|
|
Newsline
Canada
|
|
Prime Minister Paul
Martin says
"Canada
must prepare for what he calls the two “megadrivers”
of the future:
an aging and
shrinking population in Canada,
and the economic rise of China and India."
SUSAN DELACOURT OTTAWA BUREAU CHIEF - Toronto Star
Oct. 8, 2005. 10:26 AM |
|
|
OTTAWA—It was former New
York state governor Mario Cuomo who once said: "You
campaign in poetry. You govern in prose." Some might
argue that Canadians, through two major speeches in
Ottawa over the past few weeks, have been able to
glimpse a little of both.
New Governor General Michaëlle Jean, though not
campaigning, waxed toward the poetic at her
installation in late September with her talk of no
more solitudes in Canada.
It was left to Prime Minister Paul Martin, meanwhile,
to articulate the more prosaic, with his so-called
"vision" speech for this fall, outlining the main
challenges for his minority government. For more than
an hour, Martin explained to senior federal public
servants why every action of government had to be
seized with two big "megadrivers," in the parlance of
the bureaucrats. They are:
The aging and shrinking population in Canada.
The rise of India and China as economic superpowers in
the years ahead.
"Fifteen years from now, our older, increasingly
multi-ethnic population will have altered the face of
our nation. Canada will look very different. Fifteen
years from now, China and India will have altered the
face of global power, politically and economically.
The world will look very different," Martin said.
"Canada is certainly not alone in facing these
changes. But what matters — what will distinguish us —
is how we respond."
Immigration Minister Joe Volpe, naturally, is right in
the thick of things, after Martin specifically
described how the shrinking Canadian population
underlines the needs for new immigrants. Within days,
Volpe was talking to national reporters about the need
to dramatically increase Canada' s intake of
immigrants by 100,000 a year to 320,000 annually five
years down the road.
And in advance of the speech, Martin delivered a frank
message to Volpe about the role he expects the
department to play over the coming years in
transforming Canada.
"He said we have to be a lot more proactive. He was
pretty blunt — `fix the ruddy system' — so we can be
efficient in the way that we present ourselves to the
world and potential newcomers," Volpe told the Star's
Bruce Campion-Smith.
"This is the challenge he threw out: We want to grow
the country, we want this place to be a land of
opportunity ... but we've got to go out and recruit
our own people. We've got to fix the system so we can
process people quickly," Volpe said.
"If we're talking about people with skills, we can't
be having them wait forever for us to make a decision
when opportunity is knocking everywhere else," Volpe
said.
'Fifteen years from now, China and India will have
altered the face of global power' |
Toward 2025:
Assessing Ontario's Long-Term Outlook
http://www.fin.gov.on.ca/english/media/2005/bk10-ltr.html
|
Toward 2025 is the first
ever long-range assessment of Ontario's fiscal and
economic environment produced by the Ontario
government. The Fiscal Transparency and
Accountability Act requires a long-range assessment
of Ontario's fiscal environment within two years of
each general election.
Toward 2025 examines a number of economic and fiscal
scenarios. Past trends were examined and used to
make reasonable assumptions about the future.
Ontario will face five important demographic trends
over the next 20 years:
Ontario is expected to have ongoing population
growth of 3.1 million - for a total population of
15.7 million by 2025;
population growth is projected to come primarily
from immigration;
population growth is expected to be concentrated in
the GTA, which is projected to be home to almost 7.7
million people by 2025;
the population is expected to have an older age
structure - the share of seniors in the population
will rise rapidly from 12.9 per cent in 2005 to 19.4
per cent in 2025; and
the growth of the core working-age population (ages
15-64) is projected to slow down considerably from
1.6 per cent in 2005-06 to 0.2 per cent in 2024-25.
A Long-Term Projection for Ontario's Economic Growth
The two fundamental internal factors affecting
Ontario's economic growth are: total labour-force
growth and growth in productivity. External factors
discussed include the U.S. economy, oil prices,
exchange rate, inflation and interest rates.
