anticipation of new regulations which will soon govern the activities of U.S. and European financial institutions, Montreal, provides a less restrictive legislation to position itself as a major international financial center.

Canada benefited from a sound financial system

Fearing the return of the financial meltdown of 2008, many governments in Europe and the U.S. authorities provide various measures and regulations in the direction of their financial institutions. Thus, U.S. banks will soon prohibit all financial transactions for their own profit. Spared by the crisis with a banking system in very good health, Canada can spare such drastic resolutions and plans to promote the financial activities that will soon be prohibited elsewhere. Stated goal: to make Montreal an international financial center. Recall that the Canadian city has been the latest worldwide financial centers, good reputation, from the 26th to 20th place, ahead of Paris arriving 24th.

Montreal convince foreign institutions

Societe Generale, one of the largest French banks would already interested to transfer some of its activities threatened illegal in Europe, in the words of Pierre Matuszewski, number one group in Canada. Celebrating its 25th anniversary this year 2012, the International Financial Centre of Montreal will therefore tackle attract foreign institutions and can certainly count on the federal Finance Minister Jim Flaherty who recently traveled to New York to defend the place in Toronto. Convinced of the advantages possessed by the privileged Montreal as an international financial center, Societe Generale plans to start these new activities in the month of June.

source: lapresseaffaires

The Congress of Quebec wants the top 5 of the best conference centers in the world. Thus, while it improves its computer system and network.

The Convention Centre in the heart of technology

Montreal Convention Centre has expressed its willingness to host the World Congress of Information Technology, an international event which will be attended by 4000 participants and decision makers in IT, but also political figures including several heads of government. The World Congress on Information Technology held every two years in a different city.

Renovations and benefits

On the occasion of this great event, the Government of Canada has set aside a budget of 4 million CGI in order to update the entire system to maximize network capacity connectivity. Unlimited bandwidth is even scheduled according to Mark Smith, CEO of the convention center. Thus, the Wi-Fi Palace will face the need for connecting 14 000 participants, and this, at the same time even if everyone uses a laptop and a smartphone. These new facilities will enable the Centre to host the World games in 2013. Thus, the convention center is perhaps the top 5 of the best conference centers in the world with Boston, Korea, Qatar and Germany. Anyway, this new system has already borne fruit, as a 30% increase was recorded on the number of bookings.

source

major Canadian city stands tall despite its financial burdened by the accumulation of significant debt. And for good reason: CAD $ 5.6 billion of debt, or $ 3,500 per capita.

The cumulative long-term loans

Montreal uses the long-term debt primarily to support spending in the PTI, three-year capital program. She also borrowed for three years to refinance the initial actuarial liability of the former city of Montreal. Given the planned capital expenditures in 2011, refinancing, loans due and excluding debt issued to refinance the debt of five of the six actuarial pension plans for employees of the old city debt of Montreal will reach $ 5.6 billion in early 2012. The interest amounted to $ 650 million, or 13.8% of the annual budget of the city.

A light load for the taxpayer.

every citizen in Montreal, the debt would amount to 3500 dollars. A relatively low interest rates was maintained for 10 years through a policy of tight control. The amount of pension plans has thus been maintained at 12% of the municipal budget. This whole strategy has to have a lower cost compared to that Montreal should pay. Although this is not the opinion of the opposition parties at the Hotel de Ville, the Tremblay administration claims to have debt under control. This is supported in part by the Quebec government to the tune of $ 160 million. A portion is paid by the fees of the Committee on electrical services in Montreal and another by long-term investments to $ 48 million. The burdens borne by taxpayers and reduced.

Source: Canoe money

In recent years, condo owners in Quebec are more likely to neglect the maintenance of their property. The scale is such that banks and insurance unions property managers may need to apply strict measures to counter it.

The warning of a specialist in condominium law

Yves Joli Heart, a senior partner De Grandpre Pretty Heart, tried to raise awareness on the problem of co-owners. According to him, if the situation remains unchanged, the board of Quebec could enforce the law passed in late 2010 and 122 require unions to develop a complete status report for each condominium. Where notice of a significant impairment, the owner will be forced to undertake rehabilitation works as soon as possible. If he refuses to comply with this formality, the insurer would be entitled to withdraw or modify its guarantee contract residential or revise up his bonus for participation.

notice of an expert in insurance

Hélène Lamontagne, a part of the Insurance Bureau of Canada, criticism of his side’s mentality of “tenant” co-owners. She warned that if they continue on this path, they will struggle to sell their property, poorly maintained and aging on the market. To counteract this behavior and the resulting financial problems, she claims the State’s introduction of a law requirement to monitor and maintain the long-term condos by owners , without which they will be penalized by their bank or insurance.

Source: Canoe money

Despite the tax cuts granted by the Canadian government, Quebec remains in first place in terms of taxation.

Quebec champion taxes

A significant reduction of taxes was recorded in Canada in recent years, particularly in Quebec and Ottawa, the country’s major cities. However, the tax burden is still considerable. In 2009, income taxes occupy 12.8% of Quebec’s GDP, while for the G7 countries, it occupies only 9.0% of gross domestic product. This is a rare phenomenon because the United States, the income taxes account for only 7.7%. The record was set in 1999 in Quebec when the weight of taxes occupied 14.6% of GDP. Within 10 years, we recorded a tax cut of two percentage points from gross domestic product.

The consequences of the tax reduction

tax reduction began in 2000. It mainly concerns a certain segment of the population. The team of Professor Godbout who led the study found that families with children under 6 years have benefited from lower taxes more than others, either in Quebec or Ottawa. In addition to the tax cut, these families have also benefited from bonuses benefits that enable them to improve their income. The team also found that households under 65, regardless of their status – couples, singles, single parent or two parents – have benefited from the tax reduction.

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Montreal Mayor Gerald Tremblay announced a 3% increase average taxes for 2012 . Of this 3%, a proportion of 2.5% relate to property taxes and 0.5% goes to the Water Fund.

What does it gives district

Plateau Mont-Royal: 5.7%

Anjou: 5.4%

Southwest: 4.9%

Lachine: 4.7%

Outremont: 4.6%

Rosemont-La Petite-Patrie: 4.3%

source: radio-canada