 By Pepper Parr
July 16th, 2025
BURLINGTON, ON
City Council approved the 2026 Financial Forecast report on July 15, with a focus on limiting tax impacts for residents. The report marks the start of the annual budget process and provides a preliminary look at the economic pressures and service needs that will shape the 2026 city budget.
The projected total tax increase is currently 4.49%. As part of the budget process, Council endorsed a Mayoral Direction for City staff to prepare a proposed budget with a total tax increase in the order of 4.5 per cent. The total tax increase includes services delivered by Burlington, Halton Region (including Police Services), and the Boards of Education.
With rising costs and global uncertainty, the 2026 budget strives to maintain affordability while continuing the essential services that foster a vibrant, high quality of life in our city.
Join the conversation and take part in upcoming public engagement opportunities, starting in late August, including:
– an online survey (opens late August)
– Food for Feedback event on Sept. 13
– six in-person budget townhalls, led by Mayor Meed Ward, with participating Ward Councillors and city staff – Sept. 18, 22, 23, 24, 29, Oct. 2
– a telephone town hall on Nov. 5, from 7 – 8:30 p.m.
– Committee and Council meetings
There is also a huge social media push.
The problem is that what the city is shilling online doesn’t sync with what is being discussed at city council meetings.
 The early number was reported to be 5.84% increase over last year. At minute 53:03 of the Monday meeting, CFO Craig Milnar said: “A City of Burlington budget increase of 5.8% or less.”
References are made to the amount the Region will tax – the city collects the money for the Region – but has relatively little impact on what the final Regional tax levy will be.
Shown below is a screen grab of what the city is paying twitter (X) to get their story out. We wonder if this is paid for by the Mayor or the City; whichever, the numbers aren’t what CFO Craig Milnar is using at this point.
By Gazette Staff
July 7th, 2025
BURLINGTON, ON
Mayoral Decision
In accordance with subsection 284.3 and 284.16 of the Municipal Act, 2001 (the “Act”), I, Marianne Meed Ward, Mayor of Burlington, hereby directs the Chief Financial Officer (CFO) to:
1) With direction from the Mayor and in consultation with the CAO, and Deputy Mayor of Strategy and Budgets, prepare a summary of the draft 2026 Budget for Council and public consultation and input;
 I, Marianne Meed Ward, Mayor of Burlington, hereby directs the Chief Financial Officer … 2) Prepare the 2026 Budget, considering feedback from the community, members of Council in both their Council and Deputy Mayor roles, input from the Deputy Mayor of Strategy and Budgets, the needs identified in the 2026 financial needs and multi-year forecast (Financial Forecast) and direction from the Mayor; and
3) Ensure any proposed changes to budget (increases or decreases) are done in accordance with the overall objective of inflation plus infrastructure, with a target tax of 3.5% inclusive of Region, with the City portion of the total tax rate less than 3%, while adhering to the following four principles that balance providing for today while preparing for our future:
a. Affordability
b. Livability
c. Sustainability
d. Transparency
This direction takes effect following Council’s vote July 15, 2025 and remains in effect until modified or revoked.
The Motion had an addendum attached to it:
Under Bill 3, the Strong Mayors, Building Homes Act, 2022, which amended the Municipal Act, 2001 (the Act) I Marianne Meed Ward, Mayor of the City of Burlington, hereby decide that, with respect to the 2026 Budget:
1) I will not exercise the power to veto under subsection 284.16(4) of the Municipal
Act, 2001; and
2) This Mayoral Decision provides written notice under subsection 284.16(4) of the Municipal Act, 2001, and subsection 7(7) of O. Reg. 530/22 to shorten the 10-day period to veto an amendment resolution passed by City Council to the proposed budget, to the date of council’s final deliberations and vote on amendments to the budget.
 By Pepper Parr
June 26th, 2025
BURLINGTON, ON
Most people are enjoying a decent summer – the same can’t be said for the people in the finance department.
This is the time they do that “line by line” review of the budget that will go to Council
It has always been my view that the line-by-line is more a’ matter of speaking’ rather than something they actually do.
 Eric Stern did his best to get the city to change the way it introduced the 2025 budget. He and his Focus Burlington colleagues expect to do the same thing with the 2026 budget. Last April, Finance sent a report to Council with a recommendation that they receive for information an outline of the 2026 budget process.
The report provides an overview of the process that will be undertaken to develop and finalize the 2026 Budget. Similar to previous years, the budget process will include:
A; substantial internal review and prioritization by city staff; B; numerous opportunities for public engagement throughout the process and C; opportunities for Council to bring motions to modify the Proposed Budget.
The 2026 Budget will again be aligned with the key principles of Affordability, Livability, Sustainability, and Transparency.
Additionally, the budget will provide a clear linkage to the Corporate Strategy, demonstrating accountability between what is achieved and the value to taxpayers.
Based on the draft schedule outlined in this report, the 2026 Budget is anticipated to be finalized in late November 2025. Budget approval in advance of the new year allows for the early tendering of capital projects, which can result in favourable pricing and construction timelines.
Before I go any deeper into the details Staff provided – some questions: What evidence does the city have that an early budget gives the city access to lower prices?
A clear linkage to the Corporate Strategy would be nice, but I don’t believe the Corporate Strategy has been completed.
Background – was this written with the help of AI?
This report provides an overview of the process that will be undertaken to develop and finalize the 2026 Budget
Similar to last year, the 2026 Budget will be aligned with the following 4 key budget principles
- Affordability – Balance providing for today while preparing for our future.
- Livability – Making sure the quality of life for the residents of Burlington is upheld and the services you depend on are enhanced, especially as we continue to grow by over forty per cent in the next 25 years.
- Sustainability – Our budget must provide for present needs while preparing for our future.
- Transparency – A simpler, easier to track and understand presentation of the budget, to foster better community engagement.
This rushing the budget as it is processed certainly doesn’t foster better community engagement.
Alignment to Corporate Strategy
As outlined in a Staff report (TRN-01-25), Burlington’s Strategic Planning approach on this same agenda, the City is undergoing an internal strategic realignment. This includes a revised 25-year Strategic Plan as well as a shift from the service-based Vision to Focus to a department-based 5-year Corporate Strategy.
 The current city Strategic Plan That Strategic Plan has not yet been updated to reflect Council’s thinking since the last revision.
This Corporate Strategy includes:
Strategic Directions for the organization. These are the high-level, overarching priorities to achieve the vision and mission; Deliver Positive Community Impact; Build Transparency and Public Trust; Unlock Innovation and Partnerships; Enable Sustainable Growth; and Objectives that Help Deliver the Goals. The objectives bridge the gap between the high level priorities and operational execution. These objectives are grouped in four balanced scorecard perspectives.
 Mayor Marianne Meed Ward giving a solid political speech. If these words were voiced by the Mayor or a member of Council they would make sense; they are a good election platform.
But this is a Staff report with data that is subjective and on point.
Has anyone seen these balanced scorecard perspectives?
How were they arrived at?
 The following wording from the Staff report is pure public relations speak, ticking off the boxes – an insult to people who care deeply about their city.
-
-
- Customer, Community, and Partners
Strengthen community resilience and environmental sustainability
Foster collaboration with external partners
Ensure services and decisions reflect community priorities
-
-
- Financial Stewardship
Drive financial sustainability
Optimize resource planning and utilization
-
-
- Internal Processes (Enablement & Operations)
Streamline operational and decision-making processes
Improve governance and accountability
Leverage technology for efficiency and enhanced customer experience
Build a foundation for operational excellence and future growth
-
-
- Our People
Strengthen leadership and staff relationships
Cultivate a high-performing leadership team
Develop a future-thinking and stable workplace culture
Strategic Performance Indicators that provide quantifiable insights into how effective the organization is executing and delivering the 5-year corporate strategy.
Linking the Corporate Strategy to the budget provides accountability between what is achieved and the value to taxpayers. This process provides a clear link between the strategy and the investment required to implement the initiatives.
The budget is one mechanism that implements the Corporate Strategy through specific project initiatives.
The internal process to inform the development of the 2026 Proposed Budget will include:
An extensive line by line review of the draft operating base budget submitted by each
department will be conducted by the Finance Department and Members of XLT
(Executive Leadership Team)
An extensive review of the draft capital budget will be conducted by the Corporate
Infrastructure Committee (CIC), that includes prioritizing projects based on council
priorities, asset management principles, and financial resource availability.
Staff will prepare a Financial Needs and Multi-Year Forecast report which will be presented to Committee of the Whole in June. This report will outline key budget pressures and significant drivers as well as make recommendations for additional budget investments to address key risks, increase or enhance service levels or address operational challenges.
