The City of London has made some cuts to the bottom line in the 2021 budget draft to help London property owners who might be struggling during the pandemic.
Council approved a 3.4-per cent tax increase for 2021 as opposed to the original 4.4 per cent increase originally planned under the 2020-23 multi-year budget discussion on March 2. The change will only impact the 2021 budget and not the budget in the two years to follow.
The 3.4-per cent increase will be $101 for the average residential taxpayer with an assessed value of $241,000 last year.
The tax cut comes in part from a reduction in $500,000 in funding meant to close the infrastructure gap.
In March, councillors voted to increase the amount of money allocated to improve City infrastructure from $4.5 million to $7.5 million.
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Ward 2 councillor Shawn Lewis said there were many areas in the budget he felt they could not make cuts, like in housing, but that cuts to infrastructure funding was a change they could make.
“I recognize the financial pinch families are feeling right now because of COVID, so if the result of this is that we do a couple less road payments this summer … I think that is a fair trade-off,” Lewis said.
London city councillors have concluded the 2021 budget update process, part of the annual updates associated with the multi-year budget, as part of the strategic priorities and policy committee meeting on Thursday.
In total, councillors approved gross 2021 expenditures over $1 billion, of which $673.5 million is the property tax-funded portion.
The only thing left is for council to give final approval during the council meeting on Jan. 12.
“I am really committed to doing what we can right now to help the people who need help in our city and I don’t think that meant making massive cuts to budget areas,” Ward 6 councillor Phil Squire said.
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Among additions to the budget was $900,000 over the next three years to support the implementation of a Film and Multi-Media Strategy to grow the film sector in London to create long terms jobs for people in the area.
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Councillors voted 14 to one in favour of supporting the initiative, with the funding will come from the City’s economic development reserve fund and not the community investment fund as was initially proposed.
The move had the support of both Ward 1 councillor Michael Van Holst and Ward 6 councillor Phil Squire.
“We want to establish a film office because it’s a welcome mat,” Van Holst said.
“What I like about this plan is it’s a microcosm of our city’s vision to be a leader in commerce, culture, innovation and our region’s connection to the world, and we pretty much check off that entire piece by moving forward with the film industry.”
Van Holst also talked about the quality of the jobs the film industry could bring beyond the opening of a new fast-food chain.
Ward 13 councillor Arielle Kayabaga said she supported the move to entice the film industry to London, but that she had reservations about the approved increase from $200,000 to $300,000 for the project.
“It’s something at the beginning of my term I was really interested in pursuing and making sure we can provide the opportunity to students in London and that revenue to come into London as well,” she said.
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“I am uncomfortable with the amount of money we are spending right now in the middle of a pandemic.”
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
