How much will taxes pop?
Some of the answer will come Thursday morning. The Parliamentary Budget Officer is an independent guy, not part of the government, the PMO or Trudeau’s Liberal caucus. In short, he has creds. So what the PBO will announce in the morrow should be taken seriously.
Three weeks ago, amid a gush of federal virus spending, the PBO estimated the federal deficit would be an eye-watering $184 billion. That’s the amount the government must borrow to cover excess spending in a single year. The new estimate will top $200 billion. And Trudeau continues to spend.
The country’s current federal debt is $715 billion, growing $75.8 million per day. Adding $200 billion in a single year is unprecedented. Staggering. The previous record belonged to Stephen Harper, who spent $56 billion above revenues in order to survive the 2008-9 financial crisis.
So what happens when a country increases its debt by almost a third in the space of 12 months?
“Let’s hope this spending is temporary,” the PBO says. “Otherwise it is unaffordable. Had you asked me two months ago if we would be contemplating a deficit of close to $200 billion, I would have said that somebody is smoking something very strong.”
So time to talk about the post-pandemic nation that we will inhabit. What will it look like? How will the new normal operate? As provinces take halting steps towards letting people shop and work, where are we headed? For how long will civil liberties be curtailed and behaviours forced to modify?
Here are some thoughts on what comes next:
Somebody has to pay for all this.
Taxes are going up. Accountants are bracing for the creation of yet another tax bracket, skimming up to 60% of incomes of the top 1%. But that won’t pay for much, since we have a dearth of rich people. Look for a bump in the capital gains tax inclusion rate, real estate levies, more means-testing of benefits and possibly an inheritance tax. For starters.
Personal service is doomed.
Scotiabank employees got a memo this week saying: “Our ‘new normal’ is unlikely to be us resuming our ‘old normal’ in terms of how and where we work.” That means not re-opening hundreds and hundreds of bank branches which BNS and the other guys closed in late March. It’s a golden opportunity for corporations to slash employee overhead and dump costly real estate, pushing clients online and forever ending much human contact.
Shopping won’t be fun.
Malls are dead. They’ll be the last retail areas to open, with restrictions and a lot of shopper hesitation. Mall landlords are choking, but restaurants are simply dying. Social distancing means no more will Timmy’s be the community hub nor will people wish to fine-dine when served by a comely babe in a mask and gloves. Get used to lining up for urban grocery stores.
Small business whacked.
Almost 80% are shut now and four in 10 won’t open again, says the CFIB. Online shopping weakened this social backbone and the virus broke it. What a profound, sad loss it will be when the small-scale entrepreneur class is forced down.
Fewer offices. Dead downtowns.
White-collar corps have learned to handle remote workforces over the last six weeks. Zoom is the new god. Commuting is done. Dogs love it. Companies will seriously reconsider vast, expensive downtown offices. Spoke-and-wheel organizational structures will emerge. City-center streets will empty. Urban transit routes will thin. Downtowns will never again be what they were so long ago. In February.
Real estate migration.
It’s already on. Less appeal to living in a congested area when the virus turns into a seasonal and recurring threat. A renewed interest in the burbs and beyond. Single family houses, not concrete towers full of strangers. The ability to control your space, safeguard your family and not have some degenerate sneeze on you. Besides, since you don’t need to commute DT any more, why not be safe?
Some will never work again.
Before Covid we had 5% unemployment. Now it’s 15%, maybe more. Many stores and eateries are done forever. Companies like the banks downsizing. Hotels, airlines hobbled for a long time. It’s likely the jobless rate will be double-digits for a while. Maybe it’ll be structural. How will these folks be supported?
The spigot can’t be shut.
After politicians turned off the economy, they had to support the people they idled. Thus, a $200 billion deficit, as the direct deposit tsunami gushed out of Ottawa. Everybody who wanted some got cash. But how does it end? How does the government just turn it off when the economy may take years to reflate? Are we many steps closer to a Universal Basic Income? If so, who pays the staggering, recurring cost?
Less freedom.
A video surfaced this week of the nation’s medical goddess, Dr. Theresa Tam, once musing that in a pandemic citizens should wear personal identification and face forced vaccinations. Current opinion polls show a scared populace might now find that acceptable. Fewer freedoms likely lie ahead. Sadly. Some countries use apps to track every citizens’ moves. Crippling news for philanderers. And cowboys.
More Trudeau.
In mere weeks the pandemic has changed politics dramatically. Terrified by governments and media, Canadians have rallied around leaders as in a war. Trudeau’s 74% approval rating is unheard of for a modern leader – even as he has broken electoral promises, been caught in a black-face past, brought on a debt storm, manipulated justice, raised taxes and now shuttered the economy. If he calls an election this fall, Canada will have a majority Liberal government.
Looks like a certain pathetic blog will be busy. Gather the horses. We ride at dawn.
317 comments ↓
FIRST
What a rightwing windbag you are.
WHO Endorses Sweden’s Lockdown-Free Approach To Tackling Coronavirus: Live Updates Please no more flip flop this is the end of following un-elected governance Found this on Zeroguy
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
And with nothing of substance to say or reasoning to back up your ridiculous claim, you’re just a mindless windbag. Get back on Twitter or Reddit or wherever your ilk congregate. Pathetic.
the big debt will be neutralized with hyperinflation down the road, this will stiff our creditors and impoverish the citizenry, war with iran/russia/china quickly follows….happens no later than 2025.
Regarding: Real estate migration.
I’m not so sure. The previous exodus of folks to the burbs happened at a time when cities had not yet sprawled and commutes were still short. Today the growth of suburbia and reliance personal vehicles has resulted in crippling traffic that is (or should be) a strong deterrent. And many will still have to go in to the DT core to work. Plus, if all the doomers are correct that condo prices will drop, it will be really cheap to live DT.
Personally, I’d love it if the boring family types oved their kids and black labs to the burbs. It would be great if all the empty DT condos became populated with young creatives or somehow an otherwise more vibrant population. Vancouver is the most boring place in Canada and I’d argue that it’s directly proportional use of real estate as a (former) cash cow.
Regarding: The spigot can’t be shut.
It’s true that once entitlements are in place it’s politically difficult (or impossible) to claw them back. Consider this though: those dollars don’t just evaporate. They will be spent and some of the money will spread through the economy and help it stay strong. The rest will percolate up the wealth ladder. The problem for Canada is if any that percolation happens up the wealth ladder to foreign corps. That will evacuate dollars from our economy and make UBI a permanent drag. So, if UBI, then there needs to be some protectionist measures put in place to ensure the $$$ stays in Canada.
With due respect to Garth, I doubt taxes are going up. Certainly not before the next election anyway. As Garth points out, there aren’t enough rich people to tax. The middle class will lose their minds if their taxes go up and their support for the Libs would evaporate. The Libs’ governing principle is to always do what is necessary to keep governing, no matter what.
Also, the Libs are financing this spending binge courtesy of cheap money supplied by the Bank of Canada, which is essentially printing money to lend to the government. The money will never be paid back to the Bank of Canada. It will simply carry it on its balance sheet forever. Provided this thing blows over within a year, the extra debt can be carried.
The US, of course, did it by way of the QE to get through the financial crisis and they didn’t increase taxes. Of course, the debt is now sky-high, but the markets don’t seem to care all that much.
This is essentially MMT. So long as inflation doesn’t go up, the theory is everything will be fine. Inflation looks pretty dead, at least for now.
Who should pay? How about the ultra-wealthy in this country who avoid paying taxes via off-shore havens? Galen Weston comes to mind. Maybe take another look through the Panama Papers. You just have to get creative Garth.
Oh I know, they provide jobs. But without the workers they wouldn’t make a penny either.
a right wing windbag says # 2 ?? Just keep watching, junior, and get ready to get in the nanny state queue
that’s taking shape.
I predict a deficit of $300 billion by next March because the economy will need another round of support, unemployment is probably already around 20% and going higher and more Trudeau!…god forbid but he really has no idea how the economy works and will make it worse once C19 starts to get behind us. Hopefully an election comes after that.
Fires in Alberta? Keep an eye on your food supply folks. Only meat and food plants are getting hit. Liquor and weed plants are totally fine. I posted here many times last year, famines are always man-made.
– Bloomberg map of meat plant closures: https://pbs.twimg.com/media/EWu1IECXgAAeCpw?format=jpg&name=small
-34K chickens die in farm fires in North Carolina, Virginia http://a.msn.com/01/en-us/BBZn6Po?ocid=st2
-04/24/20 09:39 PM EDT CERES, Calif. (KXTV) 280,000 chickens killed in March 12, 2020 Michael Foods-operated egg factory farm in Nebraska Nearly Half a Million Chickens Die in Massive Egg-Farm Fire
-Massive fire burns at large Ohio egg farm Columbus DispatchPublished 7:29 a.m. ET April 21, 2020
300,000 chickens die in Michigan egg farm fire
-Damage pegged near $10M in Oxford County pig farm blaze Publishing date:February 1, 2020 • 1 minute read
-280,000 chickens died in a fire in Ceres, Ca.
-Firefighters save livestock in barn blaze drama at Chelmsford .
Apr 11, 2020 – Twelve fire crews battled to stop flames spreading to livestock sheds as they tackled a fierce blaze at a barn early today
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Mass testing at Mountaire Farms to begin Thursday amid COVID-19 outbreak
Posted April 22, 2020 12:25 p.m. ED
I’m with ya kemosabe …
Digital Coin for Neo(phytes)
Cryptocurrency is a highly speculative investment and should be reflected as such in any portfolio. Extreme volatility means your holdings could collapse 50% within days and more thereafter.
There are many security issues including exchanges closing down overnight. It’s therefore imperative to use your own wallet system. Note: a loss of your pass-phrase coupled with an unrecoverable failure of your local wallet means a total loss. Your pass-phrase should therefore be hidden safely in two different locations for recovery.
The upcoming halving event (sometime in May – dependent upon blocks mined) is generating some froth for BTC. Historically there has been a large increase in valuation that seems to follow within 18 months of halving. Truthfully some of these increases cannot be traced to the actual halving. (e.g. Cyprus banks collapsing)
Finally, be careful. Only invest as much as you can afford to lose. If it takes off great! If not look out below…
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
-G. Michael Hopf
I think most of us know where we are in this cycle.
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
I’ve always thought of Garth as a leftist cuck.
-He’s always been quick to deny the “Chinese” buying up Vancouver when everyone else can see it.
-He encourages Trudeau, giddily quoting approval numbers when he’s handing out cash like the kid who has to buy friends.
-He allows left wing fake news but deletes posts with right wing articles. Not FAR right, just right.
Overall Garth is likely left of center. A leftist that believes in capitalism; an aged dinosaur from before the days when the left believed in UBI, censorship and full blown communism.
Not too right. Not too left. Just cuddly. – Garth
#2, truth… So, as someone who’s ideology embraces the rejection of TRUTH as a founding pillar, don’t you find your handle to be slightly ironic?
I am sure that dignity was surrendered when you became a ward of the state. Good day.
#204 Lee 2020/04/09
I posted about buying in to USO, just think if you had bought the calls.
nobody will pay for it. the central banks will buy the debt. not rocket science. it’s been done before. what’s the worry?
#4 Classical Liberal Millennial on 04.29.20 at 1:49 pm
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
And with nothing of substance to say or reasoning to back up your ridiculous claim, you’re just a mindless windbag. Get back on Twitter or Reddit or wherever your ilk congregate. Pathetic.
———————————————————
But that’s what comment sections are for! Right now, by simply insulting him back, you can claim to be a better person than him!
Thy name is self-righteous.
Maybe that is how our host gets his jollies …. How would you know?
What would the comment section look like without the self-righteous?
This is gloom post day. Tomorrow’s will be upbeat. Just my hunch.
A virus caused the new normal. Hard to believe. With the drastic reaction by authorities you’d think people are dropping dead around us.
Too many people have blind trust in the authorities. This is unfortunate when history shows what is sold to the populace as temporary “emergency ” measures by way of suspension of rights and freedoms to keep it “safe” become permanent. The most recent example is the Patriot Act in the USA.
People need to realize that governments whether left or right leaning merely steer the boat. Liberals and Conservatives take turns at the wheel. They steer the course given them by the Captain, that being the ruling elite. The ruling elite in turn abide by the dictates of their masters and so it goes. These groups view the world through a different lens than the rest of us (mankind).
We debate numbers and statistics. We let emotional human interest stories cloud critical thinking. Hockey players and astronauts have been recruited to push Ms Tam’s C19 ongoing lockdown. They’re shown every 10 minutes on TV.
It’s a war between propaganda and truth. We can’t hear ourselves think or see the forest for the trees.
Don’t forget Trudeau is telling everyone not to go your summer residence (aka cottage) while his family is at theirs, or the official summer residence. They were staying in Ottawa at the Rideau cottage on the governer general, then they got bored so his wife and kids went to the official summer residence at Harrington lake, which on the Quebec side. The rest of us Ontario residents are blocked by the Quebec police on the bridge
NYC contract tracing. You will receive an message that you were in contact with someone (anonymous), and will require to be locked down under quarantine. A great tool against enemies too.
This is weaponized, we are looking at non stop lockdown until the miracle appears. By that time most will be so broken down they will accept it.
How the world was taken over, not a shot fired; just the TV programming.
https://www.businessinsider.com/how-to-apply-contact-tracer-and-make-57000-with-benefits-2020-4
” We ride at dawn” Whither ?
I wouldn’t worry about any of this Mr. Turner. The markets have been shrugging off all kinds of horrendous news and will see all of these unprecedented negatives you list as huge positives to rock onto record highs. No digestion of stats and no positive data required. 20% unemployment, 40% of businesses shut down for good, rampant debt everywhere, record economic contraction, $10 oil…pffft, all catalysts for what I’m seeing as the 1st ever “I” shaped recovery ever with zero positive data to support it, just crystal ball forward thinking. Straight down for 2 weeks then straight back up to the moon, lines too close together to form a “V”, so definitely a blurry”I”. Fundamentals, meh who needs ’em?
Booyahhhhh!
Forgot about correcting stock markets. Can’t see an event like this passing with a minor 10% haircut.
The comment regarding unemployment was bang on. It is structural now. We will need to find work for approx 3-5 mill people as there job is not coming back. This is what is being ignored. Loss of income, coupled with increased taxes = deflation. Cash will be king, debt will be millstone around societies neck.
People will look back and say we did this type of damage for what???? A virus that 95% recover from and will most likely reappear every year.
What a time to be alive, lol.
Lee
It is less risky so to speak if your going to play a stock to buy calls, so your risk is only the premium($5000 all in). You could have bought contracts for $1(.01×100 shares) that would give you control of 100 shares. If there was enough contracts available you could buy 5000 contracts and getting ownership of 500,000 shares for a predetermined amount of time instead of owning just 200 shares. Big risk but also big reward.
“Otherwise it is unaffordable…”
ha, ha, ha, hee, hee, hee, hee – you’re a laugh riot!!!
To sort of paraphrase J Paul Getty: a million here, a million there; pretty soon you’re talking big money.
I bet once this virus burns out, things more or less go back to exactly where they were.
Garth,
Do we need Stetsons and leather boots for this ride at dawn?
Would love to see you in those hats.. and Bandits too: the romantically cuddly, cushy, shaggy beast on horse back in the wind !
Thank you Garth for laying out your thoughts so clearly.
But I think you’re overestimating people’s ability to remember, or to give a rat’s arse after a little sunshine.
Remember, in other countries many restaurants didn’t even close and in many others they’re already open. People can’t wait to set, forget and get consuming. I for one can’t wait to hit the bike shop.
Malls will be once again flooded with hefty LuluLemon-wearing mothers, listless fathers, pale faced boys who should be outside, and bra-less teenaged girls chewing gum loudly. Mall rat culture never dies.
And fear never lasts. Especially, as you point out, the virus only effects 0.006% of the population (or whatever it is–I don’t follow because I give no effs about illnesses that are around us constantly).
Taxes up – check.
More government power – of course.
Greater number of Sheeple – absolutely.
Detached house prices – highly, likely.
It will be business as usual before you’ve even had a chance to trim your beard.
But if I’m wrong and the dystopian world you predict comes to pass and lingers, don’t worry: guys like me, and maybe a few of the braver ladies out there, will fight tooth and nail to protect liberty, or what’s left of it, in Greater Kanuckistan.
This country sucks. I want my money back. With immense interest, to cover the massive decline in my purchasing power.
I saw Tam’s speal in 2010 where she discussed the draconian measures of forced vaccination, forced quarantine and physical tracking mechanisms in a pandemic while grinning shark-like with her predatory smile. Very disturbing, but unsurprising.
If I ever had control of this country with as much power as our current dictator has, the first thing I’d do is fire all school history teachers — they aren’t doing a good job in informing Canadian students of the dangers of tyrannical government.
I am a dual-citizen (Canadian and European). If the border is not reopened in time, I wonder if I rescind my Canadian citizenship and refuse vaccination I can have the wonderful opportunity of being deported?
Is it not insane that I am forced to think about this hypothetical situation?
I’ve decided that this is a partisan right wing blog that uses issues such as real estate and the pandemic to spin a conservative narrative to a gullible audience. “The Truth” sums it up nicely.
“If he calls an election this fall, Canada will have a majority Liberal government.” Agree! I hope the first thing he does is turn back the GST cuts Harper introduced. We need the money.
74 percent approval rating???