This is embarrassing!
Public Engagement Process
The city will continue to use existing online engagement tools such as survey opportunities on GetInvolvedBurlington.ca.
The budget will be one of the featured booths at the City’s annual Food for Feedback event in September and a Telephone Townhall is again planned for November.
Budget Townhalls are scheduled in each of the City’s 6 Wards.
The Open Book platform will also be used to present the budget and allow the public to view the budget data in an interactive and intuitive format. This is a useful feature.
To facilitate public input, a draft budget summary document will be posted to the city’s website and hard copies made available in advance of the Budget Ward meetings, which begin on September 18, 2025.
Council Budget Review Process
 Councillor Kearns  Mayor Meed Ward and Councillor Kearns can be expected to “duke it out” during the budget debates. Similar to 2024, should a Member of Council wish to propose an amendment to the budget they are requested to complete a budget review form, which will be provided to all members of council
in an electronic format. Staff request that each Council member use these forms to highlight proposed amendments to the capital and operating budgets.
The consolidated listing of the budget review forms will structure the agenda for the budget review at the Budget Committee meetings beginning November 24th.
Key Dates & Milestones
In addition to the other public engagement methods mentioned earlier, the following schedule outlines key budget town halls and other public feedback opportunities:
Budget Townhalls and Feedback Opportunities (Draft Dates)
Location Ward Time Date
 There was a time when citizens gathered and reviewed copies of a proposed budget and were able to ask staff questions directly. Council members were in the room to hear what the people who elected them to office were thinking. That was real engagement. Food for Feedback (Central Park) September 13, 2025
Haber Community Centre (Community Room 1) 6 7:00-8:30 pm September 18, 2025
LaSalle Pavilion (Main Ballroom) 1 7:00-8:30 pm September 22, 2025
Burlington Senior Centre (Community Room 3) 2 7:00-8:30 pm September 23, 2025
Brant Hills Community Centre (Community Room 1) 3 7:00-8:30 pm September 24, 2025
Tansley Woods Community Centre (Community Room 1) 4 7:00-8:30 pm September 29, 2025
Appleby Ice Centre (Community Room 1) 5 7:00-8:30 pm October 2, 2025
Telephone Townhall (Date TBD) 7:00-8:30 pm Mid – November, 2025
The following schedule outlines the process Council will follow to review the Proposed Budget:
Draft Budget Review Dates
2026 Financial Forecast Committee of the Whole June 9, 2025
Release of Proposed Budget (agenda available October 24)
Committee of the Whole November 3, 2025
Divisional Budget Presentations by XLT Budget Committee November 13, 2025
Committee review of Proposed Budget, amendments proposed via Budget Review Form process take place at the Budget Committee November 24 & 25, 2025
Council review of Proposed Budget Special Council Meeting December 2, 2025
Notes:
Legislation requires a 30-day period for Council to review and amend the Proposed Budget once it has been released. This period can be shortened via a Council vote.
Following Council review of the Proposed Budget there is a 10-day period in which the Mayor can veto a budget amendment. This period can be shortened via a Mayoral Decision.
If the veto power were exercised, there is a 15-day period in which a 2/3rds majority of Council can override the veto.
After the process of amendments, vetos and overrides has passed the budget is deemed to have been adopted.
Financial Matters; Implications
 The ballot box is the biggest implication for the seven members of Council. The approved 2025 Budget invested $346.2M into delivering city services to the community and $88.6M into the capital program to renew aging infrastructure and invest in new community assets.
The budget process provides a venue in which decisions are aligned and made to ensure an appropriate balance between affordability, maintaining/enhancing service levels and financial sustainability is achieved over the long term.
The Financial Forecast will be prepared to recognize key budget drivers including ongoing inflationary pressures as well as investments required to stabilize service delivery. It will also make recommendations for increased funding to key areas to address the needs of our growing community.
Which inflationary pressures is Staff talking about? The latest report from the Bank of Canada had inflation at 1.7%
There is so much pure bumf in the city’s document that one might ask – was this written with the help of AI?
 By Pepper Parr
May 29th, 2025
BURLINGTON, ON
This is nothing to brag about.
 Burlington Residents’ Action Group (BRAG) is in the process of dissolving the not-for-profit corporation.
For some reason, the people of Burlington do not appear able to create a community organization that manages to bring about changes.
Oakville has more than a dozen community organizations that Mayor Burton brags about, even though they are frequently a pebble in his shoe.
ECoB Engaged Citizens of Burlington was created to try and hold the Goldring Council to account.
What they managed to do was hold all candidate meetings in all six wards, which resulted in five new members for a seven-member council.
 And then ECoB fell apart – they weren’t able to get to the point where there was strong representation at the ward level.
The BRAG situation seems to be due to philosophical differences -it had a very small four-member board that didn’t meet as much as it perhaps should have.
Some in leadership roles were not prepared to have to cope with some of the limitations that go with corporate titles.
The President of BRAG personally paid for the incorporation. Donations to BRAG were returned to the donors.
We understand that at a contentious Board meeting, two members of the Board were opposed to the dissolution of the corporation – they were apparently told that if they could not vote for a dissolution, then they would have to take over the board. The two chose not to take on that task.
A new organization has been formed by the two members who decided that a dissolution was the only solution. We are advised that the BRAG membership has yet to be advised of these changes.
The biggest issue is reported to be the creation of a policy document that was never created. Members wanted the organization to determine what they were setting out to do.
BRAG tended to focus on taxation matters and holding the civic administration fiscally accountable. We have not used the names of the people involved other than those who released statements. The fear is that this would become a he said she said back and forth.
Bad enough that the city is losing the one community organization that it had. In a statement given to the Gazette earlier today we are told:
“Community groups come and go. People volunteer their time for a cause that interests them. Sometimes, personalities get in the way; some members of the group are passionate about the group going in one direction, while other members may have different ideas. Burlington is certainly large enough to support many community groups.
“The folks at BRAG have arrived at a difficult decision and have decided to dissolve the organization.
 Stephen White  Eric Stern “Eric Stern and Stephen White have chosen to start a new group to carry on some of the work that BRAG was doing. The new group is named Focus Burlington. There are many steps to forming a community group, and Focus Burlington is working through those steps.
“The website is up and running at www.focusburlington.ca
“A not-for-profit corporation is being set up.
“The BRAG website will shut down on June 6th, 2025.
“BRAG accomplished many things, the most important of which was to let the people who work at City Hall, staff and council, know that some residents care about how the city shares information and where our tax dollars go. Burlington’s capital and operating budgets represent half a billion dollars, a huge amount of money, and taxpayers have every right to ask for value for their money.
“Focus Burlington has four main focus areas: Budgets, Development, Safety and Traffic.
“We expect city staff to present their 2026 Financial Needs and Multi-Year forecast in the near future, giving us a glimpse of the 2026 budget. The Focus Burlington budget team / formerly the BRAG budget team, is getting ready for a deep dive into the 2026 City of Burlington Budget.
“Stay tuned.”
Lynn Crosby speaking for what is left of BRAG said:
 Lynn Crosby “We at BRAG are writing to announce to you, our valued supporters, that it has been decided that BRAG will be winding down our operations. Our BRAG website will shut down on June 6, 2025.
“We have accomplished a lot in just over one year, and our dedication to holding elected officials to account; informing the public of what is happening at city hall; demanding true citizen engagement; speaking out for transparency, fiscal prudence and democratic principles, has not wavered. Some of us think that there may be other ways in which we can effect change, some want to take a breather from city politics, particularly in light of what is happening in the larger world around us in these unprecedented and worrying times.
“The next municipal election is in late October 2026 – which means the campaigning begins in less than one year. We believe that Burlington needs new faces around the council table and we each will continue to work towards advocating for change, in whatever ways we are able.
“We would like to thank each and every one of you for supporting BRAG. We had a large number of residents working hard behind the scenes with us: providing advice, doing research, studying those massive budget documents line by line, watching council meetings, and helping to spread awareness to other residents. We wish you all the best, and I’m sure our paths will cross again as we continue to work towards better things for Burlington as we approach the election, despite feeling the same election fatigue as you probably do!.”
How will it work out? BRAG certainly sent a strong signal to City Council. How much of their message actually got through is something that will become evident when Council gets into the debate on the 2026 budget.
This is going to be seen as the ‘election budget’; will it make a difference?
 By James Portside
May 18th, 2025
BURLINGTON, ON
The provincial government released its budget last Thursday. Burlington’s City Council has begun the process of setting out the budget for 2026
Let’s take a step back from the trees and look at the forest. What makes Ontario and Canada one of the best places to live? Some obvious answers are freedom from oppression, freedom of expression, and the rule of law.
