#Canadiandirectinvestment; #StatisticsCanada; #weakerCanadiandollar
Ottawa, Apr 25 (Canadian-Media): The stock of Canadian direct investment abroad grew at a faster rate (+10.4%) in 2018, largely due to a weaker Canadian dollar, Statistics Canada reported.
Statistics Canada, the national statistical office ensures Canadians have the key information on Canada's economy, society and environment that they require to function effectively as citizens and decision makers.
The growth in the stock of foreign direct investment in Canada also picked up pace (+5.0%) when compared with the two previous years.
The year 2018 witnessed an increase in the stock of Canadian direct investment abroad by 10.4 percent in 2018 to reach $1,289 billion.
The significantly higher than in the previous two years growth in the stock of Canadian direct investment abroad in 2018 was was due mainly to valuation gains from a weaker Canadian dollar, which resulted in a $72 billion upward revaluation of Canada's direct investment position.
In 2018, the Canadian dollar depreciated by 8.7% against the US dollar, 3.7% against the euro and 2.8% against the British pound.
On a regional basis, nearly three quarters of the 2018 increase in the stock of Canadian direct investment abroad was due to higher investment positions in the North America region, primarily the United States (up $70 billion to $595 billion). Most of the remaining increase was in Europe, led by higher investment in the United Kingdom (up $12 billion to $109 billion) and Luxembourg (up $8 billion to $90 billion).
Changes in the value of currency also contributed to the lower investment positions in South and Central America, most notably in Argentina where a 53% decline in the value of the Argentinian peso against the Canadian dollar led to significant reduction in the investment position.
Finance and insurance (37%) continued to be the most significant industry for Canadian direct investment abroad in 2018, followed by mining and oil and gas extraction (15%) and management of companies and enterprises (13%).
The transportation and warehousing industry in particular has experienced a period of rapid growth in recent years, with the overall investment position increasing by nearly 150% from $34 billion in 2014 to $84 billion in 2018. This was largely driven by merger and acquisition activity in the United States.
#BramptonCityCouncil; #RubySahota; #Federal2019Budget; #GasTaxTransfer
Brampton, Apr 3 (Canadian-Media): Brampton City Council was applauded by Ruby Sahota, Member of Parliament for Brampton North for freezing on the city’s portion of the annual property tax levy, media reports said.
This was achieved in part by the municipal infrastructure top-up announced in the Federal 2019 Budget which will double the amount of money that Brampton gets through the Gas Tax Transfer for 2018-2019, bringing the total amount to $50 million.
“The City of Brampton can use these funds to address the short-term priorities...By applying this one-time Gas Tax Transfer fund to eligible infrastructure projects, this frees up tax based capital funding to be used in the place of debt financing...During the last election, Canadians made a clear choice between the Conservative & NDP plan for austerity and cuts, and our Liberal plan to invest in the middle class,” said MP Sahota and added
“Bramptonians made the right choice. Our government is investing directly into municipal infrastructure...and put a stop to increasing property taxes. The Government of Canada is making significant investments to strengthen communities like Brampton.”
#NavdeepBains: #ChryslerAutomobiles; #FCA; #Windsor; #Ontario; #techecosystem; #NorthAmerica; #Doug Ford; #LouAnnGosselin
Ottawa, Mar 29 (Canadian-Media): Fiat Chrysler Automobiles (FCA) announced yesterday its intention of cutting one shift from Windsor production plant later this year at a cost of about 1,500 jobs, media reports said.
The plant, which produces the Chrysler Pacifica and its hybrid version, as well as the Dodge Grand Caravan, has about 6,100 employees.
FCA/Twitter LouAnn Gosselin/Facebook
FCA company spokeswoman LouAnn Gosselin said this move was necessary to “better align production with global demand,” and added besides offering retirement packages to eligible employees, the company would work to find positions for others.
Navdeep Bains, Minister of Innovation, Science and Economic Development, disappointed at this news from FCA and his thoughts with the with the affected employees, their families and the community of Windsor said he would be be travelling to Windsor today to offer commitment of our government to fight for their jobs.
