Donald Trump might think Canada is nasty, but most Americans don’t share his view, finds a new poll.

Data from the Angus Reid Institute out this week show that 79 per cent of the Americans surveyed have an “overwhelming positive” view of their northern neighbours.

During a speech in Las Vegas this month, President Trump used the adjective “nasty” five times to describe Canada.

“Canada’s nasty. They are. They’re nasty,” he said. “I love the people, but they’re nasty. Nasty leadership.”

Relations between the two countries have become increasingly tense in Trump’s second term as the U.S. President slapped Canada with tariffs and threatened annexation.

The latest barrage of duties is set to land in just over week after Trump signed proclamations for 50 per cent tariffs on hundreds of Canadian products.

The poll may express some of Canadians’ frustration about this, as a resounding 79 per cent of those polled said they view Trump unfavourably, with 69 per cent saying their view is “very” unfavourable.

The majority of Canadians, 48 per cent, also view Americans in general unfavourably though a significant minority, 45 per cent, view them positively.

Before Trump returned to office, few Canadians believed the U.S. was threat, but that situation has changed. Now the majority of Canadians believe that Ottawa should approach the U.S. with caution as a potential threat or even an enemy, said Angus Reid.

Most Americans, 78 per cent, on the other hand, feel their government should be approaching Canada on friendly terms as a valued partner.

Even 69 per cent of self-described MAGA Republicans view Canadians positively, compared with 17 per cent who don’t.

Why the big gap in perceptions? One reason is that Americans aren’t paying attention, said Angus Reid. The trade dispute is a big deal in Canada, but not so much in the United States.

While the majority of Canadians, 54 per cent, said they are following the latest tariff threats “closely,” only 23 per cent of Americans are doing so. More than that — 25 per cent — hadn’t even heard about them.

Americans, who have heard about them, are more likely to oppose the tariffs against Canada than support them, but opinion is divided along party lines.

Over 70 per cent of MAGA Republicans support Trump’s latest tariffs, while non-MAGA Republicans are split with 34 per cent supporting and 40 per cent opposing.

Less ambiguity among Democrats — 89 per cent are firmly against.

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Federal finances are looking better — at least for the first two months of the 2026/27 fiscal year. Ottawa’s budget deficit narrowed in April/May to a combined $1.4 billion compared with $9.9 billion a year ago.

Revenues were up 15.5 per cent year over year and program expenses rose by a moderate 3.7 per cent, leading to a $9.4 billion surplus before interest expenses, said BMO chief economist Douglas Porter, who brings us today’s chart.

“The less-good news is that public debt charges have risen 3.3 per cent, pulling overall finances back into the red,” he said.

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Getting laid off is brutal. In the heat of the moment, few people think of losing their job as anything less than catastrophic.

But when it comes with a severance package intended to cushion the financial blow, it can also be a windfall. Financial Post columnist Garry Marr talks to the experts about how to maximize the benefit and limit the tax consequences of your payout. Find out more

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Gay Lea Foods Co-operative Ltd. announced Tuesday that it plans to expand its dairy manufacturing facility in Toronto in an effort to meet growing domestic demand for dairy products, particularly cottage cheese .

The co-operative, a major Canadian dairy producer owned by about 1,200 dairy farmer members in Ontario and Manitoba, said it’s investing over $200 million in the expansion to help address what it says is a “national cottage cheese shortage.”

Cottage cheese has grown in popularity over the past few years as people seek high-protein sources – a momentum that’s been amplified by recipes posted on social media. The dairy product is now one of Canada’s fastest-growing grocery categories.

“We’ve really seen in the last several years, consumers using it a lot for health and wellness, as it’s extremely versatile,” Gay Lea Foods chief executive Suzanna Dalrymple said in an interview. “ So, given this increase in popularity, we’re looking forward to being able to meet that demand with this expansion.”

Cottage cheese sales have grown 16 per cent by volume and 22 per cent by value a year over the past three years, said Gay Lea, citing market tracking by Nielsen. It said nearly half of Canadian households now purchase the product, with consumption up 24 per cent in the past year alone.

The expansion of the Clayson Road facility in Toronto will create 75 new jobs when it is completed in 2028.

