A recent report prepared for the Residential and Civil Construction Alliance of Ontario (RCCAO) states holding back on infrastructure investment could exacerbate the effects of the COVID-19 pandemic, result in billions of dollars in lost tax revenue for federal and provincial governments and hamper Ontario’s economic recovery.
“We’re trying to send the message to the (federal) finance minister that although the debt situation may look dire right now, if you do make these investments, over the longer term you will get more tax revenues and more long-term building of our economic foundation in Canada,” said Andy Manahan, executive director of the RCCAO.
“I would really like to see them thinking about this as a non-political issue. They do need to work together and be more agile.
“If municipalities had a list of projects they thought were ready to tender this year, what a great time to speed that process up right now.”
The operating deficits, caused by the increased need for services and a simultaneous drop in revenue, combined with the expected decline in both provincial and federal GDP due to the economic slowdown, could put Ontario’s planned infrastructure investments at risk while also threatening to limit the financial returns from past infrastructure investments, states the report. This could have long-term implications for growth even post-COVID-19.
There will be no recovery unless municipalities first get the support they need,
— Bill Karsten
Federation of Canadian Municipalities
“If the Ontario and federal governments do not invest the same amount in infrastructure as was planned pre-crisis and the province uses funds from its capital budget to cover municipal deficits, then there will be clear and measurable consequences, namely lower long-term growth, fewer jobs and lower government revenue,” reads the report. “The current once-in-a-generation socio-economic crisis caused by the pandemic will only compound the consequences and significance of this decision.”
In an email to the Daily Commercial News, Federation of Canadian Municipalities (FCM) president Bill Karsten, said municipalities across the country are facing a financial crisis.
“Weeks ago, through FCM, they called for urgent, emergency operating funding to keep essential local services running for Canadians,” Karsten stated. “Municipalities are key economic drivers in this country, and the financial emergency they are facing because of COVID-19 threatens the economic recovery Canadians are counting on. We need to make sure that cities and communities are in a position to deliver needed stimulus at the local level, when it’s time.”
The RCCAO report aligns with FCM’s estimate that in order to cover all municipal operating deficits for 2020, municipalities will need $10 to $15 billion in direct support, he added.
“These conclusions add to the growing chorus of municipal, business and labour leaders calling on federal, provincial and territorial governments to come together to support municipalities, who are on the frontlines of the pandemic,” Karsten stated. “Investing directly in Canada’s communities and local infrastructure projects will help get this country back on its feet, but the fact remains that there will be no recovery unless municipalities first get the support they need to get out of this financial crisis.”
To date, the federal government’s response to municipal operating shortfalls, namely to fast-track $2.2 billion in infrastructure funding through the Gas Tax Fund, is insufficient, the report states.
“If ever there was a time where we needed to do asset management, state of good repair-type projects to keep the economy going, now would be the time,” said Manahan. “The state of good repair is stuff that can be done immediately. It’s typically more labour intensive so it does have more employment benefits right out of the gate.”
In the report, researchers proposed two contrasting risk scenarios for the next 10 and 30 years based on different levels of infrastructure spending.
Under one risk scenario, the federal and Ontario government investment levels are kept at the same percentage of GDP, which existed at pre-crisis levels and municipal operating deficits are paid for out of Ontario’s capital budget. The province would have 55,000 fewer jobs, on average, per year over the next decade, with the federal and provincial governments losing $8 billion and $12 billion, respectively, in revenue. Over the next 30 years, there would be 79,000 fewer jobs on average per year, and the federal and provincial governments would lose $36 billion and $51 billion, respectively.
Under the preferred scenario, where the federal and Ontario governments invest at pre-COVID levels and the federal government covers the majority of municipal operating deficits, Ontario would gain 61,000 jobs on average per year over the next 10 years and the federal and provincial governments would receive $9 billion and $13 billion, respectively, in revenue. Over the next 30 years, there would be a gain of 189,000 jobs on average per year and the federal and provincial governments would gain $86 billion and $123 billion, respectively.
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.
