economic

Thursday November 22, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday November 22, 2018

Fiscal update to lay out competitiveness plan, close loop on some Liberal vows

The federal government will release a fall economic update Wednesday that will seek to close the loop on some of its outstanding mandate commitments, leaving the door open for the Liberals to use next year’s budget as their 2019 election platform.

March, 1, 2018

The document will also include Finance Minister Bill Morneau’s long-awaited plan to help Canada compete for investment dollars, which many warn has become increasingly difficult following major tax and regulatory changes in the United States.

Morneau has faced pressure to lower Canada’s corporate rate, but the government has signalled it will focus on targeted measures to accelerate investment rather than across-the-board tax cuts.

The document will likely be the Liberal government’s second-last opportunity — besides the spring budget — to deliver major policy announcements and its political pitch in package form before the October 2019 election.

February 12, 2016

As for fiscal responsibility, the official said the fall statement will show that Canada’s annual projections for the federal deficit and the debt burden will continue to slide downward on trajectories similar to those outlined in the 2018 budget.

The Liberals have faced regular criticism from the Opposition Conservatives for abandoning their 2015 vow to run only modest annual shortfalls of no more than $10 billion and to eliminate the deficit by 2019.

Instead, the Liberals have posted deficits of more than $18 billion in each of the last two years.

As its guiding principle on fiscal responsibility, the government has focused on lowering the country’s debt burden — as measured by net debt-to-GDP — rather than balancing the books.

The debt-to-GDP ratio fell to 31.3 per cent in 2017-18 from 32 per cent in 2016-17. The government has predicted the ratio to fall to 30.1 per cent in 2018-19 and continue sliding each year until it reaches 28.4 per cent in 2022-23. (Source: CTV News) 

 

Tuesday, November 15, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Tuesday, November 15, 2016 Finance Minister Charles Sousa delivers fall economic statement The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million. Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017. "Purchasing your very first home is one of the most exciting decisions in a young person's life, but many are worried about how they will be able to afford their first condo or house," he told the Legislature Monday. "Improving housing affordability will help more Ontarians to participate [in the housing market].Ó Sousa said first-time buyers won't pay any land transfer tax on the first $368,000 of a purchase price, and they will become eligible for a rebate of up to $4,000 in provincial land transfer tax, levied on the purchase of every house and condominium. Meanwhile, the land-transfer tax rate on the amount of a purchase above $2 million will rise to 2.5 per cent, from the current rate of 2 per cent. Government officials say the tax increase on luxury homes will bring in about $105 million annually, and that will fund the increased rebate. New Democrat finance critic Catherine Fife called the fall economic statement "a distraction" from the top issue facing Ontarians Ñ soaring electricity rates Ñ and said Premier Kathleen Wynne had downplayed expectations of help for first-time homebuyers. "Quite honestly, she was right to lower the expectations because what we see in this statement is neither new or profound or progressive," Fife told the legislature. (Source: CBC News) http://www.cbc.ca/news/canada/toronto/ontario-fall-economic-statement-charles-sousa-1.3849873 Ontario, economy, economic, statement, Kathleen Wynne, Charles Sousa, budget, finan

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday, November 15, 2016

Finance Minister Charles Sousa delivers fall economic statement

The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million.

Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017.

“Purchasing your very first home is one of the most exciting decisions in a young person’s life, but many are worried about how they will be able to afford their first condo or house,” he told the Legislature Monday. “Improving housing affordability will help more Ontarians to participate [in the housing market].”

November 8, 2013

November 8, 2013

Sousa said first-time buyers won’t pay any land transfer tax on the first $368,000 of a purchase price, and they will become eligible for a rebate of up to $4,000 in provincial land transfer tax, levied on the purchase of every house and condominium. Meanwhile, the land-transfer tax rate on the amount of a purchase above $2 million will rise to 2.5 per cent, from the current rate of 2 per cent.

Government officials say the tax increase on luxury homes will bring in about $105 million annually, and that will fund the increased rebate.