Jesus, I thought we’d collectively lost our minds! Turns out it’s 74 percent approval of how he’s handling the covid. Ipsos
Angus Reid poll from a week ago has general approval at 54 percent. Still a majority over Conservatives, but barely.
“Trudeau’s highest approval is found in Ontario, British Columbia, and Atlantic Canada, reaching at least 58 per cent in each region. Quebec and Manitoba residents are divided, with half approving and close to half disapproving in each province. Albertans and those in Saskatchewan continue to disapprove of the PM”
http://angusreid.org/federal-issues-april-2020/
@#14 NFN_NLN on 04.29.20 at 2:05 pm
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
Overall Garth is likely left of center.
___________________
just like 99% of Canadians.
the end of short termism?
Fed leaves rates at zero but will use its ‘full range of tools’ to help the economy
CNN Business
Updated 2:31 PM ET, Wed April 29, 2020
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
I am afraid of this new world order. Forced vaccination, everything done on line, tracking one’s movements. Truedeau with 74% rating . . .what world am I living in and why would anyone want this? The enemy uses fear to control and our government has used fear to lead the Canadian sheep to the slaughter house. . .and people just smile and think this is great because they got a lousy 2 grand a few times. Scary.
Re Trudeaus 74% approval: It was said that Stalin once tore the feathers off a live chicken in front of a horrified audience. He threw some grain by his feet and the tortured bird started to eat and follow him around. He said this is how easy it is to govern stupid people. They will follow you no matter how much pain you cause them as long as you throw them some worthless treat once in awhile.
Those that buy into the death of the office outside of maybe government workers have clearly been removed from the real world in 1st tier cities (Vancouver,Toronto, Montreal ) for a long time. Corporations small and big have absolute 0 trust in their employees and will stubbornly refuse to allow for work from home,even with Big brother like surveillance.
As for the small family owned businesses majority of them are just a form of legislated slavery who take advantage of the desperate..they can’t go under soon enough . I thought different as well until had the ” opportunity ” to be part of a few of those, thanking my lucky stars for being able to get out for way greener pastures. Let them fail and spare not a signle tear ,unless of joy…other entrepreneurs will rise up soon enough to fill the market need. I the meantime I peg UBI to be a given.
#18 Joseph R. on 04.29.20 at 2:15 pm
But that’s what comment sections are for! Right now, by simply insulting him back, you can claim to be a better person than him!
Thy name is self-righteous.
Maybe that is how our host gets his jollies …. How would you know?
What would the comment section look like without the self-righteous?
——
Well, for one, I am better than him or her. But seriously, I’ve always said I’ll attach my name to everything I comment here. I’d do it for that comment. I don’t think #2 would have for his. I think we all should. I have suggested in the past to have some kind of secondary login (Facebook, Google, whatever) attached to the comments in here. It keeps people even just slightly more accountable.
On taxes, the best idea is to eliminate the capital gains exemption on principal residences. That broadens the base rather than deepen it, which I don’t think we can afford. Plus it addresses the inheritance tax thing at the same time.
On debt, yes, it does need to be paid back, but there have been several credible editorials (G&M for one) that point out that we can inflate our way out of debt as was done after WWII. That was a different time of course, and it coincided with the consumer becoming the engine of economic growth (while not being burdened with crippling household debt). I know, I know.
The trick will be to inflate without becoming Argentina.
74% approval rating? This is much worse than I thought. We are doomed.
Thanks Garth for your Crystal Ball. My comments to them.
Somebody has to pay for all this.
Governments will just print money to pay for the deficit. Infact – all Government will do the same, so this will not adversely affect one country with another. This is inflationary – but interest rate hike will be minimal since its about to go negative anyways. Price of real goods will go up.
Small business whacked.
And Online Counterfeit goods will be sold more rampantly than before – especially from China
Personal service is doomed.
For a short time – while the Baby Boomers retire as they are fed up working with the Millennials with their instant gratification ideals. Millennials will expect more money for their service…no matter how menial it is.
Shopping won’t be fun.
Except for the Boomer new sport – Mall Walking and perhaps Pickleball Courts.
Fewer offices. Dead downtowns.
It will return in 10 years as a “new discovery”
Real estate migration.
Not with the Millennials…most don’t know how to start a lawnmower.
Some will never work again
And what? Pay Taxes? Why should they?
The spigot can’t be shut.
It’s a Vote getter!!! Mo money…mo votes.
Less freedom.
Freedom has always been a perception in our minds.
More Trudeau.
For the next election – for sure. Until the hangover is over – but then he will resign by then.
The great reset is about to happen.
I have a sneaking suspicion that someone is trolling the comments section by forcing posters to defend the less radical ideologies of our reality, as opposed to the more conspiratorial doomsday comments of late.
Just a thought.
#8 Nita Graves on 04.29.20 at 1:57 pm
“a right wing windbag says # 2 ?? Just keep watching, junior, and get ready to get in the nanny state queue
that’s taking shape.”
____________________________________________
When you say “nanny state” you make it sound so warm and comfy… Rather, prepare for a school master with a yardstick state where deviating from acceptable views will get one the strap.
Looks like in the coming years we might find out just how freedom-loving Canadians really are.
Stunning to see some comments peg Garth as a lefty.
Then again, from the extreme right perspective everybody is a lefty….
#7 Jeff on 04.29.20 at 1:57 pm
Who should pay? How about the ultra-wealthy in this country who avoid paying taxes via off-shore havens? Galen Weston comes to mind. Maybe take another look through the Panama Papers. You just have to get creative Garth.
Oh I know, they provide jobs. But without the workers they wouldn’t make a penny either..
—–
Idiotic… What are you going to take from them? say we drained Galen’s entire networth of 7.9B. That’s $213 for every man, woman, and child in Canada. Life changing? Hardly. But now you’ve destroyed a man that, just with Loblaws, employs 135,000 people. Now that would definitely be life changing for every man, woman and child in Canada.
How about we actually tax the bottom 40%? Or is that not nice?
#2 The Truth
What a rightwing windbag you are.
——————————
No. You’re thinking of Conrad Black.
Not too right. Not too left. Just cuddly. – Garth
Steven Harper drove you into the Liberal fold , and you realized that you like the Liberals.
Most people do once they look at everything through a lens. Me, I am not a big fan of the Cons, not this batch.
#22 Paterfamilias on 04.29.20 at 2:25 pm
” We ride at dawn” Whither ?
————————————
Jeez, I’m not joining the posse, but even I know that. Ottawa. I’ll be working here in BC to secede into Cascadia formerly known as the state of Jefferson. It’ll be the yoga capital of the world! Kale for all! Gluten not allowed through border security! And with California, we’ll be one of the top economies in the world. Huzzah!
‘Gather the horses. We ride at dawn.’
I can hear the strains of the theme song from The Magnificent Seven! I’m in as long as I can play the Yul Brynner character! What a bad ass Russian Brynner was. That walk of his…it was a declaration – “Don’t mess with me”. One of the greats.
Blog photo is a Nova Scotia Duck Tolling Retriever, or what some people call a Yarmouth Toller. One of the sweetest creatures to roam the earth.
Re. forced vax.
We have the Canadian Charter or Rights requiring informed consent.
And UNESCO Universal Declaration on Bioethics and Human Rights, read article 6
https://unesdoc.unesco.org/ark:/48223/pf0000146180
#keepyourrent & help stop the greedy landlords from taking your emergency pay! #CERB is for necessities like food, clothing and medicine.
I’ll give up my claim to the Yul Brynner role if we can get Putin to ride with us. He’s a natural.
Today the S&P 500 left the 50-day moving average well behind and is only 58 points below the 200-day average. A ‘V’ is starting to look more likely than a ‘W’.
Record deficits are going to make everyone poorer in the long run. Social Services need to be cut and taxes have to increase to pay the interest on the debt. Ontario is going bankrupt in a year if they do not cut the salaries of public sector employees and teachers immediately.
Rego says he understands the landlords’ perspective during the pandemic, but feels the law is on their side. If there wasn’t such a need for government housing, he thinks far fewer people would be in the situation he’s facing now.
“Everyone’s so afraid of being homeless that they’re not willing to stand up for (themselves).”
Da Silva and Zahid agree. Zahid says the rising cost of rent in Toronto combined with stagnant incomes means CERB barely covers a month’s cost of living for most.
They say the pandemic is an opportunity for people to come together and show that change is needed.
“I think the pandemic is just shining a light and bringing into sharper focus the power differential between landlords and tenants,” da Silva said.
“A year from now, I hope to see a stronger community.”
And yet it could be so much worse. Feast on some of these numbers.
https://www.reuters.com/article/us-health-coronavirus-usa-budget-idUSKCN21V1TA
At least 27,682 people with Covid-19 have now died in Italy since the beginning of the crisis, data from the Italian Civil Protection Agency showed Wednesday.
The number of active cases in the country stands at 104,657. The total number of cases in Italy, including deaths and recoveries, is now 203,591.
More than 20,000 health workers have been infected with coronavirus, according to the National Institute for Health. At least 153 doctors have died of coronavirus, according to the Association of Doctors.
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Bolsonaro -calling it a “little flu” and defying stay-at-home orders imposed by governors by participating in rallies with supporters and hugging people in local supermarkets and bakeries.
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work from car?
Teacher Anstey’s new office is in her car in the corner of the parking lot where the WiFi signal is strongest. She comes here when she needs to upload instructional videos, answer emails from students and parents or participate in the occasional video conferencing call. It’s not ideal, she says, but using her slow internet at home is even more frustrating.
https://www.cnn.com/2020/04/29/us/rural-broadband-access-coronavirus-trnd/index.html
#12 Jager
Commodity plays are best served with a stop loss, and a predetermined sell order.
This exercise usually proves unproductive over time.
Tough trying to outperform.
So negative, Garth!
Back to normal-ish before we know it.
I agree that current small biz will get whacked — but that doesn’t mean new ones won’t start up. Restaurant equipment, and leases, are gonna be cheap cheap cheap. Lots of experienced labour will be available, too.
Taxes won’t be going up, people will be itching to go to malls, and if twentysomethings have to make a choice between wearing a fitbit-style immunity ID and not nightclubbing, the choice is simple — they’ll just put in earplugs when grandpa starts talking about yellow stars sewn onto clothes.
Tourism will be back, both because the broke-ass middle class will want to visit places where they’re comparatively rich, and because those places will desperately need the money.
Nobody’s going to need shiny new passenger planes for a while.
I’ve been hearing about the suburbs being the new hot thing every second year for decades, with walkable urban being the hot thing on the years in between. Kinda like the magazine from the boozer tells me white spirits are out/brown is in, then brown is out/white is in. Shake, strain, repeat.
I’ve been hearing about telecommuting since the introduction of ADSL in the 1990s. Won’t catch on widely, for the same reasons it hasn’t caught on in the last thirty years. It has nothing to do with the technology, or the bug.
#14 NFN_NLN
I’ve always thought of Garth as a leftist cuck.
—
fun fact: 100% of the people who use the above term are young straight males who nobody is sleeping with.
I don’t know why, but the fidelity is just amazing.
There are only about 10,000 ultra high net worth individuals in Canada ($30M or more of wealth). If they each paid $20,000,000 in tax this year that would barely cover the $200B JT just handed out. So it aint all coming from them. Expect CG taxes to go way up. Even that won’t do it. I don’t think the Feds collect more than about $10-15B in CG taxes now. Increasing the CG inclusion rate to 75% won’t even make a dent in the $200B. It’s all coming from you and me somehow.
Some how, I don’t believe things will change permanently. People have short memories, plus if highly dense Countries in Asia can handle this without a complete shutdown, we’ll be fine.
I’m very cheerful these days. Chaos is awesome for some of us. It helps to be in a recession-proof industry.
The amount of free cash flowing is astounding. Macro economics are somebody else’s business; from my side, it’s all about financial risk management and placing it where it gives benefit far into the future.
Wealth tax? No worries for overall assets since offshore banks tell no tales. Other than that, it’s all about balancing income with deductions. And there probably will be some significant deductions from the latest rout.
Capital gains? For personal accounts, consolidate the majority in registered accounts while living here. If the inclusion rate changes, just change countries before liquidating offshore non-reg. For corporate accounts, retain earnings and reinvest in the business/investments.
Company assets? Use lifetime capital gains exclusion and sell company ownership to the max. I doubt this will change, but start sales early just in case.
I love this. It’s always the chess game: move-countermove. Play the long game for personal benefit.
#14 NFN_NLN on 04.29.20 at 2:05 pm
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
I’ve always thought of Garth as a leftist cuck.
-He’s always been quick to deny the “Chinese” buying up Vancouver when everyone else can see it.
-He encourages Trudeau, giddily quoting approval numbers when he’s handing out cash like the kid who has to buy friends.
-He allows left wing fake news but deletes posts with right wing articles. Not FAR right, just right.
Overall Garth is likely left of center. A leftist that believes in capitalism; an aged dinosaur from before the days when the left believed in UBI, censorship and full blown communism.
Not too right. Not too left. Just cuddly. – Garth
____________________________________________
Not believable at all. If you’ve been here long enough to see the far right Vitriol rubbish disgorged by Smoking Man and few others you would know it’s a level playing field here. Freedom of speech mon amie!
I though nursing home stocks were a good idea. Never bought any. They now look like a legal disaster.
I’ve been wearing the same sweatpants for over two weeks
Well, THAT was dystopian.
Huxley and Orwell would be proud, I think?
Who knows how it all ends Garth? To be certain, it is not starting out well for Canada.
As for Trudeau, he will find a way to put his foot in his mouth soon enough…have faith in that.
Well, many of us have vacationed in Cuba. Soon we will know first hand what its like on the other side of the resorts, having government breathing down our neck at every stage of our lives. The loss of essential liberty is already here, prisoners in our own homes, all traded for safety from a big evil virus, and cheered on by the masses. I now fear for the future of my children, and not from any virus.
Since were going full socialism, the country needs to do something drastic to generate another industry to create revenue. Living off a service economy is not sustainable when no one has money to spend.
Open up new mines in the north? start our own space program? Build high speed rail between Toronto and Vancouver? Stalin inspired 5 year plans?
Any ideas? I’m sure Justin has none.
I work in a senior role for Big 4 and layoffs are coming. Lots of them. Many of these people earn around $150k and will suddenly be unemployed due to a grim forecast for billable opportunities through 2020. It’s hard to fathom that three months ago we were desperate to fill positions starting at $100k and now we’re offloading high performers with skills that were incredibly hard to find.
If things don’t turn around fast, there will be many hundreds and potentially over one thousand highly paid professionals pushed out of work in our firm alone this year.
Taxes going up. All too likely, but governments won’t have free rein despite the call for a ‘basic universal income’ from those who like the idea of a ‘free’ ride. First, the masses have to get back to work. Can’t tax what doesn’t exist in the first place. Second, if the idea is to take from ‘the rich’, guess who will be leaving & taking their wealth with them? As for increasing taxes on capital gains etc., excellent idea! By all means, let us ensure investors & their capital – the very thing that is needed to kickstart the economy – run to the nearest exit. Talk about shooting yourself in the foot. Genius!
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For what it’s worth IMHO I think most humans need/want a job and to earn their living. First fosters dignity, self respect and confidence, latter dependence, apathy and learned helplessness. Friends who have immigrated here would esp agree and know all to well what’s happening to freedoms/liberties in other countries. Power usually sits w/ones giving handouts and certain powers would benefit greatly from this.
The signs (facts collaborating) most points laid out in today’s blog have been there for a while…if you wanted to see them. Truth is hard to hear (or see). Let’s be very careful what we ask for before it’s too late. Thx to poster who gave link to Premier’s office yesterday. I couldn’t find it but just scanned. It’s saved. Trust me. I’ll be posting this in other places w/link to this blog…so I don’t look (so) crazy.
You know much of that dystopia you describe Garth, and good analysis, disappears once a virus is found.
Now the debt, no, that you cannot inoculate against nor who’s going to pay for it all.
Continue at this rate of spending, Canada & the US will be right up there with threadbare Italia in Debt to GDP.
Now THAT is frightening.
Gather the horses. We ride at dawn…..
…………………………….
To your doom Turner. The “Givers Of The Free” will crush you. Every time. And you will pay for it all.
So the The Canada Emergency Response Benefit is working.
A friend has Forster kids yesterday when he comes home from work.The boy tells him he broke his phone my buddy says he will try and get it fixed for him the kid says no worries he order a new
I phone $1700.00 as his part time job closed down the Government is dropping $2,000 a month in his account his subsidized rent is $300 a month. Is this a great Country or what!!
Gaaaaaawwwd I had such a great time growing up in the 70’s and 80’s – FREEDOM – my brother and I would ride our bikes at dawn from St. Catharines to Jordan Valley and fish all day – other days head to the welland canal to swim. No internet, no video games, no cell phones, no helicopter parents and a pocket full of change. This present version of “life” is a bleak existance at times.
#7 Jeff on 04.29.20 at 1:57 pm
Who should pay? How about the ultra-wealthy in this country who avoid paying taxes via off-shore havens? Galen Weston comes to mind. Maybe take another look through the Panama Papers. You just have to get creative Garth.
Oh I know, they provide jobs. But without the workers they wouldn’t make a penny either..
—————-
Nope, no way, never happen.
Why? Because influence. Galen has it, the little people don’t.
Also because of influence, it makes no difference whatsoever if people have ideas about how to get the money.
