ON Economic Fundamentals 2008-12

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1208ONTR
McGuinty rejects bankers` call for tax relief

Premier Dalton McGuinty is refusing to slash corporate taxes to help the banks, instead saying they should cut their interest rates to aid consumers.

McGuinty`s shot at the Canadian Bankers Association came after it urged his government to cut corporate taxes in next year`s budget or risk losing high-paying financial sector jobs to other jurisdictions as the recession deepens.

http://www.thestar.com/News/Ontario/article/555717

 

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1208ONTR
Province won`t fix property assessments

Municipal property assessments mailed to homes across Ontario this fall are "unrealistic" given the dramatic price drops in the real estate market, Premier Dalton McGuinty admitted yesterday.

Despite that, the province will not direct Ontario`s Municipal Property Assessment Corp. to scrap the 2008 assessments – the first in several years – for fresh ones in 2009.

Instead, McGuinty called on municipalities to recognize the assessments are out of date when they prepare local property-tax bills.

http://www.thestar.com/News/Ontario/article/555699

 

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1208ONTR
Ontario sees boost in house

TORONTO - The federal Conservatives have agreed to boost Ontario`s presence in the House of Commons by 21 seats under a plan designed to better reflect the country`s growing population, Premier Dalton McGuinty says.

"I think there was a sense that it was the right thing to do," the Ontario Premier said yesterday, noting Prime Minister Stephen Harper agreed to the deal during a meeting last week.

http://www.nationalpost.com/todays_paper/s...html?id=1088469

 

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1208TNTO
Regina and Toronto have more economic momentum, CIBC says

Regina has more economic momentum than any other city in Canada, followed by Toronto and another Saskatchewan city, Saskatoon, according to the latest ranking of two dozen urban economies by CIBC World Markets.

http://www.nationalpost.com/todays_paper/s...html?id=1088516

 

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1208LNDN
Taxed near the max

London is in poor fiscal health and its taxpayers among the most burdened in Ontario, a new study suggests.

Among hundreds of cities and towns in the province, London was rated closer to the bottom than the top in the study jointly done by the province and an association representing municipalities. Seventy per cent of Ontario municipalities were deemed in better fiscal health than London and only 20 per cent worse -- that, before the global economic meltdown threatened municipal bottom lines.

http://lfpress.ca/newsstand/News/Local/200...787086-sun.html

 

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1208CATH
Lincoln council backs developer

A proposed development in downtown Beamsville should be independent of the town`s Official Plan, says developer Gabriel DeSantis, of Beamsville Plaza Inc.

Lincoln town council agreed to hear a last-minute argument at its Monday meeting from DeSantis`s representative, Sergio Manchia, of IBI Group, who asked council to revise a motion passed by the planning committee at its Dec. 8 meeting.

Manchia said the commit- tee`s decision delayed his client`s right to have his application processed.

http://www.stcatharinesstandard.ca/Article....aspx?e=1351994

 

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1208BAOR
Airport looks to expand

It`s all about hubs and spokes.

The Lake Simcoe Regional Airport is already one of the most active small airports in Canada with more than 3,000 take-offs and landings in a busy month.

Now the airport on Line 7 of Oro-Medonte is hoping to jump to the next level by extending its runway from 5,000 feet to 6,000 feet.

That would open the door to regional passenger service jets that can carry up to 80 passengers, airport manager Mike Drumm said on Wednesday.

http://www.orilliapacket.com/ArticleDisplay.aspx?e=1351681

 

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1208WIND
$17.9M paid for church property

The first major expropriation deal has been reached for the proposed border crossing route, with $17.9 million being paid to the Heritage Park Alliance Church on Talbot Road.

The deal between the 30,000- square-foot church, which sits on a 5.4-hectare (13.4-acre) plot of land just south of Cabana Road, and the provincial Ministry of Transportation, was reached Dec. 11.

http://www.canada.com/windsorstar/news/sto...4e-fbe5f42e78f3

 

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1208OTWA
Carleton approves design for showpiece building

Carleton University`s board of governors has approved the final design for a $30.4 million building that will be one of the university`s most ambitious and visible projects.

The 96,000-square-foot "canal building" will be located between the Mackenzie Building and Colonel By Drive. It will eventually be home to a number of new programs, including biomedical engineering and science; energy engineering and aerospace engineering. It will also offer space for graduate students.

http://www.ottawacitizen.com/news/todays-p...8946/story.html

 

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1208HAMN
Bleak 2009 forecast for city economy

Canada faces a dismal economic year in 2009, and Hamilton will be among the hardest hit of the country`s major cities.

A study released yesterday by CIBC World Markets concludes the pace of economic momentum is slowing for all of Canada`s 24 major cities, with Hamilton ranking in the bottom half of every measure except the outlook for business bankruptcies next year.

http://www.thespec.com/News/Local/article/483708

 

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1208HAMN
A great big bus deal in Hamilton

Top officials in area transit came to Hamilton yesterday to announce the largest joint bus purchase in Ontario history.

