Canada
column for Sunday, Sept. 30/12
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THE CANADIAN REPORT
(c) By
Jim Fox
The government’s cost-cutting measures are paying off federally but
provinces, territories and cities are not doing so well, says Canada’s “budget
watchdog.”
Parliamentary Budget Officer Kevin Page said the Conservative
government’s cutbacks will lead to a sound financial position in the long-term.
Even though government revenues are projected to slow as expenses rise
for such things as health care and public pensions, most of the increased costs
have been shifted to the provinces and territories, he said.
The federal government’s “sustainable fiscal position” results from
recent action to limit health funding to the provinces, slashing program
expenses and increasing the age of eligibility for the “Old Age Security”
pension to 67 from 65 starting in 2023.
Over the next 20 years, current estimates indicate total government
sector debt as a percentage of gross domestic product will fall to 31.9 percent
from 53.5 percent, Page said.
One word of caution in his report was that overall debt for Canada’s
three levels of government is similar to the situation in some European
countries but remains many years away from becoming critical.
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Liberal Member of Parliament Justin Trudeau will seek the leadership of
the federal party with the intention of becoming Canada’s Prime Minister –
following in the footsteps of his late father, Pierre Trudeau.
Montreal’s
La Presse newspaper reported Trudeau, 40, will announce his candidacy on Tuesday.
It
said several Liberal sources confirmed his plans for a news conference that
day.
The
party will select a new leader in April and Bob Rae, who is serving as interim
leader, said he won’t be seeking the job full-time.
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News
in brief:
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Months of work and a cross-country manhunt resulted in Vancouver police
arresting a key suspect in last year’s Stanley Cup riot that caused $4 million
damage. Jonathan Mahoney, 24, was found in Lanigan, Saskatchewan and arrested
for participating in the downtown Vancouver riot, assault and mischief. Inspector
Laurence Rankin said the police are seeking an additional 50 people that
increases the number of accused rioters to 275.
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Canadians will still be able to “bring home the bacon” but at a higher price,
the Canadian Pork Council says. There’s worldwide concern about a pork shortage
due to farmers cutting back herds due to soaring feed prices. Stores won’t run
out of pork products but the price would rise dramatically, the council said. Agriculture
Minister Gerry Ritz said the government will consider assistance options for
farmers hurt by the situation.
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Facts and figures:
Canada’s dollar is lower at 1.0200 in U.S. funds while the U.S. greenback
returns 98.03 cents Canadian before bank exchange fees.
The Bank of Canada’s key interest rate is unchanged at 1 percent while
the prime-lending rate is 3 percent.
Stock
markets are lower, with the Toronto exchange index at 12,341 points and the TSX
Venture index 1,314 points.
Lotto 6-49: (Sept. 26) 2, 5, 9, 13, 22 and 38; bonus 37. (Sept. 22) 4,
19, 22, 24, 32 and 33; bonus 21. Lotto Max: (Sept. 21) 7, 8, 10, 11, 19, 34 and
45; bonus 44.
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Regional briefs:
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Ontario homeowners face paying more in taxes after the provincial government’s
latest assessment shows property values have risen by an average 18 percent
since the last update in 2008. The Municipal Property Assessment Corp. said it
will increase the average assessment on which tax bills are based by 4.5 percent
in each of the next four years to phase in the higher values.
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British Columbia dentist Sandy Crocker from Kelowna is scouring Ireland trying
to find a woman he briefly met while on vacation last summer. Crocker said he is
spreading the word through Irish newspapers and on the web and won’t give up.
The woman, who gave him directions to the Cliffs of Moher, is believed to be in
her 20s and had red hair and freckles, he said.
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Police say they have arrested one of their own as the “big cheese” in a
“large-scale smuggling scheme” that brought lower-priced cheese into Canada
from the U.S. The three men arrested include Constable Scott Heron, 39, of the Niagara
Regional Police force. The investigation found that cheese worth about $200,000
was bought in the U.S. and sold in Canada for an estimated profit of $165,000.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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