did not happen, though some parts of the wall were constructed.

Much of the U.S.-Mexico border remains without a partition, and illegal migration across that border is once again a hot-button issue in the election campaign.

Trump gave Immigration and Customs En forcement (ICE) agents more power to enforce laws and detain unauthorized immigrants.

Controversially, he launched what he called a “zero tolerance” policy at the border, leading to children and parents being separated while detained.

He also attempted to end a program that allowed people who entered the U.S. as children and who had lived there for more than five years to have a two-year deportation deferment—a challenge that the courts blocked.

Many who oppose Trump fear that he will ramp up efforts to keep foreigners out of the U.S. That could lead to more of those people seeking refuge in Canada, said Irene Bloemraad, a professor and co-director of UBC’s Centre for Migration Studies.

U.S. politicians have so far failed

to pass a Development, Relief and Education for Alien Minors (DREAM) Act. If Trump steps up deportations or detentions, so-called “DREAMers” could try to immigrate to Canada, or claim refugee status here, Bloemraad said.

Despite Canada having a Safe Third County Agreement (STPA) with the U.S., people could claim in court that U.S. detention policies are “cruel and unusual,” and that the U.S. is no longer a safe country for deportees. That could prompt Canada to accept them as asylum seekers, Bloemraad said.

While it is illegal for U.S. employers to hire undocumented workers, there is little enforcement because there is little political will to go after employers, she added.

That status quo is unlikely to change under Trump, whose Trump Organization has been accused of hiring undocumented workers, Bloemraad said.

“Trump is obviously someone who is very pro-business, and he is not someone who believes in government regulation of business,” she said.

Canada and the U.S. last year tweaked their STPA to close a loophole that enabled migrants to claim refugee status in Canada without fear of being sent back to

the U.S. if they entered Canada at irregular entry points, such as any non-official border crossings.

Refugee claims from people arriving at Canadian airports then surged.

“I’m not sure that a tweak in Canadian regulations is going to be enough to stop you [from trying to come to Canada] if you truly fear deportation back to your homeland,” Bloemraad said.

A Trump presidency may deter some foreigners from wanting to study in the U.S., she added.

That could prompt a rise in international student applications in Canada.

It is also possible that convention planners could look more favourably at Canadian cities if they fear that some delegates will not be able to attend a U.S. event.

The number of Mexicans enteri ng Ca nada th roug h B.C. surged during the Trump presidency pre-pandemic. While some of those visitors may have chosen to visit Canada instead of the U.S. because they were turned off by the U.S. president, a bigger factor for most was likely that Canada ended visa requirements for Mexicans starting on Dec. 1, 2016.

Mexican travellers to Canada through B.C. jumped to 13,573 in December 2016, according to Destination British Columbia. That was up 69.1 per cent from the same

month in 2015.

A future increase under a Trump presidency is unlikely given that Canada in February reinstated visa requirements for most Mexican travellers.

Mexican visits to Canada have since substantially declined on a year-over-year basis.

Security and defence Trump is expected to lead the U.S. to be less active in global organizations than Biden.

The former caused angst among allies earlier this year when he said that he would encourage Russia to “do whatever the hell they want” to any North Atlantic Treaty Organization (NATO) country that doesn’t pay two per cent of GDP on defence—including Canada.

Canadian defence spending has long fallen short of that threshold, which is a guideline and expectation of members in the 32-country military bloc. Trump’s campaign rhetoric has prompted renewed efforts in Ottawa to have Canada increase that spending. So has Russia’s war in Ukraine, and heightened military spending among European allies.

“By 2029-30, we expect that our defence spending will reach 1.76 per cent of GDP,” Canadian National Defence Minister Bill Blair said in May. T r u d e a u , on Ju ly 1 1, t h e n

outlined his timeline to meet the two-per-cent spending goal, though without many details.

Prest thinks more Canadian spending on the military is likely if Trump wins the White House.

“On elements that we would more normally think about as being Canadian domestic policy, [Trump] may take more of an interest in lobbying the Canadian government,” he said.

That meddling in Canadian domestic policy could also extend to how it regulates U.S. technology companies, Prest said.

Trump has a reputation for being unpredictable and pushing boundaries in world affairs.

He said in July that Taiwan should pay the U.S. for military protection and accused it of stealing America’s semiconductor business. This raised questions over how the U.S. would respond if China invaded Taiwan.

That unpredictability is also in part why some fear he may put into effect an initiative organized by the activist U.S. conservative think tank Heritage Foundation, known as Project W2025.

The project suggests many policy proposals aimed at reshaping the U.S. government to consolidate power under the president.

What Trump would do with enhanced power, and how it would affect Canada, is anyone’s guess.■

America trumps Trudeau’s Canada would likely be better for the B.C. and Canadian economies from a trade perspective “And we’ve seen these massive tax breaks through personal tax cuts and also the Inflation Reduction Act (IRA).”

The original draft of the act— which provides massive tax credits and incentives for electric vehicle manufacturing and other clean energy technologies—raised fears that Canadian manufacturers would be frozen out of the American electric vehicle and battery manufacturing space.

“We were very fortunate, and did a lot of work, to get the Inflation

Reduction Act to include [the] manufacture of vehicles in North America,” Darby said.

The IRA provided such massive production subsidies for manufacturers to locate or relocate to the U.S. that Canada’s Justin Trudeau government found itself in a business bidding war, and ended up offering $31 billion in production subsidies and investment tax credits to get its share of the EV manufacturing pie. This approach, Anderson said, is “risky.”

“What the Trudeau government

has done is it put all its eggs in one basket, in one sector,” Anderson said. “And that is a very risky approach.”

From a Canadian diplomatic and economic standpoint, Biden had been easier to deal with than Trump, and the general attitude of the White House towards trade relations with Canada will matter a great deal when the Canada-United States-Mexico Agreement (CUSMA) comes up for review two years from now.

“There are several thorny points

that could emerge,” said economist Werner Antweiler, chair of International trade policy at the University of British Columbia’s Sauder School of Business.

