Connect with us

Investment

Prime Minister highlights public transit investment to create jobs, grow the economy, and build back stronger communities in Calgary – Prime Minister of Canada

Published

 on


Improving public transit infrastructure helps create more inclusive communities, reduce commute times for Canadians, and fight climate change. That is why the Government of Canada is making smart investments in public transit that will create well-paying middle class jobs, and help us build back for a cleaner, better future.

The Prime Minister, Justin Trudeau, today confirmed the Government of Canada’s commitment to invest up to $1.53 billion to build the new Green Line as part of Calgary’s Light Rail Transit (LRT) system. The Government of Alberta is contributing $1.53 billion toward the new Green Line LRT project. The City of Calgary is contributing $1.59 billion. As the largest infrastructure project in the city’s history, the Green Line will play a key role in shaping the future of Calgary by connecting people and places, reducing congestion, and creating up to 20,000 jobs.

The project will deliver fast, accessible, and environmentally friendly transit access to downtown Calgary and other employment hubs such as Quarry Park and the southeast industrial areas. The new line will benefit daily commuters as well as those who rely on public transit the most, including women, immigrants, and young people. It will also ensure that communities in the southeastern part of the city have access to light rail, and that communities in the north-central part of the city will benefit from investments in rapid bus transit infrastructure for the future. Once fully built, 250,000 Calgarians will live within a 15-minute bus trip of the Green Line alignment.

Reliable, modern public transit is the foundation of strong communities where Canadians live, work, and play. It creates jobs, cuts pollution, and supports a strong middle class. That is why, since 2015, the Government of Canada has invested over $5.18 billion in more than 440 infrastructure projects across Alberta under the Investing in Canada Plan, and will continue to invest in the future of our communities from coast to coast to coast.

Quotes

“By investing in smart public transit projects, we’re reducing gridlock, helping more Calgarians get to and from work, creating good middle class jobs, growing the economy, and fighting climate change. As we set the course for an inclusive recovery from COVID‑19, we will keep focusing on laying the foundations for long-term, sustainable growth to create a Canada that is cleaner, more competitive, and more resilient for generations to come.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“Public transit is at the heart of cities where people want to live, work, and play. The federal government’s investment of up to $1.53 billion for the Calgary Green Line will play a key role in shaping the future of the city by helping residents get around faster, cleaner, and cheaper. Investments in public transit create good jobs and grow the economy, tackle climate change, and build more inclusive communities.”

The Hon. Catherine McKenna, Minister of Infrastructure and Communities

“Alberta’s $1.53 billion commitment toward the Green Line is a massive investment in the future of Calgary, one we are happy to make, because we believe our best days are ahead of us. I’m grateful for the hard work done by the technical experts at the province and the city to make the Green Line a functional project that connects to the rest of the LRT network. I am confident that the Green Line is in a stronger, more certain position today, and is in the capable hands of an experienced project team who can take this important project forward.”

The Hon. Ric McIver, Alberta’s Minister of Transportation

“Taxpayers are spending billions through the Investing in Canada Infrastructure Program to build important infrastructure in every corner of Alberta, including Calgary’s Green Line LRT. The Green Line will provide much-needed public transit options for Calgarians and create well-paying construction and engineering jobs in the near term. As a Calgarian, I look forward to seeing this project delivered on time and on budget.”

The Hon. Prasad Panda, Alberta’s Minister of Infrastructure

“Investments in transit are among the very best investments for a community. The Green Line is more than a train, it is a way for people to get to work and school and better participate in our community. Calgarians have been waiting for this for so long and it’s great to take this important step.”

Naheed Nenshi, Mayor of Calgary

Quick Facts

  • In May 2018, the Government of Canada announced a major investment of up to $1.53 billion for Calgary’s Green Line Light Rail Transit project – the largest contribution ever made by the Government of Canada to an infrastructure project in Alberta.
  • The new Green Line is expected to reduce greenhouse gas emissions by 30,000 tonnes per year, the equivalent of taking 6,100 cars off the road.
  • The City of Calgary and the Province of Alberta are continuing due diligence on the project. The federal funding is subject to the necessary federal due diligence on the revised business case recently submitted to the Government of Canada. The government will continue to work with the Province of Alberta and the City of Calgary to ensure this review is undertaken quickly.
  • Canada’s strengthened climate plan committed to provide public transit funding. The plan encourages cleaner modes of transportation, such as low and zero-emission vehicles, transit, and active transportation, to make communities healthier, less congested, and more vibrant.
  • Through the Investing in Canada Plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
  • Through the Investing in Canada Plan, the Government of Canada is already investing $28.7 billion to support public transit projects, including $5 billion available for investment through the Canada Infrastructure Bank.
  • In February 2021, the Government of Canada also announced a plan for $14.9 billion in new public transit funding over eight years, including $2.5 billion over five years starting this year as well as a portion of the $3 billion in ongoing annual transit funding beginning in 2026-27, to expand transit systems in large urban centres by enabling major transit projects to advance. The plan will also accelerate job-creating projects across the country, support active transit, and electrify our transit systems.