New Democrat finance critic Catherine Fife called the fall economic statement “a distraction” from the top issue facing Ontarians — soaring electricity rates — and said Premier Kathleen Wynne had downplayed expectations of help for first-time homebuyers.

“Quite honestly, she was right to lower the expectations because what we see in this statement is neither new or profound or progressive,” Fife told the legislature. (Source: CBC News)

 

Wednesday November 2, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Wednesday November 2, 2016 Fiscal update boosts Liberal infrastructure plans but offers no path back to balance Justin Trudeau's Liberal government is responding to the sluggish global economy with a fall economic update that puts a even greater focus on infrastructure spending than in its spring budget, while making it easier for private sector investors to add their money to the government's already considerable funding pot. While the projected deficit for 2016-17 has moved down to $25.1 billion from the $29.4 billion forecast in the spring budget, the new figure no longer has any kind of a safety cushion built in. Absent that cushion, the deficit has actually grown thanks to some $1.7 billion in new spending since last spring. The deficit situation improves toward the end of the government's five-year horizon, to $16.8 billion in 2020-21. The projected debt-to-GDP ratio Ñ the key measure of the affordability of a government's debt Ñ by then returns to the 31 per cent mark, where it was in 2015-16 as the Liberal government took office. Morneau told reporters his government made the right decision in preparing itself for what is happening to the economy. But Interim Conservative leader Rona Ambrose said the Liberals' massive spending has created no new jobs and has led to a stalled economy. "They think this failed plan is somehow working, and they're doubling down on it," she said. Repeating the party's line that the Conservatives are the voice of taxpayers, Ambrose accused the government of "making lives more expensive for Canadians.Ó "Canadians are worse off today than they were a year ago," Ambrose said. "But instead of action, we hear excuses.Ó (Source: CBC)Êhttp://www.cbc.ca/news/politics/fall-economic-update-bill-morneau-1.3831080 Canada, Bill Morneau, budget, economy, deficit, statement, update, economic, dragon, spending

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday November 2, 2016

Fiscal update boosts Liberal infrastructure plans but offers no path back to balance

Justin Trudeau’s Liberal government is responding to the sluggish global economy with a fall economic update that puts a even greater focus on infrastructure spending than in its spring budget, while making it easier for private sector investors to add their money to the government’s already considerable funding pot.

While the projected deficit for 2016-17 has moved down to $25.1 billion from the $29.4 billion forecast in the spring budget, the new figure no longer has any kind of a safety cushion built in. Absent that cushion, the deficit has actually grown thanks to some $1.7 billion in new spending since last spring.

The deficit situation improves toward the end of the government’s five-year horizon, to $16.8 billion in 2020-21. The projected debt-to-GDP ratio — the key measure of the affordability of a government’s debt — by then returns to the 31 per cent mark, where it was in 2015-16 as the Liberal government took office.

Morneau told reporters his government made the right decision in preparing itself for what is happening to the economy.

But Interim Conservative leader Rona Ambrose said the Liberals’ massive spending has created no new jobs and has led to a stalled economy.

“They think this failed plan is somehow working, and they’re doubling down on it,” she said.

Repeating the party’s line that the Conservatives are the voice of taxpayers, Ambrose accused the government of “making lives more expensive for Canadians.”

“Canadians are worse off today than they were a year ago,” Ambrose said. “But instead of action, we hear excuses.” (Source: CBC)

 