“One concerns the automobile market, which faces challenges from potential imports from China. The U.S. has already applied tariffs on EV imports from China, and Canada has launched a countervailing duty investigation. And there are also concerns that Mexico could become a staging platform for Chinese

manufacturers, which could put strains on the CUSMA relationship,” he said.

Anderson added that, on tariffs, B.C. businesses know what a Trump administration has said it will do. How a new administration would handle such issues is unclear.

“CUSMA could be quite significant when it’s opened up for review in 2026, and it could be quite negative for our economy, and that might be regardless which president is elected.”■

6

JULY 22-AUGUST 11, 2024

NEWS

New regulations create B.C. gig economy uncertainty WORK | Experts expect higher costs and lower demand for app-based services starting September 3

BY ADAM CAMPBELL

We are cautiously pessimistic; there hasn’t been a proper financial analysis on the cost implications of what this does

ACAMPBELL@GLACIERMEDIA.INC

BC

gig workers and consumers face an uncertain future due to new regulations.

In June, the provincial government finalized regulations to deliver fair treatment for app-based ride-hailing and delivery workers across British Columbia.

These adjustments are expected to come into effect on September 3, 2024, and will apply to those working for apps such as Uber, Uber Eats, SkiptheDishes and DoorDash.

In recent years, gig workers raised concerns about the nature of their work, such as low and unpredictable pay, lack of coverage through WorkSafeBC, lack of pricing transparency, unfair account suspensions and tip protection.

Following various meetings with the provincial government and even a strike warning from several gig workers, new regulations will include: Establishing a minimum wage of $20.88 for workers; Additional compensation of $0.45 per kilometre for ride-hailing and $0.35 per kilometre for delivery; Coverage and compensation benefits from WorkSafeBC, including rehabilitation services from work-related injuries; Further destination and pay transparency; Prohibiting companies from withholding or deducting tips; and Improved suspension and termination policies.

In a news release, Minister of Labour Harry Bains said he supported these changes and highlighted the need for “basic fairness.”

“Everyone working hard to support their families should have basic protections so if they’re injured on the job, they won’t lose their homes,” said Bains. “That is what we are doing with these regulations—providing fair pay and basic protections for these workers.”

[] IAN TOSTENSON CEO AND PRESIDENT, B.C. RESTAURANT AND FOODSERVICES ASSOCIATION

An app-based food delivery gig worker completes their assigned orders in Vancouver | CHUNG CHOW

A local perspective BIV spoke to Joy Nahirnick, a Victoria-based part-time Uber driver who said she believes the regulations—especially the new destination and pay transparency—are positive.

“Absolutely, I think they’ll be good changes,” said Nahirnick.

“Uber seems to be a fair employer; my ex per ience w it h them has been lovely,” she said.

“Sometimes it’d be nice to know where you’re going when you pick up a client, right? If I only have an hour, and they want to go an hour and ten minutes, I’m going to be late for another call.”

Nahirnick continued by mentioning these benefits will mostly support her colleagues who drive for the app full-time.

“There’s a few people I know that are using this as a full-time employment, and these regulations are quite helpful to them,” said Nahirnick. “What if they suddenly lost their source of income? Now they’re guaranteed a wage and they’re more protected in that position.”

However, the new regulations have raised concerns about the future of the province’s gig economy, as similar regulations in Seattle implemented earlier this year appeared to cause greater harm than good for workers.

Effects across the border Shortly after app-based minimum pay and paid sick time

ordinances went into effect on January 13 in Seattle, data from Uber showed a 30-per-cent decrease in UberEats order volumes, with delivery drivers spending 30 per cent more time waiting for delivery requests.

Data from DoorDash indicated a clear correlation, with consumers placing around 30,000 fewer orders on the app.

Independent grocers also suffered the blow of decreased demand. Washington Food Industry Association CEO Tammie Hetrick stated that digital sales for independent grocery stores fell by 10 per cent to 12 per cent shortly after the policies took effect.

T his plunge in demand not only meant less work for drivers, but a decline in revenue for restau ra nts—ma ny of wh ich rely on app-based platforms for business.

According to an article by Seattle’s KUOW, Spice Waala, an Indian street food restaurant established in 2019 experienced a sig n i f ica nt blow f rom t he ordinances.

Uttam Mukherjee, the owner of the eatery, told KUOW that delivery orders declined by 40 per cent following the new pay rates, as companies like UberEats imposed an extra US$5 fee to each order.

Most strikingly, the price of their kathi rolls—a house best seller—doubled from US$10 to US$20 in a matter of months.

Nevertheless, some Seattle

drivers reported that the ordinances positively impacted them.

According to KUOW, one delivery driver saw pay increase by 25 per cent, while another driver reported getting compensation while waiting for orders to be filled.

Ian Tostenson, CEO and president of t he B.C. Restaurant and Foodservices Association (BCRFA), said he feels “cautiously pessimistic” about B.C.’s new regulations.

“A lot of it is really good, such as the increase in minimum wage and the coverage from WorkSafeBC,” said Tostenson.

However, he said a real problem that could cut both ways is accounting for and reimbursing expenses.

“If I’m a driver and I’m being reimbursed per kilometre for 1,000 or 2,000 kilometres on my mileage, that’s going to cost a lot of money to these companies,” he said. “What hasn’t been factored in, is a lot of these drivers write this off on their income tax.

“The drivers that I talked to find this more beneficial, and once they’re reimbursed, that option is taken off the table. The big unknown is how much this will cost companies.”

Tostenson added that even multinational businesses are unable to survive if they have to absorb exorbitant costs.

“Ultimately someone’s going to pay, it could be our restaurants being charged a higher percentage for their service, or it could flip, and the consumers could be charged more for delivery,” said Tostenson.

“W hen it comes to food

delivery, if we decide to skip a restaurant because it’s too expensive, we won’t get in our car and go—we’re probably going to do something else. This is a lost opportunity and we’re worried.”

