Trudeaunomics

 

TD

As predicted: no rate cut in Canada. Link.

Once upon a time when there were still journalists, and I was one, I covered a G7 economic summit of world leaders. Venice, Paris, Tokyo, Williamsburg – don’t exactly recall which one it was – but I sure remember the players.

Ronald Reagan stunned people when he strode onto a stage full of politicians in blue clothes with carrots up their rumps, wearing a chocolate brown suit, brown brogues and a Hollywood grin, waving to the media like they were groupies. So they were. Then Pierre Trudeau appeared, in a floppy-brimmed fedora, red lapel rose and black cape. We groaned. He was over the top.

Half the people who flocked to Liberals Monday night weren’t born yet when Pierre flaunted. But a lot is being relived.

Besides being hot, and having a hot wife, hot kids and his dad’s hot Mercedes, Justin Trudeau is, well, hot. His mandate is deep and broad, so you can expect a raft of changes that will affect your taxes, finances, investments and real estate. Below are some of the highlights.

First, remember that tax changes come via budgets, not elections or media releases. The government has to absorb the fiscal situation as outlined by the bureaucracy, craft a budget (after consultations), then draft legislation that’s tabled when the budget is delivered in the House of Commons. It is accompanied by a Ways and Means motion outlining the tax changes, which are deemed to be in effect once the finance minister starts talking.

By the way, that could be prairie boy Ralph Goodale (again), GTA former banker John McCallum, or Maritimer Scott Brison. No idea, really, but there are guys around Trudeau who know enough to do the job.

Okay, so no budget until the new year. Maybe February, if they hustle. Maybe March. No changes until then, however they can be retroactive. And that brings us to the TFSA. Under current legislation, you’re allowed to chunk another $10,000 in there on January 2nd, but the Trudeau Libs have vowed to roll it back to $5,500. I imagine if a lot of people do this (and that should include you) it would be too difficult and expensive for the CRA to unwind it all. Thus it makes more sense to peel back the limit starting with calendar 2017. Regardless, I cannot imagine anyone being penalized for an overcontribution once Ottawa finds a way around this timing issue. So, contribute.

Ditto for the new, higher tax bracket on the so-called ‘rich’ plus the roll-back on the middle-class tax level. Hopefully most people don’t expect a tax cut, since anyone making over $90,000 will actually be paying more. This will occur when CPP contribution levels increase, a hike averaging $1,000, wiping out the maximum tax drop of $670 which only a relative handful of taxpayers will get to spend.

Meanwhile above $200,000 in income a new 33% levy will be imposed, meaning someone making two-fifty will be hit for thousands more, and sneak over the 50% tax threshold. Thus, the rich should (a) ensure they maximize their RRSP contribution limit, which is a hefty $25,370 for 2016 – netting you a tax refund of about $12,000, (b) structure incomes to take dividends above that level, if within a business incorporation, and (c) split income with a shareholding spouse or kids to ensure their RRSP contributions are maximized, while gifting money to fill all TFSAs, and receiving dividends eligible for the divy tax credit.

The budget will also end family income-splitting, if the Libs hold true to their word. So one-income families won’t be able to share a paycheque between the person who works at home and the one with an employer. That will make things tougher for middle-income households, but the wealthy can income-split their investment accounts, put a spouse on the business payroll or set up a low-interest loan to move capital between them. Of course, earning money in the form of capital gains drops the overall tax rate by half.

As far as real estate goes, expect mortgage rates to rise.

After all, more government deficit spending (which Mr. Trudeau has promised) will put bigger demands on the credit market as the government issues additional bonds (at least $10 billion a year) to cover the shortfall. This is expected to increase bond yields, and since fixed-rate mortgages are funded in the bond market, bring more expensive mortgages. Of course, wealthy people without mortgages will not be as impacted as first-time buyers or middle-income families.

This is also a reason the Bank of Canada won’t be in any hurry to cut interest rates again. A tax-and-spend Liberal government (if the leader does what he has vowed) will be quite stimulative, especially if billions are plowed into infrastructure programs. So, the central banker won’t be forced to do something he’d rather not, hastening the day rates normalize.

Finally, the Liberals have said they will open up RRSPs for real estate purchases far beyond the existing Home Buyers Plan for first-time buyers. This could unleash a torrent of new money as withdrawals are allowed for a series of ‘life events’ from marriage to divorce to buying a house for your aging parents. That could inflate the bubble more. Time will tell. There are even whispers the Trudeauites might restore 30-year or 40-year amortizations in order to make real estate ‘affordable’ to all those young women who took selfies with the hot one,  leading them to borrow more.

Well, let’s see what goes down. It’s one thing to promise hope. Another to deliver.

In any case, as always, and despite the panache,  it won’t be the rich paying.

273 comments ↓

#1 What-the-what on 10.20.15 at 4:49 pm

Liberals in a landslide!

So much for Pathetic Blog polls….

I mean Blog polls that are pathetic…..

established sampling and statistical theory exists for a reason Garth.

#2 Randy on 10.20.15 at 4:50 pm

We all make mistakes.

#3 Joe on 10.20.15 at 4:52 pm

adios stephen h.

#4 Popeye the Sailor Man on 10.20.15 at 4:56 pm

I’m down for 10K each for my wife and I January 2nd.

#5 JRH on 10.20.15 at 4:57 pm

It could be worser ?

#6 J on 10.20.15 at 4:58 pm

Liberals will be good for TELCOS and Pot lovers and bad for Energy business.

#7 Kurt on 10.20.15 at 4:59 pm

Re: yesterday’s picture – point made.

#8 Popeye the Sailor Man on 10.20.15 at 4:59 pm

I will also miss the income splitting, waited a long time to get this to only have it taken away. Sad.

We been a single income family for 14 years. I go to sea and have Special needs kids. which make it near impossible for the wife to work. Another 2K out of my pocket!

#9 Popeye the Sailor Man on 10.20.15 at 5:04 pm

I enjoyed Garth blog poll’s; he knew they had flaws, but the established sampling and statistical theory missed the mark by a large margin also.

Hint; A lot of the young voters don’t have land lines, and if they do many work crappy hours and are not home for supper to answer that phone for the polls anyway.

#10 Harbour on 10.20.15 at 5:04 pm

Ha Ha… good one

https://twitter.com/edmontonjournal/status/656295260457422848/photo/1?ref_src=twsrc%5Etfw

#11 Catalyst on 10.20.15 at 5:07 pm

Pollsters in general (not our favorite blog pollster) seem to have missed the mark pretty big here. Flopped pretty big in AB too. Perhaps we need to import some hired help.

I’m pretty sure as I see in the UK they are bringing in 35 and 40 yr AMs that is the road we are heading for. Long live the housing bull. It seems as if it nearly borders on treason to suggest popping this bubble. I think next year may be the year I liquidate my portfolio and get in on the ladder for those leveraged gains. I wish I could lever an investment account 20:1 but its just not how the game is setup.

#12 I'm stupid on 10.20.15 at 5:08 pm

Since the middle class is incapable of saving anything, it’s hard to believe they’ll have anything in a rrsp for a down payment.

#13 Danee on 10.20.15 at 5:15 pm

It’s no wonder Trudeau won this election. Didn’t his ratings soar once he promised he would run deficits to stimulate the economy? In a country where people love to borrow Mr. Trudeau became the perfect candidate when he promised to run deficits to stimulate the economy. And stimulate he did. The voters ran it hot. Now, the wealthy won’t feel a pinch, because in my opinion that’s what being wealthy means. On the other hand, the people who just make the threshold to pay more taxes are going to bear the brunt of this election.

#14 PeterfromCalgary on 10.20.15 at 5:20 pm

Garth you hit the nail on the head. Axing income splitting will hit anyone who has one parent stay at home to take care of the kid(s). Killing the enhanced TFSA will make it harder for people to save for their retirement and will make the burden of an aging population worse in the future. People who max out their TFSAs might be able to do so not because of great wealth but because they have people living in the basement and/or bought a humble house.

I say we all send a letter or email to our new Prime Minister telling him why we want to keep our enhanced TFSA. Is it still free to mail a letter to the Prime Minister? Rumour has it that a mailed letter is given more weight then an email or even then a comment on Garth’s blog. What do you guys think?

#15 Vancouver Troy on 10.20.15 at 5:21 pm

Doesn’t your employer pay 50% of your CPP?
Will our portion still be more than the tax break?

#16 Herethere on 10.20.15 at 5:22 pm

“In any case, as always, and despite the panache, it won’t be the rich paying.” Exactly! They never do and they never will. To tell otherwise is “pour le galleries.”

#17 Mark on 10.20.15 at 5:25 pm

Have to disagree with the claim that it would be too difficult/expensive to unwind the TFSA. It would be a simple matter of the same processes which are used to take care of overcontributions made under the current system.

But in all likelihood, the TFSA is either toast, or will be modified to such an extent that its usefulness is extremely limited. No more million dollar accounts.

As far as RE pumping is concerned, it is unlikely that any of the (proposed) Liberal moves to that effect would actually work. Similar to all the Herculean efforts to reflate RE in the United States, once a bubble is past peak (which it clearly is), reflation is impossible. Overcapacity must be liquidated significantly before any bubble can meaningfully resume itself over the long term. Enthusiasm must completely dissipate and be replaced with extreme pessimism.

“This is also a reason the Bank of Canada won’t be in any hurry to cut interest rates again.”

Why? The Bank of Canada is politically independent, and its not like the Harper government wasn’t already running significant deficits. If Trudeau can stick with “only” $10B deficits, such will result in an effective reduction in the annual deficits as run by the Harper regime.

Additionally, it has been theorized that if the deficit spending made by Trudeau is actually allocated efficiently, this may be net deflationary on the economy on account of a return being realized in the investment in excess of the cost of the borrowed capital.


A tax-and-spend Liberal government (if the leader does what he has vowed) will be quite stimulative, especially if billions are plowed into infrastructure programs.

But stimulative enough to overcome the collapsing housing market, and O&G industry? That’s the question.

So, the central banker won’t be forced to do something he’d rather not, hastening the day rates normalize.”

Central bankers generally act on the data before them and avoid political prognostication. The ongoing weakening of the Canadian economy, the trend towards deflation, falling housing prices, and the slowing of the credit marketplace clearly calls for policy rate cuts.

#18 Mf on 10.20.15 at 5:27 pm

#293 chapter 9 on 10.20.15 at 3:16 pm

Lol yeah Karl Marx would be proud.

What a dumb electorate we have.

Let’s focus on the positive then:

1) we don’t really have to do much other than watch this guy screw up and break promises. It will be fun to watch people start complaining about their taxes going up too….or their business (job) closing.

2) maybe the housing bubble will finally collapse under this government as people pay more for already bloated mortgages at the same time as businesses close.

3) I expect some brain drain again as wealthy people go south of the border for better tax treatment. (My brother is a newly minted dentist and he’s not very happy as an example).

4) watch Putin slam right through our Arctic border and not face any resistance as chamberlain -sorry- Trudeau tries to appease him and all other dictators in the world.

Now it’s really time to get out the popcorn

Mf

#19 Garry Oh on 10.20.15 at 5:27 pm

Just heard Trudy saying he was chucked under the chin by Obama and Trudy was just gushing at the stink finger fondling. Obama will use Trudy’s desperation for affection to have Canada grandstand on ‘climate change’ for Obama’s legacy push in the last few months of his farcical mandate as the worst president and last black president…ever…so fouled are the waters for another black candidate.

Liberals are suggesting that Obama should veto Keystone XL now so that Trudy can start sucking up right away…although how that would make Trudy look like he was batting for Canada a real on the knees event. The last thing we want is to see the back of our PM’s head bobbing under Obama’s desk.

I will definatley be cramming another thirty grand ( allowable family TFSA) into non taxable savings.

#20 Mf on 10.20.15 at 5:30 pm

#1 What-the-what on 10.20.15 at 4:49 pm

Waiting since the last poll to post that?

Cons elected in my riding by a landslide. Just shows Canada is not as smart as this pathetic blog is.

Mf

#21 Kootenay Ma on 10.20.15 at 5:37 pm

It’s Awesome !

and we know we have a lot of work to do, and undo…

Meantime, thank Goodness for Garth who offers insight, guidance, financial wisdom, humour and great Pics! and from whom I have leaned So much.

Raising 4 kids on a shoestring, now great people, (3 old enough to vote, 1 voted strategically and 1 with her heart for JT where we live, and 1 voted with his heart where he lives in sunny AB), I have never had much if anything to set aside. But now at 53, as the household settles down a bit as they begin to fledge off, smart and conscious and fully contributing or still educating, I look forward now knowing so much more as to how to make up for lost time in my financial plan.

I would never have had a clue but for reading almost every single blog for 5 years, and I so look forward to being able to begin to enact some of my knowledge to become financially strong going forward.

Federal Election over, the chips are played, it’s a new day, and more Canadians have spoken with their votes than in a Long Time. My sad and freaking friends who wished Stevie to win again, well, what I am able to do for them is to turn them to your blog, Garth, that they may learn and continue to grow strong on their own, even better than before.

So now, I wish to say, beyond this Election, for you to know yet again Garth, my Vote is for YOU

#22 Greg b on 10.20.15 at 5:41 pm

Well put Garth. I come here to learn how not to end up a liberal casualty

#23 pinstripe on 10.20.15 at 5:43 pm

harpo and his policy makers are the root cause to what happened on election night. The CPC policies forced many Canadians to look at all the options available to stop the policies from doing more damage to the Canada. The CPC shelf life has expired. the historians will be able to list harpo as the worst PM in Canadian history. now harpo will have the time to spend with preston, apprentice, Danielle, et al and examine the total failure of their policies with failed experiments.

The PC and CPC backstabbing is ramping up and where I live the demand is becoming more obvious to return to the old PC culture by selecting a young leader and push out the old CPC gezzers. The old geezer ideas do not fit in the global economy.

the liberal policies cannot be any worse than the harpo policies.

#24 Politically Incorrect? on 10.20.15 at 5:45 pm

At the risk of offending 15% or more of the readers here, and likely getting deleted, something strikes me about where we are heading.

As Garth has shown repeatedly, thanks to many reader letters and other observations, a huge part of the housing bubble has been created by the real estate lust of…….

Women.

Trudeau 2.0, so pollsters and demographers are telling me, is also largely the result of voters who are mostly……

Women.

So, for good or bad, we may be about to see a distinctly female-driven economy come to its fruition over the next few years.

Could turn out well if it means more money for key services, fairer taxation etc..

Or it could turn into a mammoth real estate implosion, coupled with big increases in debt collectively and individually, with no means to mitigate them against a backdrop of continued reduction in good jobs here.

One way or another, for the next few years we’re all going to the mall with our credit cards flashing.

GLTA.

#25 Vancouverbasementdweller on 10.20.15 at 5:48 pm

Garth,

Trudeau seems to have access to some rather senior and competent people for his cabinet as well as advisors. He might even listen to expert opinions that don’t align with his. Although the proof will be in the policy making and response to new situations.

Given your misgivings about Liberal policy and intentions, who would you hope to be on the fabulous-haired one’s dream team?

#26 CREIT on 10.20.15 at 5:49 pm

@#19 Garry oh

You’re an idiot!

#27 Arfmooocat on 10.20.15 at 5:49 pm

#12 I’m stupid on 10.20.15 at 5:08 pm
Since the middle class is incapable of saving anything, it’s hard to believe they’ll have anything in a rrsp for a down payment.
……………………………………………………………………….

The middle class has just bought houses that increased in price the last 25 years

#28 mitzerboy aka queencity kid on 10.20.15 at 5:51 pm

the herb has been freed

now we as a species can enter the 21 century
slowly the healing of the nations has begun.

#29 bigtowne on 10.20.15 at 5:55 pm

The bonds will be the tell. Hard to see how the Bank of Canada can keep the boat steady as she goes without dipping the oars in the water…we will be getting some rate increases and the loonie will bloom.