Our standard of living is also in the mix. A vibrant private sector economy, competitively producing goods and services on a global scale, funds social services such as affordable housing, medical care, long-term care, etc.
Ontario’s economy is a complex organism. Roads and highways are the veins and arteries, family units and businesses are the cells, and governments regulate much like a thyroid gland. Our cells, our family units and businesses, are incredibly intelligent on their own. Governments need to administer medications carefully and watch for unexpected side effects.
Two policy changes at the federal level have led to a housing crisis seriously affecting the standard of living for Ontarians of all ages. We now have two classes in our society: established homeowners and everyone else.
1: Historically, the federal government built and maintained social housing. This practice ended in the 1990s. The beginning of the end was during Prime Minister Mulroney’s term, and the end of the end was during Prime Minister Chretien’s term. The National Housing Strategy Act (2019) changed this leaving society with the policies of the 1990s that created a 30-year deficit in social housing.
2: There are huge benefits to immigration; the federal government has been conducting an experiment to determine the most sustainable level of immigration. Mounting pressures on housing, transit, roads, hospitals, and schools are showing us we may have surpassed the sustainable level.
The Federal government’s prescription of higher immigration levels has had many side effects.
How does Ontario’s budget help with the housing crisis?
Housing is more than a solid roof over your head, people need water, sewers, roads, transit, health care, jobs, and child-care/schools. Ontario’s budget addresses these needs.
 The province has failed to meet the housing targets it set Housing:
| Spur new construction by simplifying and standardizing development charges. |
| Help Canadian manufacturers introduce innovative materials, systems to reduce construction costs. |
| Implement consistent building construction standards across Ontario. |
Transit:
| Deliver transit-oriented communities creating more jobs and housing near transit. |
| Speed up the development of transit by extending the Building Transit Faster Act to all provincial transit projects. |
| Invest $61 billion in public transit over the next 10 years. |
| Advance GO 2.0, a long-range plan for the GO Transit system. |
 Sewage treatment plant – Burlington Water and Sewer:
| Investing an additional $400 million into the Municipal Housing Infrastructure Program to help build local infrastructure to make way for new homes. This additional $400 million brings the value of this program to $2.3 billion, to be spent over 4 years.
The shortfall in Halton Region alone, for water and wastewater, is approximately $940 million. |
Health Care:
| $56 billion over the next 10 years in health infrastructure. |
| $280 million over two years for the expansion of Integrated Community Health Service Centres. |
| $235 million in 2025–26 to establish and expand up to 80 additional primary care teams across the province. |
Child Care:
| $30 billion over the next 10 years to support new and redeveloped school and child care projects |
Roads:
| $30 billion over 10 years for highway expansion and rehabilitation projects. |
| Permanently, at least for now, removing tolls from Highway 407 East. |
| Reducing the gas and fuel tax is expected to save households, on average, $115 a year. |
 What the new Credit River crossing is expected to look like. Jobs:
| A new tax credit for businesses that manufacture or process in Ontario. |
| Establish a new $5 billion strategic fund named the “Protecting Ontario Account” to help with tariff-related business disruptions. |
| A six-month deferral on provincial business taxes and WSIB rebates and premium reductions to help businesses weather tariff-related turmoil. |
| A tax credit to support Ontario’s shortline railway industry. |
| $500 million to create the new Critical Minerals Processing Fund |
| Up to $3 billion in loans through the Indigenous Opportunities Financing Program. |
| An additional $600 million to the Invest Ontario Fund. The fund’s mandate is job creation and investment attraction. |
| An additional $90 million to Venture Ontario. |
| $200 Million to the Ontario Shipbuilding Grant Program to provide grants to provincial shipbuilders. |
One Additional Item:
 The Airbus H135 Helicopter. Assembled in China and Germany. In response to Donald Trump Ontario is spending $57 million on two new H-135 helicopters for security and enforcement along the Canada / U.S. border.
Debts and Deficits
Ontario is forecast to pay $15.2 billion in interest costs in 2024–25, and $16.2 billion in 2025–26.
In total, the budget calls for $232.5 billion in spending, with almost 7% of our budget, 7 cents on every dollar, going to interest payments on the accumulated debt. This budget includes $14.6 billion in additional debt. Collectively, we need to outlast Donald Trump, sadly, additional debt may be the only way to do this.
No government can be all things to all people. This budget addresses a wide variety of issues facing the people of Ontario while considering the potential of a weakening economy and the need to continue to pay interest for the money borrowed in the past.
By Pepper Parr
May 15th, 2025
BURLINGTON, ON
 Provincial budget was read into the record at Queen’s Park this afternoon. The last item in the 232-page budget read into the record earlier today is a new bill that will allow cabinet ministers to continue to use and be referred to as “Honourable,” even after they leave office.
Currently, in Canada, provincial ministers typically use the term while in office, while prime ministers, senators and chief justices can be referred to as “Right Honourable” for life.
This is clearly a government that wants to be seen for being serious and focused on the needs of the people who will find themselves struggling financially when the proposed tariffs begin to bite.
Did a pay increase come with the title enhancement?
Given that housing is a huge driver of the Ontario economy, the following will be of interest.
Link – Ontario budget makes little mention of housing
  By Tom Parkin
March 24th, 2025
BURLINGTON, ON
No one’s ever accused Mark Carney of being middle class. But the former Toronto investment banker’s proposed “middle-class tax cut” includes ultra-high income earners like him.
The Liberal leader launched his campaign promising a “middle-class tax cut” that gives top benefits to millionaires and billionaires.
Carney’s plan would reduce the tax rate of the first tax bracket by one point, from 15 to 14 percent.
That generates a $574 benefit to anyone with a taxable income over $57,375 and right up to the top income earner. Those earning less than $57,375 would get a smaller benefit.
In 2015, Justin Trudeau also promised a “middle class” tax cut, but one that came with an off-setting tax increase on income over $250,000. That off-set cancelled any benefit once income exceeded about $263,000.
But with no offset in Carney’s plan, even the highest income earners in Canada are included in Carney’s “middle class” tax cut. The maximum $574 would be paid to Galen Weston, Chip Wilson, the Irvings, or the Thompson family. And Mark Carney.
Tax payable on a taxable income of $30,000 would be reduced by $300 and tax payable on $50,000 would fall $500.
While anything is helpful for low-income Canadians, bolder steps like the national dental care program deliver much more impact, saving a low-income family of four $1,809 a year, according to 2024 budget documents.
class=”header-anchor-post”>Carney kills planned tax hike on capital gains over $250,000 a year
 Prime Minister Mark Carney Today’s pledged tax cut for even the richest Canadians comes after Carney cancelled Trudeau’s plan for two-thirds of capital gains over $250,000 a year to become subject to income tax, up from half. Half of the amounts up to $250,000 a year would continue to go tax-free.
Capital gains are the amount earned from buying then selling capital assets, such as company stock, and are treated differently than employment income in tax law.
In recent research paper in Policy Options, tax experts using 2019 tax filer information found the entire benefit of Carney’s cancellation would flow to just 46,705, or 0.16 percent, of tax filers. That group had an average income of $1,183,157 in 2019.
For 99.86 percent of Canada’s 29 million tax filers, there would be no benefit from Caney’s tax cancellation.
In 2027-2028, cancelling capital gains changes is projected to be worth $1.8 billion to that very small pool or investors earning more than $250,000 a year in capital gains. The amount saved is projected to rise to $2.3 billion in 2028-29.
On starting at the Bank of England in 2013, Carney was being paid $1.4 million a year. Seven years later, Carney left to join Brookfield Asset Management, an investment bank with $1 trillion in assets that owns everything from privatized hospitals to local utilities and real estate.
Carney served as Brookfield board chair, resigning January 16, 2025.
Last week, a US corporate filing by Brookfield Asset Management shows Carney and two other executives together earned $4 million in salary, $3.5 million in cash bonuses and $67,439 paid to retirement savings contributions and Brookfields’ executive medical program.
The $7,567,439 total, if averaged between the three executives, would be $2,522,479 each.
Despite his ultra-high income, Mark Carney has included himself in his “middle-class tax cut.”
Brookfields’ 10-K filing also shows Carney held 409,300 Brookfield share options on December 31, 2024. On Friday’s close, Brookfield stock traded at $53.65. But Carney’s options let him buy those shares for the deeply discounted price of $37.54.
If Carney exercised any share options on Friday, he would’ve earned $16.11 per share, the difference between the $53.65 market price and the $37.54 option price. If he exercised all his 409,300 share options on Friday, he would have earned $6,598,823.