When asked if Vancouver could see the same repercussions as those seen in Seattle, Tostenson said he doubts it could be any different.

“People love ordering their food in Seattle, and we have the same economic pressures as they do,” he said. “The bottom line is, there is going to be a cost increase here, and they’re going to be passed on somehow.

“I wish we’d all collectively—industry and service providers and government—done some financial modelling here.”

A c c o rd i n g to t h e B C R FA , consumer behaviour shifted dramatically during COV ID. Pre-pandemic, overall sales from food delivery sat at 12 per cent, but have risen to upwards of 30 per cent today.

“It’s a much more important part of the market that we have to pay attention to,” he said. “We acknowledge the fact that drivers work hard, and we don’t want to lose them either. I don’t know if we’re doing it the right way here.”

BIV reached out to Uber, which responded with a news release from June.

“At Uber, we support government policies that protect the flexibility and independence of app-based work while offering tailored benefits and protections,” it stated.

“However, the B.C. government is driving up costs for residents and reducing demand for local restaurants and earning opportunities for workers. We encourage the government to reconsider the consequences for British Columbians who rely on rideshare and delivery.”

Uber has not provided exact figures regarding how much consumers will pay, stating they will review regulations closely.

The future of the province’s gig economy is difficult to predict, but experts suggest an increase in costs and a decrease in demand could be on the horizon. ■

4

13060 80 Ave Suite 311, Surrey V3W 3B2 P: 604-424-9929 F: NP urbancultivator.net Naturally Splendid Enterprises Ltd Doug Mason, CEO TSX-V:NSP Airport Way Unit 108, Pitt Meadows V3Y 0E2 5 19100 P: 604-465-0548 F: 604-465-1128 naturallysplendid.com Herbaland Naturals Inc Musharaf Syed, co-founder and CEO, Aisha Privately held Maycrest Way, Richmond V6V 2J7 Yang, co-founder, sales and marketing director 6 13330 P: 604-284-5050 F: 604-285-0606 herbaland.com Affinity Daniel Lamb, Dan Queiros, Scott French, Privately held 2985 Virtual Way Suite 275, Vancouver V5M 4X7 partners 7 P: 800-665-6693 F: NP affinity-group.ca Beanworks Solutions Inc Catherine Dahl, CEO, Karim Ben-Jaafar, Privately held Pender St W Suite 201, Vancouver V6B 1T3 president 8 311 P: 877-959-2326 F: NP beanworks.com EnWave Corp John Budreski, executive chairman, Brent TSX-V:ENW Derwent Way Suite 1, Delta V3M 6R9 Charleton, president and CEO 9 1668 P: 604-806-6110 F: NP enwave.net Thoughtexchange Dave MacLeod, founder and CEO, Jim Privately held Columbia Ave Suite E, Rossland V0G 1Y0 Firstbrook, founder and president 10 1990 P: 250-551-2492 F: NP thoughtexchange.com Smokey Bay Seafood Group Patrick Warren, president and CEO Privately held Cambie St Suite 309, Vancouver V6B 2P6 11 896 P: 604-568-4310 F: 604-688-8630 smokeybay.com Globalme Localization Inc Emre Akkas, managing director, Canada Privately held Homer St Suite 310, Vancouver V6B 2X1 12 1008 in the Greater Vancouver area data volatility. Home prices on P: 855-438-5106 F: NP globalme.net increased by 8.3 per cent inCunningham, June CEO,Vancouver IslandPrivately roseheld by 2.4 Blackbird Interactive Rob Peter Greenwood, 565 Great Northern Way Suite 400, Vancouver V5T 0H8 CFO, Yggy King, chief technical officer, Eric following a decline of 6.5 per per cent in June, a consecutive Torin, chief operating officer, Sarah McNair, 13 P: 604-424-4355 F: NP blackbirdinteractive.com human resources director, Rory McGuire, chief cent in May—boosting overall monthly increase of equal magcreative officer provincial performance.

This nitude.

Kamloops home values Trevali Mining Corp Ricus Grimbeek, president and CEO, Russell TSX:TV Hastings St W Suite 1400, Vancouver V6E 3T5 Ball, executive vice-president and CFO 14 1199 was also the largest monthly were up by 6.8 per cent during P: 604-488-1661 F: 604-408-7499 trevali.com gain since May 2023, but it’s toofounder and theco-CEO, month.

In Okanagan-MainCanada Drives Cody Green, Mike Galpin, Privately held Burrard St Suite 600, Vancouver V7X 1M8 early to call a rebound. co-CEO 15 555 line and South Okanagan, home P: 888-865-6402 F: NP canadadrives.ca Chilliwack recorded aDaniel third prices increased Privately by 0.5held per cent HubbubHR Mayer, chief customer advocate Water St Suite 8101, Vancouver V6B 5C6 BRYAN back-to back gain in sales, with and 1.6 per cent, respectively.

16 YU375 P: 604-831-0579 F: NP hubbubhr.com

FINANCE

the perfect growing conditions. It requires no pesticides, no travel time, and generates no food waste Biotechnology company developing and commercializing hemp-derived foods and related products

33

$450,000 1,590% 2010 NP $3,037,512 NP $301,705 906.8% Manufacturing and distribution of healthy nutritional 2009 120 $21,167,658 gummies worldwide 25 JULY 22-AUGUST 11, 2024 $2,415,049 776.5% IT recruitment and consulting 2014 235 $25,947,956 40 $3,094,604 738.5% Accounts payable automation software 2012 59 $2,302,519 12 $279,030 725.2% Patented industrial dehydration technology for food, 1999 135 $42,842,000 cannabis, biopharmaceuticals and industrial materials 53 $5,868,000 630.1% A software-as-a-service community intelligence platform that 2009 149 $12,336,767 helps leaders crowdsource the answers to questions in real 59 $2,069,703 time 496.1% Smokey Bay is a multinational enterprise managed by a team 1998 9 $6,740,309 with experience in seafood sourcing and trade 6 $1,288,604 423.1% Data services, localization, and managed services 2009 67 $10,400,000 20 $2,016,158 the fourth quarter, given under2022. Construction and bor415.8% lying demand from Hardspace:Shipbreakers (early accesspopulation 2020), Minecraft Earth 2007 rowing173costs are$22,500,000 still elevated, (Co-dev 2019): Homeworld 3 (due 2021), 2 other new video 56 $4,400,000 growth, although affordability disincentivizing411.4% activity in the game projects currently in development.

