So now what?

My buddy Ryan stirred the loins of the rightist barbarians who roam the barren steppes of this blog, bareback, when he dissed the Trudeaus. Papa and junior. Together they’re responsible Ryan pointed out, for half the trillion-dollar debt that Canada will shoulder by the end of the year.

Deficits and debts result from political decisions. Canada now tilts left. The Millennials love it. We have far more government in our lives and, consequently, the bills to show for it. Covid pushed spending into the stratosphere. The question’s simple: what comes next?

Can governments just keep printing and spending money? Is there a reckoning in the distance? Will Trudeau or the next gang to run the place decide austerity and higher taxes are needed to try to balance the books? Or at least stem the gushing river of red?

Well, forget belt-tightening. That ain’t happening coming out of a pandemic, nor does a minority government have any appetite for dishing up cuts. Canadians are addicts. They want more, not less. When small businesses find 62% of workers would rather collect CERB than go back to work, you know what’s coming. All those people have a vote.

CMHC funds research into home equity tax

So let’s assess taxes. If spending won’t drop and cutbacks are off the table, then higher revenues seem a slam dunk. This may be why CMHC, it’s reported, is funding university research into a potential home equity tax. “The objective is to identify solutions that could level the playing field between renters and owners,” says an agency spokesperson.

By sucking about $6 billion a year from the hides of homeowners, this levy would attack what renters and moisters call the ‘financialization’ of real estate. They think property should be for accommodation, and not viewed as an investment asset. Of course allowing people to keep profits on house sales free of tax has created this situation and grossly inflated values. Will the virus end that?

Nah. Not yet. A house tax may well be in our future, but it’s probably not happening any time soon, nor is an increase in the HST likely. The reasons are purely practical. This is a pandemic-induced recession of Biblical proportions. Unemployment is extreme, the GDP has a big hole in it, while airlines and tourism, hotels and concerts plus pro sports and conventions – they’re all on their knees. The engines of economic recovery will (the feds believe) be the same ones that got us out of the 2008 hole. That’s consumer spending and real estate. That helps explain the tens of billions in virus-related and kiddie pogey payments that have been flying around. Plus, of course, 2% mortgages.

Hiking the HST will reduce spending, burdening retailers and delaying recovery. Taxing residential real estate would stop the current boomlet in its tracks. Justin Trudeau – like Stephen Harper before him – is quite happy to let Canadians pickle themselves in unrepayable gobs of mortgage debt because it rekindles economic activity. Cheap rates are a cheap way of making that happen, since we all have no discipline.

So what’s left?

The top three candidate tax increase are…

Here are the main contenders, and what to do about them:

The inclusion rate rises on capital gains rises. This is a really bad idea since it’ll reduce investment when we need it, but politically it’s a winner in a financial illiterate nation. Instead of including 50% of a profit in income, this may become 75%. That’s a mother of tax increase, and should make you seriously considering taking gains soon that you were planning on harvesting in a next few years.

Corporate taxes will pop – from hitting the online giants to your family doc. Ottawa wants a big piece of the profits outfits like Amazon take in, and will move to get it. Also expect the war on personal service corporations to resume as passive income is targeted and doctors are given more reasons to leave. But, hey, who needs ‘em? When the next pandemic comes we can just use vets and podiatrists. Ideas: do not chuck millions into PC for retirement, or you will end up unhappy. Move income into your own hands. Take salary and build up RRSP room. Fund a family trust. Think about an estate freeze.

Expect a new tax bracket for the .01%ers. In his first budget Trudeau whacked people making over $230,000 with a new bracket and a higher overall tax take. There’s another one coming, which will make the deplorables happy but be a further incentive for top execs to find a more hospitable country. If you can, divert compensation into a registered pension plan, ensure you;re income-splitting with a less-taxed partner or kids through a spousal RRSP or loan, and get a seriously hardass accountant.

Finally, it’s worth remembering that income tax first arrived in Canada during the pandemic of 1918. It was introduced as a temporary measure to finance WW1 and, of course, became permanent. Blog dog Don was sorting through family papers and came across his grandfather’s ’18 return. “I think it was the first year you had to make a return,” he says. “I’ve attached a copy of the tax categories which I thought you’d find interesting.”

His gross income on a 77 acre farm near Chatham, Ontario was $2916.90. Just over half that income was from Tobacco.  It appears no income tax was due as he was married and the net income was under $2000.00. He paid property taxes of $66.96 on a $3200.00 assessment, and $2.00 a year to the Collector of Inland Revenue for a license to grow tobacco. I always read your blog, but never the comments.

And here’s the tax hit from 102 years ago, when the average income was south of $3,000. There were no Trudeaus yet.

Click to enlarge.

 

227 comments ↓

#1 Ponzius Pilatus on 07.19.20 at 1:57 pm

Somehow, sometimes, when reading the comments, my fond thoughts go back to Barbara Frum, the brilliant CBC anchor woman in the 80’s whose interviews were legendary. She covered the left/centre view on politics.
Her son, David Frum, became a brilliant, conservative political writer.
This is quite common in families where free political discourse is encouraged.
Ah, the “Good old days”.

And then there is Lord Black, also a brilliant conservative voice.
Well, we know how that one ended.

#2 MF on 07.19.20 at 2:03 pm

Can we stop propagating the myth that “every” millennial tilts left, wants free money, big government, and everything else?

Young people have always tilted left. This isn’t new.

The older millennials like myself are nearing 40 already. We have businesses, careers, families and so on. What do you think the support for increased taxes and regulations would be among my age group?

MF

#3 crowdedelevatorfartz on 07.19.20 at 2:05 pm

This govt is going to crush small business.

Say bye bye to another wave of doctors heading south.

Garth,

Can you have a blog topic on setting up income Trusts sometime?

#4 Biden 2020 on 07.19.20 at 2:09 pm

Good luck Trumpers. But Biden has shown THROUGHOUT his life that he has maintained his character and not strayed. Can any other candidate say this?

Here is historical footage of Jospeh Biden, future 2020 President of the United States:

https://www.youtube.com/watch?v=_f2Z30j61aw

#5 Pete from St. Cesaire on 07.19.20 at 2:13 pm

This is a pandemic-induced recession of Biblical proportions.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
No, it was the politicians that shut down the country.

#1 Ponzius Pilatus
I agree, Barbara Frum was legendary that time she received a court order to not discuss something on her radio show and she broadcast the full court-order out over the radio as she read it herself for the first time.

#6 Nosferatu on 07.19.20 at 2:15 pm

Anyone –

What is PC?
“Ideas: do not chuck millions into PC for retirement, or you will end up unhappy. Move income into your own hands. “

thanks

Professional corporation. – Garth

#7 Flop... on 07.19.20 at 2:17 pm

Well, I just whacked out a post on the previous thread that stated that Australia is due for a budget update on Thursday.

85 billion deficit for this year being bandied about, seems extremely little low compared to Canada’s 343 billion, but an estimated 200 billion for next year.

We’ll see who has to mind the gap later this week.

The two countries were pretty much lockstep during the global financial crisis a decade ago with the two deficits being recorded as 56 billion for Canada and 54.5 billion for “Straya.”

Maybe Straya is front loading the contract…

M46BC

#8 SimplyPut7 on 07.19.20 at 2:19 pm

This debt-deferral party can’t continue forever.

I think Morneau is going to pull the plug on CERB in the fall, which is why he hasn’t mentioned anything about it being extended past September.

There’s also no word about the mortgage deferral extension nor what to do with all those tenants that can pay their rent but won’t because the no one will enforce evictions at this time.

The mess they created has many unintended consequences that won’t be apparent until they can’t afford to run these expensive programs anymore, and tell people with no jobs they need to fend for themselves.

The tax the rich ideas won’t be enough to make up for the shortfall in revenue, they will eventually have to go after the middle class to collect more tax revenue. That will lead to the defeat of the liberal government even if they get NDP support to stall the vote of no confidence, it won’t continue forever as supporters will abandon them.

#9 Owl Eyes on 07.19.20 at 2:19 pm

“Ottawa wants a big piece of the profits outfits like Amazon take in, and will move to get it.” As it should. Ideally in concert with the rest of the world. Platforms like FB, Amazon, Twitter and Google should be “tamed” and maybe more importantly contribute to the countries from whose citizens they are reaping profits; but will the U.S. allow these powerhouses to have their wings clipped?

Of more local significance it is a shame the equity tax idea won’t get much traction. Why should responsible owners of modest-sized homes subsidize McMansion owners?

But CMHC seems to be at pains to distance itself from the idea that it is funding research into this, issuing statements about this being “misinformation”
https://twitter.com/CMHC_ca/status/1284225519941300229

#10 Ponzius Pilatus on 07.19.20 at 2:26 pm

#3 crowdedelevatorfartz on 07.19.20 at 2:05 pm
This govt is going to crush small business.

Say bye bye to another wave of doctors heading south.

Garth,

Can you have a blog topic on setting up income Trusts sometime?
————-
Judging by the way it’s going down south, they gonna need lots of doctors, and nurses.

#11 Zed on 07.19.20 at 2:30 pm

Garth,

How about the dividend tax credit, do you think that the Feds could change too?

#12 McSteve on 07.19.20 at 2:32 pm

The minute the Tories can put up a centrist, fiscal conservative and social moderate they will rule for 20 years. Alas, they can’t help but pick fringe kooks playing on all the wedge issues. See if Chretien will run as a Tory.

#13 Irish Stew on 07.19.20 at 2:34 pm

Good ole Chatham Ontario – some of the cheapest housing in SW Ontario being flooded by retiring 416 area code people!!

#14 Old Ron the Realtor on 07.19.20 at 2:36 pm

Home Ownership of one’s primary residence should remain TAX FREE.

However the 2nd and subsequent properties should have the living S**t taxed out of it. The Specs have taken the opportunity of home ownership away from hundreds of thousands of Canadians.

Bill Davis (A Conservative) Premier of Ontario, understood this in the 70S, when he introduced the Speculation Tax. It helped millions of Boomers into their first home, and shut out the House Hoarders. The situation is far worse now.

The Feds could get the ball rolling by making 100% of the Capital Gain on Non Owner Occupied residential property taxable.

#15 KNOW IT ALL on 07.19.20 at 2:39 pm

WHY CAN’T WE ALL JUST GET ALONG??

Cuz the GREEDY ding-dongs ruin and taint society for the rest of us.

Can you tell me why any 1 individual needs 100 billion dollars in his account while so many others go without being able to eat even 1 meal a day?

Nobody gets too chose what circumstances they are BORN into. Nobody wants to be born and raised into an impoverished and neglected society.

Why can’t those who are fortunate enough to make it big help out those who have very little choices?

I know why – we reward our selfish society.

So what are Garth’s, Ryan’s, and the rest of the teams favourite charity organizations?

Our charitable givings have been mentioned here. What are yours? – Garth

#16 Leftover on 07.19.20 at 2:41 pm

The new tax ideas will only make a dent in the deficit, only way to get things back on track is to tax the largest store of wealth in Canada – principal residences.

And about time too. Biggest benefit would be to (finally) get Canadians off the debt train. Far too much capital has been tied up in this dead asset class for decades.

#17 Millennial Realist on 07.19.20 at 2:51 pm

historically, it has been the Boomer-Con governments that have racked up the debts and not pay them off, using tax breaks to their wealthy cohort as an excuse.

It is true that pressures on health care may be ahead. That will mostly affect Paleo Boomers now retiring.

Call it payback.

Things coming full circle for those born on third base, who thought they had hit a triple.

Boomers, be part of the change.

Or be run over by it.

#18 Ok Karen you snowflake. on 07.19.20 at 2:53 pm

@#2 MF on 07.19.20 at 2:03 pm
Can we stop propagating the myth that “every” millennial tilts left, wants free money, big government, and everything else?

Young people have always tilted left. This isn’t new.

The older millennials like myself are nearing 40 already. We have businesses, careers, families and so on. What do you think the support for increased taxes and regulations would be among my age group?

MF

——

Did you not get the memo dude?
there will be no grey area on here, everything will be black or white. You are with us or against us bruh.

#19 Prince Polo on 07.19.20 at 2:56 pm

Bring back 1918 tax brackets!!

#20 604_420 on 07.19.20 at 3:03 pm

All of my circle of friends that live and rent in the west end of Vancouver collect SERB and aren’t paying our rent. We are making more now and taking home more than we did working at whole foods or being a server… This is how it should be for now on. I don’t think people have been more happy and have such good mental health. The payoffs are likely way more than the costs because of a happier and healthier population. No one talks about that part.

#21 S on 07.19.20 at 3:03 pm

If capital inclusion rate increases to 75% will the stocks market go downward as people cash in their gains?

#22 Calgary retiree on 07.19.20 at 3:07 pm

It seems to me that the top income earners were hit hard in 1918. I wonder if the whiners and doomsday sayers were as vocal in 1918 as they are on this blog in 2020.

According to the Bank of Canada inflation calculator the buying power of $1000 in 1918 is $15643.68 in 2020.

https://www.bankofcanada.ca/rates/related/inflation-calculator/

#23 dr talc on 07.19.20 at 3:25 pm

Calling inflation on a PR ‘profit’ is a stretch, it’s not a business activity

Re masks:
John Tory calling masks ‘non medical’ and some counties in the US inventing ‘non pharmaceutical intervention’ is just Orwellian .
The justification for the masks is in fact ‘medical’. The mask bylaws are thus an ‘intervention’ heralded my medical officers; and therefore are at odds with the UNESCO Universal Declaration of Human Rights for Bioethics, Chapter 6.

#24 Ejy on 07.19.20 at 3:25 pm

I view the recession as government caused, not virus caused.

#25 baloney Sandwitch on 07.19.20 at 3:29 pm

Wow, great document Garth. For a $1000,000 income the marginal income tax was 89%. (4% normal tax + 50% supertax + 35% surtax). The 50% today is a bargain and we don’t have to send our kids to war.
(my kid in the navy is shipping out to the Persian Gulf next week – keeping my fingers crossed).

#26 Bill on 07.19.20 at 3:29 pm

I hate that Trudeau doesn’t care at all about deficits and debts but I fail to see how this is a “leftist” issue anymore. Harper, Ford, Trump etc didn’t/don’t give a damn either

#27 KNOW IT ALL on 07.19.20 at 3:40 pm

Charitable Organizations funded by KNOW IT ALL.

The Boys and Girls Club.
The local food bank.
YMCA Association Services.

We even diversify how we give back. Once in awhile let’s chat about what we are grateful for and how we can help others in need. The world would be a much better place.

#28 T on 07.19.20 at 3:43 pm

#18 Millennial Realist on 07.19.20 at 2:51 pm
historically, it has been the Boomer-Con governments that have racked up the debts and not pay them off, using tax breaks to their wealthy cohort as an excuse.

It is true that pressures on health care may be ahead. That will mostly affect Paleo Boomers now retiring.

Call it payback.

Things coming full circle for those born on third base, who thought they had hit a triple.

Boomers, be part of the change.

Or be run over by it.

————

Did you not ready yesterday’s post? More likely you ignore facts and data that don’t agree with your belief system.

My generation is full of fools. It’s sad.

MF and I are amongst the minority of our millennial generation and those after it, unfortunately.

#29 Mathew GIBSON on 07.19.20 at 3:48 pm

@#18

So much this.

I’d be happy to vote for a fiscally conservative party if it wasn’t also socially conservative. But I will never, ever vote for a socially conservative party, so no matter how good the Tories fiscal plans are, they are irrelevant while they are hostage to the hard right social, religious conservatives.

#30 jal on 07.19.20 at 3:51 pm

The gov. gave money to those who have none, (theoretically).
Now, all the comments are about getting those who have money, assets, etc to give up what they have to the gov./banks

Since those who received the money won’t be able to return it since its already been given/spent to the merchants.

Therefore, the odds are, an alternative is a jubilee for the selected connected elites.

#31 TurnerNation on 07.19.20 at 3:54 pm

Uhhh you guys want to see what’s coming in 2021? Currently we are in only Phase 1 of the global rollout, the Compliance Stage. They will not be letting up on us into wintertime, no

A couple of months ago I told you what the Blockchain really is for. (And why Iceland’s CV testing firm is a Genetics company.
Our tax farm farmers will control our feeding and breeding, as in a real farm)
You’ll note Iceland was used as a test bed for the 2008 collapse, they did that country first.

The Blockchain – we do not use for anything in our lives at the moment – will be used for us.
‘All in all we’re just another brick in the wall”

Just. Take. The Damn. Chip.
Just. Take. The. New. Currency.
I bet this is why the sports stadiums are being left empty till next year. Stand by…

https://www.covidcreds.com/
The COVID-19 Credentials Initiative (CCI) is a global community of more than 300 individuals from over 100 organizations looking to deploy and/or help to deploy privacy-preserving verifiable credential projects in order to mitigate the spread of COVID-19 and strengthen our societies and economies.
Supporting projects that use privacy-preserving Verifiable Credentials (VCs) in order to mitigate the spread of COVID-19 and strengthen our societies and economies.

——

#98 Bytor the Snow Dog so you like Dystopian novels? Got one for you:
All Compassion has been removed in the New System. And you cannot prove your health/innocence. Just follow the damn orders.

