Tag Archives: Wes Sheridan

Crane asks for real numbers on tax grab

Wes Sheridan, new property tax bill is fair and transparent

PEI Treasurer replied the new process is fairer and more transparent

In PEI Legislature Question Period today, Opposition Leader Olive Crane called the new property tax scheme a “tax grab by the government.”

Treasurer Wes Sheridan replied that the system works on a small differential between the appraised value of properties and the market value. The government has tried to keep those two values within 4%

Everyone know their appraised value, he said. It is printed on their tax bill. When the property is sold is when the market value is known.

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Sheridan said that amount was not disclosed in the past and Islanders can welcome the transparency in the process.

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PEI told to get ready for property tax increases

Increased property taxes are good news says Treasurer Wes Sheridan photo: CBC

Taxes will rise with CPI or actual sale price of properties

Provincial Treasurer Wes Sheridan reinforced the old saw about nothing more sure than “death and taxes”.

Governments need to spend money. So they need taxes and property taxes are one of their favourites.

In May 2010 the Liberal 2-year property tax freeze is over and property taxes will rise with the CPI. Last year the CPI was negative as of September so the increase might be nil. The rate will be capped at 5% annually which seems high today but the future is uncertain.

Since 2002, the CPI has risen 18.6% on PEI.

The devil will be in the details. Is that CPI seasonally adjusted or not? What will the exact CPI base be since there are several versions of the CPI?

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PEI beats budget deficit estimates

Treasurer Wes Sheridan told the Legislature that the audited financial statements for the fiscal year 2008/2009 will only be $33 million not $41.4 as projected.

He predicts PEI will have a balanced budget by 2011/2012.

Jim Bagnall said he found it strange that the government applauds itself for losing $33 million plus $80 million this year. Where is the $200 million extra the Federal government gave to PEI this year, asked Bagnall.

Bagnall thought he should resign with that record of losing money.

The documents were tabled.

We will follow with more details when the official documents are made public.

Lobster fisherman set to take a hosing

Ed Frenette PEI FA (CBC photo)

Looks like the government bail-out is an offer they can’t accept

Stephen Pate, NJN Network, Charlottetown, Prince Edward Island, Canada, May 26 2009 with story from CBC

PEI lobster fisherman are learning quickly the Federal and Provincial governments are long on talk and short on help. The latest self-funded buy-back scheme means fisherman may get out of the industry but future fisherman will pay the tab. Continue reading →

Why did it take 11 years to clean up Borden?

Not-Acting Innovation Minister Allan Campbell, out for a game misconduct.

P.E.I. government takes charge of strategic development land

with story from CBC

The first question is why was Strait Crossing or SCI allowed to leave the construction and staging area at Borden is such a mess for 11 years. Continue reading →

HST for PEI will cost us plenty

By Stephen Pate, NJN Network, Charlottetown, PEI, Canada, January 30, 2009
with stories from The Toronto Star and The Guardian

Federal Finance Minister is waving the perennial HST flag asking the provinces to sign onto a blended provincial and GST tax system. Ontario Finance Minister Dwight Duncan said the HST would cause Ontario’s gross domestic product to decline. However business groups in Ontario are lobbying for the change since businesses can claim a net refund on taxes paid. Essentially what HST does is shift the tax burden to consumers.
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Budget not a bit hit with a anyone but big construction and banks

New budget will not jump start the economy

We went to bed unsettled and woke up assured the new budget is pretty weak and will not jump start the economy. CIBC Economist Jeff Rubin told CBC it was a “down payment on the recession. We’ll be back looking for more within six months.” $80 billion and its not enough, or not the right spending. The labour people on PEI say it does nothing for the workers and the poor and they are correct. The NDP and Bloc don’t like it. The Bloc, like Atlantic Canada, are asking for Employment Insurance reform to help laid off workers. They didn’t get it.
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