Homeworld: Deserts of Kharak (released 2016) constraints may weigh down

7

B.C. home sales improve as the average Vancouver price hits peak sector. It will take multiple rate

market Zinc-focused withperformance. four mines: Santander (Peru), Caribou (New 2007 $512,329,3591 boost in cuts toNP see a substantial $106,351,000 Brunswick), Pinah (Namibia), Perkoa (Burkina Faso) 600 B.C.Rosh building permits plumactivity.

381.7% meted in May following the Enables Canadians to access auto financing and other credit 2010Residential 460 $135,057,901 building permits products through an online platform 111 $28,603,770 record-breaking gain in the pre372.2% in B.C. more than halved during vious Building permit Offers human month. resources solutions for organizations that span 2008 3 $1,500,000 the month and were valued at countries, cultures and languages with innovative, 5 $326,000 valuesenterprise-class in the province fell by configurable, solutions built for mid-size 360.1% $982 million. This decrease was an increase of 5.3 per cent in In contrast, prices fell in Chilli- businesses 50.7 per cent to reach a seasondue to far multi-family David Gens, CEO Privately held To bring business owners the most convenient and accessible 2009 42 fewer $19,420,817 Merchant Growth2 ousing market activity June.

In Kamloops, sales also wack (down 2.1 per cent) and the financing allyexperience adjusted $1.5 billion, after a Georgia St W Suite 2000, Vancouver V6G 2Z6 possible 34 being issued—down $4,529,417 17 1500 permits 59.3 P: 778-870-8418 F: 604-681-0916 merchantadvance.com 328.8% in B.C. picked up pace in rose by nearly three per cent.

Kootenay (down 2.4 per cent) 77.6-per-cent increase in values per cent Single-dwelling Peregrine Brian French, president, Ryan Wilcox, vicePrivately held Store fixture and millwork manufacturer 1976 75 in May.$13,647,875 following months Vancouver Island sales president were up in April. Due to substantially re3131 Production Way, Burnaby V5A 3H1 and CFO and dropped slightly in the Fras30 $3,307,219 18 June, residential permits also declined P: 800-956-4326 F: 604-251-3173 peregrine.build 312.7% of low sales volume.

Seasonally by 3.9 per cent. Most other reer Valley (down 0.2 per cent). duced permits issued in both the for the second consecutive Marwick Internet Marketing Mary Demers, operations director, Crista-lea Privately held Digital marketing agency 2013 18 $1,420,000 adjusted38142 MLS home inV8BB.C. gions recorded declines. residential listings in B.C. non-residential and residential Cleveland Ave,sales Squamish 0A7 Kirk, director of strategy,New Cassandra Devlin, month,3 down by$354,767 12.3 per cent.

19 in P:at604-390-0065 F: NP marwickmarketing.com director business development, Theresa 300.3% came 6,166 units, increasThe average home price in of B.C. increased by 4.2 per cent in June sectors, May’s significant deThomson, chief operating officer Non-residential permit valing by 2.8 per cent month to increased during the month make upEpner, for losses the pre- Salesforce clineplatform contributed the mostand tosoftware the 2006 Traction on Demand Greg Malpass, founderto and CEO, Mike Privatelyin held consulting, implementation 528 $96,000,000 ues decreased by$27,893,000 44.1 per cent, 2700 Productiona Way Suite 500, Burnaby V5A 0C2 president, Errol Olsen,vious CFO development services, marketing automation,permit data 150 20 following month, 2.3-per-cent to slightly over $1 million, the month.

Market conditions national dip in building P: 604-620-6040 F: NP tractionondemand.com management and software-as-a-service technology 244.2%

DATA POINTS

H

increase from April to May.

highest value since the most

and still near recessionary lows.

Despite this, home values in the province increased by 1.4 per cent in June.

Regional real estate board results were mixed. Home sales

in February 2022. Greater Vancouver home values increased by 2.3 per cent to $1.3 million, reaching the highest value on record in the region. However, this could retrace given

Sources: Interviews with above companies and BIV research. USD converted to CAD using Bank of Canada's average yearly rate depending company's fiscal year-end. must have had $50,000 in sales2023 in Year over year,onsales were downCompanies recent peak in May and 6.2 2015 and $1 million in 2019 to qualify. Other companies may have ranked but did not respond to information by 14.3 per cent in the province per cent shy of the all-time peak requests by deadline. NP Not provided 1 - Converted from USD 2 - Formerly Merchant Advance Capital

remained balanced with a salesto-new-listings ratio of 45.8 per cent—down slightly from 46.5 per cent in May. Although market momentum remains weak, the first interest rate cut during the month incentivized more buyers to jump off the sidelines.

We expect sales to speed up in

Sign up for our newsletters and feel smarter instantly.

reaching $532 million as all issuances. That said, unadjusted Business in Vancouver makes every attempt to publish accurate information in the List, but subcategories saw lower permits accuracy cannot be guaranteed. Researched

by Arthur Xie, editorial researcher, axie@biv.com. for seasonality, year-to-date during the month. permits were up by 15.3 per cent Permits in Vancouver dropped compared to the same period in by nearly 67 per cent and were 2023. down year over year by 31.6 per Monthly permit numbers cent. ■ tend to fluctuate widely, but the 12-month moving average has Bryan Yu is chief economist at Central 1. remained range-bound since

BIV.COM/NEWSLETTERS

PRESENTING SPONSOR

GOLD SPONSOR

2024 BC Export Awards

Nominations are Now Open!

