This week, Ontario’s Liberal government unveiled a new cooperative model, in which a number of large businesses will get a share of the profit from their own businesses.
The initiative was first announced by Finance Minister Joe Oliver, but he didn’t mention the co-op name.
Co-ops, like co-ops in other countries, have the potential to be much more efficient and better for the environment than traditional corporate partnerships.
The new model is also being rolled out in other parts of Canada, such as Quebec, New Brunswick, and Nova Scotia.
According to the government, the coop model is a “new model” for co-operative ownership.
It’s a model that the government is calling the NewCoop.
The NewCoopy will give businesses and workers a share in the profits from their businesses, as well as share some of the profits in a “cooperative common fund.”
“There is a strong consensus across Ontario that co-operatives are a way to better our economy, strengthen our communities and create more jobs,” Oliver said at a news conference announcing the initiative.
“Co-operations help create economic growth and are the single largest contributor to our provincial GDP, and we have made tremendous progress in creating more jobs and growth in the economy.”
This new model comes at a time when Ontario is grappling with a severe shortage of skilled workers, and a lack of jobs for young people in the province.
The province has been struggling to keep up with the job growth in recent years, and its unemployment rate has been rising.
Oliver has also been touting the New Coop initiative as an investment in the local economy.
“We know there are good jobs in Ontario,” Oliver told reporters in Ontario, adding that Ontario is in the midst of a “very strong recovery” from the Great Recession.
“I want to make sure that we invest in those jobs.”
The New Coopy will be an economic stimulus package, which Oliver says is essential to keeping the economy humming.
The provincial government has been working on the program for years, with the provincial government promising $500 million to create jobs through the Newcoop initiative.
But the program has been stalled by provincial legislation that requires co-owners to be at least 40 years old, and that prevents the government from sharing in the revenue.
Coop members will have to work full-time and provide services to the company, in exchange for a share.
As part of the coopt program, members will receive a certain amount of profit.
Members of the Ontario Cooperative Council (OCCC), a trade association representing many of the largest Ontario co-opers, said the new coop would help bring more local and provincial jobs to Ontario.
“This new model will provide new opportunities for Ontario to bring economic and social benefits to our communities, and to support our economy and create opportunities for more workers and small businesses,” OCC President Jim Beattie said in a statement.
The coop will initially include 100 co-ordinated businesses.
Currently, Ontario has about 40 co-opt organizations.
Oliver says the government has spent $20 million in recent months on new co-option programs.
He also says Ontario will be the first province to launch a new model of co-operation in the U.S. It was announced in February that California will join Ontario and New York as co-opted markets.