Answer this: How do you, personally, plan to implement your ideas above? If your procedure is believable, then maybe it could go somewhere. If not, then not.
Like thousands of Canadians I am very concerned that our current Federal government seems focussed on mitigating the impact of Covid 19. While some level of assistance to citizens in need was required the level of debt assumed since March 9 is staggering.
Curly and his minions are leaving very little room for Canada to stimulate economic growth in the future. I have not heard one word of how to protect or hopefully expand our GDP in the coming months.
It would seem that our Federal government has adopted the belief that once the Covid 19 crisis is over everything will go back to normal within a year or two. What normal might look like 12 months from now is all but impossible to predict and this worry’s me
We must demand a far more responsible approach to our economic future from our governments. Handing out pillows as passengers enter the lifeboats might make life a bit more comfortable in the short term but it will not guarantee their safety.
Time to look beyond Covid 19 and focus on the real crisis.
Please!!
irrare leaving very
#52 keepyourrent and USA #1 are probably the same troll that no one bothered to read….
Speaking of which…. Have not heard from USA for a while …but when it comes to C19…. USA really is number one. Congrats USA #1, you are finally correct.
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
——
Read a little Epictetus, improve your thinking, make rules for your emotions to abide by. Beats reading some dissenting opinion and getting angry every time no?
By the way. I’m a knuckle dragging neandercon who freakin loves Harper, pays almost zero income taxes, and gets every Trudeau handout available. Currently, I’m collecting CERB and enjoying some time off at home. Looking forward to another 5 figure tax refund as well.
Breath… deep breath. Close your eyes, remember not to let others push your buttons. You’re just a tool if you do.
Oh, forgot to mention – the bro and I have collected about 1/4 million between tax returns and CCB increases since Trudeau got in. We’re going to spend it on pickup trucks, atv’s and other redneck toys, mainly because we don’t need a dime of it. Not going to say no to free cash though, hahahaha!
#34 indeed on 04.29.20 at 2:46 pm
—
Overall Garth is likely left of center.
___________________
just like 99% of Canadians.
/////
If there’s one thing I can count on from the sheeple, it’s to be consistently wrong.
Wrong about the election.
Wrong about the virus.
Wrong about the markets.
https://election.ctvnews.ca/how-canada-s-electoral-map-changed-after-the-vote-1.4652484
“The Conservatives, on the other hand, earned just over 34 per cent of the vote, marking the first time since 1979 that the party with the most votes did not also win the largest share of seats.”
We are going back to simpler times. Canada will take its rightful place in the backwaters. A middle power becoming lower middling.
People with govt. jobs and defined pensions will be the new aristocrats. Tax the hell out of them. Wealth and inheritance taxes are coming.
Garth, you failed to answer the most critical question on the minds of Canadian parents everywhere.
When will minor hockey start back up?
#61 trailor_sailor on 04.29.20 at 3:34 pm
fun fact: 100% of the people who use the above term are young straight males who nobody is sleeping with.
—-
You’re correct in that I am male and straight. Good attempt at fishin’ though… sailor ( ͡~ ͜ʖ ͡°).
If Dr. Tam is the poster for Doctors we are doomed. I much prefer Deena Hinshaw MD in Alberta. Hot, low key, great haircut and not a typical female.
Not living in close quarters? Yes absolutely. But 8 feet away is still too close. And Im still stuck taking my neighbours trash and recyling bins in as my wife fears retribution if I dont suck up to the neighbours.
You are absolutely correct that people dont want to be that close. I never have wanted to be that close. That is why I am grateful I can climb stairs at work and avoid elevators. My thinking is that if I am close enough to kiss someone that is way too close and there isnt any reason to be that close to anyone unless we are going to kiss or have relations. Otherwise stay back.
Lack of fine dining? Who cares? Fine dining seems like being held hostage. Too expensive. What if the chef decides to spit in the food? Nuh uh.
Shopping malls? No thank you. Only if you are a teenager like my daughter. Nevertheless I am grateful that I can still go out and buy things rather than having to grow them or engineer them myself like I am in 1890s Calgary.
Apparently the CFL also needs $150 million. I wish I could get a $5 million check. I would eject from Calgary and move to Port Alberni. Go fishing in the river and avoid crowds.
Im hoping gradual measures will return the economy and things dont return to 1890s style.
Lastly Im not confident that a vaccine will be developed. Likely they will have some kind of enhanced vitamin C/D3/drug if a vaccine proves impossible. It still amazes me that it seems no drug is strong enough to take Covid down on its own. Seems if D3 levels and Vitamin C levels are high enough you wont even darken the doors of a medical facility. Well people dont need doctors.
Thanks for the info Garth.
I’ve been wanting to get out of downtown before everyone else realized it sucked since I got here. So I’m hoping they don’t move away and push prices up.
@#84 NFN_NLN on 04.29.20 at 4:20 pm
#34 indeed on 04.29.20 at 2:46 pm
—
Overall Garth is likely left of center.
___________________
just like 99% of Canadians.
/////
https://election.ctvnews.ca/how-canada-s-electoral-map-changed-after-the-vote-1.4652484
“The Conservatives, on the other hand, earned just over 34 per cent of the vote, marking the first time since 1979 that the party with the most votes did not also win the largest share of seats.”
________________
majority of the vote – in alberta.
not the majority of the populace.
Good for NB and Quebec for starting to open some things up. At least they are treating their Citizens as adults.
I guess ONT can’t do that yet. Too many millenials for that to happen.
I only see one, maybe two of Garthos’s list having an upside for any kinds of businesses.
Exactly what is the market looking “forward” to?
The taxman took the horses. The dawn is still there.
But the free market keeps going up.
Be happy don’t worry.
And please pass the kool aid.
The effect of smoking mirrors and suck and blow has an amazing powerful effect on Lam Brains!… who rules? bis? The Who ?the IMF ? the meek? Garth?…. take your pants down and slide on the ice. May be the best idea yet!
T2 approval ratings? BC has high rating for T2?? Most of the western provinces voted for the Conservatives in the last election. But you say on the Covid-19 but still not adding up? My conclusion, a carefully planned survey to make it look like T2 approval rate is high.
We must remember or know that T1 liked Fidel Castrol, Cuban President, took long walks and talked for hours. And we know that Cuban’s oceans are respected as the coral reefs are healthy.
Recently T2 did say with bits and pieces such things as “for the environment,” “scientific, data, & health authorities.” One wonders?
And we do know that technology will take over our everyday breath (UBI take over.) One way of thinking, their way or the highway. Was this a decade(s) plan as look at the housing debt, corral and corner (low interest far too long?)
We also know that most people that have/had this virus live. Spreads easily, kills the weak, but learn as we go distance, protective gear. These measures should have been in place with the shutdown of borders from the start? But to shutdown our economy? Fear, looks like it. Oh, the pollution is clearing up.
We do not know what is going on with doors closed We can only guess, speculate, sometimes but put two and two together? But we have the internet (and this blog.)
We also know that USA is very strong on small businesses, entrepreneurs, that mentality of “if fit get to work attitude.” We also know that the Americans like their freedom, freedom of speech and protests with questions like with the covid-19.
More like us Canadians in thinking, how we were taught, brought up. That reach for the sky when opening a business, endless ruthless non-stop hours. (Limited now with the limited data of the virus with more fear data.) And yes, the protests are there.
We also know that formal PMs always tried to limit our TV watching by making us more Canadians. Did it work?
We are watching more American news, channels than ever before.
One more thing (Columbo), recently the scientist are saying ice is melting faster than ever before.
Are we heading for one massive protest and/or tearing our country apart, separation?
#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
—
And not paying taxes, either.
Trivia-the MSM sells the B/S that the virus is overrunning the USA-Canada has a low rate of death of 7.9 per 100000 population-the vast majority of states have a lower rate than Canada’s 7.9
NY 114.5
FLA 5.0
CAL 4.3
TEX 2.3
HI 1.0
Anyone remember: “And the budget will balance itself.” Justin Trudeau?
Not sure, anyone noticed this
“Looser market conditions contributed to a 9.1-per-cent decline in the average sales price for condos in Toronto – the biggest price decline across all segments and regions,” the Centre’s report says.
This is huge !!
https://www.theglobeandmail.com/real-estate/toronto/article-condo-buyers-scarce-sales-in-gtas-outer-rim-still-pretty-busy/#comments
You forgot one thing, Mr. Turner:
*And Millennials are now, totally, going to be in charge.*
Boomers, be part of the change.
Or be run over by it.
#66 Sail away
You were raised in the US, right?
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#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
===============
**** Sigh……*****
If Person “X” is vaccinated…..and Person “Y” is not….what concern does Person “X” have ??
….ever heard of counterintuitive ???
Further to this…in USA Vaccine manufacturers can NOT be sued for damages. The US Supreme court actually admitted that there is no way to make a safe vaccine, yet …by default, ignored the cautionary principle and gave the green light.
More Trudeau.
Trudeau’s 74% approval rating is unheard of for a modern leader – even as he has broken electoral promises, been caught in a black-face past, brought on a debt storm, manipulated justice, raised taxes and now shuttered the economy. If he calls an election this fall, Canada will have a majority Liberal government. — GT
That poll suggests that 74% of the respondents are bad people. Justin Trudeau is just the bad leader that they are looking for.
Breaking electoral promises is expected of politicians, and is not at all surprising. (That is why President Trump is such a shock to some people: He is not a politician and he tries to do exactly what he said he was going to do. Unlike typical politicians, he actually works to help the people rather than to betray them.)
Drama teacher Justin Trudeau’s “black-face” past is a total non-issue. Only the most ridiculous hypocrites act like they are outraged by it. When he does truly evil things, such as forcing pro-abortion policy on all Liberal MPs, people carefully act all calm like it is no big deal.
Getting in debt is simply what Liberals do. They are liberal with other people’s money.
Allegedly “manipulating justice” is no surprise at all. Justin Trudeau has passed off things that were once considered to be nonsense, wrong, bad, shameful, sinful, and even criminal, as “important Canadian values” now. He has always perverted justice by effectively calling evil “good,” and calling good “evil.” In fact, that is precisely what many of his supporters elected him to do.
Raising taxes is nothing new either. Did anyone ever think that taxes were ever going to go down?
Admittedly, shuttering so much of the economy might have been a surprise to some people who just wanted the entire oil and gas industry shut down, and have Alberta use windmills to try to finance its transfer payments to Quebec.
Bad so-called “Canadians” who deliberately vote for bad things are getting them now. They think that this will make them happy. But they might also get a lot of very bad consequences that they are not expecting and not wanting. This will expose their nasty side, their inside, that is in their hearts.
Well, time to pack the bags and try to convince the wife to get outta Dodge. Don’t care if I can’t though. Will just go without her.
Great post!
I would say, however, that I don’t think people live downtown to be close to work. I think they live downtown to be close to cool services and cool people. I would be surprised if many people living downtown were afraid of getting a virus off an elevator button. People who incline towards fear live in the suburbs already. On the other hand, I would expect downtowns to be less populated during the current recession because cool services are expensive and non-essential, and moving downtown is always an expression of confidence and optimism, which will be is short supply for a while. So I see the same result for different reasons.
This may also become a terrible time for the non-profit sector. Governments are already ‘donating’ billions more to people, where will the ability to keep funding charities come from? Expect some major closures, I think.
#99 Entrepreneur on 04.29.20 at 4:57 pm
We must remember or know that T1 liked Fidel Castrol, Cuban President, took long walks and talked for hours.
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At that time having a Castro friend was the virtue signalling pet project for Western limousine liberals.
For a politician it was a simple, efficient tool for the masses to define artificial Canadian national identity by sticking it to the Americans.
A universal basic income is something that people will have to learn to deal with. I see a lot of animosity concerning this subject (mainly driven by jealously, the standard Canadian reaction), however in the near future most jobs won’t be there for the people. Millions of people already have jobs where they contribute nothing of value. Any job that exists which would not exist without having been made necessary by government, any job working for someone who is running a losing proposition business doomed to failure but is only continuing operation thanks to a business loan, any job with a company that has taken a bail-out or a bail-in or corporate welfare or that benefits from import tariffs or governmental subsidies, any job which requires a person to be present for a whole day but their task could be finished in a half hour, anyone who’s job was created through government policies such as artificially low interest rates (like home builders and real-estate agents who are vastly over-employed thanks to the near-zero interest rates imposed on society by the government while those who have saved throughout their lives are being punished), anyone who goes through the motions of having a job but let their co-workers do the actual work, anyone doing completely unnecessary work (you know who you are); these are people who although they commute to a job and go through the motions of work are not productive members of society. There are many more who could be added to my list. AI and automation is going to replace the work of most people. Possibly as much as 65% of the current workforce will find themselves replaced by automation as soon as 2025. There used to be a saying in Britain in the years when their woolen exports financed the empire: “when the looms weave by themselves, man will be free”. The question is- free to do what? The answer should be: Free to grow on a personal level, and as a society free to explore the boundaries of existence as this phenomenal technology grows. This will be a monumental change for humanity and it should be embraced, not feared or loathed by petty people who can only see it as “someone is getting free money, damn them”. Eventually, everyone will be in the same boat. Automation is the only way, in the long run, for humans to advance in leaps and bounds. Petty jealousies will only add an unnecessary level of angst to those who will be first to be making the transformation to the inevitable post-work world. Many people see this new government policy as being akin to Communism. Well it is; however communism is what you will have when automation puts everyone on the same jobless playing field. Let’s just hope that this time the communal good is put first and the world won’t have to repeat the horrors of the past century. Because, if the communal good is not put first and foremost, it would be only too easy for the world to descend into a mindset that views the non-working classes as ‘useless-eaters’. The automation is coming like it or not. Learn how to embrace this huge change in a positive way. It will be a major upheaval and society would do well to realize in advance that there is no stopping it nor should there be. It would be instructive for all to read the 7th paragraph of ‘The Gods of the Copybook Headings” by Kipling, and see if we can’t strive to do better this time around.
#77 Dolce Vita on 04.29.20 at 4:01 pm
You know much of that dystopia you describe Garth, and good analysis, disappears once a virus is found.
Now the debt, no, that you cannot inoculate against nor who’s going to pay for it all.
Continue at this rate of spending, Canada & the US will be right up there with threadbare Italia in Debt to GDP.
Now THAT is frightening.
—
No this is frightening more. In 2008 I was on graveyard shift and reading about Argentina taking over private pension plans, few year later I remembered Hungary did same. There is a few countries in EU that did similar thing.
Now that cons busted unions, libs and socialists will take over retirement savings very easily, there is no one left to fight them back…
https://nomadcapitalist.com/2015/06/17/7-retirement-account-confiscation-scams-in-europe/
“Canada has a low rate of death of 7.9 per 100000 population-the vast majority of states have a lower rate than Canada’s 7.9”
Well, GOOOOOLLLLLLLLY! So do 12 of Canada’s 13 provinces and territories. Ponder the whys and wherefores of that quietly afore bombarding us with more foolish factoids signifying nothing, please.
PBO was on BNN. He also mentioned Fed revenues are projected to be down $60B ! – dead economy and loss in revenues on oil. T2 spends $200B in 3 months and we yawn. Wondering aloud how many people will ever get back on a GO Train or TTC/Bus any time soon too? With 75% approval – look to T2 to call a snap election this fall – with new forms of tax increases to follow. We are pooched.
#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NOPE. Never. MY BODY, MY CHOICE.
#92 Meh on 04.29.20 at 4:36 pm
“The Conservatives, on the other hand, earned just over 34 per cent of the vote, marking the first time since 1979 that the party with the most votes did not also win the largest share of seats.”
________________
not the majority of the populace.
—-
You know what they say: “You can lead a liberal to facts, but you can’t make him read them.”
34.34% Canada wide – it’s fact
https://en.wikipedia.org/wiki/2019_Canadian_federal_election
Even when the agreed upon hard facts are in front of “Meh” it still doesn’t understand them. Now take something like a viral infection with changing real time data. There isn’t a hope in hell it can wrap it’s head around it.
Just as soon as the dust settles taxes will go up, and they will rise drastically:income tax, HST, the whole enchilada. It won’t matter if Mr Trudeau has a minority government or not, he will have the will of the majority of the people behind him because he will be able to sell the pressing need to tax more. Who would have though that Chretien and Martin could slash and burn they way they did in the 1990’s. People realized there was little choice and accepted the hardships.
So let me get this straight. 99.9% of the population will not be affected by this virus. Of the .1% who will be infected only 1 out of 10 will die. This leader and other leaders around the world are throwing billions of tax payer’s money at this. It’s not they’re money that’s why they can spend like drunken sailors. Isn’t this great publicity for a caring PM. They are happy to offer your tax dollars to everyone rich or poor or special interest groups under the guise of this epidemic. Perhaps you’ll remember their generosity at election time. Meanwhile the genuine poor and small business are going broke. And this debt will have to be serviced by us and future generations. What a crap show.
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Rarely if ever do you hear anyone on this blog talk about knowing an Elon Musk type personality.
If we have a few of them they usually leave.
Most of the time we hear stories of “victims” of the corporate “machine”.
We need to screw the evil rich. The gall of those folks who provide “opportunity”. Better to learn to be an SJW to screw over your significant other in court when the time comes because you are “unhappy”.
Of course you were also the one pushing for marriage.
You are not to endure any hardship. As a “nice” Canadian you deserve to be provided for by the “rich”.