Saturday November 14, 2015

By Graeme MacKay, The Hamilton Spectator - Saturday November 14, 2015 HamiltonÕs film explosion Ôbeyond manageableÕ The director of Tourism Hamilton says film production in Hamilton has been exploding and the city needs to do a complete review of how the industry is being managed. Susan Monarch says the combination of a low Canadian dollar and provincial tax incentives to schedule film shoots outside of the Greater Toronto Area has led to a deluge of movie shoots in Hamilton. That has caused all kinds obstructed streets and aggravation to people and businesses. "In September, there were 18 productions on downtown streets. That is beyond manageable. We need to look at this," said Monarch. In 2014, the number of productions filmed in the city shot up to 100 from 75 the year before. So far this year, there have been 84, showing the city is in line to likely surpass last year's totals. "It has become a major industry. We need to sit back and look at what are we doing as a community," Monarch said. On the table are big hikes in film permit fees, currently only $29, but also increases in parking charges and rental fees for city-owned facilities. Ward 3 Coun. Matthew Green, the chair of the BIA advisory committee, says: "We have now attracted this incredible industry to the city but the fees don't reflect the impact it has in the community." He believes the city needs to create a graduated scale of fees based on the size of the production. Increasing the revenue stream for the city would go some distance in recouping administrative costs of the city's film office, which looks after applications from production companies. As well, Monarch said the film application process needs to be updated with greater oversight to make sure film companies live up to their obligations. City staff will look into the issue and produce a report for councillors. (Source: Hamilton Spectator) http://www.thespec.com/news-story/6116024-hamilton-s-film-explosion-beyond-manageable-/ Ham

By Graeme MacKay, The Hamilton Spectator – Saturday November 14, 2015

Hamilton’s film explosion ‘beyond manageable’

The director of Tourism Hamilton says film production in Hamilton has been exploding and the city needs to do a complete review of how the industry is being managed.

Susan Monarch says the combination of a low Canadian dollar and provincial tax incentives to schedule film shoots outside of the Greater Toronto Area has led to a deluge of movie shoots in Hamilton. That has caused all kinds obstructed streets and aggravation to people and businesses.

“In September, there were 18 productions on downtown streets. That is beyond manageable. We need to look at this,” said Monarch.

In 2014, the number of productions filmed in the city shot up to 100 from 75 the year before. So far this year, there have been 84, showing the city is in line to likely surpass last year’s totals.

“It has become a major industry. We need to sit back and look at what are we doing as a community,” Monarch said.

On the table are big hikes in film permit fees, currently only $29, but also increases in parking charges and rental fees for city-owned facilities.

Ward 3 Coun. Matthew Green, the chair of the BIA advisory committee, says: “We have now attracted this incredible industry to the city but the fees don’t reflect the impact it has in the community.”

He believes the city needs to create a graduated scale of fees based on the size of the production. Increasing the revenue stream for the city would go some distance in recouping administrative costs of the city’s film office, which looks after applications from production companies.

As well, Monarch said the film application process needs to be updated with greater oversight to make sure film companies live up to their obligations.

City staff will look into the issue and produce a report for councillors. (Source: Hamilton Spectator)

 

From the MailBag

The ultimate Hollywood North Destination by Peter E. Evanetz

The ultimate Hollywood North Destination by Peter E. Evanetz

Thursday November 22, 2012

By Graeme MacKay, The Hamilton Spectator, Thursday November 22, 2012

McGuinty laments Harper’s refusal to attend premiers’ meeting

Lame duck Dalton McGuinty quacks about Harper’s summit absence

Ontario Premier Dalton McGuinty and other premiers are criticizing Prime Minister Stephen Harper for passing up a chance to co-operate on a national economic strategy with provincial leaders this week.

“I think we’re all disappointed that we couldn’t get an opportunity to meet with the prime minister and to build a strong plan for economic growth together,” McGuinty said in Toronto on Tuesday.

“We will do our very best,” he said of the premiers’ meeting. “We’ll see what it is we might be able to do by way of a concerted effort.”

Provincial premiers and territorial leaders gather in Halifax on Thursday and Friday at a time when the struggling economy is threatened by deteriorating business conditions in Europe and a potential U.S. economic meltdown.

But Harper’s office confirmed Tuesday he won’t accept the premiers’ invitation to attend.

McGuinty suggested Harper is missing an opportunity to follow up on a deal reached during the last recession in which federal and provincial governments agreed to invest in economic stimulus.

“We’ve now entered into a period of prolonged slow growth and I think we could do better by developing some broader policies, acting in concert with the federal government, whether that’s by way of stimulus or, I think, particularly investing in innovation and higher levels of skills and education would be very helpful to all of us.”Source (Source: Toronto Star)