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Ontario Auditor General Report finds Wynne’s ‘free’ tuition scheme far more expensive than promised

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Former Liberal premier Kathleen Wynne’s signature “free” college and university tuition plan could soon cost $2 billion annually, a staggering 50 per cent higher than previous estimates, the provincial auditor general has found.

Although the program, which will soon cost taxpayers $650 million more a year than the old grant-and-loan system, was designed to help students from low-income families, there is little evidence that that is happening.

Former Premier Kathleen Wynne’s “free” college and university tuition plan could soon cost $2 billion annually, a staggering 50 per cent higher than previous estimates, the provincial auditor general has found.
Former Premier Kathleen Wynne’s “free” college and university tuition plan could soon cost $2 billion annually, a staggering 50 per cent higher than previous estimates, the provincial auditor general has found.  (Richard Lautens / Toronto Star file photo)

“We concluded that a large portion of the new OSAP recipients were already attending college of university — and paying for it by themselves or with loans — even before they qualified for the new aid,” auditor general Bonnie Lysyk said Wednesday.

In her two-volume 1,128-page annual report to the legislature, Lysyk examined a slew of programs, finding cost overruns and political meddling at transportation agency Metrolinx, problems for patients without private insurance paying for health services when traveling even within Canada, and ineffective development of Toronto’s waterfront.

The watchdog also found “most” elevators in Ontario do not meet safety standards and there are few penalties for scofflaw operators.

She said the Technical Standards and Safety Authority (TSSA), which oversees everything from elevators to ski lifts to amusement park rides, “seldom takes the initiative to protect public safety.”

Her conclusions from 15 “value-for-money” audits are aimed more at the transgressions of Wynne’s government than those of Premier Doug Ford’s administration, which was only sworn in on June 29.

“A central finding in almost all of our audits this year this year was that spending of public monies did not consistently result in the cost-effective achievement of anticipated program benefits or the the proactive addressing of program risks,” she said.

Ontario’s revamped student aid system, which provides low-income students with non-repayable grants to cover tuition and often more, was intended to increase access to college and university for under-represented groups. It reformed the old system which provided a combination of grants and loans.

The Ministry of Education had estimated that axing post-secondary tax credits “was expected to more than offset any increased costs” of the changes, but the auditor found that the “uptake to financial aid to date … has exceeded expectations” and will, in fact, cost many millions more each year.

Worse, because the ministry only “tracks limited data about (student aid) recipients …, (it) cannot determine whether the latest changes actually helped improve access to post-secondary education,” says the report, noting overall enrollment has remained roughly the same.

Lysyk also found that one-third of mature students — those who have been out of high school for four years or more — qualified for grants, but the ministry “did not know whether the students actually needed OSAP support.”

Unlike students who attend university straight out of high school, the income of the parents of mature students isn’t taken into consideration, even if they still live at home and their family earns more than $200,000 a year.

On Waterfront Toronto, Lysyk blasted the joint federal-provincial-municipal agency for failing to deliver on its mandate to transform the city’s 2,840-acre lakefront.

“Waterfront Toronto has directly developed only about 55 acres, or five percent of the total publicly owned developable land in the waterfront area, and provided development funding to other organizations for revitalization projects for just 151 acres, or about 14 per cent, since its inception (in 2002),” she said.

The auditor also questioned the wisdom of the agency’s agreement with Google-run Sidewalk Labs to developed a wired “smart city” on waterfront lands, including privacy concerns over the use of residents’ data.

“In order to protect the public interest, this situation does deserve government study before any long-term commitment is reached with Sidewalks Labs,” advised Lysyk.

As well, she expressed concern about the earmarking of $453 million toward port lands flood-protection at the mouth of the Don River.

On Metrolinx, Lysyk maintained that the agency’s 2016 decision to locate GO Transit stations at Kirby and Lawrence East was influenced by the then Liberal government and by city hall.

“Metrolinx’s initial business cases concluded that the costs and disadvantages of the two stations significantly outweighed their benefits,” said Lysyk, noting elected officials “made it clear they wanted these stations.”

Lysyk expressed concern about OHIP coverage for Ontarians when they travel abroad and even to other provinces.

“Ontario patients who may require emergency health services while in other countries … (are) reimbursed just five cents for every dollar that they were billed by a foreign physician or hospital under the out-of-country travellers program,” she said.

