An Early Assessment of the Proposed Canadian Infrastructure Bank
|
|
- May Jordan
- 6 years ago
- Views:
Transcription
1 Aon Risk Solutions Construction Services Group Aon Infrastructure Solutions An Early Assessment of the Proposed Canadian Infrastructure Bank March 2017 Risk. Reinsurance. Human Resources.
2 To attract and manage new investment streams and help address Canadian infrastructure needs, the Canadian government proposed the creation of a Canada Infrastructure Bank (CIB) in the Fall of 2016 that would work with provinces, territories and municipalities to further the reach of government funding directed to infrastructure. The CIB, governments, and investors would work together to identify a pipeline of potential projects and identify investment opportunities that provide significant economic, social, and environmental returns. Canadian infrastructure spending is set to grow continuously from a yearly CAD$8 Billion in 2016 to CAD$17 Billion in The CIB will be pivotal to execute complex infrastructure deals using a wide breadth of financial instruments at its disposal, including loans, loan guarantees and equity investments. 1 Fall 2016 Economic Statement, Government of Canada, p.17 Aon Risk Solutions An early Assessment of the Proposed Canadian Infrastructure Bank 2
3 1. PROPOSAL The CIB will be responsible for investing at least $35 billion on a cash basis from the federal government into large infrastructure projects that contribute to economic growth through direct investments, loans, loan guarantees, and equity investments. Part of this amount $15 billion would be directed as funding for public transit, green infrastructure, social infrastructure, trade and transportation, and rural and northern communities. An additional $20 billion in capital will be available to the CIB for investments in the form of equity or debt. Thus, the expectation is that this $20 billion would not result in a fiscal impact for the government. The CIB would be accountable to, and partner with, the federal government, but would operate at greater arm s length than a department working with provincial, territorial, municipal, Indigenous, and private partners to transform the way infrastructure is planned, funded and delivered in Canada. Mandate The CIB will invest in revenue-generating infrastructure projects. Its initial proposed mandate would be to: Structure, negotiate and deliver federal support for infrastructure projects with revenue generating potential Use innovative financial tools to invest in national and regional infrastructure projects and attract private sector capital to public infrastructure projects Serve as a single point of contact for unsolicited proposals from the private sector; and Improve evidence-based decision making and advise governments on the design and negotiation of revenuegenerating infrastructure projects Governance The government will be responsible for setting the overall policy direction and high level investment priorities for the CIB, consistent with the commitments outlined in ministerial mandate letters. Though arm s length, the CIB would be responsive and accountable to the government for the allocation of federal resources. On February 14, 2017, the former CEO of Ontario Teachers Pension Plan, 2 Jim Leech, was appointed as Special Advisor for the launch of the CIB. 3 His work will include guiding an implementation team, engaging with stakeholders, providing strategic advice on investments, and counseling the construction of several projects throughout the country. Such an appointment reveals the level of expertise and experience the CIB will be able to deploy to structure and complete Canadian infrastructure projects. Financial Tools The CIB will be integral in conducting and executing complex infrastructure deals using a wide breadth of financial instruments at its disposal, including: Direct investments Repayable contributions Debt (e.g., loans, loan guarantees), both unsubordinated and subordinated Equity investments, both unsubordinated and subordinated; and a hybrid of the above 2 Ontario Teachers Pension Plan is one of Canada s largest institutional investors having reported $171.4 billion in net assets on December 31, Infra-Americas, Former Ontario Pension CEO to Advise Federal Infrastructure Bank, February 14, Aon Risk Solutions An early Assessment of the Proposed Canadian Infrastructure Bank 3
4 Innovative Infrastructure Deals That Deliver More Value for Canadians The CIB will have the flexibility to participate in complex infrastructure deals in new and innovative ways, which could include: Participating as a subordinated equity partner in a new large public transit project to encourage the transfer of revenue risk to the private sector investor. The CIB anticipates a 4 to 1 leverage structure to attract private capital. Facilitating an interprovincial clean energy grid project through the provision of a loan guarantee to lower risk and reduce financing costs for the proponent; and Providing low-cost loans to private sector investors to advance complex trade corridor projects. 