Don’t laugh

More Chrystia. More tax. After yesterday, it’s apparent they mesh. So, prepare.

The prime minister, in suspending Parliament, said the Covid crisis has created the opportunity for a big reset. ‘We can’t let it pass,’ he added. ‘This window will close.’

And this:

“We need to get through this pandemic in a way that gives everyone a real and fair chance at success, not just the wealthiest 1%. In other words, we need a long-term plan for recovery. A plan that addresses head-on the fundamental gaps this pandemic has unmasked.”

The plot grew murkier on Wednesday with news Trudeau plans sweeping changes to the social welfare system combined with his climate agenda. “The prime minister wants to go big,” a source told Reuters. “The taps are really going to be turned on,” said another. “That’s the biggest risk…”

On Bay Street, where they worry about money, debts, cash flow, growth and the GDP, the eyebrows went up. How did we go from running up an emergency, seat-of-the-pants deficit of $350 billion just to keep the lights on, to trying to close the wealth gap and heal the planet? “The direction he is taking casts aside… how to eventually exit from pandemic policies in the quarters and years ahead more in favour of pivoting toward layering on an expansionist strategy,” said Scotia economist Derek Holt.

Exactly. And if the government’s already overdrawn on its debt credit card by $1 trillion, where’s the dough coming from?

As for Chrystia, her ascension to finance minister – the only Cabinet job that actually matters – comes with oodles of baggage. Her last book was sub-titled “The New Global Super-Rich and the Fall of Everyone Else.” Before being elected she was giving speeches with this message:

“Today, we are living through an era of economic transformation, comparable in its scale and its scope to the Industrial Revolution. To be sure that this new economy benefits us all and not just the plutocrats, we need to embark on an era of comparably ambitious social and political change. We need a new New Deal.”

That’s the kind of language we’ve heard most recently from US ‘progressives’ like Bernie Sanders and AOC, which drives Republicans and Trumpers into a frenzy. It becomes clearer, quickly, that the departure of boring, pedantic, non-revolutionary Bill Morneau is a turning point in Ottawa. “We expect new Finance Minister Freeland will be more aligned with Trudeau’s longer-term objectives and thus are less doubtful over further federal spending,” says Citibank. The taps, in other words, will stay open. The goal is not to restore the economy, rebuild commerce and foster jobs and growth. It’s to enact a new deal, transforming the distribution of wealth – “addressing head-on the fundamental gaps this pandemic has unmasked.”

And what are those?

Simple. Average folks who spend what they earn, borrow big, save and invest little and could not survive a single month of Covid-created job loss will be supported. Those whose incomes, savings, investments, resources, assets, businesses or lack of debt have let them survive 2020, will be taxed. More.

Look no further than the financial markets. Asset values are back to pre-bug highs and investors have done just fine. Meanwhile the cost of debt has plunged, plumping the value of property and cutting the overhead on corporate loans, LOCs or investment borrowings. As this pathetic blog prophesized months ago, the virus would make the wealth gap expand – not because rich people are exploitive, but because not-rich people are pooched. When you spend what you make and borrow the rest, you’re vulnerable to shocks. And Covid was the mother of all jolts.

Okay, what now?

The maiden (can I say that?) budget of Chrystia will likely be in October. Even before Bill left for his trip under the bus economists and accountants, two of the funnest groups around, were expecting these changes to occur:

  • A new tax bracket, above the one Trudeau created in 2016, targeting your neighbourhood anaesthesiologist, lawyer and CEO. Currently the top 0.6% of taxpayers (median income $477,000) pay about 22% of all taxes. That’s only 236,000 people. Blood. Stone. Figure it out.
  • An increase in the capital gains inclusion tax, which is now 50%. Pushing that to 75% – a huge jump – would raise about $8 billion a year (until investors started changing their habits). By the way, eight billion is 2% of this year’s budget shortfall in Ottawa. Looks good. Does diddly.

What else might occur?

A hike in the GST makes sense form a revenue-generating standpoint, but that’s essentially a tax on middle-class spending. An end, partially or fully, to the tax-free status of residential real estate profits also has logic, since the exemption has made homes unaffordable. But that’s political suicide, too. Also being considered is a financial transaction tax, which sounds benign until you understand it would apply to every RRSP, TFSA and company pension deposit or withdrawal. That would also wound the Canadian equity market where, for example, the Canada Pension Plan keeps a few hundred billion dollars tied up. There could be an inheritance tax levied, beyond the taxable nature of all assets upon death. Dead people apparently don’t vote a lot.

Well, here’s another candidate: a special Covid tax. It could be on income. It might be on wealth. It would be labelled ‘temporary’ as income tax was in 1919. Ha.

Some of these we could have ruled out immediately with Bill running Finance. But now we have an advocate of “ambitious change” at the controls. Says a Lib who’s worked with Freeland: “She is a social interventionist activist.”

Whatever that is, it sounds painful.

283 comments ↓

#1 flyallthings on 08.19.20 at 1:26 pm

I said it before. I’ll say it again. We have a front row seat to watch the birth of socialism in Canada.

Doctors are going to head south in droves.

#2 Largeypoo on 08.19.20 at 1:28 pm

Lets do UBI!! $1500 per adult per month, no income restrictions, $500 extra per each kid you have. Then ditch the EI, GIS, OAS, CTB, GST, WB, welfare, disability. Keep the CPP to give seniors that extra top up, but only starting at age 65, no taking early!

#3 Steerage on 08.19.20 at 1:31 pm

That was really depressing….the path to majority is through the NDP and Bloc heads…… so left they go.

#4 TurnerNation on 08.19.20 at 1:32 pm

Let me tell you exactly how the global elite finally toppled Kanada. (And I’d be very concerned that the Crown is sending one of the Crown’s bankers back here – to help us yes?)

We are animals to our elites: they control our movements (#Stayhome); our feeding (They shut down those meat plants fast); and our breeding (6 feet apart, but together!).

How do you bring animals under control and into giving up their freedoms? By Tricking them, or using Force.

1. Trickery: “News and polls” serve one purpose, trickery. ‘80% of people support more government rules’. Sure.
You can trick an animal or fish by way of a Lure. You lure them. Also can use deer scent, duck calls or the sound of wounded animals. Well our telescreens flash
non-stop with accounts of ‘wounded’ people — those with CV apparently.
Predators also can round up animals. A super scary virus which is everywhere – ‘cept nobody is sick.

2. Force: to herd the animals into captivity: Cattle prods, electric fences; cowboys on horseback; herding dogs.
This method is being employed in the USA. Herds of paid protestors taking over cities, destroying things, and driving people and small business away. Into the
captivity of UBI dependence. Could this be any clearer?

— KEEP an eye on your food supply, Meat is the target: How cute, Corporations like MLF enforcing the New System, controlling how we walk, where we stand. Open air Camps we are living —- see how those numbers on the telescreens are being used to rule our lives?
Per below, a “case’ = must shut down a meat plant.

“”””Maple Leaf Foods Inc. is continuing its rigorous safety efforts at its Brandon, Man., plant to prevent workplace transmission amidst the recent COVID-19 cluster occurring in the community. The plant continues to operate safely, and Public Health experts have said on numerous occasions that there is no evidence of workplace transmission occurring at the plant.

The Company is extending its efforts to reduce spread of COVID-19 within the community by reinforcing the importance of precautions such as social distancing and by making 500,000 free masks available to community members.

Operationally, Maple Leaf Foods has temporarily suspended pork exports to China on a voluntary basis due to recent protocols adopted by the Chinese government for Canadian processors. The protocol requires any plant reporting a COVID-19 positive case suspend exports to China temporarily.
The Company also has been impacted by short-term increases in absenteeism””””

——-
Yup we are at WAR-time deficit levels. Not since WW2, Because this is WW3. Global communism will stick this time. No more “Liberations” coming.

#5 binky barnes on 08.19.20 at 1:33 pm

First!

King Justin, the Teflon Man, might single-handedly destroy what is left of this–once damn fine–country.

BB

#6 Bill on 08.19.20 at 1:38 pm

Garth that’s me below and I’m pissed at these fools. ANYONE that has built a company knows we are in deep S.

“Simple. Average folks who spend what they earn, borrow big, save and invest little and could not survive a single month of Covid-created job loss will be supported. Those whose incomes, savings, investments, resources, assets, businesses or lack of debt have let them survive 2020, will be taxed. More”

#7 The West on 08.19.20 at 1:39 pm

I know you distaste for the “politial commentary” – its not what this blog is for. BUT – as James Carville (its the economy, stupid!) famously said “economics is the beginning and end of politics” – is it coming into full view yet? What are the Kulaks going to do now?

Oh, I mean, “I can’t wait for this incoming Socialist Utopia, Comrade.”

…..that’ll keep my out of Ms. “Freeland’s” gulag.

PS: Do some digging on the new finance minister when you have a chance. She’s old money from Eastern Europe and her familial roots will shock you.

#8 iEngineer on 08.19.20 at 1:40 pm

Garth Turner: RRSP, TFSA, RESP, REIT, ETF, Reverse mortgage, lock mortgage….
..
..
Canadians: Chrystia.. JT..Toilet paper..

Yeah we’re screwed..

#9 Unhinged Trader on 08.19.20 at 1:40 pm

Not only that but she’s a war hawk, seeking to put Canada on a path to a violent confrontation with nuclear armed Russia, with her chest-thumping Nationalist Ukrainian zeal (she’s publicly supported acknowledged Nazi collaborators and genociders of the UPA).

It’s a shame she doesn’t share the same sort of ethno-nationalist zeal for the country she was born and raised in.

#10 kingston boy on 08.19.20 at 1:41 pm

just a great pic for this blog

#11 Ballingsford on 08.19.20 at 1:42 pm

Ok, you’ve managed to scare me Garth! We may as well just kill ourselves now.

#12 dutch4505 on 08.19.20 at 1:45 pm

Reset in September? Are they going to combine all programs such as social assistance, child benefit, gst refunds, CERB, unemployment benefits, etc etc all into one program? Minimum income program? What is the forecast?

#13 Ima Yahoo on 08.19.20 at 1:51 pm

Taxpayer financed real estate speculation c/o T2

https://www.youtube.com/watch?v=IxqxVS-qwak&feature=emb_logo

#14 cdunlop on 08.19.20 at 1:52 pm

And they’re going to buy the NDP into going along with it aren’t they? You know, I’m 75, a customer of our health care system (transplant) and my wife and I are doing a Covid project that says we should move to southern Italy. Are you kidding, you ask? Italy is broke. Well guess what. Canada is well on the road to being broke too thanks to this guy and thanks to an opposition who are too gutless to stop him. Heartbreaking.

#15 baloney Sandwitch on 08.19.20 at 1:57 pm

I like #2 Largeypoo ‘s idea of UBI if they can get rid of all the alphabet soup of benefits. Also I am Ok with a financial transaction tax. It will cut down on speculation and daytrading. Looks, no one likes taxes but looks like we have to pay for this covid *hit one way or another.

#16 Attrition on 08.19.20 at 2:07 pm

Um, we still do get to vote every four years, right?

So…maybe let’s not take the cake out of the oven just yet, as it’s not exactly a done deal.

I do like the scare mongering going on these days, it might at least get more people to the polls.

No matter how lame the next Cons leader, he’s looking pretty good right now.

Interesting thought: had the last Conservative leadership debate not been rigged against Bernier, and he had won, I wonder if Socks would have done so well?

Oh well, that ship has long sailed…

#17 Lee on 08.19.20 at 2:07 pm

I suspect that if you increase the CG inclusion rate to 75% this will make RRSP investing more appealing. Has the government considered all the tax refund money that will be paid out when people use up the Trillions of dollars of RRSP space they have available to them in response?

#18 Matt on 08.19.20 at 2:09 pm

Hi Garth,

Long time reader – your comment yesterday about “The grandchildren of current taxpayers will still be paying for what happened in 2020.” surprised me, because that’s a myth about the way government & corporate finance work, which I thought you knew.

Large corporations don’t worry about shareholders 2 generations from now paying their debt, and neither should governments. If Apple can borrow at 3% and invest at 10% returns, or even 4% returns, they would do that all day every day – it’s all part of the weighted cost of capital.

Governments have the same math. Right now debt is as cheap as it’s ever been, and the government’s debt service as a % of tax revenue or GDP is negligible. Government can borrow at the BoC funds rate of 0.25% and so long as the return on investment (i.e. GDP growth) is greater than that (which is a pretty low hurdle), we are fine. The fun part of the math is that even if Libs spend it ‘poorly’ and give it to some blog dog, that blog dog buys groceries, does a home reno etc. Even if they spend it on weed, it’s generating economic activity and adds to the tax base.

Ask your finance team to plot stock market returns vs deficits & surplusses. Government budget surpluses are the result of contractionary fiscal policy (austerity) and bad for stocks, deficits are good. If the readers of this blog are invested like you say, there are good times to come, so long as CF & T2 don’t raise taxes too much.

#19 Igor on 08.19.20 at 2:11 pm

Garth, what can we do to prevent demise of Canada? I really love this country and don’t want to see it go from the first world to the third. Social -media campaigns? Anything?

#20 Hindsight on 08.19.20 at 2:16 pm

All of this is only a surprise of you have no idea of Agenda 21….realise that 176 countries signed up to this UN policy in 1992.
Its the “roadmap” for all of this !