More surprisingly, she found that even travelling within Canada could be costly in the event of a health emergency, because the full cost of services in other provinces or territories is not always covered.

Kristin Rushowy is a Toronto-based reporter covering Ontario politics. Follow her on Twitter: @krushowy

Robert Benzie is the Star’s Queen’s Park bureau chief and a reporter covering Ontario politics. Follow him on Twitter: @robertbenzie

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12 strategies to manage credit card payments and debt

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Today, almost everyone carries a credit card in their wallets. It is used to pay for almost everything from groceries to flight tickets to gas.

If managed properly, credit cards can be an essential financial tool that allows users to build credible credit, earn money back and gain great perks, like purchase protection and insurance. However, carrying a poor credit balance can plunge you into massive debt.

“Credit card debt is very high-interest debt, typically in the neighbourhood of 20% or more,” said Scott Hannah, president and CEO of Credit Counselling Society in a report.

If you have a balance payment on your credit card, clearing it off can be a difficult task if you’re a low-income earner—or you’ve already incurred too much debt that after using a credit card payment calculator you know you’ll be unable to pay back.

However, no matter how terrible you think your current situation is, there’s always a way out that works best for you. With interest on loans compounding everyday, there’s little wonder why clearing a credit card debt is so difficult. In fact, according to MNP, an accounting firm, nearly half of all Canadians are less than $200 per month away from becoming financially insolvent.

Tackling credit card debt can seem quite tedious, especially with many people choosing to ignore the problem and just keep making the minimum payment. Here are some practical strategies you can take advantage of to effectively tackle credit card debt.

1. Gain a complete understanding of your debt problem

This starting point for anyone trying to get out of debt is to understand why you’re in debt, in the first place.

Critically examine all areas of your finances to determine if your expenses don’t match your finances or if it was due to an unforeseen circumstance such as a medical emergency. Whatever the case may be, it is very important to know the reason why you are in so much debt so you can effectively tackle the root cause.

2. Look into your spending habits

Typically, one quick way to stop yourself from running into credit card debt is to examine your spending habits. What are the things you spend your credit card on? Are they essentials or things that can be easily done away with?

According to Hannah, most people can only account for about 75 to 80 per cent of their monthly expenditures and the remaining gets blurry. It is important to track your expenditure—whether it’s an extra shot of drinks at the bar or a box of cereal from the supermarket. Knowing what you spend money on allows you to build a better financial strategy against debt.

3. Build a budget

Once you have a clear picture of what your monthly expenses are, building a budget becomes the most important step towards managing your income better. Having one central location for tracking both your income and expenses is great in curtailing unnecessary spending and getting you out of debt.

Your budget needs to contain all of your expenses incorporated from essentials like groceries, mortgage, medical care and insurance to others such as utilities. While most people struggle to stick to their budget, you can create some margin for flexibility to make it easier for you.

4. Increase your minimum payment

For most credit cards, the minimum payment is approximately 2 per cent of the last month’s balance. But therein lies the problem because if you consistently pay only the minimum, then the lump of that money goes straight to your interest and not the principal.

Paying some extra money every month would go a long way in helping you clear your credit card debt faster and reduce the compounding interest.

5. Ask for a lower rate

It is very possible to negotiate for a lower rate with your bank; only thing is, most people tend not to do so. If you find yourself struggling with paying back your credit card debt, you can reach out to your lender and ask them to offer you a lower rate.

Long-time customers who have a history of making timely payments have more advantage with getting their request approved.

6. Take advantage of a balance transfer promotion

In a bid to entice new customers, lenders run promotions periodically on balance transfers for their credit cards. Basically, these offers involve having a low-interest rate between 0 to 2 per cent for a limited period—usually between 6 to 10 months.

Always be on the lookout for a lender that offers the lowest rates and longest promotional period, which would give you enough time to clear your debt.

7. Switch to a low-interest credit card

Once you have critically examined your spending habit and created a budget, yet it is obvious that you will always carry over a credit card balance, then it is time to switch to a low-interest credit card.

While these types of credit cards usually have little perks, they are quite useful in wiping a couple of percentage points off your interest. Typically, rates on low-interest credit cards vary but they could be as low as half the interest on a regular card.

8. Begin an avalanche

The avalanche method is great for those who have a lot of debt with several creditors. This method means you’d make the minimum payments on all your existing debts and then add any extra income to the debt that has the highest interest rate.

Using the avalanche method allows you to reduce the interest paid while clearing multiple debts.

