Minimum wage hikes across Canada this year could cost about 60,000 jobs, despite the benefits they would bring, the Bank of Canada says in a new report.
The central bank published a report over the winter break, attempting to calculate what sort of economic impact a series of minimum wage hikes set to come into force this year will have on Canada’s economy.
As of Jan. 1, Ontario’s minimum wage is now $14 an hour, up from $11.60. By the end of 2018, Alberta, Quebec and Prince Edward Island are also expected to hike their minimum wages.