#21 Faron on 08.19.20 at 2:17 pm

Thanks for highlighting some of the positive attributes of the new Finance Minister and the direction that the government is headed. Those block quotes are fresh air in the stuffy rooms full of 60 something overweight white guys complaining against them (i.e. being greedy AF). It’s inspiring to hear direct calls to reversing the rapidly growing spread between the poorest and wealthiest — a gap that has been growing for decades. It takes some serious bravery to see that the boom-bust trajectory of Canada’s resource heavy economy doesn’t serve people well over the long term. It’s forward-looking to see an alignment with Biden/Harris should they take office. Despite all of the grousing about CERB queens on this blog and in the comments, it takes a couple milliseconds to find abundant statistics demonstrating how the poorest have lost out this year, continue to lose out while the wealthiest are sitting pretty (thanks to CERB and the US’s relief programs that have kept consumer spending alive and CB actions that have kept markets singing). It’s great news that there is sufficient political will that these ideas are being aired. Lets hope that that will translates to action and that people vote their support in the coming US election and later the Canadian. If all of this means more taxes, I couldn’t care less. I make way more money than I need and if I can say that, I bet 90% of the posters here should be able to say that too.

It’s a shame your reference to “60 something overweight white guys” abrogated the worthiness of your comments by showing you are an ageist and a racist. Not too progressive. – Garth

#22 Jeff on 08.19.20 at 2:18 pm

Canada is in desperate need of a Pinochet.

#23 Faron on 08.19.20 at 2:20 pm

#18 Matt on 08.19.20 at 2:09 pm

Shhhhhhh, people here don’t like to read that econ stimulus puts $$ back into circulation where it may stand a chance of providing for wages and maybe even get into the hands of the poor, irresponsible fools who could use a few hundred extra bucks…

They like to think that CERB $$ just draws straight out of their bank accounts and poofs into a cloud of gnats.

#24 Masks really do make some people more attractive on 08.19.20 at 2:20 pm

#7 The West on 08.19.20 at 1:39 pm
I know you distaste for the “politial commentary” – its not what this blog is for. BUT – as James Carville (its the economy, stupid!) famously said “economics is the beginning and end of politics” – is it coming into full view yet? What are the Kulaks going to do now?

Oh, I mean, “I can’t wait for this incoming Socialist Utopia, Comrade.”

…..that’ll keep my out of Ms. “Freeland’s” gulag.

PS: Do some digging on the new finance minister when you have a chance. She’s old money from Eastern Europe and her familial roots will shock you.

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

Riiiiggghhhtttt.

https://nationalpost.com/opinion/terry-glavin-enter-the-freeland-nazi-conspiracy-and-the-amping-up-of-russias-mischief-in-canada

#25 not 1st on 08.19.20 at 2:21 pm

Or the opposition can meet him with a non confidence motion on Sept 23 and end this nightmare for good.

So let me get this straight, we went into lockdown to protect our health care workers only to now reward them with a punitive tax, lawyers and others too. All liberal supporters too. Go figure.

The rest of us with real business will deduct the hell out of our expenditures and live on carried interest like they do in the US when progressive Marxists take over a state.

#26 Well that’s not good on 08.19.20 at 2:21 pm

Being a young person in my late 20’s reading these possible changes presents the idea that ambition and motivation in the future will be ill spent in Canada. If we are taxed right and left why not just move to kelowna and live under a tree in a park while collecting money from the government?

#27 Hmmm on 08.19.20 at 2:23 pm

I don’t know, it seems like the irresponsible are winning. In over your head – don’t worry JT will save you. I feel like the pay-check to pay-check over-spenders are the real winners – constantly getting bailed out and looks like the party is going to continue for them. While the rest of us responsible people keep getting hammered with taxes and more government intervention into our hard earned bank accounts. It’s like we are in a flipped world, where the hard workers get punished and the lazy play all day on the dime of others. What to do? Where to go?

#28 MF on 08.19.20 at 2:36 pm

Meh.

I’ll believe it when I see it.

We’ve seen these fearful posts for some time now, and nothing.

But yes. Get rid of the capital gains exemption on real estate. It’s created a monster and is a huge store of ill-got gains.

MF

#29 YouKnowWho on 08.19.20 at 2:36 pm

#1 rule of politics:

Never waste a crisis.

Justin certainly isn’t wasteful.

#30 Attrition on 08.19.20 at 2:37 pm

Take a deep breath, folks.

Canada will outlast the Curse of PET. It might list badly for a while, or get knocked off course, but it won’t sink.

We have the land, the oil, the coastlines, the minerals, the agriculture and the institutions to weather just about anything. If we really wanted to, we could dig up more gold than likely sits in bank vaults the world over. From our own dirt.

We’re also right next to what is and will be for a long time the preeminent economy of the planet. Relax. Tariffs come and go, demand for our goods and resources not so much.

We’ve been here and worse before, will be again.

Just remember, the more extreme the agenda of the Libs (and it’s getting pretty extreme), the more energized the opposition will become, and thus the pendulum swings.

If you’re really worried about the imposition of socialism, all you have to do is vote–and tell everyone you know to vote. Drive ’em to the polls if you have to.

If you really can’t sleep at night, join a political party and volunteer. Hell, run as a candidate.

What you shouldn’t do is forget, under-appreciate, denigrate or neglect the tools of democracy the forefathers of Canada bequeathed you.

Instead, start planning to use them.

#31 Dave on 08.19.20 at 2:39 pm

Is Canada going to inflation or hyper inflation mode?

Can this only be stopped by an election but who will give up free money?

Hyper-inflation will never happen here. Inflation? Of course. – Garth

#32 not 1st on 08.19.20 at 2:40 pm

‘He’s not a bad person, but …’

Insight into clueless voters in Trudeaus own riding.

https://amp.theguardian.com/world/2019/mar/21/hes-not-a-bad-person-but-justin-trudeau-voters-lament-scandal?__twitter_impression=true

#33 The West on 08.19.20 at 2:40 pm

#7 The West on 08.19.20 at 1:39 pm
I know you distaste for the “politial commentary” – its not what this blog is for. BUT – as James Carville (its the economy, stupid!) famously said “economics is the beginning and end of politics” – is it coming into full view yet? What are the Kulaks going to do now?

Oh, I mean, “I can’t wait for this incoming Socialist Utopia, Comrade.”

…..that’ll keep my out of Ms. “Freeland’s” gulag.

PS: Do some digging on the new finance minister when you have a chance. She’s old money from Eastern Europe and her familial roots will shock you.

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

Riiiiggghhhtttt.

https://nationalpost.com/opinion/terry-glavin-enter-the-freeland-nazi-conspiracy-and-the-amping-up-of-russias-mischief-in-canada
———————————————————-

No, put down the spoon fed agenda….look at how she got here and what she is. Go read her book. It wasn’t a “biting critique” of globalism – its a blueprint. It essentially reads: “equal poverty means the people who know best can run the economy justly and fairly with society’s best interest in mind.”

Flush your head out! If you want communism in all your glory move to Venezuela – go on, do it……you know what’s best……Freeland will teach those evil businessmen a lesson…..

Keep eating your mush pleb….its killing your brain.

#34 kingston boy on 08.19.20 at 2:41 pm

@#21 Faron on 08.19.20 at 2:17 pm
Thanks for highlighting some of the positive attributes of the new Finance Minister and the direction that the government is headed. Those block quotes are fresh air in the stuffy rooms full of 60 something overweight white guys complaining against them (i.e. being greedy AF). It’s inspiring to hear direct calls to reversing the rapidly growing spread between the poorest and wealthiest — a gap that has been growing for decades. It takes some serious bravery to see that the boom-bust trajectory of Canada’s resource heavy economy doesn’t serve people well over the long term. It’s forward-looking to see an alignment with Biden/Harris should they take office. Despite all of the grousing about CERB queens on this blog and in the comments…

It’s a shame your reference to “60 something overweight white guys” abrogated the worthiness of your comments by showing you are an ageist and a racist. Not too progressive. – Garth

………………..

the back and forth commentary/bickering on this blog just gets stranger and stranger lol.
love it :)

#35 MF on 08.19.20 at 2:41 pm

Matt on 08.19.20 at 2:09 pm

Post of the night right there. Everyone should read it. Not because I think big deficits are great, but because it represents a very viable counter argument.

MF

#36 Winterpeg on 08.19.20 at 2:45 pm

Wondering if an increase in the inclusion rate for capital gains will trigger a sell off this fall? When is the best time to sell some positions? The sooner the better?

If announced, it will be retroactive. Too late then to sell. – Garth

#37 SunShowers on 08.19.20 at 2:47 pm

Wow, exciting stuff! Can’t wait to see what she comes up with.

#38 Dolce Vita on 08.19.20 at 2:49 pm

“More Chrystia. More tax…prepare.”

-by 0.1% name dropper (a.k.a. per Chrysta: Plutocrat, just My Liege to me).

Told you so.

Good to know you are also well read Garth. That writing, it’s been on the wall since October 11, 2012 (date of publishing).

So, no secrets there.

#39 Squire on 08.19.20 at 2:50 pm

#20 Hindsight on 08.19.20 at 2:16 pm
All of this is only a surprise of you have no idea of Agenda 21….realise that 176 countries signed up to this UN policy in 1992.
Its the “roadmap” for all of this !

————————————–
Agenda 21 is non-binding. But if enough left wing nuts do it anyway, it might as well be binding. Only Trump can save us. Laugh if you want but it’s the truth.

#40 Doug t on 08.19.20 at 2:53 pm

T2 and CF = years of socialism and sadly little innovation

#41 Capital gains tax on 08.19.20 at 2:59 pm

Did some research capital gains tax first introduced in 1972 to get rid of the inheritance tax.
Raised to 75 percent in 1990 then reduced. Now 50 percent
Cannot find any effective dates
So if wiser heads can answer if we have a budget in October can they set the capital gains as of budget date or does it begin January 2021?
I realize most things take effect on budget night but it might be harder to do capital gains 3/4 of the way through the year?
Raising the GST might be harder for business to change the rates? It it’s doable budget night.
Thanks for the blog Garth some weird posts today.

#42 JR on 08.19.20 at 2:59 pm

If these changes were to happen, would they be effective for the 2020 tax year? If you had a capital gain that you held since 2010, would the increase be retroactive or just for the year it changed (different rate per year)?

#43 ElGatoNerodeYVR on 08.19.20 at 2:59 pm

From the other side of the fence the argument goes like this following the money flow:
Poor people spend money ,every penny of CERB, UBI goes right back into the economy supporting business which pay taxes and create jobs.
By contrast rich people will realistically never spend all they make so money is partially spent ,partially invested,some creatively offshored and some goes into real estate .A much smaller percentage will end up back into the national economy and over a longer time period.

I think if the UBI is means tested to 24K year (bring every adult to that),OAS is eliminated at 60K, pension age is reduced to 60 for the next 20 years or so to let young people move up the ladder that would provide the safety net and kickstart the recovery while ensuring people are motivated to work for more.
After all 24k is less then 12$/hr full time.
I can see a problem with part time jobs but I am sure brighter minds than mine will find a solution.

#44 Overheardyou on 08.19.20 at 3:02 pm

#26 Well that’s not good on 08.19.20 at 2:21 pm

———————

A while ago, I was in the same line of thought as you. What I decided is personal purpose and ambition will always overcome whatever external forces are presented. You are in control of your own life, do what you feel is right.

Be it building your dream business or living under government support. There can only be one destination, and it’s the one that tells you, this is me.

#45 Long-Time Lurker on 08.19.20 at 3:04 pm

Movie Trailer…

Zoolander 3: Prime Minister Zoolander.

He’s back.
To save the world.
From himself.

(This trailer has not been approved by the Prime Minister’s Office of Canada.)

https://www.youtube.com/watch?v=mnC5JVwcpWY

Real Life Reviews:

Jagori Mukherjee
I’m not even Canadian and YET feel embarrassed!

Dr. PK
WTF.. I have never seen an Indian political leader dancing bhangra.. This guy is a joke) (due respect from India)

ألف ومية
Wow. I thought my country (Lebanon) had stupid politicians. This guy is on a whole another level. Good job Canada lol.

#46 Dolce Vita on 08.19.20 at 3:05 pm

The Little Economy that Could (and Does) keeps chugging along despite the chaos, casualties and cacophony in Ottawa.

Wholesale Sales (yes not huge GDP wise, $62,056 million, but an indicator) +18.5% as reported by StatCan today. Only -2.4% June 2019 to June 2020.

Biggest subsector gain, drum roll, Cannabis:

+106.5%

still, not large in $ amount (96 million). Every little bit counts I say.

Table of Sectors, Subsectors:

https://www150.statcan.gc.ca/n1/daily-quotidien/200819/t001a-eng.htm

StatCan “Glee Club” overview:

https://www150.statcan.gc.ca/n1/daily-quotidien/200819/dq200819a-eng.htm

—————————-

Slowly but surely, the Cdn. economy filling in that hole created by The Little Pandemic that Could (and also Does).

#47 Mehling on 08.19.20 at 3:09 pm

Hi Garth, if a new higher tax bracket for income is introduced in October, would that be taxed retroactively from Jan 2020 as well, or would it take effect Jan 1, 2021? Thanks.

