The curiosity

This just in: Wild Bill Morneau, now morphing fast into Robin Hood (think of green tights, a codpiece and fetching pointy hat) has told G20 leaders they should follow Canada’s lead, and tax the rich. More. A lot more. What the Trudeau budgets are doing, he says, is an example to the world.

“We need to better share our success with others, by implementing policies that ensure that the benefits of economic integration benefit the majority of our citizens – the middle class – rather than the wealthiest…. People looked at our plan for more generous and means-tested child benefits, tax increases for the rich and tax cuts for the middle class as a bit of a curiosity. I think we can all agree that curiosity has been satisfied over the last year or so.”

So there ya go. Ottawa, up to its tats in red ink, is clearly planning to sock it to investors, entrepreneurs, seniors with dividend-paying assets and folks dumb enough to earn big incomes, in the budget Wednesday. As stated here, the wild speculation is an increase in the capital gains tax inclusion rate, diddling with dividends, restrictions on small business corporations, changing the treatment for stock options and maybe the beginning of a tax on windfall real estate gains.

Meanwhile the feds have been reviewing all tax credits, to ensure wealthy people are targeted, and has chunked more money to the CRA to harass the 1%ers (who deserve it). The goal is to find another $3 billion from the hides of the wealthy, to supplement the $4 billion that the last budget’s eat-the-rich tax bracket realized. This $7 billion will be coming largely from 286,000 people who earn more than $225,000. Some of them may now be wondering why they bother working hard.

Meanwhile the Trumpster has promised to reduce taxes on individuals and corporations, including small businesses. According to the leaked 2005 tax return, the president of the US paid a 25% tax rate on $150 million. In Canada, he would be vivisected live on CBC.

Did I mention this blog will be relocating to Monterey?

$    $    $

For 18 years the dudes at Teranet-National Bank have plotted house prices in Canada, and this was a surprise. Prices rose in February at an annualized rate of 12%, the biggest February increase on record. Toronto raced ahead almost 23% and Vancouver nearly 17% – suggesting foreign buyers were never the big deal politicians and local suggested. Prices fell in seven other major centres, underscoring the fact Toronto’s out of control.

“It’s especially worrisome,” says National Bank’s econo guy Marc Pinsonneault. “In a city where apartments account for only 26 per cent of home sales, affordability of other types of dwellings has become an acute problem.” This is why – whatever Codpiece Bill does about real estate on Wednesday  – Ontario’s Liberal government will probably bring in a foreign buyer’s tax this Spring, since they have no other clue what else to do.

Meanwhile, last month prices (annualized) went down over 22% in Halifax, 14% in Calgary and about 2% in Montreal. If you choose to live in Toronto or Vancouver, you’d better have a damn good reason.

$    $    $

The fact the Deplorables Party lost in Holland this week may not seem significant, but it is. The polls had the anti-immigrant, anti-Islam Freedom Party, headed by Geert Wilder, ahead going into the vote, but the populists were creamed by the moderate People’s Party. The election in a country you probably don’t care about was a big deal, as it was a bridge between the Trump victory in the USA and the possible ascendancy of Marine Le Pen in France next month.

Wilder was bad news for free trade, the EU, globalism and economic expansion. His platform would have banned Muslim immigration, taken the country out of the European Union and adopted protectionist measures. This is the kind of stuff Le Pen overtly or quietly supports, and it was also at the heart of the Brexit vote in Britain last summer.

Whether you think it’s inspirational or destructive, populism will certainly make the world less efficient, more inflationary and expensive. Millions of western voters see it as a remedy to lost jobs and income, while billions of citizens in developing nations have benefited mightily from the freer movement of goods and people.

Trump is the poster boy for this. Within a year or two, he’ll probably symbolize the death of the movement – because it doesn’t work. Border taxes are an anachronism in a world where US corporations make more money globally than they do at home. Tribalism belongs in the history books, not in a modern political party’s agenda. And discrimination based on religion was what the Crusades were all about (and almost every other war).

Most people are smarter than this. But enough are scared and angry to create disruptors like Wilders, Le Pen, Farage and Trump. They’ll be more pissed off when they understand they’re losing. But you can return the rifle now.

229 comments ↓

#1 The Greater Cauliflower on 03.16.17 at 6:31 pm

Senator Don Meredith won’t resign because he has a cushy job for life (well at least till he turns 75)
So, if he is currently aged 52, taxpayers are on the hook for another 23 years.

$145,400 x 23 = $3,344,000 plus annual increases, plus expenses, plus fat GOLD PLATED pension.

#2 common sense on 03.16.17 at 6:33 pm

Play Taps….Turn out the lights, the party is over and out.

As Jim Morrison sang…”This is the end…”

Unless your a gov’t employee, teacher or in the same vein.

Cooked, Pooched, anyone care to add anything other adjectives?

#3 RentYVR on 03.16.17 at 6:34 pm

So you like big-governments (EU) but don’t like big taxes. Yup, you’re still thinking like a politician.

#4 Franco on 03.16.17 at 6:38 pm

Hey Blog Dogs,

I am meeting with a CIBC financial advisor tomorrow, as I am looking for someone to handle my ~175k portfolio. What do you think are the chances of this fella being able to offer a balanced and diversified investment option? Any recommendations in case it turns out to be a disaster? Thanks.

#5 common sense on 03.16.17 at 6:38 pm

Monterey?

Actually Ventura , San Diego, Santa Barbara and San Luis Obispo are warmer and more in your in your style Mr. T.

Better rides, nice vibe, more sunshine….better spots to sell ice cream as well.

Aloha and send postcards just for ole times sake…

#6 [email protected] on 03.16.17 at 6:40 pm

If you choose to live in Toronto or Vancouver, you’d better have a damn good reason.

How about these are the only places to get jobs?

I’d also argue most wars were resource grabs, tribalism just makes them an easier sell.

#7 Mr Happy on 03.16.17 at 6:40 pm

For crying out loud….. OK Garth…. So NOW what do I do with the million I made of the house sale???

Screw Robin Hood! Save us Garth!!!!! Pleeeeeeeeeze!!!

#8 april on 03.16.17 at 6:42 pm

So Garth, if one chooses to “live in Toronto or Vancouver” they’d better have a “damn good reason” meaning the prices are dropping even more?

#9 Oakville Owner on 03.16.17 at 6:45 pm

Keep changing the “rules of the game” and the 1% will decide to stop playing along!

Head hunters are constantly calling my 1% spouse and looking forward to the day there may be an opportunity to go south! On top of fair taxes I hear the golf, cycling and weather to walk the dog is way better!!

#10 common sense on 03.16.17 at 6:47 pm

If LePen fails to win and Trump has America basically on an idealist island, how will the USD fare?

Just maybe, oil price will slowly rebound if the reserve currency falls enough as confidence is lost in America.

25% hope for Canada…think we’ll get through the next few years of T2 and Donald in one piece?

#11 technical analysis? on 03.16.17 at 6:47 pm

It’s OK to tax the rich more…. they’ll just make money somewhere else or find another lophole to exploit. No big deal.

#12 Keith on 03.16.17 at 6:48 pm

Yeah, it’s going to be tough times for the rich in Canada. Imagine, after sucking back all the economic growth in the last thirty years, riding a wave of tax cuts and deregulation all the way to the offshore bank, the party’s over.

Yep, all the economic growth that we were told was so necessary, not one thin dime wound up in the pay checks of workers. But the money from that economic growth went to someone. Not the poor of course, they got frozen (declining in real terms) welfare, not to working people. A bunch went to financial institutions for interest on the debt. A bunch went offshore from the rapacious selloff of Canadian assets.

Then there’s the 1%. Here’s the thing. You can cut taxes on people all you like, the rate of economic growth was lower than before that policy was used. It failed. The vast majority of people, with a pay check frozen in real terms, the tax revenue simply won’t grow at the rates needed to maintain services. That leaves the people whose income actually went up over time, the 1%. It’s not an increase in tax anyways. It’s cuts that weren’t affordable in the first place. It’s taxing the only people that have had a pay rise in the last thirty odd years.

#13 milo on 03.16.17 at 6:48 pm

Up taxes.

People can afford it anyways, everytime I come here I read about people going to the casinos and getting drunk on cheap booze anyways. They need to pay for all the health problems they cause.

#14 Alberta Ed on 03.16.17 at 6:49 pm

That’s what we get from a silver spoon socialist PM who mistakes leadership for a popularity contest. Too bad Codpiece Morneau got transmogrified from a business guy to a Liberal tax-and-spend goon.

#15 rknusa on 03.16.17 at 6:50 pm

for those too lazy to look it up

Vivisection (from Latin vivus, meaning ‘alive’, and sectio, meaning ‘cutting’) is surgery conducted for experimental purposes on a living organism, typically animals with a central nervous system, to view living internal structure.

yikes!

#16 Frank on 03.16.17 at 6:52 pm

Income inequality is growing, got a better plan or do you think it’s not a problem?

#17 Debtslavecreator on 03.16.17 at 6:52 pm

Vote for Maxime Bernier – by far the best PC candidate
These criminal Liberals are destroying our country with their radical Marxist junk policies – the left always accomplishes exactly what they try to avoid
Nothing good is coming our way. More coercion and theft and corruption – that and fraudulent monetary policy which has been without doubt the biggest contributor to the collapse of the poor and middle class
This nation of brainwashed citizens who are subject to fake news will gradually collapse into a state of greater dependency on the state as most experience a shocking collapse in living standards over the next 5 years.
As they say, people rarely get the governments they expect but always the ones they deserve
RIP socialism

#18 Contractor on 03.16.17 at 6:54 pm

“Suggesting Foreign buyers were never the problem”

I don’t think so……7 to 8% of home owners caused the housing crash in the US in 2008. Foreign investors of 5 to 10% can also have a huge impact to prices on the way up!

#19 Randy on 03.16.17 at 6:55 pm

I remember now why I retired so young. The Tyranny of Government Theft, I mean Taxation.

#20 Doug t on 03.16.17 at 6:57 pm

The problem isn’t immigration – it’s 7 billion people on this rock. Nearly 1 billion people are chronically undernourished and the rest of us throw away enough food to feed them.

#21 mitzerboy aka queencitykidd on 03.16.17 at 6:58 pm

i got yer back garth !

#22 not 1st on 03.16.17 at 7:00 pm

Garth, T2 and his partners in crime just signaled the biggest tax grab in the history of this country likely sinking canada for a generation like the last time it was tried, and you decide to go off on Trump? Really?

Trump isnt dictating our policy, we are gladly loading both barrels and proceeding to shoot both feet and our collective faces just for good measure.

#23 Marcus on 03.16.17 at 7:00 pm

Canadians did not think that they would be permitted to keep their wealth ………. did they?

#24 A Yank in BC on 03.16.17 at 7:00 pm

Sunny and 22C in Monterey tomorrow. You would be welcome there. Don’t forget your sunglasses.

Morneau’s suggestions sound more like Marxism to me. Best I can recall, Communism has never worked out too well for the middle classes.

#25 acdel on 03.16.17 at 7:04 pm

As an Albertan, the province’s debt will hit $71.12-billion in fiscal 2019-20, I feel sick to my stomach, I have no words.

http://www.theglobeandmail.com/news/alberta/alberta-plans-to-double-debt-with-budget-that-bets-on-oil-rebound/article34329771/

#26 Pete from St. Cesaire on 03.16.17 at 7:06 pm

With many reports out of Holland claiming a 100% turnout at the polls it’s starting to smell like a rigged election. But of course only Trump’s win was rigged, right?

By the way, almost every job Trump plans on bringing back will be automated by the time the job actually gets repatriated.

#27 AJ on 03.16.17 at 7:13 pm

#4 Franco
Call Garth

#28 Pete from St. Cesaire on 03.16.17 at 7:14 pm

It’s OK to tax the rich more…. they’ll just make money somewhere else or find another loophole to exploit.
—————————————————————
Like the time Chretien govt. passed a special secret order-in-council to suspend the overseas money transfer tax laws for 5 minutes so a certain wealthy Montreal family could send Billions out without paying taxes on it.
People remember such things.

#29 Nonplused on 03.16.17 at 7:14 pm

Bill Bonner often used to speculate why a man doing a job in one country gets paid more than a man doing the same job in another country. For example why does a factory worker in the US make $40/hour and a factory worker in China will be lucky to make $40/week?

It’s all supply and demand. If there are too many people and not enough jobs wages go down. So folks whenever you hear someone talk about open boarders, remember they are gunning for your paycheck.

Immigration and economic policies should be set by the people, for the people who are already citizens of the country. And that means “full employment” comes before immigration. If they did that we wouldn’t have to worry about minimum wages and the like, the problem would take care of itself.

