80 educational assistants being laid off in Saskatoon schools
Saskatoon Public Schools says it has not received Federal "Jordan's Principal" money to pay for 80 Educational Assistants, so they have to go.
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Global News
4 days ago
- Global News
Credit rating agency says Manitoba's recent tax changes outweigh affordability offers
The Manitoba government is expected to use more 'revenue levers,' similar to its recent income and property tax changes, as part of its plan to reduce the deficit, a credit-rating agency report says. S&P Global Ratings has affirmed the Manitoba government's existing short-term and long-term credit ratings and says the outlook for the province is stable, based in part on expected revenue changes and spending control. 'The stable outlook reflects our expectation that, despite economic growth and trade uncertainty, Manitoba will deploy revenue levers and expenditure management to generate stronger fiscal outcomes in the next two years,' the report, issued May 26, said. The NDP government, elected in 2023, has promised to reduce costs for Manitobans. It has taken out advertising to promote its cut to the provincial fuel tax, an increase to a tax credit for renters and other measures. Story continues below advertisement But the money forgone by the province for those measures is outweighed by recent tax changes that are boosting provincial revenues, a director with S&P said. That includes a change in this year's budget that will no longer see income tax brackets automatically rise in line with inflation. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'That alone is enough to offset all the affordability measures that they're putting in,' Bhavini Patel, director in S&P's Canadian international public finance group, said in an interview. The NDP government has promised to balance the budget before the next election, slated for 2027. That would end a string of annual deficits that stretches back almost continuously to 2009, with the exception of two surpluses. Part of the province's revenue growth has come from recent changes that will see many property owners and income-earners pay more. In last year's budget, the government changed the way education tax credits on property are calculated. The government estimated the change would net the province an extra $148 million a year, although that number is likely to grow due to recent increases in property assessments and taxes levied by school divisions. In this year's budget, the government stopped indexing income tax brackets and the basic personal exemption to inflation. By keeping the brackets and exemption constant as wages increase, unlike most provinces, the government is forecasting an extra $82 million in revenue. Story continues below advertisement Finance Minister Adrien Sala said he's not looking at future tax changes aimed at garnering more money, and is expecting an economic boost to increase revenue. 'I think the biggest driver of new revenues will be economic growth,' he said in an interview. He pointed to the recent start of construction of the Alamos gold mine near Lynn Lake as an example. The government is also looking at keeping annual spending growth in check in order to balance the budget, he said.
Winnipeg Free Press
4 days ago
- Winnipeg Free Press
Credit rating agency says Manitoba's recent tax changes outweigh affordability offers
WINNIPEG – The Manitoba government is expected to use more 'revenue levers,' similar to its recent income and property tax changes, as part of its plan to reduce the deficit, a credit-rating agency report says. S&P Global Ratings has affirmed the Manitoba government's existing short-term and long-term credit ratings and says the outlook for the province is stable, based in part on expected revenue changes and spending control. 'The stable outlook reflects our expectation that, despite economic growth and trade uncertainty, Manitoba will deploy revenue levers and expenditure management to generate stronger fiscal outcomes in the next two years,' the report, issued May 26, said. The NDP government, elected in 2023, has promised to reduce costs for Manitobans. It has taken out advertising to promote its cut to the provincial fuel tax, an increase to a tax credit for renters and other measures. But the money forgone by the province for those measures is outweighed by recent tax changes that are boosting provincial revenues, a director with S&P said. That includes a change in this year's budget that will no longer see income tax brackets automatically rise in line with inflation. 'That alone is enough to offset all the affordability measures that they're putting in,' Bhavini Patel, director in S&P's Canadian international public finance group, said in an interview. The NDP government has promised to balance the budget before the next election, slated for 2027. That would end a string of annual deficits that stretches back almost continuously to 2009, with the exception of two surpluses. Part of the province's revenue growth has come from recent changes that will see many property owners and income-earners pay more. In last year's budget, the government changed the way education tax credits on property are calculated. The government estimated the change would net the province an extra $148 million a year, although that number is likely to grow due to recent increases in property assessments and taxes levied by school divisions. Monday Mornings The latest local business news and a lookahead to the coming week. In this year's budget, the government stopped indexing income tax brackets and the basic personal exemption to inflation. By keeping the brackets and exemption constant as wages increase, unlike most provinces, the government is forecasting an extra $82 million in revenue. Finance Minister Adrien Sala said he's not looking at future tax changes aimed at garnering more money, and is expecting an economic boost to increase revenue. 'I think the biggest driver of new revenues will be economic growth,' he said in an interview. He pointed to the recent start of construction of the Alamos gold mine near Lynn Lake as an example. The government is also looking at keeping annual spending growth in check in order to balance the budget, he said. This report by The Canadian Press was first published June 10, 2025.
Montreal Gazette
4 days ago
- Montreal Gazette
‘Stable' Quebec avoids a second credit rating downgrade
Quebec News By QUEBEC — A second credit rating agency has taken a look at the Quebec government's finances and says it is comfortable with the province's debt situation. In a statement issued Tuesday, the Canadian agency DBRS decided to maintain Quebec's credit rating, which determines the costs of borrowing to finance the debt, at AA (low) with a 'stable perspective.' The DBRS decision is the opposite of the decision to lower Quebec's credit rating by another agency, Standard and Poor's, in April. S&P lowered Quebec's rating from AA- to A+. It was the first time in 30 years that Quebec suffered a credit downgrade. It came as a blow to Premier François Legault's government, which was first elected in 2018 promising sound fiscal management. 'Because or the ongoing tariff threat, Morningstar DBRS anticipates some near-term deterioration in Quebec's fiscal and debt metrics, potentially reducing flexibility within its current credit ratings,' DBRS said in a statement. 'However, the slowing pace of expenditure growth and continued commitment to restore fiscal balance, along with the province's large and diversified economy, give us comfort that Quebec can minimize the deterioration in its public finances. 'Despite the near term deterioration, the province remains committed to restoring fiscal balance by 2029-30, consistent with the goal articulated in last year's budget.' In his 2025-2026 budget presented March 25, Quebec Finance Minister Eric Girard forecast a $13.6-billion deficit, a historic record. The budget included an annual increase in spending of only 1.7 per cent but record spending on infrastructure projects as a way to counter the effects of an economic downturn sparked by American trade tariffs. S&P based its downgrade on the increase in government spending, including the infrastructure allocation. DBRS takes note of Quebec's approach but remains optimistic. 'As a result of near-term deterioration in the fiscal outlook and a substantial capital investment program, Quebec has relaxed its debt reduction targets. The province plans to reduce net debt to GDP to 35.5 per cent by 2032-33 and 32.5 per cent by 2037-38 (previously 33 per cent and 30 per cent respectively). The agency adds: 'While the ongoing trade uncertainty is expected to weigh on consumer and business confidence and investment intentions, domestic consumption should remain supported by easing monetary policy along with relatively strong labour markets and household savings.' Legault has said if Quebec is hit with full 25-per-cent tariffs on its trade, the province could lose 100,000 to 160,000 jobs.