PRESENTED BY

The BC Export Awards are the province’s most prestigious awards paying tribute to the success and innovative approaches of BC export companies.

Extending across industries, the awards recognize achievements in 10 different categories including Women-led Company and Indigenous-led Company.

NOMINATE NOW BIV.COM/UPCOMING-EVENTS

8

JULY 22-AUGUST 11, 2024

NEWS

Haisla project blazes path for Indigenous industry RESOURCES | Cedar LNG the first multibillion-dollar, First Nations-owned industrial project in Canada

BY NELSON BENNETT NBENNETT@BIV.COM

C

ompared to the nearby $18 billion LNG Canada complex on which it will piggyback, the $5.5 billion Cedar LNG project in Kitimat is small.

But it’s a very big deal for the Haisla First Nation and, indeed, Indigenous communities generally, as it will be the first multibillion-dollar industrial project built in Canada in which the majority owner is a First Nation.

It may help blaze a path for another First Nations-backed liquefied natural gas (LNG) project—the Ksi Lisims LNG project near Prince Rupert—which is supported by the Nisga’a First Nation.

In September, Haisla Chief Crystal Smith will travel to Japan as part of a trade mission organized by Energy for a Secure Future to talk about Cedar LNG and the increasingly important role First Nations are playing in the LNG, resources and energy sectors.

“Japan is very interested in Canadian LNG,” said Shannon Joseph, chair of Energy for a Secure Future. “They’re interested in it from an energy security standpoint, but they’re also interested in it from an environmental standpoint. Japan

is looking at us and looking at what we’re going to export and getting in on it.”

On Ju ne 25, the Ha isla a nd their industry partner Pembina Pipeline Corp. (TSX:PPL; NYSE: PBA), made a final investment decision (FID) on Cedar LNG, which will be a floating LNG terminal in Kitimat with a capital cost of $5.5 billion.

At 50.1 per cent, the Haisla are Cedar LNG’s majority owner; Pembina Pipeline owns 49.9 per cent.

Smith said the Haisla are demonstrating that First Nations are capable of taking on major economic development endeavours, which necessarily means taking financial risks.

“For I nd igenous com mu nities—rega rd less of the sector—this project being the first of its kind is showing Indigenous communities how it can be done,” Smith told BIV. Prime Minister Justin Trudeau has praised the Cedar LNG project as “the world’s first Indigenous majority-owned liquefied natural gas export project.”

One obser ver suggests t he prime minister’s moral support for the Cedar LNG project may need to be translated into financial support as well. Richard McCandless, a former B.C. government civil servant who now

blogs about public policy issues, thinks the project may require government backing.

Forty per cent of the project will be financed through equity investments (20 per cent or $950 million each for Haisla and Pembina), and 60 per cent through debt financing.

The Haisla will borrow their share from the First Nations Finance Authority (FNFA), and the Federal Export Development Corp. will provide a $400 million to $500 million loan to Cedar LNG. Based on population numbers, McCandless estimates that the Haisla’s equity share in the project amounts to $2.26 million per adult Haisla member. And he questions the FNFA’s ability to loan close to $1 billion to a single project.

“This would be, by far, the largest loan it has made to date, and would add a high degree of concentration risk to its loan portfolio,” McCandless told BIV. “Can they take on a $950 million loan to the Haisla?”

He suggested senior governments may need to backstop the project, and one source of funding may be the federal government’s new $5 billion Indigenous loan guarantee program.

“If the size of the loan from the FNFA proves too onerous,

one can expect that one or both levels of government will step in and provide some form of financial support,” McCandless said.

“I just figure there is going to be more government money going into this thing than we were led to believe initially.”

Heather Exner-Pirot, director of natural resources, energy and environment for the Macdonald-Laurier Institute, expects the project is on sound footing.

“The fact they went ahead with FID means to me they have sufficient and serious interest from buyers,” she told BIV. “Japan and South Korea are both looking for additional and diversified sources, and Canada would be on top of their list.

“LNG demand from southeast Asia is going to provide substantial growth and market for Cedar for the long term. I don’t expect they will have trouble finding buyers willing to enter into long-term contracts that would backstop the ability to enter into favourable financing agreements.”

Cedar LNG is something of an offshoot of the LNG Canada project. When the Haisla were negotiating with LNG Canada for their support and for a benefits agreement, the Haisla were shrewd in securing an offtake agreement that gave the Haisla

400 million cubic feet per day of natural gas from the Coastal GasLink pipeline.

This eliminated a major cost ba rrier for a ny coasta l L NG project in B.C.—the multibillion-dollar expense of building a pipeline to get gas from northeastern B.C. to the coast.

Unlike LNG Canada, which is being built in Kitimat on a 400-hectare footprint the size of 550 soccer fields, Cedar LNG will be a floating LNG terminal, and will take up little land. It will be built by Samsung Heavy Industries and Black and Veatch i n Korea, a nd then towed to Kitimat.

The plant will produce three m i l l i o n to n n e s o f L N G p e r year, or about one-fifth the initial annual export capacity of LNG Canada’s two-train plant: 14 million metric tonnes per annum.

T he project i s ex pected to generate $257 million in GDP spending over a four-year construction phase, and annual GDP contributions of $85 million in the operational phase.

It will generate 500 jobs during construction and 100 ongoing during operation. ■

objective, according to Baines.

Self-regulatory organizations, such as the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada (which have since merged to form the Canadian Investment Regulatory Organization), routinely disclose the identifies of respondents.

So does the Insurance Council of BC and the Law Society of BC (except in exceptional circumstances). The same is true for various government regulators, including the BC Securities Commission.

Spokesperson Kerri Brkich w rote to Glacier Med ia that

“CPABC’s primary mandate is to protect the public.”

Brkich stated that most enforc em ent a c t ion s f rom it s investigation committee are resolved via an agreed settlement wherein the committee “considers if named publication is in the public interest.”

The CPABC states that these rules are dictated by the act.

A nd, accord i ng to Brk ich, “decisions against named publication must be supported by a majority of the public representatives on the investigation committee.”