Canada and the US have always relied on immigration to meet workforce requirements and I imagine that will continue. But to totally open the boarder? Not only would it crush wages but it would simply overwhelm the social support system. Why on earth would an individual rotting with no food security stay in Waristan when he could go to Europe or Canada and the worst case scenario is free healthcare and welfare? This is exactly what is happening in Europe and why Europe is doomed to fail as an experiment.

It’s easy to blame the European problems on “Muslims”, but I believe the religious side of things is a red herring. Most of these people are economic migrants, not refugees. Refugees often go home when the war is over. Economic migrants do not. They go where they perceive there to be the most money.

This is the same thing that is happening on the US boarder with Mexico. Regular Mexicans are heading north for the money. Incidentally so are the drug cartels. When I was young I lived in a relatively poor neighborhood, and even in junior high there were a few known drug dealers. But they didn’t really deal at our school, they went “up the hill” to the rich school because that’s where the money was. You can’t sell a lot of cocaine in Mexico because first of all the federals will shoot you but secondly because nobody has money for that kind of stuff. So you go north.

Money is the most magnetic of all elements. Everybody has a price. You can’t even get someone to enter the priesthood unless you pay him a salary.

#30 Millennial-falcon on 03.16.17 at 7:15 pm

Garth I thought you said the Vancouver market was “pooched” and in decline ? Why are prices up %17? What’s the data that says FB have stopped buying ?

#31 Nero on 03.16.17 at 7:17 pm

Ahhha…ahhhaa….ahaa…

https://youtu.be/sdl658l5TTQ

Pass me a tissue…

#32 Dave on 03.16.17 at 7:18 pm

You can go to Monterey, land of guns, people who have fallen out of the middle class, living in vans, not able to afford health insurance, stupid enough to vote for Trump…You might like things down there, he’s doing his best to screw the poor by giving tax breaks to the rich.

#33 conan on 03.16.17 at 7:19 pm

Here we go again with the rallying cry for the “Grey Poupon Revolution.”

Too hard to organize, as they tend to fight among each other, instead of as one cohesive force.

Regardez, le proof.

https://www.youtube.com/watch?v=_G_RdQktFjg

#34 Mark on 03.16.17 at 7:19 pm

Higher taxes on equity owners in the banks will just increase the cost of capital to the banking sector, which will, in turn, be passed onto retail customers in the form of higher borrowing spreads.

Is the government *really* stupid enough to think that they’ll get away with ‘socking’ it to whom they perceive as being ‘wealthy’?

If the government wants to make a real dent, they need to stop making so many multi-millionaires out of their ’employees’. Cut the pensions. Cut compensation back to levels lesser than that paid in the private sector (the benefit of ‘public’ employment traditionally was greater job security, not extravagant compensation packages as currently are paid to public servants!). Unfortunately the Harper government let things run wild almost unabated, running massive deficits in the process, and there’s not a lot of evidence that Trudeau has the stomach to crack down on excess public sector compensation.

#35 not 1st on 03.16.17 at 7:20 pm

#25 Pete from St. Cesaire on 03.16.17 at 7:06 pm

By the way, almost every job Trump plans on bringing back will be automated by the time the job actually gets repatriated.

This is just another sour grapes excuse. If the jobs are automated as they come back on shore, then at least the US will have property tax revenue and spin off benefits like that. US might become the robot capital of the world and make them there. And as Bill Gates suggested, robots will eventually pay taxes just like people do now. Either way, more wealth accrues to US citizens than having jobs abroad. Only the most delusional lefty dipper thinks globalization is a solution.

#36 Yuus bin Haad on 03.16.17 at 7:22 pm

I think there’s a bit more to Dutch politics than one guy “won” and another guy “lost”.

Probably. But we don’t care. — Garth

#37 dontcallmeshirley on 03.16.17 at 7:23 pm

“…dumb enough to earn big incomes”

Hey guys, how do the places you work at select who gets advanced to the big jobs with important sounding titles?

100% merit, or are well liked people promoted? A little of both?

Garth, how ’bout your bank buddies, how did they pick who got SVP titles?

Performance, experience and professional designations. — Garth

#38 Old but true on 03.16.17 at 7:24 pm

How Taxes Work . . .
This is a VERY simple way to understand the tax laws. Read on — it does make you think!!

Let’s put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men — the poorest — would pay nothing; the fifth would pay $1, the sixth would pay $3, the seventh $7, the eighth $12, the ninth $18, and the tenth man — the richest — would pay $59.

That’s what they decided to do. The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement — until one day, the owner threw them a curve (in tax language a tax cut).

“Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily meal by $20.” So now dinner for the ten only cost $80.00.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six — the paying customers? How could they divvy up the $20 windfall so that everyone would get his “fair share?”

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would end up being PAID to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59. Each of the six was better off than before. And the first four continued to eat for free.

But once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” declared the sixth man who pointed to the tenth. “But he got $7!”

“Yeah, that’s right,” exclaimed the fifth man, “I only saved a dollar, too … It’s unfair that he got seven times more than me!”.

“That’s true!” shouted the seventh man, “why should he get $7 back when I got only $2? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison, “We didn’t get anything at all. The system exploits the poor!”

The nine men surrounded the tenth and beat him up. The next night he didn’t show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered, a little late what was very important. They were FIFTY-TWO DOLLARS short of paying the bill! Imagine that!

And that, boys and girls, journalists and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.

#39 common sense on 03.16.17 at 7:24 pm

Just read a brilliant observation to share from another financial blog…..tell me if this makes perfect sense:

“The market did the inverse of what the rate hike was to achieve, hiking into a contraction…thus IF she raises a few more times, there will be no other choice but to reverse rates and start Q4. The market looks forward and sees this.” Thus markets go higher instead of lower based on the hike.

#40 leebow on 03.16.17 at 7:27 pm

Vivisected wuhahahaha. That’s what they do very well at the Doctor Morneau’s island.

Seriously… I wonder what’s the $ amount when it becomes economical to change the tax jurisdiction or take other active steps to protect the money.

#41 Carolyn on 03.16.17 at 7:29 pm

Wilder was a nutbag, I don’t believe it accurately reflects how things would have turned out for populism had it been someone that was less comfortable with calling Mohammed a pedophile.

#42 Carolyn on 03.16.17 at 7:32 pm

Oh, also real estate agents in Toronto were caught listing and delisting to manipulate the numbers. It’s horse crap, and there’s no consequence other than a big fay paycheck for doing it. 45,000 listings!

https://betterdwelling.com/city/toronto/if-toronto-real-estate-is-so-hot-why-the-45000-cancelled-listings-last-year/

#43 YVR on 03.16.17 at 7:32 pm

Anything less than raising capital gains inclusion to 75% (100% for real estate) will be a yawner.

They also need to simplify the tax code.

#44 Rick on 03.16.17 at 7:33 pm

“you can return your guns now”
No thanks! The three G’s , God, Guns and Gold.

#45 Doug t on 03.16.17 at 7:34 pm

Globalism doesn’t work – we’ve seen that. So let’s have everyone go back to their corners – continue trading with each other – continue giving to those in need – withdraw troops from over seas – decrease immigration (not stop) and the govt can stop bending over backwards to appease every single cultural/religious demand by immigrants.

#46 greater good on 03.16.17 at 7:35 pm

Millions of western voters see it as a remedy to lost jobs and income, while billions of citizens in developing nations have benefited mightily from the freer movement of goods and people.

How many of those billions in developing nations do you personally support – putting substantial part of your money where your mouth is?

How many of them do you share your actual daily life with at Bay street and in your neighborhood?

Following your logic Trudeau and other Western leaders should grab even bigger piece of “millions of western voters”, including your money, and take all the opportunities to further “increase the benefits of the billions of people living in developing nations”.

The end of this should be where we all level completely – that would be the true border-less world, wouldn’t it?

According to your border-line Communist wet dream theory this should make the world peak efficient, peak anti-inflationary and peak cheap.

The world would turn into peace and love overnight.

Do the right thing, donate all your wealth that differentiates you from the billions in developing nations.

And, of course, stop bitching about Trudeau’s wealth redistribution plans. It is all for the greater good.

It is disappointing that you fail to recognize it, when you know everything else so well.

My statement was factual and correct. You are a loon. — Garth

#47 Smartalox on 03.16.17 at 7:35 pm

So I was at the bank today, to deposit some cheques and get some US cash for an upcoming trip, and while I didn’t get any high-pressure sales-tactics from [email protected], (my account balances likely disqualified me as a prospect, because I keep very little money in the bank), I did happen to notice a laminated card tucked into the corner of her countertop.

The title on the card, read something like “How to recognize opportunities…” for what, it was not clear, but the bullet points under the title suggested things like:

– An individual wishes to deposit a large cheque from a law firm or lawyer’s office
– An individual wishes to deposit a large amount of cash, or a bank draft

It seemed to be a crib sheet on how to sell people mortgages, and other ‘products’, but the rest of the ‘guide’ on how to spot suckers (I mean opportunities) was obscured.

I also noticed some commercials running on a loop on a set of video monitors in the background. There was one commercial that seemed to say something like

Selling your home?
Why not consider renting it out, instead?

You can:
– Generate an income stream
– Diversify your portfolio

Talk to one of our mortgage advisors today!

I’m pretty sure that if you are looking to down-size, and have property to sell, keeping that asset and ‘turning it into a rental’ is not the right way to ‘diversify a portfolio’.

What do you think, Garth?

Let you know when I recover. — Garth

#48 Duane Coswelle on 03.16.17 at 7:36 pm

Garth, Why would Morneau tax himself more? Or can he use some loophole that no one else can’t?

His Parliamentary salary is $242,000, which means he almost entirely escapes the top tax bracket. — Garth

#49 Raging Ranter on 03.16.17 at 7:36 pm

Meanwhile, last month prices (annualized) went down over 22% in Halifax, 14% in Calgary and about 2% in Montreal. If you choose to live in Toronto or Vancouver, you’d better have a damn good reason.

Um, there’s probably something I’m missing here, but according to Teranet, housing in Calgary in February was up 1% YoY, while in Halifax it was up 2.62% YoY.

Just click on the pins here:

http://www.housepriceindex.ca/

The numbers, as stated, are month/month – changes in February. — Garth

#50 domain on 03.16.17 at 7:38 pm

Wonderful. These Liberals are going to further weaken the already terrible productivity in this country, and chase out those who have the ability to move, along with their wealth.

This is the first time in my life where I have begun to seriously considering a move out of my home country, for fairer treatment of those capable of high earnings.

Married, no kids, under 40, completely liquid and mobile (1%-er Renters) – what incentive is there to stick around and be cannibalized in exchange for our hard work and sacrifices? It certainly isn’t freedom or property rights.

I already know of one family Doctor who is retiring as a pre-emptive move, leaving us with one less good doctor, and probably many more to leave along with other professionals.

For the cheerleaders of these robin hood taxes, I hope you realize that for every $1 you take from our pockets, that is $1 less that goes into the local economy, and likely into some Bullsh!t carbon credit scam to send money to some other part of the world, or any other number of bad ideas/policies that flow from the gov.

At the end of the day, the government cannot deploy my income better than I can, and they most surely will end up feeding some net-negative policy or ‘government investment’ that is rife with unintended consequences and inefficiency.

I think all of this is nonsense coming to a rapid end at some point, maybe in the form of a financial crisis here at home, and the current gov will simply exasperate the decline, or be the catalyst.

I’m going to protest with my $ by dramatically decreasing spending, and looking for ways to preserve my wealth over the next two years. Then hopefully we end up with something that resembles a group of logical people in government, which we couldn’t be further from right now.

#51 JTO on 03.16.17 at 7:38 pm

To # 4 Franco
I suggest you not go to CIBC. I’ve been there and done that, regret forking over tremendous fees (have since gone elsewhere at 1/9th the fees). I bet they will try to put you in their so-called Personal Portfolio Service or Managed Portfolio Services. IIRC, the fee is 2.25%. They will make it impossible to compare the performance to even their index funds, but they will claim that having someone actively pick your investments is worth (it’s not). You will only be able to purchase CIBC products, all the while paying them over $3900 annually no matter how the market performs. Their financial advisors point you in the direction of maximizing CIBC’s profits, not your return on investment. And for what, seeing the financial once or twice a year to review your net worth? You’re way better off to go with someone like Garth (~1% fee, I believe) or perhaps try a robo-advisor (0.5% fee or less). I wish you good luck!

#52 acdel on 03.16.17 at 7:38 pm

#28 Pete from St. Cesaire

That, and Mul-roon us all with his paper envelopes full of cash regarding a hush, hush, airbus scandal; we are so being played in this country.

Well, fortunately we can discuss these matters and voice our opinions and plan for the future thanks to Garth.

Brian Mulroney was a private citizen, like you, when he was paid for his consulting work. I know him. He is no crook. — Garth

#53 JSS on 03.16.17 at 7:40 pm

One word: T F S A

#54 Bottoms_Up on 03.16.17 at 7:40 pm

Middle class is tapped out. Who is left to pay?