His "immediate thoughts were are with the affected employees, their families and the community of Windsor", said Bains and added he would be travelling to Windsor today to offer commitment of our government to fight for their jobs.
“Our government has consistently been there for our auto workers and auto industry, investing $434 million in 40 projects, attracting over $6 billion in investments.
“We are strongly committed to doing everything we can to fight for these workers and their jobs
Canada's auto sector with their advanced tech ecosystem remains strong, said Bains and added its "unrivaled market access and highly integrated North American supply chain, our highly skilled auto workers are uniquely positioned to design and build the cars of today and tomorrow," said Bains.
“In the face of this extremely disappointing announcement from Fiat Chrysler, our government will not waver in our support for the thousands of men and women that go to work in Ontario’s auto sector every day,” said Doug Ford , Ontario Premier.
“Our government is lowering taxes, lowering electricity rates, and slashing red tape. There has never been a better time for auto-manufacturers to invest in the province of Ontario,” said Ford.
#Budget2019; #JustinTrudeau, #Scarborough, #Ontario, #Canada; #GuaranteedIncomeSupplement; #GIS; #CanadaPensionPlan, #CPP; #NationalDementiaStrategy; #NewHorizonsforSeniorsProgram
Scarborough, Mar 27 (Canadian-Media): In his Budget 2019 highlights today at Scarborough, Ontario Justin Trudeau, Canada's prime minster said Canada is working to improve the quality of life for Canada’s seniors now, and for generations to come, media reports said.
Trudeau said that through Budge 2019, Canada is proposing new measures so that all Canadian seniors should be free of financial worries enjoy their retirement years by staying active and involved in their communities.
These new measures include: an increase to the Guaranteed Income Supplement (GIS) earnings exemption to enable low-income seniors who choose to keep working can keep more of their income; pro-active enrollment of seniors in the Canada Pension Plan (CPP) 70 years old or older contributors to ensure they are receiving the pension payments they are entitled to; increased protection of workplace pensions earned by seniors in the event of corporate insolvency.
It is estimated that with the proposed changes to CPP enrollment, approximately 40,000 individuals over the age of 70 would begin to receive an average monthly retirement pension of $302 in 2020 an approximately 1,500 Canadian seniors turning age 70 in 2020 will be proactively enrolled, receiving an estimated average monthly retirement pension of $645 with an estimate of approximately 4,000 people by 2040
could be proactively enrolled each year.
"Canada’s seniors have worked hard...Their knowledge, skills, and experience are the cornerstones that have built our businesses and our country...this year’s budget, we’re making sure they have the support they need...and peace of mind they deserve in their retirement years," said Trudeau.
Budget 2019 has also proposed an investment of $50 million over five years to implement Canada’s first National Dementia Strategy, to increase awareness and reduce stigma, develop treatment guidelines for early diagnosis its better understanding and its effects on our communities; increased funding of $100 million over five years, with $20 million per year ongoing, for the New Horizons for Seniors Program; to help seniors stay connected to their communities by creation of projects to provide fitness equipment for seniors’ centres, offer financial literacy classes and creating volunteer opportunities and providing national pharmacare.
#PattyHajdu; #Saskatchewan; #CanadianDrugAgency; #nationalformulary; #HealthCanada #nationalstrategyforhighcostdrugsforrarediseases; #CanadianDrugAgencyTransitionOffice
Ottawa, Mar 26 (Canadian-Media): An announcement was made yesterday by Patty Hajdu, Minister of Employment, Workforce Development and Labour at Preston Park Retirement Residence, Saskatchewan, Canada, that Budget 2019's highlight is to invest in middle class, media reports said.
Prescription drug spending in Canada has risen from $2.6 billion in 1985 to $33.7 billion in 2018.
Budget 2019's highlight includes helping more Canadians find an affordable home, prepare for well-paid jobs, retire with confidence and get prescription drugs when they need them and Government’s intention to work with its partners to move forward on three foundational elements of national pharmacare which include: Creation of the Canadian Drug Agency to assess the cost-effectiveness of new prescription drugs which could help lower the cost of drugs for Canadians by up to $3 billion per year in the long term; development of a national formulary to provide the basis for a consistent approach to formulary listing and patient access across the country; establishment of a national strategy for high-cost drugs for rare diseases.