Time to buy the Canadian…I can see Justin as the poster boy for Canada now. I was a little slow but I’m a coming around girlfriend.

#30 S.Bby on 10.20.15 at 5:59 pm

It’s too bad that some people are so shallow as to vote for JT. Running our country is not a popularity or beauty contest. It’s about getting the job done for the benefit of the citizenry. I think Harper did a reasonable job under the circumstances.

#31 conan on 10.20.15 at 5:59 pm

Good Info Garth, thanks.

Trudeau has an embarrassment of riches when it comes to deciding who is in cabinet and who makes it as Finance Minister.

Slam dunk has to be Andrew Leslie for MOD.

Ba-bye F 35

#32 Julia on 10.20.15 at 6:02 pm

#12 I’m stupid
“Since the middle class is incapable of saving anything, it’s hard to believe they’ll have anything in a rrsp for a down payment.”

That’s ok. Banks will lend you as much as you want on an RRSP loan before the end of the year, keep it in for 90 days, deduct on your taxes, take the refund to pay down part of your loan, after 90 days take out your RRSPs to buy a house using the Bank’s mortgage and just continue paying what’s left of you RRSP loan.

#33 Mark on 10.20.15 at 6:06 pm

“The retirement system was not just fine before the TFSA were introduced. TFSA are one saving tool that is much more equal to all Canadians than RRSP. RRSP are a rip off for low and even some middle income earning Canadians and a real giveaway to upper and upper middle income Canadians. If anything RRSP should be rolled back, and companies shouldn’t invest in emplyees RRSP but to their TFSA. Just because the RRSP were introduced first does not mean for that vast majority of Canadians that they are better than the TFSA.”

Fair enough, I agree with you that there was a gap in the ability of low-income savers to actually save and not have most of their savings eliminated by various social benefit reductions.

That’s why I believe reform along the lines of capping the TFSA would do the trick. At say, $50k. The Tories had the idea of the TFSA right in principle, but failed to consider its long-term impact.

#34 learningfromyou on 10.20.15 at 6:07 pm

the best thing about the election days is the tax tips explained by Garth

#35 Blobby on 10.20.15 at 6:10 pm

Predictions for C$?

Do I hold my usd or convert?

#36 Smartalox on 10.20.15 at 6:10 pm

Still many posters with ‘sour grapes’

Successful people are successful because whatever the situation, or whatever the circumstance, they make the most of it. In today’s column, Garth has supplied (for free) some great suggestions about how we can successfully weather the changes that are coming.

But still there are a lot of plaintive comments, people griping about not getting the things that they wanted, or that they were promised and never had.

The rules may change, but winners always play to win.

#37 Obvious Truth on 10.20.15 at 6:10 pm

Almost in a landslide for the kid!!

Garths poll was not incorrect. We know that in our current day and age information is distributed and collected in many ways.

That means we need many different sources to capture it all. So you have to put a picture together from all the various sources if you want to try to get it right.

Garths poll showed us important parts of the picture.

There is no ‘incorrect’ poll, since it is a survey of the beliefs and intentions of those who complete it on the day in question. This was a snapshot of you. — Garth

#38 Brian Ripley on 10.20.15 at 6:14 pm

My Employment rate chart:
http://www.chpc.biz/earnings-employment.html#Rate

I think we will see Ontario’s trendline continue up (as it has since the spring) as stimulus money drains into Central Canada.

#39 Ronh on 10.20.15 at 6:18 pm

Mr. Turner, did you write this?

http://howestreet.com/2015/10/confusion-delusions-illusions/

#40 it won’t be the rich paying on 10.20.15 at 6:18 pm

It won’t be the rich paying. – Garth

Agree. Makes the whole posting somewhat redundant.

#41 X on 10.20.15 at 6:30 pm

I know most of the public don’t have a clue. However do these politicians actually know that the moves by gov’t to make RE more affordable, result in making it more un-affordable? Or are they as clueless as the public, I never know if they have no idea, or are fully aware that they are intentionally deceiving the public.

And I never understood the cutting the TFSA thing…I mean, they ran on the notion that they would open up the RRSP to be utilized for a life event, but doesn’t the TFSA basically do that already? So why cut the TFSA in the first place. To stop the rich from getting richer, I would argue the RRSP benefits the wealthy more, as it would represent a larger % of a high income earners earnings, than the $10,000 limit of the TFSA would. Or was that again another way to fool the public, as they know most won’t repay their RRSP withdrawl and the gov’t will gain tax dollars as a result? Where cutting the TFSA would result in further tax dollars as it would have to be invested in a non registered account (assuming RRSP is maxed already).

#42 Rick in Japan on 10.20.15 at 6:40 pm

Hi Garth,

As a Canadian overseas, any thought on how foreign ownership of Canadian real estate might play out with the Liberals?

#43 Skepsis on 10.20.15 at 6:45 pm

After all, more government deficit spending (which Mr. Trudeau has promised) will put bigger demands on the credit market as the government issues additional bonds (at least $10 billion a year) to cover the shortfall. This is expected to increase bond yields, and since fixed-rate mortgages are funded in the bond market, bring more expensive mortgages. Of course, wealthy people without mortgages will not be as impacted as first-time buyers or middle-income families.

Hey Garth, Long time reader.

Wondering if you can explain this just a tad more. My understanding is that if they flood the market with $10 billion more bonds that it will cause bond prices to drop and therefore yields will rise. Then will that cause an influx of people to buy said cheaper bonds with high yields thus causing the bond prices to rise and bring mortgages up with it?

Thanks

#44 Patrick on 10.20.15 at 6:46 pm

Between the CPP premiums issue, TFSA and Income splitting, I’m convinced that Canadians who want socialism don’t understand it.

Both the TFSA and Income-splitting were ‘social’ programs. Incentives that encourage Canadians to do things that benefit society. But our new ‘socially’ minded government is going to remove them.

1. Canadians Savings Rate & $10k TFSA

A ‘social’ government should encourage a higher savings rate. The $10k TFSA offered an incentive for Canadians to save money. We have no problem taking on debt and spending money, we’re some of the most indebted people in the world. What we need is an incentive for people to do more saving, not less.

And I don’t want to hear this nonsense of spending drives the economy. Spending on frivolous crap doesn’t drive the economy and even if it does all our credit cards are already maxed out.

2. Family formation, kids & Income-splitting

People get married later, fewer of us do it and people are having less kids. Encouraging people to form families, even if they do it for financial reasons is good for society. Makes people more productive, they work harder, put their kids in sports. We should be encouraging this.

Give a couple of young people a reason to move in together. Boom, babies happen and society chugs along.

‘But it doesn’t do anything for single parents?’ Well we shouldn’t be encouraging single parenthood. It’s worse for society.

Basically, Harper had some pretty ‘socially’ inclined programs. But Canadians don’t want socialism. They want handouts and the government to take care of them.

#45 Bob on 10.20.15 at 6:49 pm

Oy Vey!

#46 Tony on 10.20.15 at 6:53 pm

If Trudeau wanted to inflate real estate prices he’d enact a new law where single people could use RRSP money to buy a house not just couples.

They can. — Garth

#47 Lea on 10.20.15 at 6:54 pm

#24 Politically Incorrect?

I think your evidence is anecdotal at best and that you are extrapolating. In 2006 (USA), it was my husband who was convinced that it was our last chance to upgrade to a larger house. We didn’t because I said that double digit appreciation was unsustainable and that the risk was too great. My neighbours did and lost their equity. He was a part time realtor.

As I always write, I hope you have a soft landing from your housing bubble. It was brutal in Los Angeles.

Speaking of anecdotal evidence, we went to the US this weekend and the border wait times were 5 minutes. At the mall, the parking lot had fewer cars with BC plates than last year at this time. I think some are feeling the pinch or maybe it is just the exchange.

#48 Mark on 10.20.15 at 7:03 pm

“Where cutting the TFSA would result in further tax dollars as it would have to be invested in a non registered account (assuming RRSP is maxed already).”

I’ve argued that the TFSA is economically detrimental as it incented people, particularly middle-income/middle wealth families, to invest in fixed income (ie: savings accounts, taxable bonds, etc.) in preference to equity. On account its tax-free nature.

Ordinarily fixed income investments are heavily taxed. While equity is minimally taxed. So the TFSA provides a disproportionate benefit to those who invest in fixed income instead of already tax-efficient equity (and preferred shares). And in practice, that’s exactly how people have been using the TFSA — almost entirely for fixed income investments, as a cash “savings account”. Very few TFSA owners even truly understand that they can use it investments other than those hawked by [email protected] (GICs, cash savings, etc.).

Equity is the root of economic expansion and business formation. It reflects risk taking by investors. It is the basis upon which businesses borrow money to leverage their balance sheets to create economic growth. And at current valuations (well below historic averages, especially so given the low interest rate environment) , investment in the equity of large Canadian businesses represents an unprecedented opportunity for middle class wealth creation. The TFSA, herding people into fixed income, may very well deprive many middle class families of such growth, and the economy itself of the risk capital it needs to move forward.

#49 ANON on 10.20.15 at 7:06 pm

Poor Bwian, the son of Biggus Dickus, is not the Messiah! Welease him, have mewci!
*Whistling Always look on the bright side of life*

#50 Don Derc on 10.20.15 at 7:08 pm

I like what I’m reading in today’s post Garth – I feel like it’s a race against time. Yes I’m barking about the unknown unknowns (again).

On paper, deficit spending, 30 year amortizations, RRSP’s for down payments looks great….if you want to sell.

I love real estate. It creates wealth (insert face slap here Garth) but it’s time to sell high and Justin will save the day.

I have 2 principles at play here:

1) don’t ignore a good hunch – the sky is falling in Canada. It’s been pointed out on this blog for a long time. It’s all about money folks. A reduction in 2017? A crash in 2018? But where can I buy a cheap 14 unit apt building? You guessed it….the USA – and if I can’t get to the DTES, then it’s Vegas baby Vegas!

2) don’t over extend – I like cash over a rental that depreciates in value (along with the rent), has higher prop taxes and so on. You landlords on this blog (all 5 of you) know the drill. We are all getting squeezed including Johnny lunch pail and Elaina escargot girl.

Besides, if it all goes to crap I can always move back home with Mother (…and I’m 52!).

Just remember…be prepared for the worst, expect the best and….every good cop has a throw-away.

#51 DR. WAYNE on 10.20.15 at 7:11 pm

Justin won because he promised more brothels and legal pot … Haper should not have said that was a bad thing … so he lost … life is tough.

#52 Rexx Rock on 10.20.15 at 7:11 pm

You’re considered a free slave when you pay more than 50% of your income to the goverments.I think in time.In time all Canadians will pay more than 70% in tax.

#53 Peter Manning on 10.20.15 at 7:17 pm

To Popeye the Sailor Man #8

You forgot about the extra thousands you will lose because of higher annual C.P.P. contributions, carbon taxes or carbon pricing, cap and trade a possibility too, higher G.S.T., H.S.T. and many other tax, fee etc. increases most likely environmental.

#54 Estrella on 10.20.15 at 7:19 pm

Our new PM:

a former bouncer and snowboard instructor, and sometimes boxer.

Humm. This should be interesting. Let the Games Begin!

#55 LH on 10.20.15 at 7:20 pm

While I hate to see the reds in power, this might actually work well for my SFH portfolio in C01 and C02. Downtown relief line here we come!

#56 Mark on 10.20.15 at 7:26 pm

“A ‘social’ government should encourage a higher savings rate. The $10k TFSA offered an incentive for Canadians to save money. We have no problem taking on debt and spending money, we’re some of the most indebted people in the world. What we need is an incentive for people to do more saving, not less.”

But remember that every dime borrowed is a dime of someone’s savings. Assets = Liabilities in the banking system/economy. So in order to have produced the consumer debt bubble that we’ve experienced, the economy must have also incented people to invest heavily in fixed income investments which are, in turn, lent to borrowers.

The key for a policy maker that wants to grow the economy is to get the investors to stop investing in the debt bubble, and to start looking at putting their capital at risk to grow the economy.

If they can do this, and create the economic growth, then it is at least plausible that the debt bubble can be liquidated in an orderly fashion. If they can’t do this, then the debt bubble is likely to result in a deflationary implosion complete with defaults.

Thus, I would suggest that government and central bank policy measures should be towards encouraging returns to equity and minimizing returns to fixed income/real estate. The Liberals accomplished this in practice in the 1990s and generated one of the most vibrant periods of economic growth, in the late 1990s, ever experienced in the Canadian economy. In the midst of a resource sector depression no less.

#57 Scumop on 10.20.15 at 7:26 pm

I see the GSPTSE is up today. Guess a few people are not afraid of Trudeau.

TFSA downshift to 5500 won’t be a total loss as it will return to being indexed to inflation. The cons made a trade: $10K and no more indexing. After some number of years, it all evens out.

To be so single-mindedly, obsessively focused on that single thing, TFSA, seems a sad statement on the human mind. GovCo has its hands in everything. While you obsess about one thing, its going to diddle you on something else and you won’t even know its happening. You will just wonder later where your money went, and probably not figure it out.

Anyway, on principle of least damage the best party won, imho. They all would have gone deficit on us, despite Con and NDP bleatings to the contrary.

Mancur Olson summarized GovCo in all its forms in his paper ‘Dictatorship, Democracy, and Development’ when he explained governments as stationary bandits.
http://www.jstor.org/stable/2938736

I would post a link to the full pdf, but that would probably get a new tag line:

Scumop was banned for this post.

#58 not 1st on 10.20.15 at 7:34 pm

The US deficit spends itself into oblivion every year and we all look to them as some sort of economic god. Then why can’t it be done here. Its at least some sort of plan other than lower interest rates and wait 5 years for oil to come back. That wasn’t working.

I would rather have some nice roads than f-35s and bombing ISIS but hey thats just me.

#59 Jackblack on 10.20.15 at 7:37 pm

So the liberals got elected. Now on with our lives.

The reality is, the incomes in the upper bracket have increased at a higher rate than in the middle bracket. The bottom bracket incomes have also increased at a higher rate relative to the middle bracket (with the increases to the minimum wage). The liberal tax plan is progressive and addresses this reality of different income increases at different levels of income over the years. Its almost cliché, but may be the liberals actually listened and observed what was happening, and decided to do what’s best for the majority of Canadians and what’s best for the country as a whole.

No one should confuse this progressive thinking as hating on the 1%, or trying to crush the wealthy to feel better about their lives. Its getting with the times. The people have spoken, and as Harper would say “the people are never wrong”.

The 1% will be ok, as you say:

https://www.facebook.com/WBrettWilsonFan/posts/10153649953089140?comment_id=10153650057259140&notif_t=like

#60 Herb on 10.20.15 at 7:41 pm

A simple syllogism as a guide for perplexed Harperites:

1. The electorate is Canadian.
2. The way Harper and his minions acted in government was un-Canadian.
3. Therefore, the electorate revolted and threw them out.

The “Conservative” Party now can live and learn and reinvent itself as a “conservative” party, or it can carry on as before and become totally irrelevant.

#61 mishuko on 10.20.15 at 7:42 pm

my previous incumbent was under house arrest during her soul seeking journey. an interview with her asking why she wanted to be re-elected. ‘it’s good for my career’.

coming from the orange. wow.

oh well.

appreciate your service. I will do as told and max the gift from you and the late F.

#62 MSM-Free Zone on 10.20.15 at 7:45 pm

As reported in the media, it turns out Harper was already preparing his chalice of hemlock as he flew home from his last campaign stop in Abbottsford, BC.

In his brief concession speech Monday night, he continued to use his well-worn, self-delusional word ‘friends’ no less than eight times as he addressed the television camera.

From omnibus bills, to partisan senate appointments, to fake balanced budgets, to fixed markets, to his penchant for rigged democracy, to his final tough-on-crime platform sucking up support from a lying, crack-smoking, drunk-driving former mayor, perhaps the ultimate hypocrisy can be best summed up in his last outgoing line to Canadians: “Please say a prayer for our men and women in uniform”.