Associated Links

Adblock test (Why?)



Source link

Continue Reading

Investment

Goldman and DWS prepare bids for NN Investment Partners – Financial Times

Published

 on


Goldman Sachs Asset Management and Germany’s DWS are preparing bids for NN Group’s investment management arm as consolidation in the industry gathers pace.

The Dutch insurer said in April it was considering a sale of NN Investment Partners, which has €300bn in assets under management.

The deadline for final binding offers is Monday. GSAM, which has more than $2tn in assets under supervision, and Frankfurt-based DWS are still in the sale process and preparing bids, said people familiar with the situation.

The deal price is in the region of €1.4bn, one of the people said. NN Group, GSAM and DWS declined to comment.

UBS Asset Management, Janus Henderson and US insurer Prudential Financial are among those to have previously registered their interest. All three declined to comment.

Investment managers globally are embarking on mergers and acquisitions designed to shield profits from rising costs and falling fees, while seeking to tap into fast-growing markets such as passive investing, private assets and ESG, and open up new distribution channels.

“The competitive environment for traditional active asset managers has intensified and a smaller group of larger players are now dominating the institutional segment,” said Vincent Bounie, senior managing director at Fenchurch Advisory, a specialist investment bank for financial services.

“It has become complicated to grow and very difficult to have a profitable business, in particular if you have undifferentiated plain vanilla products.”

Asoka Woehrmann, chief executive of DWS, which is majority owned by Deutsche Bank, told shareholders at the €820bn group’s annual meeting last month that it wanted to be “an active player” in industry consolidation. It is seeking further scale to challenge rival Amundi for supremacy in Europe.

Meanwhile for insurance companies, a prolonged period of low interest rates and higher capital requirements under Solvency II rules is prompting groups to weigh up where they allocate their capital, Bounie said. “For many of them, subscale asset management divisions are no longer core activities and there will probably be more divestments.”

NN Group, which is based in The Hague, came under pressure last year from activist hedge fund Elliott Management to improve returns and streamline its operations. It said in April it was considering options including a merger, joint venture or a partial divestment of the division.

NN Investment Partners has about 950 employees. Of its €300bn in assets under management, two-thirds is managed on behalf of its insurance parent company with the remaining third run for external investors.

The division’s range of funds covers fixed income, equity, multi-asset and alternative investment strategies. It has a strong position in ESG investing, notably in areas such as green bonds, impact equity and sustainable equity.

Additional reporting by Ian Smith in London

Adblock test (Why?)



Source link

Continue Reading

Investment

Condo Smarts: Existing buildings can be good investment – Times Colonist

Published

 on


Dear Tony: We are retiring this year and considering downsizing to a condo. We have started looking at both new and existing properties around Vancouver and Victoria, but we encounter challenges with both options.

New developments are often available only through presales and the time periods for completion would require us to sell, rent until the property is ready, and with few assurances of completion dates would require us to move twice with no guarantees how the properties would be managed or how fees would be structured for long term operations.

article continues below

Existing buildings are more attractive; however, we find most properties are sold within days of listing, and there appears to be more of a concern by realtors to keep strata fees low rather than looking at the age of the buildings and the long-term maintenance to protect owner investments.

Are there any standards or consumer rules we might consider following? As new buyers into a condo lifestyle we would like to avoid a sinking investment.

Karyn and Jerry W.

There are many existing buildings and communities that are an excellent investment. They are easily identified by reviewing the financial reports, investments, a depreciation report completed by a qualified consultant or reserve planner, and by reviewing the minutes of the strata corporation to identify how they address maintenance, planning and funding for the future.

While every building has different amenities, staffing and servicing requirements, an annual budget that identifies all the service contracts for maintenance and operations is a significant asset. An active use of the depreciation report to plan for future renewals and major maintenance components is a healthy indication of a well managed property.

Low strata fees are problematic for strata corporations as they often indicate a community dependent on special levies. Special levies require a 3/4 vote of owners at general meetings and many owners vote against a special levies generally due to affordability issues. The result of failed special levies is deferred repairs that will only rise in cost and damages, and the potential for court actions or CRT orders.