“Wondering if an increase in the inclusion rate for capital gains will trigger a sell off this fall? When is the best time to sell some positions? The sooner the better?

If announced, it will be retroactive. Too late then to sell. – Garth”

#48 ImGonnaBeSick on 08.19.20 at 3:10 pm

#28 MF on 08.19.20 at 2:36 pm
Meh.

I’ll believe it when I see it.

We’ve seen these fearful posts for some time now, and nothing.

But yes. Get rid of the capital gains exemption on real estate. It’s created a monster and is a huge store of ill-got gains.

MF

—-

Ah yes, and now this progressive MFer suggests another tax, that will not affect him, like it’s a good idea… How about no new taxes and do away with a bunch of the current ones? Now there’s and easy way to get more money into the pockets of Canadians….

Always with progressives, the need to have the government take care of everything…. Always seemed more regressive to me…

#49 Sail Away on 08.19.20 at 3:10 pm

#30 Attrition on 08.19.20 at 2:37 pm

Take a deep breath, folks.

Canada will outlast the Curse of PET. It might list badly for a while, or get knocked off course, but it won’t sink.

Just remember, the more extreme the agenda of the Libs (and it’s getting pretty extreme), the more energized the opposition will become, and thus the pendulum swings.

————-

Yep, that pendulum. Sometimes it swings for you and sometimes swings against.

I suspect the Libs have reached their apogee.

#50 Chrisk on 08.19.20 at 3:14 pm

Is the dog really smiling? so Cute

#51 comrade on 08.19.20 at 3:21 pm

I feel like I live in Matrix, and I have fallen behind on my firmware upgrade.

None of this makes sens to me anymore. And yet things seem to going along.

Bidding worse during pandemic and largest unemployment levels.
Just when you think they must start thinking about future, and roll back some of the spending, they double down on it.
Our economy, especially here in BC, has nothing to show for anymore. It all has come down to real estate, and services supporting real estate, and government funded infrastructure projects.

Will the future economy be represented by Government bureaucrats, and mega corporations who will dictate market conditions. And some gig workers in between.

#52 Madcat on 08.19.20 at 3:24 pm

“#26 Well that’s not good on 08.19.20 at 2:21 pm
Being a young person in my late 20’s reading these possible changes presents the idea that ambition and motivation in the future will be ill spent in Canada. If we are taxed right and left why not just move to kelowna and live under a tree in a park while collecting money from the government?”

Precisely. I have wasted my time, money and energy building a small business these last 15 years.

#53 Ferry Boy on 08.19.20 at 3:29 pm

“Keep your hands offa my stash” – Pink Floyd, Money.

This will become the name of the game

Best of luck to everyone :)

#54 Dolce Vita on 08.19.20 at 3:32 pm

#14 cdunlop

If you are an Italian citizen, move to Italia (National Healthcare, get residency 3 months, temporary health card until then). Gov Italia may be threadbare but it’s healthcare system is #2 in the World.

If what hit Italia in March had hit Canada, it’s healthcare system (#30 something) would have collapsed.

Remember, Canada had ample warning what was coming (at least 1.5 months) with Bergamo laying itself bare to the World to show what COVID-19 was like.

And still with that, Canada asleep at the wheel…smug is more like it, just like the UK and the USA were.

See what it got Canada and them (and still is).

Italia does not underfund its healthcare system (e.g., Fraser Health contact tracing), there would be insurrection if they did.

If S. Italia, go near Napoli. They have some best of class hospitals there that cured in January a foreign tourist, 1 of 3, that brought the virus to Italia (e.g., Antonio Cardarelli). This is when nobody, including China, knew little about COVID-19.

Also, the food and wine aren’t bad either (and the climate, and the history, and the beaches, and the antiquities, and REAL pizza, and the coffee, and the sfogliatelle, …).

——————–

PS: Dude whose mother in law got hurt and not good treatment in Italia, something you or she did is probably what happened, not telling the entire story.

From everything I have seen, relatives and been thru the system myself (traffic accident in Puglia 2 years ago, back injury) the Italian healthcare system it is top shelf in the World. And now that everyone else experiencing COVID-19, the World has come to understand that for itself.

#55 Lee on 08.19.20 at 3:35 pm

Retroactive,

So someone who bought Apple at $44 will have to declare 75% of the gain to today’s price of about $460?

#56 Dolce Vita on 08.19.20 at 3:41 pm

This 1 hr ago on Twitter:

Mark Norman, Vice Admiral (Ret’d)
@Comd_RCN_34
·
1h
Leadership means facing problems not avoiding them. Wouldn’t it be nice if the millions of Cdns struggling with the challenges of the #pandemic could just hit the “reset” button and “prorogue” their responsibilities. ⁦

————————–

Ouch.

And, well said. He ought to know.

#57 Freedom First on 08.19.20 at 3:42 pm

I love your Blog Garth, and I am secure in my knowledge that I know that through past times, present times, and future times, Good has, and will, always triumph over Evil.

Freedom First

#58 drydock on 08.19.20 at 3:43 pm

Smoking man said a few times “get your money out, they are going full commie”.
It’s amazing how many times his calls were right.

#59 Ray Skunk on 08.19.20 at 3:45 pm

I came to this country 15 years ago with a money order for $20k in my pocket.

Yesterday my net worth hit $1m. Seems a lot, but pretty par for anyone who bought a house in the GTA/GVA in the past 15 years. I did not take that path.

Just hard work, to get to the point where my income is in the top 1% (my first job arriving here with “no Canadian work experience) paid $10/hr.

I have one home. No cottage. No boats. No classic Mercedes. No French villas. I’m absolutely not in the 1% when it comes to wealth. I have no trust fund.

Watch me get absolutely humped to pay for others votes. I’m only allowed to save $26k/yr for retirement, being a low-life private sector worker. My non-reg is there for the taking.

Why did I even bother?

#60 drydock on 08.19.20 at 3:47 pm

Next up is a single party state i suppose.
History is replete with examples of how that ends.

#61 TurnerNation on 08.19.20 at 3:51 pm

Boy Remembrance Day will be awkward this year. Our Glorious Leaders trumpeting “Our Freedoms’.
Listen our Grandparents tried their best. Won the ground war. But there was more.

If anyone is not seeing the Global Shutdowns as being a giant scam…

#62 Sail away on 08.19.20 at 3:51 pm

#54 Lee on 08.19.20 at 3:35 pm
Retroactive,

So someone who bought Apple at $44 will have to declare 75% of the gain to today’s price of about $460?

————-

Yes, if the rate is raised to 75% and you choose to sell and reap your gains, that is correct.

Alternatively, you could wait until the Libs are voted out and the cap gains reverts back to 50% before selling.

#63 Diplomat on 08.19.20 at 3:52 pm

Garth, did you listen to the q&a after the press conference? A reporter literally asked “are you going to raise taxes?” And T2 essentially said no. Something on the lines of it would be harmful to the economy to raise taxes at this juncture. Your post is in direct contrast to what he said. Unless of course you are talking about a few years down the road.

He also said he had full confidence in Morneau days before he punted him. He said the budget would balance itself and deficits were temporary, then almost doubled the debt. He said WE didn’t pay his family, until the charity admitted it had. He said he did not interfere with Lavalin, before it was proven he did. So go ahead and believe him this time. – Garth

#64 YVR2ZRH on 08.19.20 at 3:53 pm

#55 – Lee .

Stock splits don’t result in any taxation – they are not considered a transaction of any type and your ACB is prorated per share based on the split ratio.

#65 yvr_lurker on 08.19.20 at 3:53 pm

Am not going to get my knickers in a twist yet on this speculation on the “events” to come. Nothing I can do about it, and so no use in worrying. Am in favour of a GST increase on non-essentials, as those who refrain from being drunk sailors on the consumption side would be impacted more. When they raise the marginal tax rate for high earners to pay for Covid, I will go to my plan B to raise extra $$ from side jobs as the need arises.

#66 KNOW IT ALL on 08.19.20 at 3:57 pm

WHY WORK for a corporation….

When you can work for Trudeau and never have to get out of bed.

Cuz that’s who i’ll be working for if my taxes go any hire.

#67 Jay on 08.19.20 at 4:01 pm

I like how the Liberals talk about being for the people, equality for all, wealth for all, tax the 1% etc. etc., but in reality THEY are the biggest elitist’s ever. Just look at the scandals the prime minister has gotten himself caught up in so far, just imagine what we haven’t even caught onto yet.

In practice this called new deal will just end up being riddled with scandals, contracts to their friends, lavish parties and trips for the top officials while the “people” are crippled with tax, cant leave the country, live in freedom or run a business. The people cheer it on and vote for it thinking their pointless lives will get better somehow.

In a few years we will be risking out lives on a boat to Venezuela or Cuba in search of better opportunity. If only i could across the border.

#68 Millennial Realist on 08.19.20 at 4:02 pm

Huge change coming, Paleo Boomer Cons. Your time is up.

This is absolutely necessary for the current crisis, for social justice, and for the planet.

Starting September 23.

Be part of the change.

Or be run over by it.

(Good luck migrating to your tax havens, lololol!)

#69 JB CONDO DEATH on 08.19.20 at 4:02 pm

#62 Sail away on 08.19.20 at 3:51 pm

#54 Lee on 08.19.20 at 3:35 pm
Retroactive,

So someone who bought Apple at $44 will have to declare 75% of the gain to today’s price of about $460?

————-

Yes, if the rate is raised to 75% and you choose to sell and reap your gains, that is correct.

Alternatively, you could wait until the Libs are voted out and the cap gains reverts back to 50% before selling.
…………………………………………………………………
I see an election coming just like Winter!
T2 may poke the lion to many times with the 75% and or any tax grab and get his finger chewed off. I can see the block and cons smelling blood.

#70 willworkforpickles on 08.19.20 at 4:02 pm

It looks as though the capitol gains exemption will be trashed and a timeline for that set in the coming tsunami of far left sweeping socialist change for all Canadians.
A slight possibility still exists for mortgage deferrals to be discontinued with rising hope of effective experimental treatments for the corona virus on the horizon and of the economy beginning to rebuild.
A speculative hope for those waiting for a real estate correction that never comes nonetheless.
Now the end of cap gains could be a coming counter to indefinite deferral extensions (the end of deferrals would have allowed for a natural real estate correction)
-with sellers dropping prices to cash in on capitol gains before the cut-off.
Such a potential window of opportunity to buy real estate at a reduced price would end with the arrival of the cap gains elimination date and sellers would just thereafter price in the capitol gains elimination to the overall selling price.
If you view real estate values to be too high now, wait until Trudeau and Freeland eliminate the exemption on owner occupied property.
With this PM and FM Canada’s economy is hell-bound for disaster like a cargo train barreling down a mountain side with its brakes blown out going full tilt with a collapsed bridge up ahead.
.

#71 The real Kip (Ret) on 08.19.20 at 4:03 pm

It’s 38C in British Columbia today. We need a hard reset. We are walking dinosaurs.

#72 Leftover on 08.19.20 at 4:04 pm

While politically squeamish, taxing capital gains on residential real estate is by far the best option:

– Raises $$billions
– Eliminates the incentive to over-invest in real estate
– Serves as a wealth/inheritance tax
– Reduces tax evasion
– Allows capital gain inclusion rate to remain at 50%
– Addresses generational inequality caused by housing

If you don’t agree, read this:

https://www.economist.com/special-report/2020/01/16/housing-is-at-the-root-of-many-of-the-rich-worlds-problems

#73 Comrade on 08.19.20 at 4:09 pm

Have we all underestimated Trudeau?!

I still have hard time believing this is all his doing. There must be some powerful lobby behind it or at least very strong group within liberal party, and he is just a messenger.

#74 JB CONDO DEATH on 08.19.20 at 4:12 pm

#58 drydock on 08.19.20 at 3:43 pm

Smoking man said a few times “get your money out, they are going full commie”.
It’s amazing how many times his calls were right.
…………………………………………………………………
Well yes his calls are sometimes right but lets face it his calls are 50/50 there is no in-between. For example Trumpo could win another term or not!
Good old Smokey didn’t have a choice with his remaining cash as he was broomed at RBC and many other places and then had to sell his own home and take a gig in the USA to pay bills. If you recall he could not get an extension on his HELOC or another mortgage. So he really didn’t have a choice in getting his money out. I recall his wife and him on a Periscope scene where she was pleading with him to move back to Canada. It was truly sad to watch. I have not idea why he posted such a drunken video.

#75 Mattl on 08.19.20 at 4:12 pm

Trudeau is a guy that runs with the Aga Khan and derives most of his wealth and income from being in the top 1% of wealth.

Close to zero chance they go after the super wealthy and the Pluto’s.

They will target high income earners, top 3-5%. That is where the juice is.

Personally I hope he goes big. Go after the 65% that own homes. Go after large corps. Go after boomer wealth.

That is the only way he loses the election.

#76 Frostyy on 08.19.20 at 4:17 pm

All this happening in September / October ? doubtful schools about to be shut and US election about to change things up here too… if we hold out the US$ and Can$ might be on par again if housing doesn’t give out prior

#77 willworkforpickles on 08.19.20 at 4:27 pm

#47
“Wondering if an increase in the inclusion rate for capital gains will trigger a sell off this fall? When is the best time to sell some positions? The sooner the better?