From social media:
“One more bit of news from Dystopia. My sister-in-law just told me that when my niece goes into labour in a few weeks to deliver her first baby at a Toronto hospital, she will have to wear a mask thru her entire labour and delivery
8:19 PM · Jul 17, 2020·Twitter for iPad”

——

The #1 goal is stopping humans travelling. As they told us Day 1: #Stayhome.
The #s of the Telescreens will be used to rules our lives and herd us around.
Where do Canadians usually travel? USA. OK and where in USA are tops? Florida and California.
That’s where they don’t want us going.

#32 Charity on 07.19.20 at 3:57 pm

@KNOW IT ALL
https://www.greaterfool.ca/2019/12/23/

#33 drydock on 07.19.20 at 3:58 pm

#18 Millennial Realist.

(((((((((((((((((((((((((((((((((())))))))))))))))))))))))))))

I’ll bet your pushing 40 with 50 on the horizon.

#34 FreeBird on 07.19.20 at 3:58 pm

Reality of negative impact of situation since this March on many in terms of mental health incl spike in suicide rates and domestic violence. Not everyone is benefiting.

https://www.kff.org/coronavirus-covid-19/issue-brief/the-implications-of-covid-19-for-mental-health-and-substance-use/

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7255207/

https://www.nytimes.com/2020/04/06/world/coronavirus-domestic-violence.amp.html

https://www.healthing.ca/news/covid-19-unemployment-could-trigger-more-than-2000-suicides-in-canada-study-warns

https://cmha.ca/news/warning-signs-more-canadians-thinking-about-suicide-during-pandemic

https://globalnews.ca/news/6906456/coronavirus-stress-mental-health-canada/amp/

#35 Karen on 07.19.20 at 3:58 pm

#25, So in your opinion, there would have been no recession if we had pretended that COVID-19 was just another cold virus. Got it.

#36 crowdedelevatorfartz on 07.19.20 at 4:00 pm

SERB=420
“All of my circle of friends that live and rent in the west end of Vancouver collect SERB and aren’t paying our rent. We are making more now and taking home more than we did working at whole foods or being a server… This is how it should be for now on. ”

+++++

Ummmm,
I believe its known as CERB.

Just curious.
If we all quit our jobs , draw CERB (welfare) …. and watch the “rich” move away to another country

Who will we tax to pay for our 420 lifestyle?

#37 Tax on housing on 07.19.20 at 4:04 pm

I woke up this morning and thought I should ask Garth what he thinks about taxing housing Then I open the blog. Thank you.
I was thinking a capital gains tax on houses would be easy to implement because it will not come out of your pocket till you sell. Most people would not notice till it’s to late. I think this is feasible as it still allows for the housing lust now but pay later.
Thanks again Garth for your posts

I guess we should be grateful the NDP were not in power!
It would be Niagara Falls and not a river of read ink.

Okay, please do not roll your eyes.
I fully understand government borrowing until the crisis.
So we have a deficit, we contact the BOC and say we need five billion, government of Canada issues bonds, BOC goes to the market and helps with the selling of government bonds.
Okay lenders give us five billion and government issue an IOU in bonds. All good!

So now we have the Government saying we need $350 billion like yesterday and the BOC says no problem makes a pencil entry in the ledger and creates money (aka prints it). Government says thank you and issues the checks.

Now my head is spinning how did the BOC create money ?

Second question,
You said above can the government keep spending and printing? But you just talk about taxes and reduced spending. In my little mind will this debt not create another monster like hyper inflation or default?

Are we going to go to the public and say buy victory bonds to slay the Covid devil?

Thanks Garth!

#38 Marco on 07.19.20 at 4:05 pm

Doctors… they travel from Spain to Germany from Germany to England, from England to Canada. Reason: Money. On the top of that there are tons of them in Africa and Asia who would like to come to Canada and work for half a salary those here receive. And no, they are not worse than those here. So do not interrupt travelling circus.

#39 Stan Brooks on 07.19.20 at 4:06 pm

Of course somebody has to pay for the T2 stupid policies.

The lieberals are just another servant to the owners/the oligopolies and the uber rich.Their goal is to ensure maximum public debt. Owners have to eat too. while occasionally enjoying their oversees and paradise islands estates.

Note that the taxes increase will mostly apply to LABOUR income that is doomed anyway, the rich will find a way to circumvent the ‘capital gains’ tax increases. They will just be receiving their low taxed dividends and laugh at the poor and stupid/the savers and the retirees.

The problem is that they/the owners have run out of naive workers chasing ‘the loonie dream’ and are unable to attract any from abroad. 100 years net income for a shack in the middle of nowhere is hardly a ‘dream’ no matter of the amount of fluoridated water or bull-crap you are fed with.

The other problem is the tax free ‘gains’ in house prices that they would like to tax.

I did say some time ago to liquidate and take out all your assets asap. Or it will be stolen one way or another/tax or inflation.

Argentina will look like a dream to this place 10 years from now. They have a better weather and much better agriculture.

Did I mention the wine and the beef?

Cheers to all brain-frozen in time delusional idiots,

Oh, how do I look forward to the retirement funds expropriation in this place. I can sense what the plan is. The bottom line: You get nothing.

Cheers,

#40 crazyfox on 07.19.20 at 4:10 pm

Can governments just keep printing and spending money? Is there a reckoning in the distance? Will Trudeau or the next gang to run the place decide austerity and higher taxes are needed to try to balance the books? Or at least stem the gushing river of red? – Garth

A reckoning will come, without question. Central banks won’t run out of money but they will run out of the value of money if this trend continues. Higher taxes are a certainty regardless of the government that follows I would think, or face runaway debt to GDP ratios (we might already be there). The reckoning I fear most though Garth, is climate change and what this fiscal train wreck does in diminishing our ability to handle it going forward. This site below is current and historical animated charts of Arctic sea ice using U.S. Navy sonar which I believe is the most accurate and visual display of Arctic sea ice volume:

https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/arctic.html

Using data from this site and choosing Sept 11 as an average annual end of melt season, lets click onto seasonal ice lows shall we?
Here is Sept 11th of 2014:
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/2014/ictn2014091012_2014091100_563_arcticictn.001.gif
2015, 1st year of super El Nino (dramatic):
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/2015/ictn2015090912_2015091100_563_arcticictn.001.gif
2016 El Nino ends:
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/2016/ictn2016091012_2016091100_572_arcticictn.001.gif
2017 La Nina:
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/2017/ictn2017091012_2017091100_577_arcticictn.001.gif
2018 La Nina ends:
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/2018/ictn2018091012_2018091100_930_arcticictn.001.gif
2019:
https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/ictn2019091012_2019091100_930_arcticictn.001.gif

What we see by looking at lowest average annual ice volumes is a major drop in volume in 2015 from a super El Nino event. (pre-2014, volumes were taking a big hit especially from 06′ on) El Nino ended in the summer of 2016 and flipped to La Nina in 2017 but ice volumes still retreated in 2017. 2018 and 2019 have basically stayed thin, unchanged. In 2020, we could almost call it a weak El Nino, but factoring in global warming of oceans over the last 15 years, equatorial ocean temps have been average.

This is what the ice looked like in July 19th of last year:

https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/ictn2019071612_2019071900_930_arcticictn.001.gif

This is what it looks like now:

https://www7320.nrlssc.navy.mil/GLBhycomcice1-12/navo/arcticictn/nowcast/ictn2020071212_2020071900_930_arcticictn.001.gif

When we flip through the pics from last year to this year, what we will see is that the ice volume on the Russian side of the Arctic circle is a foot or so thinner so than this year (entire east side of North pole) with less extent. What is likely to result from this year’s state of Arctic ice is a record low ice extent at the end of the melt season around 2 million sq km’s of ice. (The previous record low was 3.4 mil sq km’s in 2011) It could be less. There is more ice on the Canadian side of the Arctic circle, but most of what we see in light blue will melt and become compressed against the Canadian Archipelagos like 2019. If this proves up, it will generate headlines and become an election issue in the U.S. this fall without question (if there is an election).

The NOAA is calling a 50/50 chance of a La Nina for next year. It may not make a difference what comes, next year is the first year we see an ice free Arctic. I shouldn’t have to tell long time readers what this means, but for newbies it basically means we enter into a new climate state. We’ll have much more extreme weather for one. The Arctic ocean is likely to see 10 to 15 degree summer time highs by 2025. Ice melt seasons will extend by length and altitude over Greenland with each passing season. The changes will not be subtle. We will see thunderstorms and heatwaves in the Arctic and over permafrost. Droughts and storms will be more extreme in Canada everywhere. We aren’t ready for any of this.

Why did I take my busy time to show readers this? Because we have greater concerns than Covid-19 and we can’t lose the fiscal picture of what it will take to do something about it. It’s going to take $$$ and lots of it, more than we blindly spend on Covid 19 in all of its future, never mind 1 year ($300 billion, good God). The province of BC losing 30% of its forest by 2030 for example, is not out of the question. What will the cost to Canada be to adjust to this? Help Alberta through an oil patch down turn from this as well as EV’s? Help western Canada through crop failures? Forests everywhere, it’ll effect all regions of Canada unfortunately and we’re going to need fiscal health to get through it.

This is the biggest financial risk I see to the markets, to our nation, the entire world. It’s probably too large in scope for the world to stop the changes that are coming, certainly too large in scope for Canadians but the environmental destruction that is coming, we have to look after ourselves in as humane a way as possible and that takes money (assuming it still has value). Investment. Social spending. It’s easily argued that Corona virus’s in general entered the human gen pop through climate change, never mind covid19. It’s the elephant in the room and we need to be lucid, cogent and clear eyed about it because its coming and likely very soon, whether we want to deny it or not.

#41 Classical Liberal Millennial on 07.19.20 at 4:11 pm

MF and T, I am with you. There are some of our generation (I’m born ‘86) that are fiscal conservatives.

#42 The real Kip on 07.19.20 at 4:16 pm

No worries about becoming a 1%er. I’m just happy to be a 40%er and pay no net tax. I learned how to do that on this pathetic blog. Thanks.

#43 truefacts on 07.19.20 at 4:16 pm

#30 Mathew GIBSON

“…no matter how good the Tories fiscal plans are, they are irrelevant while they are hostage to the hard right social, religious conservatives.”

Not trying to start a debate, but I hear this all the time, but don’t understand what it means? Maybe I’m not seeing it? Harper was PM for a decade… what radical, right-wing policies did he bring in? What exactly was his “secret agenda”? I hear this type of thing endlessly, but the exact facts have never been pointed out to me…

#44 Bill on 07.19.20 at 4:17 pm

Do I read a marginal tax rate of 89% in the top income tax bracket in 1918?

#45 Linda on 07.19.20 at 4:35 pm

Yes, those who rent feel that those who own have had unfair advantage & should be penalized accordingly. Funny thing is, those who advocate for this to occur will in turn face the music if & when they become homeowners – which they apparently want to be. End result: nose, face.

As for the cry for UBI & the reluctance of many to return to work. Yes, it is wonderful being able to sit at home & be paid for doing so. This is generally known as ‘retirement’ though the vast majority of retirees are definitely not sitting at home. Can’t get hold of the little devils, they are all of them out having a blast – or were pre-pandemic.

However, as pointed out by some commenters on this very blog, the CERB largesse exceeds CPP by a considerable amount. Potentially $24K per annum, per person, vs. $14K per annum for those who qualify (very few). From a retiree perspective, UBI at $24K per person, per annum, is quite the increase in income. However, there is that pesky problem of paying for this. If people are evading employer calls to return to work because hey, CERB is so much more enticing & lucrative, can’t see how taxing the bejeezus out of high income earners will do anything but inspire them to become stay at home & be paid for it citizens. Ditto for investing in this country. Why invest if your fellow citizens are going to let you take all the risks & demand all the benefits be distributed ‘equitably’ because it is ‘only fair?’.

#46 Joseph R. on 07.19.20 at 4:36 pm

#37 crowdedelevatorfartz on 07.19.20 at 4:00 pm

I believe its known as CERB.

Just curious.
If we all quit our jobs , draw CERB (welfare) …. and watch the “rich” move away to another country

Who will we tax to pay for our 420 lifestyle?

—————————————————————–

You can’t receive CERB if you voluntarily leave your job.

#47 Steven Nicolle on 07.19.20 at 4:37 pm

Every country right now is tanking. The only difference is the others produce or make something the world will need when we ever get going. All we have is oil we cannot get to market. Even Tim Hortons is American. Ha

#48 TickingTimeBomb on 07.19.20 at 4:47 pm

#16 KNOW IT ALL on 07.19.20 at 2:39 pm
WHY CAN’T WE ALL JUST GET ALONG

Nobody gets too chose what circumstances they are BORN into. Nobody wants to be born and raised into an impoverished and neglected society.

Why can’t those who are fortunate enough to make it big help out those who have very little choices?

I know why – we reward our selfish society.

So what are Garth’s, Ryan’s, and the rest of the teams favourite charity organizations?

——————————–
Our charitable givings have been mentioned here. What are yours? – Garth

——————————–

Wow, how the ignorance runs rampant in the comment section.

Not all of us were born into wealth as you seem to think. Some of us … far from it.

My father was born a couple of years after the 1918 pandemic, was raised during the 1929 stock market crash, lived through the dirty 30s and the depression, then fought in WW2 (his father fought in WW1).

For the few decades he had left, he then worked hard and invested the few dollars he had left. Yet, never did he complain about his lot in life nor the poor cards he was dealt like you seem to do.

And as far as charitable givings… if you did your homework, you would see that the “wealthy” contribute significantly to charities. As it stands today, my wife and I are leaving our substantial estate to the dogs (I. E. registered charities including DogGuides and PADS), literally every last red cent to the dogs.. we considered other charities but that pervasive entitlement that you and others appear to exude convinced us otherwise.

#49 Mike on 07.19.20 at 4:47 pm

A video worth 15 minutes of your time:

https://www.armstrongeconomics.com/armstrongeconomics101/economics/a-warning-from-yugoslavia-dont-follow-what-we-did/

#50 Millennial 1%er on 07.19.20 at 4:47 pm

>Can we stop propagating the myth that “every” millennial tilts left, wants free money, big government, and everything else?

Like, totally agree with this. Word. For real. Agreed. Same

#51 kingston boy on 07.19.20 at 4:55 pm

@#13 McSteve on 07.19.20 at 2:32 pm
The minute the Tories can put up a centrist, fiscal conservative and social moderate they will rule for 20 years.
———————

Thats a nice fantasy you’ve got going there.

#52 Cristian on 07.19.20 at 4:57 pm

“When the next pandemic comes we can just use vets and podiatrists.”

You forgot nurse practitioners and pharmacists I think. :)

#53 Dolce Vita on 07.19.20 at 5:04 pm

To pay off +$300 billion they will have THINK BIG.

Taxing a few 1,000 rich people and a few investors will not come anywhere near the mark. No sir.

The non-rich, non-investors will have to bear the burden as well, be it a high consumption tax, income tax, probably both.

They will not tax companies now because of the pandemic, after, I agree they will.

But that won’t be enough. Most wealth Canadians have is in Real Estate.

Real Estate will get taxed and it will be enough to pay down the debt.

——————–

Ryan’s article yesterday was entirely accurate. I mean you know, spot the big negative troughs in the charts and associate a PM Surname with those troughs.

Not exactly magic, just fact. People are biased & thus do not think straight. Ryan was unbiased, just a matter of fact:

“who dunnit?”

#54 Jay Currie on 07.19.20 at 5:06 pm

Taxes will go up. The question being how to raise revenue while doing as little damage to the already battered economy. A rise in the HST of a couple of points would be hated but sensible. Messing around with investment capital gains or the CG exemption on principle residences might be a plan but if it was going to raise any real revenue it would have to be big. And big would mean people would slow down their investing and reduce their appetite for houses.

The CG tax produces less than 3% of the fed’s revenue in any event.

A fairly straight forward inheritance tax based on the overall value of an estate might capture some much needed revenue; but the incentive for structuring estates to avoid such a tax would be significant.

As others have pointed out, Canada does not have that many billionaires and taxing the very rich creates very wealthy tax accountants.

The fact is that the revenue sweetspot are the poor buggers with a household income from employment of between $60,000 and $250,000. “in 2014, when all cohorts over $100,000 are combined, it turns out those tax filers accounted for 8.4% of all tax forms filed, 33.2% of all income, and 51.8% of all federal income tax paid.” (Canadian Taxpayers Federation)

A COVID surtax of 3% hitting all the brackets above $60K is about the only tax solution which would have much chance of raising the revenue needed.

Yup, the poor old middle class, or what is left of it, will be stuck with the bill.

#55 Camille on 07.19.20 at 5:12 pm

Since Garth mentions Ryan’s post yesterday, I felt so silly for not seeing why increased taxes is the way this will probably go. Are dividend stocks better? After being right on the virus about controlling it, I’m little lost now.
I’m out of my debt I fear. Will they go back to work, will the virus recede, a vaccine, will they move to the suburbs, country…..
This is a social event, I’m listening.

#56 Dolce Vita on 07.19.20 at 5:13 pm

Gov Canada will also have to cut spending.

Then again this Liberal Gov’t has not shown any inclination of that.

Maybe sanity will prevail and they will cut programs and money pledged for this an that before COVID. Not a lot, $30 billion or so? Every bit helps.

Oh how I crave the Chretien Martin days of Liberalism yet with fiscal responsibility.

Hell, I’m even starting to miss Harper and his fiscal prudence (as he swallows hard).