Glacier Med ia asked to s p e a k to t he CPA B C p u bl ic

representatives but was told it cou ld not due to “privacy reasons.”

The CPABC also contends it can’t speak to any specific case, even those that have concluded, again for privacy reasons.

“CPABC is required to comply with the confidentiality provisions in Section 69 of the CPA Act, so we are unable to comment on any specific matters related to individual members or firms above what is in the public domain,” stated Brkich.

Baines characterized this response as “nonsense.”

“CPABC decides what should be put in the public domain,

not the legislation, and most CPA BC enforcement actions are characterized by a dearth of information, anonymization of respondents, and ultra-light sanctions. The dominant impression I get is t h at t h at CPA BC’s en forcement pol icies and practices are keyed to protecting members, not consumers. The idea that Victoria exercises any real oversight is an illusion, and a delusion.”

Read a follow-up report on biv.com on July 23 about how anonymizing disciplinary actions against B.C. accountants and firms raises accountability and consumer protection concerns. ■

PUBLIC AUDITORS CONTINUED FROM PAGE 3

This sort of non-disclosure has potentially negative implications for consumers, said Baines.

For exa mple, M ia is ba rred from conducting public audits in the U.S. and Canada, but he remains free to provide other accounting services to B.C. clients.

Anybody checking the CPABC website for his regulatory record would have no indication that he has been in any regulatory trouble.

The anonymization of CPABC’s enforcement proceedings is a practice that is not in line with other B.C. professional regulatory bodies, and not in line with its new legislated public interest

BIVLIST

9

JULY 22-AUGUST 11, 2024

Biggest financial planning planning firms firmsin inMetro MetroVancouver Vancouver Biggest financial RANKED BY | Number of accredited local financial planners

RANKED BY | Number of accredited local financial planners Rank '24

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 18 20

Company

Top local executive(s)

Financial services offered

Royal Bank of Canada 1055 Georgia St W, Vancouver V6E 3S5 P: 800-769-2511 F: NP rbc.com Scotiabank 650 Georgia St W Suite 3400, Vancouver V6B 4N7 P: 778-668-2995 F: NP scotiabank.com Assante Wealth Management - Vancouver Centre 650 Georgia St W Suite 800, Vancouver V6B 4N8 P: 604-687-7526 F: NP assantevancouver.com BMO Financial Group 595 Burrard St, Vancouver V7X 1L7 P: 877-225-5266 F: 604-665-2610 bmo.com TD Bank Group 700 Georgia St W Suite 300, Vancouver V7Y 1AZ P: 866-222-3456 F: NP td.com CIBC 400 Burrard St 2nd Floor, Vancouver V6C 3A6 P: 604-665-1645 F: 604-665-1114 cibc.com Customplan Financial Advisors Inc 1500 Georgia St W Suite 2000, Vancouver V6G 2Z6 P: 604-687-7773 F: 604-687-7763 customplanfinancial.com IG Wealth Management3 666 Burrard St Suite 1800, Vancouver V6C 2X8 P: 604-682-5431 F: 604-681-3207 ig.ca CG Wealth Management 609 Granville St Suite 2200, PO Box 10337, Vancouver V7Y 1H2 P: 604-643-7300 F: NP canaccordgenuity.com Nicola Wealth 1508 Broadway W Suite 500, Vancouver V6J 1W8 P: 604-739-6450 F: 604-739-6451 nicolawealth.com

Martin Thibodeau, regional president, B.C.

Financial planning, investment advice, credit, every day banking, estate Combination planning, business succession planning, retirement planning, education planning and financial literacy Financial services Salary

930 800

Integrated wealth management solutions, investment strategies, financial planning, risk management and insurance, tax and estate planning, cash and credit management Financial services

Combination

4501 NP

Combination

4001 4001

Financial services

Combination

310 310

Full range of financial services

Combination

190 1902

Estate and succession planning, financial planning, retirement planning; life, critical illness, disability and long-term care coverage; travel insurance, securities and investments Jason Hackett, regional vice-president Wealth management: investment, retirement, estate and tax planning, mortgages, insurance, cash management, estate planning and brokerage services Wain Stushnoff, regional manager, private client group B.C. and Integrated wealth, estate, and insurance planning solutions, tax branch manager planning

Combination

125 126

Combination

1001 851

NP

701 NP

David Sung, president, John Nicola, chair and CEO

Combination

514 51

iA Private Wealth Inc 609 Granville St Suite 700, PO Box 10347, Vancouver V7Y 1G5 P: 604-647-2866 F: NP iaprivatewealth.ca BlueShore Financial 1250 Lonsdale Ave, North Vancouver V7M 2H6 P: 604-982-8000 F: NP blueshorefinancial.com National Bank Financial Wealth Management 475 Howe St Suite 3000, Vancouver V6C 2B3 P: 604-623-6777 F: 604-682-1026 nbfwm.ca Raymond James Ltd 925 Georgia St W Suite 2100, Vancouver V6C 3L2 P: 604-654-7270 F: NP raymondjames.ca RGF Integrated Wealth Management 1701 Broadway W, Vancouver V6J 1Y3 P: 604-732-6551 F: 604-732-6553 rgfwealth.com Prospera Credit Union 13450 102 Ave Suite 1900, Surrey V3T 5Y1 P: 888-440-4480 F: 604-864-6690 prospera.ca Harbourfront Wealth Management 1055 Georgia St W Suite 1800 PO Box 11118, Vancouver V6E 3P3 P: 877-588-6822 F: NP harbourfrontwealth.com Macdonald, Shymko & Co Ltd 510 Burrard St Suite 950, Vancouver V6C 3A8 P: 604-687-7966 F: 604-687-1830 macdonaldshymko.com Richardson Wealth Ltd 1055 Hastings St W Suite 2200, Vancouver V6E 2E9 P: 604-640-0400 F: 604-640-0300 richardsonwealth.com ZLC Financial 666 Burrard St Suite 1200, Vancouver V6C 2X8 P: 604-688-7208 F: 604-688-7268 zlc.net