#55 Economystical on 03.16.17 at 7:41 pm

Bill Morneau and Justin Trudeau are very seasoned in the art of economystics.

For example in economystics we always assume the results we expect a priori. Want to encourage economic growth? Raise taxes. Want to ensure full employment? Raise taxes. Want to improve living standards for the middle class? Raise taxes. Want to balance the budget? Raise taxes. Want to encourage small businesses and professionals? Raise their taxes. Want to encourage investment and savings? Raise taxes. Want to save the environment? Well, you get the point.

But what sets Bill and Justin apart from most mild mannered economystics is that they have started to lecture the world about the astounding success of their plans before they even have the legislation. Most people won’t be able to grasp the brilliance of this maneuver. To the uneducated in the art of economystics it may seem like they are counting their fish before they set sail, but this is not so! The sign of a true economystical guru of the 1st order is that they succeed before they start and real world observations are unnecessary. That is what sets economystics above every other profession. You assume the ends before the means.

Many people assume for example that to make a long voyage you should plan to depart from where you are and plot a course to the desired location. This is not economystical. The economystic knows that you assume you arrive at your desired location no matter which way you go, whether or not you have a car, when you leave, or if you even bother to leave at all.

I would like to take a smaller scale real world example where many people practice economystics without knowing it: the lottery. All economystics that plays the lottery knows it is the easiest way to get really rich with little effort. We know that people get rich that way because they put them on TV and false advertising is against the law. So even if you haven’t won yet, you will. All you have to do is imagine the day you win and work backwards and your economystical plan is a success. Heck it is questionable whether you even need to buy any tickets until you buy the one that will win.

So some people might view Bill lecturing the world to follow his shinning example as a childish presumption on his part seeing as he hasn’t even drafted legislation yet let alone observed the results. Nothing could be further from the truth. In economystics, the more woo-woo and the less truth the better. As with Christianity, you must approach it as a child. Don’t try and think about it, that will only impede enlightenment.

#56 The real Kip on 03.16.17 at 7:43 pm

Hats off to Mr. Morneau for ensuring we still have an middle class in this country. They won’t tax capital gains on primary residences, no way.

#57 Herb on 03.16.17 at 7:47 pm

Garth,

I wouldn’t call Wilders adding four seats while Rutte lost nine the former being creamed by the latter.

That smacks of “fake news”.

The bad guy was smoked. How’s that? — Garth

#58 Darryl on 03.16.17 at 7:50 pm

Biggest problem is that the Liberals think that the middle class are the rich .

#59 ANON on 03.16.17 at 7:51 pm

Most people are smarter than this.

*snickers*
I thought the central theme of the blog was that they’re not… but, then I checked, and the old motto (the fool who follows is the Greater Fool) has disappeared.
Now, event if they are, money is a measure of trust in the narrative, that’s why it makes the world go round. ‘Cause you think you’ll get more, until you don’t, and get mad. Each and every time, without fail, and with mathematical certainty. Only the “when” is debatable.

#60 I'm stupid on 03.16.17 at 7:52 pm

We’ll see how well taxing the rich works when Canada begins experiencing capital flight. I live in Toronto the wife and I make a bundle, we have 4 days off but can’t leave because of an appointment I have tomorrow. I have 5k in front of me and we’re bored.

What can we do for fun except go for dinner? This is not life, whats the point of having money to burn if there’s no fire? I got over buying sports cars along time ago (50km over the speed limit and the cars gone so what’s the point) I’ve played the WSOP and lost interest in gambling, shopping is a waste of time, so what else can I do in Toronto? Am I missing something? Toronto is, as it has always been, a working class city.

#61 Bezengy on 03.16.17 at 7:58 pm

If a million dollar house goes up 50% and then drops 50% it’s then worth $750k. I’ve spent way too much time thinking about this. I really don’t think everyone understands this.

#62 Old Salt on 03.16.17 at 7:58 pm

Oh wild Bill… I can buy citizenship in Antigua where the capital gains taxes don’t exist and the yachts are stunning.

Heck, the process to get a Virgin islands corporation is straight forward too.

In the meantime, I’ll just wait a couple years ’til you get booted to realize my capital gains.

#63 I'm stupid on 03.16.17 at 7:59 pm

#4 Franco

Don’t waste your time. Find a few based advisor that charges no more than 1% and its tax deductible that way they work for you. If you go to CIBC they’ll put you into mutual funds with mer rates at 2-3% those fees are not tax deductible so in the long run that will really eat up growth.

#64 Rapier Wit on 03.16.17 at 8:00 pm

Well. One 1%er will take a lesson here and not work so hard. Obviously a slow learner. Planning to go right up to $200K and shut it down for the year.

#65 TurnerNation on 03.16.17 at 8:01 pm

Haha this weblog always inadvertantly calls the bottom in oil here with its mention – a few days ago.
Likely camel toe bottom here.
http://finviz.com/futures_charts.ashx?t=CL&p=h1

Nobody called a bottom. No one can. — Garth

#66 Fiendish Thingy on 03.16.17 at 8:02 pm

Former Monterey Bay Area resident here (from the semi-socialist enclave of Santa Cruz), now in the formerly rustic, now perilously overbuilt enclave of Maple Ridge, BC.

The central coast is beautiful, and has outrageous real estate prices to prove it. Almost as crazy as Vancouver, and before the meltdown in 2008, was the 2nd least-affordable market in the US. That’s what happens when you have thousands of Silicon Valley overnight millionaires who want oceanfront/view property…what’s Vancouver’s excuse again? Oh yeah, FOMO…

#67 Millenial on 03.16.17 at 8:05 pm

Does anybody here actually think TTIP was going to be good for Canada?

If so, please explain to me why you think it was going to be good.

#68 Murphy on 03.16.17 at 8:06 pm

Haven’t heard from ‘Victoria Real Estate Update’ for awhile.
Where are you?

#69 Joseph R. on 03.16.17 at 8:09 pm

#4 Franco on 03.16.17 at 6:38 pm

Your bank’s financial planner will make you fill a questionnaire, as required by the MFDA (Mutual Funds Dealers Association). It will fulfil the Know-Your-Client (KYC) part of the process before recommending you mutual funds.

The mutual choices offered will depend on the answers you provide to the questionnaire.

A financial planner registered to MFDA can only sell mutual funds and fixed income products; they cannot sell you equities (stocks) or ETFs.

If you want an advisor that can recommend equities and ETFs (a stock broker), he/she has to be registered with The Investment Industry Regulatory Organization of Canada (IIROC).

#70 Ret on 03.16.17 at 8:17 pm

Alberta has once again chosen to live beyond their means.

The old, “let’s overstate future projections to buy votes with borrowed money today!” never goes out of style with the socialist set.

Hey, maybe Ontarians and Albertans can sell each other carbon credits. That should balance the budgets in both provinces!

#71 Warren- the lagging indicator on 03.16.17 at 8:18 pm

“All markets expect three increases this year. There will be no US recession. I suggest you try plumbing. – Garth”
–==–
I think you are wrong here Garth because my tea leaves tell me the USA will fall into a recession coupled with a rapidly rising unemployment rate after about two more years or so of slowly declining unemployment numbers to about the 4 percent mark. This is partly due to holding the line on super low interest rates for 6 years and as many months.

ps- I just looked at that picture you posted a while back entitled Snow Dog, you know the one washed in white with the young girl connecting to the dog while giving him/her a cookie. I think it is an amazing photo. You should re-use it.

#72 red meat for the dogs on 03.16.17 at 8:21 pm

Tribalism belongs in the history books


That belongs in speech by T2.
The world is run by tribes, and equivalents: gangs, syndicates, mafia and worse..corporations and banks.

#73 Andrew Woburn on 03.16.17 at 8:25 pm

The Dutch are anything but bigots and racists. For centuries they have been the go-to place for oppressed religious minorities and they have always accepted and integrated non-Europeans, notably Indonesians. Their one condition has been that immigrants adapt to Dutch culture, not the other way around. Up until the last couple of decades, this has worked well, just as it always has in Canada.

Now many Dutch people are worried that their leaders are not prepared to protect or even discuss “Dutch values” and so they are reacting. Despite the media reaction that populism was “defeated”, Wilder’s party significantly increased its position.

It is unlikely that the Dutch have changed their tolerant nature. It is more likely that, like Trump, Wilders attracts a certain level of support simply by saying out loud what many people are worried about even if they don’t like much else about his policies.

That is an abdication of leadership. Populism is followership. It’s how we get despots and dictators, racism and sometimes genocide. — Garth

#74 Bushman on 03.16.17 at 8:29 pm

Yup, my family doctor walked away from her clinic and now chooses to work part time in a walk-in instead. Thanks T2 you are brilliant.

#75 Self Directed on 03.16.17 at 8:30 pm

DELETED

#76 acdel on 03.16.17 at 8:37 pm

Did I mention this blog will be relocating to Monterey?

Ha,ha,ha,ha, after all that discerning facts as well as your displeasure about the current POTUS, are you saying that you are moving to his land??? Ha,ha, cannot blame you one bit, this country is screwed! The irony though!!!

#77 Pete from St. Cesaire on 03.16.17 at 8:40 pm

Government of India trying to get people to deposit their gold jewelery into the bank to receive interest on it. promises equivalent gold or cash at end of term.
https://www.bloomberg.com/news/articles/2017-03-14/where-modi-s-recycled-gold-plan-fails-his-banknote-ban-succeeds

#78 crossbordershopper on 03.16.17 at 8:42 pm

mr trudeau should simply outlaw private ownership of everything like his dad wanted all along. You can play games, but the end result is the same, YOU all go to work for bumbs like me. SO, get a good night sleep because you have to be on the 401 in the morning to go to work.
sure, you live in a nicer home than i do, yes you have a TFSA, and blue chip stocks, where i have blue coloured socks. but in the end, i dont worry, because i am going to florida, while you are working, paying taxes and stressed out.
im working on a native tax free scam if anyone wants to learn more, or you can simply have everything confiscated from you, for the greater good of society.
like i said, i dont care, i am going to florida, living in my condo, paid for, with cash proceeds from my cash business. and i am not even american, where i dont own anything in Canada and i am canadian. Canada is the greatest country in the world, you come, cash your cheques and live where the sun shines all year long.

#79 Fish on 03.16.17 at 8:44 pm

Cute picture, Always good to check

#80 A Reply to #37 Bezengy on 03.16.17 at 8:46 pm

Here’s the math: If the house price goes up 1/x, it only has to drop 1/(x+1) to break even (for x > 0).

#81 Gasbag on 03.16.17 at 8:47 pm

Marine ale Pene, kind of reminds me of an old Sarsted tune: Where do you go to, my lovely?

#82 Jacko on 03.16.17 at 8:48 pm

As a small business owner ($2M annual sales) with healthy margins, employing 5 people and owner of a 6plex property that has affordable rent for those who need it, it looks like I am a target?

Since I can sell the property or hold it…doesn’t matter to my lifestyle, I may have to wait for a gov’t change in 2019 to seriously consider passing this on to a motivated landlord or condo builder. Or I just raise my price to offset the new tax I have to pay and all others pay for it in the end…which is the middle class T2 is trying to protect?

As for the business, 90% of my sales are in USA, it wouldn’t take much to move there and avoid all T2’s targets on me.

I may be in a good position than most small business owners, but why does T2 believe I should have to pay for everyone else who doesn’t want to take the risks I have? Doesn’t he realize we can just leave and taxing $0 X 54% = $0, with the loss of 5 salaries to pay income tax as well?

Sitting and waiting to see what happens and looking at Florida real estate on line as I speak…sad state for Canada!

#83 Sir James on 03.16.17 at 8:48 pm

People should not forget the tradition capital gains rate was ZERO, until PET got in and invented capital gains taxes for Canada. One can only expect his son JrT will be following in his father’s footsteps and jacking the rate even higher. My advise, sit tight and vote for Kevin O’Leary, he will quickly reverse any nonsense, and give the money back to The People, like what Trump is now doing on Global Warming.

#84 acdel on 03.16.17 at 8:49 pm

Brian Mulroney was a private citizen, like you, when he was paid for his consulting work. I know him. He is no crook. — Garth
————————————————–
Not saying he is, but seriously, how it was portrayed, it did not make him look good. As a contractor I have never accepted ……………. well, you know! Enough said!

#85 palebird on 03.16.17 at 8:55 pm

#46 Economystical

” Bill Morneau and Justin Trudeau are very seasoned in the art of economystics. ”

Now that is funny, and a great description of how these people think.

#86 Sir James on 03.16.17 at 8:55 pm

Populism is just a pejorative for democracy, something The Globalist Elites and their MSM fake news puppets deplore. They are building their own technocracy based on Global Warming, to try and replace our democracy.