#57 Jeanie Jacobsen on 07.19.20 at 5:15 pm

Could Trudeau raise taxes, but as a loophole, pay those taxes with printed money from the Government, so Canadians won’t have to?

#58 Bob in Hamilton on 07.19.20 at 5:17 pm

‘My buddy Ryan stirred the loins of the rightist barbarians who roam the barren steppes of this blog, bareback, when he dissed the Trudeaus. Papa and junior. Together they’re responsible Ryan pointed out, for half the trillion-dollar debt that Canada will shoulder by the end of the year.’

Let’s just put it out there….the Trudeaus have ruined a once great country….and we gladly let them do it.

#59 [email protected] on 07.19.20 at 5:22 pm

I think that they should involve many segments of the society to recoup the loses. Putting in GST to 7% for 3–5 years similar to what Chretein did, and then go increase the taxation on capital gains, dividends, and the many with their dubious PC writeoffs. Last increases was focused on the easiest avenue being simply to increase the top marginal rate on high income earners as the Gov’t thinks that anyone earning over 215K per year is rich and should be taxed into the ground. However, with one stroke of a pen a 54% marginal can be made into 60%; at that stage is when a more “entrepreneurial” approach will be made by many to recoup lost income.
I can’t see how it would work to put in a capital gains tax on sales of principal residences. What about a homeowner spending a few hundred K in upgrades and renos; are they supposed to give a gig chunk of the increased selling price back to the Gov’t? Should everyone start saving whatever receipts they had for work done? For speculation properties, I don’t care what the Gov’t does with taxing the owners in new ways.

#60 Felix on 07.19.20 at 5:24 pm

Guinea pigs are 3.25 times more intelligent than canines, and would make an excellent choice for a pet for those who are too intimated by the intelligence of felines but recognize how dogawful mutts are.

#61 Dutchy on 07.19.20 at 5:39 pm

#32 TurnerNation on 07.19.20 at 3:54 pm
#38 Tax on housing on 07.19.20 at 4:04 pm
#40 Stan Brooks on 07.19.20 at 4:06 pm
#41 crazyfox on 07.19.20 at 4:10 pm
#46 Linda on 07.19.20 at 4:35 pm
#49 TickingTimeBomb on 07.19.20 at 4:47 pm

Verbal diarrhea all,
Looks like Crazy Fox wins the price !

#62 JacqueShellacque on 07.19.20 at 5:40 pm

The only thing certain is that debt now means less spending in the future. I think it’s too early to predict how our ruling classes try to raise the money they believe they need to run theoretical state they think they’re running. It seems unlikely to me they lay off any lever, for any reason. The problem isn’t what they’ll plan to do, it’s what circumstances will force them to do. And there are 2nd, 3rd, etc order effects to consider as well. As Hemingway said, bankruptcy/insolvency/financial ruin happens slowly, then very quickly.

#63 Flop... on 07.19.20 at 5:42 pm

Corporate taxes will pop – from hitting the online giants to your family doc. Ottawa wants a big piece of the profits outfits like Amazon take in, and will move to get it.”-Thor Turner.

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

It’s a big piece of pie, but it could be bigger.

Here’s a recent howmuch article with their reason for the no show on the top ten list.

Amazon clocked in at 11.6 billion.

That’s billion…. spelt with a Cha Ching…

M46BC

“A noticeable absence on the list is Amazon, the world’s largest retailer. While a large company by market capitalization, Amazon still has a relatively low profit. This is because the company re-invests much of its revenue into the company, with the expectation of higher profits in the future. The strategy has paid off, while some wonder how long it can continue.”

Charting America’s Most Profitable Companies.

It’s been a rough start to 2020 for the U.S. economy, with the Bureau of Economic Analysis reporting a 12.3 drop in corporate profits in the first quarter. The most profitable U.S. companies have proved no exception to this downturn, although things are starting to look up for some.

U.S. corporate profits fell by 12% in the first quarter of 2020.

Berkshire Hathaway, the most profitable U.S. company, posted a net loss of $50 billion in the first quarter.

Profits at JPMorgan Chase, the most profitable financial company, fell 69% in the first quarter.

1. Berkshire Hathaway (Insurance): $81.4B
2. Apple (Computers & software): $55.3B
3. Microsoft (Computers & software): $39.2B
4. JPMorgan Chase (Internet services & retailing): $36.4B
5. Alphabet (Internet services & retailing): $34.3B
6. Bank of America (Internet services & retailing): $27.4B
7. Intel (Electronics, electrical equipment & electronic components): $21.05B
8. Wells Fargo (Financials): $19.5B
9. Citigroup (Financials): $19.4B
10. Verizon Communications (Telecommunications): $19.3B

https://howmuch.net/articles/top-50-most-profitable-companies-in-the-us-2020

#64 Sail Away on 07.19.20 at 5:48 pm

#61 Felix on 07.19.20 at 5:24 pm

Guinea pigs are 3.25 times more intelligent than canines, and would make an excellent choice for a pet for those who are too intimated by the intelligence of felines but recognize how dogawful mutts are.

——————-

They are also delicious. In Peru, GPs have the run of many houses and when dinnertime arrives, a quick grab and whack sets the table.

#65 Bytor the Snow Dog on 07.19.20 at 5:54 pm

#30 Mathew GIBSON on 07.19.20 at 3:48 pm sez:

“@#18

So much this.

I’d be happy to vote for a fiscally conservative party if it wasn’t also socially conservative. But I will never, ever vote for a socially conservative party, so no matter how good the Tories fiscal plans are, they are irrelevant while they are hostage to the hard right social, religious conservatives.”
—————————————————————–
The problem becomes what you consider to be the definition of “social conservative”.

I consider myself a “social libertarian” as I couldn’t care less about how you define your gender or who your share your bed with.

However, I don’t wanna pay for it with my tax dollars. I don’t wanna pay anything to support feminist “causes” or LGBTLMNOP “causes” or anything or the sort.

So is the definition of “Social Conservative” decided according to politically correct dogma or is it just simply best left you those with all lifestyles saying “leave us alone”?

#66 Shawn on 07.19.20 at 5:55 pm

After doing some extensive research this weekend I think the probability is very high that the S&P500 reaches 5000 over the next 24 months.

#67 OK, Doomer on 07.19.20 at 5:57 pm

Home Equity Tax??????

We already have one of those. It’s called property taxes. Maybe renters should pay a tax to equalize up with home owners?

#68 The Totally Unbiased, Highly Intelligent, Rational Observer on 07.19.20 at 5:57 pm

“Can governments just keep printing and spending money?” — Garth

Yes!

Just watch them.

“Is there a reckoning in the distance?” — Garth

Yes!

I reckon there could be.

#69 Democracy Is Mob Rule on 07.19.20 at 5:58 pm

The obvious solution is to do the same thing that got us out of the 2008 financial crisis: zero down and 40 year amortizations.

#70 Thanks on 07.19.20 at 5:58 pm

To Jay Currie #55
Great post
My friends and I have been discussing the same thing, the middle class is going to pay for years!

#71 Bezengy on 07.19.20 at 5:59 pm

#44 Truefacts

I hear this type of thing endlessly, but the exact facts have never been pointed out to me…

—————————-

He threatened to deport terrorists. Remember the Canadian is a Canadian debate?

#72 Bytor the Snow Dog on 07.19.20 at 6:00 pm

#37 crowdedelevatorfartz on 07.19.20 at 4:00 pm sez:

“SERB=420
“All of my circle of friends that live and rent in the west end of Vancouver collect SERB and aren’t paying our rent. We are making more now and taking home more than we did working at whole foods or being a server… This is how it should be for now on. ”

+++++

Ummmm,
I believe its known as CERB.

Just curious.
If we all quit our jobs , draw CERB (welfare) …. and watch the “rich” move away to another country

Who will we tax to pay for our 420 lifestyle?”
————————————————————–
Well obviously it’ll be Dave.

But Dave’s not here….

#73 Howard on 07.19.20 at 6:00 pm

#51 Millennial 1%er on 07.19.20 at 4:47 pm
>Can we stop propagating the myth that “every” millennial tilts left, wants free money, big government, and everything else?

Like, totally agree with this. Word. For real. Agreed. Same

———————————–

Sure, but it is Millennials, particularly those without Y chromosomes, that put Trudeau in office.

I was actually hoping the Boomers would be useful for once and stop his victory, but to no avail. Even our very own Fartz voted Trudeau in 2015.

#74 Long-Time Lurker on 07.19.20 at 6:02 pm

So, aren’t we already experimenting with Modern Monetary Theory / Magic Money Tree?

Blog dog Don:

I always read your blog, but never the comments.

>A wise man.

#75 Long-Time Lurker on 07.19.20 at 6:04 pm

>Jair Bolsonaro update. I think he looks healthier and stronger than from my last update. He definitely doesn’t have any breathing problems considering his vigorous speech. No sign of a cough during his speaking. Google Translate used.

Bolsonaro talks with supporters in front of Planalto Palace
250 views•Jul 18, 2020

TV network! Journalism

(Brazilian) President Jair Bolsonaro is still undergoing treatment against the coronavirus. However, today he left the isolation and talked to supporters who were in front of the dawn palace. Since he was diagnosed with the coronavirus and began to perform isolation at the dawn palace, the president has created the habit of following the removal of the flags that are in front of the official residence….

#76 Flop... on 07.19.20 at 6:07 pm

#220 ImGonnaBeSick on 07.17.20 at 3:48 pm
#175 Flop… on 07.17.20 at 10:07 am

Shrug it off Flop. You’re a good friend. Keep doing what you’re doing. We should all be so lucky as to have one true friend.

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

Sorry Sickie, I’ve been meaning to thank you for your encouragement the other day.

When I arrived on this blog, I had no intention of having a blog-mance with a guy in his early 60’s from Wisconsin.

Boom was a good teacher, and an even better inspiration for myself.

He wanted good things to happen for me and the people of this blog and was willing to put the time in to ensure that happened.

I can’t come close to impersonating him, but maybe if I’m still around in 20 years, I will find a student eager to learn and will pass some experience on…

M46BC

#77 Long-Time Lurker on 07.19.20 at 6:09 pm

>The missing links for the Jair Bolsonaro updates:

Bolsonaro talks with supporters in front of Planalto Palace
250 views•Jul 18, 20200

TV network! Journalism

President Jair Bolsonaro is still undergoing treatment against the coronavirus. However, today he left the isolation and talked to supporters who were in front of the dawn palace. Since he was diagnosed with the coronavirus and began to perform isolation at the dawn palace, the president has created the habit of following the removal of the flags that are in front of the official residence….

https://www.youtube.com/watch?v=Ks_22kZTtJQ

https://www.youtube.com/watch?v=DFrcXxSN0GY

#78 Bytor the Snow Dog on 07.19.20 at 6:10 pm

@#38 Tax on housing on 07.19.20 at 4:04 pm-
———————————————————–
A capital gains tax on primary residences won’t simply be “you bought house for x and sold house for y therefore send in the tax on z percentage of the difference. They would have to allow any and all deductions they allow for regular investments such as interest payments, maintenance expenses, etc. unless they change the tax regime on ALL
investments.

It ain’t gonna happen. It’ll be a flat sales tax which won’t “level the paying field” at all.

Sorry M’s, you still lose.

#79 Long-Time Lurker on 07.19.20 at 6:11 pm

Legendary Climate Change Senate Hearing
30,581 views•Nov 13, 2015

Dr. Don Easterbrook’s committee testimony regarding the fabrication of carbon based climate change.

https://www.youtube.com/watch?v=ofXQdl1FDGk

#80 Sail Away on 07.19.20 at 6:16 pm

I like Buffett’s caution. Will be buying more BRK tomorrow.

#81 Howard on 07.19.20 at 6:17 pm

#30 Mathew GIBSON on 07.19.20 at 3:48 pm
@#18

So much this.

I’d be happy to vote for a fiscally conservative party if it wasn’t also socially conservative. But I will never, ever vote for a socially conservative party, so no matter how good the Tories fiscal plans are, they are irrelevant while they are hostage to the hard right social, religious conservatives.

———————————

Hysterical comments like this always come from low information Liberal-lifers (“my mummy voted Liberal, so I vote Liberal!”) for whom a social conservative is anyone with the nerve to have a few morals.

Trudeau wanted to toss a billion $ in taxpayer money to an extreme left-wing indoctrination cult to grant to students carefully vetted to ensure they meet the requisite cultural marxist purity test. I think I’d take a chance on a social conservative over that.

#82 Billy Buoy on 07.19.20 at 6:18 pm

Trudeau will just keep adding to the debt to keep everyone happy. And why not, The EU and USA will keep doing the same as well….it’s the new normal.

Just wait til China starts raising their interest rates first as they get Covid more under control and really put the squeeze on Donald’s Stock market (cough) miracle.

USA election is only a few months away, the shit storm is just beginning.

#83 Shawn on 07.19.20 at 6:25 pm

QUOTA

#84 Shawn on 07.19.20 at 6:27 pm

QUOTA

#85 Steven Rowlandson on 07.19.20 at 6:34 pm

With out us so called rightist barbarians there would be no civilization and the centerist and leftists would never create anything remotely resembling a civilization because they don’t like to think, they don’t believe God or truth and they like to take or extort instead of make. These are the markers of true barbarism.
As we and what we stand for gets expunged society approaches its doom………….Beware of envy,lies and the rule of 50% plus one.

#86 ImGonnaBeSick on 07.19.20 at 6:36 pm

#18 Millennial Realist on 07.19.20 at 2:51 pm
historically, it has been the Boomer-Con governments that have racked up the debts and not pay them off, using tax breaks to their wealthy cohort as an excuse.

It is true that pressures on health care may be ahead. That will mostly affect Paleo Boomers now retiring.

Call it payback.

Things coming full circle for those born on third base, who thought they had hit a triple.

Boomers, be part of the change.

Or be run over by it

——

I guess you missed yesterday’s post? The Trudeau family is responsible for over 50% of our federal debt, and that’s not taking into account the inflation of PET’s… I’ll wager that it’s actually pushing closer to 70%…

Conservative government is usually left holding the bag left by the “natural ruling party”… Kinda of like your parents when you drop off your credit card bill for them to pay off.

#87 Shawn on 07.19.20 at 6:37 pm

So in a nutshell yes I agree with you Garth. The government is basically going to pay for the CERB by taxing doctors more and controlling what they earn.

They’re Canada’s largest group of high earners as a group by far. And the government itself pays their salaries so pretty much a no brainer. There’s nothing the OMA can do.

#88 Shawn on 07.19.20 at 6:43 pm

Despite what you may hear/read most family MDs I know still make $350-400K conservatively. Many make over $500K. The methadone prescribers we’re making $800K before the cuts a couple of years ago but are still making $500-600K. ER docs make $500-600K. Busy walk in clinic docs make $600K.

This is what the government is going after. They have to. And now have the reason and political will to do it.

#89 Nonplused on 07.19.20 at 6:46 pm

I am not sure I understand how taxing capital gains on personal residences “could level the playing field between renters and owners”. Home owners in Canada are already taxed through the nose on their houses because not only do they have to buy them with after tax dollars and pay property taxes, they also have to use after tax dollars to pay the mortgage interest. And you have to be really pessimistic to think that you’ll never be the one with capital gains in your house by the time you are 70 and need that equity to pay for the old age home.

Anyway it is a disastrous proposal. Houses are not money. When you sell one house and buy another you still only have one house (assuming they are similar). They are not revenue producing enterprises like a rental property or tattoo parlour. And also how will they handle capital losses in the event of a downturn? I guess this is another manifestation of the “house prices only go up” philosophy.

But I guess we are seeing all sorts of really questionable financial ideas floating around out there. For example, not satisfied with the horrible economic damage she did to NYC by driving Amazon away, AOC now wants to tax people for “unrealized capital gains”. Where are people supposed to get the money for that if they haven’t sold anything yet? Once again, stocks are not money. And anyway all this will do is advance the date the payment is due, it won’t increase the total revenues.

Here are some simple economic rules for AOC and her friends to revue:

– Wealth inequality does not exist for most people over a lifetime. Only the bottom 10% and top 0.001% can be really said to experience it. Everybody else tends to get richer as they get older, which reflects a lifetime of work, experience, saving, and paying down the mortgage.
– Real assets (houses, stocks, businesses, farms, etc.) are not money. The “value” assigned to them is “notional”, which means it isn’t money until the asset is sold.
– There is only so much money out there. Raising taxes does not create more money in the economy as a whole. Instead what it does is starve other areas of the economy.
– Setting aside the top 0.001%, where you end up in life largely depends on what you put in. The folks who went to dental school are likely to do well; those who can’t hold down a job are not.
– Redistributing wealth disincentivizes society’s most productive, but it does not incentivize society’s least productive. Therefore overall productivity and wealth declines.
– Printing money does not create economic activity. Instead money must be printed to accommodate existing economic activity. Economic activity is the horse, money printing is the cart.
– To avoid deflation, central banks target 2% inflation. Therefore the first 2%/year compounded of any capital gain is just inflation, which is why the inclusion rate is 50% and not 100%. It’s easier than all that calculating.
– There is no such thing as a free lunch.

Hmm I am over quota already in just one comment.

