Politicians

A scant four months until the next federal election. Just two days more chances for the Bank of Canada to change interest rates – July 10th and September 4th. Financial markets have now booked in rate cuts for both Canada and the US by the end of the year. Given the latest jobs numbers (28,000 last month, lots of self-employed), it’s a reasonable bet the cost of money will dip.

Howcum?

Lots more people are working, but wage gains have been miniscule. As a result, household debt is rising as tons of families borrow more to maintain what they’ve got. The economy is slowing, despite the labour market. GDP growth in the last two quarters was 0.3% and 0.4%. Compare that to the States, at 2.2% and 3.1%. We suck.

Canada been caught in the trade wars. NAFTA uncertainty raged for over a year. Then we were nailed by the Trump tariffs on steel and aluminum. The US assault on China has helped slice that country’s growth to the lowest in memory, impacting our flow of goods. Now the housing sector has weakened, especially in BC, and the oil patch is on hold. After all that yakking about pipelines, none have been built. No shovels.

Sadly, we now have frosty relationships with both of the world’s two biggest economies. Trump would throw us under the bus in a heartbeat (as he did Mexico), while China is cutting off our imports and has locked away a couple of our citizens. Governments in Ontario and BC have passed xenophobic anti-foreigner, anti-Chinese laws penalizing foreigner buyers of real estate. Ottawa is increasing to $1.4 billion a year the money it gives for women’s health and abortions just as Washington cuts off funding. Clearly, paths are diverging.

Meanwhile, as Ryan referenced here on the weekend, we are a world steeped in debt. Successive governments have chosen to kick the can down the road while they increase spending now based on more borrowing. If future economies aren’t robust, taxes will have to swell to deal with debt servicing costs. But in Canada the Liberal government has slightly cut middle-class taxes, heavily increased social programs (free money for having kids) and now four in ten households pay no net income tax whatsoever. This is a huge political issue, since no government’s going to be elected promising to balance the books by giving less and taking more.

What would the Tories do to fix this path to fiscal oblivion?

Beats me. We have yet to hear a comprehensive economic plan from young Andrew Scheer. But it’s likely that between now and the October vote that the Bank of Canada will slice the prime by up to half a point, with five-year mortgages will drifting a little lower than the current 3% range. The Liberals might engineer some softening of the stress test, and the shared-equity mortgage will be rolled out in September, offering Mills a way to buy more house for less money.

There’s no room in Canada for expanded taxes. And there’s no appetite for reduced services. Nobody can ever take away the Canada Child Benefit and hope to stay in office. With an aging and ill-prepared cohort of Boomers, politicians won’t gut the tens of billions flowing to OAS. And yet it is here – in pensions – that we face the biggest threat.

Today Old Age Security payments – which nobody directly supports through their taxes – costs the government about $50 billion a year. By the time the Millennials start collecting, the bill will explode to $247 billion a year, pushing federal finances against the wall. The ranks of the seniors are growing at the fastest rate in a century, and the biggest cohort is that of the moisters. In forty years there’ll be 12 million wrinklies, living longer, vaping up a storm. But the system cannot support that  without structural changes that must be made now.

So, it’s in the naked self-interest of all the kids to vote for less. Without restraint over the next couple of decades – lower spending on fewer programs – plus a reigning-in of deficits and broad-based taxation reform, their golden years will be rust. OAS payments will be unsustainable. So, reduced. Corporate pensions will continue to erode. The need to fatten RRSPs, TFSAs and non-reg portfolios will be extreme. And that means spending the next thirty years of your life wiggling out from a crushing mortgage is a failed plan.

Alas, ain’t happening.

The current prime minister gives. He does not take. The contenders know voters like it that way. The only fair tax, everyone agrees, is one the other guy pays. We are a nation of citizens whose loyalty is for sale. In a little more than a hundred days, we sell it again.

Ask a few friends why they vote as they do. That should be enough to scare you into saving, investing and sheltering against what lies ahead. And I didn’t even mention climate change.

156 comments ↓

#1 Flop... on 06.09.19 at 2:37 pm

It is Italian Day in Vancouver.

To celebrate I will offer up this tune.

It was written and released in 1980, when the world was a simpler place.

It went to number one, I’m not sure how it would go today with the P.C police.

Sometimes I sing it when I see The Metrosexual Messiah on the tele.

Shaddap You Face…

M44BC

“What’s-a matter you? Hey! Gotta no respect?
What-a you t’ink you do, why you look-a so sad?
It’s-a not so bad, it’s-a nice-a place
Ah shaddap-a you face!”

https://m.youtube.com/watch?v=sFacWGBJ_cs

#2 AGuyInVancouver on 06.09.19 at 2:45 pm

“Governments in Ontario and BC have passed xenophobic anti-foreigner, anti-Chinese laws penalizing foreigner buyers of real estate.”
_ _ _
Give it a rest and save the defensive inflammatory language for the dearly departed Lu Shaye. BC’s economy leads the country.

#3 Hawk on 06.09.19 at 2:45 pm

If Canada does not take an axe to government spending……and I doubt it will……..it’s doomed.

#4 Randy on 06.09.19 at 2:46 pm

Canada wants Socialism. Another Win.

#5 I’m stupid on 06.09.19 at 2:57 pm

Simple solution… make it law to have balanced budget. Problem solved!

#6 other guy in Vancouver on 06.09.19 at 2:58 pm

So if our economy is in the slow lane heading for the ditch, what’s the debt-free individual to do in order to preserve capital and maximize ROI?

#7 Blackdog on 06.09.19 at 3:02 pm

Well that was depressing.

#8 Dog Breath on 06.09.19 at 3:07 pm

And I didn’t even mention climate change.
============================

Before silly little Justin Trudeau came on the seine my favorite fairy tale was “Goldie Locks and the Three Bears”. Now little Justin has given us better ones:
1. You can change the climate by raising taxes.
2. Everyone pays the carbon tax and everyone gets back more than they paid in.
Now we know that these are just fairy tales, but you’d be surprised how many people actually believe them. By the way it wasn’t the bears that ate all the porridge it was silly little Justin!

#9 That's All, She Wrote on 06.09.19 at 3:09 pm

“[OAS] costs the government about $50 billion a year. By the time the Millennials start collecting, the bill will explode to $247 billion a year, pushing federal finances against the wall. “

Golly, that’s a growth rate of 3.9% per year! Or about the same nominal growth rate as our economy lately — 2% real plus 2% inflation.

Have you got any SCARIER bedtime stories?

#10 Brian Ripley on 06.09.19 at 3:13 pm

…saving, investing and sheltering against what lies ahead. Garth

I have updated my Housing Price Momentum Chart with May data…
http://www.chpc.biz/housing-price-momentum.html

…and made a note on the chart about the December 2007 start of the Bank of Canada rate cuts which appeared to reflect an increasing acceleration to the downside of the TSX Real Estate Index Y/Y Price Momentum.

Housing price momentum had already started crashing in Calgary followed by Toronto and then Vancouver.

On the chart now, housing price momentum levels have been crashing since 2016-2017 in advance of the TSX Real Estate cash market.

My question is… will a pending rate cut unleash FOMO Frenzy 2.0 which appears to be happening in Toronto and especially in Ottawa and Montreal where Single Family Detached prices hit new historical highs.

The animal spirits crowd seems still intact at ground level, but the TSX cash market might be signaling a dramatic secular shift.

#11 gimme stuff on 06.09.19 at 3:16 pm

And you tell people to take CPP at 60?

CPP is not OAS. – Garth

#12 JSS on 06.09.19 at 3:18 pm

Maybe Canadians should lower their expectations.

#13 not 1st on 06.09.19 at 3:38 pm

Lets do some easy math for everyone especially those drooling on Liberal pablum.

Investment moved outside the country – $100B
Stalled, cancelled, shelved, blocked projects – $100B
Increase in Canadas debt past 4 yrs – $100B
Lost annual tax revenue from projects not moving forward – $50B

PMI falling last 3 months. GDP falling past 6 months. Fall recession likely in the cards.

Trudeau has cost Canada more than 1/3 of a trillion dollars in lost wealth. Thanos got nothing on this guy. Progressives wanted no energy industry. We are about to find out what that feels like. And statscan take out window jobs wont come close to replacing that engine of the economy.

#14 Dolce Vita on 06.09.19 at 3:39 pm

#1 Flop…

Lay off the vino Oz.

;-)

#15 That's All, She Wrote on 06.09.19 at 3:41 pm

Hey Garth, if you want to silently edit my posts, you know the deal, since you’ve worked in media before. I want a dollar a word and final approval as to whether my edited posts get published under my byline or a more generic “Blog Contributor.”

If that’s too onerous for you, please publish my comments unedited or not at all, a courtesy I hope you would extend to all of your contributors.

Get over yourself. – Garth

#16 Tony Warren on 06.09.19 at 3:45 pm

Whenever I see a ‘news’ article speaking about how great the Canadian economy is I wonder if the writter knows about our national debt load.

Canada and Canadians do not have the reserve currency to fall back on to print our way out of this debt. We have lied to ourselves about inflation. It seems to me that we are heading for trouble.

My question is; how to best profit from this?

#17 Dolce Vita on 06.09.19 at 3:50 pm

Ryan. Garth.

Take a Valium with a Librium chaser. Both of you.

The deficit, in “then” dollars, was $39 billion under Mulroney. His predecessor, our Nutter PM’s dad, handed over a $32.4 billion deficit to Brian.

We’re still here. There is CPP. There is OAS. There’s even a Supplement.

Canada is not The Congo or Upper Volta (apologies to any readers from there, but you get my drift).

A Chrétien or Martin will come along to rescue our sorry asses. It’s the Canadian way.

Who knows, maybe that’s Scheer.

For certain it’s not our Nutter PM nor Singh or May or what’s his name Libertarian.

Scheer does not have to say anything before October. Mr. Hoof and Mouth will undoubtedly, statistically speaking and as usual, say something stupid to further piss off Canadians ever more than they are already.

As you have said, and I agree, we vote along the lines of “out with the bums”; although, the Queen of Hearts said it best:

“Off with their heads!”

#18 Dolce Vita on 06.09.19 at 4:09 pm

On the economy, I agree with you and Ryan, in part.

We are getting mixed signals.

Job creation strong but to be expected in April, May, peak Consumer Spending months (that’s me looking at Retail Trade Sales historically) as Canadians emerge from Winter hibernation (and having paid XMas off in Jan. and Feb.) and plan weddings, buy appliances, buy plants, put money down on vacations, and the list goes on.

