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$11.6-billion Nova Scotia budget promises investment in those who need it most – Cape Breton Post

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HALIFAX, N.S. —

The province promised funding focused on improving the lives of Nova Scotians, building on economic success and investing in infrastructure in its fifth consecutive balanced budget introduced Tuesday.

The Liberal government projects a surplus of $55 million on $11.6 billion in revenue for the 2020-21 fiscal year.

“With our stronger economy and our positive fiscal position, we want to share this economic success,” Finance Minister Karen Casey said. “Budget 2020-21 supports Nova Scotians who may not have been feeling the success of the province.

“This includes an investment of over $100 million for those who need it the most.”

The budget, described by opposition leaders as a pre-election budget, includes $18 million for the provincial child benefit.

“The low-income threshold will be adjusted to $34,000,” Casey said, providing funding to an additional 28,000 families and 49,000 children.

“The disability support program budget is increasing by $16.6 million this year, with $7.4 million dedicated to transitioning residents from larger residents into community-based living.”

The government is contributing $18.7 million for affordable housing and other housing initiatives, $4.1 million has been allotted for the action plan to address homelessness and $2 million for the affordable renters program.

“Over the next five years, government will invest $1.4 million annually for more supports and services for victims and survivors of human trafficking, their families and the entire community,” Casey said.

Opposition Leader Tim Houston said the budget ignores the province’s decelerating economy.

“What we are seeing is that Nova Scotia is not in the great shape that the government would have you believe,” Houston said. “The economy is slowing and it could easily contract this year.”

Health spending

The Health Department budget will again eat up the lion’s share of expenditures, accounting for 41.5 per cent of the entire budget.  That is up slightly from last year.

Health-care services will include $75.3 million this year for the new collective agreement with doctors to improve the recruitment and retention of medical professionals. The province boasts that the agreement makes family, emergency and anesthesia doctors the best paid in Atlantic Canada.

“We have a crisis in health care, we have major problems in housing, we have the highest child poverty, these are situations that have continued to get worse and worse every single year and this government that has kind of sat on the sidelines and watched things deteriorate is now trying to create the illusion that they have the solutions for them,” Houston said.

Mental-health waits are atrocious and the government is talking about a $550,000 investment in mental health, 55 cents a person, Houston said.

“Realistically, if you have a friend who is struggling and you take them out for a coffee, you’re doing more for mental health than this government is willing to.”


Finance Minister Karen Casey discusses budget


The previously announced $17.5 million to roll out 48 additional pre-Primary school communities is part of the 2020-21 budget. The province says the investment will provide access to its pre-primary program for every four-year-old in the province along with bus service for the pre-primaries.

The budget also includes $70.5 million to reduce the corporate tax rate by two per cent, down to 14 per cent, in what the province says will help Nova Scotia businesses become more competitive and innovative and allow businesses to reinvest and grow.

“What we have here are actually two completely different budgets,” NDP Leader Gary Burrill said. “There is a great banquet feast in one that has been laid out for the corporations of the province in the form of this $70-million tax cut, then there’s another budget that is casting crumbs out on the people of the province and those particularly who are in need.”

Burrill said the government’s social-spending initiatives are the fiscal equivalent of the death-bed conversion.

“After years in which the province has really been starved for social spending, now on the front porch of an election, we have all these crumbs being tossed in all kinds of different directions. The spending, yes, fine, but it’s a little bit little and it’s a whole lot late.”

The budget also sets aside $154.4 million for health-care redevelopment projects, including a portion of the overall $2-billion redevelopment of the QEII Health Sciences Centre in Halifax and the Cape Breton hospital project.

Education and infrastructure

The influx of infrastructure money also provides $265.6 million to build and renovate 16 schools and the purchase of 30 P3 schools. An $85.3-million injection has been allotted for the province’s roads, highways and bridges, part of a $383.5-million 2020-21 expenditure that will provide for work on the Sackville-Bedford-Burnside connector and the twinning of portions of highways 101, 103 and 104.

The budget provides $15 million to continue implementing recommendations from the Commission on Inclusive Education. 

The province is spending $5 million in each of the next two years to establish its forestry innovation rebate program, $5 million for the film and television production incentive, bringing that program’s total budget to $25 million, and $8.3 million on the Efficiency Nova Scotia home-warming program.

The province is setting aside $1.6 million to a green fund that will include developing a new climate change strategy, climate change risk assessment and a cap-and-trade auctioning system.

“The awareness is certainly muted,” Burrill said of government initiatives on climate change. “We saw this in their legislative program last year where they brought in greenhouse gas emission targets which do not meet the international standard of being consistent with holding global warming within 1.5 degrees.