#90 Shawn on 07.19.20 at 6:48 pm

Specialists make more of course. Most make $500K-$1M

Allergists: $400K+
Gastroenterologists: $700K+
Ophthalmologists: $800K-$1.5M
Internists: $600K
Surgeons: $600K
Pathologists: $400K
Dermatologists: $600K-$1M
and the list goes on…

There’s a lot of $ here to go after. The OMA has been an oligarchy for decades but that is ending.

#91 twofatcats on 07.19.20 at 6:55 pm

A 5% tax on the sale of your principal residence is actually a brilliant Liberal strategy. They will cover up the stench of this tax with cliche class-envy terms like ‘wealthy homeowner’, ‘poor renters trying to grasp the bottom rung of the property ladder’, ‘level the playing field’, ‘make home ownership affordable for all Canadians’, etc. etc.

#92 Nonplused on 07.19.20 at 7:01 pm

#92 Shawn

“Specialists make more of course. Most make $500K-$1M”

So become a dermatologist. And remember she’s already paying 50% tax.

#93 Snore shore on 07.19.20 at 7:04 pm

Dolce vita,

Why do u care so much for canada while living in Italy?

#94 Shawn on 07.19.20 at 7:04 pm

QUOTA

#95 crowdedelevatorfartz on 07.19.20 at 7:04 pm

@#66 Sail Away
“….and when dinnertime arrives, a quick grab and whack sets the table.”
++++
You eat them fur, bones and all?
Or
Deep fried like in Scotland?

#96 ImGonnaBeSick on 07.19.20 at 7:05 pm

#48 Steven Nicolle on 07.19.20 at 4:37 pm
Every country right now is tanking. The only difference is the others produce or make something the world will need when we ever get going. All we have is oil we cannot get to market. Even Tim Hortons is American. Ha

—–

Canadian top exports:

1. Mineral fuels including oil: US$98.4 billion (22% of total exports)
2. Vehicles: $61.4 billion (13.8%)
3. Machinery including computers: $34.8 billion (7.8%)
4. Gems, precious metals: $21.3 billion (4.8%)
5. Electrical machinery, equipment: $13.5 billion (3%)
6. Plastics, plastic articles: $12.7 billion (2.8%)
7. Wood: $11.7 billion (2.6%)
8. Aircraft, spacecraft: $11.3 billion (2.5%)
9. Ores, slag, ash: $8.9 billion (2%)
10. Pharmaceuticals: $8.4 billion (1.9%)

http://www.worldstopexports.com/canadas-top-exports/

My company deals with 2, 3, 5 and 8.

#97 crowdedelevatorfartz on 07.19.20 at 7:09 pm

@#75 Howard
“Even our very own Fartz voted Trudeau in 2015.”
+++

Yep.
I’m sorry to say, ’tis true.
Harper got a bit too arrogant for his own good.
Didnt make the same mistake in the last federal election.
T2 and the Liberals will never , ever get Fartzy’s vote again…….

#98 Linda on 07.19.20 at 7:11 pm

#91 ‘Non’ – Right on! TANSTAAFL (there ain’t no such thing as a free lunch) is one of life’s truisms. Problem is, we’ve got folks who really want to believe it is different this time & that they will be able to have the pony without the poop.

#99 Nonplused on 07.19.20 at 7:12 pm

#16 KNOW IT ALL on 07.19.20 at 2:39 pm

“Can you tell me why any 1 individual needs 100 billion dollars in his account while so many others go without being able to eat even 1 meal a day?”

Nobody has 100 billion in their “account”. They own companies, and companies are not money. And they pay taxes on any profits the companies produce.

If Elon Musk was forced to sell all of his Tesla holdings we would find out quickly that most of that notional value was just that. It is a vapour of the mind. It isn’t money.

#100 Kashmani on 07.19.20 at 7:14 pm

I hate to say it, but I actually support a home equity tax. Last week I watched an 1,800 square foot house in Winnipeg, backing onto railroad tracks, sell in a bidding war for almost $600k. In a frozen floodplain colder than Novosibirsk.

Here I am as a 5-percenter raising my kids in a yardless condo, wondering how the heck someone can afford this amount for a house. I have now officially made my peace with house ownership not happening in my lifetime, as the political will seems to be “all housing at any cost”.

Too bad a tax on housing is off the table.

#101 Danny Simms on 07.19.20 at 7:15 pm

It is not the tax free gains from owning a primary residence that created the pump up, artificially propped up housing market in Canada. It is the crushing drop in mortgage rates since the 1980’s, 21% down to 2%.

Come on, this was all planned to make home equity really valuable and then tax it to death. By the way, there already is a tax on housing it is called property taxes and municipal user fees like garbage etc.

University researchers and university faculty don’t live and work in the real world, never will and never did. Why don’t they use their liberals friends money instead of winning the university lottery called Canadian sucker taxpayer paying for everything. They disgust me.

#102 Nonplused on 07.19.20 at 7:20 pm

#45 Bill on 07.19.20 at 4:17 pm
“Do I read a marginal tax rate of 89% in the top income tax bracket in 1918?”

It was a war, Bill, and inflation adjusted the top rate applied to, well, nearly nobody today. Nearly nobody back then either.

#103 Scott Pagnione on 07.19.20 at 7:22 pm

Don’t forget about those high development charges that can add up to as high as 11% in some cities for new construction condos, homes put on the back of home buyers. The Ontario land transfer tax, Toronto land transfer tax other land transfer taxes in Canada, the foreign buyers tax on property too, HST, GST on homes, condos etc.

I bet there are many other fees, taxes that are on property too that I missed. Lets just get the real meat and bones, it is all taxes. We are taxed too death and that is why businesses and workers can’t get ahead. How are you supposed to give decentraises to your employees if alot of your income is taxes, feed, chraged by government to death.

#104 Smartalox on 07.19.20 at 7:25 pm

Those antiquated tax forms from 100 years ago were from a time when people and governments could barely comprehend personal wealth in excess of a few thousand dollars.

Now, single transactions routinely exceed hundreds of thousands of dollars, and personal and corporate wealth can exceed millions, or tens of millions. Thank you, wealth inequality. Why not introduce a transaction tax of 0.1% on all financial transactions? No tax on the first $1000, then $1 per $1000 after that.

Especially on monies coming to Canada from foreign jurisdictions. Or transactions conducted by Canadian-baeed corporations serving the world.

You mean like on your TFSA and RRSP contributions and bank account transfers, as well as real estate purchases, car financings, HELOCs and the trading in your registered corporate pension accounts? Or do you just intend for other people to pay this? – Garth

#105 Silver on 07.19.20 at 7:26 pm

hey
Garth

don’t compare vets to doctors

my vet was a Neurosurgeon

he did surgery on my pet cat that smoked the quality of shoddy work i got from my so called hernia specialist

the incompetent jerks stiches failed… unlike my cats.

he rebuilt its eye tear ducs from a raccoon encounter
15 micro stitch’s

and 80 more to reattach the shoulder muscle’s to the scapula.

cats surgery healed better than mine.

i’ll take most vets over doctors as they need better marks to get into 3rd year. Last time i checked they needed 97.5 to apply.
the majority( of doctors couldn’t even begin to apply and wouldn’t be looked at.

Silver

I guess we know where you’re going for the new hernia fix. – Garth

#106 NSNG on 07.19.20 at 7:28 pm

It looks like they’ve overplayed their hand.

If 45% of the people never wear a mask shouldn’t we have mass covid breakouts happening?

https://www.theglobeandmail.com/canada/article-only-55-per-cent-of-canadians-regularly-wear-masks-support-for/?cmpid=rss&utm_source=dlvr.it&utm_medium=twitter

#107 Ramshackle on 07.19.20 at 7:28 pm

I had an interesting thought…and I wonder if this is do-able.

CRA knows everyone’s financial details, personal and corporate. They know if you as an individual or corporation took advantage of any C-19 programs or subsidies, it is a matter of record.

How about a C-19 revision to the taxation system like this (here’s a simplified example):

If you took advantage of the CERB (or any other C-19 program) your tax rate increases by an additional XX percent.

If you didn’t take advantage of any of the programs, your tax rate remains at current levels.

This could apply to individuals, corporations, and any other organizations that used a C-19 program.

If you didn’t take the CERB, if you are a corporation that didn’t take advantage of the various programs offered, the supplemental tax doesn’t apply to you. Your tax rate remains unchanged.

Seems like a (relatively) easy to implement solution to me. I realize that this is a simple portrayal and it is a tad more complicated in real life, but it sounds reasonable to me.

What ya think?

#108 Randy Kincade on 07.19.20 at 7:36 pm

What is wrong with a 100% HST, GST rate. Thsi way we can raise an extra $1 trillion a year and all the young lazy socialists would be happy.

They can go buy a their brand name shoes, clothes, phones and other crap and on $3,000 worth of stuff pay $3,000 worth of taxes. They want a nice $25,000 car pay $25,000 in HST, GST. This we we are all equally paying. This is what the NDP, Liberals, Green Party, socialists, communists, marxists etc. are all about right.

#109 Bytor the Snow Dog on 07.19.20 at 7:41 pm

Can someone explain the application of the QUOTA thing to me?

You’ll know when you get there. – Garth

#110 conan on 07.19.20 at 7:42 pm

“small businesses find 62% of workers would rather collect CERB.” -Garth

I wonder what percentage of these jobs are part time?

It does not take a rocket scientist to see that a part time job that pays less than $2000 a month is going to look unappealing. Some of these part time jobs have their hours all over the place, meaning, it takes full time hours to do that part time job.

I doubt I would return to a part time job that paid 1200 a month, if it meant I would lose the CERB.

The CERB needs a rethink.

#111 Cindy Taylor on 07.19.20 at 7:48 pm

You know what we need is a pension transfer tax. Any government employee that has big pension values like some I know $600,000 to $1,000,000 should stay in the government pension plan because it reduces pension payouts for future government pensioners.

If you want to transfer out your government worker’s pension, pay like everyone else has to C.P.P.’s early retirement penalty of 6% per month from 60 years before 65. So if you want your pension at 60, you lose 6 years *60=36%. A $1,000,000 pension transfer out to a LIRA, LRIF, LIF or other tax deferred plans means a $360,000 government worker’s pension transfer tax.

Another good tax revenue idea is a government worker’s transfer tax on reinvested amounts. If you take your $5,000 monthly government pension and reinvest it in any investment, you pay a 36% tax. This is if you only take it before 65 years old. Government worker’s pension plans in Canada are big pension obligations and deficits for governments and taxpayers. They are big debt, deficit traps for all of us.

#112 truefacts on 07.19.20 at 7:54 pm

I’m going to try again, because I am curious…can ANYONE please explain what this scary “socon” is?

Harper was supposed to be a “socon”. I didn’t agree with some of his positions, but what radical change did he foist upon Canada? Not minor quibbles but serious changes…

What would be current mainstream examples of “socons” and what policies would make them that?

I am not trying to create a debate, but I hear so often that we need fiscal responsibility in government but certain candidates are not good because they are “socons”.

#113 Sharon Derry on 07.19.20 at 7:56 pm

Jack up those monthly mortgage payments to at least 0.75% to 0.85% per month. You like buying $1,000,000 houses then pay $7,500 to $8,500 a month just in mortgage payments add property taxes, utilities etc. you need $9,500 to $10,000 a month.

This will stop real estate in it’s tracks. This low $5,000 a month now everything included mortgage, property taxes, utilities etc. is too low. This will make housing less expensive today and in the future due to crushing speculation and flipping.

#114 Bytor the Snow Dog on 07.19.20 at 7:58 pm

Just don’t wanna cross the line Garth, although according to some I already have.

#115 Steven Nicolle on 07.19.20 at 8:00 pm

Reply to #98 ImGonnaBeSick

Yes congrats for providing the info. Didn’t think we made only donuts. So tell me how come our dollar tanks only when the price of oil drops? Any of these top 10 head offices in Canada? We are just satellite production plants and offices. We don’t own or control anything is what I implied. We are at the whims of China, US, Germany and the list goes on but the taxpayer owns an oil pipeline that we cannot build west or east. Nice hair though.

#116 45north on 07.19.20 at 8:02 pm

the government won’t bring in measures to reduce consumer spending and it isn’t going to try to reduce government spending

I’m talking about Shared Services with a budget of $1.4 billion a year. I’m also talking about the Phoenix Pay System which was brought in with the idea of saving money.

I worked 40 years in the Federal Public Service. I always had the idea that the government should be as efficient as possible. Civil servants take their clue from the political leaders above them. Political leaders like the Prime Minister, the Minister of Finance and the Minister of Diversity and Inclusion and Youth. If they aren’t interested in running the government as efficiently as possible , then the civil servants who report to them won’t be either.

At the very moment, when efficiency is needed, efficiency as an ideal is discarded.

#117 Doug Scotts on 07.19.20 at 8:07 pm

Why not just get rid of the GST HST rebate and charge that on non new construction or resales. This way the 13% tax on everything, every house, condo, cottage, vacation property, cabin etc. etc.

#118 Wrk.dover on 07.19.20 at 8:08 pm

Reading Crazy Fox always puts me in to the fetal position, sobbing…good night folks!

#119 Candy Channing on 07.19.20 at 8:20 pm

Sine most youngsters voted Trudeau in, there should be a $5,000 a year personal marijuana legal permit tax. This way you get what you vote for and your vote counts.

#120 Nurses on Parade on 07.19.20 at 8:20 pm

Can’t stop a good party in the Florida of the Okanagan – K-Town.

The 6 local nurses that caught COVID didn’t catch it from work. They went out to private parties. You know, those group gatherings warned about avoiding, mixed with out of town festival seekers spreading the love. Then once infected returned to work, now obviously off the job. 20 somethings to early 30 somethings.

Complete disgrace and lack of respect for public safety. Their licenses to practice should be suspended.

Now comes the consequences of ill health and business rollback closures, again.

Good job Gen Zers.

#121 Bytor the Snow Dog on 07.19.20 at 8:20 pm

Wow. Talk about stoking the fear despite the existence of contrary facts:

https://www.youtube.com/watch?v=xiUu0MsMPok

What is going on?

#122 Sail Away on 07.19.20 at 8:22 pm

I get a kick out of blogdogs suggesting fiscal ‘solutions’ that involve gov’t taking more of their money.

What is wrong with you people?

My first question on any business expansion or financial gambit is always: how do we keep the govvie’s mitts off our cash?

#123 T on 07.19.20 at 8:22 pm

#108 NSNG on 07.19.20 at 7:28 pm
It looks like they’ve overplayed their hand.

If 45% of the people never wear a mask shouldn’t we have mass covid breakouts happening?

https://www.theglobeandmail.com/canada/article-only-55-per-cent-of-canadians-regularly-wear-masks-support-for/?cmpid=rss&utm_source=dlvr.it&utm_medium=twitter

———

If the general population doesn’t take appropriate precautions as lockdown restrictions continue to be lifted there will be a resurgence of the virus; slow at first then all of a sudden. Just like many areas of the US.

Also, the article says nothing about 45% of people never wearing. You might want to read it.

#124 Sail Away on 07.19.20 at 8:31 pm

#111 Bytor the Snow Dog on 07.19.20 at 7:41 pm

Can someone explain the application of the QUOTA thing to me?

————-

Sure.

Bytor, apparently there are some particularly verbose and multi-posting blogdogs who tend to dominate the comments section. Garth has implemented a quota system to ensure this ‘chatty’ tendency is reduced.

That’s the long version.

The short version is: Follow my lead and all will be well. I do my darnedest to post only useful, succinct and applicable content.

#125 kingston boy on 07.19.20 at 8:53 pm

@#83 Howard on 07.19.20 at 6:17 pm
#30 Mathew GIBSON on 07.19.20 at 3:48 pm
@#18

So much this.

I’d be happy to vote for a fiscally conservative party if it wasn’t also socially conservative. But I will never, ever vote for a socially conservative party, so no matter how good the Tories fiscal plans are, they are irrelevant while they are hostage to the hard right social, religious conservatives.

———————————

Hysterical comments like this always come from low information Liberal-lifers (“my mummy voted Liberal, so I vote Liberal!”) for whom a social conservative is anyone with the nerve to have a few morals.

Trudeau wanted to toss a billion $ in taxpayer money to an extreme left-wing indoctrination cult to grant to students carefully vetted to ensure they meet the requisite cultural marxist purity test. I think I’d take a chance on a social conservative over that.
——————————

nah, theres a lot truth to mathews statement.
really dumbfounded that the cons can seem to get their shite together. provincially and federally the libs have basically handed power to them on a silver platter and they still F it up. imagine the right weren’t consolidated into one party. they’d be even worse off.

#126 TurnerNation on 07.19.20 at 9:02 pm

Here’s come the lastest attack on small business in Toronto. Comrade it will be a bleak winter. #Cancelculture is here.
The New System allows no fun or normalcy. This is a war you know.
Medical martial law.

https://dailyhive.com/toronto/toronto-asking-more-restrictions-restaurants-bars

“The city is also asking for stricter physical distancing within the restaurants, early closure times screening protocols for staff, and mandatory face-covering requirements for staff and patrons should be clearly outlined in the amended Stage 3 order.”