Gay Lea said about one in three purchases of cottage cheese in Canada is for its brand, Nordica, which is manufactured and sold exclusively within Canada.

“We’re Canadian-owned. We really want to make sure that we’ve got strong food sovereignty in Canada and that we’re feeding Canadians,” said Dalrymple.

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The United States has said it will impose a new 50 per cent tariff on a range of Canadian goods, including dairy, starting next week, which could heavily affect the sector.

Dalrymple said dairy, like many Canadian industries, is concerned about trade tensions with the U.S.

“We’d like to get back to the business of focusing on growing our country and looking after our businesses and our families,” she said. “So really what we’re doing in the meantime is focusing on what we can control, and what we can control is investing in Canada and ensuring we can build a thriving industry here, so that we can continue to feed Canadians and help make sure family farms are sustainable for generations.”

• Email: dpaglinawan@postmedia.com

Construction of rental properties has been booming, but this much-needed boost could be setting Canada up for a bigger housing problem down the road, warns an economist.

Kari Norman, senior economist at Desjardins Group, says that Canada’s housing market is undergoing one of its biggest shifts in decades as developers turn away from money-losing condo projects and pivot to purpose-built rentals.

Rental starts totalled 130,000 over the past year, while condo starts fell below 50,000 for the first time since the Great Financial Crisis.

“Although the shift helps ease Canada’s longstanding shortage of dedicated rental accommodation, it also raises an important question: could today’s rental boom become tomorrow’s homeownership shortage?,” said Norman.

The reasons developers are fleeing the condo market are well known. Higher interest rates, elevated construction costs and government fees have made many condo projects too pricey to build at current selling prices. As investors retreat, presales that builders depend on for financing have plummeted.

Meanwhile, after decades of under-building, the economics of purpose-built rental projects have been boosted by targeted Canada Mortgage and Housing Corporation financing programs and the removal of the GST on new rental construction, said Norman.

It’s not that the increase in rental construction is driving the condo downturn; that’s happening all on its own. Rather, “rental construction is helping sustain development activity during the ownership market downturn,” she said.

And the decline in homeownership construction is not limited to condos. Total housing starts over the past year are 43,000 higher than in 2019, but that’s only because of a 73,000-unit increase in rental starts, she said. Starts intended for ownership fell by 30,000.

“As a result, the ownership share of housing starts plunged from more than 70 per cent to about 45 per cent,” said Norman. “Simply put, Canada is building more homes, but fewer of them are being built for purchase.”

There is no shortage of homes for sale yet, but since it takes years to complete a condo project the dearth of starts today may not show up until later this decade, she said.

This could drive up prices down the road when demand begins to recover.

Norman says policies supporting rental properties should not be reversed because Canada still needs “substantially” more rental supply.

But policy makers should be aware that the rental construction boom may be masking the deterioration of the home ownership pipeline, and take action to support both.

“Ultimately, a balanced housing system can only be achieved by maintaining a robust pipeline of both rental and ownership construction,” she said.

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Bank of America’s bull and bear indicator is screaming sell.

The proprietary barometer that acts as a contrarian trading rule by measuring investor fear and greed hit a five-year high this past week.

“We remain in summer Retreat/Rotate not Reload camp,” said strategist Michael Hartnett, whose team recommends investors retreat from risk assets and/or rotate into “defensives, duration and the U.S. dollar.”

The warning comes after equities hit record highs last week as investors rushed back into semiconductor stocks, easing fears that the AI rally was waning.

BofA said U.S. equities attracted a net US$9.6 billion in the week through Aug. 5, putting them on track for a record year of inflows.

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Investing pro Peter Hodson bought his first stock in 1974 and half a century later he is still looking at stocks pretty much 24/7. Hodson looks back at five big changes in the investment industry since the 1980s for better and worse. Investors can trade more cheaply and more knowledgeably now, but can get into trouble more easily too. Read more

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McLister on mortgages

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Financial Post on YouTube

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Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff and Bloomberg.