Damn. Obviously the moat has been breached again. — Garth

#87 Herb on 03.16.17 at 8:56 pm

“The bad guy was smoked. How’s that? — Garth”

Not much better, Garth. Being the bad boy outsider who comes in second in a thirteen horse (party) race isn’t exactly getting smoked.

#88 Gentle ,Loving Kindness on 03.16.17 at 8:57 pm

Canada’s main export is oil. Globally, it is relatively expensive to produce, so a structural decrease in the global demand would most likely be felt by Canada first. Volkswagen, the world’s largest auto maker, by the number of units sold per year globally, is planning on introducing 30 new electric MODELS by 2020. That’s enough to make your Loonie wilt!

http://seekingalpha.com/article/4055979-volkswagen-launch-30-new-electric-cars-yes-30

#89 Doghouse Dweller on 03.16.17 at 8:58 pm

#28 Pete from St. Cesaire

People remember such things.
—————————————–
Do you really think so ? The longer I live the more I realize that the vast majority of the population are functionally brain dead. Water fluoridation ,GMOs ,booze, drugs, who knows ? But TPTB like it that way. How else could you charge them 20 plus% interest on loans, take
55% of their income and 15% or more off everything they purchase , RFID tap chip them like livestock and still have them vote for the likes of Wynne and dynastic T2.

Tax the rich! That`s code for screw the little guy it`s always been that way and its not different this time.

#90 Cici on 03.16.17 at 9:01 pm

Instead of gauging higher income earners, perhaps the politicians/senators (many of which are useless idiots) should take the financial hit…after all, if they care sooo much about the lower and middle classes, they should be willing to do their part, right?

#91 acdel on 03.16.17 at 9:05 pm

#88 Doghouse Dweller

That is why I love this blog because you are absolutely correct. We have all of you to correct us (me) dumb-asses to a proper path. Seriously I do not know on how Garth does it but for me I sure appreciate it. It has helped me a great deal..

#92 Centre Wing on 03.16.17 at 9:06 pm

I’m curious about what some of these blog dogs do for a living.

#93 dontcallmeshirley on 03.16.17 at 9:06 pm

“Performance, experience and professional designations. — Garth”

There are literally dozens of candidates with indistinguishable qualifications.

Back office SVP at a bank is a $400k gig + points, easy…that’s the floor. Bond traders get a multiple of this.

Sorry, most of these folks are replaceable, right up to CEO. Luck is a huge component of them getting these roles.

You’ll need a different argument if you want to cast heavily taxing these folks as “wrong” and a dis-incentive.

They’ll pay the higher tax, they’re not going to deprive Canada of their talents by leaving the jurisdiction —- they’re just worker bees that got lucky.

How you like that?

#94 Melvin on 03.16.17 at 9:11 pm

RE: #81 Jacko.

T2 kept his promise to you. You are a 1%er working hard to join the middle class.

#95 Dobermanduke on 03.16.17 at 9:12 pm

#4 Franco

Another option to the already excellent ideas given above: Create an online CIBC Investors Edge account and do it yourself. Providing you understand how to build a diversified 60/40 portfolio.

#96 TRT on 03.16.17 at 9:24 pm

Those that have are going to have to share a greater proportion of their wealth going forward.

If we are going to open up our borders so the less fortunate can share the great life Canada has to offer, we need the money.

We can’t let the deplorables win. Lets not be hypocrites.

#97 Smoking Man on 03.16.17 at 9:27 pm

Been telling you dogs about the commies coming for your loot for along time now.

Let’s see. I’m unemployed now, broke. Wink. And ready to move to somewhere where I don’t have to share the risks I take with teet sucking baffons that can empty your bank account on a wim, who never had to hastel to put bread on the table.

Stealing from the hustlers and gamblers to fund their risk free defined pentions.

Ain’t going to be me. I have a weapon. I see the future. Remembering those drunken visions is the hard part.

#98 Darryl on 03.16.17 at 9:28 pm

#54 Economystical

————————————–
That post made my day dude . LMAO . Thanks for the laugh . They’re hard to come by these days .

#99 WUL on 03.16.17 at 9:31 pm

I’m outraged! About many things. But I can only focus on that which has occurred in the last 2 days. So here is the current burr under my saddle. The commentators on last night’s and tonight’s shinny matches in the Bruin’s swing through the Great Plains are gushing about Chara’s career plus minus of +219. Jays… Murphy. Orr was +124 in a single year.

Garth, you could improve the signage around here to help me find the office of the relevant blog.

Taxes are too high in this country.

#100 wallflower on 03.16.17 at 9:32 pm

yep, it’s all bullshit but B&B and Grand Marnier with stuff like this is some relief
https://www.youtube.com/watch?v=WPHetGFUHqI

Booked the 5 year fixed mortgage several weeks back and sold a whack of cap gains for end Feb in anticipation of increased taxation; I was going to liquidate toward end of year but just in case… executed the order for end of Feb (pooled portfolio can only be done monthly).
Keep the B&B coming, please…

#101 Wrk.dover on 03.16.17 at 9:34 pm

I am the only one that knows Garth is moving to Monterey Mexico

#102 NEVER GIVE UP on 03.16.17 at 9:36 pm

I am all for crushing the life out of profit in housing.
Housing is sacred.

Dark windows (hoarding of unoccupied houses) is bad for the economy and bad for ecology. Burning much more fuel to get to where you want to go because of the space unoccupied houses take. (99,000 in Toronto alone).

Solutions should be rules based not tax based. The Government has enough taxes. We need to rule out profit in homes. Like China does. You cannot buy a home if you already have one in Certain areas.

I dont know how you would handle Mom and Pop renters with a few homes but someone smart will have ideas possibly?

The Housing tax was quickly made useless in Vancouver by work arounds like opening a simple corporation to buy your home. Simple, NO TAX!

As I have spelled out numerous times in previous years that the Chinese and others from the 3rd world do not view law like we do. They GAME all laws. The first thing in the mind of these investors is how do I get an edge?

The best edges are those whereby a law that you can circumvent is your best friend by keeping out competitors who are not as crafty as you are.

Our Suckers who govern us do not and refuse to understand this, sadly. Its all part of our soft and touchy-feely meme as Canadians.

Canadian politicians are weak and negotiate bad deals for Canadians. They just do not have the skill the Chinese and others have over tactics. Lose, Lose.

#103 Truenorth on 03.16.17 at 9:38 pm

I’m living in Monterey, CA right now. You don’t want to see rents or home prices here…..

#104 Smoking Man on 03.16.17 at 9:42 pm

Damn. Obviously the moat has been breached again. — Garth

And that’s a good thing. Means folks are thinking for a change. What’s the alternative, we all go buy vigina outfits and join the next woman’s march and chant, straight white males should die.

#105 Leo Trollstoy on 03.16.17 at 9:43 pm

#6 [email protected] on 03.16.17 at 6:40 pm
How about these are the only places to get jobs?

Bingo. Toronto is the only city in Canada that the world recognizes. It also has most of the jobs. MMost of the wealth. And with Canada’s economy getting better, and interest rates low, the CAD$ is stable and real estate prices c Brunei to rise.

#106 Leo Trollstoy on 03.16.17 at 9:45 pm

There’s nothing on the horizon to take down Toronto real estate prices. They will keep rising as jobs are plentiful and money is free.

#107 The Wet Coast on 03.16.17 at 9:45 pm

When I look at the uptick in YVR prices I am heartened. We can get back to normal at last, OR it’s a classic bear trap. Seems too soon, but what’s normal. Little doubt, detached houses are not selling all that well, whereas anything $750,000 and below that qualifies for the BC governments subprime loan is. Hmmmm

#108 Ex Oakville owner on 03.16.17 at 9:46 pm

Any 1 %er that is afraid of the budget or pays too much tax needs a better financial adviser…and for all those 1%er’s that can’t wait to move to Trumpland and go for a stroll with your dog…the homeowner that gets upset when Fido pees on his lawn just might use his constitutional right to bear arms…But that’s ok, the U.S. has a much cheaper health system than us …right?

#109 Pre-retiree on 03.16.17 at 9:47 pm

Problem is: the true 1% which are Morneau and Trudeau’s friends won’t be taxed but the upper middle class will. So will the lower middle class but they are not aware and will applaud. Trudeau is appealing to their basest instincts.

#110 Spaccone on 03.16.17 at 9:48 pm

#4 Franco

My father in his late 60s, stated to the bank guy that he did not want to lose even $0.01 so was put into the CIBC Managed Income Portfolio across the board with any free cash.

I was sort of annoyed but told him to just leave it as-is for now as I manage 45% of his CIBC assets in a self-directed CIBC RRSP and just moved it to 100% international equity ETFs to balance it out. The other 55% of his CIBC assets are in a TFSA, RRSP, and non-registered account with CIBC Managed Income mutual funds (20%/80% growth/equity and safe stuff). Thankfully I think there are no deferred fees to sell out of these mutual funds.

#111 genbizx on 03.16.17 at 9:48 pm

whatever Garth….you’ve got toronto-itis. labelling everything populist that doesn’t jive with the prevailing left wing ideals is convenient but misses the point. concern and debate about how to do immigration right is not racism. the way some people laud the great effects of globalization reds me of a person ju

#112 acdel on 03.16.17 at 9:51 pm

Damn. Obviously the moat has been breached again. — Garth

Ok, last post, I have noticed that today is one of those days where everybody is just pissed, who knows why, perhaps the stars have aligned for it, I had my worst lunch business meeting today than I have in a long time, client knocked over the table with all our lunches due to too many spirits, funny as hell actually!! :)

Life is good, enjoy it!

#113 Alex on 03.16.17 at 9:54 pm

I work because I like it. won t reduce my pace because of the amount of tax I have to pay.
governments come and go but I stay.
Will stop working once net worth is 10M.
will pay in excess of 350K in tax for 2016.
can you imagine what I could do for my community if I could decide what to do with this money instead of our government ???
how many people are living on welfare because of my money ?
why should I pay 350K in tax while the guy next door, same age, same parental situation, same city, etc gives back only 35K ?
once I m done working, I ll buy an island in the Pacific ocean

#114 Cheap Houses on 03.16.17 at 9:55 pm

“Trump is the poster boy for this. Within a year or two, he’ll probably symbolize the death of the movement – because it doesn’t work. ”

Guess I will have to tuck this quote away for 3 years and 8 months. Pretty sure you will be wrong.

#115 genbizx on 03.16.17 at 9:56 pm

sorry – is like a person with a constantly full belly telling a starving man that he needs to have a greater appreciation for fine dining and that he complains too much about not having enough to eat

#116 toronto1 on 03.16.17 at 10:04 pm

slippery slope here:

I remember 15 years ago- just before i went off to University, the old saying used to be that in order to live a good middle class life you need to make double your age in gross income:

20 Year old = 40K
40 year old = 80K
50 Year old = 100k
60 year old = 120K

that was middle class, not 1% but that definition of 1% will keep dropping until it invokes the entire middle class.

Guess were most people make the most $ in their careers, its 50-60’s, guess where the largest segment of boomers are right now? want to guess that a large portion of them are in the 55-60 year range with two income earners bringing in a gross if 220-230K a year, through in some invest income and there at the 1% threshold.

just like stealing candy from a baby………

#117 Cdn Mom on 03.16.17 at 10:08 pm

I’m with #49 domain, but I’m no 1%er. I do NOT want the “rich” taxed more.

I want the government to STOP wasting money, and CUT spending. I DEMAND a referendum for ANY spending of Canadian tax money outside of Canada. If we don’t vote for it, it doesn’t happen!

Think I’m mean or uncaring? Not compassionate enough? Disrespectful of government? TOO BAD!

#118 Cdn Mom on 03.16.17 at 10:09 pm

I forgot to add that a flat tax works just great for me. Reward effort.

#119 Bob dog on 03.16.17 at 10:09 pm

100 people go to a party and order a 100 slice pizza. The pizza arrives and the first person takes 80 slices.

Your an idiot.

#120 Smoking Man on 03.16.17 at 10:11 pm

I really got to stop going on lnkedin drunk.

#121 Ace Goodheart on 03.16.17 at 10:17 pm

So got called to one of my rental buildings today. Water gushing out of the basement apartment drain, bathtub, sink, small lake building up in the kitchen. I knew what it was. Someone had plugged up my pipes.

The usual drill ensued. Plumber arrived, opened up the main drain plug in the wall by the fridge, snake went in, with the little rotar head that cuts through the blockage. We all mopped furiously to keep the water away. What comes out, after about half an hour of pipe snaking? A quite torn up, bedraggled looking, but still very recognizable kitchen hand towel.

Wandered upstairs to the main floor to let the tenant know we had sorted things and she could flush her toilet again. What did I see hanging on the fridge? The identical twin sister of our poor little torn up towel that was plugging up the works.

Moral of the story? Plumbing always gives up its Ghosts.

