Latest news with #LauraProctor
CTV News
02-08-2025
- Business
- CTV News
Alcohol tax cuts in Ontario are in effect. Here's what you need to know
An LCBO employee moves products in an LCBO store at Union Station in Toronto on Tuesday, March 4, 2025. THE CANADIAN PRESS/Laura Proctor Ontario's largest alcohol tax cut in decades officially takes effect today, with the provincial government cutting levies and LCBO markups in an effort to shield local producers from global trade tensions. The changes, announced in the 2025 provincial budget include significant tax relief for spirits, cider, and ready-to-drink beverages (RTDs), along with new support for microbreweries. While the Ford government says the move is a response to U.S. trade policies, industry experts say some sectors will remain largely unaffected but others could see some new growth. What's changing and who benefits? In an email to CTV News Toronto, the Ministry of Finance says the cuts include a 50 per cent reduction in the spirits basic tax rate for distilleries with on-site retail sales, a nearly 50 per cent cut to LCBO markups on cider, and reduced markups for wine- and spirit-based ready-to-drink beverages with alcohol content under 7.1 per cent. Beer made by Ontario microbreweries will also benefit, with reductions to both LCBO markups and the beer basic tax, along with enhancements to the province's Small Beer Manufacturers' Tax Credit. 'In the face of President Trump's tariffs and tariff threats taking direct aim at our economy, we are protecting Ontario business with the largest tax cut to the alcohol industry in decades,' a spokesperson for Ontario's Ministry of Finance said. The province is also allocating $100 million in 2025–26 and $155 million in 2026–27 to support these changes. Scott Simmons, president of the industry trade association Ontario Craft Brewers, said the reforms mark a defining moment for the province's beer industry. 'The tax cut that takes effect today is a game changer for Ontario's craft beer sector, one of the biggest things to happen to the industry in a generation, and a great day for locally-owned craft breweries, craft beer lovers, and communities across Ontario,' Simmons said in a statement. 'We represent 80 per cent of all direct brewing jobs in Ontario, and today's tax changes have put it on a path that will see breweries grow, create even more jobs, invest in their communities, and get more local beer on store shelves — I think that's something we can all cheers!' The government also says this is part of a broader effort to modernize Ontario's alcohol marketplace. Not all sectors will see the same relief The Ontario Craft Wineries association says most of today's changes won't directly impact traditional wine producers, who saw earlier reforms of their own. 'With regards to taxation and other supports, OCW received some big wins recently including the elimination of the 6.1 per cent wine basic tax and an extension and uncapping of the VQA Support Program,' Michelle Wasylyshen, president and CEO of Ontario Craft Wineries, said in a statement. But Wasylyshen noted there's still more work to be done to level the playing field. One top priority, she said, is removing the LCBO administration fee charged to wineries for sales to restaurants — a fee that's applied even though 'the LCBO (is) not providing a service in this transaction.' She added that the recent shift toward Canadian-made products still presents a rare window of opportunity for domestic wine producers. 'The 'Buy-Canadian' movement has given us a once-in-a-lifetime opportunity to get our products into the hands of consumers, onto store shelves and into restaurants,' Wasylyshen said. 'Our biggest priority continues to be in sustaining (that) incredible boost in sales.' What comes next? While the results of the new framework remain to be seen, the province says they will continue to 'champion' domestic businesses. 'We will continue to champion Ontario and Canadian businesses as we work to build a more self-reliant and resilient economy.'