“The climate emergency spending here belongs on the same place on the shelf as their Sustainable Goals Development Act did last fall. It’s in the category of something but not in the category of something that is commensurate with the level of the crisis.”

The student loan forgiveness program for former university and community college students will get an influx of $2.2 million.

The province has extended the digital animation tax credit and the digital media tax credit to the end of 2025 and budgeted $22.2 million for those programs in its 2020-21 outlook.

Taxes and spending

The province will permit and tax vaping products, effective Sept. 15. The taxation rates will be 0.5 per cent per millilitre for liquid products and 20 per cent of retail value for all devices.

Taxes on cigarettes will increase Tuesday morning by two cents per cigarette to 29.52 cents. That will increase the price of a pack of 25 cigarettes by 50 cents and the tax hike will generate $10.8 million. Taxes on cigars will increase to 75 per cent of suggested retail price, up from 60 per cent.

The province has projected a loss of $32 million in taxes collected for the fiscal year because of the closure of the Northern Pulp mill in Abercrombie Point, Pictou County. That number is estimated primarily from a reduction in personal income taxes.

The province expects to spend $11.54 billion in the fiscal year. It will collect a projected $6.1 billion in taxes, almost $3 billion of which will come from personal income tax. The collection of personal income taxes will increase by six per cent or $168 million from last year, a jump the province attributes to having more people working and earning more money.

The province’s net debt will increase by $500 million, from $15.2 billion at year end in 2019-20 to $15.7 billion at the end of fiscal 2020-21. The hike is spurred primarily by a record $1-billion capital plan announced last week.

Nearly $3.75 billion of provincial revenues come from federal sources, including equalization payments and the Canada health and social transfers.

“Look at the money coming from the federal government in transfer payments, it’s going up and up every single year and the reason that is going up is because Nova Scotia is falling further behind,” Houston said. 

“In many ways this is an election budget,” Houston said. “There are investments in this budget that could have been made years ago. … I am optimistic about an election being on the horizon and having the opportunity to help Nova Scotians thrive.”

Casey rejected the pre-election budget notion.

“This budget represents the needs Nova Scotians identified,” she said. “The only people I hear talking about an election are the media and the opposition.”

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Investment

UK says energy bill support package must not deter investment – Financial Post

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LONDON — Britain must pay for increased support to households in a way that does not deter investment, Cabinet Office minister Steve Barclay said on Thursday ahead of an expected announcement of new measures to cope with rising energy bills.

Facing intense political pressure to provide more support for billpayers coping with what opponents and campaigners have called a cost-of-living crisis, finance minister Rishi Sunak will give a statement to parliament setting out details of the government’s response.

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“In terms of paying for that, as we look at the balance between how much is done through debt, and how much is done through revenue raising, we need to do that in a way that doesn’t deter investment,” Barclay told Sky News.

Sunak’s announcement is expected to include a 10 billion pound ($12.6 billion) package of support, an energy industry source said, funded in part by a windfall tax on oil and gas producers companies.

Barclay said the government had decided to act after an announcement by the energy regulator earlier this week that a cap on gas and electricity bills was set to rise by another 40% in October.

“What we do recognize … is the government needs to have targeted support, particularly for those most affected by those higher bills,” Barclay told the BBC.

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Global gas prices soared last year when the reopening of world economies from pandemic lockdowns caused demand to return sharply and supply could not keep up. The war in Ukraine has pushed up prices further in 2022.

The government has previously said it is opposed to a windfall tax on energy suppliers because it would deter them from investing in new energy projects.

But that position has shifted as political pressure for action has mounted, with the highest inflation among G7 nations and rising bills pushing many household budgets to the limit.

Prime Minister Boris Johnson is also keen to move the conversation away from a damning report detailing a series of illegal lockdown parties at his Downing Street office.

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The opposition Labour Party has campaigned for a windfall tax on oil and gas companies to raise around 2 billion pounds ($2.5 billion), with opinion polls showing public support for such a move.

Asked about a windfall tax, Barclay said he disagreed with the Labour proposal, but declined to give any further details of the government’s new plan, saying it was for Sunak to set out the package to parliament later.

Sunak is expected to speak around 1115 GMT.

INFLATION RISK

Inflation reached a 40-year peak of 9% in April and is projected to rise further, while government forecasts last month showed living standards were set to see their biggest fall since records began in the late 1950s.

In February, the government announced a 9 billion pound support package, including a targeted tax rebate worth 150 pounds per year for 80% of households in England and a 200 pound discount on electricity bills, repayable over five years.

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Media reports said that discount could be increased in Sunak’s package, and the need to repay it dropped.

The Institute for Fiscal Studies (IFS) economic think tank said any support needed to be aimed at the poorest households, warning that a universal giveaway, including for those who did not need the extra cash, could fuel inflation.