2. CHALLENGE: LACK OF IMPLEMENTATION STRATEGY To date, the Canadian government hasn t provided a definitive roll-out strategy for the CIB. Hence, explanations regarding the mandate, structure, funding, processes and final capitalization plan for the CIB have not been sanctioned by the government. Consequently, it leaves many infrastructure stakeholders to advocate for different visions and structure for the Bank. For instance: The Federation of Canadian Municipalities (FCM) is pushing for a Bank to provide low cost financing for affordable public housing. 4 The Canadian Council for Public-Private Partnership (CCPPP) is advocating for a bank to be a vehicle for private sector investment and profit making. Moreover, there is no certainty which model the CIB will adopt. Will it be a Bank started with public funds but destined for privatization at a later point in time, such as in the case of the UK Green Investment Bank? The latter was created in 2012 to align with government policy objectives (wind, energy efficiency, waste, bioenergy) and was started with 3.8 billion in public funds. By 2015 the British government was looking at a partial privatization, particularly to target pension fund investment and other institutional investors (mutual funds, insurance companies). Or will it be modelled after the European Investment Bank which is owned by EU Member States and operates to finance and advise on infrastructure projects that fulfill EU policy objectives? 4 Federation of Canadian Municipalities (FCM) Cities and Communities: rising to the moment. Federation of Canadian Municipalities. Aon Risk Solutions An early Assessment of the Proposed Canadian Infrastructure Bank 4
5 Additionally, what type of projects will be favored? Stakeholders like the Residential and Civil Construction Alliance of Ontario (RCCAO) want to see a Bank targeting innovative projects in priority sectors that may be deemed too risky to attract standard private financing. This includes affordable housing or green energy projects, as well as transportation projects which rely on unpredictable user-fee revenues to recoup the upfront investment. 5 While the Canadian government is looking to Canadian pension funds as key equity participants for future projects, this strategy is not likely to align with their global capital allocation. For instance, the Canadian Pension Plan Investment Board (CPPIB) 6 asset mix holds only 5.4% and 7.6 % of its assets as Canadian equities and global infrastructure, respectively. It is therefore unlikely that they will be changing their proven global allocation strategy by shifting significant investment in Canadian greenfield infrastructure projects. 3. INSURANCE CONSIDERATIONS FOR THE CANADIAN INFRASTRUCTURE BANK The creation of this new institution will require knowledge and experience from insurance advisors experienced in Canadian infrastructure and Private-Public Partnerships. Aon Construction Services Group (CSG) and Aon Infrastructure Solutions (AIS) in Canada are a highly integrated team of advisors with wide-ranging backgrounds and experience including: law, procurement, construction, credit ratings, corporate strategy, surety, project finance, finance, risk management, and project management. With experience across asset classes, CSG and AIS can bring invaluable market insight and risk solutions to the future Canadian Infrastructure Bank and advise stakeholders on comprehensive and detailed insurance solutions. CONCLUSION The creation of the Canadian Investment Bank will bring additional sources of alternative financing, private-public partnership expertise, and infrastructure financing to the forefront of Canada s long-term economic growth and stability. Risk management and insurance advisory will be pivotal in the success of the Bank s projects. Aon Risk Solutions will be in a prime position to leverage its industry leading experience and reputation to contribute to the success of the Canadian Investment Bank and to Canada s economy. 5 Siemiatycki, M Creating an Effective Canadian Infrastructure Bank. Commissioned by the Residential and Civil Construction Alliance of Ontario (RCCAO). 6 The Canadian Pension Plan Investment Board is a Canadian Crown Corporation whose mandate is to oversee and invest the funds contributed to and held by the Canada Pension Plan. As of December 31, 2016, the CPP Investment Board manages over C$298 billion in investment assets for the Canada Pension Plan on behalf of 19 million Canadians Aon Risk Solutions An early Assessment of the Proposed Canadian Infrastructure Bank 5
6 Contact Cedric Franklin Senior Associate Aon Infrastructure Solutions Aon Risk Solutions An early Assessment of the Proposed Canadian Infrastructure Bank 6
Canada. 1. Noteworthy practices for project preparation. Case Study
Case Study Canada 1. Noteworthy practices for project preparation EXISTING ENABLING ENVIRONMENT Decentralised planning process with strong collaboration between provincial levels and the national government
More informationOBSERVATION. TD Economics BANKING ON A NEW INFRASTRUCTURE BANK: SOME CONSIDERATIONS
OBSERVATION TD Economics BANKING ON A NEW INFRASTRUCTURE BANK: SOME CONSIDERATIONS Highlights The federal government is in the process of creating a Canadian Infrastructure Bank (CIB), an arm s length
More informationCanada Infrastructure Bank. November 2018
Canada Infrastructure Bank November 2018 1 CIB Mandate Invest $35B Attract private capital Into new infrastructure projects In the public interest Transfer significant usage or demand risk Provide advisory
More informationThe Benefits of P3s. Why do P3s work?
