The Town of Newmarket has sold off the internet service provider (ISP) into which it invested millions, but said it will completely recoup those dollars.
Mayor John Taylor said it was a way for council to avoid making another significant, long-term capital investment to expand the business. Although the town’s legal department is still vetting the public release of what the sale cost telMAX, Taylor said it entirely covers the town’s investment into ENVI.
“The environment when ENVI was born into now has become much more competitive,” Taylor said, adding that the business was growing but “would have required a significant, long-term continued investment by shareholders, and by extension, the taxpayer.
“We’re de-risking ourselves considerably,” he added. “This is really an exceptional outcome.”
The 30 kilometres of fibre and more than 200 customers of ENVI, which began as a $5-million startup in 2018 to expand fibre optic connectivity in Newmarket, will be completely absorbed by Stouffville-based ISP telMAX.
The town has said telMAX will be able to expand the network faster than the municipality could have. Taylor said the investment telMAX is making toward expansion would be approximately $60 million, something the town may have had to put into it over a long period.
The money from the sale will cover the ENVI’s line of credit, Taylor said, with the remainder going back into the reserves used to start up the company initially.
ENVI president and CEO Gianni Creta said they were challenged by the pandemic causing businesses they were targeting to have employees work from home. Still, he said they continued to grow and gain trust in the community.
“I would have loved to have done more and gone bigger, but I’m definitely not disappointed at all in the way we’ve run the business,” he said.
The model has had its skeptics since the beginning. Lloyd Ainey, a Newmarket resident and senior partner of Toronto-based telecom Interface Technologies, said ENVI did not make sense given the competition in the market.
“The town can’t loss leader,” he said, adding that the fibre market had also softened as new technologies have emerged like data centres. “I went to those guys and said, ‘Guys, I think you’re making a mistake. We got all these kinds of pressures.’”
But the ability of the town to recover its investment indicates a degree of success, Taylor said. He said he understands the skeptics, and they may be pleased about the municipality divesting itself of the ISP, but there were benefits to undertaking the risk.
“I really feel like we’ve found a balance,” Taylor said. “Taken some level of risk, taken some bold steps to be a leader, but we’ve also seen an opportunity to de-risk and accelerate that program.
“This journey, that investment, has put us into a position to have this sale, which is really going to thrust ourselves into one of the fastest, fully wired communities in Canada,” Taylor further said.
There will be a transition period, Creta said, but he added they have assured ENVI customers that they will be able to maintain those services. Now, telMAX will make its way into the community, with the town boasting about PC Magazine rating it as the fastest Canadian ISP in June of this year.
The mayor expressed appreciation for the board and workers of ENVI and everyone that bought into it.
“We did something incredible,” he said. “This will accelerate our community significantly.”
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.
