76% of Canadian companies preparing for recession amid U.S. trade war: Survey

What’s happening?

A new KPMG survey found that 76 per cent of Canadian companies are preparing for a potential recession due to U.S. President Donald Trump’s ongoing trade war.

“While it will take time for governments to tackle the priorities most important to the business community, many companies don’t have the luxury of time and are already facing a revenue crunch,” Monika Manza, managing partner and advisory services for KPMG in Canada, said in a news release on the findings.

“Already, more than half have cut their profit and sales outlooks, which will make it all the more difficult for them to reinvest in their companies at a time when we need every business to fire on all cylinders and maximize productivity.”

46 per cent of respondents claim they’re considering cutting jobs and/or implementing a hiring freeze amid the worsening economic conditions.

SEE ALSO
• Canadian businesses prefer job changes over cuts during U.S. trade war: Poll
• 40% of Canadians fear layoffs amid U.S. trade war, March poll finds
• Canada unveils suite of business relief measures amid U.S. trade war

Why Samfiru Tumarkin LLP?

At Samfiru Tumarkin LLP, we’ve helped over 50,000 clients secure fair severance packages — recovering millions of dollars for non-unionized employees across Canada.

With extensive experience representing workers in roles at small businesses and large organizations across various industries, our team provides the expertise you need to navigate your termination effectively.

SEE ALSO
• Should I negotiate my own severance package in Ontario?
• What Albertans need to know about negotiating severance
• Negotiating severance in B.C.: What employees need to know

WATCH: Understand the difference an experienced employment lawyer can make in certain situations.

We specialize in assisting non-unionized employees in Ontario, Alberta, and British Columbia — ensuring rights are fully protected.

In addition to employment law, our firm handles disability claims and personal injury cases.

Call 1-855-821-5900 today or request a consultation online.

Disclaimer: The materials provided in this article are for general informational purposes only and DO NOT constitute legal advice. For advice specific to your situation, please consult a legal representative at Samfiru Tumarkin LLP.