Budget 2019 proposes to provide up to $1 billion over two years, starting in 2022–23, with up to $500 million per year ongoing, to help Canadians with rare diseases access the drugs they need and $35 million over four years, starting in 2019–20, to Health Canada to establish a Canadian Drug Agency Transition Office.
These measures are an important first step in expanding drug coverage and moving forward on implementing national pharmacare. They are based on the consultations and interim report of the Advisory Council on the Implementation of National Pharmacare and its final report is expected this spring.
Vic Fedeli/Facebook Stephen Lecce/Twitter
Ontario 2018-19 Third Quarter Finances projecting a deficit of $13.5 billion in 2018–19 represents an improvement of $1.0 billion from the 2018 Ontario Economic Outlook and Fiscal Review, and a $1.5 billion improvement from the $15.0 billion inherited deficit identified by the Independent Financial Commission of Inquiry.
"Our government's first Budget will outline our plan to return the Province to balance in a responsible manner, and protect what matters most - preserving critical public services, including our world-class health care and education system," said Fedeli.
"It will also outline how we will create and protect jobs for Ontario workers, and put the people at the centre of everything we do in government."
Fedeli and Lecce talked with individuals, workers and families about government's plan to cut red tape and make Ontario Open for Business — and Open for Jobs.
"Our first steps towards restoring Ontario's fiscal health are paying off. Businesses are investing, expanding and hiring in Ontario, creating jobs and ensuring prosperity reaches every corner of this province. We are on the right track," added Fedeli.
The recently released Ontario 2018-19 Third Quarter Finances forecasts an improvement of $1.5 billion in the Province's deficit to $13.5 billion. The Third Quarter improvement is largely the result of stronger economic growth, supported by Ontario's open for business approach to government. Balancing the budget is not just a fiscal imperative, but a moral one, Fedeli said.
"Every dollar that is spent on paying interest on debt is one less dollar going to our schools and hospitals. Unless we take action now, our children and grandchildren will have to bear an even greater burden. Balancing the budget will help us sustainably fund essential public services for current and future generations."
#Tourism-OrientedDirectionalSigningProgram; #TODS; #TourismSignProgram, #Ontario, #JeffYurek, #MichaelTibollo
Toronto, Dec 28 (IBNS): Ontario's Government for the People's decision in freezing Tourism Sign Program Rates for 2019 was based on Ontario's tourism operators' reliance on the province's Tourism-Oriented Directional Signing Program (TODS) for their community economy, media reports said.
TODS program enables motorists to instal signage on provincial highways to direct visitors to tourist attractions and services.
Ontario's Government for the People was elected on June 7 "with a clear mandate to respect the taxpayers of this province and to restore trust and accountability in the province's finances," said Jeff Yurek, Minister of Transportation.
The previous government had signed a contract in April 2018 with Canadian TODS Limited which could result in higher fees which could negatively affect small business owners of Ontario.
After listening to the concerns of the province's small business owners and tourism operators, the new government had negotiated with Canadian TODS Limited -- responsible for operating TODS program - to freeze all price increases for 2019.
"Our Government for the People has heard clearly from tourism operators across the province about their concerns...deliberately froze prices for 10 years...ensure businesses and customers have time to adjust to the increased prices...to look for ways we can help mitigate this price increase,"said Michael Tibollo, Minister of Tourism, Culture and Sport.
Michael Tibollo (centre)/Facebook
Freezing Sign Program Rates for 2019 would make life for Ontarians more affordable as well as not affecting the tourism operations.
(Reporting by Asha Bajaj)
#StatisticsCanada; #Canada’sannualinflation; #Ottawa; #Canada; #BankofCanada
Ottawa, Sep 21 (Canadian-Media): Statistics Canada data indicated that Canada’s annual inflation rate has dipped to 2.8 percent in August from 3.0 percent in July, media reports said.
Statistics Canada, reportedly formed in 1971 and headquartered in Ottawa, provides statistical information to Canada such its population, resources, economy, society, and culture to help Canadians better understand Canada.