9. Use the debt snowball approach

Another debt repayment strategy that you should consider is the debt snowball method. In this strategy, you would focus on paying off your small debt first before moving to the larger ones—all whilst still paying the minimum on all other debt—regardless of interest rate.

10. Get an extra income source

Creating additional streams of income goes a long way in helping you clear your credit card debt. By finding a better paying job or choosing a good side hustle, you can easily put down more money towards your debt repayment.

There’s a lot of gigs you can offer today to raise extra money such as writing, graphic design, proofreading, teaching and programming.

11. Use a personal loan

If your credit card balance is quite high, paying it off using a personal loan may be very advantageous. While the interest rates on credit cards can be as high as 29 per cent, with a good credit score you can qualify for a personal loan at a lower rate.

The main advantage of using this strategy is being able to pay off multiple credit card debts and focus on making single but fixed monthly payments on the remaining loan. Also, you spend lesser money on interest costs and repaying the loan in instalment would boost your credit score.

12. Spend more cash

Despite being very valuable items, credit cards can quickly run you into massive debt when not used properly. If you already have some debt yet to be paid, it is better to spend more cash than accumulate more debt on your credit card.

Get a low-interest credit card but only use it in emergencies once you know there isn’t enough money in your bank account to pay off the accumulated debt.

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Anglais

‘Business as usual’ for Dorel Industries after terminating go-private deal

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MONTREAL — Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders.

« Moving ahead. Business as usual, » a spokesman for the company said in an email on Monday.

A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company’s multiple-voting shares.

But Dorel chief executive Martin Schwartz said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday’s special meeting after reviewing votes from shareholders.

“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity, » he said in a news release.

Dorel’s board of directors, with Martin Schwartz, Alan Schwartz, Jeffrey Schwartz and Jeff Segel recused, unanimously approved the deal’s termination upon the recommendation of a special committee.

The transaction required approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders.

Schwartz said enhancing shareholder value remains a top priority while it stays focused on growing its brands, which include Schwinn and Mongoose bikes, Safety 1st-brand car seats and DHP Furniture.

Dorel said the move to end the go-private deal was mutual, despite the funds’ increased purchase price offer earlier this year.

It said there is no break fee applicable in this case.

Montreal-based investment firm Letko, Brosseau & Associates Inc. and San Diego’s Brandes Investment Partners LP, which together control more than 19 per cent of Dorel’s outstanding class B subordinate shares voiced their opposition to the amended offer, which was increased from the initial Nov. 2 offer of $14.50 per share.

« We believe that several minority shareholders shared our opinion, » said Letko vice-president Stephane Lebrun, during a phone interview.

« We are confident of the long-term potential of the company and we have confidence in the managers in place.”

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Anglais

Pandemic funds helping Montreal businesses build for a better tomorrow

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Many entrepreneurs have had to tap into government loans during the pandemic, at first just to survive, but now some are using the money to better prepare their businesses for the post-COVID future.

One of those businesses is Del Friscos, a popular family restaurant in Dollard-des-Ormeaux that, like many Montreal-area restaurants, has had to adapt from a sit-down establishment to one that takes orders online for takeout or delivery.

“It was hard going from totally in-house seating,” said Del Friscos co-owner Terry Konstas. “We didn’t have an in-house delivery system, which we quickly added. There were so many of our employees that were laid off that wanted to work so we adapted to a delivery system and added platforms like Uber and DoorDash.”

Helping them through the transition were emergency grants and low-interest loans from the federal and provincial governments, some of which are directly administered by PME MTL, a non-profit business-development organization established to assist the island’s small and medium-sized businesses.

Konstas said he had never even heard of PME MTL until a customer told him about them and when he got in touch, he discovered there were many government programs available to help his business get through the downturn and build for the future. “They’ve been very helpful right from day one,” said Konstas.

“We used some of the funds to catch up on our suppliers and our rents, the part that wasn’t covered from the federal side, and we used some of it for our new virtual concepts,” he said, referring to a virtual kitchen model which the restaurant has since adopted.

The virtual kitchen lets them create completely different menu items from the casual American Italian dishes that Del Friscos is known for and market them under different restaurant brand names. Under the Prasinó Soup & Salad banner, they sell healthy Greek options and their Stallone’s Sub Shop brand offers hearty sandwiches, yet the food from both is created in the same Del Friscos kitchen.

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