If announced, it will be retroactive. Too late then to sell. – Garth”

……………………………………………………………………………………………..

If that’s the case and it gets done without warning, they could just as easy eliminate the entire exemption without pre-notice.

#78 Don Guillermo on 08.19.20 at 4:35 pm

#63 Diplomat on 08.19.20 at 3:52 pm
Garth, did you listen to the q&a after the press conference? A reporter literally asked “are you going to raise taxes?” And T2 essentially said no. Something on the lines of it would be harmful to the economy to raise taxes at this juncture. Your post is in direct contrast to what he said. Unless of course you are talking about a few years down the road.

He also said he had full confidence in Morneau days before he punted him. He said the budget would balance itself and deficits were temporary, then almost doubled the debt. He said WE didn’t pay his family, until the charity admitted it had. He said he did not interfere with Lavalin, before it was proven he did. So go ahead and believe him this time. – Garth
*******************************************

Charlie Brown

#79 Benford's in-law on 08.19.20 at 4:35 pm

@#72 Leftover on 08.19.20 at 4:04 pm
While politically squeamish, taxing capital gains on residential real estate is by far the best option:

– Raises $$billions
– Eliminates the incentive to over-invest in real estate
– Serves as a wealth/inheritance tax
– Reduces tax evasion
– Allows capital gain inclusion rate to remain at 50%
– Addresses generational inequality caused by housing

————————————-

or they could just raise the damn interest rates

#80 Puzni on 08.19.20 at 4:36 pm

Dear # 27 ;
You are not alone. I always wondered why I drive a beater car when my friends have no issues of financing a new car for 8 years. No debt and live within my means. What has changed is that money no longer has any value with interest rates being so close to 0. Fiscal responsibility is not even on any governments agenda.
Why should it be if we can print more of this stuff( $) . Sometimes its easier to join the system than to fight it, but that has been hard for someone like me who was taught differently all his life.

#81 Yukon Elvis on 08.19.20 at 4:36 pm

Let’s not kid ourselves Spock. Free stuff will get the Libs re-elected with a majority. Kirk out.

#82 Billy Buoy on 08.19.20 at 4:36 pm

Let’s all make a bet.

I say a 10% correction before the FED saves us (cough- the 1% again) and Stimulus #26749302- 12 is a reality.

Any other guesses?

#83 fishman on 08.19.20 at 4:37 pm

Allan Fotheringham died. My mom & I read his column in the Vancouver Sun religiously. The paper would come a day late by freight truck into our little B. C. town. We only had CBC radio, not even CBC TV. Fotheringham hooked me on Canadian politics. Huge influence. His column was like desert. You wanted to save it for the last because it would be so funny & sarcastic. Always wanted more. Amazing nowadays, when journalists consider their job description is to propagandize their political & social beliefs. Never crossed our minds what political party Alan supported. I know we say it was way better back then, but with “the Foth” it was way better back then.

#84 willworkforpickles on 08.19.20 at 4:38 pm

#31
“Is Canada going to inflation or hyper inflation mode?

Can this only be stopped by an election but who will give up free money?

Hyper-inflation will never happen here. Inflation? Of course. – Garth”
………………………………………………………………………………………………….

Never say never with these two socialists running the country into the ground.

#85 Joey Jojo on 08.19.20 at 4:38 pm

Would be best to legalize all the other drugs, more casinos, prostitution and any other taxable vice for starters.

#86 the Jaguar on 08.19.20 at 4:39 pm

Apparently California is tinkering with the idea of a wealth task.
Here are a couple of links, one an article on same and the other the Victor Davis Hanson podcast where a brief discussion takes place on the madness of such a scheme. Discussion begins at 4:00, but what he has to say about Michelle Obama’s speech follows which is quite interesting as well.

https://www.nationalreview.com/corner/california-wealth-tax-new-bad-idea/

https://www.nationalreview.com/podcasts/the-victor-davis-hanson-podcast/episode-29-democrats-and-their-mobocracy-dreams/

As for Chrystia Freeland, I just hope she keeps her mind on our national finances and lips zipped on foreign affairs, especially that tired old ‘Blame Russia for everything’ meme. Stop picking on Putin, Chrystia!
She is definitely biased in that regard per this little clip lifted from New Cold War- Know Better:

‘Well it actually isn’t so outlandish. Michael Chomiak was a Nazi collaborator. What are the sources for the information that Freeland’s grandfather worked for the Nazis? For starters, The Ukraine Archival Records held by the Province of Alberta. It has a whole file on Chomiak, including his own details about his days editing the newspaper Krakivski Visti. Chomiak noted he edited the paper first in Crakow (Cracow), Poland and then in Vienna. The reason he edited the paper in Vienna was because he had to flee with his Nazis colleagues as the Russians advanced into Poland. (The Russians tended to execute collaborators well as SS members).’

I prefer what Dmitry Orlov has to say about the Russian / Ukraine relationship in this interview:

https://thesaker.is/the-saker-interviews-dmitry-orlov/

#87 PBrasseur on 08.19.20 at 4:39 pm

A lot of capital gains are just inflation, so raising the inclusion ratio would be equivalent to taxing inflation which would leave nearly nothing to incite the risk taking inherent to investment. In other words investment in Canada would be hurt badly, which is exactly the opposit of what this country needs.

No government, besides possibly a NDP one, would be stupit enough to do that.

This country survives by printing money for RE, for this it needs investors confidence in the country to keep rates low, taxing investors at this point would be a very risky proposition.

Not going to happen.

#88 BC Doc on 08.19.20 at 4:40 pm

“It’s tough to make predictions, especially about the future.”

― Yogi Berra

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

That said, without a doubt, Justin will be looking for new ways to eat the rich. Trust fund grandbabies excluded of course.

#89 Don Guillermo on 08.19.20 at 4:40 pm

#71 The real Kip (Ret) on 08.19.20 at 4:03 pm
It’s 38C in British Columbia today. We need a hard reset. We are walking dinosaurs

********************************************
I was born 68 years ago from tomorrow in the West Kootenays. My parents said it was well over 100 deg F that day. I guess we were walking dinosaurs then as well.

#90 NSNG on 08.19.20 at 4:41 pm

I don’t think this is about the Liberals anymore. I’d say it is now more about the NDP. They are the ones propping up this rogue government and many will point fingers at them come election time whenever that may be.

If they continue to pal with the liberals, the NDP could get severely punished in the next go around

#91 A Dollar is a Dollar is a Dollar on 08.19.20 at 4:41 pm

Q: Should we treat men better than women?

Q: Should we treat white people better than black people?

Q: Then why treat any dollars earned better than others through preferential tax treatment?

Tax them all equally.

It’s not the old days on some plantation, people.

It’s 2020.

#92 Dolce Vita on 08.19.20 at 4:41 pm

Scotiabank – Global Finance – United States

“A century of commitment. A world of opportunity.”

“Explore our capabilities in the United States.”

Well, Uncle Sam did some exploring about Scotiabank capabilities:

“CFTC Orders The Bank of Nova Scotia to Pay $127.4 Million for Spoofing, False Statements, Compliance and Supervision Violations”

https://www.cftc.gov/PressRoom/PressReleases/8220-20?utm_source=govdelivery

———————

As long as I get to keep my Scotiabank credit card, I’m good with that.

#93 whiplash on 08.19.20 at 4:43 pm

Morneau/Freeland….. musical chairs on the Titanic!

#94 WTF on 08.19.20 at 4:45 pm

Trudeau doesn’t have a mandate for his automated luxury communism.

The NDP will side with him in a no confidence vote. So what’s going to happen next?

Are the huge numbers of immigrants that will resume after COVID going to be signed up for a basic income?

Why are they called progressives when everything they advocate has already been tried and failed?

I’m actually incredibly angry about this and I’m sure a lot of other people are the same. I’m sick and tired of progressives in the media and their lies and propaganda. Real families with children not mass immigration and transgenderism pushed at every turn. We need a political divorce.

If they want their agenda then they’re going to have to go full Bolshevik to get it.

#95 Billy Buoy on 08.19.20 at 4:45 pm

And yet ANOTHER REASON, to find a way to LOOK like you are poor and be under the radar….

Let’s just hope they don’t outlaw cash before I’m dead at least.

What’s next? A nice 20% wealth tax across the board to us responsible ones to again BAIL OUT a lot of idiots.

And everyone thought I was joking about 20 years ago when I first started asking “How are we going to pay for all of this?” and told by many so called financial experts “It will NEVER happen…you have NOTHING TO WORRY ABOUT.”

Follow your gut, hide your wealth the best you can because like I said before this has only just begun…

#96 Billy Buoy on 08.19.20 at 4:51 pm

Hyper Inflation NEVER happening here…Hmmm

I fully respect you Mr. Turner BUT in today’s world being absolute in any forward thinking predictions is just dangerous..

As Romeo Void sang “NEVER SAY NEVER.”

Never. – Garth

#97 Joey jojo on 08.19.20 at 4:53 pm

Maybe it’s time for the Military to step in and depose the government for the sake of the country. I’d support that over Trudeau/Freeland.

#98 Chris in Edm on 08.19.20 at 4:57 pm

What is going on right now with our government is sickening. I can’t believe folks within driving distance of Ottawa aren’t on Trudeau’s doorstep protesting. If Ottawa was located out west, rest assured every government building associated with the Libs would have been burnt down weeks ago.

Lately we keep hearing about how ‘threats’ to the Liberals is increasing. I 100% don’t agree with threatening anyone (even politicians) but I understand why it’s happening.. The Liberals are threatening our way of life and an increasing # of citizens out there have had enough. And I’m sure this new ‘green’ deal and UBI will only push even more over the edge. I don’t think many westerners are going to take too kindly to having our bread and butter oil industry destroyed and then at the same time get taxed even more so someone else in Canada can collect UBI off of their tax money.

God help us if the NDP prop up the Libs after the throne speech in Sept.

#99 VicPaul on 08.19.20 at 4:59 pm

#16 Attrition on 08.19.20 at 2:07 pm
Um, we still do get to vote every four years, right?

So…maybe let’s not take the cake out of the oven just yet, as it’s not exactly a done deal.

I do like the scare mongering going on these days, it might at least get more people to the polls.

No matter how lame the next Cons leader, he’s looking pretty good right now.

Interesting thought: had the last Conservative leadership debate not been rigged against Bernier, and he had won, I wonder if Socks would have done so well?

Oh well, that ship has long sailed…

*********

I’ve thought similarly myself.

I quite like Max’s less inter-provincial regulation – improved inter-provincial trade, reduced but supportive/targeted immigration (with some space allotted to authentic refugees). Let’s be clear people – EVERYONE who would like to leave their country, would want to come to Canada – it is the Wonka Golden Ticket. As Malcolm Gladwell lucidly examined – there’s always a tipping point. He also has a bit of a firmer stance v. Quebec and Equalization payments – a fine point, not lost on me.

We should consider these times carefully.
North America is the poster child of capitalism and democracy – both under heavy siege right now with socialist thoughts manifesting into policy and two pivotal elections in the near future.

I know what side of socialism I’m on.

M56BC

#100 it cant happen here! on 08.19.20 at 5:05 pm

Gain on a PR is not profit.
CRA does not allow losses on real estate.
If they want to tax a gain, they ought to allow deduction of expenses, ie reno and interest so in many cases the gain is eliminated.

#101 cto on 08.19.20 at 5:05 pm

#80 Puzni
Dear # 27 ;
“You are not alone. I always wondered why I drive a beater car when my friends have no issues of financing a new car for 8 years. No debt and live within my means. What has changed is that money no longer has any value with interest rates being so close to 0. Fiscal responsibility is not even on any governments agenda.
Why should it be if we can print more of this stuff( $) . Sometimes its easier to join the system than to fight it, but that has been hard for someone like me who was taught differently all his life.”

The above needs to be repeated 1000 times!!!!

#102 Damifino on 08.19.20 at 5:06 pm

#68 Millennial Realist

This is absolutely necessary for the current crisis, for social justice, and for the planet.
——————————

Historically, the “current crisis” pales in comparison to dozens of others humanity has battled through.

Thanks to the brave deaths of millions of individuals (probably made of better stuff than either you or I) who 75 years ago trounced imminent world wide tyranny, we in the modern era now swim in “social justice”.

The “planet” would be happy to squash us like bugs (without malice and just in its normal course of business). Fortunately, we’re gifted with nearly limitless human ingenuity and dense energy reserves to fortify ourselves against mother nature’s disasters and deficiencies.

Try to be more thankful.

#103 cto on 08.19.20 at 5:10 pm

#79 Benford’s in-law

tax real estate capital gains

would someone please twitter this to Chrystia Freeland

(im not on twitter)….

#104 willworkforpickles on 08.19.20 at 5:11 pm

#47
“Wondering if an increase in the inclusion rate for capital gains will trigger a sell off this fall? When is the best time to sell some positions? The sooner the better?

If announced, it will be retroactive. Too late then to sell. – Garth”

……………………………………………………………………………………………..

If that’s the case and it gets done without warning, they could just as easy eliminate the entire exemption without pre-notice.
……………………..************************………………
….Sorry, that was supposed to be in reference to post #36

Retroactive?
You wouldn’t think so, but with this government counter-intuitive reasoning can be expected.

