The rich & the rest

TOGETHER modified

During the weekend political slugfest on this pathetic apolitical, slightly horny blog, an interesting divide emerged. Yes, it’s all about money. While over 500 comments were offered, fewer than a dozen didn’t make the cut, mostly because they irritated me. Here’s one of the few:

People should read Garth Turner understanding that he’s part of that 1% Trudeau wants to tax. He’s far from impartial. Maybe to him, gifts to the rich like unlimited TFSAs, income splitting, and rock bottom corporate taxes are very important. But they are not important to the average Canadian, who doesn’t benefit from these things in the slightest.

The Liberal and NDP platforms are both variations of the same sensible thing: we are going to take back these reckless, uncosted, tax giveaways made for short term political expediency, and in their place actually build something useful for the future. The parties differ on what they consider useful, which is a choice to be made.

Or you can choose to hunker down in your basement, clutching your cash, and watch the country crumble. But hey, you got that tax cut…

As you’d expect, I disagree. Rich people usually get that way because they work harder, think smarter, are employers rather than employees, innovate or embrace a profession society rewards. Sure, some are tools who inherited money, but we don’t seem to have a lot of those. In fact, we don’t have that many wealthy people. Period.

So saying everything will be cool if we just “tax the rich” is appealing. Just like “tax the corporations” sounds like we’re jackbooting GM, Suncor, RBC or other faceless conglomerates who have CEOs with trophy wives and shiny jets. The Libs and Dippers are going down this road, as you know, and likely finding a lot of traction as they do. You can see from the language above – calling TFSAs or income-splitting “gifts to the rich” and “reckless, uncosted tax giveaways” that this election is turning into a class war.

No wonder. Trudeau and Mulcair are working hard at it. The Liberals’ first plank is to raise taxes on those making $200,000 or over, and the NDP is funding their massive new spending program entirely with higher corporate revenues. Meanwhile both leaders are less than saintly when it comes to contributing their own fair share.

Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income. By doing so he reduced the tax payable by about half. Mr. Mulcair has been a professional politician for many years, collecting a public pension as a former Quebec member and cabinet minister, as well as pocketing $233,247 in taxpayer money as leader of the opposition. He also gets to live in a mansion in Ottawa, for free, called Stornoway. I’ve been inside it several times. Gorgeous. Here it is:

STORN

So, clearly, both of these guys are wealthy by Canadian standards. Yet neither has led by example. Now they’re both campaigning for more taxes on other Canadians, more public spending, more deficits (in the case of the Liberals) and way more government. For Stephen Harper’s part, his record also sucks – almost eight years of deficits, $170 billion more in public debt, an active role in creating unaffordable house prices and a recession. He earns $327,400 as prime minister and calls 24 Sussex Drive home. Also free. I’ve been there, too. Very cool.

Hard to say who’ll be living behind the black fence after October 19th, but there’s a good chance movers will be involved, based on current polling. So this might be a good time to determine if you’re one of the ‘rich’ people that will be in the crosshairs. I might add that my Dipper friends also tell me the NDP would like to introduce a wealth tax if given a majority mandate, plus partially eliminate the capital gains tax break. Maybe they’re just wishing. Beats me.

Anyway, there are two traditional definitions of rich: what you earn and what you have. First, the top 1% of Canadians – only about 312,000 people (a third of them doctors) – have incomes of $200,000 or more. Tax the rich so that the other 34,800,000 people get more? Are we as dumb as Mr. Trudeau believes? Apparently.

As for wealth, “high net worth” means $1 million or more in liquid assets, not including a house. There are 298,000 people in this category, or less than 1%. There’d be a lot more if we could replace house porn with common sense. But in this election all parties have decided the real estate bubble needs to stay dangerously inflated.

Well, there you have it. The vote that’s all about loaves and fishes, in which people are being told a handful can suffer so the multitudes may prosper, championed by two members of the 1% who live on public incomes. At least we dig irony.

Sadly in all of this, most people will lose. TFSA contribution limits pose an important escape hatch from being dependent on a fully-taxable pension – if you’re lucky enough to get one. Income-splitting slightly levels the playing field between families, where one spouse chooses to stay home with kids. Corporate tax rates are no gift to the elite, but ensure in a competitive world that Canada gets its fair share of capital and precious jobs.

One of the first things I was told, upon entering politics, became the most profound. “Just stand up and speak passionately about ‘us’ and ‘them’,” my mentor said. “They buy it every time.”

272 comments ↓

#1 TurnerNation on 09.20.15 at 6:20 pm

500th? ;-)

Again as mentioned the Toronto housing bubble will not abate until such time as “Gartho” finally gets together with Smoking man for that beer at South Side Johnny’s.

Which reminds me of this Saturday night live skit:

https://en.wikipedia.org/wiki/Weekend_Update

[Running gags] during Macdonald’s run was Joe Blow (played by Colin Quinn), a blue-collar guy who would rant about things that bother him. He would often make Macdonald uncomfortable and always ask when they were “gonna go for a beer together”, to which Macdonald would always end up turning him down.

– For the horsey set:

http://www.postcity.com/Eat-Shop-Do/Shop/September-2015/Real-Estate-We-check-in-with-our-expert-panel-for-a-fall-update-on-the-Toronto-housing-market/

Real Estate: We check in with our expert panel for a fall update on the Toronto housing market
Brad Lamb, Elise Kalles, Sherry Cooper, Barry Cohen and Karen Stintz sort through the numbers and news on a potential recession to help discern what’s on the horizon for your most important asset

#2 FutureMP on 09.20.15 at 6:32 pm

It’s the economy stupid. Lowering taxes on the middle class and closing the gap between the rich and poor are what creates balance in an economy. The pareto principal (80/20 rule) at it’s greatest exists right now. The status quo is completely favoured and the economy will enter a great depression if this isn’t corrected. Remember the Roaring 20’s?

#3 Randy on 09.20.15 at 6:35 pm

Tax all properties…It’s that simple.

#4 David on 09.20.15 at 6:36 pm

If the capital gains tax break is reduced or eliminated, the change will have to be brought in on a specific date. Watch for a tsunami of equity selling in the lead up to that date.

#5 mitzerboy aka queencity kid on 09.20.15 at 6:36 pm

I got brothers and friends that are hab fans ….

they are always sayin…..we….us…. them….. when they are watching a game

I have to remind them I am not a hab fan

#6 Senta on 09.20.15 at 6:38 pm

I hear ya Garth and wish the pickin’s were better but I just don’t want a fascist in 24 Sussex.

#7 rainclouds on 09.20.15 at 6:40 pm

I also remember another professional politician from YeeHaw City prattling about about transparency, grassroots inclusion, balanced budgets, deficits/debts bad, eliminate patronage, Yada Yada……………irony indeed

#8 Taxed to the Max on 09.20.15 at 6:41 pm

At what point do we see a tax revolt in this country?
We pay and pay and pay. Enough already!? It’s time for a good old fashioned tax revolt.

p.s. Thanks Garth for enlightening us every day!

#9 Love my Kia on 09.20.15 at 6:42 pm

At the college I work at the student union is having a ‘Pizza and Politics’ event where local candidates can be questioned by starving students. Friday was the local Liberal candidates were taking questions from very politically engaged students which was nice to see. C51 dominated the chatter. I observed that these students are not idiots and definitely care about what is happening in the world, it reaffirmed my faith in humanity.

Tuesday’s ‘Pizza and Politics’ will be the local Conservatives taking questions. I have a good hunch that the free pizza being provided will not be consumed as opposed to being worn by the candidates. Since students generally don’t vote Conserative, I for one will be rescheduling my lunch to witness this colourful event.

#10 Smudgekin on 09.20.15 at 6:46 pm

Good to see you back in form Garth after storming out on last week’s lack of a Fed rate hike. Your Friday post was very short and slammy-the-door. Almost like you had another longer ready-to-go.

I’m with you on entrepreneurs and their wealth. But no more Harper. He’s had his turn. Time for someone else. And yes doubtless it will be another fine mess

#11 Love my Kia on 09.20.15 at 6:49 pm

I would argue for a consumption tax would be the way to go for the ‘wealthy’. Curbs down on status symbol crap by people who prefer to look rich than actually be rich. Would help with everything including HOUSING, Beemers and brand name anything.

I would recommend reading anything by Naomi Klein on this topic.

#12 Biff on 09.20.15 at 6:54 pm

Dropping the TFSA contribution amount from $10k to $5k not only hurts someone like me who can afford to contribute the full $10k amount each year.  It also hurts someone like my widdowed mom who receives only about $30k per year in pension, CPP and OAS.  Keeping the TFSA at $10k allows her to keep more of her RRIF payments, and relatively small investemt money, away from from further taxation. Hardly a 1-percenter.

#13 Linda on 09.20.15 at 6:55 pm

Campaigning on a platform does not mean that platform will ever become reality. Since the leaders of both the Liberals & the NDP are effectively in the 1%, it is extremely unlikely they will sacrifice their own very lucrative lifestyle, unless they somehow manage to implement a law that exempts politicians from its effects – which, I’ll grant, has previously been done.

I am not fond of taxes, but I AM fond of what I get from them – infrastructure, health care, & if I live long enough & still qualify, OAS. CPP is a tax/DB pension plan, but one which I will also get back if I live long enough to collect. And if I don’t, my spouse will reap the benefits of my many years of contributions.

As for the election, I seriously hope Canadians will kick the Harper government to the curb, because they need the reminder that the electorate should be considered & listened to. Whoever gets in needs to remember that they are supposed to serve Canadians best interests. Our creed is peace, order & good government – long past time the good government part should be more than just a phrase in the mouths of those who we elect.

#14 Lorne on 09.20.15 at 6:59 pm

“Income-splitting slightly levels the playing field between families, where one spouse chooses to stay home with kids. ”
……..
It does nothing for single parent families….it makes the playing field uphill! This is fair??

#15 Bytor the Snow Dog on 09.20.15 at 7:02 pm

I find it hard to believe you censored that comment…because it’s 100% correct.

And really Garth “rich people get that way because they work harder….”

Puh-leeze. Some of the hardest working people I know are dirt poor.

What a ridiculous statement.

Then again, it’s obvious you still believe in the failed principle of “supply side” or “trickle down” economics.

How can people that are so eloquent as you be so dumb?

#16 Sam the Sham on 09.20.15 at 7:02 pm

I idea that the wealthy in this country, as well in the rest of the world, earned their great wealth through hard work is ludicrous. They vast majority of wealth is inherited. This most effective tax on the wealthy is a financial transaction tax and an a stiff inheritance tax. I would vote for anyone purposing that!

#17 Danee on 09.20.15 at 7:04 pm

I’m so glad you shed some light on the income of all three candidates. It really pisses me off to hear the Liberals and NDP talking about the rich when they are part of the category. What makes them special to think they can see things from the perspective of the poor or the middle class? I am tired of hearing this black and white rhetoric of politicians. Feels like we are between a rock and a hard place.

#18 Nic on 09.20.15 at 7:05 pm

Im a little tired of this. Businesses do create jobs and entrepreneurs should be rewareded for hard work. But WHY should they make 600X what their employees make. Pay a living wage, this is why the masses are fed up. It can be done (costco). People do not care if the ceo and businesses are taxed more because with the decreasing taxes over the last few decades, workers have not seen a real wage increase. Not everyone in a society can be rich. Do we want the income inequality to get worse? Be like the USA with private health care? Time for change!

#19 whitey on 09.20.15 at 7:07 pm

Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income. By doing so he reduced the tax payable by about half

Isn’t that just deferring the tax? My understanding (which may well be incorrect) is that any draws on that account will be taxed at his marginal rate. Aren’t there also articles of incorporation that describe what activities the business may engage in?

What’s a voter to do when he can’t vote for any of what’s on offer, even whilst holding his nose?

You’re one of the few people who is clear about how distasteful all of these candidates and their policies really are. Keep up the good work and keep us thinking.

#20 Mr. Monday Night on 09.20.15 at 7:08 pm

No choice – with the merging of the right and subsequent shift to neo-conservatism, there is little alternative for centre-right leaning folks but to switch to liberal. If Harper stepped down and another candidate stepped up with a completely different platform (call it ‘progressive’ for lack of a better word), they’d have my vote.

Prediction: Trudeau or Mulcair wins with a minority and the parties are forced to play nice. Harper goes away and the Conservatives soften their mandate to appeal to the moderates, which would’ve been enough to do it this time but someone’s ego got in the way.

#21 Washed Up Lawyer on 09.20.15 at 7:08 pm

#1 Turner Nation

Your link to the discussion on Toronto real estate was a dandy. I loved this:

“Elise Kalles: The worse things get around the world, either geopolitically or economically, the better Toronto looks.”

Bout sums it up. If things get horrible elsewhere, TO real estate will be prettier than a boot top and built like a Quarter Horse.

I also enjoyed Sherry Cooper’s fictional account of the Okies from Okotoks:

“Sherry Cooper: Not so much in Toronto. In Alberta, absolutely. Toronto’s housing market will be boosted by incoming Albertans, many of whom will be returning home. This is what happened in 1986 when oil prices collapsed. The influx of Albertans contributed to what became a housing market bubble in Toronto, which burst in 1989. How big that effect will be this time remains to be seen, but I am keeping an eye on it.”

Complete fiction.

#22 Smoking Man on 09.20.15 at 7:08 pm

#11 Bytor the Snow Dog on 09.20.15 at 7:02 pm
I find it hard to believe you censored that comment…because it’s 100% correct.

And really Garth “rich people get that way because they work harder….”

Puh-leeze. Some of the hardest working people I know are dirt poor.

What a ridiculous statement.

Then again, it’s obvious you still believe in the failed principle of “supply side” or “trickle down” economics.

How can people that are so eloquent as you be so dumb?

Rich people are rich because they work hard and take risks.

Poor people are poor because they work hard but are afraid of risk…

#23 Them and us on 09.20.15 at 7:11 pm

“because they work harder, think smarter, are employers rather than employees, innovate or embrace a profession society rewards.”

Yep it works when you just talk passionately about them and us.

#24 tundra pete on 09.20.15 at 7:15 pm

Wait till the 99.99998% are battling the ibots or msnbots for fast food jobs. It will be about the same time the government of the day offshores anything that’s left of manufacturing in this country. Unless you want to run a joystick in the tarsands that pukes bituwhatevers into the nearest watershed. Or you could stage condos. Cant wait to vote.

#25 Mike on 09.20.15 at 7:16 pm

Calling it like it is. I’m fed up when I hear about taxing the rich, mostly for the reasons you’ve stated. Anyone who suggests the rich should be taxed more makes it seem as though they steal their money, but the fact is they generally worked a hell of a lot harder or took more risk to attain their wealth.

The rich are already beaten to death with taxes. Trudeau’s suggested tax rate over $200k would put the top marginal tax rate at 53%, which is simply absurd. Even if I never had any hope of earning that much I would still think that amount of tax is unfair.

#26 kothar on 09.20.15 at 7:17 pm

Take away all the low cost debt and free money and see how many based on income could really afford all the BMW’s, and million dollar homes around.

Harper is the 3rd highest paid world leader behind only Singapore guy and President of USA which is interesting.

http://www.businessinsider.com/salaries-of-13-major-world-leaders-2015-3

And if the Libs increase income taxes on those 200k which includes MD’s you will see an exodus of them. Here in Ontario the Libs have cut their fees not once but twice this year and enforced it on them. More and more will leave stateside if that is case. I might contemplate it as well, if all these suckers want to do is tax everyone more and more to spread around the wealth to the lazy.

#27 Ralph Cramdown on 09.20.15 at 7:19 pm

The genius of Harper’s tax policies. Because of how compound interest works, and graduated tax rates, a rich scion will avoid a huge amount of tax by contributing the max to his TFSA starting at age 18. Much more than the strapped family in the lower bracket who don’t catch up on their contributions until their 30s, 40s or 50s. More even than the young super-saver in the lower tax bracket.

So lower the effective tax rate of the rich, but sell it as a middle class entitlement that anyone can aspire to. Meanwhile, what are the really rich up to?

http://www.huffingtonpost.ca/diane-francis/tony-merchant-pana-merchant-offshore-tax-havens_b_3023216.html

And what’s the Herper government’s response?
http://business.financialpost.com/personal-finance/taxes/canada-revenue-agency-looking-to-cut-auditors-despite-rise-in-tax-haven-cases

Message to Canadian families who work hard and pay their taxes: Keep at it. The T1 General+forms is only about three pages longer than when this Prime Minister took the oath of office.

#28 Leo Trollstoy on 09.20.15 at 7:20 pm

Tax the rich? Ha!

Trudeau and Mulcair won’t tax the rich. They’re one of us!

LOL!

#29 Daisy Mae on 09.20.15 at 7:20 pm

“Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income. By doing so he reduced the tax payable by about half.”

****************

If it’s legal, why not? Any of us would do the same. If it’s not kosher, then the law needs to be changed.

#30 Tedfiftyfour on 09.20.15 at 7:21 pm

Looks like the gate on Stornoway needs fixing.

#31 Nick on 09.20.15 at 7:23 pm

I guess I’m part of the 1% going by the above definition (especially if we’re talking CAD$ vs. USD exchange rates Yikes!). Frankly, I’d gladly pay 50% income tax once again, receive healthcare, childcare, breath clean air, live on safe streets, know that I’m contributing to a more fair and just society, one that fosters a strong tradition of peacekeeping, enjoys the fruits of being a global leader in science, technology, and environment….but oh, I’m an expat. Persona non-grata. Can’t vote. My passport isn’t worth the maple leaf printed on it. Just like Harper has carelessly gutted the diplomatic corps over the years (they regularly go on strike!) among a litany of other ‘cutbacks’.

What has become of Canada? Garth put it perfectly, “Just stand up and speak passionately about ‘us’ and ‘them’. ie. Divide and conquer. This is not the Canada I remember, nor recognize. Canada is still a young nation, a multicultural nation, one welcoming the world to its shores, one endowed with unbelievable wealth in natural and human resources. Hopefully, a month from now a new generation of Canadians will stand up in unison and say with one voice, we will not be divided any longer, we’re all in this together. Hope endures.

#32 will on 09.20.15 at 7:23 pm

It’s about the hair. Harper has bad hair. After watching him closely talking to Pete mansbridge I’m convinced it’s a wig. He’s gotta go for that reason alone. Out out out.

#33 Daisy Mae on 09.20.15 at 7:24 pm

“Mr. Mulcair has been a professional politician for many years, collecting a public pension as a former Quebec member and cabinet minister, as well as pocketing $233,247 in taxpayer money as leader of the opposition. He also gets to live in a mansion in Ottawa, for free, called Stornoway.”

********************

And he STILL had to re-finance his primary residence 11 times?

#34 TurnerNation on 09.20.15 at 7:27 pm

A million bucks for a 15-foot wide townhouse in a so so area in Leslieville??

http://v3.torontomls.net/Live/Pages/Public/Link.aspx?Key=f6bcfaa3776e49d7ad89ea73f1d57ae8&App=TREB

#35 OffshoreObserver on 09.20.15 at 7:28 pm

Garth,

Will you do a piece on the pros and cons of expatriation, please?

