Voice of Business: Canada’s International Student Cuts: A Double-Edged Sword

This past September, the Canadian government announced another 10 per cent cut to international student permits.

This isn’t the first cut either. Earlier this year, there was already a 35 per cent reduction in student visas, plus a cap of 364,000 visas this fall (down from last year’s 560,000). So, what’s behind these numbers, and what does it mean for Canada? With all these restrictions on international students, there is a lot to unpack—and some potential serious consequences.

The conversation around international students has been heating up, especially with Canada’s housing crisis and labour shortages thrown into the mix. We’re seeing strong opinions on both sides. On one hand, there’s a group that says Canada’s infrastructure just can’t handle the volume of international students coming in. On the opposing side, national student associations argue that international students are wrongly blamed for the housing crisis. Cutting their numbers, they say, also hits universities hard, slashing a vital revenue stream.

And they’re not wrong—Canada’s colleges and universities rely on international student fees, which are much higher than domestic ones. For example, Fanshawe College recently reported they’re expecting a whopping 39 per cent cut in international students next January, with a 47 per cent drop in first-year international students alone. The Council of Ontario Universities also are projecting a loss of nearly $1 billion in revenue over two years with the drop in international student enrollment. Considering the average cost for an international student is around $36,000 a year, these reductions could severely impact funding for our post-secondary institutions.

The reliance on international students has sparked some tough questions: are schools too dependent on these higher fees to make up for gaps in public funding? And what happens when this revenue source shrinks? Some wonder if Canadian institutions should rethink their business models and find a more balanced way to fund education without leaning so heavily on international students.

There’s another layer to all this: international students contribute more than just tuition fees. They’re a crucial part of Canada’s workforce, particularly in the hospitality sector. According to Statistics Canada, international students make up around 4.6 per cent of that industry—a big deal in a sector that’s facing labor shortages. Plus, the Canadian Bureau for International Education shows that 70 per cent of international students indicated they want to stay and work in Canada after graduation, which could further add to our growing talent pool. Their economic impact also extends beyond tuition, who support local businesses and contribute millions to the economy in consumer spending.

But, of course, we can’t ignore the housing issue. With more than a million international students in Canada, and vacancy rates as low as 1.7 per cent in Ontario, housing is in high demand. More students mean more pressure on an already tight housing supply, which many Canadians feel directly. This is where the government’s policy shift could ease some of that strain, but it’s a double-edged sword. Fewer international students may help with housing, but it could significantly reduce revenues for post-secondary institutions and even lead to staff layoffs.

Ultimately, this situation highlights the complexity of relying heavily on international students. The recent policy changes make it clear: this isn’t just about the students. It’s about sustainable planning and strategies that support Canada’s needs, whether it’s in housing, education funding, or labor supply. Moving forward, we can only hope that these policy adjustments drive further investments in the infrastructure and resources needed to make Canada a stable place for everyone—both local and international residents.

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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Check Out The Business Beat This Week Featuring Remembrance Day, Kawartha County Wines, ServiceOntario and Meals on Wheels

PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

Today is Remembrance Day, when we recognize the sacrifices of those who served our country with honour in our armed forces.

Let’s also take a moment to recognize the hard work of our local legions and the volunteers who run them. They have organized more than a dozen Remembrance Day ceremonies across the area over the last week. They work throughout the year to help build stronger communities by hosting events and providing community space, supporting veterans and their families, and recognizing the legacy of those who served. Support your local Legion as they continue their work year-round.

Spice up your dance moves on Nov. 22 as Kawartha Country Wines and FriendLillySHOP.com team up to host a salsa night in support of Community Care.

Drop by Kawartha Country Wines at 2452 County Rd 36 from 7 to 8:30 p.m. and take part in a 45-minute salsa lesson, enjoy a glass of cider or wine with a dessert wine sample and door prizes. Contact Kawartha Country Wines to get your tickets.

Community Care Peterborough is celebrating 60 years of the Meals on Wheels program.

