While I was taking a spring break in Vegas, another article about the Montreal GP negotiations appeared in La Presse. Below is a Google translation tweaked by me.
The news sounds good, and I am cautiously optimistic about Montreal being able to keep its race. To you folks who are promoting Toronto as an alternative, I say,
Fahgettaboudit 
http://auto.lapresse.ca/course-autom...-bon-train.php
Canadian GP: the talks are going well
Sebastian Templar | Auto
LaPresse.ca
Posted March 13, 2013 | Updated March 13, 2013 at 12:47
As announced by La Presse this winter, optimism is in order about the extension of Formula 1 Grand Prix in Montreal beyond 2014. To the point where fans and media would like the matter to be settled ahead of time. Nothing is definite though. There is hope for good news in June.
Maintaining the Montreal Formula 1 beyond 2014 is not definitively established, despite what has been announced on the internet by some radio stations in Montreal.
"We were sitting in the Management Committee this morning (i.e., Wednesday March 13) and nothing came up like that. The latest negotiations are ongoing between governments, Tourism Montreal and Bernie Ecclestone. We know that the agreement is not ill-conceived. It remains to address the issue of renovations, "said Normand Prieur a consultant with Octane Group, promoter of the Canadian Grand Prix.
The talk is the same by the City of Montreal. "The case is very well advanced, we are optimistic, but I do not sell the bearskin before killing the bear," said Jonathan Abecassis, the spokesman for the mayor of Montreal.
And for good reason.
The current agreement, valid until 2014, stipulates that the government pays $15 million annually to Bernie Ecclestone for the the Grand Prix sanction fee. The next agreement between the two parties provides, if it is reached, indexing of 4% of the annual contribution. This means that in 2024, the last year of the new contract being negotiated, the contribution reaches $22.2 million.
The Government of Quebec, the Government of Canada, the City of Montreal and Tourisme Montréal have already agreed on this index.
But the second part of the next agreement between Ecclestone and the government also envisages renovations at theCircuit Gilles-Villeneuve. Modernization of facilities is one of the main conditions for the continuation of Formula 1 in the Montreal area until 2024. The control tower needs to be renovated, the paving of the track must be redone, a hospital track must be made available, and the garages and paddock need to be greatly improved.
To date, the various levels of government have not definitely agreed on how to share the costs and responsibilities for this work.
The eventual agreement between the governments will have a domino effect. They will make an agreement with Bernie Ecclestone and his operating company of F1, Formula One Management, on the sanction fee increases and the track work. Then, it will be up to the race promoter in Montreal, Octane, to agree with Bernie Ecclestone for the sanctioning fee and the retention of the Grand Prix. Ultimately, Octane must also sign a lease for the facilities of the circuit with the Société du parc Jean-Drapeau [the organization that governs the island park where the race takes place].
In Formula 1, the most recent contracts with Ecclestone are all for over 10 years.