#127 Francisco on 07.19.20 at 9:11 pm

I sold a rental unit last May (bought in 2016) and realized some capital gains, my question is: in case the government moves forward with the increase of the inclusion rate to 75%, will it apply on transactions made during the whole 2020 or only for those made from the date the change will take place? Thanks

#128 Bytor the Snow Dog on 07.19.20 at 9:12 pm

Facts contained in link- Avert your eyes if you’re sensitive.

https://jamanetwork.com/journals/jama/fullarticle/2762694

#129 AM in MN on 07.19.20 at 9:25 pm

#13 McSteve on 07.19.20 at 2:32 pm
“The minute the Tories can put up a centrist, fiscal conservative and social moderate they will rule for 20 years.”

No they won’t. I was there in the beginning with Manning, and there when he wouldn’t leave. Same with Harper.

Harper sold out to the “moderates”, wanted to be loved by the eastern establishment, and after he left his base then all he had was his office.

The problem with “fiscally conservative, socially moderate” is that it’s like wanting hot ice cream, the two aren’t compatible.

The big spending is on the government being your daddy. Everything else the government does is bus fare. Once your social & tax policies undercut traditional families…well, you break it you own it.

There will be no significant call for the government to quit looking after and providing for everyone until the bond market dishes up real pain. Remember the early ’90’s interest rates. But even if there is a such a call for less government, who then picks up the pieces? (your family!)

How many seniors being warehoused in nursing homes watching their friends die by the day don’t wish they had a large enough extended family that someone could take them in, like people did from the beginning of time?

How many boomers are looking forward to their years in the warehouse, complaining that the government isn’t looking after them at the level that they expect?

It isn’t possible to have fiscal conservatism if the government is your daddy. The only way that happens is if there is a move to make family the foundation of people’s lives. That means life long marriage, children, expended family, multi-generational ties.

Which comes first, the end of the welfare state which forces people to get help from their families, or a focus on traditional family as the moral case for ending the welfare state? We’re not there yet as a country, the good times are still too good.

Printing money is like a wealth tax, although not evenly split. No need for taxes if you can print.

More to follow on that front…

#130 Bytor the Snow Dog on 07.19.20 at 9:35 pm

I’ll just leave this here;

https://articles.mercola.com/sites/articles/archive/2020/07/19/are-face-masks-effective.aspx?cid_source=dnl&cid_medium=email&cid_content=art1HL&cid=20200719Z1&mid=DM600307&rid=920235509

#131 fishman on 07.19.20 at 9:38 pm

Some years ago I’d come home for Thanksgiving & was bragging to my mom on how much money I’d made. Obliquely, of course, by complaining about how much income tax I had to pay. She told me, don’t complain about paying too much income tax because that means you made a lot of money.
Trust me bloggie doggies; if your mother doesn’t want to listen to you whining & snivelling about paying too much income tax, nobody else does either. Instead of complaining I defer. Run everything through my companies. I’ve taken every crystallization,expense,write off, deferral, depreciation known to man & a few shots in the dark besides. My companies are big eggshells, any possible liquidity, free cash sucked out. Capital appreciation has left these eggs very rich & nutritious.The government, a big vulture, waiting to feast. Waiting for me to sell or die. Everything taxed at super max. I’m not planning on either course of action so everything is just hunky dory.

#132 -=withwings=- on 07.19.20 at 9:38 pm

@ Flop the australian fiscal year is July 1st to June 30th. Ours is April 1 to March 31 So the update on Thursday will be for last year and the 200B is for this year, which has already started. In the end, per population Canada, Australia, Germany, etc will be in the same amount per capita range. USA will be behind because ‘capitalism’ /hoax/ hilary’s emails or something…

#133 The Totally Unbiased, Highly Intelligent, Rational Observer on 07.19.20 at 9:44 pm

“Is there a reckoning in the distance?” — Garth

When Canada gets the natural cause-and-effect punishment that it clearly deserves for electing Justin Trudeau as Prime Minister, it probably would not be appropriate to get too carried away blaming him personally as if it were he alone who single-handedly destroyed the whole country all by himself.

Remember that Justin Trudeau had many accomplices working against the best interests of Canada. Canada is supposedly some sort of democracy. You cannot destroy such a formerly great country as Canada without the help and support of literally millions of voters deliberately voting to destroy it from within. Sharing the well-deserved blame for the destruction of Canada with millions of other guilty Liberal voters can make it much easier for each one of them to bear the great burden of responsibility. Or, if they prefer, — which they probably will – they can hide out in the crowd and point their guilty fingers at others.

#134 ImGonnaBeSick on 07.19.20 at 9:51 pm

#117 Steven Nicolle on 07.19.20 at 8:00 pm
Reply to #98 ImGonnaBeSick

Yes congrats for providing the info. Didn’t think we made only donuts. So tell me how come our dollar tanks only when the price of oil drops? Any of these top 10 head offices in Canada? We are just satellite production plants and offices. We don’t own or control anything is what I implied. We are at the whims of China, US, Germany and the list goes on but the taxpayer owns an oil pipeline that we cannot build west or east. Nice hair though

I’m not arguing with you mate. I agree, we needed Energy East and we should be developing our oil since there is demand. Shipping our own oil through the Panama Canal is as asinine as it comes. I just thought it would be good to post a little Canadiana fact so that people can see we have more going on than a one trick pony…

#135 Sail Away on 07.19.20 at 9:51 pm

#129 Francisco on 07.19.20 at 9:11 pm

I sold a rental unit last May (bought in 2016) and realized some capital gains, my question is: in case the government moves forward with the increase of the inclusion rate to 75%, will it apply on transactions made during the whole 2020 or only for those made from the date the change will take place? Thanks

————–

The future, my friend, is very difficult to predict.

The answer? Yes.

Or 42, if you prefer.

#136 Flop... on 07.19.20 at 10:00 pm

#134 -=withwings=- on 07.19.20 at 9:38 pm
@ Flop the australian fiscal year is July 1st to June 30th. Ours is April 1 to March 31 So the update on Thursday will be for last year and the 200B is for this year, which has already started. In the end, per population Canada, Australia, Germany, etc will be in the same amount per capita range. USA will be behind because ‘capitalism’ /hoax/ hilary’s emails or something…

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

Yeah, I think we are on the same page.

I think the 85 billion quoted was for 2019/2020 and the 200 billion is for 2020/2021

We’ll see what they trot out on Thursday because as I showed the two countries were lockstep during the global financial crisis a decade ago.

The CERB payments there are slightly more but fairly comparable with a higher cost of living overall, last time I checked.

She’ll be apples, mate…

M46BC

#137 the Jaguar on 07.19.20 at 10:02 pm

I’m less worried about the swindle that awaits us ahead as the Feds try to tax their way out of the problem they created than I am about how cities, towns, universities, retail, airports, and other business are going to survive when the sources of revenue they count on to make ends meet goes up in a puff of smoke.
Transit fees are an obvious example. City parking in downtown cores, fees from parks and recreation centers. It’s bleak. They can’t hike business taxes much more, so looks like residential taxes will be hiked, but it won’t be enough.

Drove south out of the city (Calgary) today and the road construction, new overpass infrastructure, etc. is completely mind boggling. It costs a lot of money to maintain this stuff. Nobody even knows what this is going to look like going forward.

Stupid comments some make about the ‘payback to Paleo Boomers’ is laughable. Most of the those boomers are in pretty good health because they don’t play video games all day while eating pizza and cheese doodles in their mom’s basement, and they have well honed survival skills learned over decades. It’s called ‘experience and maturity’. Those who think otherwise might want to focus on their own road ahead. Maybe start with your mental health. It’s looking rather ‘bumpy’.

#138 Masks really do save lives on 07.19.20 at 10:07 pm

#132 Bytor the Snow Dog on 07.19.20 at 9:35 pm
I’ll just leave this here;

https://articles.mercola.com/sites/articles/archive/2020/07/19/are-face-masks-effective.aspx?cid_source=dnl&cid_medium=email&cid_content=art1HL&cid=20200719Z1&mid=DM600307&rid=920235509

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

Um, pretty sure this is not the definitive, final word on masks. It does contain words, I will grant you, and your citation does give some insight into your most enduring characteristic, which is wrongness.

Here’s what real scientists think of the flaky osteopath/businessman, Dr. Mercola:

https://www.thecut.com/2015/03/23-more-things-dr-mercola-has-said-cause-cancer.html

https://quackwatch.org/11ind/mercola/

https://www.sciencedirect.com/science/article/pii/B9780123855220000056

#139 NoName on 07.19.20 at 10:07 pm

interesting read

https://hbr.org/2020/07/microsoft-analyzed-data-on-its-newly-remote-workforce

#140 Steven Nicolle on 07.19.20 at 10:21 pm

Reply #136 ImGonnaBeSick

Hey my bad. Agree. I just get tired of all these years we just are so reliant on others and their ideas without inventing or doing something “Canadian”. There is never any consensus between provinces to work together. Our companies are sold off to foreigners then when we depend on everyone to help us out. We are just a Sears Distribution Outlet basically. We should just let Quebec go now and be on their own and negotiate trade deals with them rather than get nothing done and give them huge transfer payments. Just have a country with 10 federations responsible for their taxes and public services. Only have an agreement saying we stick together if any of us are attacked and free trade between federations. Retain a Canadian passport and Quebec can have theirs’. No more fighting with Ottawa. If I was PM right now though first thing I would do is sit down with Quebec and start talking splitting away. We can always be tourist and visit Old Montreal when we want.

#141 millmech on 07.19.20 at 10:21 pm

#122
Relax, it is being looked after by one of the local business people , love his hashtags.
https://vancouversun.com/news/local-news/penticton-pub-owner-tells-tourists-to-go-home/wcm/d95a4e59-3415-4d6b-9ea8-be039ae5a25e/

#142 Stan Brooks on 07.19.20 at 10:26 pm

We are in a deep doodoo.

Government spending and budget is based mostly on income tax. People who don’t work due to automation, outsourcing and and now due to the virus don’t have income so they don’t pay taxes. They also spent less despite the super high cost of living, so pay less sales taxes. Most of the 8.5 millions who count on CERB to survive are actually net consumers, not contributors.

Huge debt and money printing won’t work as at some point if we keep running the stupid deficits we experience currently we will face inflation practically comparable with hyperinflation – specially with rates guaranteed to be zero or negative for a very long time and the stupid insistence and incentive on taking more public and private debt.

You need no 50 % monthly inflation/the definition of hyperinflation / to be doomed, 1-2% monthly inflation of necessities – food, medication etc is enough if it lasts for a decade or two, rates are at zero and your income is capped.

In these conditions as the rich will want to preserve their wealth while not paying capital taxes but insisting on labour taxes, as the currency becomes threatened, the government will have to confiscate everything in sight from the not-so-fortunate to be rich, i.e. the luxury to have tax free gains in a house while killing the (non-existent) labour with huge taxes won’t be affordable.

So estate tax and expropriation of private pensions funds in some shape of form is with absolute certainty on the table.

There is no way in hell the poor renting working guy who can’t afford food on the table, god forbid family and kids with super high cost of living (called wrongly ‘high standard’) will be able to support the army of parasites – government and union workers at all levels, home owners who don’t want to pay tax on housing appreciation (while acknowledging that housing is an ‘investment’), the endless profit extraction oligopolies.

It will all come crashing down pretty soon and once it hits the fan, it will be smelly, so take cover.

Cheers,

#143 ain't life rand on 07.19.20 at 10:46 pm

anyone see trumps most recent interview on fox?
the guy is muy loco.

#144 Dr V on 07.19.20 at 10:49 pm

106 Smartalox – Garth was pretty harsh but this concept may be worth exploring further. No need to
have a $1000 threshold either. In todays world I don’t
want multiple $999 e-transfers.

If someone makes a regular purchase of a fund for $100 it’s a 10 cent tax. Do that monthly and its a $1.20 a year. More like a bank fee, and less than your advisor. Always paid by the purchaser. So your million
dollar portfolio winds up being $999000. And rather than have the investor pay it, have the fund pay it.

This might reduce or eliminate the high frequency trades too as they look for miniscule profit per unit but make it up on volume.

It could also be levied only on certain transactions, eliminating the transfer of cash between different accounts held by the same party(ies). The accounts would simply be linked, even across institutions, if they met a standard criteria.

So we need some examples of where this would not
work or why it is a bad idea and see if we can provide solutions.

#145 Doug in London on 07.19.20 at 11:05 pm

@McSteve, post #13:
You are right except for one detail, namely that if they got a centrist, fiscal conservative and social moderate they would rule for at least the next 100 years or probably longer. I’ve seen a lot of arguments against this idea but the results of the last election speak louder than words. If the Conservatives could ever get an old style Conservative real leader like Joe Clark, Brian Mulroney, Bill Davis, Ralph Klein or Mike Harris there would be NOTHING AT ALL left of the Liberals, NDP, and Green Party. Even The Bloc would take a severe beating.

#146 T on 07.19.20 at 11:06 pm

#132 Bytor the Snow Dog on 07.19.20 at 9:35 pm
I’ll just leave this here;

https://articles.mercola.com/sites/articles/archive/2020/07/19/are-face-masks-effective.aspx?cid_source=dnl&cid_medium=email&cid_content=art1HL&cid=20200719Z1&mid=DM600307&rid=920235509

————

And I will just leave this right here.

https://www.mcgill.ca/oss/article/controversial-science-news-quackery/murky-mercola

https://quackwatch.org/11ind/mercola/

https://mediabiasfactcheck.com/mercola/

#147 Don Guillermo on 07.19.20 at 11:17 pm

I guess you missed yesterday’s post? The Trudeau family is responsible for over 50% of our federal debt, and that’s not taking into account the inflation of PET’s… I’ll wager that it’s actually pushing closer to 70%…

Every T2 apologist on this forum glazed over this post. Sadly that’s how it works and Canada is doomed.

#148 Don Guillermo on 07.19.20 at 11:20 pm

#99 crowdedelevatorfartz on 07.19.20 at 7:09 pm
@#75 Howard
“Even our very own Fartz voted Trudeau in 2015.”
+++

Yep.
I’m sorry to say, ’tis true.
Harper got a bit too arrogant for his own good.
Didnt make the same mistake in the last federal election.
T2 and the Liberals will never , ever get Fartzy’s vote again……

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

Absolutely unacceptable. Enjoy all those rainbow side walks you will step over for the rest of your life. What, you didn’t like Harpers hair?

#149 JPN on 07.19.20 at 11:27 pm

#21 604_420

I can’t believe I’m actually responding to such a misinformed individual. Do you have any idea that the “rent you are to pay” belongs to persons / investors that have an obligation to a bank… ? More referred to as a mortgage ? Are you really that naive .. ? … Grow up…

#150 Dr V on 07.19.20 at 11:31 pm

further to above

https://www.bankofcanada.ca/wp-content/uploads/2012/11/boc-review-autumn12-pomeranets.pdf

#151 AM in MN on 07.19.20 at 11:37 pm

Is there and end game?

Yes, and I think Garth is too focused on N. America/EU and the last 20 years or so to see where we might draw comparison’s from.

I’ve mentioned before about Argentina since WWII. Money printing and distribution by the central government, spending by the provinces, a never ending appetite for more government spending, government unions with the ability to shut down everything… couldn’t happen to any other advanced industrial state?

There are others. The problem with the end game, and there is one, is that it comes suddenly when it comes. No one knows how, but no shortage of predictions about what happens when the paper gold market collapses because physical deliveries can’t be made?

With a few big bank and brokerage failures, or outright exchange failures like the COMEX, liquidity freezes and interest rates go through the roof. CB’s will try to bail them out, but won’t be able to act in time to keep confidence in the system.

Over time Canada could be in good shape if such a shock causes a retrenchment of the idea that the government should pay for everything. Also, less of an appetite to listen to endless opposition to selling resources, including the water that falls into the oceans. Some think mass immigration could help by growing the denominator of debt/population, but that only assumes you can encourage the kind of immigrants who are significant economic contributors.

If the masses don’t choose some reasonable path, and right now they won’t, and instead try to simply pass the burdens to the future generations, then when the end game comes, there could be a backlash the likes of which has not been seen.

A big part of it also depends on what happens down south. If those seeking to burn the system down succeed in taking the WH & Senate, there exists the real possibility of serious economic problems and violence that may not be contained. They’ll start with a massive money printing program and move to wealth confiscation, but you can only do that once, you can’t force people to keep creating wealth that gets stolen.

If the US$ takes a huge tumble (Gold at $6,000/oz+), Canada cannot be spared. Try and recalculate what the Canadian economy looks like with interest rates at say 7%?

I come back to Argentina, once a very wealthy country, check out the poverty levels now. The people simply refused to change course, other than for a few short years here and there. No monetary games or charismatic leaders can fix a people who want the government to provide for them.

There have been leaders in the past who believed in individual responsibility and traditional families, along with industrial growth, private property rights, rule of law etc. Think WAC Bennet in BC. It can be done, but does the country need to hit shipwreck first?

#152 Faron on 07.19.20 at 11:45 pm

#81 Long-Time Lurker on 07.19.20 at 6:11 pm

Legendary Climate Change Senate Hearing
30,581 views•Nov 13, 2015

Dr. Don Easterbrook’s

I can attest from much experience that Easterbrook does horrible work and did horrible work before he started to play loose with the truth about climate change.

I am entitled to put Dr. In front of my name, but that doesn’t mean i know everything about everything. It means I know a lot about a very narrow slice and am well versed in a larger slice.

#153 NSNG on 07.19.20 at 11:47 pm

#125 T on 07.19.20 at 8:22 pm

Also, the article says nothing about 45% of people never wearing. You might want to read it.