What began in 1964 with just seven meals provided by Civic Hospital and delivered by volunteers from the Rotary Club of Peterborough has grown into a vital service that now provides over 50,000 meals annually to seniors and adults with physical challenges across the city and county of Peterborough. They will be marking the anniversary with a number of events and initiatives, including the Meals to Go program and a special 60 Stories for 60 Years series. Visit commcareptbo.org for more information.

We want to extend a big thank you to Deb Lowcock, who recently retired from ServiceOntario in Lakefield after 34 years!

Deb is the longtime supervisor for the Lakefield office, serving the community with a great attitude and customer service. She will be missed by the team at ServiceOntario, the Chamber and Lakefield community.

If you want to have your business featured on the Business Beat or know of a business doing something new and interested, shoot an email to joel@pkchamber.ca.

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WorkScore.ai Triumphs At Innovation Cluster's LevelUP Pitch Competition

After the dust settled, WorkScore.ai has been declared the winner of the Innovation Cluster’s LevelUP Pitch Competition at downtown Peterborough’s Market Hall on Tuesday afternoon.

The LevelUP Pitch Competition is the culmination of an intensive 12-week accelerator program that supports later-stage businesses. This second 2024 cohort brought together ten semi-finalists from a record pool of applicants, each representing the next generation of high-impact ventures poised to drive economic growth in the Peterborough region through job creation, innovation, and scalable solutions. Photo courtesy of Innovation Cluster.

Alex Bilyan, Chief Sales Officer of WorkScore.ai, took home the top prize with its AI-powered platform which is designed to optimize warehouse efficiency through real-time performance tracking.

“We’ve come a long way since the start of the year, and the LevelUP program has been incredibly valuable in shaping our success,” said Bilyan. “The difference in our pitch from the beginning to now is remarkable. The mentor sessions were instrumental in helping us refine our pitch, stripping out unnecessary details and building confidence through feedback from different perspectives.”

Runner-up finalist Kuwota received a comprehensive branding package valued at $10,000. Their mental health platform provides a safe space for users to journal and share entries confidentially with their licensed therapists according to Innovation Cluster.

The audience participated in voting for the Best-in-Show prize which was awarded to Creativity by Cod. The prize includes five Expert-In-Resident (ExIR) sessions from the Innovation Cluster to help the company further advance its growth.

"Judges evaluate many factors—the polish, timing, and enthusiasm of each pitch. Some people are natural presenters, while others need to practice to convey their passion,” said Gilberto Gandra, competition judge. “What ultimately set the winner apart was a combination of enthusiasm, visuals, clarity, and investability.”

“The talent and dedication we witnessed at the second cohort of the 2024  LevelUP Pitch Competition were exceptional,” shared Nicole Stephenson, Chair of the Board of Directors. “It was inspiring to watch each cohort participant grow, evolve and refine their business during the program. LevelUP’s mission to foster the Peterborough and Kawarthas region’s most promising businesses is vital to strengthening our community’s economy and reinforcing our role as a center of innovation.”

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NAKA Japanese Under New Ownership

Naka Japanese Food & Drink is under new ownership as former owner and founder Susan Tung handed the keys over to Emily Tan effective last Friday.

Emily Tan (left) as the new owner of NAK with former owner Susan Tung (right). Tung announced the opening of Naka in an Instagram post back on Jan. 25 last year. Photo courtesy of SUsan Tung.

Tung founded the restaurant which opened in February last year. Its menu features ramen, yakitori, sandwiches, an oyster bar, cocktails, and draft beer.

Tan says she is continuing Naka’s tradition and looks forward to meeting its community of patrons.

“I look forward to welcoming both familiar faces and new guests,” she said.

NAKA is located at 213 Hunter St. W., the former location of the Vietnamese restaurant Hanoi House. In July 2022, Hanoi House had two locations but Tung closed the Hunter Street location to consolidate the restaurant into its Lansdowne Street spot. She opened Hanoi House on Valentine’s Day 2020.

