#DougFord; #VicFedeli; #post-BudgetmissiontoNewYorkCity;
New York City, Apr 30 (Canadian-Media): Ontario Premier Doug Ford and Ontario Minister of Finance Vic Fedeli wrapped their first post-Budget mission to New York City, media reports said.
Ford and Fedeli met with business leaders and investors, these two days, to reaffirm the government's commitment to making Ontario open for business and open for jobs.
The U.S. is Ontario’s largest trading partner, with two-way trade valued at CAD$390.1 billion in 2018.
"Our government's first budget is focused on what matters to the people of Ontario. We're protecting what matters most and stimulating job growth, while bringing the province back to balance, responsibly," said Ford. "Working with our American partners is another way we're delivering on our plan to bring good jobs and new investments back home to Ontario."
Almost 9 million American jobs depend on Canada-U.S. trade and investment and close to 400,000 people cross the Canada-U.S. border daily.
Ontario's competitive advantages as a destination of choice for private sector investment was showcased by Ford and Fedeli. Meetings with decision-makers from: Cognizant, Clarifai, Information Builders, Candid, Wayfair, Droice Labs, Weight Watchers, NBC Universal, the Bank of Japan, Munich Re and MKP Capital Management were some of the highlights of the tour.
"This month, our government delivered a budget that sends a clear message to the world — we are serious about fiscal sustainability and we are committed to creating a pro-jobs and a pro-growth environment in Ontario," said Fedeli. "These are the promises we made to Ontarians and our government's plan will deliver on those promises."
The Ontario Job Creation Investment Incentive will deliver CAD$3.8 billion in corporate tax relief over six years for businesses who make capital investments to help them grow and create jobs and will lower Ontario’s average marginal effective tax rate to 12.6 percent in 2019 — about two thirds of the U.S. average.
#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.”