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Rather than undertake mandatory upgrades, for-profit nursing homes in Toronto have opted to sell their properties to real estate developers in a move that threatens to derail Ontario’s plan to have 60,000 new and upgraded beds in care homes by 2028.
A Globe and Mail investigation has found that 20 for-profit homes in Ontario whose licences will expire in June, 2025, are not planning to modernize their buildings. The problem is especially dire in Toronto, where six of the facilities are located and where demand for beds is four times higher than the provincial average.
Advocates say more homes will likely close their doors, highlighting the risks of private, for-profit ownership in Ontario’s long-term care sector.
The exterior of Cedarvale Terrace, a long term care home at 429 Walmer Rd. in Toronto, Mar 29, 2023.Fred Lum/The Globe and Mail
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Investors who day trade inside TFSAs to face tax bills after ruling
A tax court judge’s ruling on day trading inside tax-free savings accounts may lead to heavy tax bills for frequent investors.
Justice David Spiro of the Tax Court of Canada ruled that Fareed Ahamed was conducting a business inside his TFSA, which grew from $15,000 to more than $617,000 over a three-year period, and must pay tax of the income that was earned.
Ahamed is appealing the decision, arguing that because the Canada Revenue Agency exempts business income from day trading when it is done in a registered retirement savings plan, it should do the same with a TFSA.
Leaked documents a ‘very serious’ risk to security, Pentagon says
The release of dozens of U.S. intelligence documents poses a “very serious” threat to national security, a top Pentagon spokesperson said yesterday as senior leaders rushed to lessen the damage and concerns rise that there could be more leaks.
Many of the documents were labelled “Secret” and “Top Secret” and contain important details about Ukraine’s military weaknesses, as well as sensitive information about U.S. allies, such as Israel, South Korea and Turkey.
The leaks could be the most damaging release of U.S. government information since the 2013 publication of thousands of documents on WikiLeaks.
- Leaked documents may have origin in chatroom for gamers
- Leaked U.S. intel: Russia operatives claimed new ties with UAE
Got a news tip that you’d like us to look into? E-mail us at tips@globeandmail.com Need to share documents securely? Reach out via SecureDrop
Also on our radar
Teck CEO opens door to takeover of metals unit: Teck Resources CEO Jonathan Price says he is open to the possibility of selling the company’s metals and coal divisions if a planned split of the company is approved by shareholders even as he rules out a complete takeover by Glencore.
- Andrew Willis: Teck and Glencore dispute investor appetite for coal
Doctors develop eye chart with Indigenous characters: Two visiting eye doctors working at a clinic in a Nunavik village came up with an idea to better treat their Indigenous patients – develop an eye chart with Canadian Aboriginal syllabics for Northern communities where Inuktitut, not French or English, is the language most residents use.
U.S. appeals Texas abortion pill ruling: The U.S. government has appealed a Texas judge’s ruling to suspend the approval of a key abortion pill, saying the decision will harm women for whom the drug is medically necessary.
Blue Jays to unveil revamped Rogers Centre at home opener: Baseball is back. The Toronto Blue Jays home opener is today, and with a team that is expected to make the postseason and a $300-million renovation to the Rogers Centre, there is a lot to be excited about. Here’s what fans can expect.
Morning markets
Global stocks rally: World stocks rallied on Tuesday, as traders remained hopeful that interest rates will soon peak and come down later this year. Around 5:30 a.m. ET, Britain’s FTSE 100 was up 0.39 per cent. Germany’s DAX and France’s CAC 40 gained 0.62 per cent and 0.91 per cent, respectively. In Asia, Japan’s Nikkei finished up 1.05 per cent while Hong Kong’s Hang Seng added 0.76 per cent. New York futures were positive. The Canadian dollar was modestly higher at 74.08.
What everyone’s talking about
Editorial: “We wrote at the time of [former ethics commissioner Mario] Dion’s announced departure that he had identified the real problem: a culture in the Liberal Party that starts at the top, and in which too many caucus members are indifferent to the conflict-of-interest rules governing MPs. That toxic culture has created a party that appears to have lost interest in basic ethics, and it is rubbing off on much of what the Liberal government touches.”
John Ibbitson: “Canadians should be proud of their national capital, and their democratic system of government. One of the symbols of that democracy is the residence of the prime minister. Letting the official residence decay does not speak well of us – the prime minister needs a proper place to live and to carry out their duties.”
Today’s editorial cartoon
Editorial cartoon by Brian Gable, April 11, 2023.Illustration by Brian Gable
Living better
Can exercise help brain health? What two studies tell us
Two studies published last month have conflicting views on the brain-boosting effects of exercise. One study says the evidence shows there is no connection, while the other says the benefits are, in fact, real. Fitness columnist Alex Hutchinson outlines where he stands on this debate.
Moment in time: April 11, 1970
The Apollo 13 space vehicle is launched from Kennedy Space Center, April 11, 1970.NASA
Apollo 13 lifts off
When Apollo 13 launched on a balmy Saturday afternoon in Florida, it began as NASA’s third mission to land astronauts on the moon. Less than 56 hours later and 330,000 kilometres from Earth, it became a desperate effort to save the three-man crew from a grim fate. The cause was an explosion that vented the mission’s primary oxygen supply into space. The crew survived by climbing into the lunar module meant for the moon landing and using the limited oxygen that was available there. But more technical challenges had to be overcome to keep them alive for another three and a half days as the crippled spacecraft swung around the moon’s far side and made the return trip to Earth. Tens of millions watched the nail-biting splashdown in the Pacific when astronauts Jim Lovell, Jack Swigert and Fred Haise were pulled safely from their capsule, weakened but alive. It was to be a dramatic reminder of the risks associated with human space exploration. More than half a century later, the details of the mission have faded into history, but the expression “Houston, we have a problem” – a slight variation of the phrase first uttered by Swigert after the explosion – is part of Apollo 13′s lasting cultural legacy. Ivan Semeniuk
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