Tung plans to focus on her original project of Hanoi House after selling Naka,

“Naka has been an incredible project,” she explained. I’m excited to focus on Hanoi House while knowing that NAKA is in good hands.”

Naka is continuing its regular hours, offering dinner service from Tuesday to Saturday, with the same menu and staff.

The restaurant is open at the following times:

• Tuesday - Wednesday: 5 p.m. - 9 p.m.

• Thursday - Saturday: 5 p.m. - 10 p.m.

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Check Out The Business Beat This Week Featuring Flavour, Business Excellence Awards, Ontario Chamber and Mayor's Breakfast

PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

Flavour Fashion is celebrating 25 years in business at 383 George St. N. in downtown Peterborough.

Mike and Shelby Watt have built their store into a local retail icon, serving the streetwear, sneakers, and skate scene since 1999. They not only carry top brands in the market, but also their own Ptbo Northern Originals lineup of locally banded clothing and accessories. Drop by their George Street location or visit flavourfashion.ca to see their online store and order from the comfort of your home.

A big congratulations to all the winners of this year’s Business Excellence Awards hosted by the Peterborough and the Kawarthas Chamber of Commerce.

With more than two dozen recipients, we don’t have room to recognize everyone here, but highlights include Rosalea Terry and Heidi Popov as the Businesswomen of the year in the entrepreneur and organization categories. Phillip Jolicoeur is the 2024 Business Citizen of the year. This year’s 4-Under-40 are Dr. Taylor Bonner, Joe Curry, Hillary Flood, and Dylan Radcliffe. Check out the full list of well-deserving recipients and finalists from this year’s awards ceremony at pkexcellence.ca.

If you own or run a business, we want your input.

The Ontario Chamber of Commerce has launched its ninth annual Business Confidence Survey. Your insights and perspective will be used to guide political and business leaders across the province. The key is having enough local responses to be able to generate accurate local data for people like myself to use to advocate for the needs of local businesses. Please take five minutes to fill out the survey at occ.ca.

Do you want to learn about what Peterborough is doing to build a stronger business community?

The Chamber is hosting its annual Mayor’s Breakfast on Nov. 21 at Peterborough Golf and Country Club starting at 7:30 a.m. There will be a moderated discussion with Mayor Jeff Leal followed by a question and answer secession focused on local business issues. Get your tickets at pkchamber.ca.

If you want to have your business featured on the Business Beat or know of a business doing something new and interested, shoot an email to joel@pkchamber.ca.

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Peterborough and the Kawartha Chamber of Commerce Announce Business Excellence Awards Recipients

The Peterborough and the Kawartha Chamber of Commerce handed out its 2024 Business Excellence Awards at a ceremony held at Showplace Performance Centre on Tuesday night.

Phillip Jolicoeur (middle) with his family, announced as the Business Citizens of the Year. Photo courtesy of the Peterborough and the Kawartha Chamber of Commernce.

The awards are designed to publicly recognize and honour local businesses with a passion for excellence.

Almost 50 businesses and individuals were profiled in 22 categories, with recipients announced live on stage.

The following are the nominees and award recipients:

4-Under-40 Profiles, in memory of Kathy Windrem

• Dr. Taylor Bonner

• Joe Curry

• Hillary Flood

• Dylan Radcliffe

Businesswomen of the Year

Entrepreneur

• Rosalea Terry of nectar co. (Recipient)

Organization

• Heidi Popov of Kawartha Gymnastics (Recipient)

Business Citizen of the Year

• Phillip Jolicoeur of PJ The Marketing Guy, Phillip Jolicoeur Entertainment, Photo Booth Fun (Recipient)

Business Student Leadership Prizes (winners listed)

• Ali Jammal (Trent University)

• Joylyn Johnson D Souza (Trent University)

• Swarna Latha Mareedu (Fleming College)

Commercial Development or Renovation

• Ashburnham Realty (The Railyard Development)

• The Canadian Canoe Museum (Recipient)

• Holmes Riseley LLP (823 Park St. S.)