So do economies. Whatever it is that’s plugging us up and creating this ridiculous glut of nonsense such as “guaranteed incomes” and massive tax increases to fund socialist programming, is going to come out of the pipe sooner or later. Bedraggled, torn up, but still recognizable for what it is.

Plumbing always gives up its ghosts. So does an economy. We just have to wait for it……

#122 The 286,000 on 03.16.17 at 10:20 pm

5 of those 286,000 Canadians are as rich as 30% of the poorest Canadians (10.5 million people).

From the above, clearly Globalization has done a stand up job benefiting and redistributing wealth to the poor.

Non sequitur. — Garth

#123 Boonerator on 03.16.17 at 10:21 pm

Golf courses will welcome the crackdown on the 1%, they’ll be packed with doctors cutting back on their hours.

#124 Whipster on 03.16.17 at 10:24 pm

So, years ago we sold our home in bc. We have rented for a long time as prices quickly escalated beyond our affordability. So we decided to invest to try and do better than a Canadian savings account. We still can’t afford to buy anything, and now we will be subject to even more tax because we can’t afford to use our investments to buy ourselves into the biggest debt load for us in the middle class. How on earth is this helpful?!?

#125 Karma on 03.16.17 at 10:24 pm

#16 Frank on 03.16.17 at 6:52 pm
“Income inequality is growing, got a better plan or do you think it’s not a problem?”

Not really, it’s been pretty much flat since 1990.

#126 not 1st on 03.16.17 at 10:28 pm

What a bunch if fools. They want to pay their taxes. Which level do you want to pay? You know you are triple and quadruple taxed on most stuff dont you?

Level 1 – tax on income
Level 2 – tax on investment/savings
Level 3 – tax on consumption
Level 4 – tax on property
Level 5 – tax on capital gains

all this plus stealth tax on inflation that the govt created in the first place with low rates.

Obcene

#127 A Dollar is a Dollar is a Dollar on 03.16.17 at 10:35 pm

Morneau is on the right track.

#128 Smoking Man on 03.16.17 at 10:37 pm

#119 Karma on 03.16.17 at 10:24 pm
#16 Frank on 03.16.17 at 6:52 pm
“Income inequality is growing, got a better plan or do you think it’s not a problem?”

Not really, it’s been pretty much flat since 1990.
..

75% of the world makes 2 bucks a day. Billionaire guilt complex what’s to even it all out. Globalization . Yes we all make 3 bucks a day to give the billionaire a felling of doing good.

#129 Trojan House on 03.16.17 at 10:42 pm

I’m confused. Can someone tell me how the federal government will ever pay off $640 billion in debt?

Garth, perhaps you have an answer for this?

#130 paulo on 03.16.17 at 10:48 pm

#6 David
Yes at this point you may be able to get a job, you may also be living under a bridge, unless provided you are prepared to spend most of your wages for shelter
As for the jobs, in a increasingly competitive world particularly in the major growth industries. How Long do you think companies will render themselves essentially noncompetitive in free trading world, where there wages/salaries costs will have reflect the ponzi game real estate market costs in Toronto to attract talent.

#131 Smoking Man on 03.16.17 at 10:50 pm

When you really find purpose. You self destruct and don’t give a shit. Scary place to be. But it is wonderful view. Seeing all the suck ups suck.

I’ve never been happier. So counter intuitive to our training.

I’ll evolve to be the greatest gonzo fiction writer of this centry. Just got to find where I left my work ethic.

Yup into the Jack now.

#132 Sir James on 03.16.17 at 10:52 pm

Hey Smoky!

You got friends, …
If your ever in the Welland area we have a Johny’s here too, King St S. Drop me a line and I’ll meet you there.
The grass is green here!

dailywesterner.com/news/2017-03-16/new-country-song-parody-ive-got-friends-in-safe-spaces/

#133 Trump's Expansionary Fiscal Policy on 03.16.17 at 10:57 pm

Trump doesn’t seem to understand that the economy is running at or near full employment, so the aggregate demand curve for the U.S. economy is likely very close to intersecting the inelastic (vertical) section of the aggregate supply curve.

His expansionary fiscal policies (tax cuts and more defense spending) would likely push out the aggregate demand curve up and to the right, thus increasing price levels (inflation) without a corresponding increase in national output (all other things held constant).

Janet Yellen is wise to start raising nominal interest rates to try to shift aggregate demand down and to the left. Her contractionary monetary policy will work to dampen inflation caused by Trump’s expansionary fiscal policies.

The House and Senate Budget Committees, of course, are likely to make many changes to Trump’s budget proposals. Let’s hope they get it right.

#134 Built to Spec on 03.16.17 at 11:00 pm

DELETED

#135 Damifino on 03.16.17 at 11:09 pm

#79 A Reply to #37 Bezengy

Here’s the math: If the house price goes up 1/x, it only has to drop 1/(x+1) to break even (for x > 0).
—————————————

I plugged in some numbers and this doesn’t seem to work. If we agree that when a house price increases by 100% (i.e. it doubles) it only needs to fall by 50% (i.e. it halves) to get back to where it started. Then…

For a 100% increase to occur, X must be 0.5:

1/0.5 = 2 (a doubling)

On the way back down we’d have:

1/(0.5+1) = 0.667 (Hey! two thirds, not a half)

Math is hard. What did I do wrong?

#136 Economystical on 03.16.17 at 11:11 pm

#125 not 1st

You need to study the nuanced art of economystics to understand the mystery before you.

Simply ask yourself, would you rather have 1 apple or 5 apples? But you only have 1 apple. How to solve the problem? Simply tax the apple 5 times and the problem is solved.

I am surprised more people don’t see the simplicity that is all around them. Thank goodness we have fine and modest leaders like Bill and Justin, so in Canada from now on there will be apples for everybody, at least on paper.

#137 Ponzius Pilatus on 03.16.17 at 11:13 pm

#81 Jacko on 03.16.17 at 8:48 pm
As a small business owner ($2M annual sales) with healthy margins, employing 5 people and owner of a 6plex property that has affordable rent for those who need it, it looks like I am a target?

Since I can sell the property or hold it…doesn’t matter to my lifestyle, I may have to wait for a gov’t change in 2019 to seriously consider passing this on to a motivated landlord or condo builder. Or I just raise my price to offset the new tax I have to pay and all others pay for it in the end…which is the middle class T2 is trying to protect?

As for the business, 90% of my sales are in USA, it wouldn’t take much to move there and avoid all T2’s targets on me.

I may be in a good position than most small business owners, but why does T2 believe I should have to pay for everyone else who doesn’t want to take the risks I have? Doesn’t he realize we can just leave and taxing $0 X 54% = $0, with the loss of 5 salaries to pay income tax as well?
———–
Business owner?
You sound just like a slamlord to me.

#138 Ponzius Pilatus on 03.16.17 at 11:20 pm

#102 Truenorth on 03.16.17 at 9:38 pm
I’m living in Monterey, CA right now. You don’t want to see rents or home prices here…..
—————
But the place is friggin beautiful.
Carmel.
Is Clint Eastwood still the Mayor?

#139 Pete from St. Cesaire on 03.16.17 at 11:21 pm

Toronto is the only city in Canada that the world recognizes.
——————————————————
Actually, Montreal is the only city recognized by most Americans. The have heard of it from it’s glory days of being sin-city, etc. These days only businessmen are familiar with Toronto.
In a similar vein, when I drove taxi, I often drove high-profile academic lecturers from the airport to their hotel. They mostly told me the same thing; that McGill was the only university in the country worthy of being called a university.

#140 Rexx Rock on 03.16.17 at 11:25 pm

Its sad Geert Wilders lost in the Dutch election.Here’s a man who just wants best for his country.Borders ,language and culture.He see’s the whats happening all over Europe crime,terrorism and welfare.Do the Dutch really believe its going to get better without Geert as the leader?Very sad,oh well you reap what you sow.

#141 Ponzius Pilatus on 03.16.17 at 11:32 pm

#128 Trojan House on 03.16.17 at 10:42 pm
I’m confused. Can someone tell me how the federal government will ever pay off $640 billion in debt?

Garth, perhaps you have an answer for this?
——————
Good question ?
But even a better one is:
How will the US pay off $ 20 trillion in debt?
Ok I get it. inflation will take care of it.
We are such idiots.

#142 TRT on 03.16.17 at 11:41 pm

So who are the real 1% ers?

The top 1% of income earners in Canada? Nope.

The real 1% are those with the most wealth. And they are not Doctors. they are on the yachts, own the mega towers in Toronto, etc. They call the shots and they happily direct your anger at the top 1% of income earners.

#143 TRT on 03.16.17 at 11:43 pm

#140 Ponzius Pilatus on 03.16.17 at 11:32 pm
#128 Trojan House on 03.16.17 at 10:42 pm
I’m confused. Can someone tell me how the federal government will ever pay off $640 billion in debt?

Garth, perhaps you have an answer for this?
——————
Good question ?
But even a better one is:
How will the US pay off $ 20 trillion in debt?
Ok I get it. inflation will take care of it.
We are such idiots.

————

If the world is falling apart outside the USA, the USA can just print a $20 Trillion dollar bill to pay off the debt. Who going to argue against the superpower? Thats the magic of fiat.

#144 meslippery on 03.16.17 at 11:43 pm

If we had a massive middle class a few points tax increase on them would raise tons of cash.
Saving the 286,000 rich a great deal of pain.
Sadly free trade and globalism has made sure the middle
class can look forward to becoming an endangered class.

#145 Gentle ,Loving Kindness on 03.16.17 at 11:46 pm

Premier Wynne is working hard to ‘Make America Great Again”
It would bring a tear of pride to Pres. Trump’s eye.
He would be proud, so proud, you wouldn’t believe how proud.

http://business.financialpost.com/news/energy/ontario-manufacturers-eye-greener-pastures-stateside-as-hydro-rates-go-through-the-roof

#146 the other white meat(pork) on 03.16.17 at 11:51 pm

How does it feel to have Wild Bill’s codpiece grinding up against your leg?

Maybe Trudeau will have a longer run, and do more damage, than his old man did. The rumour is that they want to reduce the retirement age to 63 before the next election. The 1% will gladly pick up the tab.

#147 A Reply to #134 Damifino on 03.16.17 at 11:52 pm

I either chuckled or chortled. Not sure which.

So, for a doubling, set x = 1; for a tripling, set x = 0.5.

#148 Doghouse Dweller on 03.16.17 at 11:58 pm

#128 Trojan House
. Can someone tell me how the federal government will ever pay off $640 billion in debt?
=======================
They won`t and don`t intend to pay it off ever. They just leave the bill for the unborn to pay later, much later , and when the debt is so large taxes and austerity can no longer pay the interest , you have a Greece, an Argentina, a Polozified Canada with a worthless currency.

http://www.npr.org/sections/money/2011/04/15/135423586/when-the-u-s-paid-off-the-entire-national-debt-and-why-it-didnt-last

#149 dumpster fire on 03.17.17 at 12:13 am

#134 Damifino on 03.16.17 at 11:09 pm
* * *

An increase of x% is offset by a decrease of x/(1+x)
A decrease of y% is offset by an increase of y/(1-y)

So:
a gain of 100% (x=1) is offset by a loss of 50%
a gain of 50% (x=0.5) is offset by a loss of 33%

Here’s a fun diagram:
http://2.bp.blogspot.com/_i47TEqZoAbw/TVDJT9SQu6I/AAAAAAAAA3E/bv8CrffcPQc/s1600/Gains%2BNeeded%2Bto%2BOffset%2BLosses.jpg

#150 Deal with it folks on 03.17.17 at 12:21 am

Mary Le Pew will win France.

Wilders was a clown in his delivery. MLP is far more sophisticated and reasonable in her delivery.

But her term will be short and the greater trend is not her friend.

So traditional Europe is done regardless of an MLP victory or not. But then again who cares. Those European countries have been backstabbing each other for centuries so this migrant takeover is quite an interesting twist of destiny. Enjoy!

#151 cramar on 03.17.17 at 12:28 am

#59 I’m stupid on 03.16.17 at 7:52 pm

We’ll see how well taxing the rich works when Canada begins experiencing capital flight. I live in Toronto the wife and I make a bundle, we have 4 days off but can’t leave because of an appointment I have tomorrow. I have 5k in front of me and we’re bored.

What can we do for fun except go for dinner? This is not life, whats the point of having money to burn if there’s no fire? I got over buying sports cars along time ago (50km over the speed limit and the cars gone so what’s the point) I’ve played the WSOP and lost interest in gambling, shopping is a waste of time, so what else can I do in Toronto? Am I missing something? Toronto is, as it has always been, a working class city.

—————–

You are looking for fun, eh? Is that what you are living for? Yes you are missing something.