#36 Ralph Cramdown on 09.20.15 at 7:34 pm

#22 Mike — “The rich are already beaten to death with taxes. Trudeau’s suggested tax rate over $200k would put the top marginal tax rate at 53%, which is simply absurd.”

Quick quiz: What did Margaret Thatcher cut the top rate in the UK to?

#37 BS on 09.20.15 at 7:34 pm

First, the top 1% of Canadians – only about 312,000 people (a third of them doctors) – have incomes of $200,000 or more. Tax the rich so that the other 34,800,000 people get more? Are we as dumb as Mr. Trudeau believes? Apparently.

Unfortunately many of the 99% are that dumb. If they increased annual federal income taxes on the 1% by an average of $10,000 per year it would work out to less than $90 per year for each the 99%. That does not add up to a whole lot of social programs. If only 1 in 10 of the 1% class either left Canada or deferred their taxes due to the tax increase (easy if you own a business) the tax increase on the 1% would amount to almost nothing. If more than that defer or leave the tax increase is negative for net tax revenue (likely).

If the government needs more tax revenue they must tax the middle class. No other way to do it. Sorry 99% if you are voting NDP or Liberal you are voting to have YOUR taxes increased. There is just not enough of 1%ers to make the plan of tax the rich work.

When you listen to all the NDP and Liberal promises try and figure out how many times over that $90 per year gets spent. Heck a 0.5% wage increase for federal unionized workers would use it all up. People are naive.

#38 ed on 09.20.15 at 7:35 pm

Yes, The irony of well-padded snivel servants/politicians is too strong to be even funny.

I am not a 1%er; I make bt 90,000 to 140,000 before taxes/costs but do mange to sack away 20,000 per year for my wife and myself in TFSA, an equal amount in RRSPs. I am the sole provider for 3 kids, wife, plus self. The TFSA is one of the smarter things the Feds have done in years as it gives me hope I can actually retire sometime. I do us RJ (not Garth) and don’t get 7% returns; more like 4 to 6% plus 1.7 in fees (which decreases as my portfolio increases). My motto is why buy when I can rent a better place (great landlady, great rent, part of rent is tax deductible for home office) and retire (versus imagining my house will someday turn into Cinderella’s ticket to the ball.

Moral: Anyone can take advantage of the TFSA; everyone should, unless you are so well padded by public pensions/built-in handouts you could fall off Trump tower without a scratch.

#39 Leo Trollstoy on 09.20.15 at 7:38 pm

#9 Love my Kia on 09.20.15 at 6:42 pm

The funny thing about bill c51 are the people who believe that any of the parties would do anything to curb it.

#40 Daisy Mae on 09.20.15 at 7:38 pm

#13: “Whoever gets in needs to remember that they are supposed to serve Canadians best interests….”

*****************

WE, the electorate, are HIRING these yahoos to do a job. If we’re not happy with their performance, they get fired.

#41 Daisy Mae on 09.20.15 at 7:40 pm

#13: “Puh-leeze. Some of the hardest working people I know are dirt poor.”

***************

Then, they’re not smart.

#42 james on 09.20.15 at 7:47 pm

Smoking Man #22 said:

Rich people are rich because they work hard and take risks.

Poor people are poor because they work hard but are afraid of risk…
————————————————————–

Sorry Smokey, but you know what they say – better to shut up and just let people think you are stupid than to open your mouth and confirm their suspicions.

It has been very well documented, especially by people like Thomas Piketty, that in recent decades the biggest wave of wealth has been through inheritances, gifts, entitlements and changes to tax codes as well as tolerance for creating an ultra .1% in corporate structures and income disparity.

In fact, in corporate culture now, there is virtually no correlation between executive pay (enabled by the good ol’ boys clubs of mutual board membership backslapping ) and corporate performance.

No correlation. Period. Ask any stockholder.

This wealth disparity has absolutely nothing to do with taking risks, working hard, or succeeding, in corporate culture today.

Zip.

The case of small scale entrepreneurs may be different, and I can have more sympathy for them, as they do indeed work harder.

But most of the wealthiest today really haven’t “earned” it at all.

You are full of crap.

#43 OXI in GREECE !! on 09.20.15 at 7:47 pm

One of the first things I was told, upon entering politics, became the most profound. “Just stand up and speak passionately about ‘us’ and ‘them’,” my mentor said. “They buy it every time.”
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

It should have been "Unlike what you may have heard, Canada is not a democracy. 100% of the country is run from the PMO."

#44 NoName on 09.20.15 at 7:50 pm

“312,000 people (a third of them doctors) – have incomes of $200,000 or more. Tax the rich so that the other 34,800,000 people get more? Are we as dumb as Mr. Trudeau believes? Apparently.”

Assuming that Trudeaux or Mulchair will take a 10G from each of those 1% Canadians and divvy it up to 99% it works out to be around 100cad a year per person or 8-something cad a month.

in my opinion there are 3 main reasons because people want to live 2nd and 3rd world countries:
war,
political dynasties,
not being able to “afford” to live in their own country.
just sayin’…

#45 BS on 09.20.15 at 7:53 pm

And really Garth “rich people get that way because they work harder….”

Puh-leeze. Some of the hardest working people I know are dirt poor.

Yes for the most part rich people work harder. For those that are dirt poor who also work hard they are missing another component besides hard work. Garth’s comment also noted rich people: “think smarter, are employers rather than employees, innovate or embrace a profession society rewards.”

If you paid more attention to what Garth says instead of attacking him you might not be dirt poor.

#46 Smoking Man on 09.20.15 at 7:55 pm

Poor people work for money

Rich people money works for them.

Its all about %.

Its never to late to start.

The commie lovers dont understand this. They look for short cuts. Hand outs.

The biggest thrill to me is cold calling a hostle client who said no on the phone. Showing up anyway .Then walking out 20 minutes later with shit load of his loot.

Far better than sex any day.

#47 Bby604 on 09.20.15 at 7:56 pm

Goldman saying no rate hike till mid 2016,
Bottom is in on gold, fed cred headed for a crackerjacks box , Pretend and extend baby !

#48 Investx on 09.20.15 at 7:59 pm

“So, clearly, both of these guys are wealthy by Canadian standards. Yet neither has led by example. ”

Hypocrites. Shocker.

#49 Smoking Man on 09.20.15 at 8:02 pm

Ladies I have no idea how you were heels.

Ive been in flip flops for the last two months.

Other day I had to wear shoes..1/2 inch heel..

Jesus, almost fell of my face several times. And I was sobar.

#50 Popeye the Sailor man on 09.20.15 at 8:02 pm

Low income people will benefit from TFSA limits because it is carried forward, so a 20 something not able to save before they hit their prime earning years can catch up and start saving later. Many will not have an employer pension plan so this will go a long way in helping them provide for themselves.
If a middle income earner inherits some money won’t they be happy to have that accumulated room in there RRSP and TFSA to protect it.
The lower middle class love tax exemptions themselves that is why real-estate has been so popular. Leveraging up those tax free gains on a principle residence. Many would baulk at flow through mining shares or labor sponsored funds that even a middle of the road income could benefit from due to risk.
If people would give the respect deserved for saving 10-20% of income there whole life all would be glad to have some tax shelters to let the after tax income grow without as much future tax. We need a lot more people to stop plowing everything into a big house and fancy cars.
I make about 1/3 more than the average family income after working 23 years going to sea and being away from my family almost half that time. I started making only half the average family income in the first 6 years or so, I studied and received further certifications and now work as a Chief Engineer. The wife does not work due to me being away a lot and two special needs kids to take care off. Does she not deserve to share in my income? A corporation can take all income and offset other incomes and pay their tax bill as a whole. Why can’t a family unit of four be able to share that income?
I would go as far as letting family’s income split no matter the age. Family of four split four ways, empty nester with a sick mom living in the same home dependent on them pool all three incomes and income share so more will take care of their own till the end. As for single parents with two kids can now split three ways. I’m not an economist I’m just making a point that corporations can income split and have many ways of structuring their incomes, why the big deal when it comes to families.
So income splitting and a reasonable TFSA (10K) may not benefit you at this exact moment but will in the future.

#51 Godth on 09.20.15 at 8:04 pm

Homo Economicus is everywhere, and everyone, these days by default. Total nonsense of course; the human experience is much too rich and nuanced to fit into any economic theory.

Us and Them.
https://www.youtube.com/watch?v=u5nPyf-0UMc

Everyone needs an evil other to feel better about themselves. The Nazis had the Jews, the Zionists have the Palestinians, Canadians have First Nations, Americans have Blacks…

I only have a mirror – oh shit!

#52 young & foolish on 09.20.15 at 8:04 pm

“Campaigning on a platform does not mean that platform will ever become reality. ”

Correct …

#53 Peter H on 09.20.15 at 8:05 pm

Lorne, single parents with lower income already pay significantly less tax than equivalent double-earning families and if they receive child support payments they are tax free – another tax break. Not saying this is not deserved, just that inequity has already been addressed here.

Income splitting addresses a different unfairness where a family with the same number of adults earning the same amount of money pays significantly more tax than another identical family simply because the income is earned in greater proportion by one person than by two. Both those families are paying more tax per person than the single-parent family, so the unfairness being addressed is two equivalent families not paying the same amount of tax, not rich paying more or less than poor.

Do you think it is fair that an income where a couple earning $80k and $20k respectively should pay $4k more tax than a couple where each earns $50k? Without income splitting that is the case. Nothing to do with single parents.

#54 Mrs. Doubtfire on 09.20.15 at 8:06 pm

it seems that our PM’s residence needs some renos too

http://www.macleans.ca/wp-content/uploads/2013/08/24-sussex-large.jpg

#55 Old Stock Canadian on 09.20.15 at 8:10 pm

“Just stand up and speak passionately about ‘us’ and ‘them’,” my mentor said. “They buy it every time.”
whichever countries have this kind of talk by politicians almost and always end up in civil war. This is the initial poisoning of the people to hate each other. Take my prediction, in 20 years it will lead to civil war. Please call some of the countries in civil war, they would tell you their leaders seeded us vs them long time ago, just for their political gain.. Canadian politics entering into 3rd world politics.

#56 Ralph Cramdown on 09.20.15 at 8:10 pm

Estimate your political bias. Interesting. “Please note that the test is constructed with an American audience in mind. Test-takers from other countries should find the test interesting too, but might find its estimates of their degree of bias a bit less reliable.”

http://programs.clearerthinking.org/political_bias_test.html

#57 young & foolish on 09.20.15 at 8:13 pm

“Sorry 99% if you are voting NDP or Liberal you are voting to have YOUR taxes increased. There is just not enough of 1%ers to make the plan of tax the rich work.”

Exactly! But politics is a shell game as usual (us and them). Don’t worry folks, not much will change.

#58 Bytor the Snow Dog on 09.20.15 at 8:13 pm

Not everyone is blessed with the “intellect” of the right.

And BTW “BS” (what a telling moniker that is!), I am doing very well thank you.

Empathy is lacking in this country. I weep.

#59 bondgirl on 09.20.15 at 8:14 pm

Yes, class war is here. But we shouldn’t be surprised.

As Paul Tudor Jones (hedge fund manager, net worth: USD 4.6 billion) recently said in a talk (to paraphrase): “the gap we are currently seeing between the richest and the poorest is off the charts, will close, has always closed in history, and it will close in one of three ways: revolution, war, higher taxes. And none of these are on my bucket list.” Whether or not one trusts a Wall Street billionaire who says he wants to “rethink” capitalism, I don’t think we can accuse him of lacking an understanding of human nature and human history.

https://www.ted.com/talks/paul_tudor_jones_ii_why_we_need_to_rethink_capitalism?language=en

As for the whole issue of politician pay, we are supposed to feel disgust and outrage when we hear about how much money public servants earn. Why? Because our taxes directly pay their salaries, and there is a perception that public servants don’t add enough value to justify their salaries. When CEOs and top business executives make millions, are we supposed to accept it unquestioningly as fair compensation for their superior efforts?

Are public servants overpaid, but corporate executives fairly paid?

In an era of rampant political corruption, bank bail-outs, and government policy that encourages dangerous risk-taking, this is a subject that definitely deserves a serious discussion.

#60 Cp on 09.20.15 at 8:15 pm

170 Billion in more public debt, and you want more or him?

It is just not true the conservative have an answer that doesn’t involve hating everyone of “them”. This same line of thinking has idiots vote republican in the states over democrats who actually seem to be the only ones who do anything responsible for their economy. Liberals or New Democrats likely won’t be any worse for the economy or the national debt. But I agree they may be worse for old style Canadians.

Fool us once…

#61 Country Girl on 09.20.15 at 8:17 pm

Do corporate tax cuts create jobs?

“So there is no reason whatsoever to believe that tax cuts will cause employers to hire more people. There are a myriad of other things employers might do with the extra money other than hire more workers, and no reason to believe hiring is even high on that list. The odds of a tax cut leading an employer to hire more Canadian workers is no greater than, and probably less than, the odds of that employer using the extra money to add to savings, pay higher executive bonuses, or buy a new machine for their factory in Texas or Mexico” – An excerpt from Law of Work blog by Dr. David Doorey of York University -See more at: http://lawofwork.ca/?p=3055#sthash.tMurXzFu.dpuf

The conservatives have promised further cuts to corporate taxes, if elected.

Now ask, “Do higher corporate taxes imperil jobs?” — Garth

#62 BS on 09.20.15 at 8:19 pm

Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income.

Of more concern than the tax avoidance is Trudeau milked charities and non profits for that $1.3 million. Even though Trudeau was already making $160K per year as a government paid MP and has his daddies trust fund which makes him wealthy he then charged charities $20,000 each just to speak at a fund raiser for an hour. Many charities lost money after paying him. Most people in his position would be giving money to charity and or volunteering to speak at fund raisers not milking $10s of thousands for a couple of hours work. To me this shows Trudeau’s true character. He obviously doesn’t care about the poor. He cares about making money even if it comes directly out of the pockets of the people the charities are intended to help. That is usually the poorest of the poor. Pathetic.

Trudeau spoke at a fundraising event for the Grace Foundation but a spokesperson told radio station News 88.9 the event, intended to raise money for a church and nursing home, sold only 120 tickets and ended up losing more than $20,000.

http://www.huffingtonpost.ca/2013/06/14/justin-trudeau-speaking-fees-charity_n_3443439.html

Finish the story. He returned the money. — Garth

#63 Randy Randerson on 09.20.15 at 8:21 pm

Funny that socialists believe removing capital gain tax breaks will benefit them. I guess they don’t have a clue that CPP, OAS, and other forms of public pension/security nets are invested in equities in order to get their return.

Money doesn’t grow on tree, and it sure as hell ain’t from picking up unicorn droppings.

#64 how taxes work for the challenged on 09.20.15 at 8:22 pm

http://www.snopes.com/business/taxes/howtaxes.asp

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.

Where would that leave the rest? Unfortunately, most taxing authorities anywhere cannot seem to grasp this rather straightforward logic!

#65 BC bot on 09.20.15 at 8:22 pm

Garth,The problem is the multi layer taxation, we should have high consumption tax and lower income and corporate tax along with harsh and punitive penalties for environmental damage for both individuals and corporations.
Also Corporate lawyers shouldn’t write trade deals cause we’re being sold out and there won’t be any good jobs. How is the Columbian and Koirean free trade deals working?

#66 young & foolish on 09.20.15 at 8:23 pm

“Businesses do create jobs and entrepreneurs should be rewareded for hard work. But WHY should they make 600X what their employees make. Pay a living wage, this is why the masses are fed up.”

It’s about the optics of the thing, since most people have no idea how their economy works. Perceived reality is guiding people to vote for a “fix” which will have unintended consequences. It’s not just here. Jeremy Corbyn anyone?

#67 Country Girl on 09.20.15 at 8:24 pm

Do tax cuts for small business create jobs?

http://www.cbc.ca/news/politics/canada-election-2015-small-business-tax-cuts-jobs-1.3233676

Never had employees, have you? — Garth

#68 Freedom First on 09.20.15 at 8:28 pm

Fact is, some people are born with higher I.Q.’s than others. This fact has many ensuing ramifications. Show some humanity people.

That being said, I understand that not everyone can be as humble as I am.

#69 gut check on 09.20.15 at 8:30 pm

@ #270 Smoking Man on 09.19.15 at 9:15 am

sorry for replying to yesterday’s comment today, but I just now saw it.
Thank you Smokey, you put a big smile on my face. I appreciate the compliment coming from you.

#70 Ponnaps on 09.20.15 at 8:30 pm

It makes no sense to stop the tax bracketting at 137K..

We still need to support the socialist welfare state of ours which was assumed to be supportable in perpetuity by our resources..

Youve dissed the Libs and Dips on raising taxes but not spoken of Harpers plans to replenish the coffers??
Now that would offer more insight on our options..

#71 Bobby on 09.20.15 at 8:36 pm

I’m increasingly surprised at the lack of financial literacy of many Canadians. There is little wonder then that Liberal and NDP policies are gaining traction. If you look at those who support predominately the left, many come from larger public sector organizations dependant on the public purse. They have no idea that wealth is created in the private sector, not by governments.
I’m the eternal optimist and believe that common sense will prevail on Election Day. Many of the younger voters I speak to, are livid that the TFSA limit will be cut under a Liberal or NDP government. They realize that pensions are not going to be available for them in retirement, the TFSA is the only way to ensure they will have the funds to retire. Moreover, many are starting to realize that many of these Liberal and NDP promises are just like Swiss cheese, full of holes. For example, no provinces are jumping on the daycare bandwagon to offer up the extra 40% funding that is needed. Moreover, the $15 wage pledge is hollow as it only applies to federally legislated industries such as airlines. If they are being misled on these issues, what else are the leaders not telling them.
The polls have been thankfully wrong before, here’s hoping they are wrong again.

#72 John in Mtl on 09.20.15 at 8:37 pm

kothar on 09.20.15 at 7:17 pm
Harper is the 3rd highest paid world leader behind only Singapore guy and President of USA which is interesting.

Politics isn’t about salary, many politicians are already rich; the $200,000.00-$300,000.00 is small change for them. No, its for influence and power, the power to help their rich friends… get even richer.

Absolutely nothing wrong with honest accumulation of wealth. Its the profiteering and the lobbying; the private-public revolving doors, privatizing the profits while socialising the costs & screwups, that are the problem.

Taxing the “rich” won’t fix anything. Fix the system, close the loopholes, then we might get somewhere.

#73 AACI Home-Dog on 09.20.15 at 8:37 pm

Trudeau is doing what most well off people do…incorporate. I had some very busy years 10 years ago where I was advised to do just that, and the corp. is taxed at a reasonable rate, & grows (in a balanced portfolio). It seems like the tax is deferred, somewhat like another RRSP. Soon retiring, I can draw enough income to just make it to the top of the cheapest income tax bracket. The rest gets re-invested (or spend some & pay the penalty). This is why “taxing the rich” is a fallacy, as you say Garth.

#74 Retired business owner on 09.20.15 at 8:40 pm

Garth, you have to understand what your dealing with. They won’t accept the fact that anything you do to hurt the financially independent will hurt their ability to become financially independent.
What you don’t get is they have given up. They believe they do not have the ability or the self discipline to succeed so instead of accepting that, they need to blame someone else for their failure.
There’s nothing you can do to change their mind. They’re losers in their own mind looking for an excuse.
Ignore them and help those that want to succeed at whatever the price. I’ve seen it in people my entire career.
Thanks for what you do.