Customer First

• The Boardwalk Board Game Lounge

• Couture Candy (Recipient)

• McLeod's EcoWater

Employer of the Year

• Engage Engineering

• Gauvreau Accounting Tax Law Advisory (Recipient

Entrepreneurial Spirit

• Green Street Inc.

• nectar co.

• Wanderlight Alpaca Experience (Recipient)

Peterborough County Farm Family of the Year (winners listed)

• Scott, Paula, Jason & Shelby Cornish (Whiskey Lane Livestock)

Green Initiatives

• Camp Kawartha (Recipient)

• Cheeks Ahoy

• Dietrich Homes

Health & Wellness

• Acceptance Nurse Psychotherapy

• Flow Spa (Recipient)

• Trent Health in Motion

Hospitality

• Levantine Grill

• Millbrook Mercantile (Recipient)

Local Focus

• Lang Pioneer Village Museum (Recipient)

• Market Hall Performing Arts Centre

• OmniWorx Design

Marketing & Promotion

• Cottage Country Lifestyle Magazine

• Harmony for Healing

• nectar co. - The Viral Keepsake Campaign (Recipient)

Micro Business

• The Chocolate Rabbit (Recipient)

• Millbrook Mercantile

• Peterborough Disability Tax Services

Immigrant Entrepreneur of the Year

• Sama Noor Yousafzai (Goodies on Mews)

Not-for-Profit

• Five Counties Children's Centre

• Habitat for Humanity Peterborough & Kawartha Region – (Recipient)

• Kawartha Gymnastics

Professional Services

• Acceptance Nurse Psychotherapy (Recipient)

• Gauvreau Accounting Tax Law Advisory

• Holmes Riseley LLP

Retail

• Dan Joyce's Retailing Limited

• Paris Marine (Recipient)

• Shop The Lake Inc.

Skilled Trades

• R & M Smith Contracting (Recipient)

• Tom's Heating and Cooling

Tourism

• Beachwood Resort

• Kawartha Country Wines

• Lang Pioneer Village Museum (Recipient)

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Check Out The Business Beat This Week Featuring JA-NEO, Kawartha Montessori, Peterborough Symphony Orchestra and Peterborough Chamber

PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

Nominations are open for Junior Achievement’s Business Hall of Fame.

It’s an opportunity to recognize businesses from across Peterborough and Kawartha Lakes who have helped shape our local economy and inspired others through their achievements. Recipients are people who embody a legacy of excellence, displaying unwavering commitment, leadership, and innovation throughout their careers. Visit ja-neo.org to nominate a deserving business in our community. The deadline for nominations is Nov. 29.

Kawartha Montessori School is hosting an open house at their beautiful location at 2247 Burnham Line in Otonabee South Monaghan on Nov. 9 from 10 a.m. to noon.

This is a good opportunity to check out the school if you’re considering Montessori for your child or just curious about their unique learning environment. You will have an opportunity to explore their classrooms and facilities, meet their dedicated teachers, learn about Montessori curriculum and find out how they nurture independent, confident and lifelong learners.

Get an early start on your gift buying and support Peterborough Symphony Orchestra at the same time by bidding on their auction items.

The online auction launched earlier in October and will continue to 4 p.m. on Nov. 2. Starting at 6:30 p.m. that evening, bidding will continue in person at the PSO concert at Showplace and conclude at the post-concert reception in the Cogeco Studio. One of Canada’s foremost piano virtuosos, David Jalbert will be joining the orchestra that evening. Visit thepso.org for more information.

Want to be part of the conversation on the direction of tourism in Peterborough County?

The Peterborough and the Kawarthas Chamber of Commerce has partnered with Peterborough County to hold a series of Tourism Talks at various locations. These roundtable discussions are meant to engage local businesses that are involved in, rely on, and otherwise impacted by tourism in the County. We want to get a better understanding of the needs of local businesses and what we can do to create a stronger, thriving local tourism sector for many years to come.

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Don't Be Scared of 'Ghost Taco' As They Host Grand Opening Of New Peterborough Location

Peterborough’s newest spot for one of Mexico’s most popular food, ‘Ghost Taco’ held its grand opening at its location at 110 Chandler Cres. on Friday morning.