There there is our anemic GDP.

Wait 2 months and we’ll know for certain. Too much uncertainty about the economy and certainly not helped by knucklehead StatCan and their “Seasonally Adjusted” numbers which is fantasy land when compared to their own “Unadjusted” numbers (oddly, they publish the latter for the Labour Force Survey and Retail Trade BUT not for GDP…I wonder why?).

One thing for certain, as a nation we have too much household debt. I worry that the “shit will hit the fan” on that and crash Consumer Spending, 60% of the economy.

I still maintain WE ARE IN RECESSION but it is being conveniently covered up by the MSM so as not to offend their $600 MM benefactor, our Nutter PM with an election but 4 months away.

I have faith in my fellow Canadians. They are not stupid. A new Gov will come in October and let’s hope it has the same intent and purpose of a Chrétien or a Martin Gov, fiscally speaking.

#19 Penner McDolan on 06.09.19 at 4:09 pm

Probably going to be many bright years ahead, gloom and doom isn’t here yet. AI will be our saviour and with this tech, all boats will rise.

#20 not 1st on 06.09.19 at 4:24 pm

There is a stat the US uses which measures the number of people who switch jobs. Its a measure of confidence in the economy when you can leave your current job for better prospects.

It would be interesting to see that one for Canada because if so many great middle class jobs are being created, some people would switch. More likely the opposite. Casual, temp, low paying, no paying and govt jobs and people hunkering down.

#21 mark on 06.09.19 at 4:31 pm

Looks like preferred shares with take another big hit with interest rate cut, they usually do.
ZPR is still 5 bucks a share below the original offering of 15 bucks a share and has not made any money period since its inception, I am sure iShares preferred share etf is in the same boat? If you bought at 15 its painful…

They pay you to own them. Stop moaning about capital values that will eventually restore. – Garth

#22 Flop... on 06.09.19 at 4:34 pm

I don’t need to look very far for contrasts between between two people who are supposedly have’s and have-nots.

I don’t want my stalker to hold this information against me but let’s have a look at some of the differences between my wife and I.

I am self employed, I don’t have much going for myself except a decent reputation.

My wife works for the Vancouver school board.

She gets benefits, which she pays into.

I am eligible for a decent amount of stuff but I don’t abuse the system and mainly benefit by getting my teeth scrubbed twice a year.Some of my prescriptions are subsidized but I try to take as little medicine as possible.

She will get a municipal pension, which she currently pays into, that will get her $1150 a month at age 60.

Sick days that accumulate.

The teachers and administrators get the big bucks, my wife is a School and Student Support Worker.

She works in the classroom with the kids that have ministry designation.

My wife gets paid hourly, not like the teachers who are on salary, so when school shuts down for two months you’re basically on your own except for small EI payments.

The School Board mandates certain length of breaks,ie Spring Break to save the board money but she has to repay that extra time off by working an extra ten minutes a day.

If my wife has a particular problem she also has access to union representatives.

I’m sure there are lots more but just try to show some differences between a couple in the same house.

We basically earn the same, basically save the same but we get there much differently.

I basically have to fend for myself and my wife has a support system that I could only dream of.

Maybe my support system is this blog.

I need all the help I can get.

I’m on life support…

M44BC

#23 Dolce Vita on 06.09.19 at 4:40 pm

…and finally, about Scheer.

If he is a Harper “Light” as they called him when he won, I am fairly certain Canadians will be fine with that when compared to the other choices, Mr. Nutbar, a Tree Hugger that want’s Canadians to freeze & starve in Winter (not my words, those of Patrick Moore), a flag in the wind mindless Lefty and of course, I hate everyone that is Gov. and not free market Libertarian.

But if you look at Scheer and the PC Party Twitter posts, where they drift campaign slogans and video out there to get a response, he and they are going about it all wrong…mostly negative on Justin.

Easy to throw rocks at an already cracked glass house.

Instead, he should campaign on taking care of Canadians, how to get our fiscal house in order and contrast what he would do with the $600 MM MSM dole money or $700 MM for foreign reproductive rights, instead.

Right now, he is pulling a Doug Ford and not saying anything hoping that will work for him as well. I don’t blame him when you consider the idiocy that comes out of Justin’s mouth with great regularity.

Still, he has to give Canadians a reason to vote for him besides “out with the bums”.

Jack Layton did a brilliant job of that in 2011. There’s a playbook for Scheer + former 1990’s Liberal Gov. fiscal prowess.

————————

Buonanotte e Ciao d'[*]’Italia.

*Low 30’s weather and all the bloody pollen wafting about that I need a steroid shot for this Thursday so I can enjoy our Blue Flag beaches a hop and skip away. All that pollen just to feed the bloody tourists…why I am not a big fan of Vegetarians and their ilk.

#24 moman123 on 06.09.19 at 4:43 pm

I am a fiscal conservative, I am thinking that Scheer wins the next election. I would want to see him freeze spending, and increase the gst to 8 % over time. Use that money to reduce the deficit. And increase the age to collecting cpp and oas to age 68

#25 Randy Randerson on 06.09.19 at 4:50 pm

Yup, that’s why I’m GTFO of Canada. Got my million dollar nest egg, and will be moving out of Canada in a year’s time to become a tax non-resident.

Suck it Trudeau, you will have 1 less doctor to tax.

#26 Stan Brooks on 06.09.19 at 5:01 pm

The economy ‘is great’. Growing at 0.1 % nominally quarterly (with way understated inflation).

Unemployment ‘historical low’.

And yet the interest rates at 1.75 % are impossible to manage so BoC is about to cut them to possibly sub 1 %, maybe negative.

The sheeple is indebted to unimaginable level, it is practically bankrupt and yet ‘banks’ price the risk/interest rates at sub 1 % in long run. Should it not be 6 % + considering that real inflation is above that?

Of course it should be.

Things are not good. If economy can’t handle real rates it is not an economy, it is an artificially inflated coupon system, with Poloz coupons having nothing to do with real money. What gives it value is the taxes, otherwise it is practically worthless piece of trash.

#27 Yukon Elvis on 06.09.19 at 5:08 pm

Whoever offers the most free stuff is going to win.

#28 TurnerNation on 06.09.19 at 5:09 pm

Age Goodheart some useful tips on US Brewers the other day I’ve revisited BUD.US and SAM.US.
TAP.US is dead money tho, they must buy a craft brewery.

Coming here seeking alpha with zero hedge.

It’s Miller Time/This Bud’s for you/Nothing half way about it, Ex says it all (dating myself with that reference…)

#29 Big Bucks on 06.09.19 at 5:24 pm

#9

The numbers are adjusted for inflation so it is fatally bad news not some fairy tale or bedtime story.Trudeau is giving now with his child tax benefit but someone will have to play the bad man/woman later when pensions will be drastically reduced.RESP’s should be maxed with all the freebies now because they will come looking for it later—that is a certainty.

#30 Big Bucks on 06.09.19 at 5:25 pm

#9

The numbers are adjusted for inflation so it is fatally bad news not some fairy tale or bedtime story.Trudeau is giving now with his child tax benefit but someone will have to play the bad man/woman later when pensions will be drastically reduced.RESP’s should be maxed with all the freebies now because they will come looking for it later—that is a certainty.

#31 Debtslavecreator on 06.09.19 at 5:36 pm

Right on the money Garth-you are correct
Unfortunately history shows the government will eventually take over your savings via steady but increased currency debasement and then marrying that with shock increases in taxes on the imaginary nominal “gains” – they”l pass increases to dividend and capital gains taxes, then target your TFSA with either a tax or by subjectively determining you violated some rule ie., trading too much and or investing in speculative securities
Worst comes to worse they can always, in an emergency session of parliament held on a Sunday , pass changes to force RRSPs to 1) hold only Canadian dollar investments 2) require at least X % be held in government bonds, 3) apply a “temporary “ surtax on “ large” RRSPs and the magic number will eventually be reduced to 100 k
And of course let’s not forget the lifetime capital gains exemption on primary residences which will likely start at 500k then slowly be reduced to 100 too
If not enough then hey just pass a wealth tax of 10-20% above 1 M
History provides many clear examples of the general path Canada , the US and Western Europe are on
2023-2032 much of the world will be in a cycle of hard left politics
Because it’s not fair you have a “ big “ RRSP, TFSA or house

#32 crowdedelevatorfartz on 06.09.19 at 5:39 pm

Yep.

The Old Age Security tax claw back has commenced for anyone that was fortunate enough to have a pension or reliable investments to draw upon.

Max OAS $570/month

Canada Pension Plan tax claw back has commenced for the same people “earning” enough to live on without the OAS and CPP bump up.

Max CPP $1090/month

OAS and CPP Combined $1660/month = $19900/year

Add that to any private pension or investment payments for your total annual income.

Then deduct income tax.
The more you earn per year the more you pay in taxes.

The tax claw backs will just get more onerous as younger voters elect lazy idiots ( insert Trudeau here) who wont balance budgets when increasing taxes is so much easier.
Pushing the fiscal nightmare further down the road so that the children of Millennials can blame….them.

#33 Armani Vuitton on 06.09.19 at 5:41 pm

A recent survey tallied that 40% of sampled Canadians despise immigrants, and claim that Canada is bringing in too many immigrants.

Andrew Scheer will most definitely become PM of Canada, and Canada will become like 1930s Eastern Europe where religious minorities, non-conforming genders, Jews and immigrants get beaten up by angry mobs who will yell pro-Hitler slurs and support.

Think this can’t happen in Canada? Think again.

#34 Big Bucks on 06.09.19 at 5:50 pm

#9

Numbers are adjusted for inflation so payouts will be fatal.Trudeau gives now(for votes)but someone will have to take later.RESP’s in particular should be maxed for kids because their OAS will be a fraction of what seniors enjoy today.

#35 AB on 06.09.19 at 5:58 pm

#2 AguyinVancouver
Congratulations. You get a new sticker and a pretty blue participation ribbon. You are special.

#36 Lenticular on 06.09.19 at 5:58 pm

Dog in the photo has to be a Vizsla. I am a proud owner of one. They are extremely affectionate and will take lovin’ from anyone…as in this case even from a bunch of cows.

#37 Linda on 06.09.19 at 6:00 pm

Andrew Scheer is young by current day standards for politicians. A mere 40 years of age. Justin Trudeau is 47. I will note that such ages used to be considered mature, not youthful. However, took a gander at StatsCan & totted up some numbers. As of 2018, Canada had 11.5 million citizens aged 55 plus. Throw in the age 50-54 cohort & that number jumps to 14 million. Given the amount of older Canadians – some 40% of the entire population – one can see why anyone under age 50 gets to be called ‘young’ instead of ‘middle aged’ these days.