While stock option income is usually treated as a capital gain, and therefore only half taxed, earnings from stock options received as employment compensation are employment income and must all be included as income. However, the employee stock option benefit deduction parallels the capital gains inclusion rate, delivering the same effect, a detailed topic for a future date.
By Julieta Belen Correa
February 10th, 2025
BURLINGTON, ON
Canada is home to some of the most diverse bucket-list destinations on the planet — it has some of the best ski slopes, thousands of kilometres of untouched nature, and multiple hubs of commerce and entertainment of international renown. This, coupled with its expansive tourism push in recent years, means that Canada relies on an adaptable and modern aviation industry.
Luckily for tourists and Canadians alike, the nation hosts North America’s busiest and most technologically advanced airports, perfect for handling the influx of tourism expected over the next ten years. Take a look at the top ten busiest airports in Canada.
10. Kelowna International Airport (YLW)
You can fly into Kelowna, a critical gateway to British Columbia’s Okanagan region, to explore some of Canada’s best wineries, lake regions, and the breathtaking scenery of Osoyoos. The airport serves around 2,000,000 passengers a year and offers destinations nationwide and routes all the way down to sunny Mexico.
 Billy Bishop, named after a Canadian war hero is an airport minutes from downtown Toronto 9. Billy Bishop Toronto City Airport (YTZ)
Toronto’s second-largest airport, situated on the Toronto Islands, is named after one of Canada’s most iconic fighter pilots. This airport caters to just over 2,000,000 passengers a year and makes a great alternative to the massive Toronto Pearson International Airport, especially if you’re looking for either domestic or short-haul flights. You can expect shorter security queues and faster processing times so that you can make every minute count of your vacation or work trip.
 If your destination as a tourist is Halifax International – you will want to visit Peggy’s Cove. 8. Halifax Stanfield International Airport (YHZ)
Coming in at 8th place on the list is Halifax Stanfield. The airport serves the Halifax region, mainland Nova Scotia, and other areas in the Maritime provinces. As Canada’s easternmost international airport, it is a vital connection for rural communities and also provides hundreds of jobs for the region’s tourism sector. The airport generated a massive C$4.2 billion for the Nova Scotia economy in 2023 alone, and with a rise of over 20%, it’s expected to continue to grow in the coming years.
The airport is also home to numerous Fixed-Based Operators (FBOs), private companies that provide essential aviation services like fuel, parking, maintenance, and passenger amenities.
7. Winnipeg James Armstrong Richardson International Airport (YWG)
Winnipeg James Armstrong Richardson International Airport, located in the Winnipeg Capital Region, handled just over 4 million passengers last year. YWG is crucial for connecting small communities living in difficult conditions with regularly scheduled flights to Northern Manitoba, Northwestern Ontario, and Nunavut.
6. Ottawa/Macdonald–Cartier International Airport (YOW)
As the airport serving Canada’s capital city, Ottawa International is a home base for Canadian North and a major hub for Porter Airlines, which is investing $65 million into the airport infrastructure over the coming years. The airport serves the National Capital Region with over 4 million passengers annually — a 36.9% increase on the previous year, the highest such growth among Canada’s busiest airports.
The airport’s modern terminal, extended in 2008, features artwork reflecting the region’s history and culture, creating a uniquely Canadian welcome for first-time visitors to the country.
5. Edmonton International Airport (YEG)
Climbing into the top 5 busiest airports in Canada sees a marked jump in passenger numbers, with a massive 7.4 million passengers flying in and out of Edmonton International Airport. The airport caters to residents and visitors to the Edmonton Metro Region, some three hours north of Calgary.
The airport itself is so busy due to the lack of other major cities in the region, making it the only major airport for those travelling from Alberta and Saskatchewan.
 Calgary International 4. Calgary International Airport (YYC)
Calgary International Airport, also known as “the gateway to the Rockies,” serves a whopping 18.5 million passengers a year. One reason for YYC’s huge numbers is its proximity to Banff and Canada’s impressive range of ski destinations.
YYC is home to two terminals — one domestic and one international — and serves as the main hub for Canadian airline WestJet. The airport offers world-class accessibility with modern parking systems, easy-to-use car rental services, and the reliable Calgary Transit System, which offers routes across the region.
3. Montréal–Trudeau International Airport (YUL)
Serving the Greater Montreal area, Montréal–Trudeau International Airport is a bustling hub that managed over 21 million passengers in 2023. This large operation is the region’s primary link between Canada’s French-speaking population and the rest of the world.
YUL’s strategic location makes it perfect for transatlantic flights, with popular routes to Paris, London, and Frankfurt. This dynamic location, combined with a modern general aviation terminal, makes it an ideal airport for those looking to charter a private plane to Europe and beyond. Domestic travellers also benefit from frequent flights to Toronto, Vancouver, and Halifax.
 Vancouver International 2. Vancouver International Airport (YVR)
Vancouver International Airport, nestled on Sea Island in Richmond, British Columbia, is the busiest airport in Western Canada. Welcoming almost 25 million passengers in 2023, the airport is the ultimate gateway to the region’s surrounding mountains, lakes, and the icy North Pacific. YVR is consistently ranked as one of the best airports in North America and was most recently named as the number-one airport on the continent in 2024.
Vancouver International is also the nation’s best link to Asia, with frequent flights to Tokyo, Hong Kong, and Seoul. Its location also makes it a popular stopover for flights to Australia and New Zealand.
1. Toronto Pearson International Airport (YYZ)
With almost double the capacity of number two on the list, Toronto has been Canada’s busiest airport for decades. It’s the primary hub for Air Canada and the second busiest arrivals hub for international travellers to North America. Serving the Greater Toronto Area, Pearson handled an impressive 44.8 million passengers in 2023, making it the pride of Canada’s already-impressive aviation industry.
 Pearson International Located just outside Toronto in Mississauga, Pearson offers direct flights to destinations on every continent. With its cutting-edge amenities, including world-class dining and shopping, Toronto Pearson sets the standard for Canadian airports when it comes to sheer size and availability.
Canada, Connected
With some of the most forward-thinking, accessible, and downright massive airports in North America, Canada continues to impress year-on-year with its dazzling array of airports. Vancouver continues to offer the best service in North America, Toronto Pearson connects you to the world with ease, and Calgary, Halifax, and Winnipeg airports continue to provide a vital lifeline to some of the continent’
By Pepper Parr
February 10th, 2025
BURLINGTON, ON
 2017 fire that destroyed most of the buildings The Paletta International site just off Appleby Line that was destroyed by fire in December 6th, 2017 is beginning to be re-animated.
The company has conditional site plan approval. The company is currently working through the various conditions one of which is obtaining Committee of Adjustment approval.
When completed the site and bring new employment and economic opportunity to the city.
Building designs are still a work in progress however there is a site plan.
Along with plans to eventually construct a new Alinea headquarters building, there will be approximately 300,000 square feet of new leasable light industrial / employment space in three new buildings.2017
Everything on the 18.5-acre property will be demolished and replaced with modern employment and office buildings. Given the uncertainty of timing to this point, no tenants for the light industrial / employment space have been sought yet; that will come in due course. “We are already getting calls from companies expressing interest in being part of this exciting redevelopment,” said a company spokesperson.
The 2018 fire meant there were going to be many changes in what the company would do and the business they were going to be in.
The death of Pasquale “Pat” Paletta, in 2019 brought about changes in the leadership and management style.
 The late Pat Paletta with his four sons. One huge change for the company was the creation of Alinea which didn’t include all four of Pat Paletta’s sons. Angelo Paletta went in his own direction while the other three brothers formed Alinea that is now focused on plans for the Bronte Meadows site and the 1200 King Road property
“While there may be a few minor tweaks to this plan in relation to the future Alinea headquarters building, there is a general sense of what’s being planned.
Property that was acquired by the Paletta family in Burlington was first used to pasture cattle; the company grew to become the largest beef processing operation in Eastern Canada; it was later sold to Canada Packers.
 The structure shown in orange will be the head office for Alinea. The other three structures will be developed when market conditions are right. The company added poultry processing (Tender Choices) to its operations.
 Both business lines were eventually sold and the focus was shifted to property development.
Alinea is working out of what is left after the fire. “All existing buildings on the property will be demolished once Demolition Permits are obtained later this year. Specific demolition and construction timelines have yet to be determined, but we do know that for practical purposes development will need to be phased over several years.
Exciting days for the company
By Staff
February 4th, 2025
BURLINGTON, ON
John C. Munro Hamilton International Airport Announces a new strategic airline partner, Porter Airlines.
Porter will initiate service at Hamilton International beginning in early June 2025, introducing daily service from Hamilton to four popular domestic destinations: Calgary, Edmonton, Halifax, and Vancouver.
The airport will move now on planned terminal upgrades that will begin immediately.