The Benefits of P3s Why do P3s work? P3s are a long-term performance-based approach for procuring public infrastructure where the private sector assumes a major share of the responsibility in terms of
More information2001 COOPERATIVE CREDIT ASSOCIATIONS - (in thousands of dollars) TABLE 1 - ASSETS
TABLE 1 - ASSETS British Columbia Ontario Ltd. Nova Scotia Alberta Canada Cash resources 0 28,905 5 19,473 2,622 Deposits with regulated financial institutions.. 532,821 32,743 160,372 8,802 0 Securities
More informationComprehensive Review of BC Hydro: Phase 1 Final Report
Comprehensive Review of BC Hydro: Phase 1 Final Report ii Table of Contents 1. Executive Summary 1 1.1 Enhancing Regulatory Oversight of BC Hydro 1 1.2 New Rates Forecast 3 1.3 Next Steps 5 2. Strategic
More informationFinancing the renewable energy supply chain. Steve Lewis Ernst & Young Orenda Corporate Finance Inc 4 May 2011
Financing the renewable energy supply chain Steve Lewis Ernst & Young Orenda Corporate Finance Inc 4 May 2011 Agenda Section 1 Section 2 Section 3 Section 4 Section 5 Appendix 1 Introduction to the team
More information2018/ /21 SERVICE PLAN
2018/19 2020/21 SERVICE PLAN February 2018 For more information on the BC Immigrant Investment Fund Ltd. (BCIIF) contact: BCIIF 3 rd Floor 1803 Douglas St Victoria BC V8T 5C3 Or visit our website at www.bciif.ca
More informationCANADIAN URBAN TRANSIT ASSOCIATION BUDGET ANALYSIS
FEDERAL BUDGET 2017 CANADIAN URBAN TRANSIT ASSOCIATION BUDGET ANALYSIS In its second budget since forming government, the federal Liberals continued with the vision they set for the country in the 2015
More informationCPPIB Green Bond Presentation
Green Bond Presentation At, we view climate change as one of the world s most significant physical, social, technological and economic challenges. Given our exceptionally long investment horizon, we actively
More informationFederal Government 2017 Budget Highlights March 22, From: To: Date: Subject: Attachments:
From: To: Date: Subject: Attachments: Page 1 "Johnston, Sadhu" "Direct to Mayor and Council - DL" 3/22/2017 3:33:10 PM 2017 Federal Budget Highlights
More informationSubmission to the House of Commons Standing Committee on Finance. Priorities for the 2015 Federal Budget
Submission to the House of Commons Standing Committee on Finance The (CCCE) commends the government s commitment to sound management of public finances. With a small surplus expected in 2015-16, Budget
More informationPublic Private Partnerships. Alberta Infrastructure Guidance Document
P3 Public Private Partnerships Alberta Infrastructure Guidance Document P3 Public Private Partnerships Alberta Infrastructure Guidance Document Excerpt from the February 18, 2003 Speech from the Throne
More informationOntario Liberal Party FORWARD.TOGETHER Platform Highlights of Municipal Related Policies
September 6, 2011 Provincial Election 2011 Liberal Platform Bulletin #1 Ontario Liberal Party FORWARD.TOGETHER Platform Highlights of Municipal Related Policies The Liberal Party s platform FORWARD.TOGETHER
More informationDISCUSSION PAPER DECISION-MAKING ROLES ON PROJECTS
DISCUSSION PAPER DECISION-MAKING ROLES ON PROJECTS TOPIC: Roles and responsibilities for making decisions under the National Energy Board Act (NEB Act). CONTEXT: In 2012, there were legislative amendments
More informationBudget 2016 Summary. Budget 2016 will implement a plan to invest more than $120 billion in infrastructure over 10 years, including:
Budget 2016 Summary Infrastructure Budget 2016 will implement a plan to invest more than $120 billion in infrastructure over 10 years, including: - $3.4 billion over three years to upgrade and improve
More informationFEDERAL ELECTION PARTIES' STANCES ON MUNICIPAL ISSUES
PUBLIC SAFETY Targeted funding to improve rail grade crossings Reopen Canadian Emergency Management College Reinvest in Joint Emergency Preparedness Project Access to climate change research Significantly
More informationAon Infrastructure Solutions
Aon Risk Solutions Aon Infrastructure Solutions Aon Infrastructure Solutions Alternative Project Delivery Risk Advisors Risk. Reinsurance. Human Resources. Empower Results Aon plc is the leading global
More informationTable of Contents. 1. Introduction. 2. Role of Insurers as Long-Term Investors
Table of Contents 1. Introduction 2. Role of Insurers as Long-Term Investors 3. Enhancing the Infrastructure P3 Market in Canada 3.1 Overview of P3 Market in Canada 3.2 Life and Health Insurers Demonstrated
More informationPACE: A World Changing Green Financing Tool Oct 10, 2018
PACE (Property Assessed Clean Energy) is an innovative financing instrument which permits building and land owners to upgrade their buildings with energy and resource saving retrofits 1 or install renewable
More informationC A N A D I A N E N V I R O N M E N TA L A S S E S S M E N T A C T & R E V I E W P R O C E S S
DECEMBER 12, 2016 C A N A D I A N E N V I R O N M E N TA L A S S E S S M E N T A C T & R E V I E W P R O C E S S PRESENTED TO: E X P E R T P A N E L Denise Mullen, Director Environment and Sustainability
More informationCANADIAN ENVIRONMENTAL ASSESSMENT AGENCY REPORT ON PLANS AND PRIORITIES
CANADIAN ENVIRONMENTAL ASSESSMENT AGENCY 2010-2011 REPORT ON PLANS AND PRIORITIES The Honourable Jim Prentice Minister of the Environment and Minister responsible for the Canadian Environmental Assessment
More informationStatus Report on Phase 1 of the New Infrastructure Plan
Status Report on Phase 1 of the New Infrastructure Plan Ottawa, Canada 29 March 2018 www.pbo-dpb.gc.ca The Parliamentary Budget Officer (PBO) supports Parliament by providing analysis, including analysis
More informationTax Alert Canada. BC tables LNG income tax legislation. Introduction
2014 Issue No. 55 22 October 2014 Tax Alert Canada BC tables LNG income tax legislation EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.