(From left to right) Samantha Buckley, Ghost Taco co-founder and CEO, Addison Tomas and Chef Matt Basille doing the ‘Ghost Taco Challenge’, testing customers spicy limits with a ghost pepper consomme. Photo by David Tuan Bui.

The grand opening opened with a ribbon-cutting ceremony with Mayor Jeff Leal, Dave Smith, Peterborough-Kawartha MPP and the Peterborough and the Kawartha Chamber of Commerce.

The event featured merchandise giveaways, a social media photo contest, raffles, drink samples (both alcoholic and non-alcoholic) and live cooking demos from chef Matt Basille.

Guests could participate in the ‘Ghost Taco Challenge’ to test their spice tolerance with the restaurant’s latest creation, a consommé made from ghost peppers.

The restaurant is known for experimenting with traditional tacos. It offers more familiar styles, such as ‘Carnita’ (pulled pork) and Baja fish but also original concepts such as ‘Crispy Korean Tofu’ and ‘Charred Brussels.’

Bowls, sides and drinks (both alcoholic and non-alcoholic), including their own brand of beer called ‘Ghost Taco Cerveza,’ are also available.

The grand opening showcased their new limited offer: ‘The Ghost Taco,’ a birria beef and cream cheese taco in a deep-fried tortilla with a ghost pepper consommé.

“We call ourselves 'unauthentic Mexican' largely because it gives us the chance to really experiment with different flavours and different concepts,” explained Samantha Buckley, Ghost Taco co-founder and CEO. “There really is something for every flavour profile and they're all chef-inspired gourmet creations so it's not your typical build-your-own taco place.”

Tomas (left) checks in on Liam O’Connor of the Peterborough and the Kawartha Chamber of Commerce (right) for social media during the ‘Ghost Taco Challenge’. Photo by David Tuan Bui.

Ghost Taco was created after some creative pivoting from Buckley during the COVID-19 pandemic.

“We own a couple full-service restaurants in Newmarket and a boutique event venue and in the middle of Covid, we were going into the second lockdown, we got shut down at our event venue and we just testing different take-out concepts,” she explained. “We figured, 'you know, what's really missing in the market?' and it's gourmet tacos in a quick-service setting.”

Through testing, social media and a pop-up, the restaurant started a hole in the wall before blowing up which started Ghost Taco.

The small franchise began in Newmarket and opened a second location in Vaughan. Peterborough has become home to its third restaurant and Whitby is planned to be the fourth in the winter next year.

“Jamie, one of our operators here in Peterborough, he really loved the brand and he inquired with us about what we could do to get one of these in Peterborough,” said Buckley. “It was always on our radar. We have ties to Peterborough through our family. You have such a family small-business feel so it really was the perfect fit for us.”

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Voice of Business: The Importance of Safeguarding Our Intellectual Property

This week on the Voice of Business, we are diving into an important yet often overlooked topic: Intellectual Property (IP).

IP refers to creations of the mind, like inventions or artistic works, which are increasingly important in today's growing ‘ideas economy.’ This economy is centred around intangible assets like software, technology, and digital innovations. Recently, Jim Balsillie, former co-CEO of BlackBerry, discussed on CBC the urgency of safeguarding Canada’s intellectual property in our evolving economy.

We encounter intellectual property every day, from the apps we use—like Facebook, Netflix, or Microsoft Office. We also observe our reliance on IP with Tesla’s autonomous driving systems or user interfaces with our phones. For business owners, it’s essential to protect their IP, as it shields their innovations from competitors and creates potential revenue streams through licensing agreements. However, many businesses, particularly those in the tech sector, underestimate the importance of protecting their intangible assets.