“We do need to be careful,” IFS director Paul Johnson told BBC radio. “Putting … tens of billions into the economy at a time of high inflation could stoke additional demand and make the inflation much more permanent.” ($1 = 0.7963 pounds) (Reporting by Muvija M, writing by William James, editing by Hugh Lawson and Frank Jack Daniel)

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Julien Roman: The Personal Investment Specialist | Mint – Mint

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Julien Roman is a specialist in the field of personal investment. Over the years, he has helped countless people grow their wealth and reach their financial goals. His experience in crafting investment and risk management strategies is second to none, and he has the track record to back it up. From short-term investments to long-term opportunities, Julien provides unique strategies that suit the needs and goals of his followers. But where did it all begin for Julien? Here’s his story.

 

Starting young

Julien’s interest in investment started at a young age.  When he was just a teenager, he invested his own money in the stock market. He quickly learned about the ins and outs of the market and made a name for himself as a successful investor. Since then, Julien has continued to grow his knowledge of the investment world, and he now shares his expertise with others through his YouTube channel.

 

With more than 215,000 subscribers, Julien’s channel is one of the most popular investment-focused channels on YouTube. On this platform, Julien provides analysis of potential investments, discusses current events in the world of finance, and offers tips and advice for those looking to increase their ROI successfully.

 

Becoming an investment specialist

Julien became an investment specialist by reading books, watching tutorial videos, and following the news. He is now responsible for providing analysis of potential investments and advising clients on how to grow their portfolios best. In his role, Julien often meets with senior executives from companies to better understand their business strategies and financial goals. He then uses this information to recommend which investments will be most beneficial for his clients. Julien has been successful in his career thus far, and he plans to continue to help his clients achieve their financial goals in the future.

 

Working as a personal investment consultant

His stint as a personal investment consultant started years ago. Equipped with unparalleled experience, he has already managed to help individuals and families save for their future. He provides customized investment plans based on each client’s unique goals and circumstances, and he takes pride in helping his clients grow their wealth over time. Julien has worked with clients of all ages and levels of experience, and he feels passionate about helping everyone make money. Julien enjoys spending time with his wife and young children in his free time. He is also an avid traveler and enjoys exploring new places.

 

Julien Roman offers some valuable tips to get you started on the right track. First, he emphasizes the importance of setting realistic goals. It’s essential to have a clear idea of what you want to achieve financially, whether saving for retirement or buying a new home. He also recommends creating a budget and sticking to it. This will help you keep track of your spending and ensure that you’re putting your money towards your goals.

 

The personal investment specialist recommends investing in yourself by learning about financial planning. By educating yourself about personal finance, you’ll be better equipped to make intelligent decisions with your money and grow your wealth over time.

 

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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Westboro Mortgage Investment Fund Announces Bonus Distribution to Unitholders – GlobeNewswire

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TORONTO, May 25, 2022 (GLOBE NEWSWIRE) — Westboro Mortgage Investment Fund has paid a bonus distribution of $0.065 per eligible Class F unit. The bonus distribution equals the excess income earned by the fund for the fiscal year ended December 31, 2021. The total distribution per unit for the 2021 fiscal year, inclusive of this bonus distribution, was $0.65/unit on a monthly basis, or an annualized return of 6.7%, on a monthly compounded basis. The strong performance of the Westboro Mortgage Investment Fund is a direct result of the following: a) long standing and strong broker client relationships b) best in class staff; and c) conservative and thorough underwriting practices.

“It was a record breaking year filled with a unique set of challenges posed by the pandemic. We will continue to be conservative in our underwriting and portfolio management while being competitive on interest rates and terms offered to our longstanding broker client network. In 2021 and early in 2022 we were fortunate to attract top industry talent to join our already dynamic team. We want to fund the best mortgages, not the most mortgages. Our focus is, and always will be, the preservation of investor capital and providing consistent risk adjusted returns to our mortgage fund investors,” said Nick Christopoulos, CEO of Westboro Mortgage Investment Fund.

About Westboro Mortgage Investment Fund

Westboro Mortgage Investment Fund was established in 2004 as a Mortgage Investment Corporation in the Ottawa region. Throughout the years, the fund has strategically expanded its lending region to include Central and Southwestern Ontario and the Gatineau regional area of Quebec. Today, the fund manages assets in excess of $300 million all while maintaining the primary objective of providing investors with a consistent and stable fixed income solution for their investment portfolio.

To learn more about the Westboro Mortgage Investment Fund, including investment opportunities and qualification criteria please visit www.westboromic.com or contact the Vice President of Fund Sales, Scott Roberts at sroberts@westboromic.com.

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