You do not need to take risks. Risks are only for the foolish that you intend to fleece.
Let’s all vote for more taxes to set us free.
What could possibly go wrong?
We are just and the rich pigs owe us.
The new Canadian mentality is bewildering.
wow .
so glad i invested $500k in March in equities
100 % equities rocks .. and have a cash stash ..
And rates will increase as the economy eventually recovers. It’s not magic beans. – Garth
————————–
Just like they have for the past decade whilst the Dow tripled and wages stagnated?
It is crazy but the more Trudeau gives out money it is never enough for the NDP and the Conservatives. There is no right wing in this country. It is gone now officially.
Forced Vaccinations? Force this and that? Wow sounds more like North Korea, than Canada….but yes its possible.
The Bank of Canada should issue helicopter money until the inflation rate hits 2% or until commodity prices rise. Our whole economy could keep ticking.
coffin condos?
Local media has published photos of the vertical structures cemeteries are building to stack coffins up to eight high.
https://saude.estadao.com.br/noticias/geral,cemiterios-da-zona-norte-do-rio-constroem-milhares-de-novas-gavetas,70003286124
#106 Ejy on 04.28.20 at 8:30 pm
RE #81 “Japan’s pandemic-exit-strategy failure’s lesson”
The paternalism with which westerners preach to Japan is annoying (and predictable), if not disguised racism…
>It’s not racism. These are lessons to learn because Canada is removing it’s lockdowns.
#160 Kilt on 04.29.20 at 12:18 am
#81 Long-Time Lurker
This Japanese Island Lifted Its Coronavirus Lockdown Too Soon and Became a Warning to the World
What fear mongering media rubbish is this…
—
>This is with a hard-lockdown and probably four months (since January) since Wuhan-400 started spreading outside of China:
—
U.S. coronavirus deaths surpass Vietnam War toll as Florida readies reopening plan
Jeff Mason, Maria Caspani
WASHINGTON/NEW YORK (Reuters) – The U.S. coronavirus death toll climbed above 58,000 on Tuesday, surpassing the loss of American life from the Vietnam War, as Florida’s governor met with President Donald Trump to discuss an easing of economic restraints…
…DEADLIER THAN WAR
The larger human toll has likewise been staggering. As of Tuesday, 58,605 have died of COVID-19 in the United States, according to a Reuters tally, eclipsing in a few months the total number of Americans killed during 16 years of U.S. military involvement in Vietnam.
The number of known U.S. coronavirus infections has doubled over the past 18 days to more than 1 million. The actual count is believed to be higher, with state public health officials cautioning that shortages of trained workers and materials have limited testing capacity, leaving many infections unrecorded.
…The virus was first reported late last year in China. The earliest-known U.S. deaths came in February on the West Coast.
https://www.reuters.com/article/us-health-coronavirus-usa-idUSKCN22A278
What’s changed?
Virus is still circulating.
People are still asymptotic.
It’s mutated numerous times.
No cure.
>Taiwan’s pandemic success model simplified: Identify, Contain, Quarantine.
—
Taiwan Emerging From Pandemic With a Stronger Hand Against China
Iain Marlow 8 hrs ago
…Taiwan was forced to contain the outbreak without official help from the World Health Organization and other international bodies, thanks to China’s longstanding push to isolate the democratically ruled island that it claims as its territory. For weeks, leaders in Taipei struggled to evacuate residents from the virus epicenter in Wuhan, as Beijing rejected basic conditions such as having Taiwanese medical personnel aboard the aircraft.
…Taiwan has led the world in its fight against the virus, with only about 400 infections and six deaths for a population of 23 million. By comparison, New York state — with slightly fewer people — had almost 300,000 cases and more than 22,000 deaths.
Taiwan’s success against Covid-19 has shown that democracies could fight the virus without resorting to authoritarian measures, serving as a key rebuttal against Chinese propaganda showcasing the strength of its system against the West. Tapei’s openness also contrasted sharply with the lack of transparency about the initial outbreak and subsequent diplomatic pressure from the Beijing, generating goodwill that could pay dividends in the future…
…Taiwan’s successful virus approach — led by a National Health Command Center set up following the severe acute respiratory syndrome, or SARS, outbreak in 2003 — combined proactive testing, big data and new technologies. That included early screening of flights, the rapid identification and containment of potential cases, integrating its national health insurance and immigration databases, and ensuring quarantine compliance via mobile phone tracking. The government quickly took more than 120 separate public health measures.
In some ways, Taiwan’s adversity also helped underwrite its response. Taipei has little room for error because it can’t seek help from multilateral agencies and Beijing would pounce on any missteps, said Rupert Hammond-Chambers, a managing director at the consultancy Bower Group Asia….
https://www.msn.com/en-us/news/world/taiwan-emerging-from-pandemic-with-a-stronger-hand-against-china/ar-BB13n4lQ
#41 Classical Liberal Millennial on 04.29.20 at 3:00 pm
#18 Joseph R. on 04.29.20 at 2:15 pm
But that’s what comment sections are for! Right now, by simply insulting him back, you can claim to be a better person than him!
Thy name is self-righteous.
Maybe that is how our host gets his jollies …. How would you know?
What would the comment section look like without the self-righteous?
——
Well, for one, I am better than him or her. But seriously, I’ve always said I’ll attach my name to everything I comment here. I’d do it for that comment. I don’t think #2 would have for his. I think we all should. I have suggested in the past to have some kind of secondary login (Facebook, Google, whatever) attached to the comments in here. It keeps people even just slightly more accountable.
————————————————
You wrote an excellent point: Normal person + Anonymity = Poppycock.
In my continuous series of songs about Humans not able to touch humans, I present to you Genesis Invisible Touch.
https://www.youtube.com/watch?v=jpmiZ7zsHXY
Partly related to the possibility of raising the capital gains inclusion rate – I’ve recently moved some stocks from the US to Canada (directly, as contribution in kind). Anyone knows if this counts as a sale and repurchase (at the same price), which would trigger cap gains? The TD brokerage’s website appears to think so, as it’s tracking the value of shares at the transfer date as purchase price. If anybody can confirm this to me, that would mean that I’ve “sold” my shares at the time when 50% was the inclusion rate. Thanks so much!
#230 Phylis on 04.29.20 at 1:28 pm
There was a call for tesla predictions. I predict a loss. That’s the best i can do.
—————–
Good guess, but…. wrong.
https://www.msn.com/en-us/finance/companies/tesla-soars-after-first-ever-quarterly-profit-to-start-year/ar-BB13o188
Tater, I can’t remember… still doing it wrong? Up 14% in one day and a lot more to come tomorrow after this.
Never bet against Elon. He has kindly give me one actual Tesla and the equivalent of many many more in capital appreciation.
Chinese people enjoy the spring cherry blossoms.
Seems like the City is targeting the Asian community specifically by shutting down cherry blossom areas everywhere, threatening stiff fines, deploying video and photo surveillance ahead of the amazing sunny and warm weekend that’s ahead for residents of Toronto.
Tracking the novel coronavirus in the U.S
At least 1,025,579 cases of the highly contagious novel coronavirus have been reported in the United States and its territories, according to a Reuters tally of state and local government sources. The U.S. diagnosed its first COVID-19 case in Washington state on Jan. 20.
COVID-19 CASES AS OF APRIL 29, 2020, 2:00 P.M. (ET)
Updated at least twice daily at 2 p.m. and 8 p.m. ET
At least 59,124 have died of the illness across the United States, with the largest numbers so far in New York state….
https://graphics.reuters.com/HEALTH-CORONAVIRUS-USA/0100B5K8423/index.html
Hi Garth- Did you leave the door to the Antifa website open?
Anyway, I have always believed in your policy of lenient censorship and I just use the ole scroll wheel. That said, if you have access to IP addresses and if it’s not too hard could you limit posters to one screen name only?
I suspect that there’s quite a few sock puppets here. In a word, the comments section is being brigaded. It is easy to see.
It lowers the steerage section right into the bilge.
The prospect of a spendthrift, unaccountable, Liberal government raises the specter of separation, and not only in Alberta.
Downtowns will be vibrant once again Garth, it will take time though
The only place for investments is in a TFSA where capital gains can’t come back to bite you. I have an inheritance coming. I’m going to put it somewhere where it won’t earn a thing. It isn’t worth it. Eventually it will make its way into my TFSA. Thirty-four percent of my 2019 taxes was due to income from investments. I can save some taxes by simply not having any non-registered investments. That’s the plan and I’m sticking to it.
#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
===========
Why was my earlier reply to this commie not even registered as ” DELETED “?
Anyone want to go to Costco.lol
https://www.youtube.com/watch?v=YR5ApYxkU-U
Ok, accurate report of one-day returns from yesterday’s purchases as noted on this blog:
IEP: +1.6%
GEO: +8%
BAC: +5%
TSLA +14%
Some will consider this boasting. Others will accept this is a finance blog and possibly use the info to their advantage.
#6 Faron on 04.29.20 at 1:53 pm
Regarding: Real estate migration.
I’m not so sure. The previous exodus of folks to the burbs happened at a time when cities had not yet sprawled and commutes were still short. Today the growth of suburbia and reliance personal vehicles has resulted in crippling traffic that is (or should be) a strong deterrent. And many will still have to go in to the DT core to work….
Except (and our host won’t like this, in fact will probably DELETE it), but big immigration intakes are dead in the political water with millions of Canadians are out of work. That imported population growth has been driving much of our cities growth. Sprawl will be contained and with Work From Home such a success many companies will realize they are not tied to overpriced big cities.
Canadians, unlike Americans, are socialist at heart. Trudeau’s approval demonstrates this perfectly.
#105 Millenial Realist. And what are you going to do? Turn care homes into death camps you stumpy little Nazi?Steal my gold fillings?
That is a bleak forecast indeed Garth. Dystopian, even. But possible.
I disagree that taxes are going up much or at least not tax revenues. We are already at peak tax. Any tax increases in one area will just mean less taxes coming from somewhere else as it trickles down through the economy.
Take an inheritance tax for example. Inheritance is already taxed (except for the primary residence) and usually at a pretty high rate as assets are deemed to be sold and RRSP’s are cashed out all at once. So attempting to tax this again will lead to avoidance. People will just cash out faster while still alive and give the money to their heirs. Where the tax cannot be avoided, less inheritance means less spending on new cars and such so all down the line there will be less taxes (and less employment, so less taxes again). There just isn’t any way to increase tax receipts once an economy reaches peak tax. All you can do is retard economic activity. Doesn’t mean they won’t try though.
The deficit is truly alarming. It is like an experiment in MMT (modern monetary theory, which basically says the only limit to governments just printing money is that inflation remains acceptable.) I cannot see the scope of these deficits as being anything other than inflationary. On the other hand with the government hovering up all the available funds consumer lending may become a thing of the past. This is all potentially very bad news for the housing market.
Was at Costco today and the strains on the supply chains are definitely starting to show. Nitrile gloves and “Soft Soap” can now be added to the list of things that aren’t in stock. Drinking boxes (the kind kids take to school) are all but unavailable unless you want to pay for organic. The produce section was cut in half and replaced by a play set and nylon swimming pools. There were no products in the middle of the cooler as is usually the case. Toilet paper was available though. The meat section is starting to show signs of strain but canned ham is still unloved and unwanted. I guess even in a crisis there are some things people just won’t eat.
It is starting to look more and more like what we are facing is a depression of unknown duration. Hopefully it will be short. But let’s call a spade a spade, +15% unemployment is a depression. -20% GDP numbers is a depression. The only question is how long it lasts but it is looking more and more like it might last a long time.
And how many people are going to die from delayed cancer treatments and suicide? Is the cure worse than the disease? These are questions we won’t answer for a while.
Austerity will just run us all into the ground.
UBI is coming. Don’t be jealous it’s better for your taxes by far in the long run.
Maintaining the poor and their need for expensive emergency services and bureaucracy is far more expensive than lifting them up into tax paying citizens.
Not to mention the amount of productivity gained from everyone’s mental health getting a 200% boost.
Empathy creates wealth and human value. The alternative is what the US is doing to itself right now, cutting off its nose to spite its face.
#101 BrianT on 04.29.20 at 5:04 pm
Maybe not overrunning in terms of a majority infected, but still causing serious harm. Excess death data is starting to roll in and shows an average of a 60% undercount of deaths and death rates spiking to as much as 6 times the normal rate in the worst hit areas. That’s with distancing measures. With no measures, the results would have been far worse.
To make this not just a virus post, countries that took the most rapid and dramatic measures are getting through this the fastest and are reopening and their economies stand a much better chance of staying whole. If anything, your fair democratic country should have slammed the door on freedoms/civil liberties/fun tighter and faster. We could have been looking at a fun May 2-4. Now we’ll be looking at our curtains.
“Well, whuddabout Sweden and Brazil?”
Sweden has a death rate 3x higher than Denmark, 7x higher than Norway and Finland. And, those countries have a flattened curve. Sweden’s is still concave upward. Currently 7th highest deaths per capita among large countries and by far a much lower population density. Sweden will probably surpass Netherlands and France in the near future. Good job Sweden. Oh, and their economy is taking a hit too… AND their booze is too expensive. Have fun with that.
Brazil’s story is still being written and it’s looking bad with exponential growth taking off now. Top 3 in new cases and deaths yesterday. Deaths doubling every 8 days. Real up and comer which is a tough prize to take given that they were late to the party and had time to learn from almost every other country.
It is unimaginable that T2 numbers are what they say. People have gone mad; there is no hope!
T2, the glorious Dr.Tam and the W.H.O blew it. In the early days people were practically begging the Gov and Tam to shut down direct flights, have testing done at airports, minus those idiots that ignored all the signs and decided that taking a cruise was there personal rights as well as air travellers; give yourselves a big round of applause you selfish idiots! Do not even get me started on the Chinese government that created all this!
What a fricken waste; IT DID NOT HAVE TO BE THIS WAY!
So the posse is going for a ride?
I can’t ride a horse.
I’ll come along for the ride though.
V8 is my horsepower.
I’ll be like the guy following Terry Fox from the safety of a vehicle…
M45BC
I hate Garth’s politics, but his economic analysis has been very accurate. I come here to listen to who is more intelligent than I am in real life when in comes to investing. We are living at a great time. Thank God for all that is good.
#143 HH on 04.29.20 at 6:47 pm
The only place for investments is in a TFSA where capital gains can’t come back to bite you. I have an inheritance coming. I’m going to put it somewhere where it won’t earn a thing. It isn’t worth it. Eventually it will make its way into my TFSA. Thirty-four percent of my 2019 taxes was due to income from investments. I can save some taxes by simply not having any non-registered investments. That’s the plan and I’m sticking to it.
—————–
That is a horrible plan. You should rethink. The world is a bit bigger than Canada.
Faron – how do you know that 1) the deaths in each country are being recorded the same, when each country has very different methods 2) that those countries won’t experience a 2nd wave in the future because they locked everyone up instead of getting them exposure and won’t get the deaths in the future 3) the deaths of despair from the economic damage in those countries won’t kill more than the virus did in Sweden 4) that serious illness didn’t go untreated that will cause deaths in those countries because everything was shut for the virus?
Don’t try to compare data sets and come to conclusions. It’s far too early. Your grasp of logic and analytical abilities have been challenged by everyone here for a reason. Maybe in a few years you can make conclusions. But not now.
Anyone who is pro lockdown should REALLY read this article if they haven’t already:
https://blogs.scientificamerican.com/observations/the-true-costs-of-the-covid-19-pandemic/
It’s a fact filled litany of reasons to end them asap for health reasons and for the best interest of soceity. Sweden is still doing much better in deaths / capita than a lot of European countries and they haven’t sacrificed liberties or their economy or their future generations to do it.
I work for 18$/hr cleaning a covid active ward for 4 hours a day. I have income so I do not take CERB, as a contractor I will likely not get the $4 benefit. I barely afford expenses at this rate. Then I see people buying I-phones with their CERB money.
I hate everything and I want to die.
A video surfaced this week of the nation’s medical goddess, Dr. Theresa Tam, once musing that in a pandemic citizens should wear personal identification and face forced vaccinations. Current opinion polls show a scared populace might now find that acceptable.
So Bill G., when you will give the go sign to the WHO to release the second pandemic? We all know you ARE NOT a prophet (who prognosticated 5 years ago what is happening now, rather you just knew facts back then that we are just knowing now), you are just a guy with billions that can make things happen, whether they are good things, bad things or pandemics….. world population (something you are so concerned about) doesn’t get fixed by taking people down. You are truly the wolf in a sheep’s disguise. Anyways I’ll wait for your COVID-19 vaccine to flush it down the toilet. And who is Theresa Tam to tell me what to do….
#156 – OK. Tell me what you would do in the environment we are in. I’m interested in any advice I can get.
Remember to get some sun for Vitamin D. Reduce your sugar and carb intake dramaticall . Avoid seed oils and processed foods. This will over time minimize your risks of the top 3 Covid19 comorbidities. Diabetes, Hypertension and Heart Disease.
What about taxing worldwide income for Canadian passport holders? Now that those ‘repatriation’ flights gave the Trudeau government the name, address and Passport number of all these eats, let’s have THEM pay for all that healthcare, civility, free flights and Canada rah rah rah, that they were so happy to accept in the early days of the pandemic.
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
——-
What a left wing, teet sucking , snowflake you are
@#149 Decent majority
” Turn care homes into death camps you stumpy little Nazi?Steal my gold fillings?”