 The long-term collaborative partnership between the City and TradePort, in place since 1996, has positioned the airport as a critical driver of connectivity, economic growth, job creation, and community partnerships for Hamilton and the surrounding region. Under the new lease, efforts to expand air service, enhance the passenger experience, and deliver safe, sustainable, and efficient operations will continue – starting with planned terminal upgrades that will begin immediately.
Airport enhancements will include an updated exterior frontage with new and expanded canopies to improve curb operations, and a refresh of terminal interiors from check-in counters and passenger screening areas to gate seating and baggage claim. Integration of architectural elements and finishes inspired by the region’s natural geography will lend the airport a unique sense of place, while new digital signage and lighting upgrades will enhance the overall travel journey.
Additionally, future enhancements will include passenger jet bridges to connect the terminal directly to aircraft – a first for Hamilton International – and terminal infrastructure upgrades to position the airport for future expansion to accommodate expected air traffic growth
Airport enhancements will include an updated exterior frontage with new and expanded canopies to improve curb operations, and a refresh of terminal interiors from check-in counters and passenger screening areas to gate seating and baggage claim. Integration of architectural elements and finishes inspired by the region’s natural geography will lend the airport a unique sense of place. New digital signage and lighting upgrades will enhance the overall travel journey.
Future enhancements will include passenger jet bridges to connect the terminal directly to aircraft – a first for Hamilton International – and terminal infrastructure upgrades to position the airport for future expansion to accommodate expected air traffic growth.
By Harold Dickert
January 18th, 2025
BURLINGTON, ON
No one is talking about “Garbage into oil” technology. Not even the Canadian Liberal Party, who added major funding to the world’s largest facility now under construction just outside of Montreal – built by Enerkem (https://enerkem.com/).
 From 360 000 tonnes of waste To 285 000 000 liters of clean fuels
Continue reading We can turn garbage into fuel – so why aren’t we doing that
 By James Portside
January 17th, 2025
BURLINGTON, ON
This information is not professional investment advice. Investors are advised to do their own research into individual stocks before making an investment decision.
The five stocks with the largest dollar value of insider acquisitions in the public market are:
|
| Morguard Real Estate Investment Trust —–Buy Quantity: 99,700 Average cost: $5.50 Total: $548,294.92 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Morguard Corporation |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-15-25 |
57,400 |
$5.50 |
$315,644.92 |
| Morguard Corporation |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-14-25 |
14,400 |
$5.50 |
$79,200.00 |
| Morguard Corporation |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
27,900 |
$5.50 |
$153,450.00 |
|
| First National Financial Corporation —–Buy Quantity: 12,824 Average cost: $39.00 Total: $500,136.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| FNSC Holdings Inc. |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-14-25 |
6,412 |
$39.00 |
$250,068.00 |
| Smith Financial Corporation |
3 – 10% Security Holder of Issuer |
47 – Acquisition or disposition by gift |
01-14-25 |
-6,412 |
$38.99 |
-$250,003.88 |
| Smith, Stephen |
4 – Director of Issuer, 7 – Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) |
10 – Acquisition or disposition in the public market |
01-14-25 |
6,412 |
$39.00 |
$250,068.00 |
| Smith, Stephen |
4 – Director of Issuer, 7 – Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) |
47 – Acquisition or disposition by gift |
01-14-25 |
-6,412 |
$38.99 |
-$250,003.88 |
|
| Morguard Corporation —–Buy Quantity: 3,200 Average cost: $111.00 Total: $355,200.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Armoyan, Sime |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
3,200 |
$111.00 |
$355,200.00 |
|
| Jaguar Mining Inc —–Buy Quantity: 120,800 Average cost: $2.23 Total: $268,828.32 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| 2176423 Ontario Ltd. |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
60,400 |
$2.23 |
$134,414.16 |
| Sprott, Eric |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
60,400 |
$2.23 |
$134,414.16 |
|
| Tourmaline Oil Corp —–Buy Quantity: 2,500 Average cost: $66.44 Total: $166,109.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Rose, Mike |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-16-25 |
2,500 |
$66.44 |
$166,109.00 |
The five stocks with the largest dollar value of insider dispositions in the public market are:
|
| G Mining Ventures Corp —–Sell Quantity: -514,622 Average cost: $13.17 Total: -$6,780,144.22 Options Issued: 34,622 Average cost: $0.00 Total: $0.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| La Mancha Capital Management GP |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-160,000 |
$13.19 |
-$2,109,904.00 |
| La Mancha Investments S.à r.l. |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-160,000 |
$13.19 |
-$2,109,904.00 |
| Loza-Sawiris, Yousriya |
3 – 10% Security Holder of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-160,000 |
$13.19 |
-$2,109,904.00 |
| MacDonald, Norman |
4 – Director of Issuer |
51 – Exercise of options |
01-13-25 |
34,622 |
$0.00 |
$0.00 |
| MacDonald, Norman |
4 – Director of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-34,622 |
$13.01 |
-$450,432.22 |
|
| Canadian Natural Resources Limited —–Sell Quantity: -85,504 Average cost: $45.00 Total: -$3,847,721.98 Options Issued: 85,504 Average cost: $10.85 Total: $927,977.44 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Balog, Brenda Gayle |
5 – Senior Officer of Issuer |
51 – Exercise of options |
01-13-25 |
4,504 |
$19.36 |
$87,197.44 |
| Balog, Brenda Gayle |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-4,504 |
$45.37 |
-$204,341.98 |
| Stainthorpe, Mark Allen |
5 – Senior Officer of Issuer |
51 – Exercise of options |
01-15-25 |
81,000 |
$10.38 |
$840,780.00 |
| Stainthorpe, Mark Allen |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-15-25 |
-81,000 |
$44.98 |
-$3,643,380.00 |
|
| Peyto Exploration & Development Corp —–Sell Quantity: -103,000 Average cost: $17.09 Total: -$1,760,770.00 Options Issued: 105,000 Average cost: $11.85 Total: $1,244,250.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
51 – Exercise of options |
01-13-25 |
35,000 |
$9.49 |
$332,150.00 |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-13-25 |
-35,000 |
$17.20 |
-$602,000.00 |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
51 – Exercise of options |
01-14-25 |
38,300 |
$12.38 |
$474,323.00 |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-14-25 |
-38,300 |
$16.96 |
-$649,680.00 |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
51 – Exercise of options |
01-15-25 |
31,700 |
$13.81 |
$437,777.00 |
| Lachance, Jean-Paul Henri |
4 – Director of Issuer, 5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-15-25 |
-31,700 |
$17.10 |
-$542,070.00 |
| Carlson, Tavis Aaron |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-16-25 |
2,000 |
$16.49 |
$32,980.00 |
|
| Byrna Technologies, Inc —–Sell Quantity: -43,731 Average cost: $39.89 Total: -$1,744,562.19 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Eng, Victor |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-15-25 |
-43,731 |
$39.89 |
-$1,744,562.19 |
|
| Agnico Eagle Mines Limited —–Sell Quantity: -10,000 Average cost: $120.27 Total: -$1,202,730.00 |
| Insider |
Relationship |
Transaction |
Date |
Quantity |
Price |
Total |
| Girard, Dominique |
5 – Senior Officer of Issuer |
10 – Acquisition or disposition in the public market |
01-14-25 |
-10,000 |
$120.27 |
-$1,202,730.00 |
What is Insider Trading?
How Insider Trading works.
By Lisa Nathalie
January 17th, 2025
BURLINGTON, ON
Canada is home to some of the most diverse bucket-list destinations on the planet — it has some of the best ski slopes, thousands of kilometres of untouched nature, and multiple hubs of commerce and entertainment of international renown. This, coupled with its expansive tourism push in recent years, means that Canada relies on an adaptable and modern aviation industry.
Luckily for tourists and Canadians alike, the nation hosts North America’s busiest and most technologically advanced airports, perfect for handling the influx of tourism expected over the next ten years. Take a look at the top ten busiest airports in Canada.
10. Kelowna International Airport (YLW)
 Kelowna Airport – gets people into the heart of British Columbia wine regions. You can fly into Kelowna, a critical gateway to British Columbia’s Okanagan region, to explore some of Canada’s best wineries, lake regions, and the breathtaking scenery of Osoyoos. The airport serves around 2,000,000 passengers a year and offers destinations nationwide and routes all the way down to sunny Mexico.
9. Billy Bishop Toronto City Airport (YTZ)
 The Billy Bishop Airport is minutes from Toronto’s downtown core. Toronto’s second-largest airport, situated on the Toronto Islands, is named after one of Canada’s most iconic fighter pilots. This airport caters to just over 2,000,000 passengers a year and makes a great alternative to the massive Toronto Pearson International Airport, especially if you’re looking for either domestic or short-haul flights. You can expect shorter security queues and faster processing times so that you can make every minute count of your vacation or work trip.
