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The City of Peterborough Maintains ‘AA+’ Credit Rating
/The City of Peterborough has maintained an ‘AA+’ credit rating, citing the City’s “political and managerial commitment to disciplined fiscal policies” in its recently released Standard and Poor credit report announced Thursday.
File Photo.
The ‘AA+’ rating is the second highest rating on the financial services company’s credit rating scale.
“Despite the current macroeconomic headwinds, we believe the City’s stable tax base will help Peterborough to maintain healthy budgetary performance,” says Standard and Poor, referencing the international and national economic conditions in a statement.
They referenced the City’s ability to internally finance most of its capital plan and use moderate debt issuance to fund the remainder.
Among the reasons and expectations for the City of Peterborough’s strong credit rating, Standard and Poor’s has cited:
Satisfactory financial management practices
The City’s political and managerial commitment to disciplined fiscal policies
An extremely predictable and supportive local and regional government framework that has demonstrated high institutional stability and evidence of systemic extraordinary support in times of financial distress
Municipalities have demonstrated a track record of strong budget results with debt burdens, on average, low compared with those of global peers and growth over time has been modest
Projection that the City will continue posting modest after-capital deficits of about 1.5 per cent of total revenues, on average, in 2020-2024
Liquidity will be a key strength.
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City Of Peterborough Receives AA+ Credit Rating
/Standard & Poor’s has upgraded the City of Peterborough’s credit rating to “AA+” from “AA” through its review of the institutional framework assessment for Canadian municipalities, reflecting their extremely predictable and supportive outlook.
File Photo.
Standard & Poor’s is a financial services company that offers services including credit ratings, data analysis and equity research to both the private and public sectors worldwide.
The ”AA+” rating is the second highest rating on Standard & Poor’s credit rating scale.
The rating is an indication of the City of Peterborough’s strong, stable financial position and the fiscal management of the organization.
When Standard & Poor’s released its credit ratings last winter, it cited Peterborough’s diversified economy and prudent financial management.
“Bolstered by its diversified economy and prudent financial management, the city has weathered the difficult operating environment during the pandemic,” the agency stated.
Looking across the Canadian municipal sector, Standard & Poor’s announced last week that it was raising the ratings of 21 entities, including the City of Peterborough.
“Canadian municipalities have demonstrated resilient budgetary performance over the years, including during the dual economic and fiscal shocks of the 2008 financial crisis and more recently, the COVID-19 pandemic,” Standard & Poor’s stated in its rating sheet. “In times of stress, the municipalities have received exceptional support from senior levels of government.
“The requirement to produce balanced budgets while keeping pace with service and expenditure responsibilities, coupled with reduced pandemic-related grants, will likely lead to lower operating surpluses that are more in line with historical levels in the next two years. Nevertheless, we do not believe that a modest weakening in budgetary results will significantly affect Canadian municipalities’ creditworthiness in the next two years.”
Among the reasons and expectations for the City of Peterborough’s strong credit rating, Standard & Poor’s has cited:
Prudent financial management and supportive institutions;
Peterborough’s stable and diversified economy will anchor the city’s recovery from the effects of the COVID-19 pandemic, despite some obstacles related to its less-favorable socioeconomic profile;
The city’s strong financial management will help to maintain stability in the medium term;
A very predictable and well-balanced local and regional government framework supports the rating;
Peterborough’s debt burden will remain manageable despite an increasing capital program;
The city will maintain robust operating surpluses and after-capital deficits will remain less than 5% of total revenue, on average;
Despite modest new debt issuances and an increasing capital plan, tax-supported debt will stay manageable over the forecast horizon at an average of 46% of operating revenues; and
Liquidity will be a key strength.
Fleming College Students Hosting Free Community Tax Clinics
/Fleming College accounting diploma students are holding free tax clinics for any eligible individuals announced on Monday.
Photo courtesy of Fleming College.
The tax clinic are held virtually and run each Tuesday from March 22 to April 19, from 9 a.m. to 1 p.m.
To be eligible for the clinic, individual or family income should be no greater than:
1 person - $35,000
2 persons - $45,000
3 persons - $47,500
4 persons - $50,000
5 persons - $52,500
For households larger than five persons, $52,500 plus $2,500 for each additional person.
To book an appointment: send an email to taxclinic@flemingcollege.ca. Once an appointment is scheduled, a Webex link will be provided that will be open during clinic hours.
Fleming asks any clients to have the following information on hand to have their 2021 tax return completed:
Social Insurance Number (SIN)
T2202A Tuition Receipt which can be downloaded from your student portal
Rent receipts for rent paid in Ontario in 2021
Medical expense receipts
T4 Statement of Income (provided by your employer if you worked in Canada during 2021)
Any other tax related slips you may receive in the mail such as T5 and T3 slips (for investment income)
International Students and New Canadians filing a tax return for the first time will need to provide their date of arrival in Canada
For more information about free tax clinics, click here.
Students can find more information about tuition tax credit and general income taxes at the following sites:
Students: canada.ca/taxes-students
International Students: canada.ca/taxes-international-students
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Ontario's Staycation Tax Credit In Effect
/The Ontario Government’s staycation tax credit is now in effect for 2022.
The Ontario Government claims the credit will provide an estimated $270 million in support to about 1.85 million Ontario families. Photo by David Tuan Bui.
Ontario residents can claim 20 per cent of their eligible 2022 accommodation expenses if lived in the province by Dec. 31 this year.
Expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family can be claimed.
You can claim the Ontario Staycation Tax Credit for accommodation expenses for a leisure stay of less than a month in Ontario, at a short-term accommodation or camping accommodation, such as a:
hotel
motel
resort
lodge
bed-and-breakfast establishment
cottage
campground
Short-term accommodation would generally not include timeshare agreements or a stay on a boat, train or other vehicle that can be self-propelled.
The tax credit only applies to leisure stays between Jan. 1 and Dec. 31 this year regardless of the timing of payment for the stays. The tax credit does not apply to business travel.
The accommodation expenses must also:
have been paid by you, your spouse or common-law partner, or your eligible child, as set out on a detailed receipt
have been subject to Goods and Services Tax (GST)/Harmonized Sales Tax (HST), as set out on a detailed receipt
not have been reimbursed to you, your spouse or common-law partner, or your eligible child, by any person including by a friend or an employer
As long as all other conditions are met, you can claim any of the following expenses:
accommodation for a single trip or multiple trips, up to the maximum expense limit of $1,000 as an individual or $2,000 as a family
accommodations booked either directly with the accommodation provider or through an online accommodation platform
the portion of the expense that is necessary to have access to the accommodation
the accommodation portion of a tour package expense
You must keep your detailed receipts for any eligible expenses you incur. Those receipts should include at least all of the following information:
the location of the accommodation
the amount that can reasonably be considered to be for the accommodation portion of a stay
the GST/HST paid
the date of the stay
the name of the payor