#75 Trojan House on 09.20.15 at 8:41 pm

Why does everyone hate the rich?

Because they have more than you? So it’s like Robin Hood. The rich are scum of the earth dirt bags so it’s ok to take from them and give it to you. What is one of the 10 commandments? “Thou shall not covet thy neighbours…” fill in the end.

Taxing the “rich” more or cutting off capital gains taxes, etc, etc, will do nothing to solve the perceived problem of wealth inequality. There will always be wealth inequality just like there will always be ugly people and good looking people. You can’t make an ugly person good looking by cutting off the nose of the good looking person and giving it to the ugly person.

“Rich” people are rich because they went to school (doctors, as Garth pointed out) or entrepreneurs who took risks (as Smoking Man pointed out) or are people who are smart enough to invest wisely and have slowly accumulated wealth – probably just like a lot of you.

No, the rich are not the problem – THE POLITICIANS AND THEIR POLICIES ARE THE PROBLEM. Open your eyes people!!!

#76 Ponnaps on 09.20.15 at 8:43 pm

Never understood the narrow range of income tax brackets.. why dont we have further brackets after 137k?

If it was meant to attract talent this should be treated as a reviewable incentive not something to be held to forever..

I dont see any other better time to scale down the incentive as now.. there isnt as much competition for talent as you’d expect in boom times.. Scaremongering about talent exodus is unfounded..

#77 Big Dipper on 09.20.15 at 8:46 pm

Thank you for showing that very sensible email you so rudely deleted. Your irritation threshold must be extremely low.
Secondly, there are no planned NDP corporate tax increases. Merely a slight reduction of the ridiculous Con corporate tax giveaways-also known as Corporate Welfare. Proof to me that this theft of Canadian tax payers money serves any purpose besides enriching the corp execs, increase share buybacks and deliver Board postions to drooling Cons.

Allowing companies to keep profits is ‘corporate welfare’? And you folks think you can run a country? — Garth

#78 charles on 09.20.15 at 8:47 pm

As usual you misrepresent the facts and twist the truth to make your argument in typical political fashion. The number of people you state in the upper bracket is after the income splitting, write offs, tax shelters (ie. divedent exclusions, TFSA’s, RRSP, white collar lies and all the other tax dodges to move left over cash into ). Anyone with their eyes open in the major cities to small agricultural towns knows $200K is chump change. Two civil servants or auto workers in the family will put you over that income level. At $200K even a Bay St. mutt packs a lunch. Have a look at the cost of modern farming equipment. Speaking of mutts better stick to your standard canine meme instead someones mom and dad for laughs.

The income numbers are for individuals, from StatsCanada, no deductions. — Garth

#79 saskatoon on 09.20.15 at 8:54 pm

#58 bondgirl

think of it this way:

is it “fair” (to use your term) that every innocent, hard-working canadian has money effectively STOLEN from them through taxation (state-initiated violence) to pay off the head crook?

is it fair that a business executive is paid through company value/productivity–derived from people FREELY offering up money for products/services rendered?

which is more “unfair”?

#80 Retired Boomer - WI on 09.20.15 at 8:55 pm

Most RICH people that I have ever met live below their means. They were NOT born rich, they did not inherit any great sum. Most made an “average income or, slightly above.”

Most were, farmers, or small business owners. A few found they had trouble selling their business come retirement time (a thought worth pondering if you are one). Few were salaried people, but there are a few in there.

None are deca-millionaires. All have no DEBT, and have lived that way since roughly age 50. All have stock (equity)holdings, and bond holdings, and more than a few have income property.

All still save money, though they need not anymore.

All were wildly Liberal in their youth, and like any fine wine, gained character as it aged. Most are somewhat conservative these days, liking tax avoidance schemes that allow one to grow income tax free. Today, most tend to vote a mild republican ticket.

Most do not wish to see expanded ‘welfare’ ideas, thinking too much help leads to idleness. They could be right.

As for demographics, most are in their late 60’s or older, married to their first spouse, if married. Some are widows or widowers.

Most have a modest principle residence. Most buy used trucks, or cars and drive them for years!

The LESSON:

Most “wealth” is earned, a $ at a time, invested, and harvested later. It is not ‘worn.’

sorry, they did more than ‘ok’

#81 Smoking Man on 09.20.15 at 8:55 pm

Wife is hammered, Number 1 son is hammered. His wife, ms chic..hammered.. The hate bettween dauther in law and phyco wife..magical, its vanishing.

Who says bozze is bad.

Me I cant get hammered anymore.. The tolarance beyond normality.

Some where in port credit at the moment..and out of smokes…

Flip flopping to a store as I type this. Hope i find my way back.

Nothing is better than a good drunk..

Kathleen Wynne you listening..

#82 Jane Goodhall on 09.20.15 at 8:56 pm

Taxes have nothing to do with fairness or more equality.

It is just a bunch of sick, control freaks that have nothing better to do than ruin people’s lives and their progress for themselves and their families.

I hope if some sick Canadian, control freak politicians gets in and takes power, we become the U.S.S.R, Greece, Argentina, Zimbabwe and other failed states so everyone will get screwed.

The tax we will all pay if the dippers and socialists, communists, wealth and capital destroyers get their way is high debt, high inflation and high unemployment.

You guys are lacking such economic and societal brains that you will drag us all down an economic disaster that Canada has never seen.

This way, we are all equally done for then. The dippers will not win but lose more as they do everyday. Sad society Canada and the world has become.

#83 Kreditanstalt on 09.20.15 at 9:05 pm

That won’t go over well, Garth.

The corollary of the “us vs. them”, “rich vs. poor”, “1% vs. 99%” game is that the players have to identify scapegoats/villains and they get to paint themselves as “victims”…something that Canadians excel at.

The ongoing struggle for control of the government gun is all about avoiding personal responsibility for one’s outcome in life and getting others to support you.

But it is so damn childish.

#84 Smoking Man on 09.20.15 at 9:06 pm

#1 TurnerNation on 09.20.15 at 6:20 pm
500th? ;-)

Again as mentioned the Toronto housing bubble will not abate until such time as “Gartho” finally gets together with Smoking man for that beer at South Side Johnny’s.

Which reminds me of this Saturday night live skit:

https://en.wikipedia.org/wiki/Weekend_Update

[Running gags] during Macdonald’s run was Joe Blow (played by Colin Quinn), a blue-collar guy who would rant about things that bother him. He would often make Macdonald uncomfortable and always ask when they were “gonna go for a beer together”, to which Macdonald would always end up turning him down.

– For the horsey set:

http://www.postcity.com/Eat-Shop-Do/Shop/September-2015/Real-Estate-We-check-in-with-our-expert-panel-for-a-fall-update-on-the-Toronto-housing-market/

Real Estate: We check in with our expert panel for a fall update on the Toronto housing market
Brad Lamb, Elise Kalles, Sherry Cooper, Barry Cohen and Karen Stintz sort through the numbers and news on a potential recession to help discern what’s on the horizon for your most important asset
….

Damn, bandit is stoping that one.. Dorothy is warming to me. How can see not.

My late mother inlaw always said , You cant fool a dog.

#85 cash is the way to go on 09.20.15 at 9:07 pm

#78 and Garth,

Stats Canada is a useless measure of incomes. There are probably 50000 tradespeople in Ontario alone who make $200000 a year who show us as close to minimum wage earners on the books, not to mention hospitality entreneurs and servers who aren’t far off off of the books. There are a lot more people in Ontario making $200000 a year than people would care to believe off the books. Call a painter and see if he’ll paint a kitchen for under $1000 cash for a day of work.

#86 Nora Lenderby on 09.20.15 at 9:07 pm

#46 Smoking Man on 09.20.15 at 7:55 pm
…The biggest thrill to me is cold calling a hostle client who said no on the phone. Showing up anyway .Then walking out 20 minutes later with shit load of his loot. Far better than sex any day.

Pardon me for asking, but are you sure you’re doing the sex thing correctly?

#87 Habs76-79 on 09.20.15 at 9:08 pm

In reality nothing any of the parties espouse during electioneering will make much a difference between those who are rich and understand how to get rich from the rest of us. Whether party “A” raises taxes a bit on some of the well to do or not. Whether Party “B” or “C” cuts back on a programmes, tax breaks or such other benefits for some or all, none of it will be so much as to impoverish the wealthy nor chase away most if not all businesses and investments in Canada. And none will make life so much better and wealthier for the so called 99%.

Government should not be about picking winners and losers, but too many governments have and try to pick sides when they should be enacting good governance.

Government is to provide a legal and more or less just framework to a functioning society and a progressive government should want to keep as much liberty and freedom as possible while maintaining said framework and not get caught up in dogma, fear and paranoia.

So, electioneering is electioneering, most of it B.S. Concerning money, taxes, investments and such, none of the parties will if given power be so catastrophic to again impoverish the wealthy, or force corporations to flee Canada. There is too much money to be made to have them up and go. Tax policies are not the main reason why money enters or leaves a nation’s economy. The general flow of business, investments with a solid consumer base contribute to and are all bigger reasons why a nation’s economy flourishes or not at times. Also remember, recessions are a part of the economic cycle. Trying to stop them from happening only makes them bigger and longer when the crap hits the fan. LIFE and ALL THINGS on this puny, blue speck of marble called Earth is about CYCLES. Accept them and live your lives accordingly to your situation.

The 1% or even the top 10% are wealthy because they KNOW MONEY! They know what it is and what it can do for them. They learn to respect it and to have it work for them, be it a nation with a top tax rate of 30% or 90% it matters not. The rich were rich in the USA for an example, when the top income tax rate was 90%. THE RICH, THEY GET IT! The rest of us don’t and or whine about why we too not rich at least monetarily. We look to blame others soley for our misfortunes and our lack of being in the to 10% or 1%. BUT! we need to stop this. Not all of us can be in the to 1% or even 10% IT’S AN IMPOSSIBILITY! But we all can better control our lives and how we attain, use, invest and spend money be it mere thousands of $$$ or millions of $$$. Yes, things lay beyond our control, governments come and go. Some are better some are not. But concerning monetary wealth, none are the reason why one is wealthy or whether one is not.

So not to worry, none of the parties will ROB YOU OF YOUR WEALTH! Be you in the 1%, 10% or bottom 90%. In reality those who do not understand the power of money will piss away more of it in one’s own stupidity and dumb lust of thing than what any government may take from them.

VOTE YOUR CONSCIENCE not soley your pocket book. You will do more to improve or piss away the money you have by your own actions nor lack there of than any government.

Warren Buffet, got his start by taking his meager earnings as a teen to invest in a pinball machine, have it installed in a drug store fountain and split the monies that it earned with the proprietor. He then bought another and another etc. Attaining a greater working wealth to move onto other investments. He started this again when the Good Ole USA had a 90% top income tax rate. He learned the power of money and thus is why he is in the the top .01% and I bet he didn’t whine like all too many of us do.

#88 cavity on 09.20.15 at 9:10 pm

No more taxes. Less government. Less authority without meaning.

Let’s have a law that corporate boardrooms must have a voting representative for the workers.

#89 X on 09.20.15 at 9:10 pm

“First, the top 1% of Canadians – only about 312,000 people (a third of them doctors) – have incomes of $200,000 or more. Tax the rich so that the other 34,800,000 people get more?” Garth

Got to admit, I hate it when I read stuff like this. Highly educated individuals should be compensated for their expertise. 7+years of medical/dental/MBA education should not subsidize those who dropped out and collect the carts at Walmart to earn $15 an hour.

“As for wealth, “high net worth” means $1 million or more in liquid assets, not including a house” Garth

Yes, Liberal and NDP, please punish those few of us who don’t actually spend all of their money. That will reward those with poor spending and money habits.

The NDP and Liberals have and easy sell in a way, there is always someone who makes more, inherited more, has more, so that you feel less wealthy. Did those leaders raise their kids to do more for themselves or just to tear down anyone who gets a better grade than them at school, heaven forbid a kid show up with a nicer bike….

Yes, I get that government employees would vote for NDP, more gov’t, more jobs, raises, and the real Santa Claus will show up at the office Christmas party. But anyone else, as much as Harper is a beady eyed control freak, is out to lunch if they don’t want the conservatives in control.

If the NDP win the election, guess everyone will be happy at the stock market exchanges, as only the 1% have any money invested, so nobody that matters will lose any money…..until pink slips arrive.

#90 Ret on 09.20.15 at 9:11 pm

According to this link, there are increasing income tax rates above $137,000 for Ontarians.

http://www.taxtips.ca/taxrates/on.htm

#91 a fifteen dollar LED light bulb just went off in my head on 09.20.15 at 9:12 pm

another reason to kick Harpos ass back to tavistock or wherever he comes from is his banning
of incandescent light bulbs, that’s right more money for his corporate friends and more hst for ottawa

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/canada-dims-the-light-on-the-incandescent-light-bulb/article22739434/

#92 Jesse Swanson on 09.20.15 at 9:12 pm

Why just stop at taxing the rich. Since you guys like government so much stealing your money, tax government workers pensions more, tax WSIB, workers compensation benefits, tax welfare benefits, social assistance benefits, tax alcohol and beer much more, tax gasoline much more, tax cigarettes, tobacco much more, tax more health taxes, education taxes more, starting taxing credit card transactions, mortgage and other debt transactions, tax insurance, tax everything much more.

This way the government wastes more money, makes more corruption and we become a third world country.

The more I read these comments about taxing more, the more I finally realize that Canadians are so stupid.

#93 DisgustMadeMePost on 09.20.15 at 9:14 pm

1/3 doctors.

What percentage are real estate agents ?? Got to be plenty in YVR alone making scads…

Maybe we could have profession-specific tax rates :)

#94 Seeking Senate Appoinment (I'm lazy, can lie, love freebies and I'm not sure where I live) Over qualified obviously on 09.20.15 at 9:17 pm

Your last paragraph really says it all. Forget all that nonsense about doing good for the country and it’s people. Tell them what they want to hear, get yourself re-elected next time and repeat. Collect pension and seats on corporate boards.
None of these leaders inspire confidence that they will improve things. The people I actually can vote for are irrelevant unless they are in the cabinet. Local guy is a Conservative backbencher, means nothing for this riding.
On the other hand the fools that keep making appearances on the political shows pretty much create disgust, mistrust and make you wonder how they can act that ignorantly yet have achieved the position they have. Let me just shout the talking points repeatedly over my opponents while they are spouting their parties talking points. In between those outburst they look directly into the camera and lie through their teeth. The host says something like why can’t we get the refugees here quicker and the response will be; again let me just go back to what Justin Trudeau’s father said in 1979 and we have balanced the budget and oh yeah we said we’re on the refugee thing. Or oh I just remembered that Chris Alexander “Wondered why the media hadn’t been on this for the past four years or asked him about any of it”. The whole thing is the medias’ fault you see. Keep it classy Chris.
Adams crossed the floor but right up till then she was still a parliamentary secretary. Aglukkaq, Ambrose, Calandra, Poilievre, Fantino, Nicholson, Obhrai, Rempel, Van Loan and there are still a few more that are either hiding while running for re-election or doing things like I pointed out above. Just shameful. You’d have to wonder how any of them can look at themselves in the mirror.
Angry Tom apparently doesn’t care which party as long as he gets what he wants for him. Quebec provincial Liberal, then discussions about joining federal Conservatives, not a good enough offer. What the hell may as well become a Dipper.
Justin’s father was Prime Minister and even came back as our savior of course Justin must repeat that it’s in his dna.
Without a doubt there are good people elected. They are muzzled and shutdown though. Our system needs an enema.

#95 PeterfromCalgary on 09.20.15 at 9:17 pm

We don’t need to raise taxes on the rich. We need to reduce government spending.

#96 Smoking Man on 09.20.15 at 9:17 pm

You bastard’s, my mission from Nectoite , destroy you, all of you when you can fly to the stars..

You got it now, you do, big oil suppressing it.. Yet your all still alive.

Your all so lucky, this commander of the second fleet had become a lush. 56 years here.

No booze on nectonite..

Only reason your not the star dust of history.

#97 Nora Lenderby on 09.20.15 at 9:18 pm

#67 Freedom First on 09.20.15 at 8:28 pm
Fact is, some people are born with higher I.Q.’s than others. This fact has many ensuing ramifications. Show some humanity people. That being said, I understand that not everyone can be as humble as I am.

And you do have a lot to be humble about, dear.

#98 Porsche on 09.20.15 at 9:18 pm

I’m sick of being raped in this country we call home.

Brother’s coming home and in Montana… a pack of Marlboro is $5 and a 36 pack of Bud is $22

Less than half of what they gouge us here.

#99 Kurt on 09.20.15 at 9:19 pm

#23 Them and us – Bingo.

#100 BG on 09.20.15 at 9:22 pm

#27 Ralph Cramdown on 09.20.15 at 7:19 pm
The genius of Harper’s tax policies. Because of how compound interest works, and graduated tax rates, a rich scion will avoid a huge amount of tax by contributing the max to his TFSA starting at age 18. Much more than the strapped family in the lower bracket who don’t catch up on their contributions until their 30s, 40s or 50s. More even than the young super-saver in the lower tax bracket.
—————————————————————–

TFSA is after-tax money. ANYBODY can avoid tax if they contribute.

I agree that not everybody can afford saving 10k a year.
But being able to do so is far, VERY FAR from being rich or elite.

And the richer you get over that level, the less you care about a TFSA because the amount of tax you save using it becomes smaller and smaller compared to your wealth.

Why so much hate on a tax break targeted at the middle class? Maybe because said class is too busy paying the mortgage and does not want people who choose to live differently to have a shot.

#101 Smoking Man on 09.20.15 at 9:24 pm

#85 Nora Lenderby on 09.20.15 at 9:07 pm
#46 Smoking Man on 09.20.15 at 7:55 pm
…The biggest thrill to me is cold calling a hostle client who said no on the phone. Showing up anyway .Then walking out 20 minutes later with shit load of his loot. Far better than sex any day.

Pardon me for asking, but are you sure you’re doing the sex thing correctly?

Ya. 5000 hookers in 30 years , Ive learned a few moves or two.

But out mind fking an other mind clutching the safe…

Nothing feels better.

Try it…

#102 Mike T. on 09.20.15 at 9:25 pm

rich people are rich because they work hard eh?

absolutely, some, yes, 100% and they deserve all of it

but I can throw you a list of rich people who are rich because they hurt other people or the planet

I don’t care, really I don’t because I have something so much more valuable than money

knowledge

I know what it mean to be a human

it’s not human and divine, human is divine

this is worth more than money and no one is able take this from me

I see Harper and the goofy elites as teachers, as in they taught me all about what I am not, and I love them for that

tomorrow is Monday and I can’t wait!

#103 Frank on 09.20.15 at 9:25 pm

I get that the tax the rich drum get tired but wealth inequality is real and getting worse. How do you solve it?