“The purpose of life is to matter, to count, to stand for something, to have it make some difference that we lived at all.
—Leo Rosten (1965)

Wise words! The challenge is, if you have money, use it to make a difference. Somewhere. Somehow.

#152 Liberals and CONservative are terrible on 03.17.17 at 12:37 am

LIberals went from CON lite to full blown CONservative. Will Canadians kick out these two anti Canadian parties who hate Canadians , Hate the middle class and only do the bidding or the corporate elite….i hate these two scum parties. http://www.zerohedge.com/news/2017-03-16/deported-mexicans-vow-flood-canada-immigrating-us-overnow-its-canadas-turn

#153 Nemptin on 03.17.17 at 12:49 am

The crusades were in response to barbaric advances of you know what,well I can’t say here that would be offensive.
Anyways Vancouver housing under a milion continues with bidding wars in the fraser valley

#154 RW_Z on 03.17.17 at 12:57 am

“It’s how we get despots and dictators, racism and sometimes genocide. – Garth”

Alternatively, this can be accomplished with ancient religion if the populism doesn’t work out.

#155 Future Expatriate on 03.17.17 at 1:31 am

There you go again…. when are you going to learn income redistribution beats guilllotines?

And don’t count on Trump being around even a year. Once intel is finished with the right and their love affair with Putin, we might even see a recall election.

And you know who will win that one.

#156 Lee on 03.17.17 at 1:53 am

#128 Pontius,

Gov’ts don’t care to pay off debt. They just need to service debt. Over time inflation eats into the capital and “viola”, debt starts to shrink on its own.

#157 millenial82 on 03.17.17 at 2:10 am

Wild Bill wants everyone to be like us for a reason. That would kill the incentive for those about to get whacked to get out of dodge.

#158 Blacksheep on 03.17.17 at 2:25 am

Ponzius # 140,

“128 Trojan House on 03.16.17 at 10:42 pm
I’m confused. Can someone tell me how the federal government will ever pay off $640 billion in debt?
Garth, perhaps you have an answer for this?”
——————
“Good question ?
But even a better one is:
How will the US pay off $ 20 trillion in debt?
Ok I get it. inflation will take care of it.
We are such idiots.”
———————
Neither country can be forced to default in their sovereigns currencies.

That and they have theoretical printing presses.

Check out MMT or Modern Money Theory and you’ll never sweat sovereign debts again. Stefani Kelton, university of Kansas is very good at explaining it.

#159 Contrary Canadian on 03.17.17 at 2:36 am

Hey Flop, everything ok? Haven’t seen a post from you for a while and hoping to see one soon. Maybe you’re all recovered and too busy?

#160 jane24 on 03.17.17 at 2:40 am

CHMC could take the RE market down in one stroke by simply declaring that the banks eat the first 25% of any insured RE loss. But they won’t do it. The don’t have the guts.

#161 Cheeky non-sequitur on 03.17.17 at 4:40 am

Cheeky Garth.

Are you the same person writing recently that wages have not kept up with inflation, thus, Canadians getting poorer?

-Canada’s top CEOs earn 193 times average worker’s salary in 2016 (in 1998 Canada’s top CEOs made 105 times – exponential growth was after 1995).

-Team “286,000” took home almost 33% of all growth in incomes from 1998 to 2007. In the 1950 and ’60s, the richest 1% of Canadians took only 8% of all income growth.

-NAFTA in effect 1994, China joins WTO in 2001 – Canadian manufacturing jobs plummet after this (16.35% loss per StatCan).

Take note of the inflection point years where income distribution went awry and coincidentally when Globalization, enabled via IT for money managers such as yourself and trade agreements, where freshly minted and in play.

Thus Transitivity still valid and your non-sequitur MIA.

#162 dr. talc on 03.17.17 at 6:08 am

Tribalism belongs in the history books,


Tribalism, clans, monarchies, religions ,and ‘the family’ are firewalls against all enemies, including tyranny.

That’s why they have been eliminated, infiltrated, ridiculed etc.

#163 larry navid on 03.17.17 at 6:35 am

“2 Big Banks sound the alarm on Toronto House Prices bubble”

Two big banks are waving red flags about Toronto housing prices, calling them “simply unsustainable” and a “bubble” in separate reports.
“It’s pretty much the best time to be selling a Toronto home in at least 30 years,” BMO economist Robert Kavcic said, noting that activity in neighbouring regions such as Guelph, Barrie, London and Windsor is even more feverish, with gains pushing 30 per cent. “Supply-side fundamentals have been left in the dust.”

http://www.cbc.ca/news/business/toronto-housing-bmo-td-1.4028032

#164 Ace Goodheart on 03.17.17 at 6:37 am

Re: #161 Cheeky non-sequitur on 03.17.17 at 4:40 am:

“-Canada’s top CEOs earn 193 times average worker’s salary in 2016 (in 1998 Canada’s top CEOs made 105 times – exponential growth was after 1995).

-Team “286,000” took home almost 33% of all growth in incomes from 1998 to 2007. In the 1950 and ’60s, the richest 1% of Canadians took only 8% of all income growth.”

Tax increases DO NOT effect the ultra wealthy, 1% of our population.

These people are effectively un-taxable.

Any attempt to increase the taxes paid by these people, will result in an unfair increase to the tax burden of the middle class, particularly people who either work and earn a salary, or retired people who earn their incomes from capital gains or dividends/distributions.

The 1% does not, and never will, pay its fair tax load. This is just the reality of the world we live in. These people can afford the best tax lawyers, they can move their money and themselves around the world at will, and they will not pay increased taxes which target them.

Ill-informed. The ultra-wealthy account of 0.001% of the population, not 1%. And the majority of them pay more tax than everyone living in most towns put together. — Garth

#165 Zed in Geneva on 03.17.17 at 7:45 am

I am in full favor to tax equally all profits, stocks/mutual funds and real estate.

Why would I as a renter with a diversified stock portfolio have to pay tax on my profits while people with real estate are being advantaged by not paying tax on their plus value? Both the renter and the homeowner are paying proprety taxes.

Inflation affects my bank stocks same as inflation brings up the value of real estate. The homeowner gains with inflation while the long term stockholder is penalized by it.

To help even out the field, give long term stockholders an inflation credit or tax homeowners for their gain.

#166 T. on 03.17.17 at 7:56 am

***And discrimination based on religion was what the Crusades were all about***

If you call a defensive action against a hostile invasion “discrimination”, then sure.

***(and almost every other war).***

You cannot possibly be serious. Was this post ghost-written?

Seems religion may have killed more people than it ever saved. — Garth

#167 BobC on 03.17.17 at 8:25 am

Reading what President Trump wants and what Canada already does makes me laugh at you Trump bashers.

http://www.dictionary.com/browse/hypocrite

http://www.zerohedge.com/news/2017-03-16/deported-mexicans-vow-flood-canada-immigrating-us-overnow-its-canadas-turn

#168 crowdedelevatorfartz on 03.17.17 at 8:26 am

@#45 greater good
“And, of course, stop bitching about Trudeau’s wealth redistribution plans. It is all for the greater good. …”
********************************************

ahhh yes.
Spoken by the truly financially illiterate.
Its all good until its YOUR turn to have your hard earned money taken from you.
I see the socialist mob is out in full force today.
And i thought the Full Moon was a few days ago.
Idiots and their ideas……

#169 Ace Goodheart on 03.17.17 at 8:34 am

“Ill-informed. The ultra-wealthy account of 0.001% of the population, not 1%. And the majority of them pay more tax than everyone living in most towns put together. — Garth”

Do you have any facts to back this up?

I have spent quite a bit of time studying tax law and the major amendments to the Income Tax Act have all been aimed at catching the ultra wealthy as they figure out new ways to get around paying tax (Part 4.1 tax, for example, closed a loop hole which allowed banks to pay no tax at all).

My understanding is the ultra wealthy do not need to pay tax, because they can choose certain things:

1. Where they live. They can live anywhere

2. Where they earn their money: they can earn it in “countries of convenience” or “tax haven countries”

These two choices are not available to the rest of us. We cannot choose where we live (for the most part we are prisoners of Nationality) and we cannot choose which country we earn our income in.

#170 crowdedelevatorfartz on 03.17.17 at 8:48 am

@#92 dontcallmeshirley CallmeJealous

“Back office SVP at a bank is a $400k gig + points, easy…that’s the floor. Bond traders get a multiple of this.

Sorry, most of these folks are replaceable, right up to CEO. Luck is a huge component of them getting these roles….”
*******************************************

Thou doth protesteth too much.
Methinks thou art jealous of thy bankers wages.
Perhaps thou should go back to school or marry thy rich banker and relax.

#171 Berniebee on 03.17.17 at 8:56 am

The feds SHOULD tax ANY primary residence real estate profits beyond a fair allowance for inflation. (Yes, including mine.)
And non primary residence capital gains should be taxed like regular income. No deductions for expenses.

Anyone here agree that a capital gain of 20% in one year should be tax free? (iE: Toronto’s real estate.)
Taxing gains would tamp down speculation and help make shelter just that, a place to live.
It would encourage people to invest in a real business vs buying an empty condo.

The tax could be introduced on a gradual basis, ramped up over a number of years. This would slowly wring out speculation and allow the wrinklies to get out now, if they wished.

#172 Tudval on 03.17.17 at 9:24 am

When you say “Toronto’s out of control” do you mean it should be under someone’s control? Seems like a widespread idea these days.. perhaps you think Wynne or Tory know better what the prices should be than the tens of thousands of buyers spending their own money…

Speaking of Tory, he’s been on a trip to promote Toronto to foreign investors in Asia and you think Wynne will bring in a foreign buyer’s tax, basically rendering his efforts meaningless? That kind of unilateral heavy handed unilateral action would spark some crazy fireworks for the 2018 elections.

#173 Leo Trollstoy on 03.17.17 at 9:44 am

my tea leaves tell me the USA will fall into a recession coupled with a rapidly rising unemployment rate after about two more years or so of slowly declining unemployment numbers

Rule of thumb. People who make “two year” predictions don’t know what they’re talking about. Just like I said before.

#174 A Reply to #165 Zed in Geneva on 03.17.17 at 9:50 am

No one gains from inflation, except for borrowers. Inflation does not add value; it cuts into your purchasing power.

It seems that money illusion is alive and well in Geneva.

#175 NoName on 03.17.17 at 10:28 am

there is one good thing working a graveyard shift on the st. Patrick’s Day, you can start celebrating as early as 8am. Drinking Guinness on St. Patrick’s Day is for amateurs. Binge drinking early in the morning so underrated.

http://imgur.com/NNqUBto

#176 JimH on 03.17.17 at 10:37 am

#157 Blacksheep on 03.17.17 at 2:25 am
in response to Ponzius # 140, and # 128 Trojan House on 03.16.17 at 10:42 pm
Their questions were: “…Can someone tell me how the federal government will ever pay off $640 billion in debt?… and “…How will the US pay off $ 20 trillion in debt?…”
================
and your response:
“Neither country can be forced to default in their sovereign currencies.
That and they have theoretical printing presses.
Check out MMT or Modern Money Theory and you’ll never sweat sovereign debts again. Stefani Kelton, university of Kansas is very good at explaining it.”
==============================
BTW, I believe Ms. Kelton teaches at the University of Missouri (KC).

The whole question of sovereign debt on the part of a currency issuer is a curious one and you are right to point out how it is grossly misunderstood… along with the notion that like my debt and your debt it somehow should be expected to be paid back! It never has been and never will be.

You are almost 100% correct that a currency issuer like the USA cannot be ‘forced’ to default… BUT; the USA must, however, continue to find willing holders of its liabilities! So far, there is still great demand for both the US greenback and for US debt.

I wish you hadn’t mentioned printing presses, but you did; the only restraint in that area is inflation (all too hastily predicted but unseen to date).

Besides, that’s not where money comes from anyway, as John Kenneth Galbraith struggled to inform us years ago: “The process by which banks create money is so simple the mind is repelled.”

Cheers!

#177 BobC on 03.17.17 at 10:47 am

#169 Ace goodheart

Why not? What stops you from changing and do what the rich does. Don’t want the risk? The risk is where the reward is.
You guys spend so much energy on how to raise taxes on other people it’s frightening. Why not focus on reducing spending and lowering taxes?

#178 Oot d'house on 03.17.17 at 10:54 am

The purpose of life is to get the Holy Spirit, not just to matter and count.

Garth is ineffective, (I now think so), because he is irreligious and secularist, and has no Holy Spirit, typical of the modern mindset. You lost to Trudeau-Morneau with ineffective policy quibbles, same as Stephen Harper; no Holy Spirit substance.

The mass murderers were atheist communists: USSR communists, NAZI socialist humanists, Chinese atheist communists, Khmer Rouge communist atheists, French Revolution Jacobin communist anti-Catholic-anti-Christian.