Provincial transportation agency Metrolinx signed contracts with New Flyer Industries Canada and City View Bus Sales in a deal worth an estimated $70 million for up to 160 buses in 2009.

The first large joint purchase by Metrolinx involved 12 municipalities, including Hamilton, and will save about $30,000 per bus for the cities involved, said Metrolinx chair Rob MacIsaac.

http://www.thespec.com/News/Local/article/483694

 

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1208KWCG
City debates ways to cut to keep `09 taxes down

KITCHENER

Coun. John Gazzola is calling for a wage freeze among all municipal employees as a way to cut costs in hard times.

Coun. Berry Vrbanovic, who chairs the city`s finance committee, says that isn`t possible.

When city councillors gather in mid-January to consider the 2009 budget they are facing a tax-rate increase of 4.8 per cent. That would increase the city portion of your tax bill by about $44.50 for a house assessed at $203,000.

http://news.therecord.com/News/Local/article/460424

 

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1208ONTR
Chrysler, Ford extend holiday plant closings

DETROIT

Chrysler LLC said yesterday that it is closing all 30 of its manufacturing plants for a month starting tomorrow as it seeks to counter the most severe downturn in U.S. auto sales in more than two decades.

Ford, meanwhile, says it will shut down 10 of its North American assembly plants for an extra week in January due to the slumping U.S. auto market.

By extending the traditional two-week holiday shutdown period, the struggling Chrysler can adjust production to slowing demand and conserve cash.

http://news.therecord.com/Business/article/460379

 

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1208YAUR
More parking a `go`

If you`re frustrated with the lack of parking at the Aurora GO Transit station, help is on the way.

The contract to build a new $28-million facility on Wellington Street East, between Industrial Parkway South and Ross Street, was awarded to Vanbots Construction at Friday`s GO Transit board meeting. Commuters will soon have their pick of spots, GO Transit spokesperson Vanessa Thomas said.

http://www.yorkregion.com/News/Aurora/article/86123

 

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1208DPIK
Pickering traffic plan moving along

PICKERING -- The public will have the next stab at addressing possible traffic calming measures on Fairport Road. Council supported in principle Monday the implementation of traffic-calming measures along Fairport Road from Kingston Road to Finch Avenue. Staff will now hold a community consultation process where the public and affected services can give their input, and will then present the plan and estimated construction costs for Council`s consideration.

http://newsdurhamregion.com/news/pickering/article/115746

 

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1208DSCG
Scugog feeling permit cash crunch

SCUGOG -- Scugog expects to take nearly a $100,000 cut in its planning and permit revenues next year as construction in the community slows to a crawl. According to a report penned by Gene Chartier, the Township`s commissioner of planning and public works, "more conservative revenue projections" means that Scugog will probably receive about $95,000 fewer dollars in 2009 than it did this year due to less construction work.

http://newsdurhamregion.com/news/scugog/article/115790

 

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1208MSGA
Tax preparer jailed for income tax fraud

A Mississauga man has been jailed for his role in an income tax scam that helped his clients claim more than $6 million in tax credits.
Ambrose Danso Dapaah pleaded guilty this week to one count of fraud over $5,000. He was sentenced in Ontario Court in Toronto to 51 months in jail.

http://mississauga.com/article/22244

 

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1208TNTO
Neighbourhood rebirth

The revitalization of Regent Park is on track and the first group of tenants will move in this spring, the head of Toronto Community Housing said yesterday.

There are almost 600 rent-geared-to-income units in eight different buildings that will become home to tenants -- many of whom had to move last year so the older community housing units could be torn down for the new ones.

"Toronto Community Housing and tenants are counting down the days to an important milestone, which is the opening of the first new building in Regent Park. The new housing will mean better quality housing for tenants," said Derek Ballantyne, CEO of TCH.

http://www.torontosun.com/news/torontoandg...799991-sun.html

 

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1208ONTR
Bush offers Detroit $17.4B

WASHINGTON–President George W. Bush says he`s offering $17.4 billion in loans to the auto industry because letting them collapse is "not a responsible course of action.``

http://www.wheels.ca/reviews/article/489820

 

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1208LNDN
Boom misses home building

A record-shattering year for London-construction is masking a sharp decline in home building that`s causing unemployment to soar.

With construction permits worth $768 million written for the first 11 months of the year, the year-end tally is almost certain to eclipse the $772-million record set two years ago. But construction permits for single-family homes have fallen by almost one-third -- 28 per cent -- so far this year, plunging to $165.7 million from $231.6 million during the same period last year. For workers in that part of the industry, that`s left a jobless rate estimated by some at 40 per cent.

http://lfpress.ca/newsstand/News/Local/200...801146-sun.html