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

It looks pretty clear to me:

“As fears of a resurgence in COVID-19 cases increase, many Canadians are reluctantly donning masks to stop the spread of the virus.

This is according to a new Angus Reid poll which found only 55 per cent of Canadians are wearing masks regularly when they leave home.

The other 45 per cent either wear masks rarely or not at all.”

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

If you’re quibbling about the difference between rarely and not at all then you’re just ridiculously arguing for the sake of arguing

#154 KleinRod on 07.19.20 at 11:50 pm

Higher taxes will not pay for this spending. Wont even put a dent in it. Even if they raise taxes significantly, they may not raise significantly more tax revenue. The economy is going to be in such bad shape that it will be difficult to raise much tax revenue from anyone.

They wont pay for this spending with future taxes… they’ll pay for it with the printing press. The Bank of Canada will buy up all kinds of bonds and put more money into circulation.

Government looks like a hero because they get to hand out free money to voters. They don’t have to raise taxes on anyone.

We could be in a deflationary environment, so you have to print and spend a lot to raise the general price level. If prices do rise, it’s easy to blame that on some external factor (like the virus).

If you devalue the Canadian dollar, you also lower the real value of the national debt. So rather than paying off half the debt through higher taxes, you can devalue your currency by half and real value of the debt would be the same.

Inflation helps debtors by reducing the real value of their debt and Canada is full of debtors. The people in debt will have a very difficult time paying off their debt due to the amount of debt they are in and the poor economic conditions. But if the government starts throwing money around and devalues the currency, that debt all of a sudden becomes a lot more manageable.

Everyone is afraid of a real estate crash. I think it will happen no matter what they do. Prices in places like the GTA have to crash. But again, if you devalue the Canadian dollar enough… eventually real estate might not be overvalued anymore. A house worth a million dollars in a GTA suburb might not be too overvalued if our dollar was around 40 cents to the US dollar.

Interest rates will stay low indefinitely. Spending will remain high and could even get bigger. Imagine how much money is going to need to be spent/printed if there is a real estate crash and CMHC mortgages start defaulting. What happens if our banks need a bailout? What if there is a second wave as we enter our normal cold/flu season?

So I don’t think that rising federal government taxes will be a huge issue. Sure, they might go up a bit for some very rich people, but the spending will all funding by selling bonds (and the Bank of Canada will buy whatever the public doesn’t buy).

The taxes that you have to be more worried about are the provincial and municipal taxes. They don’t have access to the printing press, so they can’t just spend without limit. But they’ll be asking the Federal Government for money too so that they wont have to raise taxes either.

#155 Faron on 07.19.20 at 11:56 pm

Further w/ Easterbrook:

I’d be happy to take apart his opening slide in any level of detail asked for (that would be the “well versed, larger slice” bit). I was prepared to give him a listen, but he failed at slide 1 of his deck by mis understanding the hiatus and by calling a few years of deep snowpacks proof of no trend. Watching more would be a waste of time.

Presentation is from 2013 not 2015 BTW

#156 Stoph on 07.20.20 at 12:34 am

#102 Kashmani on 07.19.20 at 7:14 pm
I hate to say it, but I actually support a home equity tax. Last week I watched an 1,800 square foot house in Winnipeg, backing onto railroad tracks, sell in a bidding war for almost $600k. In a frozen floodplain colder than Novosibirsk.

Here I am as a 5-percenter raising my kids in a yardless condo, wondering how the heck someone can afford this amount for a house. I have now officially made my peace with house ownership not happening in my lifetime, as the political will seems to be “all housing at any cost”.

Too bad a tax on housing is off the table.
—————————————————————–

How would adding more taxes to houses make them more affordable?

The added taxes would eat up any reduction in price, not making home ownership any more affordable. Landlords would pass along taxes to their tenants, so you wouldn’t be able to escape them as a tenant either.

#157 Jack Spender on 07.20.20 at 1:27 am

Re:135

That’s exactly how propaganda works. The elite train isolated groups to distrust each other. Trudeau seperates, calls White citizens racists, undeserving. Calls black citizens undeseving and the subject of hate. He exploits divisions by importing ancient enemies and forcing them into shared ghettos. Trudeau encouraged Jew Hate when he stands back while Muslims call for the death of Jews. His WE gambit was to separate children from families. He was going to form a gestapo of Hitler Youth by bribing extremist teachers whose job it was to pick out the most vulnerable and “reward” them with $5000. What a CULT!

When you’re calling a rat line because a dude is walking his dog in the middle of the night, you know you’ve been infected.

#158 Nonplused on 07.20.20 at 2:21 am

#137 Sail Away on 07.19.20 at 9:51 pm

“The future, my friend, is very difficult to predict.

The answer? Yes.

Or 42, if you prefer.”

I like the quote better when said as the Dutch do, “Things are very hard to predict, especially the future”. It lends a feel too it that we probably don’t understand the past that well either.

I am way over quota. I think Garth is allowing it because I have behaved and I maybe contributed.

#159 CERB recipients should pay on 07.20.20 at 2:27 am

#109 Ranshackle
Good idea. Why shouldn’t the ones who benefited/took advantage be the ones to pay it back.

#160 Sail Away on 07.20.20 at 6:21 am

#97 crowdedelevatorfartz on 07.19.20 at 7:04 pm
@#66 Sail Away

“….and when dinnertime arrives, a quick grab and whack sets the table.”

—————

You eat them fur, bones and all?
Or
Deep fried like in Scotland?

—————

Answers to all your questions:

https://travelfoodatlas.com/peruvian-guinea-pig-cuy-recipe

In preparation for upcoming apocalyptic times, I now have 47 guinea pigs living under my living room sofa. Talk about promiscuous and prolific!

#161 Gravy Train on 07.20.20 at 7:50 am

Has anyone seen the film Vivarium starring Imogen Poots and Jesse Eisenberg? Spoiler alert: It documents the life cycle of a real estate agent! :P

#162 the Jaguar on 07.20.20 at 8:19 am

@#109 Ramshackle on 07.19.20 at 7:28 pm and
#161 CERB recipients should pay on 07.20.20 at 2:27 am

I like this idea too. I am in favour of ‘user pay’.
That said, the sound of stuck pigs appears audible in the distance…………..

#163 Felix on 07.20.20 at 8:29 am

DELETED

#164 TurnerNation on 07.20.20 at 8:36 am

As per below business CEOs are calling this out as Collective Mass economic punishment.
There is no pandemic. Look around – where are all the sick people?
All they have over us is the mass hypnosis that you ‘might be sick’.
Many people are relishing their new role in the New System as a ‘might be sick’ person. They love their mask, gloves, and new rituals. It gives them purpose and helps us all to Stay Safe.

People have noted that they infantized us. Only government and business can ‘keep us safe’. For many they are dependent upon State handouts. Their independence in business is gone.
Saw what happened to the old terms, the bat, the curve?

People are sitting at home petrified over the shadows on their cave walls, aka telescreens these days.

“The Financial Post reports in its Friday edition that Air Canada tried again to persuade the government of Justin Trudeau to ease restrictions on travel, pointing to policy shifts in other nations where the COVID-19 pandemic has shown signs of improvement. A Bloomberg dispatch to the Post says that in a letter to Canadian Transport Minister Marc Garneau and other cabinet members, the airline’s chief medical officer suggested loosening quarantine requirements through “a science-based approach” to strike a balance between economic and public health concerns. In following some countries in Europe and Asia, Canada would enable a “measured restart of aviation,” Dr. Jim Chung wrote. “Canada has made virtually no change to its quarantine restrictions since mid-March, despite continuing improvements containing the spread of the virus both in our country and in many others. This is severely impacting Air Canada, our customers and employees as well as an overall recovery.” The publicly shared letter is the latest attempt by the country’s biggest air carrier to sway Mr. Trudeau, who has resisted crafting specific rescue plans for struggling airlines. Chief executive officer Calin Rovinescu calls the Canadian rules “disproportionate.”
© 2020 Canjex Publishing Ltd. All rights reserved”

#165 ain't life rand on 07.20.20 at 8:44 am

@#149 Don Guillermo on 07.19.20 at 11:17 pm

Every T2 apologist on this forum glazed over this post. Sadly that’s how it works and Canada is doomed.
—-

lol

#166 crowdedelevatorfartz on 07.20.20 at 8:46 am

@#122 Nurses on Parade
“The 6 local nurses that caught COVID didn’t catch it from work. They went out to private parties. ”

++++

You expected young women who have been cooped up in hospitals for months to live like sequestered nuns?
Give me a break.
The loosening of the rules for gathering are what has brought on the up tick in Covid cases.
Business owners on their knees demanding the govt loosen its covid rules.
Too soon.

Think its bad now?

Im surprised at the increase in cases this summer. Unusual for a flu.

Just wait until the winter when the Covid infection rate is totally out of control and all the people standing in lines are “sick and tired” of this Covid stuff.
People are losing their shite now.
Just wait until round two.

With Trump sitting there mocking everyone on his staff that disagrees with him while the flu runs rampant in the US and elsewhere.
Worst President ever at a time of crisis.
You almost wonder if the Russian video rumors are true.
It would explain a lot.
It’s only a matter of time until that buffoon gets sick.

#167 ain't life rand on 07.20.20 at 8:49 am

@#132 Bytor the Snow Dog on 07.19.20 at 9:35 pm
I’ll just leave this here;

https://articles.mercola.com/sites/articles/archive/2020/07/19/are-face-masks-effective.aspx?cid_source=dnl&cid_medium=email&cid_content=art1HL&cid=20200719Z1&mid=DM600307&rid=920235509

—-

lmao. why am i not surprised a dope like you is quoting a dope like mercola.

#168 justspin on 07.20.20 at 8:58 am

@Gravy Train I watched Vivarium and film is SHIT, especial the end. I can not recommend for viewing.

#169 crowdedelevatorfartz on 07.20.20 at 8:59 am

@#150 Don Juan
“Enjoy all those rainbow side walks you will step over for the rest of your life. What, you didn’t like Harpers hair?”

++++

I’ve noticed the rainbow crosswalks are looking a tad faded this summer with the lack of students.
I’m sure Trudeau will hand out another 10 BILLION dollars to touch-up all Rainbow crosswalks across Canada to celebrate the sexual diversity of 1% of the population……priorities. Hooray.

Harper was just too arrogant. The love was gone.
His hair couldnt compete with T2’s wavy locks…..

On second thought.
Perhaps I need some rainbow paint for my crosswalk…. those “racist” silent white stripes are looking a little faded…. perhaps I could apply for the paint as a $1 million dollar LBGTQQ2 grant…..
It’s worth a try.
Who would notice in these days of $1 billion dollar charity handouts..

#170 Karen on 07.20.20 at 9:01 am

#140, LOL. I know. I was going to say something, but figured it was pointless. Bytor has no clue he is so mentally deficient. No point ‘debating’ anything with someone like that.

#171 RyYYZ on 07.20.20 at 9:02 am

I will be surprised if the attempt to balance the budget doesn’t include downloading onto the provinces (again), who will then download (again) onto the municipalities. So look for property taxes to increase (a lot – which should be fun here in Hamilton). I also expect to see significant increases in income taxes for the broad middle class, as that is where the real (reachable) money is.

#172 Claudia Davis on 07.20.20 at 9:18 am

After weeks of turmoil and sadness that GToptions brought upon me and my family after I lost GBP110,000. I was introduced to this guys at Geminihacks -.- cohm they are the best and helped me recover all of my funds without any hassle in 48hours, I am so happy doing this because I know how many people would benefit from this useful information.

#173 JB on 07.20.20 at 9:20 am

#158 Stoph on 07.20.20 at 12:34 am

#102 Kashmani on 07.19.20 at 7:14 pm
I hate to say it, but I actually support a home equity tax. Last week I watched an 1,800 square foot house in Winnipeg, backing onto railroad tracks, sell in a bidding war for almost $600k. In a frozen floodplain colder than Novosibirsk.

Here I am as a 5-percenter raising my kids in a yardless condo, wondering how the heck someone can afford this amount for a house. I have now officially made my peace with house ownership not happening in my lifetime, as the political will seems to be “all housing at any cost”.

Too bad a tax on housing is off the table.
—————————————————————–

How would adding more taxes to houses make them more affordable?

The added taxes would eat up any reduction in price, not making home ownership any more affordable. Landlords would pass along taxes to their tenants, so you wouldn’t be able to escape them as a tenant either.
……………………………………………………………..
First thing is to get the hell out of a yard less CONDO. They are rubbish and petri dishes for coalescing disease. High density is not a good way for humans to live. Second move out of the core of the city and your money goes a long way.

#174 JB on 07.20.20 at 9:23 am

#171 crowdedelevatorfartz on 07.20.20 at 8:59 am

@#150 Don Juan
“Enjoy all those rainbow side walks you will step over for the rest of your life. What, you didn’t like Harpers hair?”

++++

I’ve noticed the rainbow crosswalks are looking a tad faded this summer with the lack of students.
I’m sure Trudeau will hand out another 10 BILLION dollars to touch-up all Rainbow crosswalks across Canada to celebrate the sexual diversity of 1% of the population……priorities. Hooray.

Harper was just too arrogant. The love was gone.
His hair couldnt compete with T2’s wavy locks…..

On second thought.
Perhaps I need some rainbow paint for my crosswalk…. those “racist” silent white stripes are looking a little faded…. perhaps I could apply for the paint as a $1 million dollar LBGTQQ2 grant…..
It’s worth a try.
Who would notice in these days of $1 billion dollar charity handouts..
…………………………………………………………………
Hey what about all of us XMen mutants we want a part of this LBGTQQ2 cash. We are going to burn up the planet and cry foul if we can have some $$. Watch out now some of us are Green!

#175 Karen on 07.20.20 at 9:26 am

Beware the Cherry Pickers.

Went shopping at a popular grocery chain yesterday. There were several university aged workers controlling entrance to the store. No one was allowed to pass through the doors until the person who’d just went in had walked by the fruit stands placed at the very entrance.

So when I reached the front of the line, I watched the lady in front of me selecting cherries from the fruit stand. The cherries were all pre-bagged. All she had to do was pick a bag. But no, she grabbed a separate plastic baggie and started picking through all the closed bags of cherries for the good ones.

I stood there thinking, OK, so in order to keep us all safe, I am masked, 6 metres apart from everyone, and not allowed to walk to close to a woman who is feeling all the cherries. WTF?

I asked the young employees who were supposedly there to help keep us all safe, if the what the cherry picker was doing was allowed. One said, “I don’t know, that is a good question”. Duh!

Another left to go talk to his supervisor. No one said anything to the cherry picker who by now had a nice bag of only the best cherries leaving the crappy ones and her germs behind.

At least she was wearing a mask though.

#176 JB on 07.20.20 at 9:31 am

#168 crowdedelevatorfartz on 07.20.20 at 8:46 am

@#122 Nurses on Parade
“The 6 local nurses that caught COVID didn’t catch it from work. They went out to private parties. ”

++++

You expected young women who have been cooped up in hospitals for months to live like sequestered nuns?
Give me a break.
The loosening of the rules for gathering are what has brought on the up tick in Covid cases.
Business owners on their knees demanding the govt loosen its covid rules.
Too soon.

Think its bad now?

Im surprised at the increase in cases this summer. Unusual for a flu.

Just wait until the winter when the Covid infection rate is totally out of control and all the people standing in lines are “sick and tired” of this Covid stuff.
People are losing their shite now.
Just wait until round two.

With Trump sitting there mocking everyone on his staff that disagrees with him while the flu runs rampant in the US and elsewhere.
Worst President ever at a time of crisis.
You almost wonder if the Russian video rumors are true.
It would explain a lot.
It’s only a matter of time until that buffoon gets sick.
…………………………………………………………………….
Knowing Trumps MO I would say your assumption is correct re Russian Videos. Trump is a degenerate.

#177 Dharma Bum on 07.20.20 at 9:40 am

#61 Felix

Guinea pigs are 3.25 times more intelligent than canines, and would make an excellent choice for a pet for those who are too intimated by the intelligence of felines but recognize how dogawful mutts are.
——————————————————————–

And the best part is that when they prematurely croak, you can easily flush ’em down a toilet!

#178 crowdedelevatorfartz on 07.20.20 at 9:40 am

@#177 Easily Offended karen

“I stood there thinking, OK, so in order to keep us all safe, I am masked, 6 metres apart from everyone, and not allowed to walk to close to a woman who is feeling all the cherries. WTF?”

+++

The great cherry molestation caper.
Yeesh.
You should stand next to any fruit stand for a few minutes and watch how many people cough, sneeze and handle all the fruit and then walk away.

There IS a solution.
Wash all fruits and veggies as soon as you get home…..gets rid of the fruit fly eggs as well.

Have you ever considered a job in Human Resources?
They need more politically correct, blindly obedient, rule followers like you…..and you dont have to do much.

#179 crowdedelevatorfartz on 07.20.20 at 9:43 am

@#176 JB
Sorry Mutant, we’re all out of green paint.
We “Greens” tossed it all over the pink painted Sir John A statues across Canada.
Couldn’t let the BLM hooligans steal all the lime light.