#105 VicPaul on 08.19.20 at 5:15 pm

#58 drydock on 08.19.20 at 3:43 pm
Smoking man said a few times “get your money out, they are going full commie”.
It’s amazing how many times his calls were right.

*********

Amidst the bravado and tall tales, that self-professed drunkard was a bit of a savant. He nailed a few things over the years.
I’d enjoy a Smokster rambling right about now.
Best wishes to ya Smokey.

M56BC

#106 Bill on 08.19.20 at 5:16 pm

DELETED

#107 Do we have all the facts on 08.19.20 at 5:17 pm

Where is all this silliness about socialism and communism coming from? A majority of Canadians elected our current Prime Minister and millions seem pretty happy receiving their CERB.

Very little property is owned by our Federal government
so I am pretty sure that rules out Communism unless you
buy into the possibility that Justin Trudeau will issue a decree to seize land and wealth from the rich a la Lenin.

As far as Socialism goes I see very little evidence that Justin Trudeau is the slightest bit interested in what the citizens of Canada think. The theory behind democratic socialism is that the ‘common wealth’ of Canada would be regulated, not necessarily owned, by a representative government and the revenue collected used to improve the quality of life of all citizens.

Canada as it stands today has a mixed economy that relies on various forms of taxation to generate over 75% of government revenues. The introduction of programs that provide universal social benefits to all citizens is a component of socialist theory but cannot be implemented without the support of a majority of Provincial governments who will remain responsible for program delivery.

Somehow many contributors to this blog have formed the opinion that Justin Trudeau has thrown our Constitution out the window and is now free to act like a dictator.

At some point our Supreme Court will put an end to his shenanigans.

“A majority of Canadians elected our current Prime Minister.” Untrue, The Liberals received 33% of the votes in 2019, which means 67% of electors made another choice. By the way, the Conservatives garnered 34.3% of the ballots – more than Mr. Trudeau. Let’s not rewrite history. — Garth

#108 NSNG on 08.19.20 at 5:20 pm

He also said he had full confidence in Morneau days before he punted him. He said the budget would balance itself and deficits were temporary, then almost doubled the debt. He said WE didn’t pay his family, until the charity admitted it had. He said he did not interfere with Lavalin, before it was proven he did. So go ahead and believe him this time. – Garth

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

LOL!

I think you just wrote the Con’s next winning political ad. That’s all they have to put up in their commercials

#109 willworkforpickles on 08.19.20 at 5:21 pm

On August 19 2020 Garth used the word “Never”

Ok.

#110 kettlemeetspot on 08.19.20 at 5:25 pm

It’s a shame your reference to “60 something overweight white guys” abrogated the worthiness of your comments by showing you are an ageist and a racist. Not too progressive. – Garth

————————————————

Reminds me of all the borderline anti-immigration comments on this blog in the past. That get posted without any added comment. LOL

This isn’t an empathy blog right?

Any comments dissing immigrants that were posted were ones I did not catch. A multitude have been deleted, and that policy will not change. – Garth

#111 dogwhistle on 08.19.20 at 5:28 pm

I guess the new Finance minister will fit the #metoo agenda

Just as much as not being allowed to share your business and your dividends with your spouse. Very #metoo.

I remember hearing “and the budget will balance itself” and understanding “I’ll turn this country into France”

#112 not 1st on 08.19.20 at 5:30 pm

#63 Diplomat on 08.19.20 at 3:52 pm

You missed the Trudeau speak. The tax rates wont go up, but they will be vastly broadened and applied to many more things. See how weasel words work. And our clueless MSM reporter didn’t even know how to ask the question.

I challenge anyone on this blog to name one single economic initiative that grew the economy from the heart outwards once Trudeau has been in power? Name one and show me its impact on the GDP.

Every move he has made has made us poorer. Resource sector kneecapped, NAFTA loss to Trump, etc.

All I see is the national credit card being maxed out.

#113 Sail Away on 08.19.20 at 5:33 pm

#57 Freedom First on 08.19.20 at 3:42 pm

I love your Blog Garth, and I am secure in my knowledge that I know that through past times, present times, and future times, Good has, and will, always triumph over Evil.

————

Good and evil are subjective.

A cartoon I find funny shows Satan offering a drink to an angel, who says, ‘No thanks, I’m good.’

#114 Mike in Airdrie on 08.19.20 at 5:33 pm

Can investment flee Canada fast enough? Socialism never works.

If the east keeps supporting this green socialism the west will be forced to leave which would be a shame.

#115 WTF on 08.19.20 at 5:33 pm

# 68 Millennial Fantasist ” Huge change coming, Paleo Boomer Cons. Your time is up.
This is absolutely necessary for the current crisis, for social justice, and for the planet.”

Enjoy the decline………..gonna be epic

#116 not 1st on 08.19.20 at 5:34 pm

#107 Do we have all the facts on 08.19.20 at 5:17 pm
Where is all this silliness about socialism and communism coming from?

In response, it comes from all the things Garth pointed out. A large cohort in the population who will not save, will not invest, will not restrict spending and will not plan for any continency and will not take any sort of risk, no how no way.

And when the inevitable happens that they fall behind or get a nasty shock and cant keep up their lifestyle or face loosing it all together, they turn to the govt.

#117 Stan Brooks on 08.19.20 at 5:34 pm

DELETED

#118 willworkforpickles on 08.19.20 at 5:36 pm

#107
“At some point our Supreme Court will put an end to his shenanigans.”

…………………………………………………………………………………………………

Don’t bet on it.

#119 Faron on 08.19.20 at 5:38 pm

DELETED

Apologize or leave. – Garth

#120 TalkingPie on 08.19.20 at 5:41 pm

#111 dogwhistle on 08.19.20 at 5:28 pm
“I guess the new Finance minister will fit the #metoo agenda

Just as much as not being allowed to share your business and your dividends with your spouse. Very #metoo.”

I’m not exactly pleased with current political events either, but I’m pretty sure that “#metoo” doesn’t mean what you think it means.

#121 BS on 08.19.20 at 5:46 pm

#21 Faron on 08.19.20 at 2:17 pm

—-
It’s a shame your reference to “60 something overweight white guys” abrogated the worthiness of your comments by showing you are an ageist and a racist. Not too progressive. – Garth

You must be stuck in the 90s. Ageist and a racist is the prerequisite to being a progressive today.

Still amazed how many people haven’t figured out they are voting for people that despise them for their skin colour, sex and/or age. It is literally part of their platform to discriminate based on identity where ever possible.

#122 Millennial 1%er on 08.19.20 at 5:48 pm

“She is a social interventionist activist.”

Ah yes, a social interventionist activist. Saving the day with one “black lives matter” instagram post at a time, from the comfort of a gorgeous rockcliffe mansion.

Having an ideologue as our minister of finance, one with no previous experience in a similar position whatsoever is definitely not a bad idea at all. Money printer might go BRR a little bit faster & my NEET friends playing League Of Legends in their mom’s basements living off CERB tier gibs get to get their new character skins.

#123 Masks really do make some people more attractive on 08.19.20 at 5:52 pm

Chrystia Freeland CV:

-Rhodes scholar
-speaks five languages
-former deputy editor Financial Times
-former managing director Thomson Reuters
-wrote an award winning book on modern global economy
-Minister of Foreign Affairs
-Minister of Int. Trade
-Minister of Intergovernmental Affairs
-Deputy PM simultaneously with other portfolios

Conservative Finance Critic Pierre Poilievre CV:

– BA
-politician since age of 25

I don’t think that the Honorable Member for University-Rosedale needs advice from anyone here. But don’t let that stop you.

You forgot that Poilievre is fluently bilingual, has 15 years of federal political experience and served as Minister of State for Democratic Reform and Minister of Employment and Social Development. He is doing a fine job of holding government officials accountable which you apparently regret. – Garth

#124 willworkforpickles on 08.19.20 at 5:54 pm

Some have said to me as both a US and Canadian citizen –
……………”This is all easy for you”……”you can go where you like anytime”

…easier said than done, especially now is my response.
The tides have turned here and north of the border.

#125 vancouver help on 08.19.20 at 5:54 pm

Hi Garth,

Love the blog.
So let me get this straight Libs will dish out UBI to everyone and create a system of independence on the government who now will take from the few remaining working people and tax the wealthy to the point where then will jump ship and go where the grass is greener.

Thus creating a majority of people who stay home smoke legal pot and make tic tok videos all day.

I see how this will this would get the Libs reelected and that’s all that matters to them.

#126 Rob on 08.19.20 at 5:56 pm

The prime minister, in suspending Parliament, said the Covid crisis has created the opportunity for a big reset. “

Wonder where he heard that phrase before ?

https://www.weforum.org/great-reset
From the World Economic Forum Website

“ There is an urgent need for global stakeholders to cooperate in simultaneously managing the direct consequences of the COVID-19 crisis. To improve the state of the world, the World Economic Forum is starting The Great Reset initiative.”

And you wonder why this coronabollox charade is being dragged out on and on and on and on

#127 BS on 08.19.20 at 5:58 pm

91 A Dollar is a Dollar is a Dollar on 08.19.20 at 4:41 pm

Q: Then why treat any dollars earned better than others through preferential tax treatment?

Tax them all equally.

It’s not the old days on some plantation, people.

It’s 2020.

Agreed. So you would be for a flat income tax of say 20% for all income whether you make minimum wage or a million per year? A dollar is a dollar.

#128 Lambchop on 08.19.20 at 5:58 pm

He also said he had full confidence in Morneau days before he punted him. He said the budget would balance itself and deficits were temporary, then almost doubled the debt. He said WE didn’t pay his family, until the charity admitted it had. He said he did not interfere with Lavalin, before it was proven he did. So go ahead and believe him this time. – Garth

______________

It’s funny and depressing.

#129 Tanya Peters on 08.19.20 at 5:59 pm

I am disgusted and sick with the Liberals, NDP, Green Party that destroy this country with their lies and socialism and being told it is my fault being a responsible citizen, paying taxes for 45 years in this country Canada, probably paid over $1.3 million in just income taxes from myself and my husband.

If they hate people that have any money, property just take it all and get it over with so we can all starve and be another Argentina, Venezuela. Canada’s children they so call care about have a dark, sad, poverty stricken future over the next few years.

#130 Ronaldo on 08.19.20 at 5:59 pm

#17 Lee on 08.19.20 at 2:07 pm
I suspect that if you increase the CG inclusion rate to 75% this will make RRSP investing more appealing. Has the government considered all the tax refund money that will be paid out when people use up the Trillions of dollars of RRSP space they have available to them in response?
——————————————————————
I suspect that those with money are already maxing out now and the others who weren’t contributing before because they didn’t have the money will still have no money so that’s not a concern to the government.

#131 Nostradamus on 08.19.20 at 6:06 pm

“And what are those?”

Taxing investment accounts, making your life harder by sending cops to shut down your blog for telling the truth, and giving free money to mortgage holders to prop up the real estate bubble.

#132 akashic record on 08.19.20 at 6:06 pm

The new program together with covid sounds like “conspiracy theory” that would have been ridiculed and deleted a year or two ago. Enjoy it.

#133 Nostradamus on 08.19.20 at 6:07 pm

Why did my comment go down the Prime Minister’s toilet bowl?

It didn’t. – Garth

#134 Trojan House on 08.19.20 at 6:09 pm

I said it yesterday – MMT. It is obvious where this is heading. Also, funny Trudeau should talk about a reset:

https://www.weforum.org/great-reset/

It’s all about this. There is no virus but just the threat of one was enough to push this agenda.

#135 Gen Z on 08.19.20 at 6:09 pm

Is it ‘hate speech’ to state that Chrystia Freeland is not qualified for the job?

#136 Dave on 08.19.20 at 6:10 pm

Should Canada be pulled into war duty to support our allies against China, the costs will then be running up out of control.

The costs of goods would day rocket…could that increase interest rates?

#137 Gregor Samsa on 08.19.20 at 6:21 pm

It’s all lining up for a deal between Trudeau and the NDP. Trudeau will offer up enough “free stuff” so the NDP can claim some major victory to their deluded supporters and Trudeau stays in power for the full mandate.

I think where people are wrong is fearing new taxes. There will be little direct taxation. People still get mad about that. But what governments have figured out is that if you print money, devalue your currency, and hold interest rates at zero (or negative), the people don’t even bat an eye! They go from paying $2 for a dozen eggs to $10 and just shrug. The cause and effect is all beyond them. So this is where Trudeau’s handlers will go. More spending, lower rates, more immigration (helps dilute the debt), screw the future.

#138 theoryAndPractice on 08.19.20 at 6:24 pm

Garth, what is the defense you are suggesting?

#139 OffshoreObserver on 08.19.20 at 6:28 pm

I cannot believe the second largest country in the world [land mass] with a blip of humans [37 million] is so poorly run since inception in 1867 we are all not multi-millionaires? Every single politician and bureaucrat has failed the Canadian citizenry by not leading and bestowing upon Canadians the inherent wealth each should accrue.

May the funding of those politicos’ and bureaucrats’ pensions run dry, quickly.

For my part, my grandfather on Mom’s side was born in Ireland in 1888, which means my sister and I can become Irish citizens under “Citizens By Descent” rules.

