Ottawa’s Terry Fox statue will move to make way for new parliamentary building

OTTAWA – The Parliamentary Budget Officer estimates the Trans Mountain pipeline is worth less than it cost to build in an updated financial assessment of the controversial project.

The budget watchdog says the pipeline could be worth between $29.6 billion and $33.4 billion, depending on what happens after the initial 20-year contracts expire.

Meanwhile, the cost to build the pipeline that went into service in May came in at $34.2 billion, dramatically higher than the $7.4 billion estimate in 2017.

The PBO says its valuation estimate doesn’t factor in sunk costs, such as the $4.5 billion the federal government paid to buy the project in 2018, or capital spending before 2024.

It says government-owned Trans Mountain Corp. has assets of $35.2 billion, liabilities of $26.9 billion and shareholder equity of $8.3 billion.

The PBO says that if the government were to sell the pipeline at either of the valuation estimates, it would not cover the shareholder equity that the corporation would have to write off and record a loss.

This report by The Canadian Press was first published Nov. 8, 2024.

The Canadian Press. All rights reserved.

WINNIPEG – Manitoba politicians are expected to pass several bills into law before the likely end of legislature session this evening.

The NDP government, with a solid majority of seats, is getting its omnibus budget bill through.

It enacts tax changes outlined in the spring budget, but also includes unrelated items, such as a ban on replacement workers during labour disputes.

The bill would also make it easier for workers to unionize, and would boost rebates for political campaign expenses.

Another bill expected to pass this evening would place new restrictions on the sale of machetes, in an attempt to crack down on crime.

Among the bills that are not expected to pass this session is one making it harder for landlords to raise rents above the inflation rate.

This report by The Canadian Press was first published Nov. 7, 2024

The Canadian Press. All rights reserved.

A Richmond Hill, Ont., man has been charged with second-degree murder in the death of his seven-week-old infant earlier this year.

York Regional Police say they were contacted by the York Children’s Aid Society about a child who had been taken to a hospital in Toronto on Jan. 15.

They say the baby had “significant injuries” that could not be explained by the parents.

The infant died three days later.

Police say the baby’s father, 30, was charged with second-degree murder on Oct. 23.

Anyone with more information on the case is urged to contact investigators.

This report by The Canadian Press was first published Nov. 7, 2024.

The Canadian Press. All rights reserved.