VANCOUVER PORT AUTHORITY LOBBIES FOR MORE FINANCIAL INDEPENDENCE
The Vancouver Port Authority appeared before the Canadian federal government’s Canada Marine Act Review Panel to recommend changes to the legislation that governs Canadian ports.
The port authority said that it has proposed five major amendments to the current legislation. These are: a full reinvestment of operating profits and an end to stipend payments; removing the cap on commercial borrowing; clarifying payments-in-lieu of taxes; the ability to issue tax-exempt bonds; and allowing direct federal infrastructure grants.
The Canadian port authority believes the proposed changes would significantly enhance the ability of all Canadian ports to compete and grow in the global marine transportation, trade and cruise markets.
The Vancouver Port Authority has said that ports in the United States benefit from more state support than their competitors in Canada.