#104 NDP lost my vote on 09.20.15 at 9:26 pm

“NDP would like to introduce a wealth tax if given a majority mandate, plus partially eliminate the capital gains tax break”

NDP is now officially worse then Harper and Harper is a big No No. Anyone would be a fool to vote Harper or Mulclair. Eliminate the capital tax gains tax break? You have to be kidding me.

#105 OXI in GREECE !! on 09.20.15 at 9:29 pm

#103 NDP lost my vote on 09.20.15 at 9:26 pm
“NDP would like to introduce a wealth tax if given a majority mandate, plus partially eliminate the capital gains tax break”

NDP is now officially worse then Harper and Harper is a big No No. Anyone would be a fool to vote Harper or Mulclair. Eliminate the capital tax gains tax break? You have to be kidding me
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

You think the NDP is better than the other two parties who wish to bring us into a Police State? And Harper who is increasing his bombing campaign in the ME? What are you thinking?

#106 Nora Lenderby on 09.20.15 at 9:32 pm

#86 Habs76-79 on 09.20.15 at 9:08 pm
…So not to worry, none of the parties will ROB YOU OF YOUR WEALTH! Be you in the 1%, 10% or bottom 90%. In reality those who do not understand the power of money will piss away more of it in one’s own stupidity and dumb lust of thing than what any government may take from them….

Well said. Not that any of them will read it; it’s apparently much more exciting to dream of being taken over by communism, fascism, or anarchists. Or to buy lottery tickets.

#107 Charles Ponzi on 09.20.15 at 9:33 pm

A basic argument for land value tax is that it is the one and only tax base that cannot flee in response to a tax. Capital and labour can emigrate – land cannot.

#108 Nagraj on 09.20.15 at 9:34 pm

Jeremy Corbyn is to MSM what a puff of RAID is to insects.

Dig this media silliness (via the CBC): “His first week in the job has been marred by controversy over his decision not to sing God Save The Queen at a First World War memorial event. Now everyone is speculating about whether he’ll kneel before the Queen when he’s sworn in to the Privy Council, founded in 1659 by Charles II.”

You know what? “Everyone is speculating … ” not only excludes me, the Queen, Corbyn, but every other observer with an IQ higher than that of a potato.

By the way, did you know that in any jurisdiction where the English monarch is head of state, the punishment for eating swan (stewed, roasted, or cut into cutlets breaded and fried) is death by hanging. If you’re an aristo apprehended while eating swanburgers you have the right to demand to be hung via silken cord (as vs plain old scratchy rope). Only the reigning English monarch is permitted to eat swan. This is also the law presently in Canada.

NORA LENDERBY you know how to row a boat. Take me for a ride in Stratford, Ont., or Elora, Ont., and I’ll grab a swan, ring its neck, roast it, and we’ll share it with unmarried mothers on welfare and their hungry children. Barring a constitutional crisis of major proportions they’ll have to hang us all. (If worst comes to worst I’ll share my silken cord with you.) We haven’t had a constitutional crisis in Canada for such a long time.

*******************

Via UK MSM:
If Corbyn is elected in 2020 the British military will mutiny, incited by titled officers.
A Corbyn gov’t will seize the railroads WITHOUT COMPENSATION.
A Corbyn gov’t would institute a maximum wage.
Corbyn refers to Cons as poverty deniers.
Big Ben will blow up for no apparent reason. Boom! Run for your lives.

#109 Charles Ponzi on 09.20.15 at 9:35 pm

It is critical for policymakers to eliminate the basket of subsidies and protection of the banking, financial and real estate industries. The “too big to fail” policy is a must; no firm should be allowed to grow to a size that endangers the economy if it becomes insolvent.

#110 Charles Ponzi on 09.20.15 at 9:39 pm

The feeling of obligation to pay “taxes” seems to be little hampered by the fact that “government” is notoriously wasteful and inefficient.

#111 Kevin on 09.20.15 at 9:41 pm

#31 Nick……

Well put Sir, my thoughts exactly.

#112 45north on 09.20.15 at 9:41 pm

Ralph Cramdown: The T1 General form is only about three pages longer than when this Prime Minister took the oath of office.

what about the provincial form? The Ontario form asks the same questions as the federal form. When I first started working there was no separate Ontario form. Provincial taxes were calculated as a simple percentage of federal taxes.

the worse thing about the provincial form is that adds a layer of complexity that makes it harder to do your own taxes

#113 NDP lost my vote on 09.20.15 at 9:43 pm

All you delusional Harper supporters should except the fact Harper is going to get beat badly in this election. All the rats in his party can see the writing on the wall and jumping ship before the SS Harper sinks. Harper hit an iceberg with all his lies ,deception and corporate giveaways. Let’s not for get the secret trade deals that will crush Canada and canadians for years to come. Mulcair is a madman and Trudeau I’m not 100% happy with but the other two crazies scare me that much more.

#114 Solitario on 09.20.15 at 9:45 pm

No matter how scary Trudeau and Mulcair sound I just can see myself going to vote for Harper.
See…it’s personal for me too… I’m one of the income trust victims. If not for Harper I would have probably been in the 1% category…20 years of hard work and crazy overtime for me and my wife were invested in the income trusts. On October 31, 2006 Harper destroyed our retirement dreams. My portfolio never recovered the losses.
And I’m a slow learner…I invested some of the leftovers in Manitoba Telecom…things were going well…MBT was planning to sell the troublemaker Allstream division and the stock was going up…and then Harper did it again… the only bidder for Allstream is from Egypt…MBT can’t sell Allstream to the only bidder he says.

And then, recently, it turns out there are two kind of Canadians…Unlucky I’m “new stock”…the kind of Harper’s Bill C-24 says could be kicked out of Canada…very small chance that will ever happen but just the very idea that I have even a smidge less rights than a despicable human being like Mr.Harper bothers me.

Sorry… if on the ballot would be Hitler, Stalin and Mr.Harper, I still wouldn’t go to vote.

#115 NDP lost my vote on 09.20.15 at 9:48 pm

OXI in GREECE !! on 09.20.15 at 9:29 pm
#103 NDP lost my vote on 09.20.15 at 9:26 pm
“NDP would like to introduce a wealth tax if given a majority mandate, plus partially eliminate the capital gains tax break”

NDP is now officially worse then Harper and Harper is a big No No. Anyone would be a fool to vote Harper or Mulclair. Eliminate the capital tax gains tax break? You have to be kidding me
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

You think the NDP is better than the other two parties who wish to bring us into a Police State? And Harper who is increasing his bombing campaign in the ME? What are you thinking?

___________________________________

NO NO No. NDP and Conservatives are a HUGE no for me. I was going to vote NDP But after the debate NO way would I vote for that moron. Harper is just an evil monster corporate sellout so no I would never vote conservative or crazy man Mulcair.

#116 Prairieboy43 on 09.20.15 at 9:51 pm

@#79, Retired Boomer Well Put. As I watch Monday night football. All these players earn $1,000,000.00/yr and greater. Five years after these guys are done their football career. Seventy (70%), will be broke. Thirty (30%) will prevail. They are all college graduates or went to college and earned more $$ in one year than most college graduates will earn in there lifetime. Yet only 30% succeeded in financial literacy. Yes earning, keeping your wealth is a genetic trait. That only the 1% have. Good Luck.
PB43

#117 Leo Trollstoy on 09.20.15 at 9:52 pm

Poor people are ‘realists’

Rich people are opportunists

#118 not 1st on 09.20.15 at 9:57 pm

97 Porsche on 09.20.15 at 9:18 pm

I’m sick of being raped in this country we call home.

Brother’s coming home and in Montana… a pack of Marlboro is $5 and a 36 pack of Bud is $22

Less than half of what they gouge us here.

—–

Yeah well those sin tax are the only things keeping the walking dead in our hospitals alive because, guess what, nobody wants to pay for basic services anymore but they will sure as hell pony up for a leafs or jays game. The 99% are whining hypocrits.

#119 Lobster Man on 09.20.15 at 10:01 pm

Here is Milton Freidman’s proposal for taxes on corporate profits:
http://angrybearblog.com/2013/05/why-libs-and-cons-should-all-love-milton-friedmans-corporate-tax-proposal.html

#120 29 Days to an NDP Government! on 09.20.15 at 10:04 pm

Change is coming!

Anybody know which company to invest in to profit from this? Which corps. make the most adult diapers? I figure the 1% will be pissing themselves silly pretty soon, so market demand will be through the roof!!!

NDPee for you and me :)

#121 grasshopper on 09.20.15 at 10:06 pm

I don’t want to tax corporations higher so they move offshore. I want less government. But I will not vote for the conservatives and their “leader” given their track record with respect to intervention in labour relations, the judiciary, our military (and the lack of support for our veterans), the environment, and plain poor judgement in character when it comes to senate appointments.

Pass.

If the Liberals or NDP bother to suggest that they will do what the majority of their MPs want (representing their constituents interests), I will vote for that party.

But I haven’t heard any politician say that they will champion the voter and make their opinion heard in Ottawa. Maybe that is why voter turnout is so low?

By the way, I favour a consumption tax. ie. raise the GST

#122 That other guy on 09.20.15 at 10:07 pm

Uh. garth.. the libs and NDP leaders are actually leading by example by advocating increasing taxes on themselves….

Mr. Two-pensions-11-mortgages isn’t, and the other guy wants lower taxes on his speaking fees corp. — Garth

#123 Nora Lenderby on 09.20.15 at 10:08 pm

#100 Smoking Man on 09.20.15 at 9:24 pm
Ya. 5000 hookers in 30 years , Ive learned a few moves or two. But out mind fking an other mind clutching the safe…Nothing feels better. Try it…

Ah… I do, dear. I go door-to-door in a poor town asking for charitable donations. My pay is $0 per hour and I get money and as much dog slobber as I want for nothing but a tax receipt and a smile.

It’s amazing the excuses some people come up with, though. The sad ones are those that literally clutch their wallets or a jingling pocket and then say, “I have no money!”

(Incidentally, thanks to anyone who gives to a legit charity that comes to your door. You people are what makes communities great! )

A hooker every 2 days? I still think you’re doing it wrong :-)

#124 Nosty, etc. on 09.20.15 at 10:09 pm

#46 Smoking Man on 09.20.15 at 7:55 pm — “Its never to late to start. The commie lovers dont understand this. They look for short cuts. Hand outs.”

Money for nothing and the handouts for free. Socialist paradise? The Elite, and why they don’t want any publicity.

#125 Washed Up Lawyer on 09.20.15 at 10:10 pm

Sorry Garth to stray from topic, but now that we are feeling the autumnal air, Zambonis are being tuned, and the leaves are turning colour, I offer the following on the subject of building careers and taxing high income earners:

“A typical career of an NHL player can be summarized with a word. Its short! Over half of all NHL players play less that 100 games during their career and for approximately 5 percent of players, their first NHL game is also their last.”

That is after Mom and Dad add to the mortgage and HELOC to the tune of $250G to “hot house” young Tyler so he can make the big leagues. Hope the shoulders, noggin and knees hold up during the carnage years.

IT, nursing, cooling out hot Thoroughbreds (“walking hots”), social work, teaching, fighting fires, laying sod, applying mud to drywall, peddling pot and law school will all ultimately pay more and allow the folks to retire.

#126 Gulf Breeze on 09.20.15 at 10:11 pm

Garth, Your comments about the wealthy working harder, creating jobs is old and tired. It’s not your daddy’s economy anymore. And come October 19, it’s not going to be yours either.

Aren’t kids cute? — Garth

#127 Marlene from Victoria on 09.20.15 at 10:17 pm

Hey Freedom First :)

Forget the naysayers, I think I’ve found the solution to your dating drought!

http://www.cbc.ca/news/trending/sex-robots-ethicists-debate-1.3231089

Next time you’re feeling “slightly horny”, you’ll have two choices: this blog, or a special gal you can store in the garage who won’t try to fleece you in divorce court or pressure you to install granite countertops.

Your life will be perfect!

#128 Smoking Man on 09.20.15 at 10:18 pm

Wify poo , losses it, damb drunks.

Leaving the bar, Number 1 son says , craig little shit should have picked us up..

He is her favorite.

Wifyee says , atleased he wasent writing him self checks when he was your age..

Number 1 He losses it ,smashes lighter on strret.

Wife then goes postal.. See your wifes 5 karot ring, you still haven’t paid us for it..

Got to re think this bozze.utopia..

Not everyone can handle it..

Man a shit show tomorrow.

I love life

#129 Trojan House on 09.20.15 at 10:24 pm

#102 Frank

You can’t. Never have been able to. There will always be wealth inequality.

#130 Washed Up Lawyer on 09.20.15 at 10:28 pm

OK, the $250K was hyperbole, but you get my point. That figure is drawn from developing a top 40 world class tennis player. Hockey players still emerge from mining towns in Northern Ontario where nobody has any money.

#131 Ralph Cramdown on 09.20.15 at 10:32 pm

#99 BG — “Why so much hate on a [TFSA] tax break targeted at the middle class?”

Basically because it is so devious that people like you think that it is. I’ll try to explain why.

Rich people tend to have enough money that they start contributing the maximum earlier than the middle class. They’ll even contribute the maximum to their childrens’ plans from year one (age 18?)

Rich people save MORE tax than middle class people on the income sheltered in the TFSA. The tax rates on interest income range from 20% to 49.5%, on capital gains 10% to 25%, and on dividends the tax system is more progressive, with rates ranging from MINUS 7% to 34%, depending on your income

The saved tax compounds exponentially, just like the original contributions. See here:
http://www.greaterfool.ca/2015/04/07/losing-it-3/#comment-365071
That was for the original $11k/year indexed proposal. As with anything exponential, much of the tax savings, and of the absolute growth, comes in the last five or ten years. And finally, the kicker: Rich people live longer than poor people!

I urge you to open up a spreadsheet and compare two TFSAs, one for someone in a high tax bracket who starts at 18 and lives to 85, and one in a lower bracket who starts at 27 and lives to 80. Compare the total final plan sizes, and the total tax saved for each, and tell me this is a break aimed at the middle class.

Finally, as you probably know, banks have sold this to gullible members of the middle class as a segregated savings account paying almost nothing in interest, with GICs available for the devil-may-care gamblers among them. The banks have treated this as a huge source of low cost locked in funding (+fees), and haven’t gone out of their way to recommend growth investments instead of cash. It’s truly been a gift for them. While it’s hard to point to evidence of malice on the government’s part, it sure hasn’t run any advertising campaigns stressing the benefits of long term growth assets in the thing. No, it’s a great place to save up money for a trip, or a down payment on a house, right?

Overall, if you honestly tote up the cumulative effects of all the factors I’ve mentioned above, you can’t help but conclude that this will be a much larger benefit to the rich than to the middle class.

P.S. I manage four of them, all maxed out, none in cash.

The RRSP is a far greater benefit to the wealthy, since contribution limits soar with income. Chop that too? — Garth

#132 Nora Lenderby on 09.20.15 at 10:36 pm

#107 Nagraj on 09.20.15 at 9:34 pm
Jeremy Corbyn is to MSM what a puff of RAID is to insects.

Blimey, that is hilarious. Definitely a hint of the hysteria of the hens when the fox enters the coop. Foul play, I’d say.

And there’s the suspiciously communistic bike:
Chairman Mao Corbyn bike

Take me for a ride in Stratford, Ont., or Elora, Ont., and I’ll grab a swan, ring its neck…

The Norfolk Broads are stiff with these bad-tempered fowl. Unlike the relatively docile Canada goose, when they decide they want your sandwiches, you had better give them up, boat or no boat. (My companion said they were defending their nest, but I know what happened.)

Although, perhaps an armoured amphibious craft and you might be onto something…

#133 Millmech on 09.20.15 at 10:36 pm

#73
Hit the nail on the head,I usually see it when people pick up breakfast and coffee,go out and grab a quick fast food lunch,go for the beers after work(and are always broke)and when the company offers them training they will not take it as to “screw” over the corporation.The person who does take on extra training/knowledge is shunned,and when they make the sacrifice of time and effort and are financially rewarded its because they are some sort of a suck up not because they work hard(typical canadian response to another canadian getting ahead).Usually the trained person will leave the company for a higher paying more lucrative position,and the cycle will repeat itself.

#134 OXI in GREECE !! on 09.20.15 at 10:52 pm

You think the NDP is better than the other two parties who wish to bring us into a Police State? And Harper who is increasing his bombing campaign in the ME? What are you thinking?

___________________________________

NO NO No. NDP and Conservatives are a HUGE no for me. I was going to vote NDP But after the debate NO way would I vote for that moron. Harper is just an evil monster corporate sellout so no I would never vote conservative or crazy man Mulcair.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Except that Trudeau voted FOR the Police State C-51 Bill. Which proves my point….all we have to vote for…AGAIN is:

Dumb, Dumber and Dumberer……Canada is doomed.

#135 Deliverator on 09.20.15 at 10:54 pm

Can a blind government effectively govern? Vote Conservative and find out.

http://voices-voix.ca/en/document/dismantling-democracy-stifling-debate-and-dissent-canada

Harper follows the typical Necon playbook: push your agenda, silence dissent, and if there is any inconvenient real, verifiable data that is counter to your position, bury it, and if it comes out, muffle it, and then get rid of it.

#136 Chris on 09.20.15 at 10:57 pm

Those shirts Grandpa and Grandma have on are cool. Maybe I will get those made for me 40 years down the road. It is a sad state of affairs that you are voting for Harper. Says a lot about the poor choices the three parties offer. To your dismay I think Canadians would vote Trudeau into the office this time whether it is good for them or not. Canadians, not just the rich, pay too much taxes period. I am for smaller government but I still won’t vote for Harper.

#137 Figmund Sreud on 09.20.15 at 11:06 pm

Mr. Turner,

The sand they are a-shiftin’! Look around, …

The consensus that Mr. Harper’s economics and politics is worthy continuation is only a consensus among a privileged minority and Mr. Harper’s groupies! And the rest people outside those rarefied and self-referential circles will vote against him, since he has given them this current chance. Election.

Mind you, they don’t have, … as yet here someone like, say, Donald Trump, or Marine Le Pen, … or Jeremy Corbin to vote for! :)

And since I mention Jeremy Corbin: … what makes Jeremy Corbyn’s rise to become the leader of Her Majesty’s Loyal Opposition important is that it shows just how so very fragile the western-style conservatism actually became, and how readily it can be overturned by some politician who is willing to break with it and start talking about addressing the concerns of the 80 to 90% of the population who don’t agree with it.

… just sayin’.

F.S. – Calgary, Alberta.

#138 Lorne on 09.20.15 at 11:20 pm

#17 Danee
I’m so glad you shed some light on the income of all three candidates. It really pisses me off to hear the Liberals and NDP talking about the rich when they are part of the category.
………
Yet, unlike the Conservative rich, the NDP & Liberal rich, are actually fine with paying more tax…a pretty important difference!

#139 BS on 09.20.15 at 11:32 pm

Rich people save MORE tax than middle class people on the income sheltered in the TFSA.

The reduction as a percentage of tax paid will be greater for the middle class who use the TFSA compared to a high income earner. Plug the full income tax payable in your spreadsheet and compare a 80K income to a $200K income. $5000 per year saved from a TFSA is a small overall percentage of tax saving for a rich person but is significant for a middle class income. There will be a much larger overall benefit for the middle class and it will make a huge difference in retirement for the middle class that use it. It will also encourage the middle class to save and invest where they otherwise wouldn’t without the TFSA.