#180 jess on 07.20.20 at 10:24 am

something “smells”

Economy vs. death
Sen. Brown to Treasury Secretary Mnuchin: ‘How Many Workers Should Give Their Lives to Increase Our GDP by .5%?’
=====================
how does it work? known as the ‘op co/prop co’ model
These companies rent out buildings to care home operators.which is also used by private equity in the retail and restaurant industries.
https://theferret.scot/scottish-care-homes-chinese-state-tax-havens/

As well as renting care homes from HCP, HC-One also rents 23 Scottish care homes from its own sister company, FC Skyfall IOM Properties Limited, which is registered in the Isle of Man. One of these homes is Home Farm on Skye, where ten residents have died.
Vivek Kotecha, research manager at the Centre for Health and Public Interest, said that most of the UK’s biggest for-profit care providers split their business so that one company provides care and another owns the building…”In response, academics and campaigners said they showed that the privatisation of care homes had failed and that private equity companies were extracting much needed resources from care homes…”
A spokesperson for Unison Scotland said: “The current system has clearly failed. But having care homes being used to funnel public money to tax havens isn’t a case of market failure. The failure here is in having the market in the first place.

“The stealthy privatisation of social care has compromised safety, undermined training standards, driven down working conditions and caused a massive staff shortage,” the spokesperson added.

Dr Amy Horton, a lecturer in economic geography at University College London, said: “As governments have failed to take responsibility for social care, they’ve allowed risky and extractive business models to take hold among care homes.”
==============================================================
https://www.taxresearch.org.uk/Blog/2020/07/20/hmrc-is-taking-on-big-business-using-tax-havens-and-the-only-obvious-explanation-is-country-by-country-reporting/

Figure 1. Tax revenue losses and gains due to profit shifting by the displayed countries. UK territories and Crown dependencies are marked with an asterisk
Country-by-country reporting has been back in the news of late, because data generated by it has for the first time shown the scale of likely profit Shifting by multinational corporations into tax haven locations with the aim of saving corporation tax.
dubbed the “axis of tax avoidance” – are together responsible for half of the world’s corporate tax avoidance risks.5 Analysis of the new OECD data finds that the axis of avoidance are responsible for 72 per cent of the corporate tax loss revealed in the data.
https://www.taxresearch.org.uk/Blog/2020/07/10/does-country-by-country-reporting-work-you-bet-it-does/
=====================================================
Alex Cobham, chief executive at the Tax Justice Network, said:

“The coronavirus pandemic has exposed the grave costs of an international tax system programmed to prioritise the interest of corporate giants over the needs of people. This new data confirms that corporate tax havens like the UK, Switzerland, the Netherlands and Luxembourg have been fuelling a race to the bottom for years, allowing the biggest corporations to syphon wealth and power away from the nurses, public services and local businesses we’re all relying on today.

“This is the greatest, longest running robbery of our times, but the good news is we’ve now got one of the best alarm systems in place – we just need governments to switch it on.”

“Now more than ever, governments must reprogramme their tax systems to prioritise people’s wellbeing over the interests of the biggest corporations. That starts with transparency. The new data published by the OECD is a landmark moment in bringing transparency to the tax affairs of the world’s largest multinational firms in aggregate. To truly tackle the billions in corporate tax abuse committed each year, governments must require firms to publish their individual country by country reports each year – and then tax them according to where they actually make profit, not where they pretend to.”
Rosa Pavanelli, General Secretary of Public Services International (the global union federation for public sector trade unions), said:

“These data confirm the scale of profit shifting by multinational companies, and the cost to public revenues. This is a direct contributing factor to the shocking underfunding of our public services, which the COVID-19 pandemic has fully exposed. Policymakers must act urgently to stem these losses and support public services – we can’t afford to wait.”

Dereje Alemayehu, executive coordinator of the Global Alliance for Tax Justice, said:

“The irony of the OECD – the club of rich countries – publishing data that shows the tax abuse of their members’ largest multinational companies should be lost on no one. This is an organisation that has illegitimately usurped the role of reforming international tax rules and unsurprisingly failed to deliver on its promise to reform the tax rules that are responsible, and all the while it is non-member countries from the Global South and their citizens who suffer the worst effects. It could not be clearer that the responsibility for international tax rules must shift to the UN – just as quickly as profits are shifted to tax havens including leading OECD member states.”

https://www.taxresearch.org.uk/Blog/2020/07/10/does-country-by-country-reporting-work-you-bet-it-does/
Kotecha said this model allows the building owning branch of the company to charge the care providing branch high rent. The care provider passes these costs on to their customers – the local authority or care home resident. This practice is perfectly legal.

Land registry records show that HC-One’s property company pays an independent company £76,500 a year to lease Redmill Nursing Home in West Lothian. The property company then sub-leases the building to HC-One’s care company for £293,000 a year.

Another problem, according to Kotecha, is that this system means the care provider has few assets. So, if a resident or their family sued the operating company for malpractice, the provider may not have much funds to pay any compensation.

The third problem, Kotecha explained, is that the property companies are often based in tax havens. “The flow of rental payments out to them can represent a loss of tax revenue in the UK and hinders transparency and accountability of the owners,” he said.

At other care homes, The Ferret has been unable to identify the ultimate owner. These include three homes in Banchory, Dumfries and Annan operated by a firm called Advinia Healthcare.

These are owned by a company called St Clair International, which is registered to a PO Box in Gibraltar.

Gibraltar is considered by Oxfam to be a tax haven and does not publicly reveal who owns its companies. When asked what its relationship with St Clair International is, Advinia did not respond.

#181 Sail Away on 07.20.20 at 10:25 am

DELETED

#182 Karen on 07.20.20 at 10:45 am

DELETED

#183 YVR Expat on 07.20.20 at 10:47 am

#18 Millennial Realist on 07.19.20 at 2:51 pm
historically, it has been the Boomer-Con governments that have racked up the debts and not pay them off, using tax breaks to their wealthy cohort as an excuse.

It is true that pressures on health care may be ahead. That will mostly affect Paleo Boomers now retiring.

Call it payback.

Things coming full circle for those born on third base, who thought they had hit a triple.

Boomers, be part of the change.

Or be run over by it.

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

Does anyone still question the jealousy and vindictiveness of millennial’s?

Young Canadians are embracing communism, if you have any sizable wealth, it might be time to start thinking about an exit strategy.

#184 Karen on 07.20.20 at 10:48 am

@CF, I guess you missed the point I was making. Why have rules in the name of safety if you are going to negate the purpose of the rules anyway? That went over your head apparently.

#185 jess on 07.20.20 at 10:56 am

gargantuan fraud right under their noses
lookback : claiming to be moral but the reality
BCCI bankrolled the Third World Foundation,

…..”the kleptocratic tools BCCI utilized are all still firmly in place. U.S. states still produce hundreds of thousands of anonymous shell companies every year. The United States still allows anonymous real estate purchases across almost all of the country. And the lawyers and PR specialists and auditors are still free to work on behalf of any clients they’d like, without any legal requirement that they check whether or not the source of their clients’ incomes stems from transnational money laundering operations.

https://foreignpolicy.com/2020/07/07/the-dictator-run-bank-that-tells-the-story-of-americas-foreign-corruption/

#186 n1tro on 07.20.20 at 11:04 am

#102 Kashmani on 07.19.20 at 7:14 pm
I hate to say it, but I actually support a home equity tax. Last week I watched an 1,800 square foot house in Winnipeg, backing onto railroad tracks, sell in a bidding war for almost $600k. In a frozen floodplain colder than Novosibirsk.

Here I am as a 5-percenter raising my kids in a yardless condo, wondering how the heck someone can afford this amount for a house. I have now officially made my peace with house ownership not happening in my lifetime, as the political will seems to be “all housing at any cost”.

Too bad a tax on housing is off the table.
—————-
So you support something that won’t help your situation or life choices out of hate/jealousy?

#187 Former Navy Chief on 07.20.20 at 11:08 am

I also wonder/worry how the government will pay for all this.

Back around 1994, the government of the day noticed that the Public Service Pension Plan ran a surplus. “Well, that’s a lot of money to help pay down the deficit, so let’s just steal it!”, said them. That amounted to approximately $30.9 billion (yes, that’s with a “b”) taken away from Public Servants, RCMP and Canadian Armed Forces personnel.

So, what happened next? The Public Service unions took the government to court in an attempt to get this money back, but alas it was not to be, said the Supreme Court: https://www.theglobeandmail.com/news/national/public-service-employees-not-entitled-to-28-billion-pension-repayment-court-rules/article6554298/. What’s even more tragic is that our pension plan eventually came up short by $.4.4 billion (yes, again with the “b”), which of course had to be made up by yet another government : https://nationalpost.com/news/canada/public-service-pension-plan-faces-4-4b-shortfall-that-liberals-are-legally-bound-to-make-up

So now I’m worried about where the government will turn to next to pay for all these COVID-related expenses, especially since my disabled spouse and I qualify for nothing. I know that those of us with a DB pension (some call it a gold-plated pension) are not very popular when we talk of pension, but believe me that after having served for 27 years in the Canadian Armed Forces, I feel that I deserve every single dollar of it.

Now you can start calling me names…

#188 crowdedelevatorfartz on 07.20.20 at 11:11 am

Sooo if Trump suckers China into a war…..will the US still hold an election?

https://ca.reuters.com/article/topNews/idCAKCN24L1TV

@ #184 Easily Offended karen

Temper, temper…….

#189 joblo on 07.20.20 at 11:21 am

Justin Trudeau takes today off, avoids WE questions in Parliament.

Scheer wants answers, Chinada politics are such a joke.

https://twitter.com/i/broadcasts/1YqxoROPeWEJv

#190 JB on 07.20.20 at 11:21 am

#89 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.18.20 at 5:18 pm

Some Great News -Thank You Justin!!!!

BLUE JAYS BANNED FROM PLAYING IN CANADA!!!

https://www.sportsnet.ca/baseball/mlb/report-blue-jays-denied-government-approval-play-home-games-toronto/

So Toronturds and GTAHoles will have one less pathetic losing franchise to see this year!!! YAYYYYYY!!!

Think of all the benefits!

-Reduced street and domestic violence in the GTA
-Fewer suicides of loser fans
-Reduction in depression caseload at local hospitals
-More time for Toronturds to gamble on glassy condos and keep their real estate bubble delusion alive – hey, you really are a world class city!

Less losing means Toronto now might just have a chance to make it into the top 300 cities in Canada!

WOOHOO!!!!!!
………………………………………………………………
Woohoo WTF? Who cares the more important issue here is that you don’t live within the geographical boundary of the GTA!
Glad your venting helps with the mental stress of not being here in the GTA :)

#191 SeeB on 07.20.20 at 11:33 am

112 conan on 07.19.20 at 7:42 pm

“small businesses find 62% of workers would rather collect CERB.” -Garth

I wonder what percentage of these jobs are part time?

It does not take a rocket scientist to see that a part time job that pays less than $2000 a month is going to look unappealing. Some of these part time jobs have their hours all over the place, meaning, it takes full time hours to do that part time job.

I doubt I would return to a part time job that paid 1200 a month, if it meant I would lose the CERB.

The CERB needs a rethink.

————————————————————–

Yeah.. It’s not a laziness issue. While I’m sure there are a significant number of exceptions to that statement, as a whole, it’s not wrong to think that there is an issue with wages as a whole, especially considering the flood of stats and graphs pointing to the abysmal wage growth of the last 25-30 years.

Unfairly, that raise in wages will need to be covered by the the small businesses that can least afford them.

CERB’s all or nothing approach certainly dis-incentivizes people returning to work. Really it should should still pay some nominal amount if you secure x amount of hours, or some similar provision that actually encourages a return to work, but I guess it’s too much to expect for a hastily thrown together program.

#192 Former Navy Chief on 07.20.20 at 11:36 am

#26 baloney Sandwitch

Good luck to your kid in the Navy on his/her deployment to the Persian Gulf.

I’ve been deployed there twice (Op Apollo 2001-02, and Op Altair 2006-07), and although very long, they were good experiences.

Fair Winds, and Following Seas.

#193 Karen on 07.20.20 at 11:39 am

Hitting my quota soon as well, but while on the hygiene topic, I’d like to point out (to those who think wearing gloves necessarily protects) that gloves don’t do squat if the wearer thinks they are now free to touch whatever.

Our skin always has a certain amount of bacteria on it, regardless how well we wash. This is why health professionals put on fresh gloves over pre-washed hands immediately prior to any procedure where infection control is paramount.

Don’t feel bad if you weren’t aware because even professionals don’t always get it right (particularly depends on the ethics of the individual health ‘professional’). Ever watch your dentist or dental hygienist working with gloves on? It’s sometimes just a big dance and pony show, though likely with COVID-19 hygiene protocol has improved immensely. So that is one good thing to have come out of the mess, methinks.

#194 Glengarry Girl on 07.20.20 at 11:47 am

KAREN

HAHAHA, literally you are the definition of “Karens” policing how people are shopping. Then you somehow think that the young employee can do anything about the amount of times someone touches fruit, get real. That young person is exposed more than most and it is above their pay scale to be keeping us all safe from Covid. Maybe we should care more about her safety or the migrant workers picking our fruits. This situation has created a lot of Karens thinking they can control the situation and are focused on stupid things. The second wave is not going to be fun, with a bunch of Karens out and about.

#195 Howard on 07.20.20 at 11:56 am

#127 kingston boy on 07.19.20 at 8:53 pm

nah, theres a lot truth to mathews statement.
really dumbfounded that the cons can seem to get their shite together. provincially and federally the libs have basically handed power to them on a silver platter and they still F it up. imagine the right weren’t consolidated into one party. they’d be even worse off.

—————————-

Not sure what you mean? Mathew simply said he won’t vote for a socially conservative party. That isn’t “truth”, nor is it “lie”. It’s simply his preference.

I highly doubt he can point to a single policy of the federal CPC that is actually socially conservative. In fact he probably can’t even define social conservatism. And that illustrates my point about low-information voters. In the US, the low-info types tend to gravitate to the Republicans, whereas in Canada they gravitate to the Liberals.

The rest of your comment is strange too seeing as there are Conservative or right-leaning provincial governments currently in power from Alberta to Quebec.

#196 Bytor the Snow Dog on 07.20.20 at 12:05 pm

Just as predicted. Three “attack the source” and one “attack the poster”. Lefty Tactics 101. Zero “address the arguments”

So easy.

Those tactics are employed constantly by posters of a rightist bent, as well. They showcase the weakness of ideologues. Best not to be one. – Garth

#197 Faron on 07.20.20 at 12:22 pm

#190 crowdedelevatorfartz on 07.20.20 at 11:11 am

Sooo if Trump suckers China into a war…..will the US still hold an election?

https://ca.reuters.com/article/topNews/idCAKCN24L1TV

At risk of sounding like TurnerNation…

Nah, that war is for the second term to enrich his buddies. I see some kind of lawful-ish but manipulative election tampering. Yesterday I listened to an episode of “The Uncertain Hour” — a podcast put out by Marketplace down in the US — dealing with quarantine and its application as a political tool in the past. Here’s one idea someone will probably bring to Trump:

1) let the infections get way out of control — this disproportionately affects minority communities. Already happening.

2) Right about the last week of October issue a hard lock down in communities with X rate of infection thus making voting a serious chore. Trump is practicing federal physical enforcement techniques, terrorism and intimidation in Portland as we speak.

3) Outlaw mail in voting

I see something like that — using the COVID disaster to ensure he manipulates which groups vote. For the record, mail in voting has been working very well in many states for decades. Any time there’s been an inquiry into voter fraud, at worst a few cases are uncovered. Never enough to have even the slightest effect on an election.

#198 JB on 07.20.20 at 12:30 pm

#180 crowdedelevatorfartz on 07.20.20 at 9:40 am

@#177 Easily Offended karen

“I stood there thinking, OK, so in order to keep us all safe, I am masked, 6 metres apart from everyone, and not allowed to walk to close to a woman who is feeling all the cherries. WTF?”

+++

The great cherry molestation caper.
Yeesh.
You should stand next to any fruit stand for a few minutes and watch how many people cough, sneeze and handle all the fruit and then walk away.

There IS a solution.
Wash all fruits and veggies as soon as you get home…..gets rid of the fruit fly eggs as well.

Have you ever considered a job in Human Resources?
They need more politically correct, blindly obedient, rule followers like you…..and you dont have to do much.
………………………………………………………………….
I was in line at a gas station the other day and there was Karen. She walked in full of brash and bravado full aiming to not wear a mask. Middle aged with fake everything festooned to her adornment. The poor person behind the counter said please wear a mask. That was it gloves off! Karen came out swinging with every foulmouthed incendiary word to demean the poor girl behind the cash, not that it matters but the poor girl was definitely a south east avian immigrant. She spoke clearly and with tact back to Karen who kept up the tirade. Karen didn’t even come in for gas she needed cigarettes to sooth her passions. She looked around at all of us in line and started looking for support for her no mask cause to which not a single person would give. I did start shaking may head and calmly said Wow I feel bad for you this is not fair. To which she said yes. Then I said yes its not fair that you have clearly never learned to read. She said WFT do you mean. I then pointed to the entrance door where in large print it says. Persons entering this building must wear a face mask!
She was pissed, embarrassed and walked out in a huff still spewing F bombs and that we are dumb sheep!
I think I bleated after that and smiled under my mask.