This, from a paranoid politician who routinely photo-opped with veterans overseas, only to throw them returning home wounded and broken under cloud of closed Veterans Affairs offices and diverted funding, a coward of man who abandoned his fellow MP’s to fend for themselves in the face of danger.

I say good riddance, hypocrite.

#63 Ret on 10.20.15 at 7:45 pm

#17 “Additionally, it has been theorized that if the deficit spending made by Trudeau is actually allocated efficiently, this may be net deflationary on the economy on account of a return being realized in the investment in excess of the cost of the borrowed capital.”

The old, ‘we can spend our way to prosperity’ line? Even if this happens, and it could theoretically, who gets the benefits, usually upfront, and who gets the costs, usually forever?

Invariably, the taxpayer gets the shaft forever and a day, and someone else walks away with the gold mine when the project is completed.

Efficient government spending I have yet to see from the Liberals in Ontario or the Liberal dominated city of Hamilton council.

I have fear and trepidation about now living in a Liberal trifecta, but we will see what happens as this unfolds.

#64 ANON on 10.20.15 at 7:47 pm

#50 Don Derc on 10.20.15 at 7:08 pm

It’s all about money folks

Blogdog gets this, so not all is lost.

[insert appreciating asset here] It creates wealth

Needs a bit of fine tuning here. After interminable debates in the comment section and possibly in the real world with friends and coworkers, and over a glass of wine (or more), where do you figure finally that “teh wealth” is really coming from? Brutally honest, anonymously, on a pathetic blog’s comment section… :)

#65 The Other Chris on 10.20.15 at 7:50 pm

If Trudeau brings back 40 year amortizations, is it possible that the housing bubble will never burst? At least for another decade?

#66 Protea on 10.20.15 at 7:54 pm

Well we are still in a recovery mode here bitterly disappointed with the election result. Unfortunately, the bulk of media seem to believe that the Liberals are the only party that should be in power and absolutely crucified the man .

That is why I am very sad with the outcome of this election. I well remember Justin’s father & what he managed to do to the country. The worst PM Canada has ever had . The future looks bright we can look forward to higher taxes, more gov’t intrusion and deficits until who knows when – not a bright spot.

His old man was around for 16 years until 1984 god hopefully we don’t have to put up with Turdeau for that long.

On that bright note cheers

#67 Time is #1 on 10.20.15 at 7:55 pm

At least the bottom is in for CPD.

now we need marijuana stocks to go up. My favs are
CGC
OGI

#68 Daisy Mae on 10.20.15 at 7:55 pm

#25: “Trudeau seems to have access to some rather senior and competent people for his cabinet as well as advisors. He might even listen to expert opinions that don’t align with his. Although the proof will be in the policy making and response to new situations.”

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

We’re hearing from a lot of sore losers. Harper did this to himself.

#69 Jeff in Moose Jaw on 10.20.15 at 7:56 pm

I didn’t think Mr. Trudeau was going to win…. oh well good for him.

Looking around the internet because I wasn’t having a great day at work – then I found this blog and couldn’t get over how its as if Smoking Man wrote it… thought I’d share:

10 Reasons You Should Never Get a Job

http://www.stevepavlina.com/blog/2006/07/10-reasons-you-should-never-get-a-job/

#70 Joe on 10.20.15 at 7:58 pm

Your political predictions are almost as accurate as your predictions on real estate. I hope you are better at predicting stocks.

I didn’t predict the election outcome, and I don’t pick stocks. But I can spot a dork. — Garth

#71 espressobob on 10.20.15 at 8:00 pm

Actually the libs won’t touch income splitting, Their words, but good bye 10k TFSA. The rollback is insignificant since the majority of the population have no idea how it works, investing wise.

Too bad for the rest of us that do.

#72 Daisy Mae on 10.20.15 at 8:05 pm

#44: “Both the TFSA and Income-splitting were ‘social’ programs. Incentives that encourage Canadians to do things that benefit society…”

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

How so?

#73 Chaddywack on 10.20.15 at 8:06 pm

I thought Trudeau was going to tax capital gains and dividends as regular income……or was that the other bearded guy?

#74 Frustrated Kiwi on 10.20.15 at 8:06 pm

I really hope for Canada’s sake that they don’t lengthen amortizations. Why is it so hard for them to see that the effect of such policies is simply to push up prices to meet the new “affordability”. Apparently Japan had 100 year amortizations at its peak. Can you imagine – they’ve had 30 years of declining prices and there will be people with 70 years left on their mortgages.

#75 R on 10.20.15 at 8:07 pm

Well i guess this should be a lesson as to what sells in an election. Free money. Canadians don’t care about deficits, they feel entitled to free money now. Tax cuts? For those filthy rich bilderbergers! Saving? That’s so greatest generation.

The libs are terrible for business, Justin thinks most small business is a scam for “the rich”, this from a guy with a trust fund from Daddy.

#76 The real Kip on 10.20.15 at 8:07 pm

Oh well, at least the war in Syria will end for us as Trudeau says he would bring the F-18’s home. Good day for Canada. Sorry to all the Canadian soldiers who were killed and injured in this folly called the war on terror.

#77 Nora Lenderby on 10.20.15 at 8:08 pm

#60 Herb on 10.20.15 at 7:41 pm
The “Conservative” Party now can live and learn and reinvent itself as a “conservative” party, or it can carry on as before and become totally irrelevant.

Also goes for the Ontario party…

#78 Nora Lenderby on 10.20.15 at 8:14 pm

#24 Politically Incorrect? on 10.20.15 at 5:45 pm
…real estate lust of…….Women. Trudeau…voters who are mostly……Women. So, for good or bad, we may be about to see a distinctly female-driven economy come to its fruition over the next few years.

I really don’t think the housing bubble or Mr. Trudeau can be blamed on women, any more than it can be blamed on persons of a particular age group, wealth group or ethnic background.

(OK, I do accept that the lovely Mr. Trudeau can actually be blamed on his lovely mother, and she is a woman :-)

This housing mania affects a broad cross-section of people. There are obviously variations. When it ends people of all types are going to be in trouble – mostly those who are already struggling.

And it won’t be good for society as a whole, imo.

#79 Jane Goodall on 10.20.15 at 8:16 pm

To Daisy Mae

Getting back or keeping your own money by not being subject to confiscation in the form of taxes is not a social program. It is simply tax relief.

GIS, social assistance known as welfare too, E.I., OAS, other pensions that are not 100% contributed by the employees of government, 50% matches for example from Teachers Pension Plan, free dental and healthcare benefits for lower income Canadians etc. etc. are social programs, Ontario Disability.

A social program is the government deciding what to do with your own money. You have no say manage it.

#80 Daisy Mae on 10.20.15 at 8:20 pm

#64: “If Trudeau brings back 40 year amortizations, is it possible that the housing bubble will never burst? At least for another decade?”

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

Well, it IS bringing in a ton of federal revenue thanks to the land transfer taxes — in Ontario, ‘coming and going’ — so, yeah, all parties want to this continue. Not just Trudeau. Pathetic as hell….

#81 Linda on 10.20.15 at 8:25 pm

#24 is obviously trolling – though I must say that post embodies the quote regarding Adam (the first man as per the Bible). That quote was ‘The first chance Adam got, he blamed a woman’ so #24 is obviously following in Adam’s footsteps:)

Regarding the deficit – maybe I missed something along the way, but I had thought all the parties had more or less mentioned running a deficit in order to stimulate the economy, in emulation of the USA. Further, this was not to be an indefinite run a deficit forever kind of thing, but was (as per both Liberal & Green platforms) to be tapered, come to an end once the stimulus had the desired effect. And has not Garth pointed out that this is indeed what has occurred in the USA? Quantitive easing ended, rate cuts ended, eventual rate increases at some point? Plus reduced unemployment, plus RE values in the USA are increasing again as well. From that evidence & given that we do need new infrastructure plus plenty of repairs on old infrastructure it seems to me that this is not the worst plan ever, though it does have its perils.

Regarding the tax stuff, well, I think it will end up a wash at best for the middle class, since increased CPP premiums will likely swallow up most if not all of the potential tax cut (don’t count on getting it – election promises are notorious for being forgotten). As for the TFSA I agree that it is a much better way for people to ensure their futures are financially secure. However, like any other tool it only works if you actually use it. If you haven’t the discipline to manage to put aside $5,500 per year now, what makes you think you’ll ever do $10,000 later in life? I mean, think about it – $5,500 is just over $15 per day, every day of the year. Most people spend more than that daily during the work week on coffee/lunch/snacks. So brown bag it & bring your coffee to work in a thermos. Don’t think you spend that much? Try tracking it for a week. Bet you’d be surprised at just how much you are spending that you could be putting into that TFSA instead…..

#82 Mf on 10.20.15 at 8:27 pm

#72 Daisy Mae

Tfsa and income splitting gave money into the hands of all Canadians. It’s Their fault that they were/are too stupid to understand them.

The only sore losers I hear from are the sore losers of society who just blamed the government for all their problems of the last decade. Great job to everyone for penalizing our most successful. How Canadian.

Like I said yesterday. Fellow millennial co worker had no idea who to vote for yesterday until he used an app that told him he “should” vote Trudeau (after entering his age/income/gender etc.)

I expect the next four years to be a farce full of continued complaining until we collectively take responsibility for our own actions.

Anyhow, did anyone notice CPD is UP the past few days? Expectation of rising interest rates? Should we jump on?

Mf

#83 BS on 10.20.15 at 8:29 pm

A simple syllogism as a guide for perplexed Harperites:

1. The electorate is Canadian.
2. The way Harper and his minions acted in government was un-Canadian.
3. Therefore, the electorate revolted and threw them out.

The “Conservative” Party now can live and learn and reinvent itself as a “conservative” party, or it can carry on as before and become totally irrelevant.

Not quite Herb. The NDP got thrown out. The NDP lost way more in the popular vote than did the Conservatives. The NDP votes went to the now very left leaning Liberals after the NDP moved closer to centre. The Liberals got 39.5% of the popular vote compared to the Conservatives 31.9% which is just slightly lower than their last majority. The NDP got a paltry 19.7%.

Had the NDP and Liberals split the left vote Harper could have won. I give the Liberal strategists credit for going after the left vote rather than the right of centre.

The positive we can take out of all of this is the NDP is back to irrelevant status.

#84 crowdedelevatorfartz on 10.20.15 at 8:31 pm

@#70 Joe.

This one’s for you…

Mike Ditka stole my “thunder frum down under”.

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=4&cad=rja&uact=8&sqi=2&ved=0CCQQtwIwA2oVChMIsLOn0afSyAIVjKWICh1LlAhZ&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dzk9WqTeyAys&usg=AFQjCNHdPIqbV1jtt5h7BIkWy7cCJpLvVA&sig2=5PDxhO5WTmdBmSTYu43dnw&bvm=bv.105454873,d.cGU

#85 Retired WI Boomer on 10.20.15 at 8:38 pm

Indigestion today, Canada? Take something for it.

The kid just won an election. You got rid of some trash, take this opportunity to alert your MP as to what is important in your life. If you don’t speak up than whatever squirts from the rear end of the governing class you need to learn to wear it well!

Enough said. Let’s see what gets digested.
Plan alternative strategies. It is your money first.

#86 BS on 10.20.15 at 8:43 pm

If Trudeau brings back 40 year amortizations, is it possible that the housing bubble will never burst? At least for another decade?

What happens when you put more air into a balloon? Is it more likely to burst or less likely?

#87 Mark on 10.20.15 at 8:49 pm

“The libs are terrible for business, Justin thinks most small business is a scam for “the rich”, this from a guy with a trust fund from Daddy.”

Libs are so ‘terrible’ for business that they managed to make the stock market triple under their regime in the 1990s? One of the longest periods of business expansion in history?

What the Libs perhaps aren’t friendly towards is small business. The problem with small business is that, on account of its scale and capital resources available to invest, it simply is not capable of creating the breadth and depth of high end, high quality jobs. The Tory emphasis on small business to the detriment of large business is amongst the reasons why there is an underemployment crisis amongst university graduates. And one of the reasons, among many, that Canada stagnates on investment in productivity. Small businesses’ idea of ‘productivity’ is often simply to whip the existing employees harder, rather than the larger business approach of automation.

In fact, if you look at how business behaved over the past decade, it is evident that there was a significant effort of large business to become a collection of small businesses merely to take advantage of the tax system favouring small business. Government tax policy incented businesses to re-organize themselves in such a fashion to undermine the job and social security of Canadian workers. I think we would all be better off if a Trudeau government changed things to put an end to the tax disparity between large business and small business. Trudeau brought the topic up in the campaign, and I have to give him the highest kudos for taking the research of Mintz et al seriously on the topic instead of being stuck in Conservative Party dogma surrounding “small” business.

#88 Ret on 10.20.15 at 8:49 pm

Those F-18’s will be coming home when Obama gives the okay.

Apparently that didn’t happen today but it will happen some day. Indefinite timeline, blah, blah, blah. He choked. First day on the job I guess.

http://news.yahoo.com/canada-withdrawing-fighter-jets-iraq-syria-trudeau-tells-220007010.html

#89 Rainclouds on 10.20.15 at 8:52 pm

#51 Dr Wayne
“Justin won because he promised more brothels and legal pot … Harper should not have said that was a bad thing … so he lost … life is tough.”

Clearly your prescription was written in error. Maybe take the whole bottle at once…………….idiot

#90 Mark on 10.20.15 at 8:52 pm

“What happens when you put more air into a balloon? Is it more likely to burst or less likely?”

At this point, I’d suggest that its already a balloon with a significant leak, and trying to pump more air into it could accelerate the decline. Especially as financial market participants sense the top and start to become more aggressive in actively trading against the housing bubble.

With the refusal to lower “prime” to the full extent of this year’s BoC policy rate cuts, we’re already seeing the leading edge. Tomorrow’s rate cut, if it happens, may bring even more of such.

#91 BS on 10.20.15 at 8:56 pm

Trudeau seems to have access to some rather senior and competent people for his cabinet as well as advisors. He might even listen to expert opinions that don’t align with his. Although the proof will be in the policy making and response to new situations.

It is not about if he will listen. I am sure he will. It is about how much will he be manipulated. Unfortunately it may not only be his advisors who manipulate him.

#92 economictsunami on 10.20.15 at 8:58 pm

The list of cabinet posts and advisers should be interesting.

The Conservative (“Canada’s Action Plan”) propaganda media machine must of been shedding a tear or two last night.

Why Mainstream Economists Deny Housing Bubbles Until After They Implode – Which They ALWAYS Do:

http://wolfstreet.com/2015/10/20/why-mainstream-economists-deny-housing-bubbles-until-after-they-implode-which-they-always-do/

Ah, party politics.

So quaintly 19th century…

#93 VICTORIA TEA PARTY on 10.20.15 at 8:59 pm

OUR CUPBOARD IS BARE INSPITE OF TRUDEAU-MANIA PART DEUX

The entrails of the resurrection of the “divine right to rule party” is being gone over by every political hack and junkie extant this day.

BUT it takes a banker packing a bucket of ice cold water to bring one and all crashing back to Earth, regardless of the warm and fuzzy feelings buzzing about right now.

David Watt is HSBC Bank Canada chief economist, and is quoted here from Bloomberg business news on the current sad shape of our economy and its dubious-looking immediate future (no wonder Mr. Harper made no big promises. The cupboard is bare!):

“Bonne chance, Mr. Trudeau.

After an election centered on Canada’s economy, that’s the takeaway from…Watt…The oily tide has gone out, the economist warns, and now the nation’s drivers of growth—or lack thereof—have been laid bare for all to see.

‘Until Canada overcomes its productivity and competitiveness hurdles, it will continue to feature cyclical behaviors similar to those of emerging-market economies,’ Watt wrote.”