8. Halifax Stanfield International Airport (YHZ)
Coming in at 8th place on the list is Halifax Stanfield. The airport serves the Halifax region, mainland Nova Scotia, and other areas in the Maritime provinces. As Canada’s easternmost international airport, it is a vital connection for rural communities and also provides hundreds of jobs for the region’s tourism sector. The airport generated a massive C$4.2 billion for the Nova Scotia economy in 2023 alone, and with a rise of over 20%, it’s expected to continue to grow in the coming years.
The airport is also home to numerous Fixed-Based Operators (FBOs), private companies that provide essential aviation services like fuel, parking, maintenance, and passenger amenities.
7. Winnipeg James Armstrong Richardson International Airport (YWG)
Winnipeg James Armstrong Richardson International Airport, located in the Winnipeg Capital Region, handled just over 4 million passengers last year. YWG is crucial for connecting small communities living in difficult conditions with regularly scheduled flights to Northern Manitoba, Northwestern Ontario, and Nunavut.
6. Ottawa/Macdonald–Cartier International Airport (YOW)
As the airport serving Canada’s capital city, Ottawa International is a home base for Canadian North and a major hub for Porter Airlines, which is investing $65 million into the airport infrastructure over the coming years. The airport serves the National Capital Region with over 4 million passengers annually — a 36.9% increase on the previous year, the highest such growth among Canada’s busiest airports.
The airport’s modern terminal, extended in 2008, features artwork reflecting the region’s history and culture, creating a uniquely Canadian welcome for first-time visitors to the country.
5. Edmonton International Airport (YEG)
Climbing into the top 5 busiest airports in Canada sees a marked jump in passenger numbers, with a massive 7.4 million passengers flying in and out of Edmonton International Airport. The airport caters to residents and visitors to the Edmonton Metro Region, some three hours north of Calgary.
The airport itself is so busy due to the lack of other major cities in the region, making it the only major airport for those travelling from Alberta and Saskatchewan.
4. Calgary International Airport (YYC)
Calgary International Airport, also known as “the gateway to the Rockies,” serves a whopping 18.5 million passengers a year. One reason for YYC’s huge numbers is its proximity to Banff and Canada’s impressive range of ski destinations.
YYC is home to two terminals — one domestic and one international — and serves as the main hub for Canadian airline WestJet. The airport offers world-class accessibility with modern parking systems, easy-to-use car rental services, and the reliable Calgary Transit System, which offers routes across the region.
3. Montréal–Trudeau International Airport (YUL)
Serving the Greater Montreal area, Montréal–Trudeau International Airport is a bustling hub that managed over 21 million passengers in 2023. This large operation is the region’s primary link between Canada’s French-speaking population and the rest of the world.
YUL’s strategic location makes it perfect for transatlantic flights, with popular routes to Paris, London, and Frankfurt. This dynamic location, combined with a modern general aviation terminal, makes it an ideal airport for those looking to charter a private plane to Europe and beyond. Domestic travellers also benefit from frequent flights to Toronto, Vancouver, and Halifax.
2. Vancouver International Airport (YVR)
 Some people choose to dine at the airport before their departure. Vancouver has a superb restaurant that uses an Indigenous theme at its entrance. Vancouver International Airport, nestled on Sea Island in Richmond, British Columbia, is the busiest airport in Western Canada. Welcoming almost 25 million passengers in 2023, the airport is the ultimate gateway to the region’s surrounding mountains, lakes, and the icy North Pacific. YVR is consistently ranked as one of the best airports in North America and was most recently named as the number-one airport on the continent in 2024.
Vancouver International is also the nation’s best link to Asia, with frequent flights to Tokyo, Hong Kong, and Seoul. Its location also makes it a popular stopover for flights to Australia and New Zealand.
1. Toronto Pearson International Airport (YYZ)
 Toronto’s Pearson Airport With almost double the capacity of number two on the list, Toronto has been Canada’s busiest airport for decades. It’s the primary hub for Air Canada and the second busiest arrivals hub for international travellers to North America. Serving the Greater Toronto Area, Pearson handled an impressive 44.8 million passengers in 2023, making it the pride of Canada’s already-impressive aviation industry.
Located just outside Toronto in Mississauga, Pearson offers direct flights to destinations on every continent. With its cutting-edge amenities, including world-class dining and shopping, Toronto Pearson sets the standard for Canadian airports when it comes to sheer size and availability.
Canada, Connected
With some of the most forward-thinking, accessible, and downright massive airports in North America, Canada continues to impress year-on-year with its dazzling array of airports. Vancouver continues to offer the best service in North America, Toronto Pearson connects you to the world with ease, and Calgary, Halifax, and Winnipeg airports continue to provide a vital lifeline to some of the continent’s remotest communities.
 By Pepper Parr
January 17th, 2025
BURLINGTON, ON
If you want to know just how much trouble media is in North America try this on for size.
 Jeff Bezos with his second wife Laura Sanchez The Washington Post, owned by Jeff Bezos, who owns the Amazon organization told the Post editorial staff they were not to endorse any candidate during the election.
The Post was said to be getting ready to endorse Kamala Harris.
The Post had a tag line, Democracy Dies in Darkness, that was always published under the title of the newspaper.
Continue reading Just how much trouble is North American media in?
By John Nicolic
January 17th, 2025
BURLINGTON, ON
One or more countries can take economic sanctions against another country in order for the latter state to lose certain economic opportunities. Sanctions aim to change the state’s behavior, decrease its economy, or penalize it for the occurrence of international violations. Trade restrictions, asset freezes, and restrictions on financial transactions are all sorts of sanctions.
 These measures have a variety of impacts on the target country’s economy, from reducing export dollars to raising import costs and foreign investment. A perfect example here is Russia right now. Sanctions also have a psychological effect on consumers and investors, which leads to huge capital outflow, and a devaluation of national currencies.
Sanctions and National Currencies
Often, countries under sanctions have very devalued their national currencies. This is due to several factors:
- Access to international capital markets is restricted;
- Cuts in exports because of trade bans;
- Loss of investor confidence and huge capital outflow;
- Foreign currency reserves liquidation.
The ruble lost a lot of its value after, for example, in 2014 when sanctions were imposed on Russia. A sharp drop in export revenues particularly in the form of oil and gas sales led to such a shortage of foreign exchange earnings that proved to be the main factor.
The Case of Iran
Iran has been facing sanctions for decades, which has had serious consequences for its national currency, the rial. The main effects include persistent inflation due to restrictions on imports of vital goods, a decline in the foreign exchange reserves needed to maintain the currency, and the emergence of a shadow market for currency exchange where the rial’s exchange rate differs significantly from the official rate.
In addition to that, Iran has been forced to look for alternatives to trading, and one of them was using barter transactions or cryptocurrency. This example serves global Forex trader a reminder that geopolitical factors need to be factored in before looking at currency risk.
The Venezuelan Crisis
 The economic downturn in Venezuela has been exacerbated by falling oil prices, with sanctions against Venezuela among the possible culprits. The national currency — the Bolivar — has effectively become nearly worthless and hyperinflation has gone into hyperdrive. The loss of oil revenues as the primary foreign exchange source made it impossible to raise capital abroad, and the loss of trust in the economic system by the domestic and foreign public (citizens and the international community) had been key causes.
In this case, we see the negative impact of reliance on a single export commodity that renders an economy vulnerable to sanctions and global shocks. What is more, such crises show how quickly macroeconomic problems can grow into the total collapse of the economy.
Impact of sanctions on Venezuela:
| Factor |
Consequences |
| Loss of oil revenues |
Decrease in foreign exchange reserves |
| Restrictions on financial transactions |
Inability to attract foreign capital |
| Loss of confidence in the economic system |
Hyperinflation and devaluation of the bolivar |
The example of Venezuela for global traders demonstrates why it is never a bad idea to diversify and remember geopolitical factors when thinking about currency risk. This is precisely the situation in which you should pay to have your investments handled by brokers such as the xChief. A proven forex broker will reduce the impact of these factors on your investment, plus supply you with quality analytics.
Ripple Effects on Global Markets
Sanctions hit their targets as well as the global markets. The main consequence is an increase in the price of commodities such as oil and gas because of less supplies. Increased volatility in currency markets means both threat and opportunity for traders: The sanctions strengthen alternate currency usage such as the Chinese yuan or cryptocurrencies as a means to avoid sanctions restrictions. The situation is that reduced world economic growth results from falling international trade. As a result, often sanctions completely upset the global currency landscape, launch new financial alliances, and intensify the need for portfolio diversification on the investor’s side.