Balsillie’s podcast appearance emphasizes the consequences of not prioritizing IP protection, which are evident in Canada’s lagging productivity. He warns that foreign companies are buying Canadian-owned IP, which could push Canada to rank last among OECD countries in terms of productivity. According to Balsillie, the issue isn’t who invents these technologies, but rather who owns the rights to them. As more Canadian IP is sold to foreign companies, the potential for foreign entities to shape the future of Canadian industries grows. This could lead to significant changes, including headquarters relocating outside of Canada and essential jobs being outsourced abroad.

The elephant in the room, Balsillie notes, lies in the lack of a legislative framework that incentivizes businesses to retain their IP domestically. On top of that, there’s a gap in educating corporations about the value of IP and how to manage it effectively. He highlights how other countries, such as China, are far ahead in patent filings for technologies like artificial intelligence. China has filed 400,000 AI-related patents, while Canada on an industry wide scale has filed roughly 40,000. This further illustrates how other countries are actively protecting their innovations, giving them a competitive edge in the global market.

Balsillie also draws attention to the sharp growth of the intangible economy, which now makes up for 92% of the value in the Standard & Poor's 500 index—up from just 17%. This rapid growth will only continue, making it even more important for Canada to protect its intellectual property. He argues that Canada must foster a more attractive business environment to encourage companies to hold their IP rather than sell it to foreign competitors. While he doesn’t go into detail, Balsillie suggests we should learn from international models of legislation regarding IP retainment.

Another concerning trend is the growing number of Canadian pension funds being invested abroad. Balsillie points out that if our own investors are placing their money outside of Canada, it should be a wake-up call that our market is not offering the support needed for businesses togrow and thrive. Addressing this issue requires a multi-faceted strategy that includes educating businesses about IP and creating a market that rewards innovation and encourages companies to keep their IP in Canada.

Finally, whether you are a large tech company or a small local business it is important business owners are aware of the advantages of their IP rights. Not only does keeping IP retain jobs in Canada- it also boosts our economy. Balsillie stresses the need for a comprehensive strategy to educate businesses about the benefits of protecting their intellectual property and fostering an attractive market environment. By doing so, Canada can ensure its productivity stays competitive and hold onto its valuable innovations!

Content provided by the Peterborough and the Kawarthas Chamber of Commerce.

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Check Out The Business Beat This Week Featuring Maple Light, Cancer Takedown, Peterborough County and Sarah Budd

PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…

A Peterborough company has launched Canada’s first hard maple seltzer.

Maple Light founders were inspired to create the refreshing cocktail while boiling down sap in their sugar shack. Seeing an opportunity, they official launched Maple Light this summer. It’s a drink that is lightly and naturally sweetened with a hint of real maple syrup balanced with subtle citrus notes. The drink is now available at select bars, restaurants, and golf courses and is expected to launch in grocery and convenience stores this fall. You can order it at drinkmaplelight.ca

It's time for the third annual Cancer Takedown fundraiser on Nov. 7 from 7 to 10 p.m at Market Hall.

It’s a night of song, story, and solidarity featuring the comedic genius of Linda Kash and Megan Murphy and music from Melissa Payne, Kate Suhr, The Weber Brothers, and more. All proceeds go to cancer care at Peterborough Regional Health Centre. Tickets are available at tickets.markethall.org.

Thanksgiving may be behind us but our farming community is still very much at work harvesting their crops that feed our communities.

Peterborough County and the local OPP want to remind the rest of us to slow down and be aware that there are large, slow-moving vehicles on roads. The vehicles may not be fast enough to keep up with traffic, but our farmers are on a tight timeline to get the harvest in. Don’t expect them to pull over on the shoulder. Make sure you have a clear path and that the operator knows you’re behind them before passing. It’s the safe and respectful thing to do and the OPP are reinforcing that with careless driving fines for impatient drivers.

We at the Peterborough and the Kawarthas Chamber of Commerce bid farewell to Sarah Budd, our President and CEO for the last two years.

Sarah brought extensive experience from the non-profit world, having served for 15 years as the CEO of Habitat for Humanity Peterborough and Kawartha Region. She leaves the Chamber a stronger voice for businesses across the region. She will take that passion and energy for the business community to her new role as the manager of Community Development in the County’s new economic development department.

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