Emerging market economies. that’s a polite way of saying THIRD WORLD ECONOMIES.

Other points:

—-“…HSBC expects Canada to return to growth in the second half of 2015, but…every economic green shoot seems to be attended by a gray cloud…

“A decline in exports in August and signs of renewed contraction in manufacturing activity…suggest that… non-energy exports and the overall economy still face notable challenges…,’ Watt wrote.”

—-“if cashing in on external demand looks difficult, squeezing growth out of domestic drivers could be even harder. Canadian households can hardly be expected to make sizable contributions to growth, with…debt-to-income ratios at a record high. The erosion of purchasing power from lower oil prices…certainly doesn’t help. Housing-related spending looks poised for a cyclical slowdown, Watt says.”

So, those who believe in government-funded initiatives to find more unicorns or increased funding for the CBC may well be disappointed when the budget is presented in the coming months, by a minister who will know the financial score.

At that point it will become clearly evident to one and all that election promises have lifespans of knats or less. The Prime Minister-Elect, will probably have to withstand a lot of heat from unhappy entitlement bunnies in that case.

But he will have a safe haven on his front bench in Parliament. It will be liberally laced with some grizzled and otherwise heavy-duty political hitters.

I’m thinking of John McCallum but especially the very honourable Ralph Goodale the long timer from southern Saskatchewan. He knows a lot about budgets, parliamentary procedure and politics in general. He’d make a great finance minister or any minister at all.

I think the Liberal victory was one for the Canadian history books.

But the new leader must understand that power can slip through one’s fingers quick as a wink if the process of exercising said authority is not respected and imposed judicially by the PM.

Some political leaders have fallen on their swords in the past haven’t they?

#94 The Other Chris on 10.20.15 at 9:07 pm

#86 BS on 10.20.15 at 8:43 pm
>What happens when you put more air into a balloon?
>Is it more likely to burst or less likely?

I guess it depends on the tensile strength of the rubber. Might just keep inflating if the rubber is strong enough.

#95 Leo Trollstoy on 10.20.15 at 9:07 pm

As a member of the 1% I have always felt that the government supports me. The Liberals will be no different. Cheers to more future prosperity everybody!

#96 Leo Trollstoy on 10.20.15 at 9:13 pm

The TFSA, herding people into fixed income…

The TFSA doesnt herd people into fixed income.

Just sayin

#97 Leo Trollstoy on 10.20.15 at 9:16 pm

Garth thanks for the great post outlining how things will roll out going forward. Appreciate it. Looking forward to see how the HBP changes.

#98 OXI in GREECE !! on 10.20.15 at 9:18 pm

To Stephen Harpers buddies in the defense industry “No more offshore money for you – weed is legal now”.

#99 omg the original on 10.20.15 at 9:19 pm

BUT LETS ALSO REMEMBER THAT………..

– the Liberals are the ultimate party of Bay Street insiders

– so they will be conservatives in “liberal” clothing – just like the last Liberal government – so what’s “good” for big business in Ontario/Quebec will be “good” for Canada (that is the Liberals)

– given the love on that the center and left has for Trudeau he will have a lot of leeway to play around with before people catch on, if they ever do

#100 Nora Lenderby on 10.20.15 at 9:22 pm

#83 BS on 10.20.15 at 8:29 pm
The NDP lost way more in the popular vote than did the Conservatives. The NDP votes went to the now very left leaning Liberals after the NDP moved closer to centre.

In my observation it wasn’t about left-centre at all. Progressive voters really, really hated Mr. H. Quite nice people I know were incandescent with rage about him.

The herd were gradually feeling their way to the stampede if you like. The Liberals gave them a feel-good option.

The positive we can take out of all of this is the NDP is back to irrelevant status.

Probably, but if the new govt. delivers some alternative to FPTP, we are going to be in for a reworking of the political system.

It could be fun, but I doubt it. More elections :-)

#101 For those about to flop... on 10.20.15 at 9:23 pm

#216 Broke Dick on 10.20.15 at 10:06 am
#179 Freedom First on 10.20.15 at 3:48 am
Congratulations Justin! I sincerely wish you the best.

H got off easy. Too bad about my TFSA though. However, I am glad I don’t need a job or own a house. I am blessed.

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

Hey Freedom First.
I am in a similar position as you. I don’t have to work and I have a house that I think is splendid.
But I don’t have this urge to constantly repeat myself and expose myself to be a complete dickhead as you do.
You are an arrogant bastard.

/////////////////////////////////////////
Um,my wife won’t be happy to here this ,but I’d like to thank my Broke Dick.

#102 Patrick on 10.20.15 at 9:25 pm

#72 Daisy Mae on 10.20.15 at 8:05 pm

“How so?”

That’s what the rest of the post was about. Did you read it? Social Programs aren’t always handouts. An incentive can be a benefit to society, if it has a beneficial consequence. Its cost is reduced tax revenue.

#56 Mark on 10.20.15 at 7:26 pm

Thanks for the response. Enlightening. I come here to learn and I’m never disappointed.

Still, it does seem hypocritical that Trudeau is boosting CPP because Canadians aren’t saving enough for retirement. While simultaneously reducing the TFSA, a vehicle for Canadians to save for retirement with.

I read your other post (#48) about how the TFSA is detrimental to economic growth but I doubt Gerald Butts consulted Mark Carney when they were drafting their policies.

#103 Smoking Man on 10.20.15 at 9:26 pm

The fact that C51 is going on where, and TPP is going forward.

Means, nothing has changed. Nor will it..some adjustmen on the cake icing..

Everyone will eat cake till the mistry of building 7 is officially out, and those responsible are brought to justice.

What boggles my mind..Putin is doing what ever the hell he wants…Isreal, USA, UK . appart from from being mad as hell are doing nothing.

Who knows what’s in Snowdens flash drive.. No wonder the Neocons what his head.

I’m Betting Putin knows whats on that flash drive.

#104 Herf on 10.20.15 at 9:32 pm

The true big winners:

http://www.therebel.media/disclosing_the_less_visible_winners_of_the_election

http://www.elections.ca/content2.aspx?section=thi&dir=42ge&document=index&lang=e

A brief scan of the above list shows most of the registered third parties are based in and around Vancouver, Toronto and Ottawa. What’s with AVAAZ being allowed as a third party – they’re based in the U.S. ? Isn’t it illegal for foreign-based entities to participate or try to influence Canadian elections?

#105 Sydneysider on 10.20.15 at 9:35 pm

It’s time for us to return to Canada. It’s 1968 all over again, and I for one am ready to party.

Sad to see so many people here whose lives are focused on a single dimension – penny counting.

#106 Canada heading for Disaster, Blue Jays on verge of total collapse! on 10.20.15 at 9:45 pm

You voted for an airhead idiot who knows nothing of economics, and your baseball team is choking.

Canada, you are stupid, pathetic and despicable.

You’ll be a second world nation within 10 years.

The Blue Jays choke to death next game.

LOOOOSERSSSSSSSSSSSS!!!!!!!

#107 John in Mtl on 10.20.15 at 9:45 pm

Can one have more than one TFSAccount?

Lemme explain: I have a TFSA and the money is invested in 60/40 portfolio (a bank product that is doing “OK” but nowhere near Garth’s magic 7%). I have other monies in a HISA (Hi Interest which is now a laugh) and would like to tax-shelter it by putting it in another TFSA since I still have contribution room.

So my question is, can one open more than one TFSA, even in 2 separate financial institutuions? For the CRA, they will still be seen as registered TFSA’s.

Thanks for any insight.

Yes. But why not just add a money market fund to the existing account? — Garth

#108 Smartalox on 10.20.15 at 9:46 pm

@ Daisy Mae # 80:

How does an Ontario-only property transfer tax enrich FEDERAL coffers?

#109 Victor V on 10.20.15 at 9:47 pm

The Liberals’ taxing policies: What they will mean to you and when

http://business.financialpost.com/personal-finance/managing-wealth/the-liberals-taxing-policies-what-they-will-mean-to-you-and-when

#110 tundra pete on 10.20.15 at 9:50 pm

Truly a breath of fresh air. The country will soon see how hostage we have been held by that paliamentary bully and his crew of democratic pedophiles. The only baffling part is what the hell took so long for the sheeple to figure it out? Jesus H Christ!! Thank god that a$$hole is gone.

I recall the days Trudeau Sr. held the reigns. They called it Trudeau mania. The young blood will make him proud I’m sure.

#111 kommykim on 10.20.15 at 10:02 pm

RE:

#23 pinstripe on 10.20.15 at 5:43 pm
return to the old PC culture by selecting a young leader and push out the old CPC gezzers. The old geezer ideas do not fit in the global economy.

The problem is that Harper WAS the young leader who pushed out the old PC geezers. Look how that worked out.

#112 TurnerNation on 10.20.15 at 10:04 pm

Headline of latest Toronto Life magazine in mailbox: Mortgage Slaves

#113 Hope & Change (Canada) on 10.20.15 at 10:07 pm

#87 Mark on 10.20.15 at 8:49 pm
What the Libs perhaps aren’t friendly towards is small business. The problem with small business is that, on account of its scale and capital resources available to invest
………..
I think we would all be better off if a Trudeau government changed things to put an end to the tax disparity between large business and small business.

What I like about you is that you constantly display your ignorance with the self-confidence of someone that is too stupid to even know what he doesn’t know.

I worked with people like you in big businesses. Where incompetent, idiot paper pushers and parasites that leach off the work of others go to make themselves think that they are smart.

#114 John in Mtl on 10.20.15 at 10:09 pm

John in Mtl on 10.20.15 at 9:45 pm “So my question is, can one open more than one TFSA, even in 2 separate financial institutuions? For the CRA, they will still be seen as registered TFSA’s.

Thanks for any insight.”

Yes. But why not just add a money market fund to the existing account? — Garth

Thank You for your answer Garth. I will look into that. My questioning came quite suddenly, like “what to do quickly to top up the TFSA in case the new gov’t makes a sudden bold move that would be to my disadvantage.”

#115 OXI in GREECE !! on 10.20.15 at 10:13 pm

#89 Rainclouds on 10.20.15 at 8:52 pm
#51 Dr Wayne
“Justin won because he promised more brothels and legal pot … Harper should not have said that was a bad thing … so he lost … life is tough.”

Clearly your prescription was written in error. Maybe take the whole bottle at once…………….idiot
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Clearly you are not aware of how "drugged up" people are due to big pharma. Or you are a doctor and push drugs on people…..who's the idiot now?

#116 macroman on 10.20.15 at 10:13 pm

Just logged in for Kootenay Ma #21

Nice.

#117 I am the Babblemaster on 10.20.15 at 10:13 pm

“That could inflate the bubble more.” Garth

—————————————————————

Exactly! Exactly! There’s many things they could to inflate the bubble even more. That includes actually giving grants to people to buy.

#118 MSM-Free Zone on 10.20.15 at 10:13 pm

#86 BS on 10.20.15 at 8:43 pm
“……What happens when you put more air into a balloon? Is it more likely to burst or less likely…….”
_________________________

More appropriately, given our current lust for all things granite and stainless, what happens when you put hydrogen in a balloon?

(Hint: May 6, 1937)

Just waiting on the ignition source.

#119 OXI in GREECE !! on 10.20.15 at 10:15 pm

#105 Sydneysider on 10.20.15 at 9:35 pm
It’s time for us to return to Canada. It’s 1968 all over again, and I for one am ready to party.

Sad to see so many people here whose lives are focused on a single dimension – penny counting.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Let's see…..everyone is taxed to death. Govt is 25% of the employed and 500K people are retiring per year.

Don't think it will be much of a party unless Justin does the right thing and starts firing Govt by the 10s of thousands and does it immediately before the country chokes.

#120 Hirsute Hipster, head down, texting... on 10.20.15 at 10:18 pm

Sorry Garth, I was updating my Facebook status…I have an awesome selfie in front of the Rogers Centre.

Election? Was there an election? Crap, I was hoping to vote off one of the turds on Big Brother – did I miss that?

#121 [email protected] on 10.20.15 at 10:18 pm

Conspiracy theorists you all missed Harper’s gaff…Canadians have ACCEPTED….

Stephen Harper Speech After Federal Election 2015

https://youtu.be/BGCQYIzBk0g?t=62

#122 Smoking Man on 10.20.15 at 10:19 pm

Once upon a time when there were still journalists, and I was one- Garth

Was, is past tense.

Altho we all can go crazy with free speach. Engage in an open and free debate , may the best bullshitter win. There still exists consequences for speech that is too free.

3o years ago their was only a few topics any intelligent person would avoid. Today there are hundreds.

Thats called tyranny.

Three ways to get around it..

Paritie in fiction. Describe an Alien civilization where the reader can easily put too and two together.

Or play the insanity card, totally discredited yourself so to you give your opponents no good reason for coming for your head. Content to call you nuts. Your massage of the way you see shit gets out there.

And your right..no MSM Journalist’s left..They all get fired.

You can also find real Journalist’s in
Comment’s sections of pathetic blogs…

164675436783333285337549

You just got to learn to read between the lines.

#123 Mark on 10.20.15 at 10:20 pm

“You voted for an airhead idiot who knows nothing of economics, and your baseball team is choking.”

As opposed to what? Voting for a guy who claimed he was a libertarian free-market economist in his years in the Reform/CRA Party, yet became a socialist upon election? The guy who took a series of policy actions to cause the economy to become severely dependant on government intervention in the mortgage finance sector (through the CMHC), and cause the economy to become severely unbalanced with most economic vibrance vested in the FIRE and O&G sectors?

I actually liked a lot of Harper policy, particularly with respect to drugs, crime, and agriculture. But economic mismanagement is where he failed. He really let a lot of people down by taking policy to blow the housing bubble up so high. His government ultimately suffered the inevitable political consequence of its slow-motion deflation.

#124 kommykim on 10.20.15 at 10:23 pm

RE:

#41 X on 10.20.15 at 6:30 pm
And I never understood the cutting the TFSA thing…I mean, they ran on the notion that they would open up the RRSP to be utilized for a life event, but doesn’t the TFSA basically do that already?

The government is looking to stimulate the economy. That means more spending (removing money from savings vehicles like the RRSP) and less saving (lower the TFSA limit). I don’t agree with the tactic because people shouldn’t sacrifice their retirement to spend us out of recession.

#125 Panhead on 10.20.15 at 10:29 pm

#106 Canada heading for Disaster, Blue Jays on verge of total collapse! on 10.20.15 at 9:45 pm
You voted for an airhead idiot who knows nothing of economics, and your baseball team is choking.

Canada, you are stupid, pathetic and despicable.

You’ll be a second world nation within 10 years.

The Blue Jays choke to death next game.

LOOOOSERSSSSSSSSSSSS!!!!!!!
——————————————————
And speaking of losers …

#126 Josh in Calgary on 10.20.15 at 10:29 pm

It’s easy to see why most people voted for Trudeau. He promised all sorts of goodies to people who don’t pay very much tax and promised to make the (evil) rich people pay for it plus adding money to the country’s debt that’s mostly an abstract number to your average Joe anyway.

There are also the touchy feely promises to make Canada kinder and gentler again.

It doesn’t matter to most people that there are loads of ways to poke holes in the logic here.

How much do you want to bet that the whole electoral reform thing gets put on hold. After all, you can’t get a majority government with 40% of the popular vote in a proportional representation system.

#127 Kam on 10.20.15 at 10:35 pm

Liberals are proposing Child Care Benefits up to $12,000 per child per year for lower income families .

Welcome to Vote Bank politics.

Soon Canada will become another Belgium

#128 kommykim on 10.20.15 at 10:45 pm

RE:

#67 Time is #1 on 10.20.15 at 7:55 pm
At least the bottom is in for CPD.
now we need marijuana stocks to go up. My favs are
CGC
OGI

Buy high, sell high. Wait….. What was it again man?