More informationDepartment of Indigenous Services Canada (DISC) Supplementary Estimates (C) February 27, 2018
Department of Indigenous Services Canada (DISC) 2017-18 Supplementary Estimates (C) February 27, 2018 Supplementary Estimates (C) 2017-18 The 2017-18 Supplementary Estimates (C) include initiatives totaling
More informationAn Independent Study Commissioned by. Infrastructure Update 2018: Ontario Infrastructure Investment Federal and Provincial Risks & Rewards
An Independent Study Commissioned by Infrastructure Update 2018: Ontario Infrastructure Investment Federal and Provincial Risks & Rewards Infrastructure Update 2018: Ontario Infrastructure Investment
More informationBC Immigrant Investment Fund Ltd. 2016/17 ANNUAL SERVICE PLAN REPORT
2016/17 ANNUAL SERVICE PLAN REPORT For more information on BC Immigrant Investment Fund Ltd. contact: 3 rd floor-1803 Douglas Street Victoria, B.C. V8T 5C3 Bindi Sawchuk, CEO Bindi.Sawchuk@bciif.ca or
More informationEXECUTIVE COMPENSATION
2017 REPORT ON SUSTAINABLE INVESTING FOCUS AREAS EXECUTIVE COMPENSATION CPPIB AND SUSTAINABLE INVESTING Our mandate and the consideration of Environmental, Social and Governance factors The Chief Actuary
More informationAMM Submission Pre-Budget 2019 Consultations Government of Canada
2019 INTRODUCTION... 1 FEDERAL FUNDING FOR MUNICIPAL INFRASTRUCTURE... 2 DISASTER FINANCIAL ASSISTANCE & FLOOD MITIGATION... 3 WIRELESS & BROADBAND INTERNET CONNECTIVITY... 4 COMMUNITY POLICING COSTS &
More informationCanada and Ontario Sign Affordable Housing Program Agreement
Canadian Mortgage News - National Archive 2002 Canada and Ontario Sign Affordable Housing Program Agreement TORONTO, Ontario, May 30, 2002 The Governments of Canada and Ontario today signed an Affordable
More informationReport Card May 2015 T H I S P L A N I S A V A I L A B L E I N A L T E R N A T E F O R M A T B Y R E Q U E S T
Report Card May 2015 T H I S P L A N I S A V A I L A B L E I N A L T E R N A T E F O R M A T B Y R E Q U E S T Aurora Overview Vision: Goal: : : Objective 3: Objective 4: : Goal: : : Goal: : : An innovative
More informationPolicy on Responsible Investing
Policy on Responsible Investing August 10, 2010 1.0 Our Mandate... 1 2.0 Our Principles... 1 3.0 Investment Strategy... 2 4.0 Engagement... 2 4.1 Engagement Focus Areas... 2 4.2 Direct Engagement... 3
More informationSuperNet and Broadband Update Eastern Alberta Trade Corridor Local to Global Forum
SuperNet and Broadband Update Eastern Alberta Trade Corridor Local to Global Forum March 8, 2018 Vermillion Presentation Purpose Provide an update on SuperNet Discuss work underway to develop policy options
More informationQuarterly Financial Report
Quarterly Financial Report SECOND QUARTER June 30, 207 (Unaudited) Management s Discussion and Analysis Table of Contents MANAGEMENT S DISCUSSION AND ANALYSIS... 3 THE OPERATING ENVIRONMENT AND OUTLOOK
More informationNO: R027 COUNCIL DATE: FEBRUARY 24, FROM: Acting General Manager, Engineering FILE: (Garbage & Recycling)
CORPORATE REPORT NO: R027 COUNCIL DATE: FEBRUARY 24, 2014 REGULAR COUNCIL TO: Mayor & Council DATE: February 19, 2014 FROM: Acting General Manager, Engineering FILE: 2320-20 (Garbage & Recycling) SUBJECT:
More informationMinister Jeff Radebe: Independent Power Producer Programmes. Senior officials from all stakeholders behind this outcome
Minister Jeff Radebe: Independent Power Producer Programmes 8 Mar 2018 Media Statement by Minister Jeff Radebe, Minister of Energy on the Independent Power Producer Programmes Director-General, Thabane
More informationIntroduction. The Assessment consists of: Evaluation questions that assess best practices. A rating system to rank your board s current practices.