#179 KLNR on 03.17.17 at 11:11 am

Folks need to stop quoting zerohedge.
thats almost as bad as quoting infowars

#180 Damifino on 03.17.17 at 11:12 am

#146 A Reply to #134 Damifino
#148 dumpster fire

Thanks for the clarifications. When tossing about formulas it’s important to define the exact meaning of the variables used. In this case “x” is a the fractional version of the percentage by which the value rose.

Thus, if a house went up by 75%, then X = 0.75. I know that may seem obvious, but when you say:

“If the house price goes up 1/x, it only has to drop 1/(x+1) to break even”

Well, the price doesn’t really “go up 1/x” as literally stated but actually by ‘x percent’ which must then be converted to a fraction for use in the formula by dividing by 100.

And thanks ‘dumpster fire’ for the graph. It shows at a glance how poor the chances are of recouping losses once they’ve fallen by more than 20% or so (as anyone that’s ridden a stock down to zero can attest, as I once did with Group Telecom, in the early 2000’s )

#181 SocialismDoesNotWork on 03.17.17 at 11:17 am

This government is getting closer to the socialism ideas.

One day we might find correct to storm the rich houses without any paper written and leave them with one air conditioner instead of 4, the justification will be that the other 3 are needed for the poor.

Also if you want to leave the country to live somewhere else you have to report it one year in advance, you are gonna pass the inspection that will count the spoons, forks and lamps available in your house and they should be there by the date you will leave because we need every single item for the poor.

It does not work, believe me, I know it for a fact, that’s why I write in this blog from Canada today.

#182 Bytor the Snow Dog on 03.17.17 at 11:19 am

@Cdn Mom- Preach it girl! And while we’re at it, no more funding for feminism or feminist causes! No more funding for child care! No more funding for any identity political groups!

Or does it depend on whose ox is gored?

@Bob dog- I always get a chuckle out of one who calls another an idiot by typing in “your” an idiot.

Carry on with your bad self.

#183 Bytor the Snow Dog on 03.17.17 at 11:20 am

Garth sez: “Seems religion may have killed more people than it ever saved.”

No wonder I luv u so much.

#184 you don't say on 03.17.17 at 11:22 am

Seems religion may have killed more people than it ever saved. — Garth

And alcohol helped create more people than it ever killed.

#185 traderJim on 03.17.17 at 11:27 am

Very few modern politicians are not populists, at least in speech. They just parrot what they think people want to hear, so that they will get elected.

After that they figure they can do whatever they want, or whatever their biggest campaign donors demand.

Populism by definition is never going away, unfortunately. The populations ideas may change, but there will always be a politician paying lip service to them.

Which is why a Constitutional Republic is the best form of government. As long as the Constitution is a good one, like the USA’s, and as long as it is respected, then no one leader can do too much harm.

Now, the anti-Constitutionalists in the USA are all on the left, so what does that tell you?

You know, the ones who think free speech is great, as long as they agree with everything you say.

Same people who think no one should have a gun, but who now call for the assassination of the President, and/or a military coup.

Hypocrisy is acceptable to this group since reason and logic have long ago been given the heave ho in favour of ‘feelings’.

Those folks are far more dangerous than run of the mill populists.

#186 Ponzius Pilatus on 03.17.17 at 11:30 am

#149
So traditional Europe is done regardless of an MLP victory or not. But then again who cares. Those European countries have been backstabbing each other for centuries so this migrant takeover is quite an interesting twist of destiny. Enjoy!
——————-
Some countries should have never been admitted into the EU. However, I have a much more optimistic view about the future of Europe lead by Germany.
Ironically, Trump is making Europe great again.

#187 YVR on 03.17.17 at 11:35 am

DELETED

#188 tree on 03.17.17 at 11:38 am

#168 crowdedelevatorfartz on 03.17.17 at 8:26 am

@#45 greater good
“And, of course, stop bitching about Trudeau’s wealth redistribution plans. It is all for the greater good. …”
********************************************

ahhh yes.
Spoken by the truly financially illiterate.
Its all good until its YOUR turn to have your hard earned money taken from you.
I see the socialist mob is out in full force today.
And i thought the Full Moon was a few days ago.
Idiots and their ideas……

You did not catch the sarcasm.

It seems to me that the entire comment is about “scaling up” Garth’s praising of the globalist view that “billions of citizens in developing nations have benefited mightily from the freer movement of goods and people”.

The comment points out that it is at the expense of the hard earned money of the tax payer individuals in developed nations, in the name of the “greater good”, the ideological promise of globalism, which if you look at scaled up, is nothing else but as you say, a socialist mob idea.

It makes you wonder if the scaled down version of the same view is equally lunatic, just not that obvious.

#189 traderJim on 03.17.17 at 11:38 am

It’s hard to avoid hyperbole and over-simplification online, but now that the ‘Trump is literally Hitler’ hysteria seems to be waning, maybe we can discuss what he’s really about.

Trump has stated repeatedly he is in favour of free trade. But free trade does not exist, what exists are a lot of trade agreements that have been badly negotiated, and he would like to renegotiate them with better terms for the USA.

Who can argue with that?

Of course he always starts with an outrageous first proposal, and negotiates from there. Why this tactic which he has written books about and advertised widely still surprises some people makes me wonder about their comprehension abilities, or honesty.

When Trump re-negotiates NAFTA with slightly better terms for the USA, but nothing devastating for Canada or Mexico, the msm will scream: ‘Trump backs down again!!!’

So what, nobody listens to them anymore.

The fact is, deals will get done, and people will see the difference between a businessman who actually thinks positively and gets things done, vs the typical Obama ‘he doesn’t have a magic wand’ “there’s nothing anyone can do’ negativity and inaction.

There are still a lot of Americans who believe in hard work and achievement, and they will vote for Trump every chance they get.

And if/when the Dems win again some day, these same people will sigh, and instead of rioting and tearing their hair out, they will quietly get up to go to work in the morning, as they always do.

#190 Ponzius Pilatus on 03.17.17 at 11:42 am

Ill-informed. The ultra-wealthy account of 0.001% of the population, not 1%. And the majority of them pay more tax than everyone living in most towns put together. — Garth
————————-
True statement.
But what a dismal comment about Canada’s societal divide.
Can’t end well.

#191 James on 03.17.17 at 11:44 am

Wow Donald J Trumps words are catching up with him “Bigly” This guy is the absolute largest piece of #$% that the world has ever seen. What a goof!
Garth should I return the rifle but keep the ammo?

http://www.telegraph.co.uk/news/2017/03/17/us-makes-formal-apology-britain-white-house-accuses-gchq-wiretapping/

#192 Ponzius Pilatus on 03.17.17 at 11:51 am

Seems religion may have killed more people than it ever saved. — Garth.
—————-
Great quote!
Would make great bumper sticker.
Or maybe not. Many zealots out there.

#193 Ponzius Pilatus on 03.17.17 at 11:54 am

Regarding Fiat money.
Looks like many dogs believe that the US Treasury has acquired the Midas touch.

#194 IHCTD9 on 03.17.17 at 12:01 pm

#25 acdel on 03.16.17 at 7:04 pm
As an Albertan, the province’s debt will hit $71.12-billion in fiscal 2019-20, I feel sick to my stomach, I have no words.

http://www.theglobeandmail.com/news/alberta/alberta-plans-to-double-debt-with-budget-that-bets-on-oil-rebound/article34329771/
__________________________________

Welcome,

Here in Ontario our debt is currently a sphincter expanding 300 Billion. While our giggling Liberal politicians power-sprayed cash all over the place – the Citizenry watched its income, and standard of living go down instead of up.

Ontario voters – with the cerebral fortitude of a wild parsnip – likely will not learn a thing until the rug is pulled from under their feet. They’ll need a solid front kick to the face before snapping out of it. We’re out of time but, alas – neurons fire slow when encased in a matrix of metamorphic rock.

If the NDP gets another round in Alberta, I suggest an offshore bank account in Panama, and a chastity belt worn backwards.

#195 Tudval on 03.17.17 at 12:16 pm

New generations complaining about the government debt it’s like children complaining the house they inherit is mortgaged.

#196 Penny Henny on 03.17.17 at 1:06 pm

#131 Sir James on 03.16.17 at 10:52 pm
Hey Smoky!

You got friends, …
If your ever in the Welland area we have a Johny’s here too, King St S. Drop me a line and I’ll meet you there.
The grass is green here!
————————————————
The grass might be green but right now it’s sitting under a foot and a half of snow.
King St S, you talking about the Rex?
Awesome pizza

#197 jess on 03.17.17 at 1:10 pm

tax then spend or spend then tax ?

Why bother with the tax gap? An introduction to modern taxation theory (16 Mar 2017)
https://www.city.ac.uk/__data/assets/pdf_file/0007/348856/CITYPERC-WPS-201704.pdf

Stiglitz: US will have a ‘tax avoider-in-chief’ in White House

Countries that encourage tax evasion should miss out on free trade agreements and access to banking, according to economist Joseph Stiglitz who urged Europe to take the lead in fighting tax dodgers in the wake of Donald Trump’s victory in the United States. EURACTIV Germany reports.

Countries that encourage tax evasion should miss out on free trade agreements and access to banking, according to economist Joseph Stiglitz who urged Europe to take the lead in fighting tax dodgers in the wake of Donald Trump’s victory in the United States. EURACTIV Germany reports.

“Secrecy is part of the darker side of globalisation, from hiding money and money laundering to tax evasion, it all undermines the functioning of our societies,” insisted Nobel Laureate Stiglitz on Wednesday (16 November) in the European Parliament, demanding a redesign of the current international tax system, as well as calling for changes to the EU itself.

“If we cannot tame globalisation, then there will be a wave of anti-globalisation,” warned Stiglitz in front of a European Parliament inquiry committee on the Panama tax evasion scandal (PANA).

In face of tax evasion, the economics Nobel laureate called for a “zero-tolerance” approach, and outlined how this could actually work. Firstly, uncooperative countries could be blocked from participating in free trade agreements (FTA), through the addition of minimum transparency requirements in new deals.

#198 IHCTD9 on 03.17.17 at 1:30 pm

#180 Tudval on 03.17.17 at 12:16 pm
New generations complaining about the government debt it’s like children complaining the house they inherit is mortgaged.
______________________________

Not quite – kids pay of the mortgage and now own it. Then they can sell it to turn it into cash witch then can be used for whatever they want.

Government debt never gets paid off, and the kids get to service it. That servicing cost always goes up, the payments themselves have no end, there will not be any prize in return for the payments (grandpa got those), and there is nothing to sell in order to recoup your payments anywhere along the line.

#199 common sense on 03.17.17 at 1:37 pm

With the religion response…I always knew Mr. T was a big Bruce Cockburn fan….

listen to the lyrics from the song “Justice”

https://www.youtube.com/watch?v=b9uBiXTlIMg

#200 A Reply to #179 Damifino on 03.17.17 at 1:43 pm

I’m pretty sure I did chortle this time.

The formula is designed for fractions, but you can still use it with percentages.

Here’s the formula: If the house price goes up 1/x, it only has to drop 1/(x+1) to break even.

For a 50% rise, let x = 2; for a 25% rise, let x = 4; for a 20% rise, let x = 5; and so on.

In your last post, you asked about a 75% rise; in this case, let x = 4/3. Thus the drop is 1/(4/3+1) = 3/7 = 42.86%.

#201 Blacksheep on 03.17.17 at 1:49 pm

JimH # 176,

“I wish you hadn’t mentioned printing presses, but you did; the only restraint in that area is inflation (all too hastily predicted but unseen to date).”
———————————————-
Forget the ‘printing press’ reference, as I was never a fan of it’s over simplification of the process. I was being lazy and used the term as a way to convey, in plain language to the Dogs, if debts are owed in sovereign $ units, a cheque can be stroked at any time to clear said debt.

Will there be inflationary (as you mentioned) and other consequences, of course, but the debt will be cleared = zero possibility of forced default. Of course parties can decide to reject sovereign debt to begin with, but that’s a whole other convo.

The point was, there is a drastic difference between my/your household / Greece (like us) and a sovereign in control (Can/US).

The masses are lied to, told we are the same by ‘leaders’ to justify taxation at the extreme, when if they understood MMT and realized taxation is largely for perception / demand maintenance, to keep the balls in the air, they would not be very happy. This is why they obsess over national debts.

You must relitively new here or you would have witnessed my epic battles Shawn of the Banks over money creation. I must have supplied this BoE pdf half a dozen times over the years as certain parties revel in repeatedly misleading the Dogs. I’m happy to say Shawn eventually accepted the reality of the document below, but only after being cornered.

http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf

The Stef K. ref of ‘Kansas’ was from (KC) can’t trust the memory any more.

I used to be a gold bug until I got my around MMT and found peace.

#202 Penny Henny on 03.17.17 at 2:06 pm

Hey Shrtymac.