Michael Nott, branch principal

Integrated wealth planning, portfolio management, traditional and alternative investments including real estate, private equity and private debt; specialized tax planning, business and estate planning and charitable giving for affluent families, business owners and professionals Wealth management solutions through a network of independent investment advisor teams

NP

501 NP

Ian Thomas, president and CEO 5

Full-service financial institution, credit union

Combination

43 34

Benjamin West, vice-president and general manager

Complete wealth management: comprehensive financial and retirement planning, risk planning, estate and investment planning including discretionary portfolio management Full-service investment firm

Combination

351 NP

Combination

301 332

Brett Simpson, chair, Eden Erasmus, COO, Clay Gillespie, managing director

Comprehensive financial, estate and investment planning; discretionary portfolio management services

Combination

23 31

Gavin Toy, president and CEO

A community-based credit union offering a full range of financial products and services in B.C.

Combination

21 20

Danny Popescu, CEO, Lynn Stibbard, CFO and COO

Independent wealth advisory and investment management firm

NP

201 NP

Ian Black, principal, Brinsley Saleken, advisor

Comprehensive and unbiased fee-only financial planning, portfolio management, tax, retirement, estate and executive stock option planning Independent wealth management firm

Fee-based

10 10

NP

10 NP

Life insurance and living benefits, investments and retirement solutions, employee benefits, financial planning and structured settlements

Combination

8 8

Stephen Gaskin, senior vice-president, B.C. and Yukon Cheryl Norton, regional vice-president, wealth planning James Kitamura, regional president, personal banking, Wil Tjoe, vice-president and market leader, BMO Private Wealth Jim Kershaw, regional vice-president, private wealth management, Kelly Lam, regional head, Pacific TD Wealth financial planning Paulo Brazinha, senior vice-president and region head, B.C.

Fee-based, commission No. of accredited or combination financial planners '24/'23

Karl Krokosinski, CEO, Micheline Varas, senior vice-president, Myra Ekkel, COO

Lloyd Costley, COO and chief risk officer, Anne Meyer, senior vice-president and CFO

Michelle Richier, president, Garry Zlotnik, chair and CEO

Sources: Interviews with above firms and BIV research. Other firms may have ranked but did not provide information by deadline. NP Not provided 1 - BIV estimate 2 - 2022 figure 3 - Previously Investors Group Financial Services 4 - 2023 figure 5 - Effective November 14, 2023

Subscribers can access and search BIV’s list archive at biv.com/lists

600 600

Business in Vancouver makes every attempt to publish accurate information in the List, but accuracy cannot be guaranteed. Researched by Anna Liczmanska, lists@biv.com.

10

JULY 22-AUGUST 11, 2024

INSIGHTS

Eby’s frustrations flourish as federal outreach proves fruitless

PODIUM ROB SHAW

A

fter four trips to Ottawa, four meetings in B.C. and eight increasingly fruitless phone calls spread out over 19 months in office, Premier David Eby has made up his mind about Prime Minister Justin Trudeau: The guy is neither a friend, nor an ally, when it comes to the BC NDP government.

That was the takeaway from comments Eby made during July’s meeting of premiers in Nova Scotia, in which he outlined in remarkably candid fashion the slow-motion cratering of the relationship between himself and the prime minister.

Eby publicly likened his relationship with Ottawa to

“beating our head against a wall.”

“We have built relationships.

We have done the work. There is no question the federal government understands our frustrations or concerns, our anxieties—direct communications with the prime minister, with ministers, correspondence. It has not mattered.”

The result has been to watch Ontario and Quebec get special funding agreements with Ottawa on priority B.C. files, to have letters and phone calls go unanswered by Trudeau, to get cut out of the loop on major announcements and to languish while waiting for funding commitments on large projects like the Massey Tunnel replacement.

As if to illustrate the point, on the same day the premiers were meeting, Trudeau announced details of a $30 billion, 10-year public transit funding program that could dramatically affect the financial situation of TransLink and BC Transit.

“We’ve been calling for that for a long time from the federal government,” said Eby, who was blindsided by the move.

“Nobody knows what the content of the announcement is. Nobody knows how the fund will be structured. Nobody knows whether it’s about capital or operating expenses.

These are all things we should have been talking about in advance, so that we could help them use those tax dollars that all Canadians pay for in the most effective way possible.”

The stiff-arm to the face from Ottawa is occurring not just in public, but privately too.

Eby publicly complained in June he couldn’t get answers from Ottawa as to why several flood-ravaged Fraser Valley communities were rejected for federal disaster prevention funding. The prime minister wouldn’t take his call, he said.

So he went public. A few days later, Trudeau did call back and asked Eby to put in writing his concerns. Eby sent a letter with

BIV.COM/NEWSLETTERS

Sign up for our newsletters and feel smarter instantly.

six specific requests on June 20.

A month later, he said he’s yet to receive any response from the prime minister or any federal ministers.

“It is really weird,” Eby said in an interview July 17. “It’s astonishing. And especially on things like the Massey Tunnel.”

It’s one of the reasons Eby said he’s not only chosen to back Newfoundland’s legal challenge on the fairness of federal equalization payments to provinces, but he’s also researching whether B.C. should launch its own lawsuit.

John Horgan also tried to make friends with the federal Liberals in order to advance B.C.’s interests. Horgan ran flak for Trudeau for months in advance of a federal election, loaning him credibility by allowing alignment on popular BC NDP items like the Metro Vancouver SkyTrain expansion and $10-a-day childcare.

Horgan’s reward was to be hurled under the bus by the prime minister’s office during

a premiers’ meeting on health care, and later to have news of his retirement leaked out to the Ottawa press corps before British Columbians even knew the premier was leaving.

For taking the hits with minimal public complaints, Trudeau eventually appointed Horgan as Canada’s ambassador to Germany.