#129 kommykim on 10.20.15 at 10:52 pm

RE:

#79 Jane Goodall on 10.20.15 at 8:16 pm
A social program is the government deciding what to do with your own money. You have no say manage it.

Actually, we get a say every 4 years on how our tax dollars are managed.

#130 Cici on 10.20.15 at 11:05 pm

#14 PeterfromCalgary

I agree, and will do the same. Letter it is…

#131 Future Expatiate on 10.20.15 at 11:06 pm

No one could be worse than Harper nor do more damage to Canada. Now, America just has to get tax rates on the 1% back up to 1950 rates. There’s a reason there used to be a middle class and there isn’t anymore, and that reason isn’t liberal rule.

#132 Gregor Samsa on 10.20.15 at 11:11 pm

“The Liberals stated that their first priority will be to cut the tax rate from 22 per cent to 20.5 per cent for the middle income tax bracket, which affects Canadians with taxable annual income between $44,701 and $89,401.”

That’s a savings of $1341 a year for the high end of the range and far exceeds the tax savings on $5,000 of TFSA investment, which most people only get a few % on if they are lucky.

I bet most of these angry Harper voters will inadvertently pay less tax under Trudeau. I wonder if they will even notice?

The Libs claim the max tax savings will be $670 for people in this bracket. Ironically the savings will be over $700 for someone making $140,000, since they, too, will benefit from the reduced graduated tax structure. Oops. — Garth

#133 Lee on 10.20.15 at 11:12 pm

The 40 year ammo is coming back. Politicians will do whatever they need to to keep the party going. The greater fools are those of you waiting for the crash in Toronto.

#134 Hilary Turner on 10.20.15 at 11:12 pm

Quite a bunch of sourpusses here. Maybe you should take this opportunity to spend your money rather than lard it away. Heck, send an underprivileged child to university or something wild and crazy like that!

#135 nonplused on 10.20.15 at 11:18 pm

So I guess we have political dynasties in Canada too now. Incredible.

Clearly not enough people remember Trudeau Sr., our worst prime minister ever. Well, I am expecting his son to lower the bar. Oh well at least with Jr. we are likely to get an exciting sex scandal or two.

#136 Bobby on 10.20.15 at 11:20 pm

The people have spoken and Mr Trudeau is the new PM. He was not my first choice but I respect the choice of the people.

I do feel very sorry for him now as he promised everything to everyone and will be expected to deliver. Anyone with any fiscal knowledge knows that in the end someone actually pays. Either you have to cut spending or hike taxes. Sure, saying that the more well off will pay more taxes will resonate for those on the lower income scales. But the reality is that 25% of Canadians already pay 80% of the income taxes.
Just imagine if that 25% decided to quit working and stay home. Now, who would pay for all of these social programs.

#137 ARP on 10.20.15 at 11:22 pm

Reading the right hand side of this chart… it seems like we’re are slowly marching towards our destiny here in Canada…

https://upload.wikimedia.org/wikipedia/commons/2/24/Lending_%26_Borrowing_Decisions_-_10_19_08.png

#138 Sigh of the times on 10.20.15 at 11:29 pm

#30 S.Bby on 10.20.15 at 5:59 pm
It’s too bad that some people are so shallow as to vote for JT. Running our country is not a popularity or beauty contest. It’s about getting the job done for the benefit of the citizenry. I think Harper did a reasonable job under the circumstances.”

Not surprising actually, in these gadget infested, latte sipping, yoga pants wearing times, politics has become a lot like a student council election, and it is only going to get worse…..expect the next leader to campaign in yoga pants (most likely a totally emasculated dude)

#139 Sigh of the times on 10.20.15 at 11:31 pm

Garth

I hope Trudeau is reading this blog for ideas….his first course of business, should be to collapse the RE market, blame it on Harper’s ancien regime and then spend the next few years slowly rebuilding just in time for the next election…..

#140 J-Sucks on 10.20.15 at 11:37 pm

Someone making $250k would be paying an additional $2k at the 33% rate relative to the 29% rate – not an additional $10k because it’s only the $50k that’s taxed at the extra 4%.

#141 econoghostwhisper on 10.20.15 at 11:38 pm

Garth

Am guessing the kid may channel the father’s ghost for econo-policy…expect lots of nationalization recommendations like that energy policy. Hopefully Mackenzie King’s mother has the old man in a headlock and can put some static on the messages coming through from the other side of the light

#142 bubu on 10.20.15 at 11:41 pm

hahaha…. what did I say about 40-year amortizations ? Garth, as in 2009, you didn’t see this also but go back and see my messages…

buy now guys… next year is going to be worse… if you are in AB you got also a good oportunity… don’t miss it again.

#143 chapter 9 on 10.20.15 at 11:57 pm

#126 Josh in Calgary
There are also the touchy feely promises to make Canada a kinder and gentler place–Junior

Social infrastructure, the price tag, $6 billion over the next 4 years.

#144 Keith in Calgary on 10.21.15 at 12:00 am

1 – Canada is economically screwed regardless of who gets into power…….we’re toast…….

2 – No one politician or political party can make oil go to $120 a BBL again…….

3 – No one politician or political party will prick the housing bubble the Conservatives created. It will blow of it’s own accord………

4 – No one politician or political party can undo the damage already caused by NAFTA and globalization…….

Are the tax changes going to materially affect my 6 figure income. Not enough to change anything whatsoever in my lifestyle today or tomorrow.

You shouldn’t gnash you teeth according to my dentist. Seething might be better for you angry conservatives.

#145 Dan on 10.21.15 at 12:01 am

TFSA contribution limit:
2015 : 10 000
2016 : 10 000
2017 : 1 000
2018 : 1 000

22 k$ for 4 years, much easier to do than retroactive change.

#146 MF on 10.21.15 at 12:03 am

#131 Future Expatiate on 10.20.15 at 11:06 pm

“No one could be worse than Harper nor do more damage to Canada. Now, America just has to get tax rates on the 1% back up to 1950 rates. There’s a reason there used to be a middle class and there isn’t anymore, and that reason isn’t liberal rule.”

-It’s called Globalization.

We will never go back to the golden age in the 1950’s when everyone else was bombed out.

The other guys have since rebuilt (about 50 years ago) and have their own factories now. Actually we helped them rebuild.

That ship has sailed.

Harper had no say in any of that. If you think some other party is going to change the course of things..I’ve got news for you..

#138 Sigh of the times on 10.20.15 at 11:31 pm

Bang on. Was hilarious reading my FB mini feed and hearing my dumb generation call Harper a fascist, dictator etc.

They don’t even know the meaning of the word.

Lots of potheads latching on to the marijuana issue. Political pandering to the lowest of the low.

We had a few people on here basically saying the same thing. Post after post about how they don’t like Harper because he’s so mean. Lots of finger waving.

Just sit back and watch everyone slowly start to complain one by one as their new leader “changes” things.

MF

#147 You're back Garth...thanks on 10.21.15 at 12:07 am

Great starting advice to navigate income under Trudeau.

Thanks Garth. More to come I’m sure.

As to the rest of the sore losers about Trudeau winning, his 40% plurality, his dad and the whining goes on – THE PEOPLE HAVE SPOKEN and learn to emulate Garth and others here:

Live with it and still make/save money.

#148 Oceanside on 10.21.15 at 12:28 am

Election. I’m happy, my 20 something kids are REALLY happy, my nurse friends are happy, my neighbours are happy,the stock markets are happy, CD Howe is happy, seems only grumpy old men with money issues and fear of the unknown aren’t doing so well. Life is more than control, fear and saving a few bucks……

#149 David on 10.21.15 at 12:59 am

The enigmatic philosopher king liberal internationalist managed with his foppish attire to upstage a Hollywood B movie actor. Yes the memories.
Not one jot or tittle of Harpernomics is going to be changed by Trudeau.
People dreaming for real hope and change in Ottawa are likely to face a major disappointment.

#150 len on 10.21.15 at 1:12 am

Trudeau’s economic policies and Harper’s are not really far apart – they are both of the neo-liberal bent. Harper’s personality is extremely rigid and his constant appeals to fear and hate started to really grate on people. In my opinion, this election was not about about a vision the libs presented as much as about disposing of Harper. Terrible person and I can imagine a terrible boss to work for.

I was tuning out all of the contest but did tune in to Trudeau’s speech after the dismal failure of Harper’s and mulcair’s: they were all pretty embarrassing to me. Trudeau’s really struck me as the “Obama light” version – if that is even possible. Given that Larry Summers was hailed and involved when the party was developing their strategies illuminated lots of things about the party. One, they will emulate Obama’s approach – and one could hear it in the speech; e.g. “Conservatives are not our enemies, they are our neighbors, etc.” – all shades of the communicator in chief from south of our border. Trudeau will be no obstacle to the pillaging and looting – he represents no threat to the status quo at all!
Middle and lower class – they will just continue being shafted as before.

I am not sure if anyone else on here feels perplexed why we as Canadians don’t learn by the US experience but must insist on repeating everything with an 8 year lag: housing bubble, two terms of empty rhetoric, “recovery” mirage which is really underpinned by blowing bubbles of various kinds.

I really wonder who will be our Donal Trump two elections from now? Conrad Black would suit up no doubt.

#151 The American on 10.21.15 at 1:15 am

I hope everyone is satisfied with the canadian “election.” LMFAO. It sure is cute, and John Oliver from Last Week Tonight agrees.

https://www.youtube.com/watch?v=nOVOTU2vAqQ

#152 Great Canadian Bubble Co. on 10.21.15 at 1:19 am

I’m not sure. Trudeau and the Liberals must be somewhat aware that they were not voted in, but Harper was voted OUT. There were a lot of angry voters who used this election to send a message. The Libs should probably step lightly or there time in power will not last. Those NDP and Conservative cross-over voters wont be there next time if they go full tilt red.

#153 Love my Kia on 10.21.15 at 1:34 am

Jose Bautista ko’s Stephen Harper out of the ballpark.

https://www.youtube.com/watch?v=730ZYAobD5c

#154 DisgustMadeMePost on 10.21.15 at 3:03 am

#135 nonplused on 10.20.15 at 11:18 pm

That was pretty ignorant.

#155 Must Read the Truth on 10.21.15 at 3:09 am

http://www.huffingtonpost.ca/dan-s-barnabic/real-estate-foreign-buyers_b_8314012.html

#156 Freedom First on 10.21.15 at 3:28 am

#70 Joe Dork

Joe Dickhead, Joe idiot, Joe nut bar.

Well done Joe. You earned it. Dumbest Post of the month.

#157 Freedom First on 10.21.15 at 3:34 am

#78 Nora Lenderby

Of course #24 Politically Incorrect? was right.

And you were partially right on your Post too Nora, the part where you wrote – “I don’t think”.

#158 Freedom First on 10.21.15 at 3:59 am

#122 Smoking man

Yes. The truth. Tyranny.

I am not politically correct. I tell the truth. For that some people hate my guts. I should be ok though as I should be seen as nuts. The dumbing down and brainwashing of the masses has been successful. Just read this Blog and look at them all arguing with and insulting Garth. Even hate mail by the truckload that he can’t even publish. The truth hurts, and I do admit my delivery does need some refinement. I think I am improving.

#159 Freedom First on 10.21.15 at 4:03 am

#128 kommykim

Hilarious!

kommykim, I enjoy reading your Posts. Welcome.

#160 Spiltbongwater on 10.21.15 at 5:12 am

Garth, do you see Trudeau increasing the GST to 6% or possibly 7% in the budget?

#161 Grantmi on 10.21.15 at 6:02 am

Estrella on 10.20.15 at 7:19 pm
Our new PM:

a former bouncer and snowboard instructor, and sometimes boxer.

Humm. This should be interesting. Let the Games Begin!

And two time post secondary drop out…. Wonderful.

But don’t worry.. He’s got unicorn horn dust, and he’ll use it to because the Canadian Budget… Because with it they’ll always balance themselves…..

#162 Nagraj on 10.21.15 at 6:29 am

Breakfast at the Harper home.

Laureeny’s reading The Toronto Star.

Harper looks up from his coffee and mumbles:

When in disgrace with fortune and men’s eyes,
I all alone beweep my outcast state.
I trouble deaf heaven with helpless cries,
consider myself – and curse my fate.
Wishing me like to Trudeau rich and rich in votes,
featured like him, with friends surrounded,
desiring this man’s hair, his Dad’s fur coats,
his rose, I, I sit here so morose, confounded.
Yet in these thoughts myself despising,
Haply I should think on – think – think –
I can’t think of anything –

Laureeny:
Did you say something, dear?

#163 jean on 10.21.15 at 6:37 am

Now the election is over, back to housing. Interesting post on Irish and Australian housing markets – be sure to watch the clip from 2007 on how Irish housing was not in a bubble. LOL. Then substitute Australia with Canada.

http://wolfstreet.com/2015/10/20/why-mainstream-economists-deny-housing-bubbles-until-after-they-implode-which-they-always-do/

And here is what happened after the 2007 video:

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

#164 Julia on 10.21.15 at 6:40 am

#112 TurnerNation

I was just reading that last night. Article does not yet seem available online.

Interesting view of what happens when people get in over their heads with their house because they want it at any cost (when a major bank declines your mortgage application, shouldn’t that be a sign?) and resort to second tier/non prime/sub prime lenders.

Here’s what I found scary:
“Research by CIBC shows that 8% of all new mortgages in Ontario are non prime”
“the Bank of Canada’s figures suggest that roughly 35% of all new mortgages issued by smaller banks – the ones the Bank doesn’t consider “systemically important” could be considered non prime”

Now, the assessment for the Bank of Canada seems alarming at 35% but the volumes of these banks are not really that high – but are growing.
The 8% quoted by CIBC is a little more concerning but what is that based on?

The other thing I found interesting in the article are these individuals doing mortgages from their living rooms. Some do it with their own money, some do it through mortgage investment corporations using other people’s money – small investors.

All the talk about real estate getting ugly for home owners, there will also be repercussions on the other side as well.

#165 Henry Barton on 10.21.15 at 7:26 am

To Spiltbongwater #160

A higher G.S.T. and H.S.T. are coming from both the Federal government and provinces. I would not be surprised of a 17% to 19% G.S.T. in the next few years depending on the province. This will be exacerbated by new Carbon taxes, carbon pricing, cap and trade or some combination of these federally, provincially.

We will resemble more and more like European countries with much higher sales tax rates. In Ontario, minimum 17% H.S.T. is most likely coming.

Also, a good possibility is what Obama did, higher capital gains taxes which I believe is between 20% to 24% depending on ones income in the U.S. increased from 15%.

Just because higher capital gains taxes and other newer taxes, higher existing taxes were not in the Liberal platform does not mean they are not coming.

One thing is for sure, Liberals are the masters of creating new taxes and increasing them. Any cuts to any taxes are covered over by much higher and newer taxes by many times over.

#166 pbrasseur on 10.21.15 at 7:33 am

The liberals have never seen a problem that big government couldn’t solve. That’s were we’re heading: more government, more spending, more mingling, more regulations, more subsidies, more taxes and eventualy less growth and a lower standard of living. What else is there no know?

#167 pbrasseur on 10.21.15 at 8:09 am

The reduction of the TFSA is a direct attack on economic freedom in this country, as such it is a very bad start for this new government. Canada needs more not less economic freedom.

(Garth did tell you over and over how good the TFSA is for you, but it’s also good for the economy as it encourages the fluidity of capital, it’s less discouraging to redeploy and spend capital if you don’t have to pay the government first)

Other announced policies, such as infrastructure spending are in the same vein, Canada is very much in debt, 85% of GDP or something, having the federal government joining the provinces in the deficit party is dreadful new, and we’re not event in a real recession, yet. If a real recession hits or if growth does not match the assumptions (almost a given) this could get out of control in a hurry.