The TFSA is still relatively new. People will figure it out and start using it once they see other middle class people who use the TFSA gaining wealth.

#140 liquidincalgary on 09.20.15 at 11:53 pm

Daisy Mae on 09.20.15 at 7:20 pm

“Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income. By doing so he reduced the tax payable by about half.”

****************

If it’s legal, why not? Any of us would do the same. If it’s not kosher, then the law needs to be changed.

===========================================

point being, he and mulcair rail against the 1%; however, they ARE the 1% (great example of sucking and blowing)

trudeau was/is probably a trust fund kid as was his father

#141 Ret on 09.20.15 at 11:56 pm

#95 ‘We don’t need to raise taxes on the rich. We need to reduce government spending.’

Which is why every government worker will be voting NDP or Liberal to maintain the status quo. The poor, let eat cake.

#142 Christopher Lackey on 09.20.15 at 11:58 pm

What to do when two opposition leaders are detestable hypocrites, but the prime minister is an arrogant entitled control freak who has sullied and mismanaged our country to no end and is now surrounded by such illuminating talent as poilievre and Oliver? Call me idealistic but the utter contempt these guys have for Canadian decency and freedom trumps the fact that as the election cycle rolls on, I am in fact the target cpc voter (single income household with small children)

#143 Mixed Bag on 09.20.15 at 11:59 pm

I agree with most of Garth’s post, but this part:

” Income-splitting slightly levels the playing field between families, where one spouse chooses to stay home with kids. ”

For many couples, choosing to stay home is not financially viable. If both parents work, each earning 50K, and in another family, one parent earns 100K, affording the other spouse to stay home, I don’t see the income splitting as fair.

I knew of one young family who worked alternate shifts, so that the young children were always cared for by one parent, although the parents hardly saw each other and it was not easy on the marriage.

Both parents out working a job then solo parenting. Twice the labour and less quality of life for the same family income as the single-earner family in my example above. Although I benefit from income-splitting, I really don’t see it as fair to tax that double-income-but-same-earnings (50K+50K) family the same as the single-earner (100K) family.

…. It occurs to me, there are a few families in my children’s school where one spouse is not yet a permanent resident, and therefore cannot work. Are they allowed to income split?

#144 chapter 9 on 09.21.15 at 12:10 am

The average family last year supporting three levels of government on earned income of $79,010 paid out in hidden and visible taxes 42.1% or $33,272. At the other end of the income scale only 0.01% of Canadians earned more than $2.57 million,the really rich, so lets tax them all at 80% that will pay for about 50 day care spaces for a year, then what? Junior(doesn’t everyone have a trust fund Trudeau) and Tom(did I remortgage my house 11 times thought it was only 10) Mulcair will be coming after Joe average!!

#145 observer on 09.21.15 at 12:11 am

Tax all properties.

sounds good, but try this

Tax all properties normally, but all an additional tax on properties that has the owner contributing little income to government income taxes.

This way the foriegner will have to pay an additional tax, let say 4%.

Now they might turn around and say we have little income. But then you can use a formula like… If you own a 14 million house and only declaring 12,000 dollar income, we know your lying.

So based on their income and the value of the house you can figure how much they should be paying in taxes. So if you own a 1 million dollar house, you should be declaring a income of 150,000 dollars. So tax those bugger according.

I pay my taxes and lots of them. I expect the foriegners to pay into our tax system especially if they use our health and education benefits. There is no such thing as a free lunch.

#146 Mark on 09.21.15 at 12:12 am

First off, the heck with my 2 week hiatus. Garth got the Fed (spectacularly) wrong, I got the BoC wrong. So I guess I’m in good company.

The problem with a good chunk of contemporary “rich people” is that a many only got ‘rich’ by taking advantage of government largess. Doctors, for instance, simply wouldn’t earn anywhere near their pay if they had to collect it dollar by dollar directly from patients without the benefit of the government-enforced monopoly on many of their activities. The sunshine lists are complete with literally thousands of rich people created by government, largely based on their employment history with government, not based on being innovators or entrepreneurs. Even CEOs of many of Canada’s largest corporations receive high compensation on account of government-sponsored pension plans (CPP, OTPP, etc.) not being aggressive in protecting their interests as shareholders.

Today Harper announced $100M for investment in technology down in Windsor. Great, but $100M, most of which will go to scientists engineers who are taxed at between 30 and 40%? That’s a mere drop in the bucket compared to the $900B in loan guarantees handed out to Canada’s housing sector through the CMHC which has created hundreds of billions of tax-free “wealth” by way of principal residence appreciation.

If ever Canada had a “let them eat cake” moment, this would be it. The Harper government has paid lip service to manufacturing, created a housing bubble which deprived the manufacturing industry of the capital it desperately needs to re-invigorate itself, and has been actively hostile towards many types of large business outside of the energy sector (ie: telecom and railways are great examples!).

Justin may be young, but at least he “gets it”. He was willing to bring up the very real fact that many “small businesses” are used effectively as a form of tax arbitrage — either by wealthy people, or by large corporations, to lower their effective tax rates . He recognizes the dangers inherent in overly broad expansion of the TFSA program. Paul Martin’s policies in the 1990s created a smoking hot economy in the midst of a resource depression — and he is one of the backers of Trudeau. And Trudeau has committed, at least notionally, to putting the brakes on economically horrible projects such as Northern Gateway and the BC LNG (why would Canada want to drive up costs for domestic industry by exporting gas!!!).

#147 Bob dog on 09.21.15 at 12:12 am

100 people go to a party. They order a 100 slice pizza. The pizza arrives and the first person takes 80 slices. Someone suggests leaving more slices for the other 99 party goers and is instantly labeled a socialist.

#148 DBPM on 09.21.15 at 12:12 am

1.3 million for speaking fees fro Justin Trudeau? Wow! Having been subjected to his speeches since he entered politics I think I’d have to be paid that much to listen to him for an hour. Totally annoying way of speaking, must be the drama teacher in him. His student must be chronically unemployed actors.

Actually of them all Tommy is probably the best speaker. Harper isn’t bad usually but in that last debate he did all lot of stumbling and bumbling. Once he’s off the talking points he gets a bit frazzled. I guess Steve has a tough time keeping the lies straight if he’s interrupted.

Mean while May thinks she should be in every debate and wants to use a Harper tactic to force it by sicking the CRA on the Munk debates. Way to show that you rise above the fray like you claim Lizzy. Every once in a while she says something that makes me respect her a bit then says or does something stupid to destroy it.
She ran in two places in her own province and lost then moved to the opposite end of the country with the aging hippies and finally got elected. Still she thinks her party of one plus the dipper who crossed the floor should be treated like they are an important force in parliament. After the press dinner I have been waiting for her to introduce Omar Khadr and his mother and sister as candidates.

Is it too late for me to sign up and run myself for prime minister? If I drink enough I might think I’m as self important as most of these peons running now. Couldn’t be any worse the current crop of reprobates.

#149 Bob dog on 09.21.15 at 12:15 am

The corporate income tax rate in the USA is 35% in Canada its 15%. One wonders why all American corporations have not moved to Canada since raising our corporate tax rate will result in companies moving out of Canada.

#150 Stephen on 09.21.15 at 12:17 am

Well look Garth I told you to shut this blog down a long time ago. Laureen and the kids say hi.

#151 westsider on 09.21.15 at 12:19 am

As Bob Stansfield once said, ” A political platform is like a train platform, when the train pulls out, you don’t take the platform with you.!!!”

#152 Freedom First on 09.21.15 at 12:20 am

#86 Nora Lenderby

About the sex question, the answer is yes, Nora. Smoking Man is a married man.

#153 Retired Boomer - WI on 09.21.15 at 12:22 am

Yeah, wether you are an NFL, NHL, or Rock N Roll star….

It is never HOW MUCH you earn. It is WHAT you put away for HOW LONG that will make the BIG difference.

The LOTTERY winners usually are near broke in a mere few years, the sports stars, rock stars, etc. do NOT usually have wealth after their big careers have dimmed. Naturally, some do but, it is a minority of those who actually got to live that dream.

Even the relatively ‘well off’ never planned it exactly right, just just ‘planned it.’ Perseverance still pays. Sorry, old methods, but they STILL work.

No FREE LUNCH despite what wana-be leaders might tell you. Like the sign in the BAR says:

“FREE BEER TOMORROW”

Alas… tomorrow never comes….

# 125 Washed-up Lawyer…..

did you just randomly place “peddling pot and law school” together, or was that a freudian slip as to how you paid for law school? If it was, I am impressed that would have been a rather novel approach considering the times.
Good for you!

#154 George S on 09.21.15 at 12:31 am

A few years ago my brother in law, a dentist, told me that he paid $270k in income tax. While an increase in income tax likely won’t result in him leaving the country for greener pastures, what will happen is that his prices will go up. Most of the wealthy people don’t really pay income tax (or all other taxes for that matter), all of the people that buy goods and services from them pay the tax for them in the form of increased prices for the goods and services they sell.
As an example a friend’s daughter worked for a pizza place. When the minimum wage went up they reduced the amount of toppings on the pizzas by a proportional amount and net profit stayed the same.
Whatever government we end up with will need to get the money from somewhere for their promises and most likely the wage earning person will end up paying for it either directly by increased taxes or indirectly by increased prices for goods and services from the wealthier people.

#155 Freedom First on 09.21.15 at 12:32 am

#97 Nora Lenderby

Thanks Nora. Not everyone has your awareness and insight. Probably because I am so laid back.

#156 Ralph Cramdown on 09.21.15 at 12:33 am

The RRSP is a far greater benefit to the wealthy, since contribution limits soar with income. Chop that too? — Garth

Let the voters decide. I’m in favour of the RRSP, as it seems to encourage people to save for retirement, which they need to do.

What bothers me is that the TFSA has been sold as a gift to the middle class, where I see it as helping shave the overall tax rates of the rich significantly over time, and more than it affects the middle class. In that respect it transfers some of the overall burden from the rich to the middle class, making the system less progressive. Yet when the Liberals or the NDP talk of increasing rates somewhat, it’s portrayed as eat-the-rich class warfare. I see it as moving back closer to where we were the last time budgets were balanced.

It’s skilful politics on the Conservatives’ part.

How about this: You’re grumpy that Harper ran up the debt. If you agree with the GST cut, TFSA and income splitting, then large spending cuts would be the only way to have balanced the budget. What do you propose?

#157 Retired Boomer - WI on 09.21.15 at 12:36 am

For much of my life the top tax rate in the US was 91% then 70% then it fell all the way down to 28% (for a year) then up to 36% and now with all the rest hovers right around 42% truth be told. Then add in state & local income taxes, and in many states these so called evil rich are taxed at over 50%…….

So, that is why they take advantage of tax shelters, deferred taxes on items like the RRSP, and TFSA.

I’m sure not a 1%er not even a 20%er…. but, you can bet your ass I used those wonderful advantages to the best of my ability during my working years. Why not? They are there for the IQ blessed, the idiot, and all of us between.

Are YOU leaving free money on the table? Don’t!!!

#158 Ralph Cramdown on 09.21.15 at 12:48 am

#339 IHCTD9 — “Unifor commissioned a study last year to look at the impact of GM Oshawa leaving, and the repercussions of the shrinking Auto industry (indeed, manufacturing as a whole) Canada wide. For the 3600 employees at the time (1000 more have been laid off since then, gone this November), 33,000 jobs in Ontario will eventually be lost in the support industries. In a nutshell, red tape, labour costs, energy costs, and yes – Taxes of all kinds are what combine to drive these big industries out.”

I think the big drivers of the Ontario auto industry were the Auto Pact, government health care and proximity to the US industry centred in Detroit. Alas, the Auto Pact is no more, replaced by NAFTA, the deal with Europe and, perhaps soon, the Trans Pacific Partnership. A lot of the US industry has shifted south for cheaper labour and weaker labour legislation (at will employment, “right to work” laws). US auto sales are back to pre-recession levels, but look at this:
https://research.stlouisfed.org/fred2/series/MIMFG

Not that the Ontario or federal govrnments have helped, but maybe the auto sector here was doomed for other reasons?

#159 Herf on 09.21.15 at 12:52 am

#37 BS

“If the government needs more tax revenue they must tax the middle class. No other way to do it. Sorry 99% if you are voting NDP or Liberal you are voting to have YOUR taxes increased. There is just not enough of 1%ers to make the plan of tax the rich work.”

Hence, why Wynne is bringing in the Ontario Retirement Pension Plan (ORPP) – she needs the cash since she won’t cut her governments’ spending, and to help make up for the financial malfeasance of her predecessor, McGoofy.

Also, her government’s need for money probably explains why it introduced the following changes to Ontario Estate Tax, new rules affecting executors and severe penalties for noncompliance, which came into effect January 1, 2015:

http://www.mrwills.com/blog/ontario-executors-new-estate-tax-duties-

http://www.mrwills.com/blog/2015-ontario-probate-tax-rules-on-real-estate

http://www.potvinfinancial.com/wp-content/uploads/2015/06/mm-tep-ontario-executors-probate-rules-en.pdf

http://www.advisor.ca/tax/estate-planning/ontario-now-requires-an-estate-information-return-172735

Since Wynne is a min-PET fan-boy(ette?) and was counting on him to support her efforts to bring in ORPP, I think it behooves voters to really, really, really (did I say “really”?) consider if having a Liberal (or worse, an NDP) government is (really) what they are prepared to live with.

On the other hand, the mini-PET boy-wonder seems to be waffling at committing to supporting Wynne’s ORPP, and is toying with his own national plan:

http://www.thestar.com/news/queenspark/2014/10/11/will_justin_trudeau_sink_kathleen_wynnes_pension_plan_cohn.html

From the above link:

“Trudeau and his team remain enamoured of a new voluntary British system known as NEST. But NEST is more of a glorified savings plan than a true pension, allowing workers to opt out at will.”

Hmmm. Sort of sounds like something we already have called a TFSA. Which begs the question, if we have already have the national TFSA (which Gartho can take major credit for helping to come into existence – take a bow, Garth), why does the country or Ontario need another pension/savings scheme proffered by the likes of Trudeau or Wynne?

#160 Retired Boomer - WI on 09.21.15 at 12:52 am

US our TFSA equivalent is only $5,000 per person until age 50. Over 50 in the US the most you can contribute to a ROTH our TFSA is $6,000 per person, or $12,000 a year.

Do this from when you can, and you will do well. Do this AND use the RRSP equivalent and you will do fantastic!

Don’t “DO” either, and you rely upon social security (set for a 26% decline when the surplus is exhausted) think about 2030… Old age sucks anyway, it REALLY sucks if you end up with nothing but the government *promise.

* Government promise = social security, subject to law makers revision at ANY time. Do you trust YOUR lawmakers? I would prefer to make my own choices.

#161 Freedom First on 09.21.15 at 12:58 am

#127 Marlene from Victoria

Yes. I’ve heard about the Robots. They won’t be allowed. No men would get married and our consumer culture would die.

It is a great idea though.

#162 NOTHING SURPRISES on 09.21.15 at 1:05 am

A couple of “Ground Hogs” ………same old, same old, everyday, for the past 63 years…….unless of course they now use canes due to back problems from moving the required average 9 times to stop from becoming anomalies according to the Law of Garth !!!!

#163 call it what it is on 09.21.15 at 1:08 am

“As for wealth, “high net worth” means $1 million or more in liquid assets, not including a house. There are 298,000 people in this category, or less than 1%. ”

1 million cdn rupee’s is only $600,000 usd….so don’t call it ‘wealth’.

#164 Leo Trollstoy on 09.21.15 at 1:08 am

Except that Trudeau voted FOR the Police State C-51 Bill.

Bingo.

All the 99% are funny. They actually believe that the next elected leader will better. Just a hint boys and girls, it’s all run by the 1%. For the 1%.

The rich get richer.

Always.

I’m just enjoying the show.

#165 Herf on 09.21.15 at 1:10 am

“So, clearly, both of these guys are wealthy by Canadian standards. Yet neither has led by example. Now they’re both campaigning for more taxes on other Canadians, more public spending, more deficits (in the case of the Liberals) and way more government.”

Again, that explains Trudeau’s belief that most small businesses are just tax-write-offs for the rich:

http://www.therebel.media/trudeau_thinks_small_businesses_are_just_a_way

http://ottawacitizen.com/news/politics/trudeau-among-wealthy-canadians-he-says-benefit-from-small-business-tax-deductions

http://news.nationalpost.com/news/canada/canadian-politics/trudeau-is-one-of-the-wealthy-canadians-he-says-benefit-from-small-business-tax-deductions

Meanwhile, his proposed tax break for the middle-class, isn’t worth a fart in a windstorm, but woe-is-you if you’re a high income-earner, particularly in New Brunswick:

http://business.financialpost.com/fp-comment/trudeaus-odd-middle-class-tax-break

#166 Bby604 on 09.21.15 at 1:11 am

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/09-overflow/20150920_jobs.jpg

Great cartoon

#167 Leo Trollstoy on 09.21.15 at 1:12 am

No matter who gets elected, the 1% will come out better than ever.

Guaranteed.

‘Mr-two-pensions-mortgaged-house-11-times”

Hahaha classic

#168 Herf on 09.21.15 at 1:24 am

#41 Daisy Mae

“Then, they’re not smart.”

You took a survey or inquired about their circumstances?

#169 Great Canadian Bubble Co. on 09.21.15 at 1:33 am

I wish any of the leaders were talking about encouraging entrepreneurship, especially among the young. We need a more diversified, knowledge-based economy that doesn’t rely so heavily on Oil, Real Estate and Government for its jobs.

There needs to be greater incentives to start small businesses and fewer barriers. I will vote for the party that makes that the center of its platform.

#170 sideline sitter on 09.21.15 at 1:34 am

The problem with the Cons is Harper.

I doubt people want to pay more taxes.
I doubt people want government to be wasteful.
I doubt people want to subsidize other people’s life choices.

At least for me, who is not wealthy (but working to get there) and who is not in the top 1% (but likely top 5%), I can’t vote for Harper.

Harper has to go

#171 TRT on 09.21.15 at 2:35 am

Tax wealth. Have an inheritance tax of 50%.

The majority can do anything. Remember that Garth.

#172 TRT on 09.21.15 at 2:36 am

Look at you labour units fighting amongst yourselves on how much income tax you should pay.

If you would wake up, you would realize that it would be best to tax wealth.

#173 TRT on 09.21.15 at 2:44 am

@freedomfirst post 66

“Fact is, some people are born with higher I.Q.’s than others. This fact has many ensuing ramifications. Show some humanity people.”

—> doesn’t mean a thing. I tested in the 99th percentile and could have done better. Was smart and poor. That was until I didn’t give a damn about anyone else. People like Garth think wealth is created by smarts. Well it isn’t. The key is too not care about anyone else but yourself. From experience.

#174 Dave on 09.21.15 at 3:36 am

Harper’s 79 assaults on democracy

http://thetyee.ca/Opinion/2015/08/10/Harper-Abuses-of-Power-Final/

It is more just the economy

#175 Londoner on 09.21.15 at 4:58 am

“Sadly in all of this, most people will lose.”

