Need a Source? Will the 2009 Federal Budget Create a Fix for Canada's Economy?

    TORONTO, Jan. 26 /CNW/ - On Tuesday afternoon, federal Finance Minister
Jim Flaherty will deliver the Conservative Party's 2009 budget. Due to the
current economic recession, it is estimated that this budget will result in a
$34-billion deficit this year and another $30-billion in 2010. What will this
mean to Canadians, and what measures will the government take to help Canada
out of our current economic situation? In a preliminary statement by the
Finance Minister, it was indicated that the government will implement a number
of initiatives aimed at stimulating growth to help both workers and companies.
However, these proposed changes raise a number of questions, including:

    -   If the budget includes tax breaks, are they structured in a manner
        likely to deliver short-term economic stimulus?  If not, what kind of
        activity are they likely to stimulate?  What are the long-term

    -   If the budget includes infrastructure spending, is it of a type
        likely to get money moving into the economy quickly, or is it focused
        on larger, longer term goals?

    -   What result will this spending have on municipalities?

    -   If there is a focus on "green business," are there businesses that
        are in a position to use the money and create value for Canadians?

    -   Will the financial measures contemplated address the problem of
        tightening credit markets?

    -   Will these proposed financial measures help stimulate our economy?

STOLL are lawyers at Aird & Berlis LLP and are available to discuss the 2009
federal budget and the implications it is likely to have on Canada's various
    BARBARA WORNDL is practice group leader of the firm's Tax Group. Her
practice is focused on income tax with an emphasis on corporate and
partnership taxation. She has extensive experience in structuring cross-border
acquisitions and reorganizations.
    MARTIN KOVNATS is a member of the firm's Corporate Finance Group and
Private Equity and Venture Capital Team. He is chair of the Mergers and
Acquisitions Team and co-chair of the International Team. He practises both
domestically and internationally in the area of public and private debt and
equity financings, merger and acquisition activities, take-over bids, venture
capital transactions, employee share ownership programs, and general
corporate/commercial matters.
    ROBERT DOUMANI is a member of the firm's Executive Committee and the
Municipal and Land Use Planning Group. He practises administrative law, with
an emphasis on municipal, planning and housing matters. He has acted for the
public and private sectors in connection with source protection issues,
municipal servicing and finance issues, including service provider liability,
public/public and public/private sector ventures, development charge and
property assessment matters, privatizations and residential housing issues
including new development, demolition and conversion of existing rental
housing stock and the regulation of rental housing.
    SAM BILLARD is a partner and member of the firm's Financial Services
Group. He has extensive experience in syndicated lending, asset-based lending,
restructuring, leasing, derivatives, asset-backed commercial paper, structured
finance and carbon trading. He specializes in unusual, often
multi-jurisdictional, secured lending transactions.
    SCOTT STOLL is a partner and member of the firm's Litigation Group, as
well as the Energy and Environmental Teams. Scott also advises clients on
various environmental matters including: environmental assessments,
certificates of approval, environmental management systems, contaminated land
remediation, compliance issues and litigation matters.

For further information:

For further information: or to arrange an interview, please contact:
Karen Oliveira, Communications Specialist, Aird & Berlis LLP, (416) 865-4634

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