ESG / Sustainability Governance Assessment: A Roadmap to Build a Sustainable Board By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com November 2017 Introduction This is a tool for
More information15 th Annual First Nations Housing Conference. Overview Ministerial Loan Guarantee Budget 2016 Housing. February 09, 2017
15 th Annual First Nations Housing Conference Overview Ministerial Loan Guarantee Budget 2016 Housing February 09, 2017 Agenda Ministerial Loan Guarantee (MLG) 1. What is a MLG and why it is required?
More informationArticle from: Pension Section News. June 2004 Issue No. 55
Article from: Pension Section News June 2004 Issue No. 55 Funding Under the Canada Pension Plan by J. Bruce MacDonald J. Bruce MacDonald, FSA, FCIA, FCA, MAAA is an actuary in Halifax. He is a member of
More informationSECURITY FOR ALL: THE ONTARIO RETIREMENT PENSION PLAN WHAT LEADERSHIP IS. KATHLEEN WYNNE S PLAN FOR ONTARIO
SECURITY FOR ALL: THE ONTARIO RETIREMENT PENSION PLAN WHAT LEADERSHIP IS. KATHLEEN WYNNE S PLAN FOR ONTARIO KATHLEEN WYNNE S PLAN FOR ONTARIO 1 SECURITY FOR ALL: THE ONTARIO RETIREMENT PENSION PLAN Our
More information2010 ultation. August 12,
Brief to the House of Commons Standing Committee on Finance 2010 Pre-Budget Consu ultation August 12, 2010 Introduction The (ACEC) is pleased to make this submission the House of Commons Standing Committee
More informationOur wind down services
Explore the value in winding down Our wind down services Our wind down services Our Financial Advisory team specializes in providing wind down and dispute resolution services to the investment fund industry
More informationCPPIB DEBT ISSUANCE PROGRAM. Copyright Canada Pension Plan Investment Board. All rights reserved.
CPPIB DEBT ISSUANCE PROGRAM Copyright 2017. Canada Pension Plan Investment Board. All rights reserved. IMPORTANT NOTICES This material has been prepared solely for informational purposes and does not constitute
More informationProvincial Pre-Budget Submission
Provincial Pre-Budget Submission January 21st, 2009 1 EXECUTIVE SUMMARY The following pre-budget submission outlines advocacy areas for the Halifax Chamber of Commerce that are Provincial in scope. Based
More informationAppendix D. BC Instrument Mortgages. Amending Instrument. 2 Section 3 is repealed and the following substituted:
Appendix D BC Instrument 45-501 Amending Instrument The British Columbia Securities Commission orders that, effective September 28, 2009, Rule 45-501 (BC):, B.C. Reg. 189/2000, is amended as follows, 1
More informationSizing the Potential Green Bond Market in Canada
Sizing the Potential Green Bond Market in Canada Summary The 2016 Canadian edition of the Bonds and Climate Change Report indicated that Canadian issuers currently account for $32.9bn outstanding of climate-aligned
More informationPublic-Private Partnerships: The Canadian Experience
The Canadian Council for Public-Private Partnerships Public-Private Partnerships: The Canadian Experience Mark Romoff President & Chief Executive Officer In Partnership with The Consulate General of Canada
More informationTITLE OPPORTUNITY FOR ALL CANADA S FIRST POVERTY REDUCTION STRATEGY. OECD Policy Workshop on Enhancing Child Well-being: From Ends to Means?
TITLE OPPORTUNITY FOR ALL CANADA S FIRST POVERTY REDUCTION STRATEGY OECD Policy Workshop on Enhancing Child Well-being: From Ends to Means? January 16, 2019 Why a Poverty Reduction Strategy? Canada is
More informationSupplement to the Estimates. Fiscal Year Ending March 31, 2019
Supplement to the Estimates Fiscal Year Ending March 3, 209 Supplement to the Estimates Fiscal Year Ending March 3, 209 British Columbia Cataloguing in Publication Data British Columbia. Estimates, fiscal
More informationInfrastructure Canada
Infrastructure Canada Departmental Performance Report (DPR) 2008-2009 The Honourable John Baird, P.C., M.P. Minister of Transport, Infrastructure and Communities Table of Contents Minister s Message...
More informationNorthern Pipeline Agency
Northern Pipeline Agency 2017 18 Departmental Plan The Honourable Jim Carr, P.C., M.P. Minister of Natural Resources Her Majesty the Queen in Right of Canada, as represented by the Minister of Natural
More informationBespoke services. Browse our menu of bespoke services to see how we can support your alternative investment fund with our expertise.