We will ask nothing
We will demand nothing
We will take

;)

#176 Steve French on 09.21.15 at 6:18 am

Smokey’s hittin’ the booze again blog dawgs!!!

Lawd help us all.

#177 saskatoon on 09.21.15 at 7:02 am

#172 TRT

a very smart person wouldn’t write this:

“If you would wake up, you would realize that it would be best to tax wealth.”

#178 maxx on 09.21.15 at 7:15 am

#17 Danee on 09.20.15 at 7:04 pm

“I’m so glad you shed some light on the income of all three candidates…….Feels like we are between a rock and a hard place.”

…or a jock and a card face.

#179 maxx on 09.21.15 at 7:21 am

#18 Nic on 09.20.15 at 7:05 pm

“Im a little tired of this. Businesses do create jobs and entrepreneurs should be rewareded for hard work. But WHY should they make 600X what their employees make.”

The rich aren’t the problem.
The super-rich are.
Way different and far more influential kettle of fish.

Those with assets over $5 million constitute .01% of the Canadian population – about 30,000 people. Aren’t there are more important things to worry about than beheading them? — Garth

#180 Bottoms_Up on 09.21.15 at 7:31 am

#169 sideline sitter on 09.21.15 at 1:34 am
————————————
I’ve never known a PM to avoid the media, or to be an uber control freak and muzzle MPs. It’s disgusting. And the irony is that harper is intelligent and a good speaker.

For the sake of our democracy, i also believe he has to go.

#181 Hank Danson on 09.21.15 at 7:33 am

To TRT #171

Yes, tax unions assets and their pension plans every generation, 25 years give or take so they will lose 50% and everyone’s pensions will be cut by 50%.

They don’t even pay income taxes every year and should pay income taxes every year.

This way, they can get taxed twice and be left with nothing just like an RRSP worth $100,000 and more will be taxed at almost 100% with this NDP wealth confiscation.

Really it is stealing people’s money that they already paid income taxes on originally and then they are stealing it again.

The Dividend tax credit is a perfect example of why dividends are subject to double taxation and corrects that to a certain point.

#182 Glen on 09.21.15 at 7:53 am

Garth says:

“Rich people usually get that way because they work harder, think smarter, are employers rather than employees, innovate or embrace a profession society rewards.”

Garth, I have been reading this blog since 2002…even have a signed book of yours. I have appreciated the information and advise given freely. A rarity these days.

Now that I have spread some butter, I’ll say that the above sentence just strikes me the wrong way. It smacks of elitism and is clearly a narrow view of what makes an individual smart or a hard worker.

I do not believe the 1% have risen to that perch on the backs of hard work and smartness either. Often it has more to do with some underhandedness and just plain dumb luck.

Not always…but in a larger percentage than you would be willing to admit it seems.

I don’t begrudge anyone who achieves wealth through the means you suggested. But I do take offense to the insinuation that those who are not wealthy think “less smart” or “work less hard”. Sometimes it a matter of choices rather than smartness or hard work.

Money isn’t everything.

While I have met a person or two who “dumb-lucked” into wealth, I do not recall anyone who cheated their way up. Do you know such people? — Garth

#183 conan on 09.21.15 at 8:20 am

Remember the advent of the flat screen tv? It was at most 10 years before they were in everyone’s home.

Same process is about to happen with robots. Flat screen TVs did not take people’s jobs but the robots will.

The economy has no chance to trickle its way out of this one and I do not think this version of Conservatives has the smarts to deal with anything “complicated.”

Voting Liberal.

#184 Glen on 09.21.15 at 8:21 am

While I have met a person or two who “dumb-lucked” into wealth, I do not recall anyone who cheated their way up. Do you know such people? — Garth

Yes.

Without getting into specifics, how about billing for things that are known to be not worthwhile? Can you think of how this might happen?

And that created a 1%er? Hard to believe. — Garth

#185 economictsunami on 09.21.15 at 8:35 am

In the grand scheme of things I’ll be casting a wary vote for the party I personally feel will inflict the least amount of economic harm to our country.

Really now, isn’t that the most we can expect from our duly elected, sense of entitlement, amateur troughers?

Unlike politicians, at least most central bankers realize the enormity of the situation they’ve helped create.

But even they aren’t sure what the real economic consequences from ever larger liquidity doses and rates lower for longer will wrought…

“What Does The Fed Know That We Don’t” – Bridgewater’s Ray Dalio Answers:

http://www.zerohedge.com/news/2015-09-20/what-does-fed-know-we-dont-bridgewaters-ray-dalio-answers

Now I Know What Your Blood Pressure Should Be:

http://www.slate.com/articles/health_and_science/medical_examiner/2015/09/keep_your_blood_pressure_below_120_not_140_the_sprint_study_will_change.html

#186 CJBob on 09.21.15 at 8:40 am

There is more to the decision that economics.

Poll question: “Are you in agreement with the direction Harper has taken the country with foreign affairs and empathy for those less fortunate within our country?” Many say no and many are looking for a change because of this. I am one of them.

#187 The truth on 09.21.15 at 8:43 am

I think any tax (gst. . Income tax) and saving plans (tfsa rrsp) are all bad for the economy.. remove all of them and there will be more spending and higher income and higher interest rates

#188 Bytor the Snow Dog on 09.21.15 at 8:50 am

#20- Exactly.

One point though- It is my understanding that Jason Kenney is the leader-in-waiting. I don’t know him all that well. Is he more of a Red Tory or is he another neocon Reform butthead.

#189 Psych advice on 09.21.15 at 8:54 am

I come here everyday to get my daily dose of feel-good. It confirms that I am not a greaterfool, I live within my means, I’m happy about my financial situation and that way too many people blame others for their poor financial situation. As importantly, I end up with a lot of free take-aways that are offered by a decent man.

What I do not understand is why are the individuals that are relentlessly blaming others coming here every day? So they can pump themselves up in order to feel more miserable? Who does that to themselves?!

Do yourself a favour; go read something that won’t make you grumpy. Conversely, if you elect to stay, be quiet and listen to the info that is being shared with you, i.e. as your mom is trying to tell you, grow up a bit.

#190 Holy Crap Wheres The Tylenol on 09.21.15 at 9:05 am

#128 Smoking Man on 09.20.15 at 10:18 pm
Wify poo , losses it, damb drunks.
Leaving the bar, Number 1 son says , craig little shit should have picked us up..
He is her favorite.
Wifyee says , atleased he wasent writing him self checks when he was your age..
Number 1 He losses it ,smashes lighter on strret.
Wife then goes postal.. See your wifes 5 karot ring, you still haven’t paid us for it..
Got to re think this bozze.utopia..
Not everyone can handle it..
Man a shit show tomorrow.
I love life
___________________________________________
Jesus Smoking Man your family life is just full of excitement. Dysfunctional families are primarily a result of co-dependent adults, and may also be affected by addictions, such as substance abuse (alcohol, drugs, etc.), or sometimes an untreated mental illness. Now wifee poo has a problem? Hell Im turning off the TV and going to watch the “The Smokie and Wifee Poo Show” Same Bat time, same Bat channel. Stay tuned.

#191 Coho on 09.21.15 at 9:06 am

The Ruling Elite are very good at directing the attacks away from themselves and their agents, who run or are owners of central banks, too big to fails, and the military industrial complex. These are the parasites. These are the ones having a free ride. There’s nothing left after these monsters have destroyed people and plundered the wealth of nations the world over.

Our anger towards successful business people and others in well paying professions is misdirected. These are not ‘the rich’ or ‘powerful’ who are screwing over humanity. The 1% are largely employers and those offering professional services be they doctors, lawyers, etc. It’s the 0.01% that have set up a nice little system for themselves through wars, derivatives, debt vehicles, exploitation, etc that impoverish people and nations all for their own benefit. It’s not as much our blood spilled in wars and the sweat off our backs that they have accomplished this as it is our ignorance.

#192 fancy_pants on 09.21.15 at 9:16 am

platform promises of plenty of fish and loaves to go around. wow. haven’t seen that before in the political arena. insert rolley eyes

#193 fancy_pants on 09.21.15 at 9:22 am

#183 conan on 09.21.15 at 8:20 am

don’t follow how you got from flat screen tv’s to voting liberals but…

drones. when they start delivering packages around town or drinks to your favorite armchair you know we are there.

voting Jetsons.

#194 NYC Class J3a 'Super Hudson' on 09.21.15 at 9:22 am

Great column, Garth, especially the third-to-last paragraph. ‘We dig irony’, indeed.

Get used to it, though. The Liberal-NDP coalition (or the NDP-Liberal coalition is on the horizon. American voters may be PO’d, but Canadian voters are dumbed-down.

#195 broader mind on 09.21.15 at 9:22 am

The war on the rich has been on for quite some time.Since the great financial crisis (2008) and the ensuing emergency interest rates that followed have been in place.When mortgage and loan money are almost free it means money is worth very little.To have money in excess of your needs is wealth.Presently wealth is worthless because loaning it out is worthless.Ask any risk adverse holder of bonds and GC’s .Now,largely due to trading activity,one can try preferred shares in hopes of a slightly better return then watch their capital be destroyed (CPD et all ).Until interest rates rise the wealthy are taking a bath.The issue of gov. and taxes is of very little consequence by comparison.We need to vote in a party that will push the BOC to raise rates (a lot) The gift of free money for the 99% has gone on long enough to see that they do nothing with it (save or reduce debt).Americans used free money to power up industry while Canadians used it to power up housing costs.Any Canadian earning 7% on a balanced portfolio is being wiped out by our currency free fall.

#196 Rational Optimist on 09.21.15 at 9:23 am

Stornoway is indeed nice. Does anyone know if Mulcair has tried to take a HELOC out on it yet?

#197 Andrew on 09.21.15 at 9:24 am

I’ll just leave this quote here:

“There’s class warfare, all right,” Mr. [Warren 0.01%] Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”

#198 Holy Crap Wheres The Tylenol on 09.21.15 at 9:26 am

Justine Trudeau grew up as an entitled well off child. He has never, ever, ever been middle class. So his commercials on TV ring hollow as to how he is going fight for the middle class. How the hell do you do that when you have never really worked or lived as middle class. He has a Bachelor of Arts degree in literature from McGill University and a Bachelor of Education degree from the University of British Columbia. After graduation, he worked as a French and math teacher in BC (government job). He inherited 1.2 million dollars and has made as much as $450K in speaking engagements every year. Nice work rich boy! Lose everything you’ve been given, get a real job working at Tim Horton’s serving coffee to everyday hard working Canadians who are middle class then come back and tell us how your going to help!

http://globalnews.ca/news/392961/justin-trudeau-reveals-details-of-his-1-2-million-inheritance/

#199 Daisy Mae on 09.21.15 at 9:30 am

#25: “The rich are already beaten to death with taxes. Trudeau’s suggested tax rate over $200k would put the top marginal tax rate at 53%, which is simply absurd. Even if I never had any hope of earning that much I would still think that amount of tax is unfair.”

*****************

Squeezing any of us too much results in an even greater ‘underground economy’. How about better management at the government level? Duh!

#200 Adam on 09.21.15 at 9:36 am

Interesting how the average Canadian’s definition of a “rich person” is someone who can save up $10k a year. Meanwhile there are actual rich people saving and sheltering $50k, $100k, $200k a year. Of course a measly $5k isn’t going to make a difference to them..

#201 George S on 09.21.15 at 9:40 am

I remember reading that sometime after 2008 when California was in a recession that their tax revenue had decreased by a huge amount. The reason was that the medium rich people (there are a lot of wealthy people on California) with an income of $5 to 10 million who provide a huge portion of the income tax revenue to the state all of a sudden were making about half their normal income and paying about half the income tax that they normally do. This was a big problem to the state because even though it doesn’t seem like it, with all the mythology surrounding comparatively wealthy people, they do in fact pay a lot of tax already.

#202 maxx on 09.21.15 at 9:46 am

“Those with assets over $5 million constitute .01% of the Canadian population – about 30,000 people. Aren’t there are more important things to worry about than beheading them? — Garth”

Come on, Garth- to be 100% sure there are more urgent things to worry about in terms of human well-being- however, those with over 5MM are not that significant as they are simply (for the most part) beneficiaries of a capitalist system which if not grossièrement pousée, works pretty well.
The super-rich are a breed apart and you know it.
They’re mostly quite disconnected from the real world, and later in life, we are often regaled with the vomit-inducing transformational display of sanctimonious “gifting” to favourite causes with a flourish akin to the laying on of hands.
A bit more balance wouldn’t hurt.

#203 Grey Dog on 09.21.15 at 9:49 am

Live well below Take Home pay. Max out RRSP and TFSA every year. Shop at consignment stores (to the horror of some of my friends). Similarly buy inexpensive last year,s model car, drive it into ground for 13 to 15 years (to the horror of inlaws). Take up walking and cycling as a past time NOT shopping. Eat real food at home (no restaurants). Staycation you can have adventures locally. With the law of compounding your savings, YOU will get there (1M$) by 65. Surprisingly enough. Life and savings are what YOU make it.

#204 Daisy Mae on 09.21.15 at 10:02 am

#71: “…the TFSA is the only way to ensure they will have the funds to retire.”

***********************

Ridiculous. The TFSA is simply after-tax savings, which should be invested but are not. Find another way to save — a 60/40 portfolio with the right investment adviser?

#205 broader mind on 09.21.15 at 10:03 am

To #184 Glen That is just weird.Maybe your where fleeced by a scam artist.I’m trying to think “billing for things that are known to be not worthwhile”.Not many grocery stores survive selling rotten apples.You have peaked my interest.I would like to know what business model is creating 1%ers doing what your saying.

#206 miketheengineer on 09.21.15 at 10:07 am

Garth et al:

Real Estate Decline

I saw a program the other night on TVO about Martin Armstrong. Interesting chap. Made sense.

I checked out his blog today…and found this chart…

This really makes sense Mr. Turner with all that you have been saying in the past…

Here is the link:

http://i2.wp.com/armstrongeconomics.com/wp-content/uploads/2012/08/realestate-cycle.jpg

General Trend is Down from Here, for RE according to this chart.

#207 johnsaccy on 09.21.15 at 10:20 am

You bring out great points, Garth. I am pretty sure I would be paying more taxes come Oct. 20. Time to think out of what is just good for you.

I would rather vote for a more inclusive (relationship between Feds and Provinces), better decision making (not a one-man show) and a democratic (no muzzling) Canada.

No more Harper (hoping for a better CPC leader). Voting Liberals this time.

#208 Blaming the Victim on 09.21.15 at 10:22 am

If only those hundreds of thousands of Syrian refugees weren’t so lazy and afraid to take risks, they’d be sitting pretty whining about being over taxed. Sorry Garth, just saying. There’s a great psychological study that found subjects who won a purely and obviously luck-based game consistantly credited their success to their own skill. It’s human nature. Be wary. It’s dangerous. In India the well off use the notion of karma to make themselves feel better and do nothing about the extreme poverty around them. Reading the book Blaming the Victim many many years ago opened my eyes to how this habit is so pervasive and an easy trap to fall into. It’s very comforting.

#209 Daisy Mae on 09.21.15 at 10:26 am

#112: “The T1 General form is only about three pages longer than when this Prime Minister took the oath of office.”

********************

I remember when the T1 General form was a single page, front and back…and a T4 slip. Now it’s four pages and twenty attachments. The feds dazzle us with their footwork — adding here, deducting there. ;-(

#210 Realitybytes on 09.21.15 at 10:47 am

Garth,

Thanks for posting that reasonable dissenting view, which you proceeded to prove right.

I’m sure you are comfortable in your bias, and are happy to overlook the lack of historical evidence for your viewpoint, and the inevitable ramifications should we continue down this path.

How can anyone be certain of the path untraveled? Thus, a dilemma. — Garth

#211 quebec economist on 09.21.15 at 10:57 am

Tough call, but I trust Mulcair.
Don’t think he will follow through with taxing corporation…or at least not at what most NDP would like to. So yeah, he is lying to get elected, but once in office I trust he will make the better decisions for the economy and the environment. I do agree with Garth, allowing a TFSA is a good idea for everybody…more people should learn to profit from it. Don’t Vote NDP, but vote Mulcair (lol)

#212 Petr on 09.21.15 at 11:12 am

Airline Pilot here! You lefties would never make it in my industry. NDP and LIBs are a slap in the face to the truly hard working Canadians that do what most can’t.

#213 Mister Obvious on 09.21.15 at 11:27 am

#153 Retired Boomer – WI

“The LOTTERY winners usually are near broke in a mere few years, the sports stars, rock stars, etc. do NOT usually have wealth after their big careers have dimmed. Naturally, some do but, it is a minority…”
————————————-

Bang on my friend. Here’s case in point: Dave Clark of the infamous “Dave Clark Five” one-time rival to the Beatles with a dozen mega-hit records to his name.

Clark took ownership and control of his master recordings and publishing from the start. This was at a time when most big stars of the day left all that boring money stuff up to “others” who invariably robbed them blind leaving them to spend their downhill years in largely fruitless litigation.

People though Clark was nuts. Then they noticed he’d become one of the very few extremely rich has-beens.

By his own admission, Clark was a crappy drummer and not much of musician in general. But he had two things going for him. He knew he to make a hit record and he know how to profit from that.

I figure he was a pretty smart and hard working guy.

But I wonder… did he deserve it?

#214 Steve French on 09.21.15 at 11:29 am

“While I have met a person or two who “dumb-lucked” into wealth, I do not recall anyone who cheated their way up. Do you know such people? — Garth”

————

Are there people who cheated their way up?

… ARE THERE PEOPLE WHO CHEATED THEIR WAY UP?

ahhhhhhahahahahaha

hehehehehehehe

hohohohohohoh

guffaw guffaw…

knee slap…

teary eyes…

hehehehe…

Snort snort…

lololololololololoooooool

oh goodness.

Sir Garth. Your Canadian-ness is showing again.

So naive… to the wicked ways of the world.

It’s nice that Canadians can live in such a country. It’s even endearing, in some ways.

If it wasn’t so gullible.

I say….. let’s hang the rich.

So, do know any? Tell us once you recover. — Garth

#215 Smoking Man on 09.21.15 at 11:40 am

#190 Holy Crap Wheres The Tylenol on 09.21.15 at 9:05 am
#128 Smoking Man on 09.20.15 at 10:18 pm
Wify poo , losses it, damb drunks.
Leaving the bar, Number 1 son says , craig little shit should have picked us up..
He is her favorite.
Wifyee says , atleased he wasent writing him self checks when he was your age..
Number 1 He losses it ,smashes lighter on strret.
Wife then goes postal.. See your wifes 5 karot ring, you still haven’t paid us for it..
Got to re think this bozze.utopia..
Not everyone can handle it..
Man a shit show tomorrow.
I love life
___________________________________________
Jesus Smoking Man your family life is just full of excitement. Dysfunctional families are primarily a result of co-dependent adults, and may also be affected by addictions, such as substance abuse (alcohol, drugs, etc.), or sometimes an untreated mental illness. Now wifee poo has a problem? Hell Im turning off the TV and going to watch the “The Smokie and Wifee Poo Show” Same Bat time, same Bat channel. Stay tuned.