++++
Excellent rebuttal to Millennial Surrealist.
Just dont let Surrealist get blood pressure boiling with the same hackneyed phrases he spews forth every few days…..
Surrealist is jealous he will never have what we enjoyed.
Moo hoo haa haa haaaaaaaa.
But, just in case. I’m having all my gold fillings switched to porcelain……
I wish people would not write harsh words about Dr. Tam. I think she is hot.
The currency is devalued is what happens. Canada will lose its AAA credit rating. We were already down 10% against the USD. More to come. The loonie will go below 60 cents according to David Rosenburg. Why wouldn’t it. We are not the reserve currency that everyone wants to own.
Raising taxes will generate less tax revenue and put a drag on the economy. The only answer to this mess is print even more money. If it worked over the last 2 months why not keep going? You won’t get 75% polls by raising taxes. Just devalue the currency and nobody notices. Lowering the loonie also helps exporters. We are heading towards stagflation. Stagnent wages, high unemployment with inflation from a lower CAD. If you have CAD cash better get it in USD or gold. The recent bounce in the loonie is short lived.
I think the more in debt you are required to get a vaccine or vaccines. if you have no debt which is very little people those people are so small in amounts that hardly a risk of infecting any or much people.
Since debt is good for most Canadians as they look at it through real estate and cheap money, very low interest rates they should get vaccinated as they are in debt right.
So is Universal Basic Income (UBI)
the new way politically correct way of saying
Welfare?
@#132 Million dollar question.
“What’s changed?
Virus is still circulating.
People are still asymptotic.
It’s mutated numerous times.
No cure.”
++++
Unfortunately in these uncertain times…..that is a TRILLION dollar question…..
The comedic relief in this one was unparalleled. I look forward (though I would prefer not,) to “riding at dawn.”
Get your pandemic exit strategies correct, Canada. More people do not need to die.
I gave an early warning to people long before anyone else did. So, here I am doing it again.
—
#111 Long-Time Lurker on 02.06.20 at 11:15 pm
>For the record. Health Canada, you might want to take this pandemic scenario more seriously.
WORLD NEWS FEBRUARY 6, 2020 / 4:48 PM / UPDATED 3 HOURS AGO
‘Ghost city’: Commute through China’s deserted capital amid coronavirus.
Despite this, Beijing would typically be thronged with morning traffic and tourists heading to Tiananmen Square, the Great Hall of the People and the Forbidden City.
Instead, Reuters Greater China Chief video producer Mark Chisholm has spent the last 10 days commuting through a “ghost city” to work amid an extension of the Lunar New Year holidays due to the coronavirus outbreak.
“You see empty walkways, empty streets with very little cars, bicycles or motorbikes,” Chisholm said….
https://www.greaterfool.ca/2020/02/06/audreys-world/#comment-686633
No changes in my GTA Condos here. I’m out of my unit 1-2x each day and ride the elevator and see people in the lobby esp. pet owners. And the building managers, repair people and security guards. No one is wearing a mask, business as usual. This is downtown living.
– Transit: a majority riding the (now free) streetcars are maskless, sitting there absorbed in their phones.
Livf goes on.
I alternate my shopping between some smaller places, and there are five yes five places still taking CASH as their preferred means. 3 of those places, no masks in sight.
(Two are based in a culture which wear masks at the best of times :-). Cash is king!!!
If the business is plucky they have laid off their staff, collecting $2000 + cash wages under the table. Just a thought I cannot prove.
#145 Sail away on 04.29.20 at 6:56 pm
With irrational exuberance: “Ok, accurate report of one-day returns”
Meaningless unless you sell and realize the gains. Do you trade aftermarket? TSLA falls in the category of stocks your uninformed cousin Vinnie tells you is reeeel hot right now (like YVR real estate). That means sell.
Anyhow, I’m with you that those gains feel good. XBM, ICLN, VDE (yes, hypocritical like bacon on a veggie burger) and FIE all treated me right. 3 of 4 have high dividends and they represent WAY more diversity than four indiv. stocks. And yes, I am boasting :-). Regardless, one day gains in a volatile market are meaningless.
Some will consider this boasting.
It’s not if you post your biggest one day losses some time in the near future. I’ll go first. I bought a leveraged inverse ETFs on the 25th of March thinking the two day pop wouldn’t hold. Went backwards when the indexes gained 6+%
Possibly use the info to their advantage.
Detail.
I don’t want to carry this looming tax burden.
What are the most tax-efficient ways to bail out of Canada?
Sounds like suspender snappers will be paying for UBI
Hoo boy! Now the antivaxxers step in to the conversation.
I’m old enough I vividly recall my father recounting his battle with polio (twice actually). I lost my paternal grandfather to tuberculosis before I could meet him.
I personally remember the misery of measles, chicken pox and the mumps.
You guys really want to go back to all that?
Being anti vaccines must be like being a jihadist – they believe that there’s another way to interpret the world and are willing to inflict that upon everyone else, no matter the evidence or cost.
I don’t think they’re the happiest of people.
I think many younger people in Canada have no real sense of experience and history of tyrannical governments.
If you think that you will live in peace or be able to get free stuff, free money, free benefits etc. then you have no reality of a communist, socialist or any mixture of these.
You will be told what, when, how to do. If you like rationing and authority taking your life away completely then UBI ans welfare and communism is for you. They can use a different name, use different technology it does not matter. You will wish you never were tricked into this path of living hell.
Good luck Canada and Canadians. $200 billion dollars is peanuts when Trudeau and Morneau Federal, provincial liberals, NDP, Green Party adds trillions in debt over the next 5 years.
Garth, I really think Canada will become a third world crap hold in coming years. Financial advice and the financial industry and money in general will be really worthless. It is game over.
Why is Nunavut locked down? You can’t even get there by a road. If there is anywhere in the world that is able to return to fully normal it’s them.
@#161 Cheese
“Reduce your sugar and carb intake dramatically . Avoid seed oils and processed foods. ”
+++++
You forgot to mention cheese….a mistake or something more diabolical?
You Dairy Marketing propagandists are getting better at this…subtle yet engrossing…..welllll playyyed cheesy, welll playyyed.
Today was quite a rally. Why finish it with such a depressing list?
@#165 Ed Macneil
“I wish people would not write harsh words about Dr. Tam. I think she is hot.”
++++
Apparently you keep the Big Book of British Smiles as a coffee table conversation piece….. you sick bastard.
https://www.youtube.com/watch?v=PrpUSKE9p_M
I keep asking my socialist, tree huger friends, how much is enough. Why give $1,000 or $2,000 or $3,000 a month to each Canadian?
Give each Canadian $1 million since the more money you give Canadians the more you will stimulate the economy but there is one problem and reality that always bites you guys, it is called money becoming worthless, hyperinflation, super devaluation, that math always gets in the way, too bad guys.
My my.
El Presidente Supremo is starting to let his paranoia run wild.
https://www.reuters.com/article/us-usa-trump-china-exclusive/exclusive-president-trump-says-china-wants-him-to-lose-re-election-race-idUSKBN22C01F
Uber socialism similar to Venezuela will be Canada’s economic death knoll. Venezuela didn’t notice how close they were to the ditch before their whole country plunged into it. Canada is as close to Venezuela as you can get without the Spanish. The lucky millions have now migrated to Columbia and other nearby countries leaving the dregs to starve to death in Venezuela. That’s our future.
We ride at dawn. I say “Tonight We Ride” Tom Russell Band on Letterman. From an album with “Dogs” in its name.
https://www.bing.com/videos/search?q=tom+russell+toniight+we+ride+letterman&&view=detail&mid=40877AB0ABB64F48A09540877AB0ABB64F48A095&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dtom%2Brussell%2Btoniight%2Bwe%2Bride%2Bletterman%26qpvt%3Dtom%2Brussell%2Btoniight%2Bwe%2Bride%2Bletterman%26FORM%3DVDRE
WUL
M64RealCowboy
#14 Adam Smith on 04.29.20 at 2:04 pm
“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”
-G. Michael Hopf
I think most of us know where we are in this cycle.
—————————————————-
In search of a Good, strong Woman?
(Great quote You provided by the way).
Shawn, Canadians have seen nothing yet what true socialism is. This Canadian version of light weight socialism is not sustainable and is not fixable. Get ready for living in a more Cuba, Venezuela type country.
I know, I lived there and we are going closer to that direction.
Give it a rest, Calgary Retiree. You think Garth, a man who crossed the political aisle, is a partisan right winger. It’s unfortunate facts and data don’t jive with your opinions. You clearly don’t have our pulse on any part of this blog. Garth has been doling out free advice for years.
Actually I did not cross. I was catapulted. – Garth
Meh. Never underestimate the need to shop. My wife and kids will attest to this. Everything will be back to normal in no time. Also never underestimate the ingenuity of entrepreneurs to make a buck. Where one business closes, two more mom & pops will open in its place. And of course Trudeau will be back. Like anyone would vote for the other guys to claw all the goodies back.
#157 Toronto_CA on 04.29.20 at 7:11 pm
BrianT posted numbers based on the exact same data and drew conclusions, yet you didn’t call him out. Logical consistency much?
You righties have to get your story straight about this herd immunity thing. Some post articles and claim that the majority of the population in all countries is already infected and recovered. They claim this when they want the lethality of the virus to be low. And now here you are claiming that those same countries will be subject to a second wave. Which is it Dr. logic?
Given a huge spike in excess deaths (the numbers that have the final say on COVID related mortality) how can you say that a Laissez Faire approach is the right approach?
And: check the population density of Sweden compared with other countries with similar death rates. That Sweden ranks as high in per-capita deaths as countries with 3 to 10 times denser population should be considered criminal. You are right that time will tell, but right now the Swedish government has blood on its hands. At least three times more blood than it should have. If remdesivir or other treatment proves successful then there will be no second wave of any lethality and Sweden will have killed off 1600 more people than it should have and you will have cheered it on.
‘GIVE PEOPLE BACK THEIR *ODDAMN FREEDOM’: Elon Musk bashes US shelter-in-place orders as ‘fascist,’ says they’re ‘forcibly imprisoning’ people in their homes.
https://www.businessinsider.com/elon-musk-rant-coronavirus-shelter-place-orders-fascist-unamerican-imprisoning-2020-4
Time for a haircut…
https://i.insider.com/5ea83cc46985251a67758d77?width=600&format=jpeg&auto=webp
Garth, if Trudeau hits CG, then our biggest GDP churn industry will die. People will just stay put and housing and construction will come to a screeching halt. No more office or condo towers. FIRE is a big part of our economy. And oil is dead so no revenue there from a dead horse.
Whats left? Cant hit stock dividends because nobody in Canada has any money to invest with. He wont have as easy time as you think trying to wring blood from a stone.
If the SJW can decide to stop work and sit and play super Mario like our PM, well then so can the people that pay the bills.
I see Venezuela 2.0 in the cards.
#137 Sail away on 04.29.20 at 6:23 pm Maybe next time i’ll get it right. :)
@#103 COW MAN on 04.29.20 at 5:07 pm
Anyone remember: “And the budget will balance itself.” Justin Trudeau?
____________________
anyone remember the rest of that quote?
I’m sure it’s been said but we won’t need to pay down the Covid-related deficit:
https://www.google.ca/amp/s/www.theglobeandmail.com/amp/opinion/editorials/article-how-is-ottawa-going-to-pay-off-its-covid-19-debt-with-any-luck-it/
Math is hard. – Garth
Unbelievable, TD is forecasting a 7.8% price increase for Canadian housing for 2020 even in the Corvid19 environment.
Shouldn’t have wasted my time with stocks all these years….
Think I’ll start a losers support group.
“…that in a pandemic citizens should wear personal identification and face forced vaccinations. Current opinion polls show a scared populace might now find that acceptable.”
To misquote former actor and NRA Chairperson Charlton Heston. “Over my cold, dead, Covid filled body”!
Didn’t Dr. Birx play Roller Girl in Boogie nights?
Trudeau 74% approval rating, we are doomed especially in the West. Free money for everyone except pensioners.
What will happen to our Dollar will we see .56 I would bet
on it.
Honestly are Canadians that stupid? I should open a Ho.Dog Stand, and sell Vegie Dogs as we will not be able to get beef soon, hire a student and get a tax credit
#148 Shawn on 04.29.20 at 7:02 pm
Canadians, unlike Americans, are socialist at heart. Trudeau’s approval demonstrates this perfectly.
—
Is this guy implying Trudeau is a socialist? Laughable…
https://www.youtube.com/watch?v=T8FuHuUhNZ0
This video hasn’t aged well. When you combine his statement of the government forcing people into “green strategies” and now Michael Moore’s documentary has exposed that farce. The free market is more efficient.
https://www.bbc.com/news/health-52478783
Remdesivir: Drug has ‘clear cut’ power to fight coronavirus
Looks like the virus could go the direction of HIV. No prevention or vaccination except through social prophylaxis (new term invented here, please feel free to use). However, those that are unlucky enough to catch this, are put on big pharma meds for life.
#160 HH on 04.29.20 at 7:17 pm
OK. Tell me what you would do in the environment we are in. I’m interested in any advice I can get.
————
Oh, that’s tough. It depends on the amount you have in cash. If $500k or under, probably best to max all registered accounts and invest the remainder as tax-efficiently as possible. I wouldn’t invest in maple, but if you were set on maple, the banks, railroads, natural gas, and Hydro One are not bad bets. Way more upside in US.
If the investment income you were paying tax on last year was not tax efficient (e.g. qualified dividends), then best to make that as efficient as possible. And of course, any tax environment is temporary and can be changed by the govt at any time. The current tax scheme isn’t too bad- it’s only being predicted that it will get worse.
Do you not have possible losses to offset gains for this year? Those could make a big difference.
If you have significant funds over a few million, it might be worth looking into offshoring it in case total assets come under scrutiny for wealth tax. In US, Wells Fargo bank is fairly easy to work with and of course any of the other tax havens. I’m almost all USD these days under the assumption the USD will maintain value as most others plummet.
Or if you really want to go big, are accredited, and have a good understanding of a certain sector, you could always invest in private business. Only do this if you really understand the intricacies of the business, though.
But the simplest? Have a chat with Garth’s crew.
Correction, looks like the ant colonies beat us to this concept and are one step ahead of the game as usual.
https://www.ncbi.nlm.nih.gov/pubmed/17980590
Social prophylaxis: group interaction promotes collective immunity in ant colonies.
Garth, maybe you can do a favor for all Canadians. Run for the conservative leadership. You’d have our vote.
#190 Faron from Nov to end of March there was no outbreak, no hospitals overwhelmed, nobdy was appreciable sick. The annual PDAC convention saw tens of thousands. Travel as normal.
By rights – and we are told it spreads so far – every flight attendant and taxi driver should have be stricken.
Suddenly, in great coincidence all of North America shut down 3rd week in march.
Also by coincidence all major employers were already up and running to have employees working from home 3rd week of March. What gives.
– Not A week later a major well organized well advertised campaign, website and social media to Keep Your Rent sprang up. Out of where? If you cannot see this was planned…can’t help you.
Then the 24/7 news cycle began…and the numbers on the screen. A month later of lockdown and STILL they give us new numbers? It makes no sense. Impossible when everything is shut down. Everyone is in isolation
And the shut down prevented not ONE single death in an old folks home.
So what is really going on here. What is the timeline.
Fewer freedoms likely lie ahead. Sadly. Some countries use apps to track every citizens’ moves. Crippling news for philanderers. And cowboys.
*************
Just pull an E.T. and leave the phone home.
And drive a car without a computer.
Gather the horses. We ride at dawn.”
LOL, reminds me of a quote from that Yankee firebrand Pat Buchanan,
“Mount up everybody and ride to the sound of the gun”
https://www.c-span.org/video/?c4582818/user-clip-pat-buchanan-ride-sound-guns
With strict gun control in Canada, it is more likely ,
“Mount up everybody and ride to the sound of your Play Stations”
@#103 COW MAN on 04.29.20 at 5:07 pm
Anyone remember: “And the budget will balance itself.” Justin Trudeau?
_________
I think he also said you wont recognize Canada once he is done with it. Mission accomplished.
COVID 19 be damned! this is gonna be a summer of LOVE!
Terrified by governments and media, Canadians have rallied around leaders as in a war. Trudeau’s 74% approval rating is unheard of for a modern leader – even as he has broken electoral promises, been caught in a black-face past, brought on a debt storm, manipulated justice, raised taxes and now shuttered the economy. If he calls an election this fall, Canada will have a majority Liberal government.
Looks like a certain pathetic blog will be busy. Gather the horses. We ride at dawn.
***************
Yup. Any current gov that appeared to show concern and emotion for the people will get re-elected. Kenny, Ford and now even Trump are slipping away. But then again Ford has been emotional lately, so that may give him a bump from the low ratings he has experienced.
I am waiting for the “why I chose Lunenburg” post.
By the way, burbs and beyond rock!
Wayyyyyy too much fearmongering on this board. A year from now Covid19 will be a distant memory.
The stock and real estate market will continue to scream upwards.
People just stayed home for a few months. Big deal.
#181 fartz
BOOM out of the park lmao
In the grocery store tonight. I was reprimanded by an employee for walking the wrong way down an empty aisle. OK…but them are fighting words.
It anoys me way more than the folks yelling at me while I’m driving down a one way bike lane.