#199 JB on 07.20.20 at 12:32 pm

#200 JB on 07.20.20 at 12:30 pm
Those damn fat fingers did it again!
Asian not avian! she was not a bird. :)

#200 T on 07.20.20 at 12:37 pm

#155 NSNG on 07.19.20 at 11:47 pm
#125 T on 07.19.20 at 8:22 pm

Also, the article says nothing about 45% of people never wearing. You might want to read it.

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

It looks pretty clear to me:

“As fears of a resurgence in COVID-19 cases increase, many Canadians are reluctantly donning masks to stop the spread of the virus.

This is according to a new Angus Reid poll which found only 55 per cent of Canadians are wearing masks regularly when they leave home.

The other 45 per cent either wear masks rarely or not at all.”

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

If you’re quibbling about the difference between rarely and not at all then you’re just ridiculously arguing for the sake of arguing

————

I rarely wear a mask, but always wear one when I’m in public spaces or stores. You see, never has a very different meaning than rarely.

#201 bruh on 07.20.20 at 12:38 pm

@#198 Bytor the Slow Dog on 07.20.20 at 12:05 pm
Just as predicted. Three “attack the source” and one “attack the poster”. Lefty Tactics 101. Zero “address the arguments”
////

they’re just stooping down to your level.
using your playbook.

#202 Faron on 07.20.20 at 12:45 pm

I’d be curious to hear what you all think:

I find the steady roll-off of the US 10 year bond yield over the past two months very unsettling. The 10 year bottomed at the time of max fear on March 9th at 0.565%. It approached this level again just 11 days ago. The implication is that there is huge demand for bonds and, in the little I know about econ, bonds tend to foretell badness as they did in Jan and early Feb before the virus ate us. They seem to be calling BS on the v-shaped recovery.

the US is set to have its CERB equivalent program expire at the end of the month and congress isn’t even in session to work on a successor.

Rent abatement programs are expiring or expired.

Real-time indicators are that retail traffic and other metrics of economic robustness are dwindling especially in places where COVID is rampant.

Furthermore, the S&P, for one, has grown at an unsteady but fast clip since the bottom in March bringing it to an intersection with the long-term growth rates of the past 12 years. Punching higher implies the S&P valuation is meaningfully greater than would have been projected based on what we knew last Summer. That seems like BS to me. I haven’t looked at this using an equal weight index. Those valuations are probably more representative of the overall state of large-caps.

It seems hard to justify any more growth in the indexes. Maybe no big pullbacks are in our future, but any growth seems unlikely until there’s some kind of certainty with the virus and also with the recession ball that just got rolling.

#203 crowdedelevatorfartz on 07.20.20 at 12:46 pm

@#186 Easily Offended karen
“That went over your head apparently.”

+++
See one play one.
You missed MY point that while YOUR self righteous complaints to the sloths guarding the door about someone else “breaking the rules” ( who’s rules? Yours?) likely fell on deaf ears.

The only thing I find more annoying than Covid inconveniences is the self appointed “guardians’ that wont shut their yaps about what they regard as a violation of “the rules”…..and go running to anyone in authority to whine.
In the schoolyard they were called “tattletales” in prison they’re called “rats” and in the real world we are, unfortunately, forced to suffer through their endless quest to “out” someone possibly breaking any rules.
Russia had the neighborhood housewives to inform the police on who was doing what.
China has the same thing.
Do we really need “mask/glove nazis” to inform our every discretion to the nearest “authority figure”?

But I’m sure you, like the Russian informants and the Chinese informants, truly believe you are doing “whats right” for the good of everyone.

#204 T on 07.20.20 at 12:59 pm

#198 Bytor the Snow Dog on 07.20.20 at 12:05 pm
Just as predicted. Three “attack the source” and one “attack the poster”. Lefty Tactics 101. Zero “address the arguments”

So easy.

————

Well Nostradamus, you should know better than to post links to quackery. I read your reference and found the content to be so poor it wasn’t even worth debating. Then I did a quick search to see who owns the site. Low and behold… Anti-vaxxer, world is flat, conspiracy, quackery. Right up your alley!

I posted some links for others to see. I knew it would be a waste of time trying to have an intelligent debate with you.

#205 BillyBob on 07.20.20 at 1:02 pm

#158 Stoph on 07.20.20 at 12:34 am

How would adding more taxes to houses make them more affordable?

The added taxes would eat up any reduction in price, not making home ownership any more affordable. Landlords would pass along taxes to their tenants, so you wouldn’t be able to escape them as a tenant either.

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

A tax on capital gains is not the same as a tax on purchase value.

SailAway has it right about the importance of minimizing tax. It’s on the shortlist along with compounding and MER’s as things people ignore at their grave financial peril.

10 years of completely tax-free income at a high wage provided the seed money for investments that thrived thanks to the happy coincidence of finding Garth’s blog.

Coming from Canada where one’s paystub is 2 pages of acronym-ed deductions, it’s surreal to receive monthly statements where net equals gross. Ok actually it’s really really fun.

I assume it’s what all the sleazy cash workers in Canada feel like every day, but it was novel to me.

#206 Gonkman on 07.20.20 at 1:11 pm

#123 Bytor the Snow Dog on 07.19.20 at 8:20 pm
Wow. Talk about stoking the fear despite the existence of contrary facts:

https://www.youtube.com/watch?v=xiUu0MsMPok

What is going on?

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

Hahaha. Good video. Probably runs on CNN hourly.

2018/19 Flu Death in USA = 477 from age 0-17.
Covid Deaths this year = 26 from age 0-14.

Keep your kids home.. they might catch the Flu as well.
Put them in a bubble.

We thought Millennials are bad. Wait till the young Covidials grow up. A whole new generation of Germaphobes raised by Karen’s.

The best is California refusing to open schools in the fall. Population 39,000,000… Covid Deaths under 17 = 0.

Wait for it… its gaining momentum. The Karen crowd will get JT & Premiers to shut schools down this fall soon enough.

Everyone failed to Protect the Vulnerable. Including Canada.

Ottawa 96.9% of the deaths were over the age of 60.

Cases will grow. Deaths.. not so much. They are finally protecting the most vulnerable or at least trying.

Sorry I am not buying any of BS on MSM about covid. I look at facts and numbers from Health Departments/CDC.

Everything on TV/MSM is Political especially in the USA.

Good news whoever wins in Nov in the USA. Coronavirus is a non issue come Nov 4th.

#207 Phylis on 07.20.20 at 1:30 pm

#189 Former Navy Chief on 07.20.20 at 11:08 am If others try to disparage you about your gold plated pension, just tell them, yes, perhaps, but it is very thinly plated.

#208 NSNG on 07.20.20 at 1:30 pm

#202 T on 07.20.20 at 12:37 pm

I rarely wear a mask, but always wear one when I’m in public spaces or stores. You see, never has a very different meaning than rarely.

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

Of course, it does when you want to see only what you want to see.

What I see every time I go out and into public spaces is very few people wearing masks. I don’t know where you live but in the Vancouver region, the numbers are probably about 10% indoors except for places like hair cutters where it is mandatory in order to get service.

#209 IHCTD9 on 07.20.20 at 1:46 pm

#15 Old Ron the Realtor on 07.19.20 at 2:36 pm

Home Ownership of one’s primary residence should remain TAX FREE.

However the 2nd and subsequent properties should have the living S**t taxed out of it.
— – – – —

If you want the CG tax on RE to really work – all home owners will have to pay it. If the PR is exempt, great! Folks will just keep flipping their “PR’s”. I know many who do this, some on their 15th house.

Hammer everyone selling after year 1-3, back off a bit on 4-5, zero tax after that. The tax will need to hurt in that time zone. Personally I’d run it out 10 years, with the first 5 making a sale outright painful.

Sure there will be some collateral damage, but if they’re going to do this, they may as well do it right. Folks will stop flipping recklessly, and be more careful about buying a home too, with time.

#210 TheDood on 07.20.20 at 1:52 pm

#21 604_420 on 07.19.20 at 3:03 pm
All of my circle of friends that live and rent in the west end of Vancouver collect SERB and aren’t paying our rent. We are making more now and taking home more than we did working at whole foods or being a server… This is how it should be for now on. I don’t think people have been more happy and have such good mental health. The payoffs are likely way more than the costs because of a happier and healthier population. No one talks about that part.
____________________________________

You realize that not paying your bills is recorded and will make things very difficult for you – credit wise – in future yes?

I would be interested to know the level of education a person like this might have. If this is high school or less, then par for the course here in Canada. If these are university educated people then our country is in a whole lot more trouble than most of us realize.

#211 T on 07.20.20 at 2:28 pm

#210 NSNG on 07.20.20 at 1:30 pm
#202 T on 07.20.20 at 12:37 pm

I rarely wear a mask, but always wear one when I’m in public spaces or stores. You see, never has a very different meaning than rarely.

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

Of course, it does when you want to see only what you want to see.

What I see every time I go out and into public spaces is very few people wearing masks. I don’t know where you live but in the Vancouver region, the numbers are probably about 10% indoors except for places like hair cutters where it is mandatory in order to get service.

————

I’m pretty sure the words rarely and never have entirely different meanings.

Hopefully your hood maintains a low rate of infection until this all clears up. Where I am is a total mess but only became so once everyone starting acting like the pandemic was over. Don’t let your guards down.

#212 T on 07.20.20 at 2:31 pm

#211 IHCTD9 on 07.20.20 at 1:46 pm
#15 Old Ron the Realtor on 07.19.20 at 2:36 pm

Home Ownership of one’s primary residence should remain TAX FREE.

However the 2nd and subsequent properties should have the living S**t taxed out of it.
— – – – —

If you want the CG tax on RE to really work – all home owners will have to pay it. If the PR is exempt, great! Folks will just keep flipping their “PR’s”. I know many who do this, some on their 15th house.

Hammer everyone selling after year 1-3, back off a bit on 4-5, zero tax after that. The tax will need to hurt in that time zone. Personally I’d run it out 10 years, with the first 5 making a sale outright painful.

Sure there will be some collateral damage, but if they’re going to do this, they may as well do it right. Folks will stop flipping recklessly, and be more careful about buying a home too, with time.

————

I completely agree with you for once.

I know far too many people who are semi-pro flippers, ‘living’ in their flips and claiming PR exemption on sale. It’s an easy thing to do. I know several people who live at their recreational property full time but claim they’re living in their flips full time for the exemption.

#213 akashic record on 07.20.20 at 2:32 pm

Rocco Galati constitutional lawyer launched a covid-related constitutional challenge in the Ontario Superior Court against Trudeau, Ford, Tory and also the CBC.

Mr. Galati talks about the legal action.
https://www.youtube.com/watch?v=vUZe8aSVDkg

#214 Karen on 07.20.20 at 2:37 pm

CEF, I love how you make assumptions and miss the point entirely.

#215 TheDood on 07.20.20 at 2:38 pm

#89 Shawn on 07.19.20 at 6:37 pm
So in a nutshell yes I agree with you Garth. The government is basically going to pay for the CERB by taxing doctors more and controlling what they earn.

They’re Canada’s largest group of high earners as a group by far. And the government itself pays their salaries so pretty much a no brainer. There’s nothing the OMA can do.
____________________________________

Do you know how easy it is for a university educated person to leave this country? Why would any Dr. in his/her right mind stay here if they knew the gov’t was ‘coming after’ future earnings.

#216 Gravy Train on 07.20.20 at 2:42 pm

#170 justspin on 07.20.20 at 8:58 am
“@Gravy Train I watched Vivarium and film is SHIT, especial the end. I can not recommend for viewing.” When I was 9, I gave an almost-verbatim review of 2001: A Space Odyssey. I now recognize and appreciate its power and symbolism. :P

#217 Karen on 07.20.20 at 2:45 pm

“HAHAHA, literally you are the definition of “Karens” policing how people are shopping. Then you somehow think that the young employee can do anything about the amount of times someone touches fruit, get real.”

Yes, I should have kept quiet like a good little sheeple and pretended that it was more important to give the cherry picker her space and protection from my germs than to politely bring up the obvious. Sheesh.

#218 Ace Goodheart on 07.20.20 at 2:48 pm

Toronto realtors are up to their old tricks again.

A buddy just went to view a house. Priced at 1.1 million. Has a chat with the realtor. Says, he has to sell his house, and get financing. So his offer would come with those two conditions. Asks what the realtor expects the house to go for, and how to submit his offer.

Realtor tells him “I can’t tell you how much they want for the house, but if you give me a figure, I can tell you if you’re in the ballpark”.

He says 1.4 million. Realtor replies, that is a little low, but could be close. Starts talking about “offer night”.

My buddy asks, why price it at 1.1 million? Realtor replies, it is “aggressively priced” Yeah right, he is trying to start a bidding war.

Realtor tells him, they are not interested in conditional offers. Firm only. Says there have been two bully bids refused, and they are doing an offer night. Come back with something slightly over 1.4 million, with no conditions.

People are being pushed into dangerous legal waters here. Unless you actually have something slightly over 1.4 million dollars, in your bank account, DO NOT DO THIS PEOPLE!

These realtors are not acting in your interests. Putting a firm offer on a house, means you are buying it. With cash. Otherwise, if you don’t have the cash, you can’t make a firm offer.

It is starting all over again………….

#219 MF on 07.20.20 at 3:07 pm

217 TheDood on 07.20.20 at 2:38 pm

The biggest threat to doctors is far from taxes, it’s automation.

More and more procedures are done by machines. Diagnosis and treatment are increasingly used by algos in databases.

This is a universal problem. So is debt/taxes actually, so that point is actually moot.

MF

#220 Overheardyou on 07.20.20 at 3:20 pm

Classical Liberal Millennial, MF and T, I am with you guys as well born ’90, perhaps a bit later to the party

#221 Dr V on 07.20.20 at 3:44 pm

189 Former chief – the court was 9-0 so it want even close.

Basically the pension is a contract. You pay X, and the government will pay Y to make sure you get Z at
retirement. That is the “risk” you assume.

As someone without a pension, I assume the risk that I may under contribute with no one to top it up, but can enjoy the over contribution should there be one.

You cant have your cake etc……

And thank you for your service.

#222 IHCTD9 on 07.20.20 at 3:57 pm

#214 T on 07.20.20 at 2:31 pm
#211 IHCTD9 on 07.20.20 at 1:46 pm
#15 Old Ron the Realtor on 07.19.20 at 2:36 pm

Home Ownership of one’s primary residence should remain TAX FREE.

However the 2nd and subsequent properties should have the living S**t taxed out of it.
— – – – —

If you want the CG tax on RE to really work – all home owners will have to pay it. If the PR is exempt, great! Folks will just keep flipping their “PR’s”. I know many who do this, some on their 15th house.

Hammer everyone selling after year 1-3, back off a bit on 4-5, zero tax after that. The tax will need to hurt in that time zone. Personally I’d run it out 10 years, with the first 5 making a sale outright painful.

Sure there will be some collateral damage, but if they’re going to do this, they may as well do it right. Folks will stop flipping recklessly, and be more careful about buying a home too, with time.

————

I completely agree with you for once.

I know far too many people who are semi-pro flippers, ‘living’ in their flips and claiming PR exemption on sale. It’s an easy thing to do. I know several people who live at their recreational property full time but claim they’re living in their flips full time for the exemption.
—-

Yep, the guys I know mainly build them new, live in them for a year or two while the next one goes up, then sell and move into the new one. Piles of work, but piles of money too. Also know a few who buy, move in, do a quicky Reno, then sell.

The most amazing thing for me is how the CRA has not sent these guys a letter asking them why they have moved 10-15 times inside 20 years without leaving the area even once…

#223 SeeB on 07.20.20 at 3:57 pm

#50 Mike on 07.19.20 at 4:47 pm
A video worth 15 minutes of your time:

https://www.armstrongeconomics.com/armstrongeconomics101/economics/a-warning-from-yugoslavia-dont-follow-what-we-did/

———

Check your sources.

Armstrong economics:
https://mediabiasfactcheck.com/armstrong-economics/

Martin Armstrong:
https://en.m.wikipedia.org/wiki/Martin_A._Armstrong

Martin Arthur Armstrong is an American self-taught economic forecaster and convicted felon who spent 11 years in jail for cheating investors out of $700 million and hiding $15 million in assets from regulators.

#224 PeterfromCalgary on 07.20.20 at 4:02 pm

The city of Calgary is rezoning my property from a duplex to 4 storey building. If they put on a home equity tax I will never sell and my house will remain one storey.

This will have a similar impact as Proposition 13 did in California. There cities could not raise taxes on home owners as long as they never moved. This led a lot of empty nesters to stay in their big houses until they died and made it very hard to build denser housing. It also decreased the availability of housing in California and increased costs.

#225 DownToFinance on 07.20.20 at 4:47 pm

0.25% House Tax? What a pitiful amount. On an $800k house that’s $2k. That’s not gonna stop the housing market in it’s tracks. Won’t even dent it. If the rent/invest crowd is getting hacked at the knees with a higher capital gains inclusion rate then this should be 1% at the very least. That will stop the market in it’s tracks.

#226 Sean on 07.20.20 at 5:53 pm

Funny the fear mongering of pushing people down south with higher taxes. Do people really want to go down to the USA now? Maybe in years past, but today you definitely have to be second guessing money vs QOL

#227 TheDood on 07.20.20 at 11:03 pm

#220 Ace Goodheart on 07.20.20 at 2:48 pm
Toronto realtors are up to their old tricks again…..
————————————

And all the dummies are lined up and bent over, just dying to be fleeced.