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• Alberta leads the rest of Canada in creating jobs, just not for the reason you think
• China helped save the world from an even worse oil price shock, TD economist says

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If not for China , the oil price shock from the Iran war that continues to jolt the world would have been worse, says a new report from Toronto-Dominion Economics.

“China is an important part of the story,” said Marc Ercolao, an economist at TD, in the report on Wednesday, referring to steps taken by the world’s second-largest economy to cut back crude oil imports by an amount equal to approximately five per cent of global demand, helping to “offset some supply pressures over the past year.”

China was the world’s top importer of crude oil in 2025. Imports, which averaged about 45 million tonnes a month over the last five years, fell off a cliff to just under 30 million tonnes at the end of June, according to Bloomberg data, as the outbreak of war between the United States and Iran throttled the Strait of Hormuz, a shipping route for about 20 per cent of the world’s crude oil exports.

Oil markets expert Rory Johnston, founder of research company Commodity Context, called the colossal drop in China’s imports the “Beijing Swing” in a note on Wednesday, and said that China accomplished the cut by ratcheting back crude oil refining along with a change in its policy regarding strategic reserve stockpiling.

That move — either a natural reaction of the Chinese markets or a policy decision on the part of the country’s leaders — helped to save the global oil market, Johnston said.

The worst of the shock has also been kept at bay as producers such as Saudi Arabia rerouted barrels of oil, strategic reserves were released in massive quantities and higher prices killed off some demand.

However, the breathing space, including that provided by China, could close, Ercolao warned.

“That resilience comes with an important caveat moving forward, in that many of the shock absorbers that helped stabilize the market are temporary or exhaustible,” Ecrolao said.

For example, the U.S.’s strategic petroleum reserves have fallen to their lowest levels since 1983, while the Organization for Economic Co-operation and Development reserves sit below pre-pandemic “norms.” The longer global oil holdings are stretched, the less flexibility the world will have to respond should the crisis enveloping Middle East shipping routes persist or expand.

Indeed, another energy export chokepoint emerged late in July as the Houthis, who control large parts of Yemen and are supporters of Iran, implemented a blockade of Saudi ships in the Bab el-Mandeb strait between the Red Sea and the Indian Ocean. TD estimates eight to nine million barrels of oil per day move through the corridor.

But the weaknesses don’t end there.

There are also shortages in the gasoline and diesel markets , with stocks of both sitting below their five-year averages, Ercolao said, adding that this matters because it’s where inflation typically hits the hardest.

In a note on Friday, Johston said, ‘inventories of all major products across all major importing hubs are running at or below respective trailing five-year lows, leaving little ‘wiggle room.'”

Similar to the release of strategic reserves, China could also prove to be a temporary “shock absorber” if refiners there decide to ramp up production or beef up reserves, Ercolao said.

“It could create a meaningful new source of demand just as global balances tighten,” he said. “One of the adjustments that helped absorb the initial shock could become a source of future pressure.”

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• Today’s Data: U.S. Challenger job cuts, non-farm productivity, unit labour costs, initial and ongoing jobless claims
• Earnings: Canadian Natural Rescources Ltd., Enerflex Ltd., Kelt Exploration Ltd., Quebecor Inc., Artemis Gold Inc., Medical Facilities Corp., Tiny Ltd., ATS Corp., Keyera Corp., Illumin Holdings Inc., Open Text Corp., AtkinsRealis Group Inc., Cascades Inc., Knight Therapeutics Inc., Paramount Resources Ltd., Orion Digital Corp., Premium Brands Holdings Corp.

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Miles plans to join his wife, Eileen, in retirement over the next few years. He’ll have to fund his non-working years with OAS, CPP and investments, unlike his spouse who has an indexed pension fund. Miles is wondering if the conservative investment strategy he has applied to his portfolio will see him through and provide the income he’s targeting. Read FP Answers here to find out more.

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McLister on mortgages

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Canada’s unemployment rate fell to a two-year low of 6.4 per cent in July as the economy added 75,000 jobs across a wide range of industries, Statistics Canada said Friday.

Here’s what economists had to say about the latest jobs numbers and what they could mean for the Bank of Canada’s future interest rate decisions.