Lessons for Traders
Sanctions need to be considered in any trader’s strategy. Key lessons include:
- Check on the news imposing or tightening sanctions that may have an impact on currencies and stock prices;
- Analyze the long-term effects on a currency due to sanctions, including a dependency on the export of a limited commodity;
- Of course, diversify the portfolio to mitigate the exposure to geopolitical risks;
- To minimize the losses that occur during volatility, use risk management tools like stop losses and limit orders.
The currencies of countries not covered by sanctions can be also thought of as attractive to investors in conditions of geopolitical instability. For example, you might think the US dollar, or the Swiss franc, is a safe haven.
Conclusion
Exchange rates and global economic stability are influenced by economic sanctions. However, analyzing their impact allows the traders to understand better currency market dynamics and minimize risk. Past cases provide lessons that for success in foreign exchange markets you need to be flexible, driven, and able to adapt to changing geopolitical circumstances.
 By Pepper Parr
January 7, 2025
BURLINGTON, ON
With some research in hand, we can now report what tax increases for Burlington residents look like.
 The percentages show the increase in total tax revenue as shown in each year’s approved budget. Using the year-over-year tax increase, the cumulative numbers comes in at an astounding 65.10%
Continue reading Cumulative tax increases delivered by the current council in the last six years amounts to 65.10%
 By Pepper Parr
November 25th, 2024
BURLINGTON, ON
Eric Stern, the spokesperson for BRAG (Burlington Residents Action Group, delegated to City Council this morning.
In most cases, not all, Council has very little to say in response to a delegation – this morning – it was different.
After saying: Good morning and thank you for your time today, Stern levelled a couple of concerns:
I have to say I was surprised to see Burlington get out early again this year with the fictional “4.97%” overall tax increase.
It was interesting to watch Mr. Basit present a 4.97% on November 4th when the Halton Police budget had been made public on October 30th. Did Mr. Basit knowingly misrepresent the truth?
On November 18th I listened to Leah Bortolotti talk about 6.7 million people visiting the website annually. I did another double-take. For a dose of reality, only 200,000 people live in Burlington. Are we expected to believe that every person in Burlington visits the website an average of 33 times a year? How many of these visits are to book the kids into a swim class? More confusing is that the budget document states on page 48 “our website—with its 1.5 million annual users”.
When he had completed his delegation there were questions and some animated responses:
 Councillor Nisan: We have a transit master plan that is currently inactive. Do you not want that transit plan? Or what’s the story? Councilor Nissan: Your last item in your, we’ll call it a report, or your submission, said that the transit master plan should be released before taxes are increased in relation to transit. We have a transit master plan that is currently inactive. Do you not want that transit plan? Or what’s the story?
Stern: Well, if you’re going to change it, which we would expect with a new master plan, then shouldn’t the budget, wait for the Master Plan, or shouldn’t the master plan be released before the budget? It’s not a necessity to have a budget in place until February 1. We have the flood plan coming out, what later today, and the transit master plan coming out in a few weeks. So you put the car before the horse?
Nisan: I’ll just clarify my question. So our transit master plan goes until 2025 this is the last year of that master plan. Are you suggesting that we finish a new master plan before we approve the budget for what we already approved in the last master plan?
Stern: That is the suggestion that you get the master plan out first and then do the budgeting around it. Y
Councilor Sherman: I want to thank you for your delegation, but also particularly for the correspondence with all the analysis that you and you have done, or I guess a few of you have done, yes, it was very thorough. It had a lot of good analysis in there.
Would you be interested in having some response from the city with respect to the analysis you did?
That offer is close to a first for this Council – a citizen asks for something and gets a positive response.
Stern: Yes, we’re interested. This is an ongoing process, so we’ll just raise the same issues again next year. If the city wants to provide clarity or an explanation, then maybe we won’t have to raise them, or maybe we’ll see it differently than you do.
Sharman: I will ask staff about that later, and I’m sure we’ll get you the answers.
Later in the meeting when questions are put to staff Sharman asked the Chief Financial Officer:
With respect to getting back to the to residents and their feedback – there are a lot of questions in there. Could you just confirm that you will respond to each question in line so that they have an answer to this community group for each of those questions.
So will you be able to do that for this, for the for this input, in particular through
Craig Millar: Through you to the Chair: Yes, that’s that’s our intent, to go through each one of the questions and provide answers.
Chair Bentivegna: We have a question from Councilor Kerns. So looking at this item that’s been provided in your correspondence, which is the list of the of the items that you’d like additional investigation on, and recognizing that this is, in fact, the mayor’s budget. What engagement have you had with the mayor’s office related to these items as they relate to the budget?
 There wasn’t really any time in this whole process to do a really deep dive into the data. Stern: Well, there wasn’t really any time in this whole process, because the budget action reviews were submitted two weeks after the budget was released. It takes a group of us to split it up to roughly 80 pages each. We went and identified things we could xxx
Kearns: You reviewed the budget action items you endorsed, I believe is the correct word, the budget.
Stern: No we haven’t. There’s just no time in this process for residents to meaningfully engage. And I’m really emphasizing the word meaningfully.
Kearns: A follow-up question. What you would like to see then? A draft budget released first, so we don’t have to challenge the clock of the statutory time to turn this around, which is more detailed, in order for people to have more meaningful engagement.
Stern: That’s right, that’s identical I’d like to see what Oakville does happen in Burlington?
Kearns: My second question is this, in the correspondence that you’ve provided, it doesn’t necessarily equate to $1 value in the final column on every single item, is the concern more with accountability, transparency and return on investment and alignment with business plans? Or is it pure hard savings or both?
Stern: The concern largely is with accountability, certainly. Speaking for myself, not for the group. I’ve said this before – the only reason I’m here is because 4.97 is meaningless. 4.99 last year was meaningless. It was 6.58 I think, at the end of the day in 2024 on our tax bills. So you guys come out with this obviously skewed lower number for your own benefit, and then we’re somehow supposed to engage, and then we get a dog and pony show with what a 10-page booklet with no details.
You know, transit is going to cost pulling numbers out of my hat, but it is going to cost $17 million do you agree? How are we supposed to engage with that?
 Eric Stern: It’s all about clarity, honesty, fairness. It’s all about clarity, honesty, fairness. We’re all adults. Nobody’s jumping up and down and screaming that everybody has to be fired at City Hall and things like that. We recognize that Burlington has great services, but we want to understand what’s happening with our money, and it’s becoming a lot of money over the years, right? $500 million.
Kearns: Thank you, Eric. Maybe our themes next year will be clarity, transparency and honesty.
Mayor Meed Ward did not attend the Council meeting – she attended the Premier’s event at Joseph Brant Hospital – where she didn’t get to say a word. Had she been at Council Stern may not have gotten away with some of his comments.
The Complete Stern Delegation
“Stop the 7.5% Burlington Property Tax Increase” petition has been presented to council. Twelve hundred and forty-seven people signed the petition asking for a zero percent tax increase. The multi-year forecast called for 8.9%, by asking for zero we were hoping to meet somewhere in the middle, at 4.4%, oh well.
I have to say I was surprised to see Burlington get out early again this year with the fictional “4.97%” overall tax increase.
It was interesting to watch Mr. Basit present a 4.97% on November 4th when the Halton Police budget had been made public on October 30th. Did Mr. Basit knowingly misrepresent the truth?
On November 18th I listened to Leah Bortolotti talk about 6.7 million people visiting the website annually. I did another double-take. For a dose of reality, only 200,000 people live in Burlington. Are we expected to believe that every person in Burlington visits the website an average of 33 times a year? How many of these visits are to book the kids into a swim class? More confusing is that the budget document states on page 48 “our website—with its 1.5 million annual users”.
You have approved $148,000 for an SEO Marketing position. What is the payback?
Will there be a staff reduction in Service Burlington because people can find information themselves? Will there be KPIs to monitor this or is this just another overhead cost?
What residents need is information, not marketing spin, Google can make that information searchable. Adding a web marketing SEO position will slow down the posting of information making that information less accessible to taxpayers. Do you remember the taxpayers? The people who pay for this.
The mayor talks about training bus drivers and then those drivers take jobs in other cities as a justification for higher pay. This statement is not supported by the 5.3% turnover number presented on November 4th. A rate of 5.3% is lower than any private sector group except for heads of organizations and executives at 3.8%. This indicates the city has the right mix of salary, benefits and working conditions. An average, across-the-board, salary increase of 4.58% when inflation is 2.5% sounds high.