You do know im a righter write. Imagination in Technicolor after a few.

You should try it..

#216 Carly in Cabbagetown on 09.21.15 at 12:07 pm

Listen up, boomers!

CBC Ontario Today radio right now is doing a one hour phone in on the “Bank of Mom and Dad”

http://www.cbc.ca/ontariotoday/

#217 YVR2ZRH on 09.21.15 at 12:12 pm

How silly I was to have read that Mulcair would “Introduce a wealth tax” and “eliminate the capital gains tax”. – – Instead of “eliminate the capital gains tax break . . “. OMFG seriously? He’s completely ridiculous now.

Here in Switzerland, we have no capital gains tax (which is great) except generally on real estate. Also – There is a wealth tax – – which is also allocated on real estate assets. So – Overall – we do not over-extend into any Real Estate assets – with most people owing . . zero . . (as it is not a diversified asset – unlike a large equity portfolio).

This election is really important but what’s amazing is how none of the parties are coming out to say they will harpoon the housing bubble . . . that is just going to have to happen on its own.

#218 Waterloo Resident on 09.21.15 at 12:17 pm

If anyone is holding Volkswagen stock; sell now, that company just might be bankrupt before the end of this year:

http://www.msn.com/en-us/money/companies/volkswagen-to-halt-us-sales-of-diesel-cars-as-stock-plunges/ar-AAeyGfS

(“VW could face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules. Some 482,000 four-cylinder VW and Audi diesel cars sold since 2008 are involved in the allegations.
The U.S. Environmental Protection Agency (EPA) said on Friday the software deceived regulators measuring toxic emissions, adding that Volkswagen could face fines of up to $18 billion as a result. ” )
——–

That penalty is 2 times what it would take to push Volkswagen into bankruptcy.

#219 Millmech on 09.21.15 at 12:18 pm

Just think how you could get that extra five grand for TFSAs,most four person households have four phones and plans,five computers,four flat screen tvs and all he bundled plans for everything.Everytime a new phone comes out kids have to have it,you know so their self esteem doesn’t suffer.
A lot of people who do well financially have gotten there over the long term,most people want what they took years to get now,pure entitlement.

#220 M on 09.21.15 at 12:20 pm

Gartho baby, I don’t understand why did you feel the need to “answer” to msgs posted by such infantile fcucks ?
Socialism does not work in most of its forms.
The “command economy” do not work either – especially in its present “neo-con” form.
So as of now, as a political spectrum, there are no alternatives , except “$hittier -$hitties” and not only in Canada but everywhere.
To recognize a “command economy” check the control upon the money and money supply. One will never fail to identify it.

oh yes.. and “za people” usually tend to have the leaders they deserve

:)

ain’t that fun ?

#221 dontcallmeshirley on 09.21.15 at 12:24 pm

“While I have met a person or two who “dumb-lucked” into wealth, I do not recall anyone who cheated their way up. Do you know such people? — Garth”

Garth is a bit much when he ignores facts to make his point.

The list of crooked players is endless.

How about we make a list for him. I’ll start:

1. Bruce McNall
2. the brothers that defaulted on the Vancouver Olympic Village loan
3. Bernie Madoff
4. Len Barrie

the list is endless

No, the list is empty. I asked if you knew anyone who cheated their way to being a 1%er. Obviously you don’t. — Garth

#222 Glen on 09.21.15 at 12:30 pm

Petr #212

Hopefully you are not a commercial pilot because your clear arrogance scares the crap out of me.

There is an old quote that states:

“arrogance is the surest path to incompetence.”

Seems to me the airline business needs to do a better job of psychologically screening folks.

Truly terrifying sir.

Yes, let’s have more humble, indecisive pilots who seek consensus on what they should do! Great thinking. — Garth

#223 pookie on 09.21.15 at 12:36 pm

Let me be perfectly clear up front, this comment is spoken with tongue firmly in cheek…I don’t care how rich the politicians are as long as they give me all I deserve and not make me work for it.
Garth, thanks for your clear thoughts on so many of today,s issues. My husband follows you regularly and we live fairly well because of it.

#224 Steve French on 09.21.15 at 12:42 pm

1. David Thomson

” “Gothic doesn’t even begin to describe it,” says a man close to the family. “You have no idea.”

http://www.thecanadianencyclopedia.ca/en/article/canadas-rich-troubled-thomson-family/

2. Galen Weston

billionaire who pays below minimum wage to his employees

http://putfoodinthebudget.ca/dont_let_charitable_activities_fool_you.pdf

3. Irving Family

billionaire family who run a province like an authoritaian fiefdom.

http://canadalandshow.com/podcast/family-owns-new-brunswick

http://www.cbc.ca/news/canada/new-brunswick/irving-oil-charged-in-gas-price-fixing-cartel-in-quebec-1.1179666

4. Jim Pattison

billionaire climate change denier

http://www.cantechletter.com/2014/06/calgary-climate-change-denier-billboard-reveals-corporate-influence/

5. Ed Rogers Jr.

He looks like an entitled twat.

———

Together these 5 richest Canadian families control about $65 billion in assets.

That represents $65,000 that could be provided in a trust fund, to the mother or guardian of every single one, of the 1 million Canadian children currently living in poverty.

Let’s requisition the assets from these 5 incredibly selfish people…. and redistribute it to 1 million poorest Canadian children, so that they can eat healthy dinners for the foreseeable future.

There. Done.

I think Canada would be a better place.

Do you believe Mr. Mulcair supports the confiscation of private wealth? — Garth

#225 Armando on 09.21.15 at 12:44 pm

“Well, there you have it. The vote that’s all about loaves and fishes, in which people are being told a handful can suffer so the multitudes may prosper, championed by two members of the 1% who live on public incomes. At least we dig irony.”

Well said Garth! That about summarizes the situation in Canada and the US too!

#226 Glen on 09.21.15 at 12:44 pm

Yes, let’s have more humble, indecisive pilots who seek consensus on what they should do! Great thinking. — Garth

There is no link that ties being humble with being indecisive. You are reaching….really reaching.

If you understand a little about psychology you would recognize the Dunning-Kruger effect when you see it. Arrogance IS typically a mask for incompetence.

Regardless of your whimsical quirps Garth….”Petr” should scare the pants off you if you are planning any air time.

#227 not me on 09.21.15 at 12:47 pm

Personally I have no problem with the rich (and very much admire the self-made ones) unless they got that way through criminal activities, deceit or by taking advantage of others. I don’t care about the wealth obtained through inheritance or a pure dumb luck. What I’m concern about are the lying, conniving politicians that put their own interest ahead of the people they supposedly represent. They’ll feed the BS propaganda to the stupid and make promises they won’t keep just so they can get elected. Sorry but currently there is no one that deserves my vote.

As for the people that suggest to tax wealth or inheritance etc. – you are just as stupid as the politicians you’ll elect. The after-tax money is mine and let me decide what I want to do with it without government’s further intervention.

“As for wealth, “high net worth” means $1 million or more in liquid assets, not including a house. There are 298,000 people in this category, or less than 1%”

How do they determine how many people fall into this category? Somehow I have hard time believing it’s merely 300K people. But if true it’s way worse than what I would expect. What the heck do people do with their $???

And to SM: switching from flip-flops to high heals is easy, it’s the coming back to the city facing the ignorant and entitled that kicks me out of my shoes.

#228 Retired Boomer - WI on 09.21.15 at 12:48 pm

#213 Mister Obvious

In responding to..”I figure he was pretty smart and hardworking guy. But I wonder…did he deserve it?”

Dave Clark took control of his situation right from the start. He knew the history of many others who went before him. He did NOT accept the right to be screwed.

You might notice a lot of the Beatles early recordings were owned by none other than Michael Jackson. Not sure where control is these days.

We ALL have the right & the responsibility to “control” as much of our lives as possible. We can control our spending, investing, and to a degree our levels of taxation by voting for those who listen to their constituents.

Should we look down on Dave Clark for knowing how to handle things in 1965? Not at all. He knew where the money, and the control lay. The Beatles got wiser as time went on, many others whose self interests they failed to manage themselves weren’t so fortunate.

They all had similar opportunities I would surmise.

By the way, I thought the DC5 were great!

#229 Ralph Cramdown on 09.21.15 at 12:52 pm

The thing about people who cheated their way to wealth is, unless you’re drinking with in the back room of the Bada Bing!, they don’t brag about it.

There is the case of Lord Black of Crossharbour. Sold stolen exams to other students at Upper Canada College. Swindled Bud McDugald’s widow out of Argus Corporation, the holding company for much of E.P. Taylor’s empire. Took a little taste out of Dominion employees’ pension plan. Kept confusing shareholders’ property with personal property at Hollinger. Talked his way, as a convicted criminal, back into a country whose citizenship he’d renounced.

I think most rich Canadians’ money was honestly earned or inherited. But I do wish they’d focus a bit less on the “self-made job creator” narrative and think about their tremendous luck being born or welcomed into Canada, with our excellent education system, financial system, rule of law and property rights, English language and proximity to the world’s richest country. And a relative meritocracy, compared to many other places.

#230 Glen on 09.21.15 at 12:58 pm

Yes, let’s have more humble, indecisive pilots who seek consensus on what they should do! Great thinking. — Garth

Post went missing so here it is again (or some variation of it):

There is no link between being humble and being indecisive. You are reaching…really reaching.

If you have any familiarity with Psychology you would recognize the Dunning-Kruger effect when you see it. Arrogance IS often a mask for incompetence.

Regardless of your whimsical quirps Garth, I doubt “Petr” is not an ideal pilot.

Your post was published 14 minutes ago. Try to be less Dunning-Krugeresque. — Garth

#231 Glen on 09.21.15 at 1:00 pm

That should read “I doubt Petr is an ideal pilot”

Although perhaps it was a Freudian slip (since I’m bringing psychology into the mix ) :)

#232 pwn3d on 09.21.15 at 1:10 pm

And after Mark reneges on his bet, what a shock to hear that he’s a Liberal.

#233 Mister Obvious on 09.21.15 at 1:18 pm

Heard on CBC radio news this morning:

Miley Cyrus is coming to British Columbia to protest a proposed increased wolf kill (to aid an endangered population of rare Caribou) with the local first nations.

She brings with her a 200,000 signature petition opposing the hunt she will present to authorities.

What a inspirational young lady! In addition to her indisputable dominance as the world’s foremost ‘twerkist’ she’s an international expert in wildlife management.

Makes me feel like such a useless old fool.

#234 SunShowers on 09.21.15 at 1:44 pm

“The RRSP is a far greater benefit to the wealthy, since contribution limits soar with income. Chop that too? — Garth”

Not so sure about that one.
The biggest difference is that RRSPs are at least taxed (albeit deferred). The more you earn, the more you can put in, but the higher principal (and resulting higher gains) are still taxed at your marginal rate once you retire and start drawing on it. That seems pretty fair and progressive.

But you saw the stats on TFSAs, Garth. You linked them here for us to read! You knew that only a handful (17%?) of Canadians with a TFSA were able to max out contributions when they were capped at $5500. So by DEFINITION, Harper’s move to nearly double the room SOLELY benefited the top 17% of Canadians who arguably are financially well off enough to not need the help. Not so progressive. Kick it back to $5000 or so and re-index it to inflation.

You have no argument. Only a tiny fraction of allowed RRSP contributions are made – just like TFSA contributions. Rich people with RRSPs get to avoid being taxed on more than $20,000 per year, and can delay that tax for decades, until they find a lower bracket. Rich people making TFSA contributions do so with after-tax dollars – money on which they have already paid a far heavier load than most. Think. — Garth

#235 IHCTD9 on 09.21.15 at 1:45 pm

#15 Bytor the Snow Dog on 09.20.15 at 7:02 pm
I find it hard to believe you censored that comment…because it’s 100% correct.

And really Garth “rich people get that way because they work harder….”

Puh-leeze. Some of the hardest working people I know are dirt poor.

What a ridiculous statement.

Then again, it’s obvious you still believe in the failed principle of “supply side” or “trickle down” economics.

How can people that are so eloquent as you be so dumb?
_______________________________________

You are having trouble understanding Garth because he’s not dumb – you are.

Becoming a self made man/woman is a decision. You decide if it is going to happen regardless of the politics, policy, regulation, economics etc… affecting you at the time. Folks such as A Schwarzenegger looked at their situation and decided a move to the US was prudent to capitalize on his strengths (where he said it was easy to make money). The history books are full of rags to riches accounts.

Read up on Chris Gardner. Single black Father living in the gutter – with child – to a millionaire. Go tell him he’d still be living in a ditch if it wasn’t for some policy and see what kind of reaction you get.

Your dirt poor hard working acquaintances are where they are due to their own limitations. Trickle up or down, they’d still be in the same boat. Some folks just won’t ever have enough, and there is not a damn thing anyone can do about it. If Gardner can get out of the situation he was in, not too many will have much of an excuse.

Your helpless, fatalistic attitude tells me you are probably not in much better shape than your hard working buddies. You worry way too much about how much money others will make. No matter if they make more or less, your situation will remain the same.

You’d be well advised to put your worry into your own affairs, rather than losing sleep because somewhere, somehow; some rich guy is making money…

#236 S12K on 09.21.15 at 1:46 pm

“. . . families, where one spouse chooses to stay home with kids.”

I’m with you on the income splitting, but it should be put out there that a number of us didn’t choose to stay home. It was chosen for us by $18K per child per annum day care, an unregulated, exploitative, and completely unreliable nanny industry, and wait lists that ensured that even some of us who lined up dutifully with our entire salaries in hand never got off the wait lists and back to work. Day care reform is where my vote goes, full stop.

#237 roial1 on 09.21.15 at 1:56 pm

#8 Taxed to the Max on 09.20.15 at 6:41 pm

At what point do we see a tax revolt in this country?
We pay and pay and pay. Enough already!? It’s time for a good old fashioned tax revolt.

p.s. Thanks Garth for enlightening us every day!

———————————————————–
You takes your picks.

Pay taxes to the gov. OR you pays the corps. for your meds, roads, safe foods, water, sewage, and any other things that can be made to pay “profits” over what you NEED.
Think well about what you get over what you NEED.

Do you trust mega corps to self inspect????

#238 Realitybytes on 09.21.15 at 2:00 pm

“How can anyone be certain of the path untraveled? Thus, a dilemma. — Garth”

While crystal balls are cloudy, historical cycles are repeated. More of the same means more of the same.
Democracies becoming empires all follow certain similar paths. Athens, Rome, London, Washington.
We’re just a close suburb of the current iteration.
Gradual concentration of power and wealth, increasing dissatisfaction of the masses.
We may be generations from anything serious, but we can choose to speed it up or slow it down.

#239 Lorne on 09.21.15 at 2:02 pm

Justine Trudeau grew up as an entitled well off child. He has never, ever, ever been middle class. So his commercials on TV ring hollow as to how he is going fight for the middle class. How the hell do you do that when you have never really worked or lived as middle class. He has a Bachelor of Arts degree in literature from McGill University and a Bachelor of Education degree from the University of British Columbia. After graduation, he worked as a French and math teacher in BC (government job).
……
Actually he taught at a private school (West Point Grey Academy), so NOT a government job.

#240 Freedom First on 09.21.15 at 2:03 pm

#164 Leo Trollstoy

Sad, but true. People just want to dump H. It’s personal. And not just for Garth.

#241 Freedom First on 09.21.15 at 2:17 pm

#189 psych advice

My sentiments exactly. I am here only to learn and to help. This is a great Blog in so many ways.

#242 Bytor the Snow Dog on 09.21.15 at 2:19 pm

# 235 IHCTD9

Typical Neo-Con tactic- attack the poster when you can’t attack the post.

You know nothing about me chump. Where did I say in any of my posts I was concerned with what others make?

I did not. I stated hard work doesn’t = rich. And it doesn’t.

Apparently those studies about neo-cons being less intelligent ring true.

#243 I Don't Get It on 09.21.15 at 2:25 pm

Is this arrogance, ignorance or what? None of five conservative candidates could bother to show up to a local debate.
http://www.bramptonguardian.com/news-story/5922704-an-empty-feeling-after-brampton-debate/

I guess the kids in short pants at the PMO have told all CPC candidates to stay out of sight. Quite a way to run for office. What’s worse most of them will probably be re-elected.

#244 Canadian on 09.21.15 at 2:28 pm

#234 SunShowers on 09.21.15 at 1:44 pm

So by DEFINITION, Harper’s move to nearly double the room SOLELY benefited the top 17% of Canadians who arguably are financially well off enough to not need the help. Not so progressive. Kick it back to $5000 or so and re-index it to inflation.

—————————————————

False. I am not in the top 17% of Canadian incomes and my TFSA is fully contributed. By definition you are wrong.

#245 Ralph Cramdown on 09.21.15 at 2:39 pm

Yes, let’s have more humble, indecisive pilots who seek consensus on what they should do! Great thinking. — Garth

ABSOLUTELY! It’s a thing. Formally:
https://en.wikipedia.org/wiki/Crew_resource_management

Informally, “There are old pilots, and there are bold pilots, but there are no old, bold pilots.” Read cockpit transcripts of crashes to discover a lot of co-pilots acquiescing to a poor decision by a too-authoritarian pilot.

#246 Holy Crap Wheres The Tylenol on 09.21.15 at 2:45 pm

#215 Smoking Man on 09.21.15 at 11:40 am

#190 Holy Crap Wheres The Tylenol on 09.21.15 at 9:05 am
#128 Smoking Man on 09.20.15 at 10:18 pm
Wify poo , losses it, damb drunks.
Leaving the bar, Number 1 son says , craig little shit should have picked us up..
He is her favorite.
Wifyee says , atleased he wasent writing him self checks when he was your age..
Number 1 He losses it ,smashes lighter on strret.
Wife then goes postal.. See your wifes 5 karot ring, you still haven’t paid us for it..
Got to re think this bozze.utopia..
Not everyone can handle it..
Man a shit show tomorrow.
I love life
___________________________________________
Jesus Smoking Man your family life is just full of excitement. Dysfunctional families are primarily a result of co-dependent adults, and may also be affected by addictions, such as substance abuse (alcohol, drugs, etc.), or sometimes an untreated mental illness. Now wifee poo has a problem? Hell Im turning off the TV and going to watch the “The Smokie and Wifee Poo Show” Same Bat time, same Bat channel. Stay tuned.
………………………………………………………..
You do know im a righter write. Imagination in Technicolor after a few.

You should try it.
___________________________________________
In my case I have written non-fiction on my thesis.
In engineering and science, a thesis or dissertation is the culmination of a master’s or Ph.D. degree. A thesis or dissertation presents the research that the student performed for that degree. From the student’s perspective, the primary purpose of a thesis or dissertation is to persuade the student’s committee that he or she has performed and communicated research worthy of the degree. In other words, the main purpose of the thesis or dissertation is to help the student secure the degree. From the perspective of the engineering and scientific community, the primary purpose is to document the student’s research. Although much research from theses and dissertations is also communicated in journal articles, theses and dissertations stand as detailed documents that allow others to see what the work was and how it was performed. For that reason, theses and dissertations are often read by other graduate students, especially those working in the research group of the authoring student. In your case “truth is stranger than fiction.”