‘Clear signs of recovery’: TD Economics

Beyond the job gains, July’s lower unemployment rate was “encouraging,” given that hiring outpaced the “sizeable” 61,000 gain in the labour force, said Andrew Hencic, director and senior economist at TD Economics.

“This shows the economy was able to absorb more labour market slack in July,” Hencic said in a note. “When coupled with the strong bounce-back in activity in the second quarter, some additional momentum on jobs in July is nice to see.”

Hencic said the labour market is showing “clear signs of recovery,” but the country’s 6.4 per cent unemployment rate “continues to signal an economy operating with some slack.”

“Together with the prospect of new tariffs coming into effect on August 19th, the downside risks to the economy remain,” he said. “We continue to expect the unemployment rate to gradually decline in the coming months as the economy deals with the volatility in energy prices and potentially more trade headwinds.”

Against this backdrop, TD Economics expects the Bank of Canada to hold its benchmark interest rate at 2.25 per cent for the rest of the year.

Gains ‘much stronger’ than expected: Capital Economics

July’s job gains were “much stronger” than the 15,000 economists had expected, Capital Economics Ltd. senior North America economist Ariane Curtis said in a note.

“There was really nothing in the report to dislike, with the strength in employment reflecting a rise in both full-time and part-time employment and driven entirely by the private sector and to a lesser extent self-employment, while the number of public sector employees fell,” she said.

Average hourly wages were up 2.8 per cent year-over-year in July but down from 3.3 per cent in June, which Curtis said will provide some “comfort” to the Bank of Canada that the recent employment gains haven’t contributed to stronger wage pressures yet.

“While the Bank of Canada is likely to sound more hawkish following the fall in the unemployment rate, they are unlikely to rush into tightening policy given the ongoing softness of wage growth core inflation,” she said. “Indeed, for now we are sticking to our view that the Bank will remain on hold this year.”

‘Lots of sizzle and steak’: KPMG Canada

KPMG Canada chief economist Ali Jaffery said in a note that after holding back due to worries about trade, businesses are “getting on with it” and starting to hire again.

“These job gains are not being driven by new entrants, because population and labour force growth remain relatively soft,” he said. “Rather, they reflect unemployed workers finding jobs. The number of unemployed people has declined for three consecutive months, for a cumulative decrease of 112,000.”

Jaffery said the Bank of Canada shouldn’t be “too worried” about remaining slack in the economy, as “a soft housing market and subdued wage growth” are keeping inflation pressures muted.

“That combined with rising global long-rates and Canada’s long-run growth rate being dented from trade tensions and lower immigration will give the Bank the bias to support Canada’s recovery for as long as it can,” Jaffery said. “We expect the BoC will stay on hold for the remainder of this year and at least into the start of next year.”

Job market ‘looks a little brighter’: Indeed

Laura Ulrich, director of economic research at Indeed, said it’s worth noting that StatCan’s July jobs report showed improving trends in youth employment.

Unemployment among youth ages 15 to 24 years old was 12.6 per cent in July, virtually unchanged from June but down 1.9 percentage points from a year ago. Ulrich said the summer job market is an important part of the story.

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“Returning students posted a 15.1 per cent unemployment rate, down more than two points compared to last summer, and for those aged 20 to 24, the rate fell to 6.3 per cent, its lowest for any July since 2018,” Ulrich said in a note. “For younger Canadians, the labour market looks a little brighter in 2026.”

Ulrich said that while July’s report is “overwhelmingly positive,” the overall trend still looks “a lot more like stabilization from last year’s softness rather than true acceleration.”

“But three straight months moving in the right direction is exactly how turning points begin — and if the breadth we saw in July holds into the fall, stabilization could quietly become the momentum Canada has been waiting for,” Ulrich said.

• Email: jswitzer@postmedia.com

Alberta is Canada’s job creation star so far this year, but no thanks to the energy sector, says a new report from Royal Bank of Canada .

The province had added nearly 79,000 more jobs as of June 2026 compared to a year ago, “but (its) traditional growth driver — the energy sector — has not been behind the increase,” Salim Zanzana, an economist at RBC, said in the report on Thursday.

Oilpatch hiring “remains largely unchanged” despite robust oil production and export demand, he said.