I cocooned in Cabo San Lucas while trapped by covid19 rules from March/2020 through June. Liked the weather, people and food in Cabo better than that in Vancouver. I shall return when the weather turns 1 October.

[I left Vancouver in 2010 to live in Thailand, then in 2014 moved to Vietnam. Do business in China so I cannot avoid this ball-busting flights from YVR BKK, CAN, PEK]

Anyway, YVR – CSL is only 3-ish hours and about $300 compared to 4-5K a pop for trans-pacific flights bizclass

Gramp’s land he received for medical services rendered–he was a G.P. in Saskatchewan and received the 2.5 acres now in the centre of an Okanagan town during the great depression. Last time I calculated the real estate value Gramps’ legacy penciled at $19 Million. [CAD$]

Sisters shunned that land when my Dad’s Will included it in his assets. Value it cost me in 2003 was $124,000.

I am going to gift my sisters $1 Million each. [That aligns with my parents’ values and probably those of my grandparents.

When I explained to younger sister she would not pay income taxes once an Irish Citizen and non-resident of Canada…BOY! did that grab her attention.

Sorry, ghost of Trudeau Senior and useless progeny: at 50% marginal rate, my estate grows unhindered at the “collective’s loss!

[More later!]

#140 Camille on 08.19.20 at 6:32 pm

Well that post was clear Mr. Turner.

#82 Billy Buoy. 10% correction? Some worry more about a Nikkei type correction, Fibonacci type retracement. The Russell 2000 pattern over the past year fits well into the Nikkei from July 1989 to July 1990, with a subsequent drawdown to 20,000 (from 40,000 pre 1990). Its all predicated on small cap bankruptcies, hence use of the Russell 2000 index.
I haven’t bought into it. However these historical comparisons are powerful, chartists love them (in this case from Raoul Pal – I do respect his analyses).

#141 Ronaldo on 08.19.20 at 6:33 pm

#98 Chris in Edm

God help us if the NDP prop up the Libs after the throne speech in Sept.
——————————————————————
Would be fools not to. They are getting everything they want without being in power and for which there is very little chance that they would. Win/win.

#142 Do we have all the facts on 08.19.20 at 6:35 pm

Garth Re # 107

Sorry for the error . I meant that the Liberals won a majority of seats in a democratic election. My point was that we knew in advance that if the Liberal won he would become our Prime Minister. We had a choice.

All the chatter about drifting toward Communism and Socialism seemed to be based on assumption that Canadian citizens have no control over future events. If Justin Trudeau uses government funds in an attempt to buy our support in the next election we only have ourselves to blame if he succeeds.

As you might guess from my previous posts I firmly believe that shutting down major sectors of our economy and incurring over $350 billion of additional debt was an overreaction to a virus that has infected less than 2.5% of our population. The circumstances Canada faced in March 2020 could, and should, have been handled more responsibly.

As citizens we seem to have abrogated our responsibility for rational thought to the media and a handful of politicians.

#143 No Fun Jim on 08.19.20 at 6:37 pm

CTO, I’m just like you. I have never driven a fancy car, scrimp and save, for what? Problem is, I can’t change I too was raised to work hard, save, put away money for a rainy day etc – but all the while my friends in their fancy houses, drinking expensive wines, driving Mercedes, Audi’s and BMW, while I’m driving a Mazda having a beer occasionally on a special occasion, like a family barbecue.

But none of them seemed bothered by their debt levels, living it up, like it’s the end of the world coming tomorrow. They claim, “oh government Won’t raise interest rates they’d have a real estate collapse.” And I am beginning to think they are right.

Lost your job, here’s the CERB,
having trouble – apply for deferrals,
can’t pay your rent, then just don’t.

I don’t understand this world and yet they all seem to be having more fun than me! All the while, I’m getting hammered with taxes, living below my means and not having any fun. But it’s just not in me to be irresponsible, so I guess like the squirrel, I’ll just keep socking it away while the world breaks out into consumerism madness and JT will be there to pick up the slack.

#144 ABK on 08.19.20 at 6:40 pm

#98…Chris

Of course the NDP will prop up the Liberals in September since the “new” Trudeau plan will contain both some form of a UBI and a program to move toward universal Pharmacare. Just watch!

#145 Drinking on 08.19.20 at 6:41 pm

Very easy solution to all this; do not vote them back to power.

From a comment section of another news site, not my comment just copying and pasting it due to I found it interesting.

Our new Finance Minister has a BA in Literature, The Health Minister a Graphic Designer, The Heritage Minister illegally climbed the CN tower. And the Prime Minister knows about Drama, part time. And in the middle of a pandemic they and scandal they close the government. You can’t write this stuff.

#146 Cici on 08.19.20 at 6:41 pm

#2 Largeypoo

Gee, what would that accomplish?

Here’s a glimpse: encourage people to work less often and mostly under the table to evade taxes, in turn discouraging and killing legitimate tax-paying businesses, goosing inflation and creating even greater wealth disparity so that vapers and stoners can run the show.

Welcome to the new banana republic of the Great White North, where you don’t can’t even grow or export bananas.

The weird thing that the JT gang and all the uber-socialists don’t seem to grasp is that by depressing the wages, incomes and investments of our highest earners, they are actually going to make this country poorer and less competitive, all for the benefit of super-rich plutocrats abroad (many which are already thriving under authoritarian dictatorships), who will then be able to buy us up for obsolete pennies on the dollar.

Terrifying strategy. I might actually have to vote Conservative next time round.

#147 45north on 08.19.20 at 6:57 pm

The goal is not to restore the economy, rebuild commerce and foster jobs and growth. It’s to enact a new deal, transforming the distribution of wealth – “addressing head-on the fundamental gaps this pandemic has unmasked.”

And what are those?

Simple. Average folks who spend what they earn, borrow big, save and invest little and could not survive a single month of Covid-created job loss will be supported. Those whose incomes, savings, investments, resources, assets, businesses or lack of debt have let them survive 2020, will be taxed. More.

The irony is that they will be taxed more regardless of the government that is elected.

It’s a question of trust and I don’t trust Justin Trudeau.

#148 IHCTD9 on 08.19.20 at 7:04 pm

#269 Mattl on 08.19.20 at 4:05 pm
Look at tractor guy above – Libs are wiping out his work opportunities (I call BS on this, but whatever) and he is STILL going to vote for them because the pander to him and buy him toys. There are very few principled voters anymore, he will promise money for everyone and will win the election in a blowout.
— ——

My second largest customer packed it in and left Canada in July – that’s no BS. Oil and gas outfit- surprised? They were one of our best accounts. They ain’t coming back when CV-19 mania is over.

Like I’ve said many times already, with every passing year with Trudeau at the helm things get worse on the financial and economic front here in Canada.

Trudeau remains popular seemingly no matter what policy abomination, no matter how many billions squandered, no matter what scandal he is involved with. That’s a Canadian voter issue.

So what’s worse, voting Trudeau to a majority in a bid for a quick death and subsequent rebirth? Or voting Con and watching them get booted out over and over as they do what needs to be done? Decades would pass with no repair.

Canada needs to decline to a certain point where the pain of changing stripes is less than the pain of continuing on with type T2 politicians. Folks need enough pain to remember, and be cautious.

Principal ain’t too practical when it comes to Canadian Politics. Everyone knows someone who voted strategically (to keep a party out) at least once. A vote for Trudeau coming from the bunker complex is just such a vote. Pain is required to bring change, lots of it, acutely. Change hurts – might as well bite leather and get on with it.

FWIW, I don’t give a rip about the handouts, never asked for them, don’t need them either. But, all the numbers I post here are 100% fact. That should shock some folks, and I post in the hope they are. That, and I like to rile up my fanboi’s – they really hate how much free cash their hero in Ottawa sends to this knuckle dragging Harper loving Con. Ha!

#149 jal on 08.19.20 at 7:07 pm

Reflection

The socialist and capitalist rules and laws are written the educated elite.
The blue collar workers dream of socialism but the educated elites make the laws.
Tax laws are written by the elites not by the poor.
Socialism would not exist if everyone was equal.

The vote counters decide the winners.

Assange is an influencer to fear, and must be muzzled.

Interference is not what USA is doing around the world.
Interference is what others are doing to stop what the USA is trying to do.

Imagine how bad C19 would be without a record heat wave in death valley.

#150 crowdedelevatorfartz on 08.19.20 at 7:08 pm

@#21 Faron.
“If all of this means more taxes, I couldn’t care less. I make way more money than I need ”
++++

Define “way more money than I need…”

If you earn 25k per year, live in a yurt, drink goats milk and use the internet at the local Library to annoy us…..then yes, you earn way more than you need.

Some of us actually work very very very hard to “earn way more than they need’ so that perhaps, maybe, some day…..they can retire and not worry about some idiot in govt taxing the shit out of their hard work?

I dont have a problem paying taxes for roads, hospitals, etc etc etc.
Unfortunately the Liberals thinking of shoveling billions of $$$$$ out the door ( that we dont have) to encourage CERB laziness (tried to hire anyone lately?) is the epitomy of political correctness and socialist pandering run amok.
Move to Venezuela….they need your salary

#151 Boomer Bill on 08.19.20 at 7:08 pm

#133 No Fun Jim on 08.19.20 at 6:37 pm
“CTO, I’m just like you. I have never driven a fancy car, scrimp and save, for what?”
—————————————————————–

Not sure where you went wrong Jimmy. I scrimped and saved early in my career, paid off several homes, never drove a fancy car ( still don’t) and have financial assets and real estate. I could afford a fancy car but my nature is to avoid conspicuous consumption. I do drive new vehicles and good vehicles but none that are considered “fancy”. I got the financial ball rolling in my life by building my nest egg early and then let the miracle of compounding work its magic. As Warren Buffett says, “find some good wet snow, build your snow ball near the top of the mountain and watch it get bigger as it rolls down the slopes.” I did that early and then, when the ball kept getting bigger, enjoyed vacations around the world in the best hotels, recreation properties on beautiful lakes, a gorgeous home on an acre lot in the GTA, great restaurants and great times with buddies, most of whom have much more wealth than I have. I have no debt. So your friends who are partying and not worrying about debt will not have a good ending unless, they are accumulating wealth. It is a temporary thing, their debt promulgation and perhaps they are not considering old age but if they reach it with that lifestyle, it won’t be pretty. One thing I still can’t wrap my mind around is how fast life goes by. I can’t think of anything more terrifying that reaching old age and having nothing to show for it. So stop thinking your free spending buddies are on to something good. You can enjoy life and be a saver. Eventually as your wealth compounds, you can enjoy the finer things in life without having to incur debt to do it. I basically have given you Garth’s daily message…

#152 Axehead on 08.19.20 at 7:09 pm

Painfull indeed. Listening to her high pitched socialist drivel, loaded with retrospective pauses, in full alignment with her misguided idealist leader, is horrendous.

#153 Frank Sanjo on 08.19.20 at 7:11 pm

Just to warn everybody when you hear the words build back better it is a UN policy statement and is used by all Liberals, NDP, Greens, Democrats, Labour party etc. lefties, socialists with the UN.

They mean destroy the economy, society and build it the way they want. Canadians are really poorly educated and no very smart. I am 39 years old now and voted for over 20 years always Conservative and never Liberals, NDP, Green Party etc. I figured this crap out by my 25th birthday. Wake up, you are all going to be socialist salves. They will tell you what to do, when to do it and with and why you can do it.

You thought you young Canadians that your parents telling you what to do in your teenage years, they are angels compared to these evil people, UN, globalists etc. Trudeau and China Communist Party are the biggest ones that will destroy Canada.

#154 akashic record on 08.19.20 at 7:14 pm

#123 Masks really do make some people more attractive

Chrystia Freeland vs Pierre Poilievre

Listening to both in the legislation, only one of them makes sense. Against all odds, the one with the shorter CV.

#155 crowdedelevatorfartz on 08.19.20 at 7:14 pm

@#59 Ray Skunk
“Why did I even bother?”

++++

Exactly what I’m thinking.

#156 crowdedelevatorfartz on 08.19.20 at 7:18 pm

@#68 Millenial Surrealist
“(Good luck migrating to your tax havens, lololol!)”

++++
No , we’ll just shut down the economy and wait for all you unemployed dreamers to hang him from the highest tree you can find.

Oh,
And enjoy higher taxes…..for the rest of your working life.
LOL LOL LOL LOL LOL..

#157 Nonplused on 08.19.20 at 7:19 pm

Well, I agree they probably are going to try and raise taxes, but I don’t think it’ll raise revenue because we are already at peak tax. But with a “social interventionist activist” (yes that does sound painful) in charge of finance and whatever Trudeau is (equally painful I am sure) as PM I think we are going to see much shenanigans. Things no one who knows how to run a pocket calculator would try.

I remember the good old days when taxes and finance were about running the government. Now, it appears they are going to be about “social justice” and “societal transformation”. I think it will hurt. A lot. You can’t get rid of the Perato curve. It is part of nature including human nature.

(Quick overview of the Perato curve: There was only one Wayne Gretzky even when comparing him only to other hockey players who were already far out on the curve, i.e. playing in the NHL. Same thing happens in music (only a handful of artists bring home almost all of the cash), on YouTube, and yes in the labor market.)