#38 crowdedelevatorfartz on 06.09.19 at 6:01 pm

We were discussing debt yesterday?

How about the $625 Trillion ( with a “T”) derivatives market?

https://www.nytimes.com/2018/07/22/business/derivatives-banks-regulation-dodd-frank.html

And the Norwegian “Clearing House” that shows just how shaky the derivative Market can be…….

https://www.nytimes.com/2019/05/03/business/central-counterparties-financial-meltdown.html

#39 Penny Henny on 06.09.19 at 6:01 pm

May real estate sales numbers for Niagara region.

https://www.niagararealtor.ca/may-2019-market-report

#40 Jager on 06.09.19 at 6:07 pm

“The urge to save humanity is almost always a false front for the urge to rule.”
H.L Menken

For those lay persons seeking a balanced understanding between climate change (a perpetual phenomenon) and the recently derived anthropogenic global warming (rescripted as anthropogenic climate change) the following book is recommended:

“The Politically Incorrect Guide to Climate Change”
-Marc Morano
Forward by John Coleman,
Weather Channel founder.

Excerpt:
“Did you know? The purported 97% scientific consensus on climate change was pulled from thin air.”

P.S. “Beware the law of averages. The average person has one breast and one testicle.”
-Dixie Lee Ray

#41 Penny Henny on 06.09.19 at 6:18 pm

Joe “-this does not quite make sense
-from your graph G7 Nations Debt to GDP Ratio
-with Japan at 234%(3 times as bad as Canada, 4 times as bad as Germany), why has there not been a meltdown there?

It’s coming for Japan. Well-known economist John Mauldin says Japan is a bug in search of a windshield. – Ryan L

////////////////////////

What’s the last thing that goes through a bug’s mind when it hits a windshield?

His ass.

#42 A Dollar is a Dollar is a Dollar on 06.09.19 at 6:24 pm

All politicians are like drunken sailors. Except history shows that eventually Liberals and Dippers sober up and try to do the right thing. Conservatives are always an utter disaster, driving up the debt through crazy low taxes and cuts for the rich. Look at how the Cons destroyed Alberta, decades of rich oil revenues and they plundered the Heritage Fund for no good reason. Norwegians, led by left of centre parties did it right, and are soaking in oil boom riches now.

If you care about saving, investing and our future together, including the climate and social justice, there is only one thing to do.

Vote Green or Liberal or NDP. Stay away from Conservative fraudsters at all costs – they will increase the debt, destroy the economy serving their rich friends, and call it ‘fake news’ as the environment spirals downwards and pensions go into the toilet.

#43 crowdedelevatorfartz on 06.09.19 at 6:30 pm

@#39 Jagermeister

Well in that vein ,( vane, vain?) of thought…

“A politician is an animal that can sit on the fence and yet keep both ears on the ground.” H.L. Mencken

#44 Kelly on 06.09.19 at 6:32 pm

#32 Armani Vuitton

Pure Fake news on the “survey”.
Let’s have a link with the exact question.

Nonsense like your posts spreads vile misinformation, nothing more.

#45 Prairieboy43 on 06.09.19 at 6:35 pm

I want less services. Responsibility is up to the individuals. Alas Canadians want greater services. A new home maybe surfacing in the horizon. Soon!!
PB43

#46 crowdedelevatorfartz on 06.09.19 at 6:36 pm

@#41 A taxed dollar is one less dollar in your dwindling dollars.

Dare I suggest that Trudeau’s multi billion dollar budgets…. overspending every year he has been in power….. as well as the increase in taxes and user fees is …… the possible reason you have fewer dollars in your pocket?

#47 eightlock90 on 06.09.19 at 7:04 pm

Hey Garth – thank you for the investment advice and teaching me how to manage my money.

But I’ve had enough of you calling people in BC racist and xenophobic because their democratically elected government is trying to restore some sanity to shelter costs. There is no “chinese tax” here.

40 years of public policy promoting a debt fueled rocket to wealth not a peep out of anyone then a few policies to try and fix things happen and every Boomer from coast to coast kicks and screams like a petulant child. Embarrassing. later, old timers.

Laws targeting only foreigners (even those who live here) are xenophobic. In an open society, that’s embarrassing. – Garth

#48 not 1st on 06.09.19 at 7:09 pm

The shared equity mortgage is simply the precursor to Trudeau going after capital gains exemptions. Its the only place to nail people yet. That and stock dividends. Garth and others will be getting a hair cut. Guys like Morneau and his bay street cronies don’t take simple dividends like mom and pop do. Tucking all the TFSA money away will just make it a target one day. Just like income trusts were.

Politicians cant stand seeing you get wealth by simple appreciation on the backs of the inflation they create. And they cant help but dip their toe in for some gains on the risks you take investing.

#49 A Dollar is a Dollar is a Dollar on 06.09.19 at 7:10 pm

#45 elevatorflatulencelady

Huh? Just yesterday you said this:

“Remember when the “Debt Clock” toured all the major Canadian cities and the Cretien Govt actually balanced the budget and started paying down our debt?”

Correctly, you appreciated that Conservatives have repeatedly messed things up, and Liberals have done better. I don’t swoon over Justin, but he is doing better for all of us than Harper ever did. That’s my point.

Perhaps you are a little dizzy, overcome by gas?

#50 Nick on 06.09.19 at 7:21 pm

Why in the world Canada has business relations with a communist dictatorship is beyond me. Canada being treated as such is absolutely no surprise to me. @#$% business relations with China…and now the Liberals are working hard for China to keep “Made in China info away from Canadian consumers … WTF???

#51 Re-Cowtown on 06.09.19 at 7:22 pm

How do you fight a Trump? With your own Trump. Do we have one? No. It sucks to bring a pair of socks to a flamethrower fight.

Instead we have a pajama boy whose main concern is throwing western Canada under the bus to try to win the next election.

WRT to Huawei; they are so stupid. They’re attacking western Canada exports while Pajama Boy is also attacking western Canada exports. Not difficult to figure out that T2 is not going to cave.

If Huawei had any brains at all they would tell Beijing to ban poutine cheese curd imports from the eastern third of Ile D’Orleans. With 14 Quebec votes on the line Pajama Boy would fold in a heartbeat.

I know it’s dirty pool to advise the Chinese how to get their hostage back, but hey, someone has to break the impasse. You’re welcome.

#52 Lorne on 06.09.19 at 7:31 pm

#21 mark on 06.09.19 at 4:31 pm
Looks like preferred shares with take another big hit with interest rate cut, they usually do.
ZPR is still 5 bucks a share below the original offering of 15 bucks a share and has not made any money period since its inception, I am sure iShares preferred share etf is in the same boat? If you bought at 15 its painful…
…..
They pay you to own them. Stop moaning about capital values that will eventually restore. – Garth
…….
The problem with that is that “eventually” may be too long a period of time for some….no problem if you are 40….could be a problem if you are 70! One size does not fit all.

#53 akashic record on 06.09.19 at 7:34 pm

Slapping property tax on non-registered investment accounts. Currency debasement. Debt jubilee when reserve currency moves from dollar, to…

#54 William R Drury on 06.09.19 at 7:35 pm

What you are not blaming trump? Personal responsibility is the key. We agree, restraint and personal choices are
paramount. A socialist agenda with communist outcome does not lead to efficiency. If business is run by the government and a guaranteed income is the goal why work?

#55 Out Of Work CEO, Will Travel on 06.09.19 at 7:36 pm

Health Care and the single payer system sucks up most of the provincial finances and a big chunk of the federal tax receipts….any way to open up private insurance would be a very welcome service to most Canadians being treated now commonly referred to as “wait times.” There is cash in the health care funds. Canada finds itself in a tight squeeze with our Chinese friends: we have their Ms. Meng Huawei and they proceeded to take a couple of Canadians in custody. They see us as “bad faith” and we see them as “not rule of law”. Chinese civilization has been around longer than Canadian…do they have a point?

#56 Roben McDraft on 06.09.19 at 7:38 pm

Would like to see the 5 year chart Pref Shrs vs XIC. I keep holding the prefs but they are always “undervalued.” Oh well, I’ll keep adding on sale. Better than buying overpriced real estate. They probably (the preffs) have a few rate cuts already priced in but that won’t stop it from heading south further. At least I got the “long term” thing going for me.

#57 unbalanced on 06.09.19 at 7:52 pm

So tell me. Where do the OAS payments come from?

#58 akashic record on 06.09.19 at 7:52 pm

Laws targeting only foreigners (even those who live here) are xenophobic. In an open society, that’s embarrassing. – Garth

—-

As in Popper/Soros Open Society?

How about TFSA not available for Canadian citizens if they are not residents? Xenophobic? Embarrassing?

A benefit not a tax. – Garth

#59 Go get em' Horgan on 06.09.19 at 8:02 pm

Call it whatever you want. We don’t need dirty money in BC. Ottawa GTA and Montreal can have it.

Low rates and jobs will keep things selling for now. Not the case when the jobs market cracks by next year.

80% price drops in BC.

#60 Leslie on 06.09.19 at 8:20 pm

Geez, 58 comments already today. Not much goin’ on across Canada this Sunday, is there?

#61 akashic record on 06.09.19 at 8:35 pm

#56 akashic record on 06.09.19 at 7:52 pm

Laws targeting only foreigners (even those who live here) are xenophobic. In an open society, that’s embarrassing. – Garth

—-

As in Popper/Soros Open Society?

How about TFSA not available for Canadian citizens if they are not residents? Xenophobic? Embarrassing?

A benefit not a tax. – Garth

Canadian citizens investing in TFSA are treated as if they were foreigners. In an open society.

#62 yvr_lurker on 06.09.19 at 8:35 pm

Laws targeting only foreigners (even those who live here) are xenophobic. In an open society, that’s embarrassing. – Garth

—————–

Many countries restict in one way or another foreigners purchasing land. Look at

https://www.macleans.ca/economy/economicanalysis/how-the-rest-of-the-world-limits-foreign-home-buyers/

I don’t see it as Xenophobic at all.

#63 Reality is stark on 06.09.19 at 8:41 pm

Finally the blog is catching up. As I have been saying for years now, your OAS clawback will start at $50,000 not $70,000. The government is not managing anything better, they are ultimately just going to take more of your money to overpay their people.
Electing people to eventually steal all your money is really not that bright, but most Canadians see themselves as superior.
Obese social justice warriors maybe, but superior not too bloody likely.