Bespoke services AIFM license assistance Valuation services for AIFMs Mock regulatory inspection Assurance services Health-check for AI funds VAT-savvy fund services Transfer pricing: intragroup financing
More information52 nd EEI Financial Conference
52 nd EEI Financial Conference November 7, 2017 One of North America s largest electric utilities TSX: H Disclaimers DISCLAIMERS In this presentation, all amounts are in Canadian dollars, unless otherwise
More informationThank you, Ian. It s my pleasure to be here today.
We re very pleased to welcome you today for the CPP Investment Board s 2010 public meeting. My name is Ian Dale and I am the Senior Vice President of Communications and Stakeholder Relations for the CPP
More information1. Introduction. 2. The Nature of the Insurance Business. Insurance Business Model Supports Long-term Investment
1. Introduction With almost 90 per cent, or $540 billion of their $615 billion Canadian assets, held in long-term investments, life and health insurers are one of the largest long-term institutional investors
More informationFinance 2018 Fall Economic Statement and its Impact on Canadian Charities, Journalism and Social Finance
Finance 2018 Fall Economic Statement and its Impact on Canadian Charities, Journalism and Social Finance By Mark Blumberg (November 21, 2018) The Department of Finance released their 2018 Fall Economic
More informationCorporate Profile for Board Member Recruitment
Corporate Profile for Board Member Recruitment MAKE A DIFFERENCE AND CONNECT THE WORLD Toronto Pearson is Canada s leading global hub airport. Help to drive our vision to become the best airport in the
More informationCanadian Environmental Assessment Agency
Canadian Environmental Assessment Agency 2014 15 Departmental Performance Report The Honourable Catherine McKenna, P.C., M.P. Minister of Environment and Climate Change and Minister Responsible for the
More informationFREE PREVIEW Full report available for FREE to Canadian Franchise Association members
Canadian Franchise Industry Economic Outlook FREE PREVIEW Full report available for FREE to Canadian Franchise Association members 2018 February 2018 Prepared for: Canadian Franchise Association Page 1
More informationReport to: General Committee Date: February 5, Reassessment Market Update (Year 2 of 4) & Relative Property Tax Impact Report
SUBJECT: PREPARED BY: 2018 Reassessment Market Update (Year 2 of 4) & Relative Property Tax Impact Report Shane Manson, Senior Manager, Revenue & Property Tax RECOMMENDATIONS: 1. THAT the report entitled
More informationAMM Pre-Budget Submission Government of Canada
AMM Pre-Budget Submission February 1, 2016 INTRODUCTION... 2 FEDERAL FUNDING FOR MUNICIPAL INFRASTRUCTURE... 3 COMMUNITY POLICING COSTS & SERVICES... 4 AFFORDABLE & SENIORS HOUSING... 5 DISASTER FINANCIAL
More informationRe: ICBA Submission to the Select Standing Committee on Finance and Government Services: Pre-Budget Consultations in Advance of the 2018 Budget
October 13, 2017 Mr. Bob D Eith Chair Select Standing Committee on Finance and Government Services c/o Parliamentary Committee Offices Room 224, Parliament Buildings Victoria, BC Re: ICBA Submission to
More informationInvesting in the future
Investing in the future Using value creation and value capture to fund the infrastructure our cities need Submission responding to the Discussion Paper issued by Department of Infrastructure and Regional
More informationTax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for 2018 and 2019
Issue No. 51 23 November Tax Alert Canada Private company tax reform: Personal tax increases on noneligible dividends scheduled for and EY Tax Alerts cover significant tax news, developments and changes
More informationGEORGE MASSEY TUNNEL REPLACEMENT PROJECT
COMBINED MONTHLY AND QUARTERLY PROGRESS REPORT FOR QUARTER ENDING JUNE 30, 2014 GEORGE MASSEY TUNNEL MONTHLY STATUS REPORT SEPTEMBER 2017 FOREWORD TO MONTHLY STATUS REPORT On September 6, 2017, the Minister
More informationDeveloping a Strategy for Your Public Housing Stock: The Provincial Perspective. OMSSA Conference
Ministry of Municipal Affairs and Housing Ministère des Affaires municipales et du Logement Developing a Strategy for Your Public Housing Stock: The Provincial Perspective OMSSA Conference November 3,
More informationMODERNIZING THE REGULATORY SYSTEM FOR PROJECT REVIEWS
MODERNIZING THE REGULATORY SYSTEM FOR PROJECT REVIEWS Modernizing the Regulatory System for Project Reviews The Government will propose legislation to streamline the review process for major economic projects.