#168 Kevin on 10.21.15 at 8:13 am

Garth, if my wife and I are unable to max out our TFSAs this year, and that $10,000 of room goes unused, do you think it will permanently carry-forward like the rest of our unused contribution room, or would a Trudeau government “reclaim” unused contribution room above $5,000 and only “grandfather” those who’ve already used the room? My mortgage is up for renewal, and I’m considering taking out some equity (at 2.64%) to max out me and the wife’s TFSAs.

Unknown, but precedent would suggest unused room will be carried forward indefinitely. — Garth

#169 softie on 10.21.15 at 8:21 am

Garth, long time reader. You are holding back? Someone earning 250K just signed up to give away 1,000 dollars a month back to Libs? In addition to taking the economy into the red, how on earth does a majority result? this is what you should be asking your readers? What is the upside of Trudeau? You will poorer, pay more in tax and can cover your face? 5K in TSFA for years is 20k in tax free shelter for 30 + years, that is huge? Has anyone actually calculated how catastrophic this will be?

#170 BobC on 10.21.15 at 8:22 am

I thought watching Canada was going to be like watching a slow moving train wreck. Watching the U.S. Embarrass itself time after time I think the kid made a smart first move. If he will just do the opposite of Obama on everything he might turn out to be great.

http://news.yahoo.com/canada-withdrawing-fighter-jets-iraq-syria-trudeau-tells-220007010.html

#171 Prairieboy43 on 10.21.15 at 8:29 am

This is sounding like and Alberta Forum 5 months ago. PC have to go. “Redford and cronies have deceived the province. Prentice wants to cut government expenditure. I.E look in the mirror. Result = NDP”.
Feds = Ditto
Canadians, the 90% are addicted to Debt. No discipline.
Discipline wins, unless you have Atom bomb.
PB43

#172 Julian on 10.21.15 at 8:31 am

Where are these estimated CPP hike figures coming from?

Have the Libs indicated a proposed contribution % for an enhanced CPP?

#173 maxx on 10.21.15 at 8:31 am

#52 Rexx Rock on 10.20.15 at 7:11 pm

“In time all Canadians will pay more than 70% in tax.”

They are already, especially given increasing property taxes- higher than 70%.
Income tax, retail taxes, welcome tax, property tax, utility and telecom taxes, car, gasoline and insurance taxes, higher passport fees, tolls……
Take a buck and work your way down to what remains after these mostly unavoidable parings, and imagine the tax trend going forward with deficit spending.
Even with a decent job, money is tougher than ever to make, and even harder to keep.
If you thought that governments at all levels were hungry for taxes, give it another year or two.
Those who have money already are well advised to hang on to it for dear life.
But then again, because they do, I’d mostly be preaching to the converted.

#174 Bottoms_Up on 10.21.15 at 8:54 am

#172 Julian on 10.21.15 at 8:31 am
————————————-
Yes they have, see my links in yesterdays blog. Current cpp is 25% of 48k max in earnings. They are now targetting 50% of 80k max earnings. This sounds like at least a doubling of contributions from both employee and employer, if your earnings are at 80k.

#175 Leo Trollstoy on 10.21.15 at 9:34 am

I think we would all be better off if a Trudeau government changed things to put an end to the tax disparity between large business and small business

On the surface this sounds like a terribly ignorant comment coming from a person who has no idea about business.

I’m not sure if you’re trolling, but I’ll give the benefit of the doubt.

Why should they do this? Explain please?

#176 lifegoeson on 10.21.15 at 9:36 am

“The Libs claim the max tax savings will be $670 for people in this bracket. Ironically the savings will be over $700 for someone making $140,000, since they, too, will benefit from the reduced graduated tax structure. Oops. — Garth”

Who cares? This is the beginning of a new era and you’re all squabbling about some change on the floor.

From now on (if this kid follows through, granted) pot will be legal and elections will not be first past the post. Isn’t that amazing?

I get that this is a finance blog for upper-middle class / wealthy people, but how petty to bicker over $2 a day when we’re on the edge of the most drastic social policy and governance changes since the Charter?

News Flash – If you’re reading this blog you will not face financial ruin due to tinkering with the tax code; enough with the hyperbole.

If you think the electoral process will reform anytime soon or MJ will be legal by next year, you’re already toking too much. Remember Obama got elected saying he would end all wars, close Gitmo, heal the economy and fix healthcare? Promises are easy. Change is hard.– Garth

#177 Mark on 10.21.15 at 9:50 am

“Why should they do this? Explain please?”

If you read the post I made previously, I laid the reasons out for such. Namely, that it makes no sense to handicap large business (which has the resources to invest in productivity and to engage in significant R&D programs relating to such) relative to small business (which has little ability to invest in productivity). No point in repeating myself much further, other than to say that the small business tax breaks have discouraged the formation of large business relative to small business. Productivity has suffered as a result, a well known problem in Canada (you can probably Google up a hundred sources if you want to read about Canada’s lagging productivity problem!).

Additionally, as pointed out by Trudeau in the campaign citing a study by Mintz, the preferential treatment of ‘small’ business has provided for an exploitable reduction of tax for entities that are anything but ‘small’, but know how to re-organize themselves to take advantage of such tax break. A situation policy makers should be keen to avoid, especially when such policy may be inducing a reduction in overall employment quality and career paths for Canadians.

It is incredibly disrespectful to claim that any ignorance is involved, so I don’t see any point in indulging you further.

#178 crymoreplease on 10.21.15 at 9:52 am

#136 Bobby — “But the reality is that 25% of Canadians already pay 80% of the income taxes.
Just imagine if that 25% decided to quit working and stay home. Now, who would pay for all of these social programs.”

Please just do it. The privileged, lucky and even the hard working successful can be so insufferable.

If you’re one of the people paying “80% of the taxes” you’re living a blessed life in a rare oasis of freedom on Earth. Your problems are not problems.

There is a social contract in Canada. It has evolved over decades of democratic law making. If you do not want to contribute back the minimum amount into the society that created you, then find someplace else to live (maybe you’ll be invited to Galt’s Gulch). That’s your choice.

Despite your massive ego, you will not be missed.

#179 Mark on 10.21.15 at 9:59 am

Further to my previous post Trollstoy, it would appear that the UK has basically agreed with my argument, and has flattened the tax rates between small and large business. To wit:

http://business.financialpost.com/fp-comment/terence-corcoran-small-business-taxation-is-a-big-business

“In 2008, the U.K. tax system included a general corporate tax rate of 28 per cent and a small business tax rate of 20 per cent. To reform the system, the U.K. slashed the corporate rate down to the small business rate of 20 per cent this year. Further, all U.K. corporations (with some exceptions) will be paying 18 per cent by 2020. At 18 per cent the U.K. rate would easily trump even the new 23 per cent rate suggested by Mintz.

The U.K. plan is simple: to boost investment and growth, keep all corporate taxes low and neutral.

So there you go. Its not just Mark’s idea that tax neutrality would help the economy grow more sustainably. Its something that’s actually being implemented in the UK, presumably at the beliefs of a significant number of people since such measures aren’t passed through UK parliament on a whim.

Bad idea. Will never happen. — Garth

#180 The Other Chris on 10.21.15 at 10:07 am

Does anyone know if the enhanced CPP is going to be like the ORPP, where people with DB pension plans (mostly government workers these days) are exempt from paying the “enhanced” fees?

#181 Daisy Mae on 10.21.15 at 10:09 am

All this reference to the ‘kid’ and his ‘daddy’ is getting tiresome. Justin is a very capable adult — our newly elected Prime Minister — so he must have something going for him, don’t you think?

#182 NoName on 10.21.15 at 10:10 am

#174 Bottoms_Up

#172 Julian on 10.21.15 at 8:31 am
————————————-
Yes they have, see my links in yesterdays blog. Current cpp is 25% of 48k max in earnings. They are now targetting 50% of 80k max earnings. This sounds like at least a doubling of contributions from both employee and employer, if your earnings are at 80k.

———

if they double contribution and stretch contribution to cpp from current 48k to 80k, vast majority of people wont be able to max out cpp contriution.

basicly if you are working stiff earning less than 40$ per hr you will be by default eliminated from collecting max cpp at retirement, how does that helps anyone?

What am I missing here?

#183 super tacks on 10.21.15 at 10:13 am

#173 maxx on 10.21.15 at 8:31 am
#52 Rexx Rock on 10.20.15 at 7:11 pm

“In time all Canadians will pay more than 70% in tax.”

They are already, especially given increasing property taxes- higher than 70%.
Income tax, retail taxes, welcome tax, property tax, utility and telecom taxes, car, gasoline and insurance taxes, higher passport fees, tolls……
Take a buck and work your way down to what remains after these mostly unavoidable parings, and imagine the tax trend going forward with deficit spending.
Even with a decent job, money is tougher than ever to make, and even harder to keep.
If you thought that governments at all levels were hungry for taxes, give it another year or two.
Those who have money already are well advised to hang on to it for dear life.
But then again, because they do, I’d mostly be preaching to the converted.”

Excellent points…the next trend will be taxes couched in socially “acceptable” terms….

“global warming mitigation tax”
“displaced migrant mobility tax”
“affirmative action correct past wrongs tax”
……………….
and additional taxes by massively increasing fines for

speeding, parking etc…..

#184 Daisy Mae on 10.21.15 at 10:17 am

#100: “In my observation it wasn’t about left-centre at all. Progressive voters really, really hated Mr. H. Quite nice people I know were incandescent with rage about him.”

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

Yes. It wasn’t the party the electorate objected to. It was the leader.

#185 The American on 10.21.15 at 10:21 am

Okay, Canada. I’ll let you watch the *entire* take on the Canadian election, provided by an American television show (Last Week Tonight), hosted by a Brit (John Oliver). My favorite part is watching Harper bore people to the point of passing out, as well as his obvious disconnection to current technologies and ill alignment with the times. Wow, I knew it was bad, but not *that* bad.

https://www.youtube.com/watch?v=0V5ckcTSYu8

#186 The real Kip on 10.21.15 at 10:22 am

I support Prime Minister Trudeau on the F-18 decision. Get out of Syria and Iraq. America created that mess, let them clean it up.

#187 Daisy Mae on 10.21.15 at 10:27 am

#102: “While simultaneously reducing the TFSA, a vehicle for Canadians to save for retirement with….”

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

Except that the majority can’t. And so, it benefits chiefly the wealthy 1%. Trudeau actually cares about the struggling middle class.

#188 Peter on 10.21.15 at 10:27 am

Glad Harper is shut out. Politics of fear has no place in Canadian society. He tarnished my image of Canada – Justin has got to rebuild that.

#189 Mark on 10.21.15 at 10:30 am

BoC holds at 0.5%.

A mistake for a whole multitude of reasons. But it wouldn’t be the first time the BoC has been completely out of touch with the weakness in the economy.

As predicted, and the correct choice. Given the massive new spending about to flow out of Ottawa and Edmonton, plus record household debt and sharp mortgage growth, the last thing the BoC should do is adopt a more stimulative monetary policy. — Garth

#190 Daisy Mae on 10.21.15 at 10:32 am

#102: “Still, it does seem hypocritical that Trudeau is boosting CPP because Canadians aren’t saving enough for retirement.”

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

CPP contributions are compulsory and ultimately benefits everyone. Unlike the TFSA.

#191 BS on 10.21.15 at 10:36 am

From now on (if this kid follows through, granted) pot will be legal and elections will not be first past the post. Isn’t that amazing?

There is no way the Liberals will change elections to not be first past the post. That system just got them a majority with 40% of the popular vote. They will count on this system for a majority next election. Zero chance this changes.

Legalization of marijuana is going to be a massive undertaking. It will be low on the Liberals priorities and I bet there will be some disagreement on this in the new Liberal cabinet. We will not see it this term. At best decimalization years away.

#192 Daisy Mae on 10.21.15 at 10:40 am

#108: Who pays land transfer tax?

When you acquire a property or land, you pay land transfer tax to the province when the transaction closes.

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

Sorry! You’re right. The land transfer taxes are provincial.

#193 RayofLight on 10.21.15 at 10:42 am

I’m angry that our TFSAs are being reduced. I plan to write a scathing letter to express my frustrations. But first, I will take a few totes on this just legalized MJ …………………

DUUUUUUDE !,…….. FAAAAAAAR OUT !!!
WHAT LETTER ?

#194 CHERRYBLOSSOM on 10.21.15 at 10:42 am

Before I retired I used to work my ass off all year doing movie after movie. I was in the $250,000 bracket paying book keepers, accountants etc. I finally learned that if I worked less I kept more money in my jeans. so I only worked one movie a year from then on. I was shall we say, less productive. Two things can happen.

1) We will work less or
2) Employers can show us that by paying us less we take home more money. BUST THE UNIONS Brililant!

#195 Broke Dick on 10.21.15 at 10:51 am

#95 Leo Trollstoy on 10.20.15 at 9:07 pm
As a member of the 1% I have always felt that the government supports me.
+++++++++++++++++++++++++++++++++++

Hi Leo I have a great idea. Why don’t you and Freedom First get a room together and stroke each others…….you know, egos.

#196 Lorne on 10.21.15 at 10:51 am

#169 softie
Garth, long time reader. You are holding back? Someone earning 250K just signed up to give away 1,000 dollars a month back to Libs? In addition to taking the economy into the red, how on earth does a majority result? this is what you should be asking your readers? What is the upside of Trudeau? You will poorer, pay more in tax and can cover your face? 5K in TSFA for years is 20k in tax free shelter for 30 + years, that is huge? Has anyone actually calculated how catastrophic this will be?
……………..
Fortunately, not every voter is only concerned about $….there are other important considerations that cause people to vote a certain way.

#197 cramar on 10.21.15 at 10:58 am

What goes around, comes around! The man who gave Garth Turner the boot long ago for being an honest fellow, finally himself got the boot from the nation for being a disingenuous, even dishonest fellow. It is a metaphoric truism that if you give someone enough rope, they will hang themselves.

Perhaps, Mr. Harper could be convinced to pursue future education. I hear that journalism is inherently a more honest profession than a politician. Just ask Garth Turner.

#198 Mark on 10.21.15 at 10:59 am

“Given the massive new spending about to flow out of Ottawa and Edmonton”

What new spending out of Ottawa? The Trudeau government has committed to only running a $10B/year deficit, which is an improvement over the $15B/year average deficit Harper ran while in office.

As for Edmonton, I’m not aware of the NDP having anything planned big-spending wise. Especially not on the scale to take up the slack left by the now-collapsing RE and O&G investment sectors.

So where’s the demand in the Canadian economy supposed to come from? And how much will the BoC make Canadians suffer with overly tight monetary policy until they finally come to their senses? Evidence is now quite abundant that the US is anything but in a growth/recovery mode.

#199 saskatoon on 10.21.15 at 11:03 am

#178 crymoreplease

there is no social contract.

#200 fancy_pants on 10.21.15 at 11:03 am

so 68% turnout of eligible voters and 39.5% of those voted liberal. That means of all eligible voters, a little less than 27% of eligible voters went to the polls and checked yes for a liberal candidate. Democratic reform in order?

#201 r1200c on 10.21.15 at 11:10 am

Mr Turner… I think it is time your blog joined today’s technology expectations. (this could be a hint at why your survey results ended the way they did…)

Add a “Like” and a “Dislike” button for each comment.

Get a “Reply to post” hierarchy

Add ability to get notification that your post has been replied to.

Cheers!

Nope. I don’t care what you like. — Garth

#202 Broke Dick on 10.21.15 at 11:12 am

#193 CHERRYBLOSSOM on 10.21.15 at 10:42 am
Before I retired I used to work my ass off all year doing movie after movie. I was in the $250,000 bracket paying book keepers, accountants etc. I finally learned that if I worked less I kept more money in my jeans. so I only worked one movie a year from then on. I was shall we say, less productive.
================================

But Cherry don’t you get it. With you accepting less work it opened up a spot for someone else. It’s not as if movies were no longer being made.