#64 Old Dog New Tricks on 06.09.19 at 9:17 pm

Garth is right on the child benefits. It’s a ton of cash that the government is dollin out. Check out the chart. It’s about the same as national defense and half of what is paid out to seniors.

https://www.cbc.ca/amp/1.4545415

#65 Vampire Studies (doctoral thesis) on 06.09.19 at 9:18 pm

“four in ten households pay no net income tax” – Garth

isn’t that about what we would expect? Married
couples drawing OAS X 2, lower income working class
families, disabled individuals…

Hopin’ to be in that 4/10 in a coupla years.

#66 BlorgDorg on 06.09.19 at 9:25 pm

Let me see if I have this right.

Too much money in real estate, largely held by boomers and older Gen X. Not enough tax revenue to cover OAS.

First candidate to propose removing the primary residence capital gains exemption wins the Millennial vote.

What am I missing?

#67 fishman on 06.09.19 at 9:34 pm

I can place the exact time I first heard of unending government borrowing. It was my first economics class Econ. 101 March 1970 at UBC. We were learning about GDP & GNP when the prof said it didn’t matter how much the government borrowed or what the deficit was. I put up my hand & said that doesn’t make any sense. He said it didn’t matter because we are borrowing against ourselves. I remember that instance so clearly because up till then I figured the profs utterances sacrosanct. A fateful & lucky loss of innocence towards academia.
When big Potato took over from Pearson, Canada was running a 500 million deficit. Wacky Bennet put all the B.C. bonds on a raft in Lake Okanagan, poured diesel fuel over them, cast it adrift & shot a flaming arrow onto the pile. Poof, no more B.C. debt.
And as a little kid my mom & dad & aunt & uncles around the kitchen table exclaiming in awed tones about CMHC. They qualified for get this, interest free loans, under the Veterans Land Act. They were so grateful to their country.
Now almost interest free money for one & all. Gobs & gobs of debt. Everything seems ok,anyways haven’t gone sideways: so far.

#68 Smoking Man on 06.09.19 at 9:55 pm

Doomed no matter who you vote for in Canada.
No differance between Shear and T2. Both hard core globalists. Their masters wont be happy until they squeeze every last cent out of hard working ,
unappreciated Canadians.

Mad Max dosent stand a chance. But hes still getting my vote. He is the only one close to economic nationalism.

Canada is Atlas Shrugged.

#69 Stan Brooks on 06.09.19 at 10:03 pm

#65 fishman on 06.09.19 at 9:34 pm

I can place the exact time I first heard of unending government borrowing. It was my first economics class Econ. 101 March 1970 at UBC. We were learning about GDP & GNP when the prof said it didn’t matter how much the government borrowed or what the deficit was. I put up my hand & said that doesn’t make any sense. He said it didn’t matter because we are borrowing against ourselves

The prof was a liar.

We are not borrowing against ourselves as:
1. Money/private debt/ borrowed from commercial banks are not backed by people deposits/savings as now even Shawn Allen should know.

2. Money borrowed by government now is paid back from taxes tomorrow, that are subsidized by private debt.

3. If the deficit did not matter, then government services would not deteriorate. You just borrow more to maintain current service levels. We clearly see that this is not the case as services are deteriorating big time starting with education and health care/or the lack of such.

What happens really is redistribution of wealth through taxes and inflation, taking from the upper (and middle) middle class called wrongly ‘the rich’ and giving everyone else – the government, the banks, the oligopolies in every and each sector of the economy, the poor.

Of course it is not sustainable.

GDP is an useless number as it discounts debt, it /as ‘inflation’/ measures spending habits that has to be maintained in order to sustain the ‘economy’ and the budget.

Bottom line: Everything that the sheeple ‘owns’ will be taken one way or another through taxes, debt payments, it is due to the owners of this place one way or another.

#70 Looney Baloney on 06.09.19 at 10:05 pm

The solution, of course, is simple. Net tax payers vote. Net free-loaders don’t. But it is going to take a crisis, followed by a reduction in population (immigrants have more kids and have the most to lose when the gravy train stops), and a dictator stepping up to the plate (fascism always follows when socialism fails), before we come to our senses.

#71 IHCTD9 on 06.09.19 at 10:07 pm

Take out PM’s who faced a world war or economic recession, and Trudeau has increased the federal debt more than any other PM in Canadian history. Billions upon Billions imolated every year of his mandate with jack squat to show for it, other than a well stocked tickle trunk. This balloon head is pretty much the laughing stock of the entire planet at this point. The budget continues to not balance itself, nor the economy grow from the heart out.

What a nimrod.

But hey, the IHCTD9 household paid almost zero income taxes last year thanks to Trudeau’s CCB, his tax cuts, and various deductions. I make it a point to be hard to tax, but Justin has really taken a load off my shoulders in that respect since 2015. I hardly have to work at it anymore.

So the Libs cut income taxes, hand back a pile of what remains at tax time, and then blow BILLIONS more on non economic SJW garbage all over the place, and this dingbat caucus can’t figure out why they’re up to their eyeballs in red ink?

Nice guy I’m sure, but a cane toad would have done a better job running the country than Trudeau has.

#72 The Great Gordonski on 06.09.19 at 10:17 pm

#25 Randy. Welcome to the club. I’ve been banging around low tax cribs for years now, couldn’t be happier, even saved a ton in low tax Texas, so, it doesn’t have to be third world alternatives, although now I prefer that crazy paradise stuff. Huge expat communities in Thailand and Bali, yuge. Palm trees and swimming pools all day long…go surfing, buzz around on a Vespa, date younger. Give a business seminar, volunteer….hang out. Literally thousands of great people to talk to. I keep in touch with Canada as an act of Shadenfreude, reminding myself how pathetic it must be to commute the 401 for hours just to lay claim to a McStucco barn…screw that. The wife and I realized last night that we’ve been retired in paradise, investing online for nine blissful years . Trudeaus idiocy is not our problem, but knowing he’s yours is Uber amusing. GTFO while you can, life is short. An educated guy like yourself can easily turn a million into a six figure dividend income within a growth oriented portfolio punctuated with monthly, quarterly, semi annual and annual cash dividend flow. I looked at CGI Group for example bouncing over $100 last week. It was $15 when I bought it three years ago. Pair these home runs with utility dividends to live and reinvest and your there….and by ‘there’ I mean out of Trudeaus ever increasing tax grabs.

#73 TurnerNation on 06.09.19 at 10:20 pm

Kanada is so far done…it’s almost laughable. Taxpayers like us are the ultimate sacrifice on this UN Agenda turning us into an open air concentration camp.

Just this week. This is an utter madhouse.

– Jails to provide ‘safe’ injection sites.
https://www.cbc.ca/news/canada/calgary/supervised-consumption-site-drumheller-institution-1.5168155
-And free government heroin for all no kidding around:
https://www.cbc.ca/news/health/national-heroin-treatment-program-crosstown-clinic-1.5137551
…while the same Corrections dept spending millions on Drones to fight drug drops…in prison…but they have a safe injection site. Get it?
https://www.cbc.ca/news/politics/corrections-canada-drones-drugs-prisons-1.5164531

– This story…on-reserve Cigarette makers consider Excise tax to be ‘colonial power’ direct quotw – it says so several times in here:
https://torontolife.com/city/life/six-nations-tobacco-tycoon-angry-ex-girlfriend-worlds-craziest-child-support-case/

..yet here we have a big taxpayers program providing fire safety to reserves..free natch. No mention of colonial taxes? My point is all businesses in Canada must contribute to the tax base as we all enjoy the payouts:
https://www.cbc.ca/news/canada/nova-scotia/indigenous-fire-marshal-death-fires-homes-1.5163267

_______________
Meanwhile in Toronto be sure and ask your [email protected]#$% the locations of the 15 new ‘safe’ injection sites planned to be opening. Get ready for lockdown..in your own home.

#74 Lobster Man on 06.09.19 at 10:24 pm

I presume the $50 billion is the combined total for OAS and GIS.

Does anybody know what the percentages are for each of these two, in dollars as well as the total number of recipients?

Also, does anybody have an idea on the total amounts of Fed’s claw-backs in a typical tax year?

LM

#75 The real Kip (Ret) on 06.09.19 at 10:44 pm

Ottawa is spending $1.4-billion on women’s health? Paths are diverging? Damn straight they are and Canada is headed in the correct direction. I can’t believe you even made such a statement!

#76 Renter's Revenge! on 06.09.19 at 10:45 pm

But what happens when the portion of the population that pays no net income tax reaches 51%?

Yikes. Scary thought!

#77 Ace Goodheart on 06.09.19 at 10:55 pm

There is an interesting thing about Africa. Like the USA, it is divided roughly down the centre, by a religious line. Those travelling through the USA from the North to the South will know this line as the Bible Belt.

In Africa, everything above the religious line, is Arabic Muslim. Those living below the line are all Animists. The line roughly divides countries such as Nigeria into two, which results in a lot of religious conflict. Below the line in places like the DRC, the conflict is just good old fashioned African bush fighting, with various militias and gangster groups funded by various shadowy international organizations connected to various well known corporations and first world governments.

Then there is a little place called Djibouti. Located above the religious line, it is entirely Muslim. Like most African countries, it is made up of two warring factions, who have a shaky peace, brokered mostly during the era of French colonization, and continuing to today’s date based on a little bit of luck, a lot of well laundered international aid money and quite a bit of power balancing.

Which brings us to the topic of military bases. Djibouti has two big ones, along with a number of smaller ones. All land in this country is owned by the government, and, like most African countries, it is available to lease, if you have the money.

The Chinese recently leased a large area, and built a massive military complex, complete with underground bunkers and 9 metre wide perimeter walls. The Americans, who have a huge military base a stone’s throw down the road, like to fly drones over it and take pictures. The Chinese complain about that, a lot.

African politics is like pro wrestling. A lot of violence, very little thought, and most of it is fake. When an African country has an election, generally what happens is whomever is the most violent, can control access to the ballot boxes, and kill the most supporters of the other side, thereby winning the vote. It doesn’t matter much anyway (because it’s mostly fake) and they just install whomever they like afterwards, and do anything they please. The winner will be one of the above mentioned two warring ethnic groups that can be found in pretty much every African country, the loser will be the other one.