Eby, though, wants no such patronage post. He’s in the fight of his political life ahead of October’s provincial election, and trying to show progress on key files—many of which require federal approval, funding and support.

“I’m excited to work with you,” Eby said upon meeting Trudeau for the first time in Richmond in December 2022.

That excitement is long since over. Only frustration and bitterness remain. ■ Rob Shaw has spent more than 15 years covering B.C. politics, now reporting for CHEK News and writing for Glacier Media.

COURTS

TROUBLE WHO’S GETTING SUED These corporate claims were filed with the B.C. Supreme Court registry in Vancouver. Information is derived from notices of civil claim. Civil claims have not been tested or proven in court.

DEFENDANT Larry Yau PLAINTIFF Spanish Mountain Gold Ltd. CLAIM Declarations that former CEO and CFO Yau breached fiduciary duties, committed the tort of civil fraud and had been unjustly enriched. In addition, the recission of a severance agreement and a declaration that Yau must repay all compensation received under a severance agreement.

The plaintiff also seeks a tracing order related to unapproved housing benefits and some other court orders.

This relates to revelations found in the corporate books after Yau was terminated that allegedly showed he breached various duties to the

plaintiff and committed fraud.

DEFENDANTS Ackeeu Lee and Michael Parker and Sprezzatura Restaurants (Kingsway) Ltd. PLAINTIFF Evco Building Group Ltd. CLAIM $623,366.96 for unpaid bills related to Eyco providing work and materials for construction on a property at 265 Kingsway in Vancouver.

DEFENDANTS Eiffage Innovative Canada Inc. and Aviva Insurance Co. of Canada Aviva and Compagnie D’Assurance Du Canada and Trisura Guarantee Insurance Co. PLAINTIFF Peter’s Bros. Construction Ltd. CLAIM $555.652.69 for debt and damages for breach of contract related to work performed by the plaintiff that the defendants did not pay for.

DEFENDANTS Honeybee Development Group Ltd. and 1272406 B.C. Ltd. and 1350008 B.C. Ltd. and 1352540 B.C. Ltd. and

Creekshore Developments Inc. PLAINTIFF The AMSA Holdings Inc. CLAIM $350,000 plus 16 per cent annual interest from Nov. 9, 2023, and declarations related to a property. This relates to a loan that was not repaid.

DEFENDANT Sen Lin aka Jimmy Lin PLAINTIFF Telus Health Solutions Inc. CLAIM Damages for breach of contract related to misappropriated funds and misappropriated gift cards, estimated to be worth at least $192,275.

DEFENDANT BC Hydro PLAINTIFFS 0955659 BC Ltd. and Shahram Younesi CLAIM $300,000 in damages for 21 months remaining in a two-year fixed-term contract between the parties, plus $100,000 in aggravated and moral damages, as well as punitive dam-

11

JULY 22-AUGUST 11, 2024

ages and “bad faith” damages. This involves an employment dispute in which the plaintiff alleges there was a two-year contract that was terminated three months in.

DEFENDANTS Seca Marine Inc. and Olympic Motors Corp. and Canadian Bailiff Services Ltd. PLAINTIFF PDC Business and Tax Inc. CLAIM A declaration that PDC is the lawful owner of a boat free and clear of claims by Seca Marine and Olympic Motors, plus other orders.

DEFENDANTS Perkins+Will Canada Architects Co. and Jensen Hughes Consulting Canada Ltd. and Introba Canada LLP PLAINTIFF Kabam Games Inc. CLAIM Damages against P+W for breach of an agreement plus damages against P+W, Jensen Hughes and Introba.

This relates to Kabam contracting the defendants for improvements, including to a fire safety system.

Following work, that system does not comply with the building code.

DEFENDANTS GMB Consulting Inc. and Hyung Kim aka Damien Kim PLAINTIFF Geri Partnership dba Golden Eagle Farms CLAIM US$61,075 for an outstanding amount owed under an agreement that the plaintiff sell to the defendant and store frozen blueberries.

DEFENDANT Raider Contracting Ltd. PLAINTIFF Crevaux Holdings Ltd. CLAIM $204,382.07 for four months’ worth of lost rent and an overpayment, plus damages for breach of contract and negligence.

K biv.com

TO VIEW PAST LAWSUITS, GO TO BIV.COM/DIGITAL AND REVIEW PREVIOUS EDITIONS OF BIV’S PAPER

Join us as we celebrate the exceptional individuals and companies in our business community!

September 2024

Nominations are now open for 2024 BC Export Awards, 2024 Forty under Forty and 2025 IWIB Awards

October 2024

November 2024

35th Anniversary January 2025

March 2025

For sponsorship inquiries: sponsorships@biv.com In person, in print and online

EventsHouseAd-Feb2024_HalfPage.indd 1

For event and nomination details biv.com/upcoming-events

2024-06-17 10:53 AM

35th Anniversary Nominations close July 31, 2024 Business in Vancouver is seeking B.C.’s outstanding entrepreneurs, executives, managers and professionals in public, private and non-profit sectors for its 2024 Forty under 40 awards. We look for a cross-section of impressive people from a wide range of industries we cover who have risen the ranks of their companies or industries at a relatively young age.

Winners will be chosen based on such values as achievements in business, experience and innovation, vision, leadership, and community involvement. Winners will be profiled in a December issue of Business in Vancouver and honoured at a gala awards reception.

PAST WINNERS INCLUDE: Ken Sim

Terry Hui

Peter Armstrong

Dorothy Grant

Don Mattrick

Chip Wilson

Rick Hansen

Paul Lee

Susan Mendelson

Brian Scudamore

Yves Potvin

Wendy Lisogar-Cocchia

Bev Briscoe

Darren Entwistle

Frank Giustra

Thomas Gaglardi

Bob Rennie

Cybele Negris

2024 40 Under 40 Gala Save the date Friday February 7, 2025 JW Marriott Parq Vancouver Nominate today at biv.com/upcoming-events

PRESENTING SPONSOR

GOLD SPONSOR

Event and sponsorship inquiries: events@biv.com