There is also a direct link between low strata fees, deferred maintenance and renewals, and higher risks for insurers. This results in higher insurance rates and deductibles for strata corporations.

Buyers should always request copies of depreciation reports, any engineering and environmental reports, minutes of annual meetings, the bylaws and rules of the property, copy of the strata insurance policy, and a Form B Information Certificate, which will also identify any courts actions or decisions against the strata corporation. Read all documents and discuss any issues with your realtor and lawyer. This should help separate the well managed buildings vs the buildings at risk.

New construction in some ways is easier to manage as the strata corporation is enabled to make the right decisions that will impact funding and future operations. Owners can have a direct effect on their investments by joining and supporting the newly formed strata council and making decisions that ensure a well funded and planned operations plan.

Strata fees for new properties often start low in the first year as there are service contracts included with the new construction that are included in the warranty period and some developers will entice buyers with low costs. Plan on an increase of fees once all units are occupied and the strata corporation is fully serviced for operations and maintenance.

This may be impacted by insurance costs, staffing, and consulting for warranty inspections, legal services and the management of warranty claims, the commissioning of a deprecation report, and operational requirements.

Every building, which consists of endless components, will have failures. The effective management and planning of those issues when they arise is the true test of a well managed property. Product failures and installations are often beyond anyone’s control; however, a well funded property will also be able to respond without a significant crisis for owners.

Tony Gioventu is executive director of the Condominium Home Owners Association.

Adblock test (Why?)



Source link

Continue Reading

Investment

Investing inside a corporation: what you need to know – MoneySense

Published

 on


FPAC responds:

Congratulations on your successful retirement! At a stage when most people are focussed on decumulation, you’re asking about establishing an approach for long-term, tax-efficient investing inside your corporation. Let’s walk through these important considerations:

Investment decisions: robo-advisor or DIY—and ETFs or bank stocks?

A robo-advisor is a great choice for automated, tax-efficient and low-cost investing. A robo-advisor will be able to set you up with a portfolio of low-cost, widely diversified ETFs. Regular rebalancing, quarterly reporting and ease of use will make this option attractive if you are looking for a hands-off approach. Most of the leading robo-advisor platforms in Canada will help you set up a corporate account. 

If you’re comfortable being a little bit more hands-on, you might consider implementing a multi-ETF model portfolio. This approach will require you to open an account at a brokerage and do some regular investment maintenance, including allocating cash, reinvesting dividends and rebalancing

Alternatively, you could also consider implementing an asset-allocation ETF solution. These “all-in-one” ETFs are available in different stock/bond allocations to suit your risk preferences, and they are globally diversified. 

You mention tax-efficiency being important to you. Broad index-based ETFs track an underlying market index. The stocks and bonds in these indices do not change often, so there isn’t a lot of buying and selling of stocks—also known as “turnover”—happening inside of your ETFs. A portfolio with low turnover will not stir up a lot of unwanted capital gains in years that you don’t want to take money out of your accounts, and less turnover means less tax payable year-to-year, leaving more of your money working for you. All in all, tax efficiency is a huge benefit of an index fund ETF approach to investing, especially if you’re investing inside of a corporation. 

You also mentioned bank stocks as an alternative. I can understand the appeal of this approach, as buying stocks of Canada’s large financial institutions has proven to be an effective strategy over the past several years. Unfortunately, the past performance of any investment strategy does not tell us much about its performance in the future. And, in the case of bank stocks, your investment will be very concentrated on a single sector, in a single country. This approach to investing carries risks that can be easily diversified away by using broad, globally diversified index-based ETFs. (In fact, Nobel Prize laureate Harry Markowitz famously called diversification “the only free lunch in investing.”)

Understanding the ins and outs of corporate investing

Investing inside of a corporation can be complicated. A corporation is taxed differently than an individual in Canada. As individuals, we are taxed based on a progressive income tax system, meaning higher amounts of income are taxed at higher rates. In your case, if you are earning (or realizing) a lower income in retirement, your last dollar of income is likely taxed at a lower rate than it was while you were working. When you combine lower tax rates with other benefits that the tax system provides to seniors—such as pension income splitting and age credits—it is possible that you will not be taxed at the high end of the marginal tax table in retirement. 

Passive investment income generated inside a corporation, on the other hand, is taxed at a single flat rate of around 50% in Ontario, or close to the highest marginal tax rate. Passive income tax rates are so high because the Canada Revenue Agency (CRA) doesn’t want us to have an unfair tax advantage by investing our portfolios inside corporations.

Adblock test (Why?)



Source link

Continue Reading

Trending