The pandemic may be over, but the pain continues for Canadian tourism and travel businesses. Forty-five per cent (45%) of Canada’s tourism businesses report that they are likely or somewhat likely to close within the next three years without government intervention into their mounting debt load, according to new research commissioned by the Tourism Industry Association of Canada (TIAC) and its provincial and territorial counterparts. The survey finds that 55 per cent of tourism sector businesses who share their views are somewhat not or not confident that their company will be able to make debt payments (principal and interest) that Read more
bailouts
Canadian taxpayers are saving themselves a huge chunk of money. In another sign of the travel recovery in Canada, Air Canada has announced that due to its improved liquidity position and ongoing recovery from the pandemic, it is withdrawing from further government of Canada financial support. The support package, announced in April 2021, provided the carrier access to interest-bearing loans of $5.375 billion through several separate credit facilities. To date, Air Canada has only accessed the facility solely dedicated to refunding customers’ non-refundable tickets, while all other remaining facilities totaling $3.975 billion that were offered by the Justin Trudeau government Read more