More informationReport of the Auditor General of Alberta
Report of the Auditor General of Alberta JULY 2014 Mr. Matt Jeneroux, MLA Chair Standing Committee on Legislative Offices I am honoured to send my Report of the Auditor General of Alberta July 2014 to
More informationIntroduction to Alternative Procurement Delivery
Introduction to Alternative Procurement Delivery for Florida Transportation Commission January 24, 2013 TABLE OF CONTENTS Alternative Project Delivery (APD) US Market Overview APD Funding and Financing
More informationGovernance of WorkSafeNB
Legislative Review of Workers Compensation Governance of WorkSafeNB Discussion Paper May 2015 Discussion Paper May 2015 Published by: Province of New Brunswick P.O. Box 6000 Fredericton NB E3B 5H1 CANADA
More informationAMM Submission Pre-Budget 2018 Consultations Government of Canada
2018 INTRODUCTION... 1 FEDERAL FUNDING FOR MUNICIPAL INFRASTRUCTURE... 2 DISASTER FINANCIAL ASSISTANCE & FLOOD MITIGATION... 3 WIRELESS & BROADBAND INTERNET CONNECTIVITY... 4 AFFORDABLE & SENIORS HOUSING...
More informationBUSINESS ORGANIZATIONS
Introduction 9 By Sven Milelli INTRODUCTION Business Organizations 11 A wide variety of legal arrangements may be used to carry on business activity in Canada. Some of the more commonly used arrangements
More informationCanada s New Infrastructure Plan Phase 2 Programming/Funding SUBMISSION TO INFRASTRUCTURE CANADA FROM THE UNION OF BC MUNICIPALITIES
Canada s New Infrastructure Plan Phase 2 Programming/Funding SUBMISSION TO INFRASTRUCTURE CANADA FROM THE UNION OF BC MUNICIPALITIES September, 2016 INTRODUCTION The Union of British Columbia Municipalities
More informationTax Alert Canada. Investment income earned through a private corporation
2015 Issue No. 59 11 December 2015 Tax Alert Canada Investment income earned through a private corporation EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More information66 th Annual Tax Conference Vancouver 2014
Construction Projects Shane Onufrechuk KPMG Warren Pashkowich EY 66 th Annual Tax Conference Vancouver 2014 MCPs West Coast Style > Overview of the BC LNG Opportunity > Structuring alternatives > Financing
More informationFirst Steps: Budget 2017 Update
First Steps: Budget 2017 Update Budget 2017 Update addressed urgent needs and took action to make life more affordable by: Investing over $1 billion to begin restoring underfunded services, including better
More information10-Year Economic Impact Assessment of Public-Private Partnerships in Canada ( )
10-Year Economic Impact Assessment of Public-Private Partnerships in Canada (2003-2012) Prepared for The Canadian Council for Public-Private Partnerships Prepared by InterVISTAS Consulting Inc. Rev. 10
More informationFinancing and accelerating renewable energy deployment in the Arctic
Brandon Laforest / WWF-Canada CANADA Financing and accelerating renewable energy deployment in the Arctic A Framework for Nunavut World Wildlife Fund Canada has developed a financing framework for renewable
More informationGreen trade liberalisation - Green Goods Initiative
Green trade liberalisation - Green Goods Initiative Civil society meeting, 11 June 2014 1. What are green/environmental goods and services? Term used in the Doha Ministerial Declaration/DDA negotiations
More informationInternational and Intergovernmental Relations
BUSINESS PLAN 2002-05 International and Intergovernmental Relations ACCOUNTABILITY STATEMENT The Business Plan for the three years commencing April 1, 2002 was prepared under my direction in accordance
More informationSECTION 1: LEGISLATIVE AND REGULATORY AUTHORITY INVESTMENTS
SECTION 1: LEGISLATIVE AND REGULATORY AUTHORITY INVESTMENTS The Municipal Act as well as a number of Ontario regulations govern municipal investments. The following provides the specific references that
More informationAdvantageBC. September 19, Don Campbell
AdvantageBC September 19, 2017 Don Campbell CETA: What is the Agreement? Gold Standard Economic Partnership Agreement between Canada and European Union Most Comprehensive agreement ever negotiated model
More informationTD Bank Group to Acquire Greystone Managed Investments Inc. July 10, 2018
TD Bank Group to Acquire Greystone Managed Investments Inc. July 10, 2018 Caution Regarding Forward-Looking Statements From time to time, the Bank (as defined in this document) makes written and/or oral
More informationWESTERN CLIMATE INITIATIVE, INCORPORATED (WCI, INC.) FUNDS MANAGEMENT POLICY
WESTERN CLIMATE INITIATIVE, INCORPORATED (WCI, INC.) FUNDS MANAGEMENT POLICY Adopted October 30, 2012 Table of Contents 1. Purpose... 1 2. Definition of Duties... 1 3. Objectives... 2 4. Standard of Care...