#203 JimH on 10.21.15 at 11:15 am

#179 Mark
re: corporate tax rates.

It’s interesting that you take pride in the nonsensical notion that the UK has seen the light and has agreed with your position! What would they do without you?

Mark, the Congressional Budget Office in the US some years ago pretty much stopped referencing the US Corporate Tax Rate, and with good reason. You would be wise to do likewise, as “official” Corporate Tax Rates are meaningless.

The “official” Corporate tax rate in the USA sits at 39%, third highest in the world last year. Canada’s “official” CTR sits at 26.5% and the UK’s “official” CTR is at 20%.

The “Effective” rate of corporate taxation (all Corporate Taxes/Corporate Surplus) is what really matters, and the effective rates of these countries tells quite a different story:

USA’s effective CTR ran at 13.4% from 2000-2005
Canada’s effective CTR ran at 14% from 2000-2005
The UK’s effective rate was running at over 27% for the same period. They are now more in line with the other 2 countries.

My point is that until you know what you’re talking about, Mark, best you just shut up and learn? Official rates of corporate taxation have become meaningless.

Your recommendation would be a terrible idea for Canada at this time.

http://www.tradingeconomics.com/country-list/corporate-tax-rate

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

https://en.wikipedia.org/wiki/Corporate_tax_in_the_United_States#/media/File:Effective_Corporate_Tax_Rate_OECD_Countries,_2000-2005_Average.jpg

#204 Hot Albertan Money on 10.21.15 at 11:21 am

Regarding the rate announcement today…

Even though the BoC is supposed to be at arm’s length, is today’s announcement really a surprise? Would they have had the guts to cut or raise the rate less than 3 days following a change in power?

Could today’s announcement be seen more as buying time until the new PM and new Finance Minister are in place rather that a reflection on the economy?

#205 fancy_pants on 10.21.15 at 11:34 am

#181 Daisy Mae on 10.21.15 at 10:09 am

Justin is a very capable adult so he must have something going for him

other than his commitment problem (quit school twice, quit teaching) and general lack of being productive, absolutely! he has great hair, his wife is hot and freeloaders love him. what else does he need for the next 4 years?

forgive me for engaging. let’s get off this election topic already. I prefer we sit back, grab our favorite drinks and enjoy some easy reading.
http://www.acting-man.com/?p=40840

#206 Leo Trollstoy on 10.21.15 at 11:39 am

#194 Broke Dick on 10.21.15 at 10:51 am

Lol

I award you the official “i was trolled by Trollstoy” badge!

It’s rare and valuable. I only give it to the most gullible and easily trolled on this blog.

Congratulations!

Lol

#207 Leo Trollstoy on 10.21.15 at 11:42 am

As predicted, and the correct choice. Given the massive new spending about to flow out of Ottawa and Edmonton, plus record household debt and sharp mortgage growth, the last thing the BoC should do is adopt a more stimulative monetary policy. — Garth

Thank gawd the BoC finally came to their senses.

There’s no need to keep throwing gasoline on the Toronto/Vancouver real estate explosion.

Sheesh

#208 BobC on 10.21.15 at 11:47 am

#18 MF
When you add the cost of healthcare to the U.S. Taxes I think your brother will find out he’ll be taxed the same.

# 21 Koo
Kids should and do come first for everybody. Your story of needing to catch up is an excellent example why they should keep the TFSA amount high. Those that oppose it will find one day that they are cutting their own throat.

#209 Holy Crap Wheres The Tylenol on 10.21.15 at 11:49 am

#185 The American on 10.21.15 at 10:21 am

Okay, Canada. I’ll let you watch the *entire* take on the Canadian election, provided by an American television show (Last Week Tonight), hosted by a Brit (John Oliver). My favorite part is watching Harper bore people to the point of passing out, as well as his obvious disconnection to current technologies and ill alignment with the times. Wow, I knew it was bad, but not *that* bad.

https://www.youtube.com/watch?v=0V5ckcTSYu8
_____________________________________________
Sorry dude we were sparking up some dubies here, who is this John Oliver guy? I recall when the show was great with John Stewart.

#210 Leo Trollstoy on 10.21.15 at 11:54 am

#179 Mark on 10.21.15 at 9:59 am

As I suspected, and I guess to nobody’s surprise you’re championing a terrible idea. There’s no reason to eviscerate small business owners like that.

That’s stupid. It’ll never happen here.

#211 Doug in London on 10.21.15 at 11:54 am

It looks like everyone else here has something to say about the election results, so I’ll add my 2 cents worth. First I’m not surprised the Liberals won, but I wasn’t expecting a majority. What happened? First I think a lot of people were fed up with Harper and wanted him out. I can understand that, having felt the same way. Second, I also think a lot of people who would otherwise vote NPD figured the Liberals were more popular and voted for them instead, also understandable. Last but not least, a lot more younger people voted (following Rick Mercer’s advice), and I suspect a lot of them voted Liberal. Voter turnout was 68%, higher than previous elections.

After losing the election, Stephen Harper decided to resign. If he quit before the election, the Conservatives would have had a better chance of winning the election. Quitting after the election was like closing the gate after all the cattle have gotten out. A lot of people, myself included, don’t like Dalton McGuilty but I think he’s smarter than Stephen Harper. Why? He had the sense to quit before the election and ultimately saved the Ontario Liberal Party from being blown off the map in the last election.

So, just like the Conservatives, the Liberals will do their part to keep the housing bubble going. Garth was right in making that prediction. Meet the new boss, same as the old boss in that respect.

#212 Mike in Edm on 10.21.15 at 11:58 am

That’s truely sad if Trudeau lengthens mortgages to 35 or 40 years. That’s part of the reason house prices are so insane to begin with. Yeah it’ll make houses more ‘affordable’, but really all it’s doing is making home buyers into slaves of the banks! When will any politician grow a pair and address the real issue of over-inflated house prices. If house prices all of a sudden were 1/2 or 1/3 the price they are now imagine how much that would stimulate the economy! My mother had a $600/month mortgage on an average house. I pay over 3x that to rent an average house now! Of course boomers relying on retiring off their house would be screwed, but the rest of us would be in a much better position!

#213 Doug in London on 10.21.15 at 12:08 pm

@Broke Dick, post #196:
My thoughts exactly. You, CHERRYBLOSSOM, get more time off to do what you want and someone else gets a job. Looks like a win-win situation to me. If more people did that sort of thing, it would go a long way to solving the nagging unemployment problem.

#214 Julia on 10.21.15 at 12:08 pm

#211 Mike in Edmonton

Increasing mortgage amortization to 35 or 40 years does not make houses more affordable, it only makes the monthly payment more affordable. Ignoring the fact that the house will not only cost more in terms of additional interest but also because of the upwards pressure on prices this measure would cause.

Affordability will only be an illusion.

#215 Broke Dick on 10.21.15 at 12:14 pm

#205 Leo Trollstoy on 10.21.15 at 11:39 am
#194 Broke Dick on 10.21.15 at 10:51 am

Lol

I award you the official “i was trolled by Trollstoy” badge!

It’s rare and valuable. I only give it to the most gullible and easily trolled on this blog.

Congratulations!

Lol

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

Wow Leo. All of a sudden your life has meaning again.

#216 NoName on 10.21.15 at 12:29 pm

Today is back to the future day!

https://youtu.be/6hDK9QdK2ok

#217 NoName on 10.21.15 at 12:32 pm

and this, as we know it!

https://www.youtube.com/watch?v=J4LI_EqnJq8

#218 Sean on 10.21.15 at 12:36 pm

Where are these CPP increase numbers at $1000 coming from? Is this just being assumed based on what the Ontario Liberals were proposing? I don’t see any specifics on us getting a $1000 increase to CPP aside from a bunch of conservatives saying it was going to happen….

#219 Holy Crap Wheres The Tylenol on 10.21.15 at 12:56 pm

Well we can thank Stephan Harper for the following…………
for reducing Canada’s corporate tax rate making Canada perhaps the best place in the world to start a business.
reducing the GST from 7% to 5%.
for introducing the TFSA.
getting rid of the Long Gun Registry.
getting rid of the Canadian Wheat Board.
getting Canada out of the Kyoto Protocol.
getting Canada into the Trans Pacific Partnership.
the Canada-EU free trade agreement.
for the best economic record in the G7 post-recession.
for making Canada Israel’s staunchest ally.
for sticking up for a sovereign Ukraine.
for balancing the budget.
for the 1.9 million jobs
for bringing in transparency for union members re how their dues are spent for political activities.
for his service to this country and for your dedication to the values of the Canadian Forces.
So long Mr Harper and the last ten prosperous years.
For all of you out there who did not prosper under his tenure then the only thing I have to say is “then your doing it wrong.”

_________________________________________

#220 Drill Baby Drill on 10.21.15 at 12:57 pm

Has Premier Wynne knocked on Son of Trudeaus’ door yet expecting her payback ?

#221 For those about to flop... on 10.21.15 at 12:59 pm

R.I.P …..TFSA 2009-2017
Goodbye little buddy ,you were gone too soon.
I wish I had got to know you better but it was not to be .
You had so much potential I will miss you deeply.

#222 Garry Oh on 10.21.15 at 1:00 pm

DELETED

#223 Xrevo on 10.21.15 at 1:14 pm

You covered Trudeau Sr. How old are you?

Old enough to Google. — Garth

#224 Ronaldo on 10.21.15 at 1:21 pm

#211 Mike in Edm on 10.21.15 at 11:58 am

”That’s truely sad if Trudeau lengthens mortgages to 35 or 40 years. That’s part of the reason house prices are so insane to begin with. Yeah it’ll make houses more ‘affordable’, but really all it’s doing is making home buyers into slaves of the banks!”

I doubt that it will make houses more affordable. Rather, it will cause prices to go even higher and the net effect will be ZERO for affordability. It will only cause more debt and higher incomes for the banks plus make the inevitable crash even worse. What fools.

#225 Mike on 10.21.15 at 1:24 pm

Garth, I’m coming up to the prime moist millennial age of 30 in two weeks time and I have now lived through two major dynasty governments who where kind of the same but different and both dealt with some fairly major issues but here’s the question I have for you:
Is this time different? Does the wobbly housing market, mangled energy market, questions in the banking sector and record high personal debt make this time around a bit more precarious then what Harper, Martin or Chretien actually had to deal with?

#226 Ronaldo on 10.21.15 at 1:25 pm

#210 Doug in London

”So, just like the Conservatives, the Liberals will do their part to keep the housing bubble going. Garth was right in making that prediction. Meet the new boss, same as the old boss in that respect.”

Exactly Doug. It’s the only thing they are able to manipulate. The rest is out of their hands. A global problem.

#227 Millmech on 10.21.15 at 1:28 pm

187 Daisy May
Most low to middle income people would rather have the Tfsa as it triggers no clawback on benefits unlike the rrsp which does,so it benefits the 99% way more than the 1%.I ,like a lot of middle income people maxed out the TFSA realizing what a gift it is as taxes and clawbacks will only increase with time.RRSP are to be avoided at all costs and those truly benefit the 1%,I’m assuming you’ll be posting lots on how those should be reduced also since us poor middle income earners can’t max those out either

#228 Hope & Change (Canada) on 10.21.15 at 1:31 pm

#212 Doug in London on 10.21.15 at 12:08 pm
@Broke Dick, post #196:
My thoughts exactly. You, CHERRYBLOSSOM, get more time off to do what you want and someone else gets a job. Looks like a win-win situation to me. If more people did that sort of thing, it would go a long way to solving the nagging unemployment problem.

Clearly, if less people wanted to work THAT WOULD solve the unemployment problem.

I volunteer to be the guy that doesn’t work. If you’d like to support me, let me know. I’ll send you an invoice every month. You can have my job. Cool?

#229 Reasonfirst on 10.21.15 at 1:40 pm

Maybe I am completely out to lunch but this is the way I see it.

Let’s start with a loss of the ability to put another $4,500 into a TSFA. Say you earn 7% assuming you put the money in on January 1 (haha) and earn it as capital gains. So 50% of 7% (taxable earnings) of $4,500 at a 30% tax bracket =…drum roll please… $47.25 annual forgone tax savings. Seems about as important as the Niqab or does my math suck?

The benefit of the TFSA is sustained long-term growth so this becomes the meaningful retirement vehicle it was always intended to be. The extra $4,500 invested annually over three decades at an average 7% return would amount to $459,000, of which $320,000 is tax-free growth. The obvious capital gains tax saved is $48,000, but the returns would be reduced considerably if tax had to be remitted annually. Additionally, a balanced portfolio would return not just cap gains, but also dividends and interest, which are more heavily taxed if retained in a non-registered account. This is not an inconsequential matter. — Garth

#230 The American on 10.21.15 at 1:40 pm

At #208: Holy Crap Where’s The Tylenol… John Oliver was a correspondent reporter on John Stewart’s Daily Show. John Oliver left and now has his own show called Last Week Tonight. It’s hilarious. The Daily Show is now hosted by a South African/American by the name of Trevor Noah.

#231 Craig Wright on 10.21.15 at 1:42 pm

TransCanada announced it is cutting 20% of management jobs and now today another 30 director jobs ! Let us see what Trudeau does?

Wait, hear it, nothing! Actually, more job killing. Another $1,000 C.P.P. payroll tax taken off your paycheck and another $1,000 cost to the employer. Real smart.

#232 Roial1 on 10.21.15 at 1:45 pm

According to CBC Canada votes web site Canada is a LEFT of center country. (Lib=39.9 + NDP=19.7 + Green=3.5
Total left is 55.1% left.

Neo-con=31.9

Therefore all you pouty right (busted) wingers go join your Tea party numnuts buddies in Texas.
“You all” will fit right in.

(they think that city owned water is a “commy plot”.)
(A camping resort owner told me just that)

#233 Reasonfirst on 10.21.15 at 1:48 pm

“Hopefully most people don’t expect a tax cut, since anyone making over $90,000 will actually be paying more. ”

I don’t even have to look this up to know that most people make way less than $90,000. I think the average Canadian salary is about $50,000.

Not on this rarified blog. — Garth

#234 IHCTD9 on 10.21.15 at 2:02 pm

#224 Mike on 10.21.15 at 1:24 pm
Garth, I’m coming up to the prime moist millennial age of 30 in two weeks time and I have now lived through two major dynasty governments who where kind of the same but different and both dealt with some fairly major issues but here’s the question I have for you:
Is this time different? Does the wobbly housing market, mangled energy market, questions in the banking sector and record high personal debt make this time around a bit more precarious then what Harper, Martin or Chretien actually had to deal with?
________________________________________

Ask the important questions first:

1. Do you live in a large urban area of Canada?

2. Do you want to own your own house some day?

If you answered yes to both of those questions above, then work on getting a visa to move to the USA.

Looks like policy changes are set to run the housing numbers up in metropolitan areas even higher, and perhaps making it permanent if 40 year mortgages come back.

Trudeau’s policies could well permanently remove your ability to both purchase and subsequently escape your mortgage payments before retirement, perhaps even in your lifetime.

If you are ok as a lifetime renter, do what Garth tells you to do.

PS – When I was your age I had a career 7 years along, married, kids, and a mortgage. Things have and are changing…

#235 paul on 10.21.15 at 2:04 pm

#226 Millmech on 10.21.15 at 1:28 pm

187 Daisy May
Most low to middle income people would rather have the Tfsa as it triggers no clawback on benefits unlike the rrsp which does,so it benefits the 99% way more than the 1%.I ,like a lot of middle income people maxed out the TFSA realizing what a gift it is as taxes and clawbacks will only increase with time.RRSP are to be avoided at all costs and those truly benefit the 1%,I’m assuming you’ll be posting lots on how those should be reduced also since us poor middle income earners can’t max those out either-
———————————————————-
She will most likely have lots of advice but the sad truth is she is bitter as she can’t max out out a tfsa.
As she probably doesn’t have one and resents people that do.
She wants you to put your hard earned money in an r.r.s.p or a Government pension plan so Justin can administer it back to the unwashed and she may get a piece.
Doesn’t know if it’s punched or bored.