Rawhide
Frankie Laine
Rollin’ rollin’ rollin’
Rollin’ rollin’ rollin’
Rollin’ rollin’ rollin’
Rollin’ rollin’ rollin’
Rawhide
Keep rollin’, rollin’, rollin’
Though the streams are swollen
Keep them dogies rollin’, rawhide
Through rain and wind and weather
Hell bent for leather
Wishin’ my gal was by my side
All the things I’m missin’
Good vittles, love and kissin’
Are waiting at the end of my ride
Move ’em on, head ’em up
Head ’em up, move ’em on
Move ’em on, head ’em up, rawhide
Cut ’em out, ride ’em in
Ride ’em in, cut ’em out
Cut ’em out, ride ’em in, rawhide
Keep movin’, movin’, movin’
Though they’re disapprovin’
Keep them dogies movin’, rawhide
Don’t try to understand ’em
Just rope ’em, throw, and brand ’em
Soon we’ll be livin’ high and wide
My heart’s calculatin’
My true love…
Trudeau will not last beyond a few more months. The populace are going to get very ancy over the pilling up of unpaid invoivces and smarmy platitudes from Selfie Boy. There will be a revolution.
#4 Classical Liberal Millennial on 04.29.20 at 1:49 pm
#2 The Truth on 04.29.20 at 1:39 pm
What a rightwing windbag you are.
—
And with nothing of substance to say or reasoning to back up your ridiculous claim, you’re just a mindless windbag. Get back on Twitter or Reddit or wherever your ilk congregate. Pathetic.
***********
Idiots aren’t pathetic, their the top of their game.
A good vid for anyone who is finding their T levels are getting knocked back living in Canada:
https://www.youtube.com/watch?v=P_uylDMA30M
The citizens of this nation who saved nothing, outnumber the citizens who saved something. Everyone gets one vote. You know where your something is going.
#20 Coho on 04.29.20 at 2:16 pm
You hit it right on the nose.
Hang in there Cheese, we all feel the same, depressed
We all know what T2 thinks about small businesses awhile ago on Peter Manbridge? show, that sb are tax evaders.
And look at BC with the BC Liberal Government ignoring the people here, and there carbon tax for twenty years. We have paid this tax for twenty years, what a joke!
Oh, btw, most young people are depressed and can see why, no leadership. Are the leaders so absorbed in their themselves to not see the harm, harm to out youth.
As for leadership, I think Scott Moe would make a good leader and a few others. What do you want: a leader that can speak two languages or a leader that speaks for the people.
I know what I want and that is a leader that speaks for the people within border, whatever language he/she speaks.
#24 Forward Thinking on 04.29.20 at 2:26 pm
I wouldn’t worry about any of this Mr. Turner. The markets have been shrugging off all kinds of horrendous news and will see all of these unprecedented negatives you list as huge positives to rock onto record highs. No digestion of stats and no positive data required. 20% unemployment, 40% of businesses shut down for good, rampant debt everywhere, record economic contraction, $10 oil…pffft, all catalysts for what I’m seeing as the 1st ever “I” shaped recovery ever with zero positive data to support it, just crystal ball forward thinking. Straight down for 2 weeks then straight back up to the moon, lines too close together to form a “V”, so definitely a blurry”I”. Fundamentals, meh who needs ’em?
Booyahhhhh!
—————————————————————–
Blurry “I” is right. My balanced portfolio went from minus 16.57% on March 23rd to minus 1.5% in 5 weeks.
Mind boggling. 5 weeks ago my wife was saying sell everything while I was busy picking up bargains. Now she’s singing a different tune. XEG for example up 77%.
To be fair, that interview with Dr. Tam was from 10 years ago. She is mid-sentence when it starts, so we don’t know who she’s talking about when it comes to non-compliance. She never actually talks about police roadblocks on bridges and vaccination. That’s the voiceover doing that.
There is no context to what she is saying, nor do we know exactly who she is talking about (infected/non-infected) and even what the question was.
There is a lot of misinformation out there. (Like the “front line doctors in Bakersfield!” who turned out not to be Medical Doctors but osteopaths who don’t practice. They own a chain of clinics and their evidence is beyond shaky.)
Don’t let a sneaky video like that mean anything. Mostly because it doesn’t mean anything.
How would the inheritance tax be structured?
#66 Sail away on 04.29.20 at 3:44 pm
The Americans tax you on your world wide income and you can’t renounce until they say you can. As the situation gets worse and governments get more hard up expect them to keep their livestock on the farm. Get ready for your ear tag. The Chinese have shown the way. When motivated enough the Tax Man will come for everyone. You may be able to run but you will not be able to hide.
#119 nfn nln
“you know what they say: “You can lead a liberal to facts, but you can’t make him read them.”
i’ve never heard this saying before. why don’t you just speak for yourself? or are you just trolling? btw, i am conservative, though i rarely vote for the so-called conservative party.
Thanks for the post Garth
The future will be interesting
My two cents …CPP assets are almost 400 billion.
Just a pencil entry poof balanced budget.
Just curious if you could help me understand how the BOC did a pencil entry and create 200 billion.
At least in the second war we bought war bonds.
Who knows maybe Covid bonds?
the idiots keeps saying we should force vaccinate people for public safety.
could you possible show me any long term studies showing “Proof” not “Fact” of their efficacy over say five years. say longer than the 5 days taken to approve the hep B for Babies….
there certainly can be no Covid 19 vaccine or safety study
that could be older than 4 months at the very best…
or less
as the virus has only been around that long… right?
and how long have they been working on a Flu vaccine and they still can’t get it right.
i love how people think money can be printed without consequence… like reductions in service free bee’s they expect.
as for the claims of canadian medical care being spent wisely
i can get an MRI, and get a disk with the information on it for about $100 dollars US in the states if i pay cash
in BC canada it’s $3750.00 Can if i pay cash and they claim to own the information.
but then in Canada the government has a price list for your personal medical information.
its given via the clauses on your Birth Certificate.
learn to read the fine print
the Health Ministers Assistant and Her Husband next door are having discussions with other Public employee’s
about how to stuff their pensions with Covid 19 Hazard pay benefits…….
i have to listen to their shit in the backyard while they party and socialize with their friends over the weekend… while they collect 6 figure wages for sitting at home
1 copy or 100,000 copies take your pick…
#173 Faron on 04.29.20 at 7:45 pm
————–
Probably best to relax and get a sense of blog history before coming in hot, Faron.
Tesla is a 10-bagger for me and I buy at (what I judge are) inflection points, then report on followup. All the stocks mentioned already exist in the portfolio. Yesterday was an inflection point; today was followup on inflection point results.
#185 WUL on 04.29.20 at 8:28 pm
We ride at dawn. I say “Tonight We Ride” Tom Russell Band on Letterman. From an album with “Dogs” in its name.
https://www.bing.com/videos/search?q=tom+russell+toniight+we+ride+letterman&&view=detail&mid=40877AB0ABB64F48A09540877AB0ABB64F48A095&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dtom%2Brussell%2Btoniight%2Bwe%2Bride%2Bletterman%26qpvt%3Dtom%2Brussell%2Btoniight%2Bwe%2Bride%2Bletterman%26FORM%3DVDRE
WUL
M64RealCowboy
…….
Love it!
An interesting parallel.
I just read in the paper that bridge traffic is down about 1/3 in the greater Vancouver area. This just happens to be about the same amount the market dropped.
So Mr. Market made an accurate prediction before the Fed interfered in the forecasting mechanism?
One third fewer people aren’t working but I guess it means that 2/3rds still are. So there is that
#136-Last of the GenX – unless you sold the stocks in the market you do not have a realized disposition. A simple transfer of shares from one broker to another (whether within or outside of Canada) does not result in a taxable transaction. Your broker in Canada is simply recording the shares at the value at the time they received them. This is not your cost basis for tax purposes.
#66 Sail Away – I am surprised at your comment. You appear to be fairly level headed but here you are promoting tax evasion. That is a criminal offence. First of all, you cannot avoid reporting capital gains in taxable accounts on ceasing to be a resident of Canada. Your comment that you would simply move to another country before you sold shares in your taxable accounts to avoid paying tax in Canada is evasion. Not reporting significant assets held outside of Canada on a T1135 is also a criminal offence. Stop promoting practices that are illegal.
Headline in the NYT: Economy Shrinks at Quickest Pace Since 2008 Plunge.
And yet the market is rising just fine.
Re: 74% approval for Trudeau… not a surprise! Plus the Scheer thought of… makes one gag.
There may be a outflow of people to the burbs and beyound by the Remotes, people who work online, but the cities will remain vibrant.
ps The International Energy Agency said the outbreak of Covid-19 would wipe out demand for fossil fuels by prompting a collapse in energy demand seven times greater than the slump caused by the global financial crisis.
Now what?
________________________
Well, … enough of listening to what politicos have to say. Instead, let’s hear – for a change – what an erudite cluster of thinkers have to say:
How to think post-Planet Lockdown
Between unaccountability of elites and total fragmentation of civil society, Covid-19 as a circuit breaker is showing how the king – systemic design – is naked.
We are being sucked into a danse macabre of multiple complex systems “colliding into one another,” producing all kinds of mostly negative feedback loops.
What we already know for sure, as Shoshana Zuboff detailed in The Age of Surveillance Capitalism, is that “industrial capitalism followed its own logic of shock and awe” to conquer nature. But now surveillance capitalism “has human nature in its sights.”
https://asiatimes.com/2020/04/how-to-think-post-planet-lockdown/
Best,
F.S. – Calgary, Alberta.
#14 Adam Smith on 04.29.20 at 2:04 pm
“Hard times create strong men. Strong men create good times. And, weak men create hard times.”
-G. Michael Hopf
I think most of us know where we are in this cycle.
Don’t know about you but last night it was “Good time create hard man.”
I don’t believe for a second that Trudeau has 74% support. If the question was constructed of weasel words and hog flop and only asked to four people sheltering in place in the CBC executive lunch room, then maybe, otherwise, no effing way.
“Do you like the free money”? Answer 99% yes. ” Do you like Trudeau”? the answer is a always NO!! Social media , same. Trudeau doesn’t travel in a bullet proof vest for the fashion.
I research for a living. I read hundreds of news feed items from every diverse media crossing the border and outside every day, eight hours every day. I read the comments sections primarily not the reporters. I find 95% vehemently hate Trudeau with a passion.
Even the comment section of the most blatant bias rags like CBC you get only a smattering of the consistently same trolls obviously hired to support the Trudeau regime. Remember the comment re: Lavalin? “We’ll hire 100 op-ed writers to redirect the narrative”. That’s real. The media sells space, they don’t inform.
Trudeau’s popularity is a front in the propaganda war thats being bought and paid for by interested parties who are attempting to resurrect his collapsing numbers.
Garth doesn’t like the mention of the globalist meme. But look no farther than the tax files exposing the amounts of foreign money pouring across the border to pay for campaigning against opposition and for Trudeau and other anti Canada causes. The figures are in the hundreds of millions. The worst people in the world are attacking Canada and Canadian values, and paying for polls suggesting Trudeau is popular. Deny this at your peril.
#178 No logic in this crisis on 04.29.20 at 8:10 pm
Why is Nunavut locked down? You can’t even get there by a road. If there is anywhere in the world that is able to return to fully normal it’s them
************
Winter?
Gather the horses. Riders in the storm. I’m with you there Cap’n Gartho. I just love these times. In the last two months I’ve watched two TV shows. Death of Stalin & Trotsky. Drank one beer & two martinis. Smoked no dope. Sailors & soldiers. Fearful as hell of the future but so boring same it alway was, same as it always was. I wake up every morning just vibrating.
The BBC website has interviewed the CEO of Barclays, one of Britain’s biggest banks and he said,
Having thousands of bank workers in big, expensive city offices “may be a thing of the past”, Barclays boss Jes Staley has said. About 70,000 of Barclays’ staff worldwide are working from home due to coronavirus lockdown measures. This had led to a rethink of the bank’s long term “location strategy”, Mr Staley said.
He went on to say that Barclay’s is currently running fine from thousands of staff home kitchens plus Zoom is most helpful for meetings. Note that Barclays in known for being in the forefront of business innovation.
Major companies moving out of major cities will impact on both commercial and residential RE, retail and transit in a big way. Ask yourself do you really want to be stuffed in a subway carriage right now.
#106 akashic record on 04.29.20 at 5:12 pm
#66 Sail away
You were raised in the US, right?
——————-
Yes, that is correct. Why?
The smarter blog dogs will have exit strategies should T2 continue his scorched earth strategy over our beloved country. We will be the remnant of the good and wise with our feet up on the beach in St. Kitts while Canada turns into Cuba 2.0.
Surprisingly, nobody here is talking about the velocity of money. In the last crisis with QE (money printing), we saw little inflation because it stayed in the banks and into the stock market and bonds. In this case inflation is more likely as T2 files out the unborn’s money to the masses. We may see much higher inflation as a result as these folks tend to spend it on the latest gadget.
Some above say that money printing is no problem. If that’s the case why not print a trillion dollars and never work again? Lefties never seem to think through their ideas sadly.
‘Immediate danger’: Half of world’s workforce could lose livelihood due to Covid-19, UN agency warns
https://www.rt.com/news/487288-coronavirus-economic-impact-workforce-jobs/
A long lockdown will be catastrophic for developed nations – but a ‘biblical’ disaster for the developing world
https://www.rt.com/op-ed/486655-lockdown-disaster-developing-world-starvation/
244 Jager on 04.30.20 at 4:27 am
‘Immediate danger’: Half of world’s workforce could lose livelihood due to Covid-19, UN agency warns
——————————
That’s why the stock market is performing so well….on future earnings, get it? ( I don’t )
#218 IHCTD9 on 04.29.20 at 10:10 pm
A good vid for anyone who is finding their T levels are getting knocked back living in Canada:
https://www.youtube.com/watch?v=P_uylDMA30M
—
Funny thing I wanted to post same video other day (apr 10) just checked history. I actually had post written I’m my keep with lik at the and, something along lines about me wifi didnt allowed me to buy Honda vfr, and, if thing will continiusly in wrong way that best thing is to spend it on toys…
Former colleague of mine was telling me how his friends shipped their bikes on a crates to Europe to do exactly that, I do remember he mentioned some small hwy in us that is similar to what you sow on a video.
Just the proof that I am not making stuff up.
https://imgur.com/a/XbMe0JB
Someone mentioned about how we are headed for Venezuela 2.0, I have to disagree with that, it’ll be more like Argentina 4.0, we have few things going for here but window is shrinking every…
#108 Lost…but not leased on 04.29.20 at 5:14 pm
#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
===============
**** Sigh……*****
If Person “X” is vaccinated…..and Person “Y” is not….what concern does Person “X” have ??
***********************”
Do you really not know?
1. Everyone who can needs to get vaccinated in order to protect those who can’t due to age or other ailments.
2. Anyone not vaccinated who gets infected poses a risk even to the vaccinated because they are a petri dish where the virus can thrive and possibly mutate into a new virus strain for which there is no vaccine.
#118 Pete from St. Cesaire on 04.29.20 at 5:42 pm
#37 Kevin on 04.29.20 at 2:51 pm
“face forced vaccinations”
Yes, some vaccinations should be mandatory, like MMR, Hep A, Hep B, DTaP, etc. No vaccinations, no public benefits like healthcare or school. I wish we put a hard line on this.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NOPE. Never. MY BODY, MY CHOICE
********
Sure, but then it’s everyone else’s right to remove you from all public spaces. My body my choice not to have a plague bearer in the same school, restaurant, bus, or hospital as me.
#176Ustabe-I am not an “antivaxxer”-I have taken vaccines-if you think everyone should take this experimental Wuhan flu vaccine try convincing everybody how safe it is-show us the data. I haven’t seen any media source even discuss safety-just the threat of force against those concerned about their own health.
@ #25
Cash won’t “will be king”. It has been, is and always will be.
When this bug passes, support measures will systematically be removed and people will need to adapt. They always have, only now, they scream and yell louder. That often seems to work, but society cannot sustain itself on a load of handouts.
MMT is complete bunk.
And the budget won’t balance itself.
Things will absolutely go back to how they were before, because most people liked it and will seek to rebuild life the way it was. No need to fear future pandemics if we isolate China and their thousands of bat viruses. Of course, if they admit it came from a lab, they could close the labs, pay reparations, dump current leadership and aim to become part of the civilized world. That will be the better solution, but not the only one.
#224 Angela
How would the inheritance tax be structured?
‐———
One of the.more simpler forms.
How much did you receive?
Send it to us.
@ #52
Or, at 2:30:
https://www.youtube.com/watch?v=7s3dzArIVok
That’s leathery guy’s gotta be Smokey.
@#241 jane24
“Barclay’s …..Blah, blah, blah, …little people…..blah , blah,blah….grubby crowded subways……blah, blah,blah….I’m rich…..”
++++++
Now I understand why Captain Tom walked 100’s of laps of his yard…..you’re his neighbor….. and he was just trying to get away from the conversation…..
“Trudeau’s 74% approval rating is unheard of for a modern leader “
Two US presidents this century have peaked considerably higher, so dead wrong there.
Even Trump got a bit of a bump, off Jimmy Carter level approval ratings, from the bug. But it’s fading.
The data is out there.