CTV News
01-08-2025
- Business
- CTV News
Ontario cuts alcohol taxes and LCBO markups. Here's what you need to know
An LCBO employee moves products in an LCBO store at Union Station in Toronto on Tuesday, March 4, 2025. THE CANADIAN PRESS/Laura Proctor Ontario's largest alcohol tax cut in decades officially takes effect today, with the provincial government cutting levies and LCBO markups in an effort to shield local producers from global trade tensions. The changes, announced in the 2025 provincial budget include significant tax relief for spirits, cider, and ready-to-drink beverages (RTDs), along with new support for microbreweries. While the Ford government says the move is a response to U.S. trade policies, industry experts say some sectors will remain largely unaffected but others could see some new growth. What's changing and who benefits? In an email to CTV News Toronto, the Ministry of Finance says the cuts include a 50 per cent reduction in the spirits basic tax rate for distilleries with on-site retail sales, a nearly 50 per cent cut to LCBO markups on cider, and reduced markups for wine- and spirit-based ready-to-drink beverages with alcohol content under 7.1 per cent. Beer made by Ontario microbreweries will also benefit, with reductions to both LCBO markups and the beer basic tax, along with enhancements to the province's Small Beer Manufacturers' Tax Credit. 'In the face of President Trump's tariffs and tariff threats taking direct aim at our economy, we are protecting Ontario business with the largest tax cut to the alcohol industry in decades,' a spokesperson for Ontario's Ministry of Finance said. The province is also allocating $100 million in 2025–26 and $155 million in 2026–27 to support these changes. Scott Simmons, president of the industry trade association Ontario Craft Brewers, said the reforms mark a defining moment for the province's beer industry. 'The tax cut that takes effect today is a game changer for Ontario's craft beer sector, one of the biggest things to happen to the industry in a generation, and a great day for locally-owned craft breweries, craft beer lovers, and communities across Ontario,' Simmons said in a statement. 'We represent 80 per cent of all direct brewing jobs in Ontario, and today's tax changes have put it on a path that will see breweries grow, create even more jobs, invest in their communities, and get more local beer on store shelves — I think that's something we can all cheers!' The government also says this is part of a broader effort to modernize Ontario's alcohol marketplace. Not all sectors will see the same relief The Ontario Craft Wineries association says most of today's changes won't directly impact traditional wine producers, who saw earlier reforms of their own. 'With regards to taxation and other supports, OCW received some big wins recently including the elimination of the 6.1 per cent wine basic tax and an extension and uncapping of the VQA Support Program,' Michelle Wasylyshen, president and CEO of Ontario Craft Wineries, said in a statement. But Wasylyshen noted there's still more work to be done to level the playing field. One top priority, she said, is removing the LCBO administration fee charged to wineries for sales to restaurants — a fee that's applied even though 'the LCBO (is) not providing a service in this transaction.' She added that the recent shift toward Canadian-made products still presents a rare window of opportunity for domestic wine producers. 'The 'Buy-Canadian' movement has given us a once-in-a-lifetime opportunity to get our products into the hands of consumers, onto store shelves and into restaurants,' Wasylyshen said. 'Our biggest priority continues to be in sustaining (that) incredible boost in sales.' What comes next? While the results of the new framework remain to be seen, the province says they will continue to 'champion' domestic businesses. 'We will continue to champion Ontario and Canadian businesses as we work to build a more self-reliant and resilient economy.'
Toronto Sun
31-07-2025
- Business
- Toronto Sun
Hudson's Bay gets permission to sell leases, extend creditor protection
Published Jul 31, 2025 • 4 minute read A Hudson's Bay store in Etobicoke on Friday, March 24, 2025. Photo by Laura Proctor / Bloomberg Hudson's Bay is set to shave off a sliver of its debt after getting court approval for two lease deals, but is still gearing up for a fight on a third lease agreement later this month. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Ontario Superior Court judge Peter Osborne gave the collapsed retailer permission Thursday to sell six of its leases. Five will be bought for $5.03 million by YM Inc., which owns a slew of mall brands including Bluenotes, Urban Planet, Suzy Shier and West 49. The leases were held by Saks Off Fifth, a discount retailer run by the Saks Canada chain, until the Bay closed its 80 stores and all 16 under the Saks banners in the country earlier this year. The leases cover stores at Vaughan Mills in Vaughan, Ont., Tanger Outlet in Kanata, Ont., Outlet Collection in Winnipeg, CrossIron Mills in Rocky View, Alta., and Toronto Premium Outlets in Halton Hills, Ont. YM has not said which of its brands will move into each site, but the Bay said in court filings made last week that the landlords of all five properties have given their blessing to the prospective new tenant. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. YM originally had even bigger ambitions. When it inked a deal with the Bay on May 28, it wanted to buy the leases at Pickering Town Centre in Pickering, Ont., Skyview Power Centre in Edmonton, and Midtown Plaza in Saskatoon for $1 million, but landlord waivers weren't secured for those properties. In addition to the YM transaction, the Bay got court permission to move forward with another deal it struck to sell its lease at Metrotown in Burnaby, B.C., to Ivanhoe Realties Inc. for $20,000. Ivanhoe Cambridge, the parent company of Ivanhoe Realties, owns the mall and thus, the transaction is not facing opposition. The two deals were the result of a process, which saw the Bay put its leases up for sale. One dozen bids for a collective 39 properties came in. This advertisement has not loaded yet, but your article continues below. Ivanhoe's bid was not initially accepted because of its low price, the Bay has said in court documents. However, negotiations eventually helped the parties come to an agreement. The deals will help the Bay address the $1.1 billion in debt it had when it filed for creditor protection in March. Nearly $1 billion of that money was owed to a 26-page list of creditors, including prominent lenders, utilities providers and fashion brands. Money has started to flow to creditors now that liquidation sales at the Bay and Saks have concluded but much of the cash is still outstanding and on Thursday, Osborne prolonged the retailer's period of reprieve from creditors to at least Oct. 31. The Bay said the extension will give it more time to prepare its art and artifacts for auction and get approval to sell 25 more leases to B.C. billionaire Ruby Liu. This advertisement has not loaded yet, but your article continues below. Liu already bought three leases at B.C. malls she owns but wants about two dozen more. She has said she would use the sites to open a new department store she will name after herself. Originally, her plan said the department stores would include dining, entertainment, retail and recreational activities but recently, plans she submitted to court dropped those elements. Most landlords are vehemently opposed to her moving in and have criticized her for not providing enough information about the business she intends to build in their properties. However, Bay lawyer Ashley Taylor revealed Thursday that Liu has been generating some support. He told Osborne that she has entered into a consent agreement with Triple Five Group, which owns the West Edmonton Mall. This advertisement has not loaded yet, but your article continues below. Taylor said Liu is 'very close' to signing a similar agreement with another landlord he did not name. Earlier this week, Liu generated plenty of attention when letters she sent to Osborne were entered into the court record, prompting the chief justice's office to remind her people should not directly contact judges presiding over their cases. Linda Galessiere, a lawyer for several landlords, said in court Thursday that she was 'quite surprised' by the letters and 'very troubled' by their contents. In the letters, Liu asked Osborne to 'please give me a chance' and revealed the Bay had repeatedly threatened to cancel her deal because she was not taking steps the retailer thought was necessary to appease landlords and get a deal done. But rather than pull the deal or seek concessions from Liu because of her alleged inaction, the company took another tact. It presented her with an opportunity to save $3 million on her deal, if she hired the retailer's former CEO as a consultant and KPMG as a financial adviser. Brian Kolenda, a lawyer for one of the Bay's lenders, said in court Thursday that such actions raise 'legitimate questions about the conduct of this proceeding and who has conducted themselves in good faith along the way.' Canada Canada Tennis Basketball Wrestling
Toronto Sun
09-07-2025
- Business
- Toronto Sun
Mortgage renewals will strain Canadians, but most will manage: TD report
Published Jul 09, 2025 • 1 minute read The Toronto-Dominion (TD) bank headquarters in the financial district of Toronto. Photo by Laura Proctor / Bloomberg A report by TD Bank suggests mortgage renewals are expected to strain Canadian households, but most borrowers will manage albeit with less financial flexibility. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The report by economist Maria Solovieva says households who locked in their mortgage for five years in 2020 during the pandemic when interest rates were low are now renewing at much higher rates and will see higher payments. But she says those who took out short-term mortgages last year when rates were high are renewing at much lower rates this year and can expect a drop in payments. That means in aggregate mortgage payments in Canada are actually trending lower, Solovieva writes. So long as rates continue to decline, especially at the long end, national mortgage payments should remain manageable, the report says. But Solovieva notes that the picture for non-mortgage borrowers is more concerning with delinquency rates in this segment climbing. Read More Uncategorized Sunshine Girls Canada Toronto Blue Jays Crime
Toronto Sun
08-07-2025
- Business
- Toronto Sun
Hudson's Bay lender fighting Ruby Liu deal, seeking 'super monitor:' Docs
Published Jul 08, 2025 • 1 minute read A Hudson's Bay store in Etobicoke on Friday, March 24, 2025. Photo by Laura Proctor / Bloomberg One of Hudson's Bay's biggest lenders is asking a court to stop the defunct retailer from selling up to 25 of its leases to a B.C. billionaire and appoint a 'super monitor' to more speedily liquidate the remainder of its assets. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account A new court motion filed by investment manager Restore Capital LLC says the deal the Bay reached with Ruby Liu should be terminated because trying to get landlord approvals to transfer the leases has been costly and fruitless. Liu signed two deals with the Bay in May. The court last month approved the $6-million sale of three leases for stores at B.C. malls she owned. The second deal was for up to 25 more leases in Alberta, B.C. and Ontario. Landlords at the properties have overwhelmingly opposed taking on Liu as a tenant because they say she has not provided them with a practical business plan. Restore's motion says the Bay has 'frittered away' its collateral because the retailer has incurred exorbitant rent costs and professional fees in its efforts to get landlords on board but has yet to secure support or seek court approval. Restore wants the court to expand the powers of a monitor appointed to guide the Bay through CCAA, so the company can be wound down. If the court doesn't agree to a 'super monitor' arrangement, it suggests appointing Richter Consulting Inc. as a receiver. Canada Canada Toronto Blue Jays Sunshine Girls Crime