#236 Craig Wright on 10.21.15 at 2:10 pm

To Sean #217

Just like Justin Trudeau’s father Pierre Elliott Trudeau said, just watch me.

The $1,000 double that $2,000 with the employer will be agreed and accepted by Ontario and other provincial governments.

They want an enhanced C.P.P meaning, higher payroll taxes taken off your paycheck. Trudeau during this year pressed Harper on this issue.

#237 Craig Wright on 10.21.15 at 2:13 pm

Trudeau and Liberals are not right of center but are center left.

Don’t try to make it seem like your much different than the NDP.

Ontario, B.C. Liberal governments are a perfect example.

#238 Leo Trollstoy on 10.21.15 at 2:14 pm

#214 Broke Dick on 10.21.15 at 12:14 pm

Lol

rekt

#239 bdy sktrn on 10.21.15 at 2:16 pm

#190 BS on 10.21.15 at 10:36 am
From now on (if this kid follows through, granted) pot will be legal and elections will not be first past the post. Isn’t that amazing?

There is no way the Liberals will change elections to not be first past the post. That system just got them a majority with 40% of the popular vote. They will count on this system for a majority next election. Zero chance this changes.
———-
agreed

——————-
Legalization of marijuana is going to be a massive undertaking. It will be low on the Liberals priorities and I bet there will be some disagreement on this in the new Liberal cabinet. We will not see it this term. At best decimalization years away.
——————
disagree.

it’s VERY easy to remove the criminal penalties for possession.
it will get done relatively quickly (not much else though)
simply talking about plans for a vote will put the judges and cops at bay for personal use -see WA CO and now OR

setting up a regulated system will take years but like in the states, the persecution of peaceful people will stop dead in its tracks very soon(like it did in van decades ago)

“light’em if ya got ’em”

#240 Craig Wright on 10.21.15 at 2:21 pm

Pay more and more and don’t complain when we become more like Europe.

Even CIBC said millions of Canadians will have a lower standard of living of 20%. Ontario is already feeling it.

#241 Calgary_Bound on 10.21.15 at 2:27 pm

Garth – just a quick point regarding the following sentence in today’s post:

“First, remember that tax changes come via budgets, not elections or media releases.”

Anecdotal Alberta counter-argument:

While a budget has yet to be put forth by the NDP government in Alberta, tax changes (increases, obviously) have already been put into effect. These were put in place as Bill 2 shortly after Legislature came into session.

Snippet from PWC below:

http://www.pwc.com/ca/en/services/tax/budgets/2015/alberta-hikes-personal-corporate-taxes.html

As expected, Alberta’s NDP government has not proceeded with the level of personal tax increases, health levy and other tax initiatives proposed by its Conservative predecessors. Instead, the new government will increase:

income taxes for individuals with incomes exceeding $125,000, starting 2015
the general or manufacturing and processing corporate tax rate from 10% to 12%, on July 1, 2015
These changes were initially mentioned in Alberta’s Throne Speech delivered on June 15, 2015. Alberta’s Bill 2, An Act to Restore Fairness to Public Revenue, which received first reading on June 18, 2015, provides the details.

A piece of (passed) legislation is not a media release. The House of Commons probably won’t even sit again in 2015. — Garth

#242 Spotter of Dorks on 10.21.15 at 2:28 pm

The Sundance Kid won.
Get over it.

#243 Russ on 10.21.15 at 2:31 pm

Broke Dick on 10.21.15 at 12:14 pm
Lol
I award you the official “i was trolled by Trollstoy” badge!
It’s rare and valuable. I only give it to the most gullible and easily trolled on this blog.
Congratulations!
Lol
=================================

Wow Leo. All of a sudden your life has meaning again.
=============================

Look Dick, (see Dick, see Dick look)

You might as well stop trying, Leo only grants one gullible award per person, per day.

#244 Jas on 10.21.15 at 2:41 pm

When all aspects and factors are considered, Liberals are going to be good for Canada. (I did not vote for them).

I think the country made the best choice, given the current situation.

Don’t just keep checking everything by the ‘me,me,me…’ yardstick.

If you are rich and all around you are …(fill in yourself), how can you enjoy that richness?

Fairness does not mean ‘taking away’ from rich and ‘handing out’ to poor.

#245 Patrick on 10.21.15 at 2:44 pm

#230 Craig Wright on 10.21.15 at 1:42 pm

TransCanada announced it is cutting 20% of management jobs and now today another 30 director jobs ! Let us see what Trudeau does?
_________________________________

Notley is way ahead of you Craig. She’s already hired 10 new pre-school teachers at $45k a year. We don’t need oil jobs when we have the government.

#246 Doug in London on 10.21.15 at 2:52 pm

@Hope & Change (Canada), post #227:
Read my post again, you don’t appear to have understood it the first time. Right now I choose to be the guy who doesn’t work (at least not in paid employment) but I finance it all myself and don’t ask for any handouts. If I were CHERRYBLOSSOM, or anyone else with a good salary I would gladly work fewer hours to free up a job for someone else, and still not need any handouts. I have myself worked on and off in paid employment to help build up my portfolio over the years, and made up the difference with investment income. it’s not that hard to do.

#247 DisgustMadeMePost on 10.21.15 at 2:55 pm

#199 fancy_pants on 10.21.15 at 11:03 am
so 68% turnout of eligible voters and 39.5% of those voted liberal. That means of all eligible voters, a little less than 27% of eligible voters went to the polls and checked yes for a liberal candidate. Democratic reform in order?

….

And 32% either didn’t care who got voted in, couldn’t or just didn’t bother to vote.

We could add that 32 to the 27 and call it 59% of eligible voters are OK with PM Trudeau.

Give JT credit… He tapped into that need for hope that Canadians love.

For better or worse, it’s his turn for the next 4 years. Maybe we’re still underestimating him?

#248 Doug in London on 10.21.15 at 2:59 pm

@Mike, post #224:
One thing that’s for sure is eventually this housing bubble will come to an end and when it does it will shake things up. Have a look at the links on post #163 by jean. It will be interesting to see how the new Liberal government deals with the fallout when it all happens.

#249 IHCTD9 on 10.21.15 at 3:01 pm

#226 Millmech on 10.21.15 at 1:28 pm
187 Daisy May
Most low to middle income people would rather have the Tfsa as it triggers no clawback on benefits unlike the rrsp which does,so it benefits the 99% way more than the 1%.I ,like a lot of middle income people maxed out the TFSA realizing what a gift it is as taxes and clawbacks will only increase with time.RRSP are to be avoided at all costs and those truly benefit the 1%,I’m assuming you’ll be posting lots on how those should be reduced also since us poor middle income earners can’t max those out either

___________________________________________

Not to mention the instant tax return on the RRSP investment represents an immediate revenue loss for the government which is then made up by borrowing. This then increases the loss on the taxes returned by roughly 100% depending how long the debt is held by the feds.

I look forward to joining the hoards of wealth inequality storm troopers in the fight for justice and the elimination of RRSP which only favour the rich, and severely indebt the government!

#250 Bottoms_Up on 10.21.15 at 3:03 pm

#79 Jane Goodall on 10.20.15 at 8:16 pm
—————————
Ok. Let’s abolish all government, beginning with the police, army, and firearm regulations. And I bid you good luck in that society.

#251 Bottoms_Up on 10.21.15 at 3:05 pm

#231 Roial1 on 10.21.15 at 1:45 pm
—————————-
What is the breakdown of the 32% that don’t vote?

#252 bdy sktrn on 10.21.15 at 3:09 pm

Old enough to Google. — Garth

—————-
when used as a verb is capitalization appropriate?

‘grammar police’ officer #2353

#253 Eaglebay on 10.21.15 at 3:14 pm

Daisy Mae on 10.21.15 at 10:09 am
All this reference to the ‘kid’ and his ‘daddy’ is getting tiresome. Justin is a very capable adult — our newly elected Prime Minister — so he must have something going for him, don’t you think?

——————–
Nice hair though…

#254 Ronaldo on 10.21.15 at 3:17 pm

230 Craig Wright –

”Wait, hear it, nothing! Actually, more job killing. Another $1,000 C.P.P. payroll tax taken off your paycheck and another $1,000 cost to the employer. Real smart.”

Which will translate into a further GIS clawbacks for the low income people and elderly down the road. Yep, real smart indeed. The obvious intent is the eventual elimination of the GIS for most but still having people living below the poverty line. And cutting back the TFSA will greatly affect this portion of the population. I’ve come to the conclusion that these guys are clueless as to why the TFSA was set up to begin with. Probably listening to their high priced accountants and believing what they are telling them.

#255 dodgedbullet on 10.21.15 at 3:56 pm

single income family, wifey at home with kiddo’s… would be lovely if the child credit helps offset the tax increase (single income 115-130k per year).

#256 Hope & Change (Canada) on 10.21.15 at 4:03 pm

#231 Roial1 on 10.21.15 at 1:45 pm
According to CBC Canada votes web site Canada is a LEFT of center country. (Lib=39.9 + NDP=19.7 + Green=3.5
Total left is 55.1% left.

Well, at least the NDP are back in the garbage bin where they belong. So, not a total loss this election.

#257 Gulf Breeze on 10.21.15 at 4:27 pm

Actually Garth, change is MUCH easier in Canada, particularly for a majority govt. More power is concentrated in the executive branch here, than in the US, where the power of the president is largely symbolic.

We also have a govt. sponsored media, in the CBC. Do you think after the gutting they took under Harper, they will happily propagandize against Trudeau?

Face it, we are just a kinder, gentler place and increasing taxes for those who make over 250,000.00 per year, proves it. Who needs all that dough, and who cares if they have to part with a slightly bigger chunk of it? Seriously, do you get that –We. Don’t. Care.?

We care that scientists are liberated, infrastructure is improved, a proper investigation into the murders of many many aboriginal women, here in Canada, will be undertaken.

We care that we aren’t being forced into wars of aggression to prop the militaristic ‘friends’ to the South

We care that Trudeau is going to create jobs and improve the country, through deficit spending–using the correct economic play book. Keynes, not Von Mises.

Do you get that when we are heading into a recession we should all hate Von Mises to pieces. This is no time for belt tightening, or gutting govt?

And yes…the dollar will weaken as a consequence, but we won’t be pushing up house prices, as the sole result.

#258 Charles Ponzi on 10.21.15 at 4:27 pm

And that, in reality, is what every “government” is: an illegitimate gang of thugs, thieves and murderers, masquerading as a rightful ruling body.

http://www.mensenrechten.org/wp-content/uploads/2014/05/the-most-dangerous-superstition-larken-rose-20111.pdf

#259 Charles Ponzi on 10.21.15 at 4:30 pm

Demanding money under threat of violence is immoral theft when most people do it, but is seen as “taxation” when politicians do it. Bossing people around and forcibly controlling their actions is seen as harassment, intimidation and assault when most people do it, but is seen as “regulation” and “law enforcement” when politicians do it.

http://www.mensenrechten.org/wp-content/uploads/2014/05/the-most-dangerous-superstition-larken-rose-20111.pdf

#260 Nora Lenderby on 10.21.15 at 4:33 pm

#157 Freedom First on 10.21.15 at 3:34 am
#78 Nora Lenderby
Of course #24 Politically Incorrect? was right.
And you were partially right on your Post too Nora, the part where you wrote – “I don’t think”.

Try not to be too sharp, dear boy. It doesn’t really suit you and you might nick yourself with the pointy end.

#261 Nora Lenderby on 10.21.15 at 4:34 pm

#171 Prairieboy43 on 10.21.15 at 8:29 am
…Canadians, the 90% are addicted to Debt. No discipline. Discipline wins, unless you have Atom bomb.

If true, who is it got them addicted to debt? How is it that FIRE is such a large proportion of the economy, attractive to hordes of PhDs in mathematics and psychology, instead of being a boring tool?

#262 Bby604 on 10.21.15 at 4:42 pm

As predicted: no rate cut in Canada. Link.
———————–

As predicted? Really?

#263 SWL1976 on 10.21.15 at 4:48 pm

#62 MSM-Free Zone – SLAM DUNK!!!

#264 Nora Lenderby on 10.21.15 at 4:53 pm

#190 BS on 10.21.15 at 10:36 am
There is no way the Liberals will change elections to not be first past the post. That system just got them a majority with 40% of the popular vote. They will count on this system for a majority next election. Zero chance this changes.

That was my initial thought, too. However they have a much wobblier base that the Conservatives while the NDP are around. Bringing in some kind of preferential voting system would probably be to their advantage next time.

Legalization of marijuana is going to be a massive undertaking. It will be low on the Liberals priorities and I bet there will be some disagreement on this in the new Liberal cabinet. We will not see it this term. At best decimalization years away.

I’ve been decimal most of my life, luv. Although I did start on L.s.d. :-)

I don’t think it’s that hard. Alcohol and tobacco are regulated. Several U.S. states and some other countries have examples of various systems that appear to be working (Portugal, Uruguay, Netherlands).

The potential taxes are rather too tempting for the provinces also.

#265 Nora Lenderby on 10.21.15 at 4:55 pm

#229 The American on 10.21.15 at 1:40 pm
At #208: Holy Crap Where’s The Tylenol…
John Oliver… Last Week Tonight…The Daily Show is now hosted by a South African/American by the name of Trevor Noah.

Isn’t it nice that Americans hire cheap foreign labo(u)r to do their dirty work?

#266 The Other Chris on 10.21.15 at 5:01 pm

I suppose there’s no limit to how far Trudeau can push mortgage amortizations. If 40 year amortizations isn’t enough to keep the party going, why not 45 years? 50? He could even pull a Japan and allow multi-generational mortgages. Anything to keep the party going.

#267 Kg on 10.21.15 at 5:02 pm

Can the taxes be increased for year 2015 ?

No. — Garth

#268 good years are over on 10.21.15 at 5:12 pm

Personally, I didn’t do so well under the previous Liberal government and I did quite well under the Harper years.

Might have just been linked to the global economy but one thing cannot be denied. Canada was doing much better than the rest of the world despite a global economy that was temporary in a near depression.

Thanks, Mr Harper for giving my family the opportunity to reap the rewards of my hard work.

As for the incoming PM and his crew…. I’m glad I got my money out earlier this year.

#269 Herb on 10.21.15 at 5:14 pm

#218 Tylenol,

you know, if you took a whole bottle of Tylenol you would destroy your liver and it would match your Kool-aid-soaked brain.

How many budgets did your idol balance, one (the last) out of eight? Truly an accomplishment to rank with the others on your list!

In the interests of your health and of your sanity, lay off the Tylenol and the blue Kool-aid!

#270 capable adult? on 10.21.15 at 5:17 pm

Please, list all the accomplishments of this kid.

Jobs held, references, degrees, careers.. anything?

All this reference to the ‘kid’ and his ‘daddy’ is getting tiresome. Justin is a very capable adult — our newly elected Prime Minister

The kid is a Dodo bird.

PM “Care Bear” will run back crying to Mommy when the first large scale terrorist attack on Canadian soil happens.

#271 DisgustMadeMePost on 10.21.15 at 5:32 pm

PM “Care Bear” will run back crying to Mommy when the first large scale terrorist attack on Canadian soil happens.

……

Hahaha cuz there won’t be enough room in the closet ?

#272 Randy on 10.21.15 at 6:44 pm

Best analysis of the Liberal Victory that I’ve seen by J.J. McCullough.

https://www.youtube.com/watch?v=srSJdRsA1Ew

#273 NorthOf49 on 10.22.15 at 2:21 pm

3M beats on profit, but cuts outlook, 1,500 jobs:

http://www.marketwatch.com/story/3m-beats-profit-expectations-but-cuts-outlook-and-1500-jobs-2015-10-22

The new America.