So what all this social engineering through fiscal policy is going to amount to is a vindictive attack on the wealthy. It won’t help the poor because the poor so overwhelmingly outnumber the wealthy that there just won’t be enough punishment of the wealthy they can do to significantly make a difference for the poor. All it will do is punish success and hard work. But hating the rich has always been politically expedient. And in every socialist revolution they are always the first ones lynched.

It reminds me of a short story I was forced to read in high school about a future where making sure everyone was “equal” got to the point that the people with 20/20 vision had to wear glasses that made them “average” and talented athletes had to wear weight belts. Smart people had to wear earphones that interrupted their train of thought. I think they even had cosmetic surgery in there for anyone who was too attractive. I guess life does imitate art.

————————————–

And I am particularly worried about Trudeau’s “green” plans. He’s obviously no engineer and doesn’t read the news much either. Does he know what is going on in California with the rolling blackouts? They are much worse than last year. The reason for them is because California gets 33% of its electricity from renewables. Turns out if you do that during a heat wave you can’t run all the air conditioners once the sun sets. Who would have figured? Can you imagine that happening in Canada when it is -30? People will die and homes will be flooded when the pipes freeze.

California’s backup plan in these cases has been to import carbon fuel based electricity from neighboring states like Nevada. But of course they are having the same heat wave so they aren’t answering the phone when PG&E comes up on the call display.

—————————–

Of course the rich don’t care because they all have backup generators by now. They don’t care if the police get defunded because they have their own security. They don’t care if antifa loots the Target because they don’t shop there anyway. They don’t care if there comes a wealth tax because they will have left the state by then for greener pastures.

#158 crowdedelevatorfartz on 08.19.20 at 7:20 pm

DELETED

#159 Masks really do make some people more attractive on 08.19.20 at 7:24 pm

You forgot that Poilievre is fluently bilingual, has 15 years of federal political experience and served as Minister of State for Democratic Reform and Minister of Employment and Social Development. He is doing a fine job of holding government officials accountable which you apparently regret. – Garth

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

Flaherty’s background was BA in Sociology, followed by one in Law; he then practiced personal injury law for 20 years. But his qualifications for the Finance portfolio were never questioned?

Poilievre’s qualifications at the time he was first awarded a portfolio remain minimal; “bilingual with a BA” describes tens of thousands of Canadians, 99.9999% of whom would not be trusted with ministerial powers.

Flaherty had 20 years business experience and was finance minister of the largest province before entering federal politics. As for Pierre, he has proven to be so effective you need to diss him, a lowly MP. – Garth

#160 crowdedelevatorfartz on 08.19.20 at 7:25 pm

@#98 Chris in Edm
“I can’t believe folks within driving distance of Ottawa aren’t on Trudeau’s doorstep protesting. ”
++++

Most of the peeps yer talkin’ about…….. work for the govt……..
Aint going to bite the hand that feeds them.

#161 Nonplused on 08.19.20 at 7:26 pm

#2 Largeypoo on 08.19.20 at 1:28 pm
Lets do UBI!! $1500 per adult per month, no income restrictions, $500 extra per each kid you have. Then ditch the EI, GIS, OAS, CTB, GST, WB, welfare, disability. Keep the CPP to give seniors that extra top up, but only starting at age 65, no taking early!

———————————-

I’ll be happy to give you my email address so you can start sending me the $3,500 a month you owe me in UBI benefits. Oh wait what’s this? You thought the government was supposed to pay it? They don’t have any money, save what they tax or borrow.

#162 Another Deckchair on 08.19.20 at 7:26 pm

Hey, in Hollywood, *anyone* can play anything, like an airline pilot, doctor, priest, finance minister, so long as they look the part and remember their pre-written lines.

What else did you expect from a drama teacher?

#163 Zack Danshan on 08.19.20 at 7:30 pm

Puzni, there will be no system left. This is what people don’t understand, once they give everyone massive amounts of money it is all worthless. This is why I laugh about young naive millennials think that they will be better off but they have no idea about history and economics.

The fact is if you think that you will beat the system or be part of the system, government and think government is your friend, you will be sorrily mistaken. Like they told me all my life, you want to learn the hard way. Good luck socialists and parasites which you both when the host does, taxpayers, capitalists.

#164 not 1st on 08.19.20 at 7:31 pm

@#21 Faron.
“If all of this means more taxes, I couldn’t care less. I make way more money than I need ”

That’s a seriously uneducated and naïve comment.

Myself and many others are not going to pay people to just exist. If you cant find a job or don’t want to work then you should be forced into public service to earn your keep in this society.

Lots of charity work to be done, WE looking for indoctrinated drones. We could use some patrols up north to make sure the Chinese don’t take over the arctic or closer to home, lots of graffiti and garbage in the ditch.

That’s the only way I would support UBI is that people on it need to give back in other ways that don’t involve paid work.

#165 Nonplused on 08.19.20 at 7:32 pm

#18 Matt

Wow. I assume you are a liberal arts major?

By your logic who knew? The solution to everything is to borrow even more money!

Or maybe your post was sarcastic and it went over my head?

#166 Bezengy on 08.19.20 at 7:36 pm

Doug Ford comments on Chrystia Freeland

“I think it’s great because we need money and I can talk to Chrystia, for instance we need money for the TTC”

Does this idiot realize how insulting this is to Ontarians not residing in the greatest city on the planet?

————————-

#173 Do we have all the facts on 08.18.20 at 9:57 am
In 2020 the owner of a home assessed at $1,000,000 in the City of Toronto pays only $6,000 in property taxes.
In Peterborough where I live a home assessed at $500,000 would be required to pay $7,000 in property taxes.

————

It’s over $9000 in Timmins for a $500000 house.

http://www.timmins.ca/our_services/finance/municipal_property_tax_calculator

———————

Dougie….Just tell John “show me the money” Tory to increase Toronto taxes by 100%. They’ll still be paying less than half that of of Timmins where the poor souls earn their living 2 miles underground.

#167 Yuus bin Haad on 08.19.20 at 7:36 pm

I hate it when this happens. Chatting with Chrissy a few weeks ago, I let it be known that I thought Twinkletoes (she knows we’re close) was a bit misinformed when he said, “we took on debt so you didn’t have too”. “I gave him that one”, said she. Ouch! (and I just slinked away quietly)

#168 tccontrarian on 08.19.20 at 7:36 pm

#36 Winterpeg on 08.19.20 at 2:45 pm

Wondering if an increase in the inclusion rate for capital gains will trigger a sell off this fall? When is the best time to sell some positions? The sooner the better?

If announced, it will be retroactive. Too late then to sell. – Garth

———–

Do you think it will be retroactive to all the way back to Jan. 01, 2020? I’ve done a lot of selling, of winners and losers, some of it in anticipation of a higher inclusion rate.

tcc

#169 Out Of Work CEO, Will Travel on 08.19.20 at 7:41 pm

If tax were applied to financial transactions to bleed the investors, the more damaging result could be folks buying more and more real estate. The GST is less of a concern now as the covid virus has emptied out retail and decimated dining and travel and damaged personal service shops. It seems the covid virus is bleeding the economy to the point there is less and less for the government to crowd out.

#170 Heather on 08.19.20 at 7:46 pm

I think it’s time I liquidated everything and hide the cash and live like I am poverty stricken. Maybe get some debt but I wouldn’t be able to invest the borrowed money because of that transaction fee. I don’t like that option but it seems like the only one available to avoid this crap.
Got any ideas, Garth?

#171 kingston boy on 08.19.20 at 7:50 pm

@#153 Frank Sanjo on 08.19.20 at 7:11 pm
Just to warn everybody when you hear the words build back better it is a UN policy statement and is used by all Liberals, NDP, Greens, Democrats, Labour party etc. lefties, socialists with the UN.

They mean destroy the economy, society and build it the way they want. Canadians are really poorly educated and no very smart. I am 39 years old now and voted for over 20 years always Conservative and never Liberals, NDP, Green Party etc. I figured this crap out by my 25th birthday. Wake up, you are all going to be socialist salves. They will tell you what to do, when to do it and with and why you can do it.

You thought you young Canadians that your parents telling you what to do in your teenage years, they are angels compared to these evil people, UN, globalists etc. Trudeau and China Communist Party are the biggest ones that will destroy Canada.

lol

#172 Nonplused on 08.19.20 at 7:50 pm

#91 A Dollar is a Dollar is a Dollar on 08.19.20 at 4:41 pm
Q: Should we treat men better than women?

Q: Should we treat white people better than black people?

Q: Then why treat any dollars earned better than others through preferential tax treatment?

Tax them all equally.

It’s not the old days on some plantation, people.

It’s 2020.

————————————-

I’ll maybe go along with a capital gains tax on primary residences so long as I can deduct my mortgage interest, depreciation on cars, appliances, computers and other electronics, renovations and maintenance, realty fees, etc. It costs a lot of money to get that “free” capital gain.

#173 ain't life rand on 08.19.20 at 7:56 pm

How are you miserable old coots doing this eve?

Why are you using multiple screen names? – Garth

#174 Ponzius Pilatus on 08.19.20 at 8:05 pm

I for one am open for a progressive agenda for the future of Canada.
What are people here afraid of? JT is going to prepare a plan for the future, present it to Parliament and if it is rejected, voila Election.
And you can then vote to your hearts content.
It’s what they call Democracy, not perfect, but better than anything out there.
What really worries me, is the shitshow that’s happening in the States.
This could sent the whole world spinning into a crises, right in the middle of the 2nd wave.

#175 Mattl on 08.19.20 at 8:05 pm

#148

Nice try. The Libs greased you the past 4 years and you are hooked on the gov’t cheese. Our course you are voting for them, their policies are an economic gold mine for families like yours.

If it makes you feel better to justify it the way you are, thats cool. But like Millions of others you will vote for them because they are paying you to do so. Just own it man, your next vehicle depends on this election. Cons win, 2002 f250. Libs win, 2018 F350. Easy call.

#176 No Fun Jim on 08.19.20 at 8:13 pm

Thanks Boomer Bill. I hear what you are saying and understand, but I’m not sure you understand my point. I have a lot of money, also stocks, bonds, pension, two homes one here and one in another country and I could do just about anything I wanted, within reason, but I can’t seem to part with the money. I can’t seem to let go and enjoy the money I’ve earned. Sure I can spend on necessities but anything above that, I just can’t seem to do it, I feel like it’s wasting money. I guess I feel a bit jealous of how some people seem to go through life with a type of reckless abandon not worried about tomorrow, spending without a care. I know it’s messed up and I am sure many people would envy my bank accounts but always saving for a rainy day has made me so frugal that I look at others and wonder if the way they were brought up is what society rewards. I think if there was a diagnosis for my condition it was that I was the child of a poor immigrant father.

#177 IHCTD9 on 08.19.20 at 8:15 pm

#21 Faron on 08.19.20 at 2:17 pm

Those block quotes are fresh air in the stuffy rooms full of 60 something overweight white guys complaining against them (i.e. being greedy AF).
—- —-

Just when a guy starts down the road to some reasonable posts – this happens.

Well, I hope your pathological guilt complex flare-up has subsided, and that you are now feeling more… uh, innocent.

Oh, and kudos on agreeing to pay more taxes, everyone here at the bunker complex gives you their thanks in advance. I am cognizant that money doesn’t just fall from the sky, and dudes like you are the grease that keeps the ‘ol social justice wheels in motion. I’ll likely be voting Trudeau, just to help things along, no need to thank me – it’s the least I can do homie!

Again, we all appreciate it – oh, I almost forgot: Bill at the local YAMAHA dealership also sends his regards.

#178 Ponzius Pilatus on 08.19.20 at 8:29 pm

#1 fly all
I said it before. We have front seats to watch the birth of Socialism in Canada.
Doctors will head south in droves.
—————————-
Sure, they will!
https://www.beckershospitalreview.com/finance/12-hospitals-laying-off-workers-in-response-to-covid-19.html

#179 Sail Away on 08.19.20 at 8:34 pm

Well, my company has turned a tidy profit this year thanks partly to govvie pogey as well as being perfectly situated for open tap govt projects.

August is our end of financial year and the dilemma is retaining v. dividend. Hmmmm… I always hate giving half away in taxes.

#180 Peppe Sue on 08.19.20 at 8:35 pm

How soon can we expect UBI will be proposed/implemented, if ever?

#181 Deano on 08.19.20 at 8:37 pm

Oh Garth, you’re being a Dino buddy. Freeland sees things for what they are, but is a realist. She’s the only decent move Trudeau has made.

#182 IHCTD9 on 08.19.20 at 8:42 pm

#175 Mattl on 08.19.20 at 8:05 pm
#148

Nice try. The Libs greased you the past 4 years and you are hooked on the gov’t cheese. Our course you are voting for them, their policies are an economic gold mine for families like yours.

If it makes you feel better to justify it the way you are, thats cool. But like Millions of others you will vote for them because they are paying you to do so. Just own it man, your next vehicle depends on this election. Cons win, 2002 f250. Libs win, 2018 F350. Easy call.
— —

LOL! I’ve ripped Trudeau so many virtual new ones here on this blog that he’d be invisible right now if they were real ones. I haven’t voted Lib since Chrétien.

I think you’re just having a little trouble understanding my posts. That’s cool, you’re not the first. You see, I like to rub a little salt from time to time. I’m the last guy that needs a 5 figure tax return, or thousands in CCB payments every year, but I get them anyway (point #1).