More informationBusiness Plan. Department of Finance and Treasury Board
Business Plan Department of Finance and Treasury Board Crown copyright, Province of Nova Scotia, 2018 Budget 2018 19: Business Plan March 2018 ISBN: 978-1-55457-821-4 Table of Contents Message from the
More informationPPP Canada. PPP Canada Inc. Annual Report to Parliament on the Privacy Act. April 1, 2012 March 31, 2013
PPP Canada Inc. Annual Report to Parliament on the Privacy Act April 1, 2012 March 31, 2013 1. Introduction The Privacy Act, which took effect on July 1, 1983, extends to individuals the right of access
More informationProvincial Election 2018
Provincial Election 2018 Party Platforms: What We Know So Far Last Updated January 31, 2017 Ontario Liberal Party Held open consultation process Nov Dec 2017 Results of public consultation survey to be
More informationFederal Budget Contains Important Measures Impacting Pensions, Employee Benefit Plans, and the Labour Force
Federal Budget Contains Important Measures Impacting Pensions, Employee Benefit Plans, and the Labour Force Yesterday, the federal government delivered its budget, or Economic Action Plan 2012. Certain
More informationCanadian Stewardship Services Alliance Inc. (CSSA) Annual Stewards Meeting. October 31, 2013
Canadian Stewardship Services Alliance Inc. (CSSA) Annual Stewards Meeting October 31, 2013 1 Attendees: 90+ attendees in person 300+ webinar audience Webinar information: Slides advance automatically
More informationCatalyzing Private Sector Finance for Climate Change Mitigation Projects in East Asia and Pacific
Catalyzing Private Sector Finance for Climate Change Mitigation Projects in East Asia and Pacific Romel M. Carlos, PhD Clean Energy and Sustainable Energy Finance Workshop on Accessing Finance for Green
More informationDepartment of Finance and Treasury Board
Mandate The (FTB) works to preserve the financial capacity of government to provide public services in Nova Scotia, by achieving ongoing fiscal sustainability for the Province. FTB supports Government
More information2017 Federal Budget Analysis How it Impacts You
THE VOICE OF THE CANADIAN LODGING INDUSTRY 2017 Federal Budget Analysis How it Impacts You Today at 4pm, the Finance Minister Bill Morneau tabled the Federal Budget. HAC President, Susie Grynol, was among
More informationOperational and financial highlights for the year, including our share of unconsolidated entities:
Brookfield Residential Properties Inc. 2017 ANNUAL REPORT, 2017 Chief Executive Officer s Report Brookfield Residential continued to perform well in 2017 where we were supported by positive fundamentals
More informationMake an important contribution to the effective regulation of the financial services sector to support economic stability of B.C.
Superintendent of Financial Institutions/Superintendent of Pensions/Registrar of Mortgage Brokers/CEO of Credit Union Deposit Insurance Corporation (CUDIC) Ministry of Finance Vancouver, B.C. Make an important
More informationThird Quarter 2018 Management s Discussion and Analysis November 6, 2018
Third Quarter 2018 Management s Discussion and Analysis November 6, 2018 TABLE OF CONTENTS About Stuart Olson Inc.... 2 Third Quarter 2018 Overview... 4 Strategy... 6 2018 Outlook... 8 Results of Operations...
More informationEnergy. Business Plan Accountability Statement. Ministry Overview
Business Plan 2018 21 Energy Accountability Statement This business plan was prepared under my direction, taking into consideration our government s policy decisions as of March 7, 2018. original signed
More informationBriefing. Economic Assessment of Grays Bay Road and Port Project. For Nunavut Resources Corporation
IMPACT ECONOMICS Briefing Economic Assessment of Grays Bay Road and Port Project For Nunavut Resources Corporation January 2018 PO Box 774 Stn Main Yellowknife, Northwest Territories X1A 2N6 Phone: +1.867.873.8008
More informationMinistry of Finance BRIEFING DOCUMENT. Honourable Michael de Jong, Q.C. Minister of Finance Date Requested: Date Required:
Ministry of Finance. BRIEFING DOCUMENT To: Honourable Michael de Jong, Q.C. Minister of Finance Date Requested: Date Required: Nt A Nt A Initiated by: Mary Tkachyk Date Prepared: December 20,2013 Executive
More informationThe NWMM includes the following business tax measures announced in the 2016 federal budget:
2016 Issue No. 24 19 April 2016 Tax Alert Canada Budget implementation NWMM tabled in the House of Commons EY Tax Alerts cover significant tax news, developments and changes in legislation that affect
More informationWORK PROPOSAL FOR A National Investment Strategy: The Way Ahead for Investment Promotion in Iraq
WORK PROPOSAL FOR A National Investment Strategy: The Way Ahead for Investment Promotion in Iraq Stemming from the mandate provided by the Investment Promotion Law (13) (2006), and in order to realize
More information