The winner stays in power until the loser accumulates enough arms and weapons to stage another “election” and then, if they are fast enough and brutal enough, they just might win the “popular vote”.

Djibouti sits in a rather odd spot. It controls access to the Bab al Mandab strait, which contains shipping lanes, that the Chinese need for roughly half of their oil imports, and quite a bit of the rest of their shipping. It is also strategically important to the USA as it is the gateway to the Suez canal.

So, the situation that is currently developing in Djibouti is quite interesting.

The current ruling ethnic group (who, as usual, are crushing the minority group), have decided to get into commercial leasing. Their tenants are military bases, run by China and the USA, among others.

Now usually what happens in a situation where two large global powers are funding a small African country for military or commercial reasons, is that one of the two countries will run afoul of the small African country’s government. They will be asked to get out, and that country will support the other global power.

Africa being what it is, what then generally happens is the “kicked out country” will “fund the rebels” and you will end up with your usual African regional conflict, with one ethnic group being funded by the USA and the second by some other government (used to be the Russians, but in this case it will be the Chinese).

Look to Djibouti to be the next major theatre of conflict in the USA’s “war on everything”. The players will be the USA and China. The spoils will be a shipping route. The actual conflict will be played out between the usual two ethnic groups that always hate each other and are eager to fight. The motto will be “freedom”.

Stay tuned…….

#78 Yanniel on 06.09.19 at 11:08 pm

Maybe we should elect a comedian like Ukraine.

https://www.partyrhino.ca/en/

#79 crowdedelevatorfartz on 06.09.19 at 11:18 pm

@#48 Someone’s Dollar isnt my Dollar unless I tax that Dollar

Yep.
I was pleasantly surprised to see Cretien and Finance Minister Paul Martin balance the budget and pay down the debt….

Alas… the Spawn of Pierre is spending it thrice as fast….
Kind of negates any savings the previous Libs achieved

But why listen to me?

#69 IHCTD9 says it so much better.

” So the Libs cut income taxes, hand back a pile of what remains at tax time, and then blow BILLIONS more on non economic SJW garbage all over the place, and this dingbat caucus can’t figure out why they’re up to their eyeballs in red ink?”

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

“Transgendered toilets on every street corner in the world! Hurray!”

P.S.
In an elevator….I’m impervious to my own brand…..

#80 Doug in Londinium on 06.09.19 at 11:18 pm

Household debt is rising as tons of families borrow more to maintain what they’ve got.
————————————————————-
I don’t buy into that idea, never did and never will. Imagine all the world’s nuclear weapons were put into one place and detonated at the same time. The economy in Southwestern Ontario has taken off like that thermonuclear explosion. I see houses, not just any houses but big monster homes going up around the periphery of the city. Prices of houses in London, St. Thomas and area have gone up a lot in the last 3 years. I see a lot of new cars driving around. If things were really that bad and people were hard up for money they would cut back on the extravagant spending. I don’t see that happening. The economy isn’t that bad.

#81 Doug in Londinium on 06.09.19 at 11:25 pm

@Lorne, post #51:
What you said is what a lot of “experts” said here in the peanut gallery about REITs when they went on sale back in 2013. When I read a lot of complaints about an asset value is low, that tells me it’s on sale and time to load up if you don’t have exposure to that asset class already. Wow, Boxing Week in June!

#82 Ponzius Pilatus on 06.09.19 at 11:25 pm

I worked for 40 years.
Paid about about 800 k in taxes (compounded).
Now I get about 16k in pension income.
And I still have to pay taxes.

#83 OffshoreObserver on 06.09.19 at 11:45 pm

#25 Randy Randerson on 06.09.19 at 4:50 pm
Yup, that’s why I’m GTFO of Canada. Got my million dollar nest egg, and will be moving out of Canada in a year’s time to become a tax non-resident.

Suck it Trudeau, you will have 1 less doctor to tax.

I have been in Southeast Asia for almost 9 years: 30 year-old, inexpensive G.F., but she earned about $90K over the past 5 years for services rendered. She now has house run as “backpacker” hotel; 3 motorbikes, $22K 4 x4 and a restaurant. Next project is growing organic veggies by machine I am importing from China into Vietnam.

(Oh yeah: no common law where I am.)

I like sex but not the idea of alimony nor government enforced support regimes.

One always has to pay for the fairer sex. My simple rule of thumb is to budget my annual massage parlor expense of $400/week = $20K/YR.

———————-

BTW: $6,675.68 = line item on a Canadian’s per capita tax bill for OAS when annual expenditure is $257 Billion with 38 Million population.

I agree with the Doctor: none of these pundits, politicians or bureaucrats factor in the tax base erosion by fleeing people like me and the doc. Offshore Bonus: no Canadian GST on Foreign expenditures.

More later on triggering unrealized gains in portfolio. [I thought our host might address that topic…?]

#84 Bobby on 06.10.19 at 12:01 am

Idiots vote for idiots it seems.

#85 OffshoreObserver on 06.10.19 at 12:08 am

#70 The Great Gordonski on 06.09.19 at 10:17 pm

—————

Ditto, Brother!

#86 Jeff on 06.10.19 at 12:35 am

We are definitely in late-stage Democracy now.

#87 OffshoreObserver on 06.10.19 at 12:36 am

#9 That’s All, She Wrote on 06.09.19 at 3:09 pm

So, OAS as a line item on the Canadian taxpayer chit would be: OAS = $247 Billion/Year

#88 Smoking Man on 06.10.19 at 12:38 am

Just figured it all out. Just shy of 60 years old.

True Happiness = loving everyone. No matter how much they hate or love you. Try it dogs.

Feels real good. Best drug ever.

#89 Nonplused on 06.10.19 at 12:56 am

The thing about “self-employed” people, at least most of them if they are like me, it means they are now part of the gig economy and working part time when they can get a gig. I am not really self-employed, I get employed for gigs by certain companies when they have need of my services and am otherwise not on the payroll. So I am not sure what “self-employed” even means. I think it means “unemployed” but it sounds better. Who really works for themselves? “Self-employed” should be removed from the job statistics because the term doesn’t really mean anything.

There are some people who might have to be classified as “self-employed”, for instance the guy who owns a lawn care business, but he isn’t really self-employed he is employed by his customers. And he probably has a crew or crews doing the actual work, and they are employed by him.

A better measure for how the labor market is doing than so-called employment statistics would be total wages as observed by the CRA. Not only would it not require surveys, but it would include everyone (who files a tax return honestly). The unemployment rate would then be calculated by looking at the number of working age adults that filed no net income from working. But the more important number would be the total income from working for the nation, or selected regions if that is what you are looking at. This number would much better capture the effect that the market has had on people who used to be geologists but are now working at Home Depot. It would also capture the effect on people who haven’t had a raise in years, or had to accept a pay cut to keep their jobs.

No job is the same as any other job, and therefore the unemployment numbers are next to meaningless. The statistic has no ability to measure the number of Ph.D. graduates working part time at Starbucks. What we need to look at is something more like total wages earned divided by working age population. But I did some Googling and no such measure is available for anywhere. I imagine the central banks have it though, which is why they are cutting in the face of what looks like good employment numbers. More people are indeed working, but they are working shit jobs that don’t pay very well.

#90 Smoking Man on 06.10.19 at 1:15 am

DELETED

#91 Smoking Man on 06.10.19 at 1:23 am

When real woman were bad ass.

https://youtu.be/RdoLcgxvf98

#92 Dolce Vita on 06.10.19 at 3:26 am

Toronto Sun political columnist asks on Twitter (posted 16 h ago):

“With less than 6 months to go until the federal election what do you think will happen to @JustinTrudeau come October?”

The results (a statistically significant sample size):

https://i.imgur.com/6A74sno.jpg

Pity, he can’t count months (as of June 10, 133 days to go).

Mathematically and logically he is correct, 133 days is < 6 months, then again so is 2 days or 5 weeks or 1 Qtr. or 8 hours for that matter.

Accurate but not precise. Common sense at times, not quite so common.

#93 Dolce Vita on 06.10.19 at 3:26 am

Toronto Sun political columnist asks on Twitter (posted 16 h ago):

“With less than 6 months to go until the federal election what do you think will happen to @JustinTrudeau come October?”

The results (a statistically significant sample size):

https://i.imgur.com/6A74sno.jpg

Pity, he can’t count months (as of June 10, 133 days to go).

Mathematically and logically he is correct, 133 days is < 6 months, then again so is 2 days or 5 weeks or 1 Qtr. or 8 hours for that matter.

Accurate but not precise. Common sense at times, not quite so common.

#94 Jacques Pepin on 06.10.19 at 4:01 am

Trump is winning

https://www.cnbc.com/2019/06/10/china-appears-to-be-cutting-its-us-trade-surplus—commentary.html

But Mrs Butts-Morneau is at an impasse. It makes me want to print Gropers picture on toilet paper. I’ve never been this disgusted with an administration in my life, and I’ve been voting longer than Juliette has been alive.

Canada is losing. And if you believe that a sudden jump in employment is self employment you’re an idiot.

#95 Stock Market Speculator on 06.10.19 at 6:05 am

Why hand the country over to the Con/Reformers and ruralites from Alberta. Yes, give your head a shake before you cast that vote.

#96 The real Kip (Ret) on 06.10.19 at 6:09 am

“Ottawa is increasing to $1.4 billion a year the money it gives for women’s health and abortions just as Washington cuts off funding. Clearly, paths are diverging.”

You word like somehow the US is always correct. The fact we are investing in health care at a time when millions in the states struggle for basic health care is the right direction. Stop giving me reasons to vote for Trudeau, I already have enough.

The funds are not being spent on Canadian health care. – Garth

#97 jess on 06.10.19 at 6:17 am

outrageous where were the politicans! enforcement branch shut down

https://www.ctvnews.ca/w5/w5-investigates-massive-money-laundering-that-has-b-c-awash-in-illegal-cash-1.4287337

#98 Ace Goodheart on 06.10.19 at 6:38 am

RE: #94 The real Kip (Ret) on 06.10.19 at 6:09 am

“The funds are not being spent on Canadian health care. – Garth”

He’s right on that.

The money is actually being given to foreign NGOs, to go and spend as they see fit, to help Trudeau’s signature “women and girls” (ie, not little boys, who in the eyes of our Prime Minister, don’t qualify as “children” anymore).

If you’ve ever lived in third world countries, you will know all about NGOs. They are the girls and guys with the fancy Range Rovers, who hold all the really good parties.

They also like to “help out” in the local societies by providing money and stuff to people they consider “needy”.

