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Canadian Tech in 100 Words

SRTX Lays Off 40% of Staff as Proposed U.S. Tariffs Loom

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Montreal-based SRTX is temporarily laying off 40% of its 350 employees in response to proposed U.S. tariffs that could impose a 41% duty on some exports. CEO Katherine Homuth cited financial uncertainty due to tariff risks and delays in securing the final portion of a $23M USD funding round.

SRTX, which manufactures Sheertex pantyhose, recently raised $70M but remains heavily reliant on the U.S. market. Homuth said the company is rushing to ship products tariff-free before the 30-day exemption expires. Without new funding, pivoting to European markets remains unfeasible.

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Toronto’s Waabi Partners with Volvo on Autonomous Trucks

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Toronto-based Waabi has entered a strategic partnership with Volvo Autonomous Solutions to develop and deploy autonomous trucks. The collaboration integrates Waabi’s AI-powered Waabi Driver with Volvo’s VNL Autonomous truck, built for safe and scalable self-driving operations.

Waabi CEO Raquel Urtasun emphasizes OEM integration as key to mass adoption. Volvo and Waabi plan to begin testing in 2025, aiming to revolutionize North America’s $1 trillion freight industry. Volvo first invested in Waabi in 2023, later joining its $200M Series B round. This partnership strengthens their push toward safer, more efficient transportation.

Want to know more? Check out the source code on GlobeNewswire.

Canadian Ad Tech Firm StackAdapt Secures $235M Investment

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Toronto-based StackAdapt has raised $235 million in equity funding, led by Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan. Intrepid Growth Partners and four unnamed investors also participated. The programmatic advertising startup is now valued at approximately $2.5 billion, with $500 million in annual revenue.

Founded in 2014, StackAdapt leverages AI for ad targeting while combating fraud. CEO Vitaly Pecherskiy says demand for cost-effective, AI-driven ad solutions is surging. The funding will support global expansion as StackAdapt strengthens its position in digital advertising.

Want to know more? Check out the source code on TechCrunch.

Montreal’s FLiiP Secures $4.6M to Expand Fitness Software

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Montreal-based FLiiP has raised $4.6 million in seed funding to expand its fitness business management software. The round was led by Cultivation Capital, with support from Boreal Ventures. FLiiP simplifies operations for multi-location gyms, functional training centers, and martial arts studios.

CEO David Bourbonnière, a former gym owner, says the platform eliminates the frustration of managing disconnected tools. With triple-digit growth, FLiiP plans to double its team and scale across North America. Investments in AI-driven analytics will further solidify its position in the fitness tech market.

Want to know more? Check out the source code on Fintech.ca.

Trade War on Hold: Canada, U.S. Reach Temporary Truce

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Prime Minister Justin Trudeau and U.S. President Donald Trump have reached a 30-day pause on U.S. tariffs after Canada pledged new border security measures. The agreement includes appointing a “fentanyl czar” and investing $200 million in intelligence. While business leaders welcome the delay, many warn of ongoing uncertainty.

Critics, including Unifor and the Council of Canadian Innovators, argue the trade war isn’t over. Meanwhile, Trump aides downplay the dispute, framing it as a border security issue, while Trump himself revives annexation rhetoric. The next deadline looms on March 5, leaving Canada’s economy on edge.

Want to know more? Check out the source code on The Logic.

Ford Cuts $100M Starlink Contract Amid Canada-U.S. Trade War

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Ontario Premier Doug Ford has announced a ban on U.S. companies securing provincial contracts, canceling a $100 million deal with Elon Musk’s Starlink. The move follows U.S. tariffs on Canadian goods and energy. Ford cited Musk’s ties to the Trump administration as a factor, echoing calls for broader economic retaliation.

Ontario spends $30 billion annually on procurement, meaning U.S. firms stand to lose billions. The Starlink deal had already faced scrutiny, with critics calling it a costly “sweetheart deal.” The federal government is now considering additional non-tariff measures to counter escalating U.S. trade restrictions.

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OpenAI Unveils ‘Deep Research’ for In-Depth AI Analysis

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OpenAI has introduced ChatGPT deep research, an AI-powered tool designed for complex, in-depth inquiries. Available to Pro users with 100 monthly queries, the feature aims to support finance, science, and policy professionals. Unlike traditional chatbot summaries, deep research provides cited, documented responses after analyzing multiple sources.

Powered by OpenAI’s o3 model, it outperforms competitors but remains prone to errors and misinterpretations. Future updates will introduce visual data outputs and integration with specialized sources. While OpenAI insists deep research enhances AI reliability, concerns persist over accuracy and the ability of users to critically assess AI-generated findings.

Want to know more? Check out the source code on TechCrunch.

Shopify CEO Announces ‘Buy Local’ Features Amid Trade War

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Shopify CEO Tobi Lütke is rolling out “buy local” features on the Shop app following Canada’s response to new U.S. tariffs. The move comes after Lütke criticized both governments, arguing that retaliatory tariffs will harm Canadian businesses. The U.S. imposed 25% tariffs on Canadian goods, prompting Canada to mirror the policy.

While Lütke claims Shopify remains unaffected, economists warn of broader economic fallout. Critics, including U of T professor Robert Gillezeau, accuse Lütke of undermining Canada’s stance. Shopify has not disclosed specifics on the new features, set to launch in Canada, the U.S., and Mexico.

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Boomi Opens Vancouver Office, Creating Hundreds of Jobs

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Boomi, a leader in intelligent integration and automation, has opened its new Center of Excellence (CoE) in downtown Vancouver’s Bentall Centre. The facility will drive sales, expand strategic operations, and generate hundreds of jobs. Since entering Vancouver in 2023, Boomi has hired nearly 200 employees, with further growth expected.

CEO Steve Lucas highlighted the city’s skilled talent as a key factor in the expansion. Vancouver Mayor Ken Sim welcomed the move, calling it a boost to the local economy. Boomi continues its global expansion, with recent office openings in the U.S., India, Australia, Spain, and Japan.

Want to know more? Check out the source code on Techtalent.ca.

Canada Delays Capital Gains Tax Changes to 2026

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The federal government has deferred its proposed capital gains tax hike from June 2024 to January 2026, pushing the contentious policy onto the next administration. Finance Minister Dominic LeBlanc said the move ensures stability for Canadians, but critics argue it prolongs uncertainty.

Industry leaders, including the Council of Canadian Innovators and Canadian Venture Capital Association, warn the delay disrupts investment. Meanwhile, legal challenges are mounting against the CRA’s continued enforcement of an unlegislated tax. With an election looming, opposition parties vow to overturn the changes entirely, amplifying frustration among entrepreneurs and investors.

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