#247 Dee on 09.21.15 at 2:45 pm

The “fun” part of first-past-the-post is that I live in such an NDP-safe riding, it doesn’t even matter who I vote for.

Can’t vote Conservative, because the party nominated a buffoon and then turfed him, rather than, y’know, vetting their candidate.

Can’t vote Liberal because Bill Blair, C-51, and because I can’t believe a word Trudeau says; he’ll change his mind on it before I could even get to the polls.

Was kind of planning on voting NDP but every time they announce anything lately it rubs me the wrong way. I could consider a socialist experiment, but (1) that’s not what they’re offering and (2) even if it was I have no faith they’re competent enough to implement it anyway, so it’d be just as badly bungled as everything Parliament does lately.

The Greens think homeopathy belongs in health care and whatever, they don’t matter anyway.

So…I dunno. The “Animal Alliance Environment Voters Party of Canada”? At least they have a cute raccoon on their front page, which puts them ahead of any other party running in this riding.

It’s all really depressing. This is my first time voting federally as a citizen (I got to vote in the Ontario and Toronto elections last year, but was not a citizen yet in 2011). I want to vote for a party that will do good things economically and socially. That party doesn’t seem to exist.

Thank you, Garth, for highlighting the hypocrisy and idiocy of all the parties. I guess it’s a lesson I should learn sooner than later.

#248 Holy Crap Wheres The Tylenol on 09.21.15 at 2:52 pm

#239 Lorne on 09.21.15 at 2:02 pm

Justine Trudeau grew up as an entitled well off child. He has never, ever, ever been middle class. So his commercials on TV ring hollow as to how he is going fight for the middle class. How the hell do you do that when you have never really worked or lived as middle class. He has a Bachelor of Arts degree in literature from McGill University and a Bachelor of Education degree from the University of British Columbia. After graduation, he worked as a French and math teacher in BC (government job).
……
Actually he taught at a private school (West Point Grey Academy), so NOT a government job.
___________________________________________
You sir are correct. I digress, he worked for a private school for the wealthy. West Point Grey Academy is an independent, co-educational, university-preparatory school at around $20K per year per student! So he worked as an educator being from a well off family to teach kids from well off families about being entitled. Still has not served coffee and donuts.

#249 SunShowers on 09.21.15 at 3:12 pm

#244 Canadian on 09.21.15 at 2:28 pm

False. I am not in the top 17% of Canadian incomes and my TFSA is fully contributed. By definition you are wrong.

—————————————————

So you’re saying you make 50k or less per year (2013 study citing 2011 StatsCan data, most recent I can find) before tax, but still save at least 10k?

I enjoyed my time saving for retirement while living in my mom’s basement too, but alas all good things…

#250 LLewelyn on 09.21.15 at 3:32 pm

# 45 BS

Garth noted that “rich people: “think smarter, are employers rather than employees, innovate or embrace a profession society rewards.”

Boy wouldn’t you just love a world where everyone was an employer and was smart enough to embrace one of those magic professions that society rewards. I hear the auto sector is recruiting.

Over my life I have come to know quite a few people who started a small business and were able to grow their business through a combination of good fortune and hard work. However every one of their businesses relied on contracts that traced back to a government program or a government contract. Peel back the onion and I am certain you will find government involvement at some level.

When you drive around your city you can be sure that the majority of manufacturing businesses you encounter can trace a substantial portion of their income to one level of government or another.

I hate to point it out boys but with the exception of infrastructure projects and housing very little new government funding is aimed at start-ups and existing businesses are consolidating not expanding.

My generation had no shortage of opportunities but opportunities for those graduating from universities and colleges are today are shrinking with each passing day. If you were to compare the salaries of newly created jobs with those of existing jobs you might come to understand why the NDP was elected in Alberta.

Here is a helpful hint it was not based on customer satisfaction within the younger generation.

#251 Oh boy on 09.21.15 at 3:51 pm

#22 Smoking Man on 09.20.15 at 7:08 pm

Rich people are rich because they work hard and take risks.

Poor people are poor because they work hard but are afraid of risk…
————————

Don’t forget the bailouts and subsidies – such risk taking…

http://www.theglobeandmail.com/report-on-business/economy/auto-makers-get-250-million-as-ottawa-renews-innovation-fund/article6934817/

http://lmgtfy.com/?q=walmart+subsidized+by+taxpayers

#252 Where's The Money Guido? on 09.21.15 at 3:54 pm

Re: #87 Habs76-79 on 09.20.15 at 9:08 pm

Government is to provide a legal and more or less just framework to a functioning society and a progressive government should want to keep as much liberty and freedom as possible while maintaining said framework and not get caught up in dogma, fear and paranoia.

LOL, don’t you know that gov’t was concocted to separate the 1%’ers from the plebes and steal their lives and money.
You’ve been brainwashed by the establishment. And now that the BC gov’t is planning on more “Private schools” to preach their us vs. them scenario, look to see more of our cash and liberty falling to these evil schemers.

Harper-Mulcair-Trudeau: all 1%’ers posing as caring for you, when they will all plan to rob you blind and take your liberty.

C51 anyone? Oops, I guess I’m on the list now and can expect to be jailed in those “private” jails that Harper is building. How else is he going to fill them up, because the cops aren’t arresting pot smokers anymore.

Need to have those jail shareholders happy, don’t we? Just like in the US where judges are sending 12 year old kids to jail because the judge and politicians have shares in the new jail and they have to make money.

What other plans do the establishment have for our liberty to fill those jails, maybe 5 years for spitting on the sidewalk?

#253 Llewelyn on 09.21.15 at 3:58 pm

Just a couple of examples to make my previous point.

The sliding scale royalty structure in Alberta sacrificed government revenue to encourage private investment in oil and gas exploration. This trade-off led to a manufacturing sector devoted to oil and gas services, equipment, pipe, etc. Without this trade-off thousands of companies might never have been formed. At current price levels the Provincial royalty for heavy oil is only 2.0%. Most people never consider the lower royalty structure as a form of government assistance.

The low stumpage fees related to Provincial Crown lands has supported a very profitable forestry industry in Canada which supported hundreds of plants devoted to forestry equipment and supplies. Most people never consider low stumpage fees as a form of government assistance.

My point is that asking companies to pay appropriate taxes in exchange for the assistance they received from all Canadian citizens who hold a legal interest in the ‘common wealth’ of Canada is not such an outrageous idea. Our natural resources were not put on earth for the exclusive benefit of corporate shareholders.

#254 Don Sanderson on 09.21.15 at 4:10 pm

To #237 roial

You are so wrong. The social programs like healthcare keep getting means tested for more and more Canadians with income.

In the future, it will be based on assets and net worth, investments as more provinces are already doing that.

If this is not bad enough, many benefits and social programs are getting delisted like hear in Ontario. We pay more taxes and get less.

This is true too with municipal services too like garbage pickup and water, waste services too and I am sure there are many more examples as governments cut to most people for social services and programs.

Even the lower income Canadians will find that they will be impacted by more cuts and reductions in benefits.

They will continue to keep cutting services, social programs and increasing taxes, this will leave more Canadians in dire straights and we will all be poorer.

Higher taxes, higher unemployment, higher consumer debt, higher inflation is the result because government is too far reaching and too much in people’s personal and businesses.

This is why they have to have the newer generation and newcomers to Canada that don’t have this real life experiences or are just totally brainwashed to keep doing the same thing over and over.

There is no magic solution where money comes from the

#255 Calgary Rip Off on 09.21.15 at 4:13 pm

If you dont like taxes Garth, move to the USA. Canada is about Socialism. The next best thing to Canada is Sweden, home of high taxes, serious metal music, beautiful people and Ghostrider.

Conservative Canadian is an oxymoron.

#256 For those about to flop... on 09.21.15 at 4:16 pm

#203 Grey Dog on 09.21.15 at 9:49 am
Live well below Take Home pay. Max out RRSP and TFSA every year. Shop at consignment stores (to the horror of some of my friends). Similarly buy inexpensive last year,s model car, drive it into ground for 13 to 15 years (to the horror of inlaws). Take up walking and cycling as a past time NOT shopping. Eat real food at home (no restaurants). Staycation you can have adventures locally. With the law of compounding your savings, YOU will get there (1M$) by 65. Surprisingly enough. Life and savings are what YOU make it.*

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Hey Grey dog I do some of these things as well to try to save money.
The thing that always stick out when someone says ” a million dollars for retirement ” is what will 1m be worth , as in what can I get for it in say 25/ 30years .
I don’t think it will be enough.
Good luck with everything and happy saving though.
Better to try and fail than not try at all.

#257 Smoking Man on 09.21.15 at 4:34 pm

#246 Holy Crap Wheres The Tylenol on 09.21.15 at 2:45 pm
In my case I have written non-fiction on my thesis.
In engineering and science, a thesis or dissertation is the culmination of a master’s or Ph.D. degree. A thesis or dissertation presents the research that the student performed for that degree. From the student’s perspective, the primary purpose of a thesis or dissertation is to persuade the student’s committee that he or she has performed and communicated research worthy of the degree. In other words, the main purpose of the thesis or dissertation is to help the student secure the degree. From the perspective of the engineering and scientific community, the primary purpose is to document the student’s research. Although much research from theses and dissertations is also communicated in journal articles, theses and dissertations stand as detailed documents that allow others to see what the work was and how it was performed. For that reason, theses and dissertations are often read by other graduate students, especially those working in the research group of the authoring student. In your case “truth is stranger than fiction.”
…..

Dr Tylonal.

What this tell’s me about you….You could never write good fiction.

The whole above episode is your complicit need for acceptance. The need to be judged in a positive light.
Humble with a secret underlying arrogance is how you roll.

To be good at fiction..The I give no FK gene should be embedded in your soul.

You weren’t lucky in that department.

I won the lottery on that one.

#258 Ralph Cramdown on 09.21.15 at 4:35 pm

#248 Holy Crap Wheres The Tylenol — “You sir are correct. I digress, he worked for a private school for the wealthy.”

Still? You claimed he worked in the public system and shat on him for being a government worker. Now that it turns out he worked for a private school, you’re implying he’s an elitist. What if I told you that, according to Wikipedia, he’s worked in BOTH the public and private school systems? Let me guess… you’d call him a double dipper.

Getting a B.Ed and teaching kids in school strikes me as a CLASSIC middle class pursuit. One of his major opponents is a lawyer and the other one is a lifetime lobbyist/political worker/politician. Is it so outrageous to elect a Prime Minister who can tell his salad fork from his fish fork at state dinners?

Not endorsing — just saying.

#259 Canada First and Always on 09.21.15 at 4:43 pm

Clown Prince Poloz said today…”Lower loonie is easing the pain from the oil shock”….IS HE FREAKING EVEN ON THE SAME PLANET AS US?”

He started crushing the loonie long before the oil shock…does he think we’re idiots with short memories?

Consumer prices….specifically food prices…have skyrocketed under this morons reign of terror. CANADIANS ON A FIXED INCOME AND WORKING FAMILIES ARE STARVING UNDER THIS LUNATIC’S 1940’S ECONOMIC PLAN’.

A roast beef that was once the family staple is a luxury no family can afford. Basic vegetables are beyond the reach of the average working family.

In a country that has a metric system the stores have begun to price by the pound again because it seems cheaper to halve the price at the register.

This cruel and cynical monster has to be stopped. We are not Tajikistan…we will never be competitive selling iron ore to Fartistan. Our economy is not the 1940’s reaping hay and digging rocks with steam buckets…

40% of our GDP is services in foreign countries. Poloz is punishing Canadians who have no ability to fight back….shame on this vicious clown. Is it not enough that we support a crushing civil service union burden with direct and indirect taxation that now exceeds 80% of our income…..that now we have to watch elderly people eating out of second hand bins?

Has Canada become so unaffordable that the ‘ugly vegetable movement’…..like the Value Village Clothing Look’ is all we can afford…..by wearing cast off clothing and eating garbage sent in rotting containers to Canada because it can’t be sold any where else?

Have Canadians become so cowed that they are willing to live worse than the third world poor who were the original recipients of old clothes and donated food?

Credit and debt are keeping a blind fold over peoples eyes so tight….that they don’t see the cliff and the chasm straight ahead. We’re allowing the self righteous liberals and politically correct fart catchers bankrupt us…while the civil service union members themselves live in iron clad ivory towers of gluttonous salaries perks and diamond studded pensions. ….gliding by the poor in their giant SUV’s. Average Canadians can’t see them giving us the middle finger from behind the tinted glass.

#260 Don Sanderson on 09.21.15 at 4:52 pm

About the wealth tax and capital gains tax break be cut, will we be compensated to the ravages of the hidden daily tax called inflation.

Government will not because then not many people will be taxed. This is such a stupid idea that comes from the Communist Manifesto.

Also, all the lost interest people have been and continue to lose is a wealth tax manipulated by policy makers. These low interest rates also inflated Canadian real estate markets and people’s debts too unprecedented levels, debt to income, up from 90% to 163%

The lost wealth is huge in RRSP’s, RESP’s, LIRA’s, tax deferred accounts for ease of example. Over the last say 20 years, on average say losing 3% a year from 6.5% to 3.5% a year, it works out to 153.38562%.

This means that for every $100,000, you are now $153,385.62 poorer or losing $7,669.28 interest per year.

Wealth tax by stealth. Most comments on this blog have no idea how much people lost from taxes, inflation and lost interest over the last 20 years.

The NDP and Liberals to a lesser extent, just make saving and having money illegal and you can have 100% of it. This would be too obvious so Canadians, you are suckers to believe in this.

#261 Nemesis on 09.21.15 at 4:55 pm

#FishForks?… #WhenInLondon… #OneMustNeverPutTheKnifeInTheMouth…

https://youtu.be/QxMNIXHz3WY

#OrYourTodgerInThePork…

http://www.telegraph.co.uk/news/politics/david-cameron/11879177/Is-it-true-that-David-Cameron-had-sex-with-a-pig-It-really-doesnt-matter.html

#262 Intuitive Missus on 09.21.15 at 4:56 pm

The cartel will throw up every possible roadblock to prevent having their tactics exposed. So much for transparency. They behave as though they have something to hide.

http://www.theglobeandmail.com/report-on-business/economy/housing/the-real-estate-beat/case-against-toronto-real-estate-board-grinds-to-halt/article26454707/

#263 The Other Chris on 09.21.15 at 4:58 pm

@258: It’s fair to say that getting a B.Ed and teaching kids in school is a “CLASSIC middle class pursuit”, but that’s not the whole story. He taught part time a couple of years, got bored, went back to school to study Engineering at UMontreal, dropped out after two years, then went back to school to do an MA in Environmental Geography at McGill, then dropped out again halfway through.

Trudeau basically couldn’t stick to anything and just bounced around from one educational program to another. That’s the part that’s more “trust fund kid” than “middle class”.

When you’re set for life, there’s really no consequence for just flailing around, not sticking to anything. He made it to age 37 (!!) with only 2 years of actual work experience (assuming you don’t count the summers he worked as a camp counsellor as a teenager).

#264 Canadian on 09.21.15 at 5:04 pm

#249 SunShowers on 09.21.15 at 3:12 pm

I am not an unattached individual but yes. My household has an income below 125,010 and yes, both adults have fully contributed TFSAs.

http://www.moneysense.ca/planning/the-all-canadian-wealth-test-2015-charts/

Now in the interest of being reasonable, what is YOUR income and what have your contributed to your TFSA?

#265 misterd on 09.21.15 at 5:15 pm

#264 Canadian on 09.21.15 at 5:04 pm

I am married with a toddler, one working parent making less than $75k. I contribute maximum to the TFSA. Although we sacrifice our lifestyle to save the few pennies. But what else can you do when you live in Vancouver?

#266 Canadian on 09.21.15 at 6:17 pm

#265 misterd on 09.21.15 at 5:15 pm

I’m sure a lot of us are similar, we have a higher combined income, but we live in a city with a much lower cost of living.

I specifically want to see what SunShowers’ income level is considering he/she was so willing to call anyone of modest means with a future-time mindset is a mamma’s boy. Projection most likely. But it says a lot more about SunShowers and their green eyed gaze, than it does about my support for the TFSA, that’s for sure.

#267 Blighter on 09.21.15 at 6:24 pm

Garth, your concerns about our options in the upcoming election are justified as far as I’m able to judge. But they just scratch the surface. We don’t vote for good government, we just throw out the present rulers when we can’t stand them anymore and hope for improvement. Coming up with a few hot topics and sound bites to argue about, the parties dance and sing for a couple of months and we jump in the box to sign up with one of them for the immediate future. All of us but the very young know we can’t just PARTY ON!!! But I don’t hear any of the contenders trying to strengthen our common interests – they just focus on attacking each others’ biases, and as you say are hypocrites. After many decades of really pitching in I have pulled out of the economic game. Don’t have the faith you do in our markets, institutions and economic wizards. It doesn’t look honest or stable to me. The politicians have equally little respect for workers, trades or business as they attempt to tweak everthing to “improve” us.
Having this attitude I am, of course, a confirmed doomer. You are a true optimist. I love your blog, honest, articulate and funny, a great contribution. Haven’t missed a post in many years. I honour you as a great Canadian.

#268 Petr on 09.21.15 at 9:53 pm

#255 Calgary Rip Off
If you dont like taxes Garth, move to the USA. Canada is about Socialism. The next best thing to Canada is Sweden, home of high taxes, serious metal music, beautiful people and Ghostrider.

Conservative Canadian is an oxymoron.

Take a look at what ultra liberalism is doing to Swedish culture. Soon to be extinct. :/

#269 Bottoms_Up on 09.22.15 at 8:58 am

#237 roial1 on 09.21.15 at 1:56 pm
—————————–
New private owner of hydro one ontario will be making 3x what his predessor received as a public entity.

#270 Bottoms_Up on 09.22.15 at 9:05 am

#236 S12K on 09.21.15 at 1:46 pm
—————————–
Sad thing is government has been talking about daycare reform since tge early 1980s. Part of the problem is it only impacts a small proportion of the population at any given time. Then once you get through it, why would you want higher taxes to support others when you needed and didnt receive similar support.

But I agree, daycare costs for families that don’t or can’t “rip off grandma” are exorbitant and prohibitive in allowing both parents to work. And go ome step further, before and after school programs charge $500 a month so your child can be watched for 15 min. before school starts and 15 min. after school ends.

#271 Dup on 09.22.15 at 3:29 pm

Liberals and NDP are not a good choice … Imagine more doctors will leave the country if the red’s and orange’s win. Tax the smart people more, force them to leave, turn our country into a mediocre what’s up “A” crowd!
The 200k/year people are not the rich. The rich is filthy way richer than that and they do not give a crap about who wins, because they will still find ways to make money. So be smart do not be quick to cast that vote.

#272 Dup on 09.22.15 at 3:36 pm

Why does a government have to be a choice between Rogers, Bell, or Kudo packages. Why can’t we select 5 channels we like from Rogers, 4 Channels we like from Bell, and 3 Channels we like from Kudo. That is the package majority needs. Give us that as a government model. Then all 3 main parties can work together to give us what we need. We pay them after all don’t we???