Toward 2025 includes a discussion of structural
forces that could affect Ontario's economy -
including the shift from goods to services
employment and rapid change within sectors.
* Annual real GDP growth is projected to decline
slightly (to 2.3 per cent per year by 2020-25).
* GDP per person is projected to rise from $38,000
in 2004 to $52,000 by 2025 (after adjusting for
inflation), due to positive productivity growth.
* The unemployment rate, now 6.6 per cent, is
projected to drop to 4.1 per cent by 2025.
Strengthening Productivity Growth
* As set out in the 2005 Ontario Budget, the
government projects a budget balance in 2008-09 - or
in 2007-08 if the reserve is not needed. The
base-case projection indicates that the Province is
expected to be on course for a series of surpluses
in the following decade.
* After 2018, according to projections and absent of
any policy change, there is a potential of returning
to deficit, largely due to health care spending
growing faster than revenues.
|
Reform Canada's Public Pensions to Reward Longer
Working Lives: C.D. Howe Institute
Study
|
TORONTO, Oct. 6 /CNW/ - Canada's public pension
system discourages modest-income seniors and
near-seniors from working and saving for retirement,
says aC.D. Howe Institute Commentary released today.
The study, Making It Pay to Work: Improving the Work
Incentives in Canada's Public Pension System, by
Kevin Milligan, Assistant Professor at theUniversity
of British Columbia and a Research Fellow with the
C.D. HoweInstitute, focuses on the extraordinarily
high tax rates created by theGuaranteed Income
Supplement (GIS), which claws extra income back by
50 centson the dollar. These high tax rates
encourage many seniors to save less andretire
earlier than they otherwise would, with pensions
that are smaller thanthey could be. Among the
reforms Milligan proposes is a change to the GIS
that would xempt the bonus the Canada and Quebec
Pension Plan pay to those who delay receipt of their
pensions. The paper is available at
http://www.cdhowe.org
New editions of Canada's foremost tax guides now
available
The
Annotated Federal Income Tax Act and the Complete
Guide to the GST are written and edited by Ernst &
Young tax professionals and published by the
Canadian Institute of Chartered Accountants
TORONTO, Oct. 4 /CNW/
- Few things are more complex or more prone to
change than the rules and regulations surrounding
taxation. However, two new publications help make
it easier for Canadian financial executives and
tax professionals to stay ahead in today's
complicated tax environment. Updated editions of
the country's most comprehensive and trusted tax
guides--the Complete Guide to the GST (13th
Edition) and the Annotated Federal Income Tax Act,
2005 (3rd Edition)--are now available from Ernst &
Young LLP and the Canadian Institute of Chartered
Accountants (CICA).
Irene David, head of Ernst & Young's commodity tax
group and co-editor of the Complete Guide to the
GST, says that while the GST was introduced in
1990,the tax has not stood still. "New
legislation, regulations and other policy and
practice changes continue to be introduced. Our
new guide covers all amendments and newly released
materials right up to mid-June of this year, and
does so in a practical way so that users can
effectively apply GST in their daily business
activities," she says.
Canada's income tax
rules get longer every year--in 2005 alone an
additional 800 pages of legislative changes and
explanatory notes were added to the mix. "In
response to that complexity Ernst & Young and CICA
decided to split the Income Tax Act and its
regulations into a much more manageable two-volume
set," says Peter Wood, president of Ernst & Young
Electronic Publishing Services. "The resulting
Annotated Federal Income Tax Act is a practical,
portable guide which embeds Ernst & Young's
knowledge and experience into a clear, logical
design and format. Our goal is to simplify the lives
of tax professionals with a comprehensive and
useable income tax guide--it's the guide our own
people at Ernst & Young use," he says.
For more information or
to order Ernst & Young tax publications, please
visit CICA's Knotia.ca Web site or phone
1-800-268-3793.
|
| |
|
|
|
Goan Voice designed and compiled by
Demerg Systems India for GOACOM
Campal Trade Centre, Next to Military Hospital, Campal,
Panjim, Goa-403001
Tel: +91 832 2420797 Email:
info@goanvoice.ca
|
|