A Canadian leader, obviously. – Garth
#246 NoName on 04.30.20 at 7:04 am
#218 IHCTD9 on 04.29.20 at 10:10 pm
A good vid for anyone who is finding their T levels are getting knocked back living in Canada:
https://www.youtube.com/watch?v=P_uylDMA30M
—
Funny thing I wanted to post same video other day (apr 10) just checked history. I actually had post written I’m my keep with lik at the and, something along lines about me wifi didnt allowed me to buy Honda vfr, and, if thing will continiusly in wrong way that best thing is to spend it on toys…
—
Save those CCB payments for the VFR :D.
Speaking of VFR’s, that bike was the lust of my life back in the 80’s, what a sweet machine!
https://www.motorcycleclassics.com/classic-japanese-motorcycles/classic-honda-motorcycles/1986-honda-vfr750f-interceptor-zmmz15jazhur
Another 4 million Americans jobless as of April 25th with another 3 to 4 million expected by May 2nd. Jobless will probably top 40 million in the USA alone by late May or 25% unemployment. More awesome news to push markets uppa uppa uppa!
Facts, fundamentals and data are so 2019.
#243 Bastiat on 04.30.20 at 2:52 am
velocity of money,
—
here is an american chart for stimulus cheques, and there is no data for small businesses yet, but buy the looks of corps are taking a money and laying of anyways so its safe to say it will be no velocity.
https://www.cnbc.com/2020/04/14/heres-how-americans-plan-to-spend-their-coronavirus-relief-checks.html
Someone has to pay for all this? Yes Canada will have to sell indigenous natural resources as usual:
https://www.macleans.ca/opinion/the-blockades-no-one-talks-about-devastate-indigenous-economies/
Way too gloomy. Lighten up already.
You forget the AIDS panic in the late 80s. Gloomsters were having a field day. Like you in this risible column.
#249Soggy-great example of how the MSM propaganda works on the stupid sheep-this person cannot even discern the difference between a “plague bearer” and someone not injected with the experimental vaccine.
#158 Cheese on 04.29.20 at 7:13 pm
I work for 18$/hr cleaning a covid active ward for 4 hours a day. I have income so I do not take CERB, as a contractor I will likely not get the $4 benefit. I barely afford expenses at this rate. Then I see people buying I-phones with their CERB money.
I hate everything and I want to die.
*********
You may not have an Iphone – but you have something far more valuable…integrity. You have a purpose in the morning to meet the challenge of making a contribution to the world – and you meet that challenge everyday. And every day that you do, you build the mental strength of your character.
In the still hours of the morning or evening, you know your value – psychologically very powerful. Keep on Brother/Sister.
M56BC
Keep an eye on your food supply folks.The war on the small farmer.
The weak and old are also targets.
You know back in the day they used to have two kamp line ups: Fit people go one way, the weak and old sent the other.
https://huddle.today/n-b-farmers-say-ban-on-foreign-workers-short-sighted-and-surprising/
Livingstone estimates, conservatively, that he’ll need two to three more people to replace each worker. That means increased labour costs, not to mention the expected high rate of turnover as people return to their previous jobs later in the farming season, and because agriculture work is not for everyone.
Although Livingstone is seeing record demand as people are more interested in local food, he’s thinking of scaling back operations because of the high costs.
That will trickle down to consumers, and Livingstone is worried that could spell food insecurity for his vulnerable customers, including seniors who are on fixed incomes.”
————————-
….hooked on T2’s soma of course:
https://huddle.today/nb-liquor-cannabis-nb-see-sales-jump-during-pandemic/
____________________
And if you think is is about keeping us safe…keep thinking. This is communism 2.0 rollout. Breaking spirits first.
https://ottawacitizen.com/news/local-news/city-tells-families-to-stop-visiting-loved-ones-at-long-term-care-windows/
Once again as I always say this is about getting people off the land, out of rural areas and into cities.
National, provincial parks are closed,. Get off that Crown land.
https://cottagelife.com/general/boating-ontario-warns-of-job-losses-permanent-closures-if-marinas-unable-to-operate/
“The Boating Ontario Association is urging the province to reclassify marinas as an essential service during the pandemic, warning continued shutdown could lead to permanent closures of marinas and job losses in rural communities.”
74 percent approval rating???
Turns out it’s 74 percent approval of how he’s handling the covid. Global ipsos poll
https://www.google.ca/amp/s/globalnews.ca/news/6792350/coronavirus-poll-prime-minster-premier-approvals/amp/
Angus Reid poll from a week ago has general approval at 54 percent. Still a majority over Conservatives, but barely.
“Trudeau’s highest approval is found in Ontario, British Columbia, and Atlantic Canada, reaching at least 58 per cent in each region. Quebec and Manitoba residents are divided, with half approving and close to half disapproving in each province. Albertans and those in Saskatchewan continue to disapprove of the PM”
http://angusreid.org/federal-issues-april-2020/
It’s only 54% people. And I personally don’t know anyone who will admit to liking him, via informal poll on jobsite.
#233 OlderbutWiser on 04.29.20 at 11:57 pm
#66 Sail Away – I am surprised at your comment. You appear to be fairly level headed but here you are promoting tax evasion. That is a criminal offence. First of all, you cannot avoid reporting capital gains in taxable accounts on ceasing to be a resident of Canada. Your comment that you would simply move to another country before you sold shares in your taxable accounts to avoid paying tax in Canada is evasion. Not reporting significant assets held outside of Canada on a T1135 is also a criminal offence. Stop promoting practices that are illegal.
——————
Nope. Totally legal and above-board.
Why would you ever think I’m promoting something illegal? You wound me.
I do CAN and US corporate and personal taxes every year. Never an impropriety.
All foreign holdings are reported properly. My choice in offshore is non-dividend paying stocks and no realization of cap gains, hence no income, hence no tax.
The big danger is a wealth tax. If it starts to seem this is coming, we will move immediately and be tax residents elsewhere, at which point assets held outside Canada are no longer under CRAs purview in any way. If I choose then to realize gains, the taxation of those gains will be under the new tax home’s framework.
Diversification. Nothing wrong with it.
I guess I don’t need to know what the hell is going on as long as the free Trudeau bux keep getting rammed into my bank account.
I originally applied for EI, but it appears I am effectively getting the CERB. Except they’ve been dumping double the money I figure I should be getting into my bank account. I hope they keep it up!
Most of us hicks out here in the southern Ontario bayous prefer off road machines built in Japan, and we’ve commenced a new initiative to bring the Japanese economy back into the black using just the handout cash we get from Trudeau.
This will be done via large cash injections into key forward looking Japanese corporations like HONDA, YAMAHA, KAWASAKI, and SUZUKI.
We have also approached Trudeau’s office for 500 billion in additional funding for Women’s issues (Japanese Women have one of the lowest ATV/UTV/Pickup Truck ownership rates in the world), and he is scheduling a couple shifts worth of printing press time just for us.
Trudeau’s apology dept is also working on a heartfelt outpouring of empathetic compassion for the pain and suffering Japanese Women have experienced for decades having to repair and maintain crappy Polaris and CanAm machines, while their Men who own YAMAHA’s and HONDA’s only had to do oil changes and refill the gas tank.
If all goes well, we will also approach Real Tree and Mossberg, I hear sales are down lately – and frankly, we’d love to help them too.
#233 OlderbutWiser on 04.29.20 at 11:57 pm
—————
Further to tax climate: if a wealth tax is implemented here, the immediate result will be relocation of the assets of the wealthy, which in many cases is already in place.
They (the wealthy) may stay here for some of the year and may own property and companies here, but their major assets will be untouchable. I’m just detailing the totally, absolutely, and completely legal way that is done, as promoted by accountants and tax lawyers far and wide.
I have a deep and abiding interest in tax law. Good chat.
#69 JSS
I’ve been wearing the same sweatpants for over two weeks.
——————————————————————–
I love it!
I just confessed to my family (in case they hadn’t noticed) that I’ve been wearing the same pair of jeans for a month, and the same shirt for 2 weeks.
I have figured out a way to wear the same underwear for at least 4 days straight, and change socks only once a week.
This involves a bit of effort, in the personal hygiene department. And I don’t mean showers. I’m talking about old school hobo style full body wash in a sink. A washcloth and a tiny bit of soap is all it takes. A rub here, a swipe there, and voila! Fresh as a daisy!
I realize now that I will never have to buy another stitch of clothing ever again. (The savings will be invested in a diversified and balanced portfolio.)
Also, my water bill and electricity bill will both be substantially lower (less showers, less laundry doing). More savings to be invested.
COVID-19 does have a silver ling after all!
#158 Cheese on 04.29.20 at 7:13 pm
I think you are an employee. Your employer might want you to believe you are a contractor, but you are an employee.
So you are supposed to cover your WSIB and forgo EI CPP etc, on 18 dollars an hour, and you get 4 hour shifts….
This totally grinds my gears,
#267 Sail Away on 04.30.20 at 9:43 am
—-
Sail, you mean become a US resident? That’s a pretty long process unless you are going to buy a green card.
And the US has estate taxes already so wouldn’t you just be trading one poison for another?
If Trudeau pulls a snap in the fall and wins, we are considering booking all our CG this yr in Canada with sale of our personal assets to our corp. Our liquid assets could be offshored like you are doing but our company assets are stuck here for the long term.
An uprising and revolution against all of this is coming, starting on Monday.
Be there.
There is general agreement around the world that individuals with pre-existing health conditions and a compromised immune system are vulnerable to viral infections.
Given this knowledge one might ask why the Government of Canada and each Provincial and Territorial government have failed to establish systems to monitor and protect the health of Canadian citizens who were most vulnerable to viral infections.
One might also ask why there has been very little effort by government officials improve the relationship between the accommodation of citizens with compromised immune systems and our health care systems.
As a nation we have left the accommodation of millions of vulnerable senior citizens to profit oriented companies that may not be prepared to respond appropriately when a viral infection becomes evident. How many of the 2,933 deaths that have been attributed to the Covid 19 virus can be traced to citizens living in a senior citizens home, a nursing home, a long term care facility or in palliative care?
If our elected governments are truly concerned with protecting the lives of Canadian citizens they should focus on improving the quality of life and medical care being provided to the most vulnerable citizens. Instead of waiting to react to the worldwide impact of a viral infection Canada could have reduced the risk of infection in the vulnerable population and assured that the vulnerable were appropriately isolated at the first sign of infection.
The immune systems of a large majority of the general population can handle the Covid 19 virus without fear of hospitalization or death. It has been assumed that the number of deaths from Covid 19 in Canada would have skyrocketed if we had not implemented shelter in place. This assumption seems to overlook the simple fact that a very large majority of all deaths from viral and bacterial infections can be traced to pre-existing conditions that have compromised natural immunity.
Once vulnerable Canadians have been appropriately isolated and linked to medical care the benefits of protecting the general population from contact with a virus that poses only a minimum threat to their long term health pale in comparison to the current damage being inflicted on the Canadian economy.
We need a more responsible assessment of all risks related to exposure to the Covid 19 virus and measures being taken to control transmission of a viral infection.
Far more attention must be paid to the development of strategies that protect vulnerable populations around the world to future viral and bacterial infections.
Let’s look the future right in the eye and ask whether existing healthy immune systems will offer Human beings protection against viral and bacterial infections in the future. If we really think the answer is no then only God can help us.
Justin Trudeau!
I believe he truly is in his Happy State with his job.
He truly has the power now to hand out money freely and fluidly to anyone with their hands out for help , with no questions asked and he is the life of the party , truly loved by all.
Isn’t this really what he always wanted and what we always wanted of him?
Justin U-D-Man!
“Looks like a certain pathetic blog will be busy. Gather the horses. We ride at dawn.”
———————————————————-
This is the official launch of the Garth Turner Party of Canada. Since this blog reaches every far flung corner of this great land, we will have candidates to run in every riding. IHCDT9, your homestead is going to be the site of our national convention once this pandemic settles down. Please put your carpentry skills to work on making a stage. Blog dogs, announce your riding here so we can get busy on the great work that lies ahead of us. Saddle up the horses!!
So Canadas Feb GDP #s are in and the economy was already a big fat zero before the covid hysteria. Think about this carefully, the US was running at a well over 2% GDP in that month and we were flat, and you see what happened to them after the lockdown.
Canada in for a world of hurt.
#225 Todd on 04.29.20 at 10:53 pm
#66 Sail away on 04.29.20 at 3:44 pm
The Americans tax you on your world wide income and you can’t renounce until they say you can. As the situation gets worse and governments get more hard up expect them to keep their livestock on the farm. Get ready for your ear tag. The Chinese have shown the way. When motivated enough the Tax Man will come for everyone. You may be able to run but you will not be able to hide.
—————–
Sailor boy is a seasoned financial advisor.
So he knows that already.
#257 IHCTD9 on 04.30.20 at 8:41 am
The VFR750 is a great bike. I also like the VFR400. Hard to find though. I’m riding one that you won’t find very many of here in Canada as they never sold them here:
https://www.motorcyclespecifications.com/honda-cbr250r-1987/
Mine is the exact same as the one in the website. 4 cylinder 250 with 50 horsepower and an 18,000 redline.
#168 joblo on 04.29.20 at 7:36 pm
So is Universal Basic Income (UBI) the new way politically correct way of saying Welfare?
*******
Not just politically correct. Welfare is means-tested. UBI is, well, universal.
Once the % of the unemployed reaches a certain level (robot economy), it will become easier and cheaper to pay UBI to everyone, rather than maintain an army of welfare workers to mean-test every applicant.
Garth is great for the balance of power in the ministry. When we see eye to eye, Garth becomes a father figure, but when we don’t agree with something else he becomes the devil. Such an individual is important for decision making in the committee. Garth input is important because he tends to see outside his perceptive and has others in mind.
Garth is naturally a journalist so expect investigations to happen against group think. It takes courage and intelligence to go against the mob.
Garth I realized you aged so much that you can be considered a Canadian heritage moment, or historical character in post-colonial history.
> “citizens should wear personal identification and face forced vaccinations”
Never let a good crisis go to waste. The Canadian government is pathetic.
#114 Pete from St. Cesaire on 04.29.20 at 5:34 pm
“A universal basic income is something that people will have to learn to deal with.”
“AI and automation is going to replace the work of most people.”
Yes, that’s true.
“Possibly as much as 65% of the current workforce will find themselves replaced by automation as soon as 2025.”
No, not that soon. Try 2035-2040.
“Automation is the only way, in the long run, for humans to advance in leaps and bounds. Petty jealousies will only add an unnecessary level of angst to those who will be first to be making the transformation to the inevitable post-work world.”
“Learn how to embrace this huge change in a positive way.”
The transformation is inevitable, but it won’t be a happy sailing. All people are different, and not everyone will embrace the new reality.
Some people will grow at the personal level (or so pretend) and remain happy.
Some will fall into depression, feeling that they have lost their autonomy and must rely on the government for life essentials. Even if the government treats them reasonably well, some will feel like they turned into premium cattle. Well cared for but not trusted to control their own lives.
And a small minority will attempt to shed their human bodies (seeing the body as a liability), and transfer their minds directly into the new technology platforms that run the brave new world. What comes out of such efforts might be the beginning of a new chapter.
#272 not 1st on 04.30.20 at 10:06 am
#267 Sail Away on 04.30.20 at 9:43 am
————–
Sail, you mean become a US resident? That’s a pretty long process unless you are going to buy a green card.
And the US has estate taxes already so wouldn’t you just be trading one poison for another?
If Trudeau pulls a snap in the fall and wins, we are considering booking all our CG this yr in Canada with sale of our personal assets to our corp. Our liquid assets could be offshored like you are doing but our company assets are stuck here for the long term.
————–
We’re already dual US/CDN citizens, so likely would relocate our tax home to the US, while still keeping our house and corporation here. The tax treaties in place are generous.
Does it make sense to move personal assets to a corporation? A few issues I can see (without knowing the full situation, of course) are:
1. Corps are stand-alone and could be hit very hard with taxes. Especially after the big stimulus injections.
2. Any assets within a corp are subject to risk. One big benefit of a corporation is to prevent putting your personal assets at risk. If you put your personal assets into a corp, well…
3. Can you sell the corp? If so, you could use the capital gains exemption, but if it’s a small personal corp that can’t be sold, you’ll have to pay cap gains anyway… meaning no better tax treatment in any case.
4. Offshoring doesn’t make sense for everyone. The one big benefit is that a country can’t freeze or repatriate entities it doesn’t control. I personally never like any body having that amount of control….
just some thoughts…
#279 Trojan House on 04.30.20 at 11:00 am
#257 IHCTD9 on 04.30.20 at 8:41 am
The VFR750 is a great bike. I also like the VFR400. Hard to find though. I’m riding one that you won’t find very many of here in Canada as they never sold them here:
https://www.motorcyclespecifications.com/honda-cbr250r-1987/
Mine is the exact same as the one in the website. 4 cylinder 250 with 50 horsepower and an 18,000 redline.
— –
Must sound sweet! Kwai’s zxr250r sounds awesome, I think they spin up to near 20k rpm. Those JDM 250’s are just nuts!
I used to foam at the mouth for sport bikes but it faded. Now I see several of my high school dream bikes can be had for as little as 3500.00 on Kijiji, and I get so tempted, even if the thing is in my garage just for polishing and admiring…
I used to have a stack of Cycle Canada magazines 2 feet tall :D.