In this case, women and girls.

#99 jess on 06.10.19 at 6:42 am

DELETED

#100 Steven Rowlandson on 06.10.19 at 6:50 am

“We are a nation of citizens whose loyalty is for sale.”

There is something wrong with this situation.

#101 YVR2ZRH on 06.10.19 at 7:29 am

I want to step in here because I think I share the same sentiment of many others – and this is regarding the use of “Xenophoic” and “Racist” when looking at the various taxes brought in by the BC government.

It’s difficult to hear educated people use this phrase as Garth has done above. It’s somewhat similar to words coming from the leader of the Liberals in BC. I am very right leaning – don’t get me wrong – but I am young and professional, and even with mid 6-figure salary, I am caught in this real estate craziness. I would never – ever – in a million years – vote for a government who would want to remove these taxes. That is a wedge issue that many of my cohort also feel.

Speak to any of my colleagues – who are in similar financial position – and they hear the words similar to what Garth has said and these words sound completely “disconnected and out of touch with reality” and a sign that Garth (and others) just completely don’t get it. Perhaps it is a generational gap.

It’s not about race, it’s not about wealth – it is about the use of the property. Those who are not a resident – regardless of race (including non-Resident Canadians) must pay additional taxes on residential property in areas where there is seen as insufficient supply. This type of tax is common around the world in may places. The land of the country needs to be used in the most efficient way. City centres are no longer going to be for vacation homes (or Air BnB). This is just the way things have to go if you are going to continue to have the city be a place for people to live and work.

The policies brought in recently are completely intended to first, eliminate the demand from non-residents – regardless of where they are from or who they are – and to allow the price to then adjust to what would be seen as the price commensurate with the local income distribution (or wealth of residents). If they are successful – the policies will essentially also force the non-resident owners to either rent the property full time or sell – but not live in it. (I am in Switzerland – I know many people here who are selling their BC properties now because of the tax change. These are Canadians too. . not Chinese – or Norwegian – well maybe one is Norwegian actually.)

People can continue to throw the racist and xenophobic words around but in the street – these words ring silent and give the impression of someone who is not paying attention to the reality of the situation.

And – it is clear that BC and the city of Vancouver have now said categorically – it is not ok to own property in high-demand areas of BC without either using it as your permanent residence – or paying a surcharge – take it or leave it – – it’s what the population overall desires. It’s also not likely going to change either because any party who plans to change that will not be elected.

‘Xenophobic’ (a word I use correctly) does not mean ‘racist’ (a word I avoid). Of course it is xenophobic to have laws which discriminate against people who may live next door to you but also live elsewhere. Offshore money did not make Van houses unaffordable (there’s overwhelming statistical evidence of this), and legislated discrimination will not make real estate accessible to the masses. But it will send out a lasting, strong signal that you are, yes, xenophobic. There are always unfortunate consequences to such a myopic stance. – Garth

#102 jess on 06.10.19 at 7:43 am

fake degrees
The college’s website markets it as “The Affordable & Quality Health & Wellness Training Institute for Everyone!”

Qin says that before she enrolled in the massage program, she was told she would be able to write insurance receipts for her clients, according to the tribunal’s decision.

https://www.cbc.ca/news/canada/british-columbia/red-flags-bc-massage-school-diploma-decision-1.5167458

#103 jess on 06.10.19 at 7:47 am

…”Wang didn’t deny issuing a diploma to Qin on the same day she paid her tuition, without giving her any training. But he alleged she wasn’t worried about providing insurance receipts. Instead he claimed she was mainly concerned with qualifying for a mortgage on a new condo and needed proof she could earn additional income.”

https://www.cbc.ca/news/canada/british-columbia/red-flags-bc-massage-school-diploma-decision-1.5167458

#104 not 1st on 06.10.19 at 7:58 am

#73 The real Kip (Ret) on 06.09.19 at 10:44 pm

Guess if we cant export our oil, then exporting abortion is the next logical market right? Imagine some country gets funds from us to help them off their own populations. That’s really helpful isn’t it. Maybe the message is you are too poor for us to help out so Canada will just help you kill some of the next generation.

Progressive logic at its best.

#105 715451 on 06.10.19 at 8:01 am

Sometimes I look around at the people who have nothing and see that they seem to be the happiest. They don’t worry about taxes and they own nothing that can be taken away from them. They live a simple life and spend more time with family and friends.

#106 crowdedelevatorfartz on 06.10.19 at 8:22 am

@#80 Pilates Prattle
“And I still have to pay taxes.”
+++++

The Canadian Govt is using your money for incredibly important things like funding advertising for Women’s World Cup Soccer…….Because if they didnt…..no one would realize it actually existed.

Feel better now?

#107 crowdedelevatorfartz on 06.10.19 at 8:27 am

@#74 Renters revenge
“But what happens when the portion of the population that pays no net income tax reaches 51%?”

++++++

All the social “justice” warriors will clap their hands at the “fairness” of it all and celebrate.

Kinda reminds you of the ant and the grasshopper with winter coming…….

#108 crowdedelevatorfartz on 06.10.19 at 8:44 am

@#72 Lobsterman
“Also, does anybody have an idea on the total amounts of Fed’s claw-backs in a typical tax year?”

*****

I have a relative that recieves a pension , some money from investments, CPP and OAS.

They bank all their CPP and OAS and pay it all back plus a little bit more every year.

I expect the same will happen to me when I retire.

Savers are punished in this country.

P.S.
Your name is very politically incorrect.
It should be Lobsterperson.
Or Lobster Harvester
Or Crustacean Culler
Never, ever identify your sex in these politically correct times. It makes you a target.

#109 IHCTD9 on 06.10.19 at 8:53 am

#78 Doug in Londinium on 06.09.19 at 11:18 pm

“I see houses, not just any houses but big monster homes going up around the periphery of the city. Prices of houses in London, St. Thomas and area have gone up a lot in the last 3 years.”

Move up buyers, GTA retirees and escapees, it’s happening all over outside Toronto.

“I see a lot of new cars driving around.”

7-10 year financing and leases – especially of luxury cars. This goes for pretty much everything reasonably expensive you can name. You can finance a new freaking lawnmower these days. Yamaha offers 1.99% financing on a new ATV. Some cars get 5-7 year financing at 0% (yes, free money).

“If things were really that bad and people were hard up for money they would cut back on the extravagant spending.”

It’s not spending – it’s just debt accumulation. Terms keep getting longer and longer, and rates are dirt cheap. The load up potential is massive. Folks want what they want right now. If there was no cheap credit and no long term financing, all these folks would have almost nothing of what they currently “own” (and our economy would implode).

“I don’t see that happening. The economy isn’t that bad.”

One day, these debt mules will have to weld their wallets shut, and finally start picking away at it. Just a matter of time. Consumer spending is 60% of our GDP. That’s when the economy starts getting bad.

#110 dharma bum on 06.10.19 at 9:03 am

You can bet that by the year 2030, Canadians will begin seeing MASSIVE tax increases. Our grandkids will eventually be paying approximately 65% of their incomes in tax, to fund full on socialism and the bogus and goofy special interest groups that keep cropping up.
Future OAS?
Most of it will be clawed back based on a means test.
That means if you have a pulse.
For those that still qualify, it might cover a few days of
medicinal weed.
The good days are over.

#111 hYper on 06.10.19 at 9:30 am

A brilliant ploy. Keep the central banks on task of carrying on with the drug of choice – cheap money. Central banks are simply perpetual debt machines run by X. The goal has always been to enslave people.

As we become more enslaved to debt we ultimately become dependent on X. We are moving towards being completely subservient to X. Governments at all local levels are equally enslaved and are shadow run by X. And The mainstream media (also controlled by X) has done a fantastic job of brainwashing the general public.

Think about if folks. Financial bondage. Elimination of free speech. Elimination of free thought. The X machine doesn’t sleep.

#112 Ponzius Pilatus on 06.10.19 at 9:35 am

In case you wonder what’s going on with the gas price in Vancouver:
https://theprovince.com/news/local-news/gas-station-shenanigans-reason-for-wild-price-differences-in-vancouver-on-sunday/wcm/65ba4fa4-c968-4239-83cc-3921c34bd00a

#113 The real Kip (Ret) on 06.10.19 at 9:39 am

#102 not 1st on 06.10.19 at 7:58 am
#73 The real Kip (Ret) on 06.09.19 at 10:44 pm

What does oil exports have to do with women’s health? Are you that stupid? Canada has long supported this cause and of the $1.4-billion there will be $300-million for reproductive health including abortion. Stop being a mouthpiece for Garth and again, please, stop giving me reasons to vote for Trudeau. I already have enough!

https://www.google.ca/amp/s/www.thewhig.com/news/local-news/ottawa-announces-10-year-1-4-billion-annual-spending-on-women-and-childrens-health-rights/wcm/74f7a070-22a0-4958-9341-31f8aedb481b/amp

Actually $300 million in new funding will be for reproduction services, including abortion. The total in this area will be $700 million. As stated, none of this money will be spent on health care within Canada. – Garth

#114 IHCTD9 on 06.10.19 at 9:48 am

#74 Renter’s Revenge! on 06.09.19 at 10:45 pm
But what happens when the portion of the population that pays no net income tax reaches 51%?

Yikes. Scary thought!
___

It’s 100% guaranteed to happen without some changes, and it won’t be too long either.

Single motherhood will drive it there all on its own. This is the real reason for the CCB (single parenthood). An unemployed single parent gets about 30 grand per year – tax free – from CCB! That’s way better than working for minimum wage.

Everything you read says single motherhood is going to be the new normal. Right now, about 30% of single mothers don’t even work, so they all cash those 30K cheques! I know folks with paid off houses and great incomes that are raking in 12-13K in annual CCB because of 3-4 kids and low net incomes. Hell our income is about 125K, with only two kids (teens), and we’re STILL getting over 4K CCB! I was told last year of a young Woman with 4 kids raking is about 50K (again, 100% tax free) between CCB and child support/alimony!

We’re living in a Circus, and all the taxpayers have been dressed in clown suits.

I have to assume that these big payouts are also going to have an incentivising effect as well. The CCB is going to be a massive problem for future governments – and it’s going to show up like a hurricane. They must know this in Ottawa…

…and what are they going to do when it does? Tell all the single Moms they can’t have their money anymore?

Seriously, if we end up with too many more bird brain PM’s like Trudeau and similar dunce cap wearing ministers – Canada is going to be permanently ******!