Instead, health care, social assistance and public administration accounted for the gains, with full-time jobs outpacing part-time roles 58,500 to 20,100.

Alberta has sped ahead of the rest of the country, with job growth up three per cent year over year so far outpacing all the other provinces except Prince Edward Island.

Ontario was the only other province to log in “notable job gains” — 65,600 — though the year-over-year increase of 0.8 per cent paled against Alberta’s three per cent, Zanzana said. Otherwise, job growth was largely stagnant in several provinces, with labour markets contracting in Quebec and British Columbia.

Demographics are driving Alberta’s job creation juggernaut, the RBC economist said.

The province’s population grew by more than 570,000 between the second quarter of 2022 and the second quarter of 2026 — a 13 per cent gain. As of the first quarter of this year, it was one of only three provinces to record growth, while the populations in six others, including Ontario and Quebec, shrank.

That population burst resulted in a significantly higher increase in demand for health-care services.

Growth in that area of Alberta’s workforce trailed demand from 2022 to 2025 as the number of workers per capita in the sector declined. Zanzana said the province has since caught up and now has the highest number of health-care and social-assistance workers per 1,000 people compared with British Columbia, Quebec and Ontario.

Despite strong job creation, Alberta’s unemployment rate is still “elevated,” hovering in the 6.5 per cent to seven per cent range recently after rising above eight per cent last August. Zanzana said he expects the jobless rate will continue to come down as population growth slows.

Net international immigration to Alberta turned negative in the first quarter of 2026 for the first time since the third quarter of 2020, and Zanzana said RBC has noted a slowdown in Canadians moving to Alberta from other provinces such as B.C. and Ontario.

As for the energy sector, it’s unclear whether the job creation picture will shift gears anytime soon.

“Advances in technology, automation and operational efficiency have enabled energy producers to expand and improve output without having to add jobs as in the past,” he said.

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• Today’s Data: Statistics Canada releases job numbers for July. U.S. Bureau of Labor Statistics also releases July job numbers.
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McLister on mortgages

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Canadian lumber company Interfor Corp. confirmed plans Friday to move corporate support functions to the United States from its Burnaby, B.C. headquarters.

“We recently announced the transition of certain corporate support roles to our Peachtree City office in Georgia, where the majority of our operations are located within the Central, Eastern and Atlantic time zones,” Ian Fillinger, the company’s chief executive, said on a conference call with analysts to discuss the company’s second-quarter financial results.

“This change is intended to better align our support functions with the needs of our business while maintaining a strong corporate presence in both Canada and the United States.”

As reported by the Financial Post last month, based on the contents of a memo sent to employees by the CEO, Fillinger the transition is expected to occur gradually over time, primarily through attrition and future hiring decisions. Executives on the conference call did not elaborate on which specific job functions would eventually move to the U.S. or the number of positions that would be affected.

“This is not a redomiciling of the company, nor does it alter our longstanding commitment within our Canadian operations, mills, employees, or communities,” Fillinger said on Friday’s call. “Our leadership team remains in place, and Burnaby will continue to play an important role as our corporate headquarters.”

An analyst on the call followed up by asking company executives whether there would be tax or other advantages to redomiciling in the United States.

“We haven’t looked at it in that much detail,” Fillinger said. “So I don’t have a view of that at this point.”

Interfor has 4,000 employees according to its website. A 2022 document, when Interfor had closer to 5,000 employees, indicated about 45 per cent were in Canada.

The United States is also a big customer for Interfor. According to a November 2025 investor presentation, the U.S. accounted for 84 per cent of Interfor’s lumber sales by market.

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Since last year, Interfor and other lumber companies have been grappling with the impact of U.S. tariffs on softwood lumber. The trade war initiated by President Donald Trump’s administration added a 10 per cent tariff to longstanding anti-dumping and countervailing duties, and softwood lumber shipments to the U.S. now face a cumulative levy of 45 per cent.

On Friday, Interfor said in a news release that the company is well positioned to navigate the volatility with a diversified product mix across North America and about 65 per cent of its total lumber produced and sold within the U.S.