My theme today is clarity. Residents deserve factual information, clearly presented on the city’s website, by staff and the council, without the deft hand of a communications department spinning that information for the benefit of our elected representatives and city staff. I resent being taxed to pay for information to be marketed to me.
 Eric Stern wants a draft budget well ahead of Mayor’s budget so the community has an opportunity to comment. BRAG earned the right to that kind of document next year. Looking ahead to 2026, what considerations are being made for a conservative Federal government and severe cuts to the housing accelerator fund? Much of the expected $21,000,000 may evaporate.
In terms of provincial funding, what happens if the city does not meet its housing targets and no provincial funds are available?
Burlington is building out community centers, transit, etc. for people who may or may not move into the community. What happens if the builders don’t build and the people don’t materialize? Is it time for more prudent cost controls?
The Burlington Residents’ Action Group submitted to this council, in writing, 14 pages of possible cost savings and economies of scale that the city could consider.
I’ve watched many council meetings, people who ask for money often receive money, and people who ask for cuts often receive nothing.
Why are lower tax increases important?
Lower increases leave people with more money for heat pumps and EVs.
Lower increases reduce renovictions by landlords who, through rent control, can only increase rents by 2.5%. This will reduce homelessness and help to “solve the crisis”.
Lower increases leave more money in people’s pockets, reducing food bank visits and crime, and lower the overall cost of policing.
I’ll conclude with, Your Worship, you win, for now, you hold all the cards, residents are not given enough time to review the budget, the budget does not include explanations for the programs, or what the return on the “investment” will be, and requests for details go unanswered.
Congratulations on passing another huge budget increase without the community understanding what the percentage is or what the dollars are for!
By Pepper Parr
November 19th, 2024
BURLINGTON, ON
Council spent all of yesterday deciding what could be cut from the budget and what couldn’t be cut. The 22 item list of possible cuts didn’t fare all that well. They kept the big items, including money for a park in Councillor Sharman’s ward.
The budget at the end of the meeting is set out below:
The seven members of Burlington City Council will take part in a Regional Council meeting on Wednesday where they will decide on how much money the Region needs to get through the next fiscal year. The Police Services Board has asked for an increase of 13% which is going to work its way to the Burlington budget.
Council will meet on the 25th – which is when you get to hear the good news.
Later today we will report on how council worked its way through the proposed amendments. They didn’t save a dime. They came close to changing some of the leaf removal program. THAT would have saved $250,000 had it passed.
 By Staff
October 29th, 2024
BURLINGTON, ON
Their first really sold kick at the 2025 budget is concise and direct. BRAG – Burlington Residents’ Action Committee picks it’s way through the 2025 Budget showing a significant number of errors in mathematics.
 BRAG member Eric Stern and the rest of the team are going over the budget with a fine tooth comb – lots of cooties. BRAG Budget Summary
Highlights:
Page 17 shows that the “Net City Tax Levy” is increasing by 8.3%.
Page 27 shows that Burlington’s portion of our tax bill is increasing by 7.5%.
Why is spending increasing 8.3% and property taxes 7.5%? We believe the difference is being made up for by property tax revenue from the new homes and condos that will start paying taxes in 2025. So far, we have not been able to find an explanation for this difference in the budget document.
The number of new full-time employees the city will be hiring in 2025 is 29, a 2.5% increase in full-time head count.
The average salary increase, for existing full-time employees, 2024 to 2025, appears to be 5%. The Bank of Canada is expecting inflation to be in the 2% range in 2025.[I] We’ll have to wait for the Sunshine list to be published in 2025 to see what the raises were like following 2024’s 10.21% budget increase.
Pages 9 and 10
These pages show selected results from the online survey conducted by the city.
This quote is from the survey: “As we plan this year’s budget, we’re facing inflation, much like our residents and local businesses. Our 2025 forecast predicts a total tax increase of 5.5%, with 1% for Halton Region services, 4.5% for Burlington services, and no change for education.”
Would the results have been different if the city had clearly stated a budget increase of 8.3%?
Page 21
Some of the calculations on this page have errors.
Looking at the first box on the right, the numbers shown add up to 142,457 not 140,514,298. Residents should not have to make assumptions about the numbers in the budget but, if we assume the city meant 140,514, meaning they simply forgot to convert the number to thousands, there is still a difference of $1,943,000 when dealing with the actual numbers ($142,457,000 – $140,514,298).
Looking at the middle box on the right. The numbers add up to 37,695, not the 37,191,580 shown. If we again assume the number should be in thousands at 37,191, the difference is still $504,000 (in real terms).
The bottom box is in the other benefits and allowances section. The numbers add up to 1,325. At least the difference, after making assumptions, is only about $7,000.
 When you add up the numbers, from the city, in the total budget column the total comes to $179,023,828 not the $181,476,000 shown in the chart. The incorrectly stated numbers in the city’s chart do not add up to the total shown in the city’s chart.
Page 24
Reserve and Reserve Funds
This chart shows the total, uncommitted, and committed reserve funds by year. Read BRAG’s comment in the blue box. Based on the information in this graph it is impossible to tell how much money is in the reserve funds.
Page 25
Reserve and Reserve Funds Continued. The committed value shown on the chart above, from page 24, for 2025 does not match the committed balance we calculate using the information provided on page 25. We took the amount in the balance column and subtracted the amount in the uncommitted balance column to calculate the committed balance. You can see the committed balances in the blue boxes.
The total committed balances on this page are $104,951,043 not the $167,000,000 shown in the chart on page 24.
What are we left with? We are left with questions.
1 – Are these errors acceptable and what other errors are in the document?
2 – Does this call into question the integrity of the entire document?
3 – This is the first detailed budget document the public has been allowed to see, based on the quality of this document public input is essential.Why were the mayor’s engagement sessions held before a draft version of the budget was released?
4 – Do residents have to cross-check every column and every total in the budget document?4 –
Under strong mayor powers this is the mayor’s budget – is she responsible and accountable?
Will bonus payments be withheld from those who signed off on this document?
You might want to consider becoming a supporting member of BRAG – they have served taxpayers well.
[i] Bank of Canada Inflation forecast – https://www.bankofcanada.ca/publications/mpr/mpr-2024-10-23/
 By Pepper Parr
October 21st, 2024
BURLINGTON, ON
That long-awaited first version of the Mayor’s 2025 budget will be available on Friday, the 25th.
The document goes to a Council meeting on November 4th – which gives the public nine days to go over the document and get some sense as to what they might be facing in terms of a tax increase. It is reported to be at a pinch over 8%.
Last time we saw a budget with a significant increase 15% there were four very strong delegations – didn’t seem to make any difference. Two of the delegations heard Council say they would reach out and talk to them about some of the points made in their delegation. Both have reported that they haven’t heard a word.
This time around – it might be different.
 BRAG – Burlington Residents’ Action Group has a team of people in place who have divided up their understanding of the different sections the budget will be broken into – their task is to do the deepest dive possible into the data and be in a position to delegate with data from the document.
The public has been told that the budget document will not be a 700 + pages and that the format will be quite different. The Gazette will report on what is delivered on Friday.
Burlington has never seen anything like this in the 12 years I have been covering this Council.
Members of the BRAG the incorporated not for profit group are of the view that the numbers in the budget are “baked in” – “there won’t be much oportunity to change anything – but we are still going to do our job.”
Others in the community have given up – one “doesn’t believe this Council is going to get even close to changing until it occurs to them that they may not get re-elected – and then they will scurry about like rats leaving a sinking ship looking for some high and dry space.”
There is a protocol in place that Council will be following in order to have the budget discussions completed and a bylaw in place before the end of the year.Oct. 25
Mayor’s Proposed Budget Report will be shared with the community and posted at GetInvolvedBurlington.ca/2025budget and on the Nov. 4 Committee of the Whole agenda
 Marianne Meed Ward before she was elected Mayor Nov. 4 – Burlington Committee of the Whole
The Mayor, under Strong Mayors legislation, will present the 2025 proposed budget to Burlington City Council. City Council and the public will be given time to review the proposed budget and give the Mayor feedback. Delegates welcome. Register by noon the previous business day.
Nov. 7 – Budget Telephone Town Hall
Residents can join the call starting at 7 p.m. to ask questions about the 2025 proposed budget. The telephone town hall will be hosted by Mayor Meed Ward and run until 8:30 p.m. Visit Get Involved Burlington for details.
Nov. 18 and 21 – Budget Committee meetings
City Council amendments to the budget. Delegates welcome. Register by noon the previous business day.
Nov. 25 – Special Council Meeting
This meeting is for budget approval.
There is at least one member of Council who is not prepared to go along with what the Mayor is proposing. On Friday we will have a clearer idea on what she has in mind.
|
|