#115 IHCTD9 on 06.10.19 at 9:54 am

#111 The real Kip (Ret) on 06.10.19 at 9:39 am
#102 not 1st on 06.10.19 at 7:58 am
#73 The real Kip (Ret) on 06.09.19 at 10:44 pm

What does oil exports have to do with women’s health? Are you that stupid? Canada has long supported this cause and of the $1.4-billion there will be $300-million for reproductive health including abortion. Stop being a mouthpiece for Garth and again, please, stop giving me reasons to vote for Trudeau. I already have enough!

https://www.google.ca/amp/s/www.thewhig.com/news/local-news/ottawa-announces-10-year-1-4-billion-annual-spending-on-women-and-childrens-health-rights/wcm/74f7a070-22a0-4958-9341-31f8aedb481b/amp

Actually $300 million in new funding will be for reproduction services, including abortion. The total in this area will be $700 million. As stated, none of this money will be spent on health care within Canada. – Garth

_____________

Good grief Kip…

Stop giving me reasons to think you’re a total moron…

#116 ww1 on 06.10.19 at 10:04 am

#55 unbalanced on 06.09.19 at 7:52 pm
So tell me. Where do the OAS payments come from?

CPP payments are “funded” by payroll deductions. You have to contribute in order to eventually get a pay out.

So it kind of balances out.

OAS payments comes out of general revenue (i.e. your Federal Income taxes). There is no requirement to contribute anything in order to get a pay out.

#117 SunShowers on 06.10.19 at 10:04 am

Corporate pensions will continue to erode.

——————————————

Now you’re touching on the issue. Canadians are being paid less. Worker compensation has lagged productivity for decades, resulting in our atrocious wealth gap, and since private companies are refusing to pay employees their fair share, the employees are turning to the government to make up the difference…hence spending.

I see 2 possible ways forward.

Either the government intervenes MASSIVELY in private enterprise, dictating not just a minimum wage, but dictating how much employees SHOULD be paid. It’s a nice idea, but I don’t think it’s very realistic.

OR

Tax large businesses much higher, tax financial transactions, tax assets, tax consumption (and rebate it to poor people as we currently do), tax literally anything besides income, and redistribute it directly to citizens through a UBI program of sorts.

#118 Re-Cowtown on 06.10.19 at 10:11 am

#93 Stock Market Speculator on 06.10.19 at 6:05 am
Why hand the country over to the Con/Reformers and ruralites from Alberta. Yes, give your head a shake before you cast that vote.
+++++++++++++++++++++++++++++++++

Not often that a person self-immolates in public. Well done… or maybe medium rare…

#119 IHCTD9 on 06.10.19 at 10:32 am

#108 dharma bum on 06.10.19 at 9:03 am

You can bet that by the year 2030, Canadians will begin seeing MASSIVE tax increases.
___

100%. If there was ever a question that this might happen – it has been erased over the last ~3.6 years.

Trudeau has blown BILLIONS on garbage with a $0.00 ROI. He’s chased similar BILLIONS of investment dollars out of the country as well with his cement headed policy mistakes. He’s made commitments and program changes that have resulted in BILLIONS more in losses, and we’ll have to eat these financial sh!t-sandwiches every year.

Two choices – gigantic tax increase alongside big cuts soon – or eventual currency destruction later.

#120 PastThePeak on 06.10.19 at 10:36 am

#39 Jager on 06.09.19 at 6:07 pm

Excerpt:
“Did you know? The purported 97% scientific consensus on climate change was pulled from thin air.”
+++++++++++++++++++++++++++++++++++

Well, not exactly pulled out of thin air. Just completely misrepresented from source material of a dubious nature:)

It came about from a “study of studies” (a survey of previous climate papers) in 2004 (and others like it afterwards). The basic methodology was – if a paper makes an explicit claim that warming is caused by humans (CO2) to an extent of 50% of more, then it was consider a positive stat (and if explicitly not, then in the negative camp).

Most papers didn’t take a position one way or the other, but the authors of these studies claimed that most that took a position were in favour, and from this was derived the “97%”. There has been many pushbacks on this (as it is subjective to understand what is meant).

What is 100% true:
– There has never been a “survey” of scientists asking them any question. It has only been studies of papers.
– The implication is that “all scientists in the world” agree – when this was never the case.
– Obama’s campaign team were the ones to state that “97% of scientists agree that climate change is real, its here, and it is dangerous”. That was 100% made up.
——
It is this kind of extremely “unscientific” approach taken by the alarmist side that has made me very skeptical. Distorting facts, deliberate lying, not sharing underlying data, failed predictions, not following the scientific method,…. Frankly I am surprised that any “thinking” person can endorse the movement as it is.

Wake me up when Climate Barbie eases off the jet travel and starts biking to parliament hill…

#121 Doug in Londinium on 06.10.19 at 10:46 am

@IHCTD9, post #107:
Interesting analysis of the situation. However I’ve been hearing for many years now about how the economy will implode with all this debt and it hasn’t happened yet. It’s like if there are false operations of a fire alarm every day for many days you learn to ignore it. I’m not overly worried, but have moved more money into fixed income investments, just in case.

#122 Oh Canada, I weep. on 06.10.19 at 11:23 am

Trudeau’s international reputation is now exposed as vile.

https://weshruby.wixsite.com/sharethetruth/post/globalist-plan-to-destroy-canada-s-sovereignty-hits-wall-with-nationalists-defending-the-nation

How much more damage can this puppet do?

#123 Damifino on 06.10.19 at 11:23 am

#77 crowdedelevatorfartz

You have fed a troll. Conserve your keystrokes and let it (non-gender) forage for its own sustenance.

#124 not 1st on 06.10.19 at 11:30 am

We need to thank kip. He just revealed to everyone the average low information voter in this country. Bad enough we are aborting our own population, we need to do it to some other country as well. Hey we might just happen to abort the next Einstein but that’s ok. And the 50% of little girls getting aborted, well that’s reproductive rights for women isn’t it now.

#125 yvr_lurker on 06.10.19 at 11:41 am

# 99 YVR2ZRH

—–
My sentiment indeed. I don’t think the BC liberal leader Wilkinson has a prayer of beating the NDP in greater
Vancouver riding on a platform of removing the foreign buyer and speculation taxes. That will be the key dividing issue. As long as the BC economy remains in decent shape even with less house flipping (and less revenue from transfer taxes), I don’t see much support for removing these measures to curb speculation. As I recall a few years ago when these measures were being introduced, right-wingers were saying it would crash the BC economy….careful what you wish for was the mantra… don’t see any financial collapse happening in BC with the Government coffers….

#126 Re-Cowtown on 06.10.19 at 11:44 am

As was pointed out to me recently the Prairie vote is not that indifferent from the black vote in the US. It goes almost invariably and predictably in one direction, meaning that it is perpetually ignored without consequence by one party and taken for granted and perpetually unrewarded by the other.

In neither case do the Prairie dwellers get much of a say in anything. Quebec has the right idea; only vote for those that will give them the most stuff.

#127 Robert Ash on 06.10.19 at 11:49 am

Sadly I feel, numbers 25, 26, 27, 30 and 47 echo my sentiments, and the frustration for me, is that most of these poor policies just don’t need to happen. All Canadians should pay some income tax….. for no other reason, to allow everyone ” On the Team” to be included and get some playing time,… be part of the Mix.. There is a major problem in Canada, we are governed by a Central Government that is too far away… If you are out west… The Country should be governed East and West Regions… better focus, and more specific programs, and accountability… and the real prize, the electorate, feel represented, and included…. Part of the Team…

#128 Candy Smythe on 06.10.19 at 11:59 am

Moman123, I am too a fiscal conservative and would like the Conservative party of Canada, Scheer to make sure all social benefits are taxed Child tax benefit, G.S.T. credit, Guaranteed income Supplement and similar provincial benefits, WSIB or workers comp., welfare and other benefits tied to them like OSDP and others across the country, government workers benefits taxed as well as there are many from funeral expenses paid up to $10,000, pensions, dental, life insurance, etc.

Going by what the Liberals, NDP, lefties it is only saying paying your fair share of taxes. These benefits are not from direct contributory money like C.P.P, these are freebies from other peoples pockets through taxes, lower interest rates and other means costing those who pay most of the taxes etc. personal income taxes from personal income tax payers which is 67% pf all of Federal government tax revenue.

Only about 35% of all taxpayers pay for all the services, benefits, pensions etc. in Canada and its provinces, agencies etc.

#129 Yuus bin Haad on 06.10.19 at 12:03 pm

Whenever I use a plastic drinking straw, I go out-of-my-way to throw it in a river.

#130 TurnerNation on 06.10.19 at 12:05 pm

Further for homeowners, prospective ones.
In USA some area they no longer charge for theft under $750.
Here in Kanada they charge but offence gets thrown out.
If you dare defend your home or property you’re going to jail for a long time. Got it?
Welcome to open air kamp.

https://www.cbc.ca/news/canada/nova-scotia/crime-shoplifting-court-justice-delays-1.5153828

#131 sharie speers on 06.10.19 at 12:11 pm

Assessment Jubilee

What if the six big banks co-ordinated a blanket reassessment of properties in bubble areas, lowering them by 50%? To offset the lowered equity, mortgages would also be halved and home equity lines of credit forgiven and eliminated.

This whole insanity was born of independent mortgage brokers fraudulently goosing the income statements of potential clients. The banks turned a blind eye and everyone got a mortgage.

By agreeing to work together, any losses the banks would have would be paper losses. This might impact bank stocks temporarily but the economy overall would become more stable. This was all false equity based on everyone lying.

#132 not 1st on 06.10.19 at 12:21 pm

Remember, this is what kip is voting for.

https://twitter.com/Canadabuster/status/1138083509048881152

#133 not 1st on 06.10.19 at 12:29 pm

And a chance to shame simple Canadians again about the environment. Canada has curb side garbage and recycle programs to land fills where its buried.

So where is the plastic coming from? Yup, you guessed it again.

https://www.weforum.org/agenda/2018/06/90-of-plastic-polluting-our-oceans-comes-from-just-10-rivers/

the Yangtze; Indus; Yellow; Hai He; Ganges; Pearl; Amur; Mekong; and two in Africa – the Nile and the Niger.

#134 Steven Rowlandson on 06.10.19 at 12:34 pm

RE: YVR2ZRH

Real estate must be for citizens only as a place to live and not as some get rich investment. Some serious limits have to be put on the price especially the resale price. I would like to see the day when there are no rooms for rent,no apartments for rent because there are none in Canada. Most if not all homes go for equal to or less than 3 years pay at one minimum wage. Most realtors are in the closet or out of business and all monopoly games burned.