Here is a place to rent.

https://www.realtor.ca/Residential/Single-Family/17910051/39-BRIDGETOWN-Drive-Toronto-Ontario-M9C2P5-Etobicoke-West-Mall

for those that want to compare rent to price stat.
House is renting for $1990 and it just sold two months ago for $921,800.
Who knows there might be a bidding war on this rental.

#203 Eks dee Sipal on 03.17.17 at 2:12 pm

So, here’s a curiosity: Marc Garneau, former astronaut, gets into politics at the start of this decade, in posh Westmount. Why?

John Andrew Koskinen, head of the IRS, is a phony. He is played by the same actor that plays celebrity astronaut John Herschel Glenn Jr. Incidentally, Koskinen is currently the target of impeachment for high crimes and misdemeanors. Look at the wife for confirmation: Patricia Salz and Annie Glenn, same woman.

#204 Ace Goodheart on 03.17.17 at 2:52 pm

#177 BobC on 03.17.17 at 10:47 am
#169 Ace goodheart

“Why not? What stops you from changing and do what the rich does. Don’t want the risk? The risk is where the reward is.
You guys spend so much energy on how to raise taxes on other people it’s frightening. Why not focus on reducing spending and lowering taxes?”

You’re preaching to the choir. I totally agree with you.

My concern is that T2 and his gang of pot smoking party folks are going to tax the crap out of the hard working middle class, and redistribute the money to those “in need”.

My concern is that those “in need” is a questionable concept. We already have in place mechanisms for supporting the truly needy, such as disability pensions and the like. I would be fully in support of expansion of these programs, if the money being given to these truly needy people is not sufficient.

What I worry about, is that the “guaranteed income” folks are not people who necessarily fall into the category of people who would qualify for disability support. So it kind of makes me wonder, why are they not working? That question really needs to be answered, before we start providing everyone who asks, with a guaranteed monthly income.

I mean, in places like Saudi Arabia or Dubai, where there is money flowing out of the ground all the time and there is tons of it to throw around, then sure, guarantee everyone an income. It’s only fair. It’s free money.

But we are not like that. Any money the government gives away, comes from other people (usually middle class people) working and paying taxes. So why are we collecting cash from people with jobs, and then transferring it to other people? We need to look a little closer at whom is on the receiving end.

#205 Tony on 03.17.17 at 2:53 pm

The foreigner buyers tax and rise in capital gains tax will put an end to the Toronto housing market forever. I’ve been reading all the stuff on youtube and no one agrees with you.

#206 acdel on 03.17.17 at 2:54 pm

#193 IHCTD9

Yeah I know, it is absolutely criminal on what is happening in this country. You’re right, and I have been looking into it, not much choice but to do so legally that is.

I feel sorry for the up and coming generation.

#207 YVR on 03.17.17 at 3:01 pm

Foreign Buyers tax lifted in Vancouver!!

Prices going to shoot to the moon in a very short time. Umm yeah, foreign buyers are an insignificant factor. :)

#208 Vancouver Dudes on 03.17.17 at 3:20 pm

#189 Ponzius Pilatus on 03.17.17 at 11:42 am
Ill-informed. The ultra-wealthy account of 0.001% of the population, not 1%. And the majority of them pay more tax than everyone living in most towns put together. — Garth
————————-
True statement.
But what a dismal comment about Canada’s societal divide.
Can’t end well.

@@@@@@@@@@@@@@@@@@@@@@@@@@@@@

You forgot about a great cultural divide.
And no,i’m not a racist.

#209 Mark on 03.17.17 at 3:23 pm

“CHMC could take the RE market down in one stroke by simply declaring that the banks eat the first 25% of any insured RE loss. But they won’t do it. The don’t have the guts.”

True. But the CMHC would also be self-incinerating themselves as insurance claims would accelerate dramatically. In fact, the entire Canadian market would enter a systemic meltdown and the banks, as well as the federal government would be a giant smoking hole in the ground in terms of their balance sheets.

That’s why Flaherty, and now his successors, were trying to achieve a controlled demolition of the Canadian housing market. And for the most part, they were successful with Canadian housing peaking in 2013. “gains” since then being mostly sales-mix-change driven, not actual gains on individual identical properties.

#210 The Technical Analyst, CSTA, CPD on 03.17.17 at 3:28 pm

Holland votes

So, Garth, you prefer extreme leftist party then that won the vote in Holland?

For those in Canada who do not know what extreme leftist is, think T2+ mixed with NDP and a little green party.

I’m sure uber-tax the rich will go well for investment, jobs, attracting successful workers and trade.

Odd times.

#211 jess on 03.17.17 at 3:34 pm

Trump spent much of 2016 bashing the chancellor, accusing her of “ruining” Germany for allowing an influx of refugees from Syria.

“You watch what happens to Angela Merkel, who I always thought of as a very good leader until she did this. I don’t know what went wrong with her,” said then-candidate Trump at an August rally in Virginia. “What went wrong? Angela, what happened?”

Fertility rate in Germany rises to 33-year high

In 2015 the fertility rate was 1.5 children per woman, in a sign a corner has been turned after years of declining births
In 2015 the fertility rate in Germany was 1.5 children per woman – 56 newborns per 1,000 women more than in the previous year. The last time authorities recorded a similar rate was in 1982.

No country in the world has had as prolonged a period of sub-1.5 fertility rates as Germany – a trend that dates back to 1975 in the former west of the country. In the old east, birthrates dropped off a cliff after reunification in the 1990s, leading to Germany being nicknamed “the land without children”.
https://www.theguardian.com/world/2016/oct/17/fertility-rate-germany-rises-33-year-high-births-children-population
========================
And will we ever reach a point where there are more alive than dead?
Do the dead outnumber the living?
By Wesley Stephenson BBC News
4 February 2012
http://www.bbc.com/news/magazine-16870579
====
June 16, 2016
Guest blog post by Bart Somers, Vice-President of the ALDE Group in the European Committee of the Regions (CoR) and Mayor of Mechelen.
…”Every one of us has multiple identities. That of a father, sister, student, Muslim, European,… The core task of a city lies in creating a common denominator, an identity in which every citizen feels at home, and connected. For this, we need an open identity; a city that has the trust of its inhabitants. That mutual trust doesn’t come from living segregated from one another. It is by living with each other that instead of an individual a group appears. The “ghettoization” of certain neighborhoods does not only contribute to a feeling of lawlessness, but also of disavowal. When grey zones arise, neighborhoods where the rule of law doesn’t apply anymore, that are going down the hill and where drug dealers rule, a sub-society is created which forms the ideal recruitment base for an anti-policy. That is why an urban policy also has to deliver security and protect the weakest, while at the same time investing in livable housing, a qualitative open space, good schools, jobs,… in these neighbourhoods”…
https://guests.blogactiv.eu/2016/06/16/combatting-radicalisation-how-local-authorities-can-play-a-crucial-role/

#212 The Technical Analyst, CSTA, CPD on 03.17.17 at 3:38 pm

…to follow up:

To T2 (and others) who think taxing the rich is the solution. It’s not. The rich pay more in taxes, they invest (take risks) in the economy jobs to grow it, they give large sums to charities.

Go ahead and tax them. The money will go into other markets, other counties and they will slowly move away; leaving Canada poorer.

Myself, like Garth had done himself, have already started shifting our portfolio asset percentages out of Canada and into other countries.

The money is already leaving Canada.

Canada is my home, my country; I even served in the Canadian Armed Forces, but I won’t support this unfair “tax the successful” nonsense. It will only turn Canada into Bolshevik Russia. And if you don’t know how that turned out, Google it.

#213 Deplorable Dude on 03.17.17 at 3:52 pm

So whats the opposite of Populism?

…….Elitism……Oligarchy…??

#214 PokerCat on 03.17.17 at 3:54 pm

#128 Trojan House on 03.16.17 at 10:42 pm
I’m confused. Can someone tell me how the federal government will ever pay off $640 billion in debt?

Garth, perhaps you have an answer for this?

—–
Seriously?! It’s government debt, not a credit card bill. The government decides when and if they pay it off, only subject to “confidence” of the bond market. And government pays “interest” on that debt with “dollars” that they print.

It’s not as if we need to have Gail Vaz-Oxlade to show up to Parliament Hill with massive jars to balance the public accounts, and come up with a payment plan…

(Although I think that’d be pretty funny!)

#215 Mitch on 03.17.17 at 4:45 pm

I don’t feel the average 1%er is working as hard as the people they employ. The people behind them, the real reason for their wealth.

In a world where people are opting out of having children because a couple can barely afford a 1 bedroom apartment. Something isn’t right. I don’t think higher taxes will help. I’m sure the rich will find a way to weasel their money away still or take it out on the poor if the government can’t.

#216 fancy_pants on 03.17.17 at 4:47 pm

RE will collapse or fall hard in other areas as well but when it does I think everything will hit the fan blades including stock markets. The debt levels at all levels personal and govt are just too high. We are running on a model that requires debt to continue to grow.
Venezuela woes will slowly expand to g20 nations. WE are all on a globAl ecenomic ship that is sinking.

Ps. Hard work is for losers. Govt tells me so

#217 Damifino on 03.17.17 at 5:01 pm

#199 A Reply to #179 Damifino

Thanks. I agree… you are 100% correct.

Had you added that example the first time around, I (and perhaps others) would have been less confused and perhaps less likely to have stirred the pot, thus making myself seem a mathematical cripple in the process.

#218 BC BOY on 03.17.17 at 5:02 pm

I can’t believe Canada is going to become more socialist than China with its tax policies. We will end up paying less tax on dividends and capital gains in China.

#219 Young FrankNBoigaz on 03.17.17 at 5:13 pm

The Dutch should have elected Gene Wilder instead…..the fact that he’s dead should not matter. His outstanding performance in Young Frankenstein is qualification enough whether or not his heart is beating.

#220 awshux on 03.17.17 at 6:04 pm

#100 Wrk.dover on 03.16.17 at 9:34 pm

I am the only one that knows Garth is moving to Monterey Mexico”

Best watch “Sicario” first before settlin’ in!

#221 Entrepreneur on 03.17.17 at 6:10 pm

Your last paragraph/sentence #193 IHCTD9 doesn’t make sense. You talk about how the Liberals in Ontario are ruining the province but then jump to how bad NDP is in Alberta with a single sentence.

Good observation/knowledge #29 Nonplused on the difference on “economic migrants go where the money is” and the real lost refugees. I have trouble when these asylum refugees coming over the border from the US, big bad U.S.A., as if. I think a question mark there and really? Heard on P&P with Stockwell Day say that is a grey area.

A lot of good comments on free trade and globalization on why it is not working for the people in that nation and #196 jess mentions the “Secrecy is part of darker side of globalisation from hiding money, money laundering, tax evasion” and yes the middle class is on the endangered list, just not acknowledged yet.

So Mark #34 you stated back and forth how the Liberals and the Conservatives more or less the same. So don’t vote Liberals, don’t vote Conservative?

#222 Oakville Owner on 03.17.17 at 6:12 pm

Any 1 %er that is afraid of the budget or pays too much tax needs a better financial adviser…and for all those 1%er’s that can’t wait to move to Trumpland and go for a stroll with your dog…the homeowner that gets upset when Fido pees on his lawn just might use his constitutional right to bear arms…But that’s ok, the U.S. has a much cheaper health system than us …right?
……………………………………………………………………………..

I would have to disagree with you regarding the financial advisor. Already with a competent 1% fee based firm! Hard to pay your lowest possible fair share when it’s all earned as income, bonus and stock options! As for the southern right to bear arms I’m ok with the risk and have been very well trained to date to handle myself in that situation. As for health care any opportunity to go would include health insurance. Don’t kid yourself. Health care is not free in this country. Paid for many times over by multiple levels of tax, including each bottle purchased at your local LCBO.

#223 conan on 03.17.17 at 6:41 pm

Re:#220 Young FrankNBoigaz on 03.17.17 at 5:13 pm

No doubt, serious talent.

https://www.youtube.com/watch?v=LB_aegewceU

Too bad he is dead, onto bigger and better, things I hope.

https://www.youtube.com/watch?v=hHO4j32IF-Q

#224 Better things on 03.17.17 at 8:43 pm

So Trudeau is going to get rid of the Capital Gains exemption for people’s principal residences ? That’s going to add one heck of a lot of tax revenue to the tax coffers !!!

#225 meslippery on 03.17.17 at 10:47 pm

Ill-informed. The ultra-wealthy account of 0.001% of the population, not 1%. And the majority of them pay more tax than everyone living in most towns put together. — Garth

Again only they can afford to pay tax cause they pay
very low wages due to free trade.

#226 meslippery on 03.18.17 at 12:36 am

So if you make $1,000,000.00

And only keep $ 450, 000. 00 in your pocket.
$8700.00 per week cash in your jeans per week.
Whats on your mind ?? cut every ones pay.