“Ultimately, only about 20 per cent of the company’s total lumber production is exported from Canada to the U.S. and exposed to duties, tariffs or other potential trade measures,” the release said.

The trade war has prompted a number of Canadian companies in other industries to consider shifting production or relocating to the United States, and some with substantial operations or shareholder bases there have already made the move.

A July 7 survey by KPMG revealed that nearly three in 10 Canadian manufacturers have moved at least some production to the U.S., while 11 per cent plan to move their headquarters to the U.S. within the next five years.

• Email: bshecter@postmedia.com

The Canadian economy added 75,000 new jobs in July pushing the unemployment rate down to 6.4 per cent, the lowest level in two years and the third consecutive monthly decrease.

The job gains covered a broad swath of industries, according to data from Statistics Canada published on Friday. Wholesale and retail trade recorded the largest employment increase in July, followed by the finance, insurance, real estate, rental and leasing industry. Employment also rose in the professional, scientific and technical services sector, as well as construction.

Total employment is up by 0.9 per cent or 181,000 jobs since April. This increase was driven by a rise in full-time work, which rose by 1.1 per cent or 193,000 positions. The unemployment rate has also fallen by 0.5 percentage points since April.

On a year-over-year basis, Canada’s unemployment rate was down 0.5 percentage points in July.

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Statistics Canada officials said a higher proportion of people searching for work have been finding jobs compared with this time last year, and the job-finding rate — the proportion of unemployed people who found a job between June and July this year — was 20.8 per cent. This was up from 18.5 per cent for the same time period last year, but still below the pre-pandemic average of 26.6 per cent for the same time period from 2017 to 2019.

Friday’s Labour Force Survey report exceeded expectations. Economists expected the Canadian economy to add around 20,000 jobs and for the unemployment rate to remain flat at 6.5 per cent in July.

“It’s a pretty solid report all around, which is a super encouraging outcome for broader labour market trends in the summer, especially after the softer data earlier this year,” said Claire Fan, senior economist at the Royal Bank of Canada.

“Today’s labour market report is another nod to the broader trend that we’re seeing, that the second-quarter gross domestic product is looking really strong. It’s tracking slightly above, if not a full percentage point, above our forecasts.”

However, the labour market is still soft despite broad gains in July.

Laura Gu, a senior economist at Desjardins, said the unemployment rate remains elevated, especially for youth and core-aged men and women.

Recent data from the Bank of Canada also suggests that 22.5 per cent of unemployed people were out of work for 27 weeks or more in 2025, higher than pre-pandemic levels.

“We’re still a long way from recovery,” Gu said.

“It’s really hard for people who are out of the job market to reconnect with it, and they are also not able to build the experience needed to progress. That is a sign that the conditions aren’t very favourable.”

The trade war and geopolitical conflicts still pose a risk to the Canadian labour market, Fan added.

The manufacturing industry lost 14,600 jobs year-over-year in July, a 0.8 per cent decrease, despite adding 11,100 jobs between June and July this year, a monthly increase of 0.6 per cent.

Fan said the job losses were concentrated in industries that were highly exposed to the United States tariffs, such as steel, aluminum, lumber and auto.

“Labour market statistics, like any other piece of statistics, are highly volatile and revision prone. The path is likely not going to be smooth, especially when it comes to the new round of U.S. tariffs,” she noted.

“We’re seeing job openings and hiring activities holding up pretty well, but the question is: Will business sentiment in terms of hiring be disrupted again by some of the trade uncertainties?”

Gu expects Canada’s unemployment rate to continue to edge lower during the second half of 2026, and the encouraging labour market report won’t be enough to pull the Bank of Canada from the sidelines.

“Our current baseline is that a rate hike won’t come until 2027. We believe that the current policy mix is working in the foreseeable future, at least until the end of this year,” Gu said.

“I am interpreting today’s report as a sign that businesses are managing through all the trade uncertainties, but this in no means that there will be a return of labour demand.”

• Email: ptran@postmedia.com

Tim Hortons was dethroned by Burger King as the parent company’s lead performer as the iconic Canadian chain’s sales growth slowed in the second quarter.