Sounds like you would have loved East Germany. – Garth

#135 Y. Knott on 06.10.19 at 12:34 pm

#15 That’s All, She Wrote on 06.09.19 at 3:41 pm

If that’s too onerous for you, please publish my comments unedited or not at all, a courtesy I hope you would extend to all of your contributors.

Get over yourself. – Garth

That’s All – his blog, his way. You could always start your own blog…

#136 not 1st on 06.10.19 at 12:38 pm

And lets finish the day with climate change.

USGS removes signs in Glacier National Park that glaciers will be gone by 2020. Now they will be gone in 2080…or so.

https://dailycaller.com/2019/06/07/national-park-glacier-warnings/

Yet right across the border, Canada warming 4x faster than the rest of planet.

#137 Dissident on 06.10.19 at 12:59 pm

#111 The real Kip (Ret) on 06.10.19 at 9:39 am
#102 not 1st on 06.10.19 at 7:58 am
#73 The real Kip (Ret) on 06.09.19 at 10:44 pm

What does oil exports have to do with women’s health? Are you that stupid? Canada has long supported this cause and of the $1.4-billion there will be $300-million for reproductive health including abortion. Stop being a mouthpiece for Garth and again, please, stop giving me reasons to vote for Trudeau. I already have enough!

https://www.google.ca/amp/s/www.thewhig.com/news/local-news/ottawa-announces-10-year-1-4-billion-annual-spending-on-women-and-childrens-health-rights/wcm/74f7a070-22a0-4958-9341-31f8aedb481b/amp

Actually $300 million in new funding will be for reproduction services, including abortion. The total in this area will be $700 million. As stated, none of this money will be spent on health care within Canada. – Garth

– – – – – – – – –

Abroad!? Can’t they spend more within Canada instead? Like, maybe increase their IVF funding program for Canadian couples who really need it? (Yes, I know that’s a provincial program, but c’mon, spread the $ around. *Ahem*)

I am all for supporting women’s reproductive health on all fronts, but c’mon, spend on your *own* people first.

#138 Ubul on 06.10.19 at 1:05 pm

#129 sharie speers
Assessment Jubilee

—–

That would mean the acknowledgement that banks were incompetent doing their own job. It’s not gonna happen.

Municipalities are also addicted to higher property taxes now, doubtful that they want a haircut.

#139 Good Article on 06.10.19 at 1:22 pm

#135 Dissident – I read the article you posted, but it left something out. The PM made an additional funding to the Vancouver feminist group. I assume he forgot we have other Provinces in Canada too. This becomes inequality in action, rather than his words.

#140 slowly boiling frogs on 06.10.19 at 1:50 pm

#70 The Great Gordonski on 06.09.19 at 10:17 pm

I looked at CGI Group for example bouncing over $100 last week. It was $15 when I bought it three years ago.
—————————————————-

I don’t what you’re smoking. I work for CGI and the stock was still over $60/share in 2016.

#141 slowly boiling frogs on 06.10.19 at 2:15 pm

#108 dharma bum on 06.10.19 at 9:03 am

Future OAS?
Most of it will be clawed back based on a means test.

———————————————–

OAS is currently means tested. It starts getting clawed back if you make over $75,000. The claw back increases with any increase in income and drops to zero once you make over $125,000.

Some folks earning close to $125k still working in their late 60’s have showed me the letter they got from Service Canada explaining the claw back and the couple of dollars a month that they will still be receiving. It probably costs the government more for the letter, postage and processing.

#142 Blacksheep on 06.10.19 at 2:48 pm

Steven # 132,

“I would like to see”

“Most if not all homes go for equal to or less than 3 years pay at one minimum wage.”
——————————————————-
That right there, is some pretty humorous shit…

How old are you, like seven?

Wait, that’s not fair to the seven year old as I think even someone that age could grasp the very basic concept of, demand VS supply.

#143 Dorothy Hutchson on 06.10.19 at 3:10 pm

I think a great idea would be to start charging a per person tax of $200 a month for anyone that does not pay any income tax. This should make up a for the big gap of getting supposedly free social services, benefits to start.

This tax can be easily applied to anyone that uses electricity, a device or some other item they can’t live without. It is about time people be shown the connection between getting something and has always had a cost. Nothing is free in life. It just looks that way.

#144 Lobster Man on 06.10.19 at 3:17 pm

#106 – crowdedelevatorfartz,

Thanks for your comments.

“Lobster Man” is the name of a seafood store in Granville Island, Vancouver BC.

I don’t own the Store, so I can’t really change the name of the Store. But I’ll certainly pass on your comments to the Store owners.

LM

#145 jess on 06.10.19 at 3:21 pm

UK- HMRC’s ability to investigate and prosecute taxpayers has been strengthened as the volume of data it receives on individuals’ offshore bank accounts from jurisdictions such as Bermuda and the Cayman Islands has increased, providing insight into the movement of cash and assets offshore.

It has also benefited from access to information on offshore taxpayers’ accounts provided under the Common Reporting Standard, which came into force from September 2018. This is now being extended as more countries start to exchange information; Switzerland and the United Arab Emirates (UAE) will start to exchange information with the UK later this year….

https://www.accountancydaily.co/prosecutions-top-1000-hmrc-focuses-tax-evasion-individuals

#146 James on 06.10.19 at 3:41 pm

And now for some entertainment this evening.
Mueller found 77 lies and falsehoods from Trump and his team. Astounding only 77?

https://cdn.cnn.com/cnn/2019/images/04/18/mueller-report-searchable.pdf

#147 crowdedelevatorfartz on 06.10.19 at 4:13 pm

@#142 Lobster Man
No worries.
I know the store well.

I was there a few years ago when one of the kids was trying to “catch” the lobsters I wanted in the tank.
He had gloves and tongs to grab it.
After 3 minutes of fruitless chasing I reached in and grabbed the ones I wanted barehanded.
” You’re not supposed to do that!”
” I’ve baited, trapped ,hauled, gauged, banded and weighed 1000’s of pounds of lobsters on the East Coast…I think I can handle a coupla lobsters with elastic bands on their crusher claws…..”

It pained me to pay $15/lb for those suckers when I used to grab them for free at the end of the work day…. but they were good

#148 jess on 06.10.19 at 4:15 pm

“£80m and held by offshore companies.

Investigators are looking into the funds used to purchase the properties.

Interim Freezing Orders have also been granted which means that the properties cannot be sold, transferred or dissipated while the investigation continues.

Andy Lewis, Head of Asset Denial at the NCA, said: “This is the second time the NCA has successfully secured UWOs since the new legislation was enacted. They are a powerful tool in being able to investigate illicit finance flowing into the UK and discourage it happening in the first place.

“The individuals behind these offshore companies now have to explain how the three properties were obtained.

“The NCA will not shy away from complex and detailed investigations against high profile individuals and professional enablers.”

https://www.nationalcrimeagency.gov.uk/news/nca-secures-unexplained-wealth-orders-for-prime-london-property-worth-tens-of-millions

#149 Kelly Shanefeld on 06.10.19 at 4:20 pm

Here in Winnipeg my local credit union Westoba rep guarantees me a term deposit/GIC rate that our spousal RRSP’s, RRSP’s current balances is $651,755 will earn compound interest of $25,000 a year for the next 10 years.

This looks decent for fixed income these days. A 3.8357% year return. We currently work full time in our 50’s and earn a combined $75,000 a year. This is 4 months of our pay per year in RRSP interest.

You should reasonably expect to double the invested money in a decade. GICs are a poor choice, and have been for many years. – Garth

#150 espressobob on 06.10.19 at 5:01 pm

#21 Mark

Most of us understand the pain in owning prefs like ZPR or CPD.

This is an asset class were you park profit from rebalancing. Personally use a DRIP so the monthly distribution is reinvested in more units of the fund at varying prices.

Over the long haul you just never know? Patience is a virtue playing this game.

#151 Tomas Moore on 06.10.19 at 5:39 pm

I thought fixed income was supposed to get a lower return than equities over a decade. The almost 4%, 3.857% seems realistic and very good for a GIC or other guaranteed investments usually a government bond.

It is not supposed to double in 10 years. This is a 7.15% annual return. I wish I had a steady $25,000 a year interest coming in my RRSP each year.

#152 Tony Sandersaul on 06.10.19 at 7:15 pm

What is with the GIC lovers today. I guess if you have a large sum of money in GIC’s it makes them feel good. It is better than being in debt and having an expense, high maintenance property, property taxes, gas, electricity, insurance, repairs etc. The only problem is GIC’s don’t keep up with a higher lifestyle and higher cost of living for many Canadians.

If you are content with $25,000 in interest and C.P.P., OAS bringing a couple say another $25,000 to $30,000 a year then okay. Most people would want more than $25,000 from $650,000+ from their investment.

#153 Randy Hayes on 06.10.19 at 8:26 pm

GIC’s today are not GIC’s when I was a young adult. I was getting 13%, 15% rates for 1 or 2 years not even 5. I look around online and the best GIC rates are 3.15%, 3.2%, 3.25%, 3.3%. These are for 5, 7, 10 years.

The only thing that is better is the taxation part with TFSA’s, I guess a 3.3% compounded return becomes 3.835%per annum is equivalent to a 8.25% to 8.5% annual return outside a TFSA, fully, highest marginal tax rate in Ontario, Quebec 54% to 56%.

I don’t even see a 4.75% to 5% GIC coming back soon before there was in 2007-2008 financial crisis.

#154 Phil Emberley on 06.10.19 at 9:08 pm

My FA told me that as a non-resident of Canada, I would not qualify for OAS. I am 55 and have lived in Canada all my life. Is he right?

#155 The Great Gordonski on 06.10.19 at 11:02 pm

#140 BF, lol, thx for the reminder, having bought my first 10,000 shares of CGI at $15 makes my writing hand giddy. I have added along the way and have a mountain of your stock, love it. Keep up the good work! Let’s talk again at $200.00 Thx for adding to my prodigious wealth. It’s been picking great stocks like GIB. A early that has allowed me to live my lazy vagabond lifestyle of swimming pools and young bikini afternoons. All without Trudeaus dope thx. Best wishes, get to work, make me more money.

#156 Traford on 06.11.19 at 7:47 am

jobs numbers (28,000 last month, lots of self-employed), could a good part of this number due to UBER and LYFT ride sharing services?