#278 Ponzius Pilatus on 04.30.20 at 10:59 am
#225 Todd on 04.29.20 at 10:53 pm
#66 Sail away on 04.29.20 at 3:44 pm
The Americans tax you on your world wide income and you can’t renounce until they say you can. As the situation gets worse and governments get more hard up expect them to keep their livestock on the farm. Get ready for your ear tag. The Chinese have shown the way. When motivated enough the Tax Man will come for everyone. You may be able to run but you will not be able to hide.
—————
Sailor boy is a seasoned financial advisor.
So he knows that already.
—————
Keep it up and I’ll take back your sock, Dobby.
re taxation:
higher corporate tax rates are coming
crack on tax havens and tax avoidance strategies
higher sales taxes
taxes on technology companies e.g. facebook, Netflix, google, amazon
tariffs on imported goods will also be strongly considered
My guess is that the Covid 19 economic fall out will force countries to target off shore banking funds for taxation. A critical juncture has been reached, and every decent country around the world will join in an unprecedented international tax treaty.
Unless you want to live in Zimbabwe, it might be wise to start developing tax strategies to repatriate the funds
#288 conan on 04.30.20 at 12:01 pm
My guess is that the Covid 19 economic fall out will force countries to target off shore banking funds for taxation. A critical juncture has been reached, and every decent country around the world will join in an unprecedented international tax treaty.
Unless you want to live in Zimbabwe, it might be wise to start developing tax strategies to repatriate the funds.
—————
Explain, please.
Do you mean if I move to the US, I would no longer be able to invest money in Canada, or operate a corporation here? Same with Apple, Google, Tesla, etc…?
Do you mean all countries will treat those with foreign holdings outside their own country of residence as criminals?
On the face of it, your comment appears exceptionally short-sighted with zero relation to reality, so maybe you could explain further.
Or are you equating ‘offshore’ as somehow meaning ‘illegal’? Also, define a ‘decent country’ for us.
#262 BrianT on 04.30.20 at 9:20 am
#249Soggy-great example of how the MSM propaganda works on the stupid sheep-this person cannot even discern the difference between a “plague bearer” and someone not injected with the experimental vaccine.
*******
Yeesh, you’re extra dumb today.
The vaccine question is a very simple one- if everyone made the same choice as you would it be good or bad overall?
Your antivax position replicated by everyone would cause a bunch of deaths.
No one is suggesting that evryone be subjected to forced “experimental” vaccines you Nimrod.
All vaccines have possible side effects but once those are deemed acceptable(and the bar is VERY high) why should everyone else incur risk except you?
Perhaps that should remain your right, but you don’t get to make that choice for others, so restricting your access to public spaces and services is perfectly fair.
The US can tax worldwide income if you reside there as a Canadian citizen but I assume that is only personal income. If you had just had your incorporated entity operating in Canada and your personal in US, then they would just be taxing one entity. I think.
We can book $2M to our company as CG and then you can use that gain to dribble back to yourselves personally just enough to offset and tax hit.
We could theoretically never pay income tax in Canada for the rest of our lives.
Markets currently dropping. Perhaps a more realistic valuation.
I hate overpaying.
#269 Sail Away – I agree with you 100% concerning any new wealth tax. France tried that and all of the wealthy people up and left. In fact, I have plans in motion to prepare for a change in tax residence myself if Canada brings in any such tax. The US is a MUCH friendlier tax regime if you are living on dividends – and that INCLUDES dividends from Canadian corporations. All taxed at no more than 15% and the first $78,750 US is tax free! The tax savings for me alone are in the 6 digits and health insurance is way less than that.
The gains realized on ceasing to be resident (even though the tax can be deferred without interest) is holding me back….that would change in a flash if a wealth tax was imposed. Canada would then become just a nice place to visit in the summer….
I take your point on moving assets out of Canada…I am looking into opening a US brokerage account (we own a home in Florida so have a US address and currently have US bank accounts) and will likely move our US portfolios out of Canada….Thanks for the civilized chat…appreciated.
#283 Michael in-north-york on 04.30.20 at 11:22 am
——
I also think we are heading towards a minimal labour society – every country will get there eventually thru the natural forces of economic evolution.
Balance against what consumers can pay for goods will be needed, but in an AI/Automation globalized manufacturing world, goods could get ridiculously cheap.
Then governments will need to get cheaper too somehow – probably also through things like AI. There’s just no way the public service can be the size it is, and receive the compensation it currently does when 13% HST on a 5.00 item turns into 13% on 1.00 for the same item, and it happens right across the board. Not to mention income tax revenues dropping like a stone too. They won’t be carving it out of businesses either, as moving operations will have never been easier (robotic work force is the same cost/quality no matter where it’s operating).
Folks will also find side incomes on top of their UBI, and will add to it as they so desire. Costs of living will also have to drop, and de urbanization will occur as a result at some point as 40 hr weeks disappear.
The only real issue I can see thru this transition is funding governments like we have. As the private sector has shrunk, governments have only got bigger and more expensive. Then we have Trudeau style government which could never exist in a post labour society where opportunities to tax vanish, and people can suddenly maintain their standard of living on half or less income than they did before.
I hope I see the day, peeps like me would thrive in this kind of world.
In my comment in 291 above I should have mentioned that as a tax resident of Canada you are obligated to report your worldwide income and pay tax in Canada on that income. That does NOT mean that you cannot hold the assets that generate that income outside of Canada. Nothing illegal about that provided that you report those assets annually on the T1135 and you report the income as required….
#289 Sail away on 04.30.20 at 12:37 pm
It’s just a white board idea that I am throwing out there.
Nations unite in a massive tax treaty that closes every loop hole, enjoyed by off shore banking, that also happens to financially impact nations negatively.
Covid forces them to do it. They have no choice.
That’s it, that’s all.
#290Soggy-I love the sheep comment-“if everybody was like you”-they get this from the MSM-if everybody was just like me we wouldn’t be in this mess in the first place and as an aside your hero Boy Trudeau wouldn’t be anywhere near the PMO-so we would be in a different reality altogether. So to sum up the lack of logic-you want to impose a health risk on me so that I won’t impose a health risk on you-or to put it more accurately you want someone bigger than you to impose a health risk on me to keep you as safe as a little poodle with a microchip. Wow you are a real saint SJW.
#281 derkavich on 04.30.20 at 11:16 am
“Garth I realized you aged so much that you can be considered a Canadian heritage moment, or historical character in post-colonial history.”
————————————————————
The mystic financial oracle that runs this blog is ageless cowboy! When he gets the Order of Canada then his contributions to this great land will finally be acknowledged. And there will be a throng of blog dogs cheering him on when that auspicious day arrives…
And you ain’t seen nothing yet…….
https://www.msn.com/en-us/money/markets/weekly-jobless-claims-hit-384-million-topping-30-million-over-past-6-weeks/ar-BB13qlJV?ocid=spartanntp
293 OlderbutWiser on 04.30.20 at 12
I love these “threats”.
As if the US is not considering a wealth tax too. What is it now, 23 trillion reasons why.
Where do you think a lot of these ideas originate?
MF
#281 derkavich on 04.30.20 at 11:16 am sez, in part:
“It takes courage and intelligence to go against the mob.”
———————————————————
Too bad there’s not one politician that will do that. The virtue signalling “think of the children” scared of their own shadow crew has won. This country is toast.
Doug Ford, Jason Kenney (Conservatives el oh el) I’m lookin’ at you.
#285 IHCTD9 on 04.30.20 at 11:51 am
Yeah, it sounds amazing! Just watched a vid on the Kawasaki. That one sounds very cool as well and pretty darn quick. Suzuki also made a 4 cylinder 250 around the same time. Can’t get that these days – usually just a single cylinder.
Check it out:
https://www.youtube.com/watch?v=hNCpMYNUszU
#293 OlderbutWiser on 04.30.20 at 12:54 pm
#269 Sail Away – I agree with you 100% concerning any new wealth tax. France tried that and all of the wealthy people up and left. In fact, I have plans in motion to prepare for a change in tax residence myself if Canada brings in any such tax. The US is a MUCH friendlier tax regime if you are living on dividends – and that INCLUDES dividends from Canadian corporations. All taxed at no more than 15% and the first $78,750 US is tax free! The tax savings for me alone are in the 6 digits and health insurance is way less than that.
The gains realized on ceasing to be resident (even though the tax can be deferred without interest) is holding me back….that would change in a flash if a wealth tax was imposed. Canada would then become just a nice place to visit in the summer….
I take your point on moving assets out of Canada…I am looking into opening a US brokerage account (we own a home in Florida so have a US address and currently have US bank accounts) and will likely move our US portfolios out of Canada….Thanks for the civilized chat…appreciated.
————–
Good stuff. It’s been easier for us to keep Canadian residency with registered accounts and kids and other logistics, but we’ve always planned to have our tax home in the US eventually.
We just recently moved the majority of our assets to US and are looking at places to settle. Soon we’ll be somewhere warm in US for 7 months, then back to BC for the summer, with corporations in both places.
South Dakota has fantastic laws for perpetual family trusts- both for citizens and noncitizens.
I can’t imagine anybody allowing themselves to be handcuffed by a wealth tax. All we needed was to hear Jagmeet say the word and our assets disappeared from the country. Lots of friends did the same. Poof. Billions upon billions gone.
There are plenty of self-directed brokerages. Charles Schwab is a good place to start if you want an actual broker. I’m completely self-directed.
Well MF…you are welcome to keep your head in the sand but I am looking at keeping my options open. The world is a very large place and capital is easy move. You are likely tied to a desk job in Canada and couldn’t move if you wanted to…too bad for you…
The US may well bring in a wealth tax but my guess is that if they did it would start at a massively high level…not like what would happen in Canada…here you are “wealthy” if you make $200k (or less than $150k US). Wealth taxes in Canada would probably start at some level around a million (maybe less)…in the US probably 50x that.
#300 MF on 04.30.20 at 1:29 pm
—
By my calculations, china, other countries, the fed reserve and other CBs hold most of the US debt.
Trump will probably go after China reparations by nulling their treasury holdings. The CBs can hold the rest forever and a little national sales tax clears up the rest.
US will never mess with their economic position but a Marxist like Trudeau could care less.
#296 conan on 04.30.20 at 1:13 pm
#289 Sail away on 04.30.20 at 12:37 pm
It’s just a white board idea that I am throwing out there.
Nations unite in a massive tax treaty that closes every loop hole, enjoyed by off shore banking, that also happens to financially impact nations negatively.
Covid forces them to do it. They have no choice.
That’s it, that’s all.
———–
Maybe just talk about grilled cheese sandwiches instead.
#297 BrianT on 04.30.20 at 1:17 pm
“Hurr durr anyone who doesn’t agree is an msm sheep.”
Solid rebuttal.
How about you actually address the issue?
If you are not forced to vaccinate, why should anyone be forced to let you in their restaurant, hospital, taxi, plane, or school?
C’mon now if you aren’t just an antivax sheep surely you can answer that question.
This is emblematic of what Canada has become. Now drug users are looking for a bail out.
Want the govt to supply all drugs to them free of charge.
#SupplyOrWeDie
#300 MF on 04.30.20 at 1:29 pm
293 OlderbutWiser on 04.30.20 at 12
I love these “threats”.
As if the US is not considering a wealth tax too. What is it now, 23 trillion reasons why.
Where do you think a lot of these ideas originate?
———–
Threats nothing, a lot of capital has already disappeared forever.
Wealthy people don’t sit around waiting to be penalized especially when moving assets somewhere without the threat is dead simple.
Sail away, I am looking at self-directed brokerages in the US as well…we bank with BAC and Merrill is offering a $900 bonus for transferring in $200,000 of assets..AND, no fee trades….man you have to love the US!
Even without a wealth tax, I have been looking into a move to the US to melt down our registered plans….periodic pension payments of up to 10% of the FMV of your RRIF’s each year are subject to a 15% withholding under the Can/US Treaty…imagine getting your restricted plans out at a 15% tax rate! Provided they are structured correctly (holding Canadian corp’s with ACB’s bumped and no US 8891 election), no additional US tax.
Man, MF’s head must be exploding right about now….
Sail can you tell us more about your move? You just took cash to an American brokerage, made a one time declaration to CRA and now can make returns in US tax regime without the CRA prying eyes?
Thanks
Now Dr. Fauci or Fascist ,I get confused wants no sports all summer .
#146 Sail away on 04.29.20 at 6:56 pm
Unless you sold GEO, TSLA or BAC, your are now down or at best flat. Maybe up a couple of percent in IEP. Better than the indexes to be true, but shows how silly it is to gloat over one day gains.
If you are a technical trader, well, god help you. Here’s my take on your choices as if you care:
BAC: probably has long term value. Gold star.
GEO: you better hope Biden doesn’t get elected… Balance sheet isn’t the best. Plus, cynical/morally repugnant leech on society and kind of hilarious for a tax avoider like you to invest in a 100% tax-dependent industry. Pass
IEP looks like a loser given past performance over the medium term, somehow managing to lose value during much of the previous bull market despite having 1/3 of its assets in investment. Managed to post a loss overall in 2019 when the economy was rocking. Pass
TSLA is selling the hot thing right now, but is overbought and the CEO is a maniac who could ruin your holdings in a single tweet. Pass
#284 Sail away on 04.30.20 at 11:26 am
#272 not 1st on 04.30.20 at 10:06 am
#267 Sail Away on 04.30.20 at 9:43 am
————–
Sail, you mean become a US resident? That’s a pretty long process unless you are going to buy a green card.
And the US has estate taxes already so wouldn’t you just be trading one poison for another?
If Trudeau pulls a snap in the fall and wins, we are considering booking all our CG this yr in Canada with sale of our personal assets to our corp. Our liquid assets could be offshored like you are doing but our company assets are stuck here for the long term.
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We’re already dual US/CDN citizens, so likely would relocate our tax home to the US, while still keeping our house and corporation here. The tax treaties in place are generous.
Does it make sense to move personal assets to a corporation? A few issues I can see (without knowing the full situation, of course) are:
1. Corps are stand-alone and could be hit very hard with taxes. Especially after the big stimulus injections.
2. Any assets within a corp are subject to risk. One big benefit of a corporation is to prevent putting your personal assets at risk. If you put your personal assets into a corp, well…
3. Can you sell the corp? If so, you could use the capital gains exemption, but if it’s a small personal corp that can’t be sold, you’ll have to pay cap gains anyway… meaning no better tax treatment in any case.
4. Offshoring doesn’t make sense for everyone. The one big benefit is that a country can’t freeze or repatriate entities it doesn’t control. I personally never like any body having that amount of control….
just some thoughts…
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Contact Smoking Man he is an expert at offshoring money.
#83 Smoking Man on 10.20.18 at 2:32 am
My offshore portfolio is just shy of 100 million.
The only reason I work is that, if I did not have a useful purpose day to day, I would drink from dawn to dusk. I’m weak.
That would not be good for my writing, you got to see shit sober, and write about it wasted.
Writing with a free mind is more important to me than a working-class paycheck.
James, when am I going to get fired. Waiting to lecture at HR.
Loser. You have no concept of my Alien power. Read the book, take the ride.
Lots of mentions of taxing overseas wealth these days, how much money is really there?
Money is right here in Canada, unreported income: tips, under the table work, basement suites… and not to mention the people with their hands out to collect federal money now.
Shame on you if you participate in draining Canada dry.
#311 not 1st on 04.30.20 at 2:13 pm
Sail can you tell us more about your move?
You just took cash to an American brokerage, made a one time declaration to CRA and now can make returns in US tax regime without the CRA prying eyes?
Thanks
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No need to declare cash transfers to the US as I understand- direct TransferWise between bank accounts for us. There will be deemed disposition cap gains on any gains if we do exit.
https://www.greaterfool.ca/2020/04/29/now-what-7/#comment-708415
Our health care system and infrastructure is nowhere near as robust as other jurisdictions (even the NWT for that matter). For example, there are 3 ventilators between each major centre (Iqaluit, Rankin Inlet and Cambridge Bay). Limiting non-resident travel into the territory is thought to minimize any community-based transmission.
Housing (or lack there of, actually) plays a big part of the decision to restrict travel. More often that not, 1, 2, or 3 bedroom homes are occupied by multiple generations of the same family. Think 8 to 12 people or more confined to a 2 or 3 bedroom house – a breading ground for transmission.
Just reported this morning was our first case, and is in Pond Inlet. That person had to come in contact with another carrier. If this contact occurred in, say Ottawa, the now confirmed case sat on a 3 hour flight with 60 other people to Iqaluit, and then another 2-hour flight onward to Pond Inlet.
For a population of 33,000 or so, the spread would be rapid and potentially detrimental for those living within a very limited health system network.
#315 Zed on 04.30.20 at 3:18 pm
Lots of mentions of taxing overseas wealth these days, how much money is really there?
Money is right here in Canada, unreported income: tips, under the table work, basement suites… and not to mention the people with their hands out to collect federal money now.
Shame on you if you participate in draining Canada dry.
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Shame on any country whose policies drive wealth out.
#318 Sail away on 04.30.20 at 4:15 pm
“Shame on any country whose policies drive wealth out.”
Someone needs a cheese sandwich.
#319 conan on 04.30.20 at 4:38 pm
Sorry conan but Sail Away is right…it takes people with wealth, that they are willing to risk it, creating businesses that create jobs…without them, Canada becomes a backwoods country.
#307Soggy-maybe we can all get tattoos with our individual numbers-you seem like you are salivating over the prospect. Jeez.
Well, this is interesting…
https://mobile.twitter.com/RealDavidJensen/status/1255868998236831746