Restaurant Brands International Inc. on Thursday released its earnings results for the quarter ending on June 30, reporting US$2.52 billion in total revenues, an increase from US$2.4 billion from the prior year. The company said the growth was led by Burger King, its “standout performer” for the quarter, as well as continued strength in its international segment.

For the Tim Hortons segment, sales growth for the quarter declined to 0.4 per cent from 3.9 per cent. Its comparable sales were down 0.1 per cent, down from 3.4 per cent, while Canadian same-store sales were also down 0.1 per cent, down from 3.6 per cent.

“While we maintained our leadership positions in coffee, breakfast and baked goods, our calendar didn’t drive the growth we’ve come to expect from Tim’s and was unable to lap last year’s major product launches,” chief executive Josh Kobza said during the company’s earnings call.

However, there were encouraging signs at Tim’s as the quarter progressed, Kobza said, mentioning the return of Melts sandwiches, one of Tim Hortons’ most requested items to return to the menu, and continued growth in cold beverages. He also noted the upcoming Harry Potter menu , a campaign kicking off next week.

Kobza said the company is also on track to accelerate Tim Hortons’ development in Canada, with approximately 80 gross openings this year, compared to more than 50 last year. The stores will primarily be standard drive-through restaurants, which deliver paybacks of under three years, one of the strongest in the industry, he said.

“While our marketing did not perform as anticipated in Q2, we were encouraged by stronger business performance as the quarter progressed and are excited about the backup calendar,” Kobza added. “Tim Hortons remains one of the strongest and most loved restaurant brands in Canada.”

Tim Hortons had a total revenue of US$1.1 billion in the second quarter, up 4.99 per cent from the previous year. RBI said this increase was primarily driven by higher supply chain sales due to increases in commodity prices. System-wide sales for the Canadian chain were US$2 billion, up from US$1.995 billion.

The CEO said broad macroeconomic indicators across the quarter point to a pretty stable Canadian macro environment and the food service growth overall in the quarter in Canada wasn’t so far off from the U.S. He also said the Canadian food service market is “doing okay” with the growth rate for the overall food service market in the three per cent range in terms of sales for the quarter, which is very similar to the U.S. market.

“At Tim Hortons, while our comparable sales performance wasn’t our best this quarter, I remain incredibly confident in Tim’s, its strength and love with our Canadian guests and most importantly, in Axel (Schwan, Tim Hortons president), his team and our restaurant owners in Canada,” said Patrick Doyle, RBI’s executive chairman.

Meanwhile, RBI the parent company had system-wide sales growth of 6.4 per cent in the quarter, up from 5.3 per cent in 2025.

• RBI, parent of Tim Hortons, planning 'huge investments' in Canadian markets
• Tim Hortons double-doubling down on Canada as coffee-chain competition brews

Its adjusted EBITDA was US$810 million, up from US$762 million. This comes to an adjusted diluted earnings per share of US$1.07, an increase from US$0.94.

• Email: dpaglinawan@postmedia.com

Belgium and Canada, though separated by the Atlantic Ocean, are remarkably close. Our relationship is rooted in history , forged through the sacrifice of Canadian soldiers who helped liberate Belgium during both World Wars. Today, it is sustained by shared values: a commitment to democracy, the rule of law, multilateral cooperation and an international order based on rules and trust.

Yet history and friendship, while essential, are not enough. In an increasingly uncertain world, Canada and Belgium have an opportunity, and indeed a responsibility, to deepen their economic partnership. By doing so, both countries can strengthen their prosperity, enhance their economic security, and contribute to a more resilient transatlantic economy.

The foundations are already in place.

The Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union , which entered into force in 2017, has transformed our commercial relationship. Trade between Canada and the EU has grown significantly, and the results have demonstrated the benefits of open and rules-based trade . Between 2016 and 2025, trade between Canada and Belgium increased by more than 80 per cent.

Today, Belgium is Canada’s fifth-largest trading partner within the European Union, with bilateral trade in goods and services reaching approximately €8.5 billion, or more than $13 billion, in 2025. This is a strong performance, but it is also only the beginning of what our countries can achieve together.

The case for closer cooperation is particularly compelling because our economies are highly complementary.