Statistics Canada has reported that it is for the seventh consecutive month that Canada has exceeded the Bank of Canada’s 2.0-per-cent target.
All of the central bank’s core inflation measures were 2.0 per cent or higher, for the first time since February 2012.
Last month's step back was largely due to more-moderate expansion in gasoline prices, Statistics Canada said Friday as it released its latest consumer price index.
The Bank of Canada has raised interest rates four times since July 2017.
Bank of Canada/Facebook
According to the overnight index swaps market indications, chances of another hike in October rose to nearly 90 percent from 85 percent before the data.
(Reporting by Asha Bajaj)
Ontario Releases 2017-18 Public Accounts and Findings of the Independent Financial Commission of Inquiry
#2017-2018PublicAccounts; #Ontario'sIndependentFinancialCommissionofInquiry; #VicFedeli; #PeterBethlenfalvy; #Ontario'sAuditorGeneral
Toronto, Sep 21 (Canadian-Media): 2017-2018 Public Accounts along with the full report of Ontario's Independent Financial Commission of Inquiry was released today by Ontario Minister of Finance Vic Fedeli and President of the Treasury Board Peter Bethlenfalvy, media reports said.
The findings of the Commission revealed that the Public Accounts in Ontario ran a $3.7 billion deficit in 2017-18.
"Only when the Government of Ontario truly accounts for its real deficit position can we begin to put the province back on a path to balanced fiscal sustainability," said Fedeli. "This is why we are so quick to accept the Commission of Inquiry's recommendations and work, in good faith, with the Auditor General on solutions."
It was also confirmed by the Commission that earlier findings from Ontario's Auditor General's report states that the previous government left Ontario with a $15 billion deficit.
"Collectively, the Independent Financial Commission of Inquiry, the release of the 2017-18 Public Accounts, and the line-by-line review leave no stone unturned," said Bethlenfalvy. "We are getting to the bottom of the previous government's record of waste and mismanagement.The work ahead will be difficult, but the proper management of public finances is a moral imperative that can no longer be ignored."
The ministers confirmed that first time in three years a clean opinion on the 2017-2018 Public Accounts has been provided by Ontario's Auditor General.
(Reporting by Asha Bajaj)
#OnX,CiscoandTorontopartnership; #freeclientWi-Fi; #JoeMihevc; #JamesPasternak; #PaulKhawaja
Toronto, Aug 4 (Canadian-Media): A partnership with OnX and Cisco and Toronto was announced last week by the City of Toronto which will allow bring free client Wi-Fi to nine City-run shelters and homelessness program sites, media reports said.
"This important initiative is part of the City's work to help provide greater inclusive access to services for those who need it the most. Free 24/7 Wi-Fi internet access on-site will allow clients to more easily communicate online and access the information and services they need," said Councillor Joe Mihevc (Ward 21 St Paul's), City of Toronto Poverty Advocate.
Many of the clients in the City's shelter and homelessness programs have access to a mobile device but do not have a data plan to access the internet. They rely heavily on free public Wi-Fi to access support, services and benefits, search and apply for jobs and housing opportunities, and stay connected with loved ones and social networks.
"In today’s world of rapidly changing technologies, access is everything. Yet those who are unable to share in ever-evolving information are at a disadvantage. It’s called the digital divide and the City is committed to preventing it from widening," said Councillor James Pasternak (Ward 10, York Centre), Chair of the Community Development and Recreation Committee.
“In tandem with our key partner Cisco, OnX is very proud to be part of this meaningful program that we believe will have a positive impact on the lives of clients at shelters in the city of Toronto,” said Paul Khawaja, President OnX Canada. “I am proud of the work we have done and grateful for the opportunity to further contribute to the community as a whole.”
The nine sites are Robertson House, Bellwood House, Women's Residence, Fort York Residence, Family Residence, Birkdale Residence, Birchmount Residence, Adelaide Resource Centre for Women and the Streets to Homes Assessment & Referral Centre.
Robertson House, a shelter for women and children, will be the first location to receive free public client Wi-Fi.
(Reporting by Asha Bajaj)