One area where this complementarity is especially visible is logistics and port connectivity.

Canadian ports serve as gateways to North America, while Belgian ports serve as gateways to Europe. The Port of Antwerp-Bruges, Europe’s second-largest port and the continent’s leading chemical cluster (and biggest in the world after Houston), connects international trade flows to the economic heart of Europe. North Sea Port provides similar strategic advantages through its extensive industrial ecosystem.

Over the past several years, Belgian and Canadian ports have intensified their cooperation. Strengthening these transatlantic gateways will help both countries diversify trade routes and improve economic resilience.

Energy and critical minerals offer another major avenue for cooperation.

As Europe seeks to strengthen its energy security and diversify its sources of supply, Canada is emerging as an increasingly important partner. Canada’s vast reserves of critical minerals are essential for the global energy transition, while Belgium with top companies such as Umicore and Solvay has internationally recognized expertise in processing, refining, recycling, and integrating these materials into advanced industrial value chains.

This creates a natural partnership. By combining Canadian resources with Belgian technological and industrial know-how , our countries can contribute to secure and sustainable supply chains for batteries, clean technologies and advanced manufacturing.

The same logic applies to renewable and low-carbon energy.

Belgian companies are global leaders in offshore wind, maritime infrastructure, and energy engineering. Firms such as DEME, Jan De Nul and Tractebel are already involved in projects that support the energy transition around the world. As Canada accelerates the development of offshore wind projects and explores new opportunities in hydrogen production and export, Belgian expertise can help turn ambition into reality.

Hydrogen, in particular, offers significant promise. Canada has immense production potential, while Belgium is developing one of Europe’s most sophisticated hydrogen ecosystems, anchored by the strategic Port of Antwerp-Bruges, featuring the world-class Zeebrugge LNG terminal, and supported by extensive industrial infrastructure. A closer partnership could help create future transatlantic hydrogen corridors that benefit both economies.

Innovation and technology also deserve a central place in the Canada-Belgium relationship. By encouraging cooperation between research institutions, startups, technology firms and universities, we can help shape an innovation ecosystem that is both dynamic and trustworthy.

The life sciences sector provides an excellent example of what such collaboration can achieve. Belgium is one of the world’s leading pharmaceutical hubs and a major exporter of vaccines and innovative medicines. Canadian and Belgian companies are already working closely together, and recent investments by firms such as UCB demonstrate confidence in Canada’s market, talent pool, and research environment. Expanding these partnerships will contribute to better health outcomes as well as economic growth.

Defence and aerospace are equally promising sectors. As founding members of NATO, Canada and Belgium share strategic interests and a growing commitment to strengthening their defence capabilities. Cooperation between trusted allies, supported by innovative companies and compatible equipment platforms, offers opportunities for industrial collaboration and technological development that extend beyond traditional security considerations.

Economic partnerships, however, are ultimately built by people.

Business leaders, researchers, students, entrepreneurs and travellers are the true engines of lasting relationships. Academic exchanges, youth mobility programs, scientific collaboration through Horizon Europe and growing air connectivity all help bring Canadians and Belgians closer together. These human connections create the trust and understanding that underpin successful economic cooperation.

The years ahead offer a unique opportunity. Canada is pursuing greater economic diversification . Europe is seeking reliable partners and more secure supply chains. Belgium, as a highly connected European economy, is ideally positioned to help bridge these ambitions.

• Europe has the missing piece of the critical minerals puzzle that Canada needs
• Opinion: We can’t diversify our trade with uncompetitive ports

The Belgian Economic Mission to Canada, led by Her Majesty Queen Mathilde in October 2027, will provide an important milestone on this journey. It will bring together business leaders, policymakers, innovators, and investors from both countries to explore new partnerships and new opportunities.

Canada and Belgium may differ in size and geography, but they share a belief that openness, innovation, and international cooperation remain the best path to prosperity. At a time when global uncertainty is increasing, deepening our economic partnership is not simply desirable. It is a strategic necessity.

Together, Canada and Belgium can help build a stronger, more resilient, and more prosperous transatlantic future.

Karl Dhaene is the Ambassador of Belgium to Canada