I am only one of hundreds of thousands of Canadians getting huge govy cash for no reason. If you’re a T2 fan, let me know and I’ll keep bringing it up. I know of a single Mom getting over 50k tax free between her ex and Trudeau. Ask me for details (point #2).

Here’s the reality:

Libs win: 2020 F350 Platinum
Cons win 2020 F350 Platinum

The only difference is who’s paying for it, you or me. If you vote Trudeau, hey – my sincerest thanks! (Point #3)

#183 BS on 08.19.20 at 8:43 pm

137 Gregor Samsa on 08.19.20 at 6:21 pm

It’s all lining up for a deal between Trudeau and the NDP. Trudeau will offer up enough “free stuff” so the NDP can claim some major victory to their deluded supporters and Trudeau stays in power for the full mandate.

I think where people are wrong is fearing new taxes. There will be little direct taxation. People still get mad about that. But what governments have figured out is that if you print money, devalue your currency, and hold interest rates at zero (or negative), the people don’t even bat an eye! They go from paying $2 for a dozen eggs to $10 and just shrug. The cause and effect is all beyond them. So this is where Trudeau’s handlers will go. More spending, lower rates, more immigration (helps dilute the debt), screw the future.

100% correct. They will print and like boiling the frog people will not notice until it is too late.

In the past 20 years printing money has increased the wealth divide. The rich have their money invested which goes up with money printing (look at the last 5 months or 12 years) and the poor live pay cheque to pay cheque with their wages increasing at a fraction of investment assets.

These lefties will accomplish the opposite of what they are trying to achieve (assuming they really care about income equality). The rich will get richer and the poor will lose purchasing power with their pay cheque, pension or government hand out. Essentially money printing it is taxing the poor. The wealthy will continue to become wealthier with their assets and investments increasing with the money printing. Wages, pensions and government hand outs will remain stagnant at best.

#184 Bytor the Snow Dog on 08.19.20 at 8:44 pm

#81 Yukon Elvis on 08.19.20 at 4:36 pm sez:

“Let’s not kid ourselves Spock. Free stuff will get the Libs re-elected with a majority. Kirk out.”
———————————————
Bones re: red shirted recently beamed down to the surface security officer Canada:

“He’s dead Jim”.

#185 dogwhistle on 08.19.20 at 8:50 pm

#120 TalkingPie on 08.19.20 at 5:41 pm

I’m not exactly pleased with current political events either, but I’m pretty sure that “#metoo” doesn’t mean what you think it means.

——————————————————

Well, how feminist is it to deny that a couple can run a business together and it makes them suspicious?

How feminist is it to shove a female mp?

How feminist is it to grope a student whilst wearing black face?

How feminist is it to dump a minister during the SNC scandal?

How feminist is it to sell weapons to ‘sunni ways”
Saudi Arabia?

He talks a lot, but ‘produces’ nothing. At least he hasn’t done a cartwheel behind the Queen yet…

#186 CRA Website Is Working on 08.19.20 at 8:56 pm

Just noticed that the CRA Login is back in business again. When I logged into My Accounts : Personal Profile , the Address and Phone Numbers, Direct Deposit and Authorized Representatives columns indicate that “Information Is Unavailable At This Time ” . Has anyone else noticed the same under Personal Profile ? Aside from that everything looks in order.

#187 it cant happen here! on 08.19.20 at 9:00 pm

T2 is a vaccine salesman. Maybe we should cut out the middle man and just mail our tax payments to GSK, Gavi, Baxter etc

https://www.skynews.com.au/details/_6182679341001

#188 Alex on 08.19.20 at 9:00 pm

Just a comment about how anyone barely making ends meet is somehow at fault and responsible for existing pay Inequality. Bay street boys had all these years to try to help and lift people of poverty. Why so surprised when social justice calls become louder? Maybe give a chance to a different way of doing things? We already saw what happens with a know it all man type in charge.

#189 Drill Baby Drill on 08.19.20 at 9:02 pm

Freeland is Trudeau’s number 1 Yes Woman. She will not survive this about to come true Tax grab. This tax grab will be epic in it’s scope. Canada please vote with your brain on this. Trudeau makes a fence post look like a Mensa candidate.

#190 45north on 08.19.20 at 9:09 pm

nonplused

It reminds me of a short story I was forced to read in high school about a future where making sure everyone was “equal” got to the point that the people with 20/20 vision had to wear glasses that made them “average” and talented athletes had to wear weight belts. Smart people had to wear earphones that interrupted their train of thought.

I remember the same story. Author and title?

#191 ts on 08.19.20 at 9:09 pm

That’s one of the sweetest pictures I’ve seen in a long time. Too bad tonight’s post is so depressing and scary.

#192 John on 08.19.20 at 9:17 pm

Maybe with more and more of the WE Charity scandal being exposed, he thinks he will take a big gamble and make some drastic changes to appeal to the left. Either the gamble pays off and he gets re-elected by the freebie-dependent people or he will go out with a bang. He is proud to have inherited the “just watch me” gene. Besides, this legacy might gain him some global career opportunities from certain groups.

#193 Sara on 08.19.20 at 9:26 pm

#28 MF “Get rid of the capital gains exemption on real estate. It’s created a monster and is a huge store of ill-got gains.”

Indeed. And I suspect at least some of the 70% of Canadians who are home owners (and have made out like bandits), would agree with you.

Many have adult kids who can’t afford to buy houses and aren’t producing grand babies. If a capital gains tax of some sort on housing were to cause prices to lower a bit, that would be good for the kids.

#194 Idiocy on 08.19.20 at 9:26 pm

The Liberals planned policies will indebt Canada and implement social programs whose effects will be economically devastating if the financially illiterate citizens vote in this government.

If so voted in, the citizens will have unwittingly cemented socialism and their attendant enslavement as their future.

If this government is not defeated before these egregious policies are enacted, Canada as a thriving democracy will cease to exist.

This is not an alarmist prophesy , it is a mathematical certainty.

#195 TurnerNation on 08.19.20 at 9:32 pm

How’s everybody liking the New System?
Tight timelines huh.
Bye-bye Bill one day. The next day they drop a news release with the next part of the rollout.

The prison rules are not going away.
Loblaws has a cop at the door. Dollarama has their burly security guard.
Entrance allowed only once you’ve submitted.
You will stand on your mark. You will stand six feet apart. You will wear your Freedom Mask.
You. Will. Submit.

Some say the plan is that we become upset with our local leaders that we may welcome the new UN global government with open arms – once that is revealed.
Not now. 2022-23. Timelines.

#196 Bill on 08.19.20 at 9:35 pm

#176 No Fun Jim
————
NFJ you and i feel the exact same..
People are crazy thats why Garth has to educate.
Im a simple man started poor was frugal….time is the most important factor and it always runs out…oh ya bust your ass.
I could buy 5 Teslas for cash tomorrow but i drive a Leaf…bought it second hand. That’s why peeps cant make it a month…
It OK because T2 rewards failure as always…If id have known i would have sat playing video games smokin weed.
Its the $hits cause their going to try and steal and reditribute my lifes work to idiots.
Its now finacial warfare for me…..Id rather burn my stuff than have them socialize it.
Im hiding stuff now…..

#197 Boomer Bill on 08.19.20 at 9:43 pm

#176 No Fun Jim on 08.19.20 at 8:13 pm
Thanks Boomer Bill. I hear what you are saying and understand, but I’m not sure you understand my point. I have a lot of money, also stocks, bonds, pension, two homes one here and one in another country and I could do just about anything I wanted, within reason, but I can’t seem to part with the money. I can’t seem to let go and enjoy the money I’ve earned. Sure I can spend on necessities but anything above that, I just can’t seem to do it, I feel like it’s wasting money. I guess I feel a bit jealous of how some people seem to go through life with a type of reckless abandon not worried about tomorrow, spending without a care. I know it’s messed up and I am sure many people would envy my bank accounts but always saving for a rainy day has made me so frugal that I look at others and wonder if the way they were brought up is what society rewards. I think if there was a diagnosis for my condition it was that I was the child of a poor immigrant father.
——————————————————–

You are welcome and let me tell you that I also am the child of immigrants. My dad’s family came to Canada just after WWII. My parents were very frugal, never wasted a dime. I realized it wasn’t worth it to go through life that way. You have done your part and are financially secure. You have to take the next step and realize that life is to be enjoyed as well. I couldn’t enjoy life as I do if I hadn’t done the necessary groundwork and sacrifice initially but unlike my parents and most of their generation, I realized that there comes a time when you have to enjoy your money as well. I have nothing but great memories of incredible family vacations in Europe and around the world in the finest hotels, great restaurants, museums, theaters and beaches. Those will never leave me nor my adult children. You can’t go back in time and you can’t take it with you. I have seen so many people including my own late parents go to their graves being frugal to the last day. For what? To leave a big inheritance for their descendants? I am not proposing you blow it all, by no means. Start enjoying it, you’ve earned it. You will still have a comfortable nest egg and know that you have also enjoyed the fruits of your labour. Only you can make that choice…

#198 David Heyman on 08.19.20 at 9:44 pm

Please watch this video of my play about the corrupting power of political ambition. https://youtu.be/h8NXRUXkJpo

#199 Dog Breath on 08.19.20 at 9:50 pm

Come on folks, when they tell you to ware a mask, you do what you’re told and ware a mask. When they tell you to take the vaccine , you take the vaccine. When they tell you to submit to covid tracking on your cell phone , you submit to covid tracking on your cell phone. When they tell you to get into the box cars, you get into the bloody box cars. Don’t cause any trouble.

#200 meslippery on 08.19.20 at 9:53 pm

He also said he had full confidence in Morneau days before he punted him. He said the budget would balance itself and deficits were temporary, then almost doubled the debt. He said WE didn’t pay his family, until the charity admitted it had. He said he did not interfere with Lavalin, before it was proven he did. So go ahead and believe him this time. – Garth
————
Whats worse is he will still get lots of votes maybe even win. You never would have thought Trump would have won. So lets look at the real problem. Rich powerful people shafting poor people (Middle class) so they vote for these snake oil salesmen because they promise hope.
How you ask globalization / out sourcing /loss of union power.
We had problems in the 80s but you could find a job and get ahead. All you needed was a strong work ethic and a grade 10 education.

#201 Doug t on 08.19.20 at 9:55 pm

CF will live the life of luxury while the rest of the country pays for it – her ego is waaaaay to large to allow herself anything less

#202 Dumb Wealth on 08.19.20 at 9:59 pm

There’s no such thing as a free lunch.

If we could just print money and hand it out we would have done so thousands of years ago. Every great empire died partly because of financial excesses that resulted in currency debasement. It’s the dying political breath. The death rattle of prosperity.

#203 The real Kip (Ret) on 08.19.20 at 10:00 pm

“#89 Don Guillermo on 08.19.20 at 4:40 pm
#71 The real Kip (Ret) on 08.19.20 at 4:03 pm
It’s 38C in British Columbia today. We need a hard reset. We are walking dinosaurs

********************************************
I was born 68 years ago from tomorrow in the West Kootenays. My parents said it was well over 100 deg F that day. I guess we were walking dinosaurs then as well.”
***************

Yep, glad you understand.

#204 William R Drury on 08.19.20 at 10:02 pm

Financial assets have rebounded to pre downturn highs?
I don’t think sooo. Banks in general are 20-23% down. If
the major 6 banks are still down where do you get your rosy economy?

#205 Idiocy on 08.19.20 at 10:06 pm

to comment # 107 Do we have all the facts

” Very little property is owned by our Federal government”

They (the Crown) owns all the land in Canada.

What is commonly referred to as “ownership” of land in Canada is in fact the possession of certain defined rights to the use of that land.

And those rights are mutable – meaning they can be changed at the discretion of the Crown.

That is why you cannot build a subdivision on a farm zoned as agricultural land, nor can you just start a mining operation on ‘your land’.

You never truly own the ‘dirt’ in Canada.
There is no TRUE freehold land in Canada.

Go ask a real estate lawyer if you don’t believe me.

#206 Ponzius Pilatus on 08.19.20 at 10:08 pm

If you wanna know how CF will run the country, check out Prime Minister of New Zealand.
Tough as nails.

#207 Your Buddy on 08.19.20 at 10:15 pm

#177 IHCTD9 on 08.19.20 at 8:15 pm

“Again, we all appreciate it – oh, I almost forgot: Bill at the local YAMAHA dealership also sends his regardsI.”
—————————————————————

It’s funny when folks like you make a point and don’t even realize the point they are making. All of this government money being thrown around is keeping the economy humming. Your YAMAHA dealer and every other business truly does appreciate the aggregate demand created by the wonderful government money. You don’t see the connection it seems. The $350 billion is being circulated throughout the economy. It is not vanishing into a black hole except in that black hole that exists between your ears…:)

#208 Stratovarious on 08.19.20 at 10:19 pm

Frankly, the Central Banks and many “investment advisors” (Buy the Dip) are completely responsible for the upcoming tsunami in wealth taxes. And comrade Chrystia is not alone in soaking the rich. Just look at Bernie Sanders proposal in the US Senate, which would levy a tax on all billionaires who profited on equity once the Fed began injecting liquidity into the “system” (Bezos, Musk, Cook, et al). Or look at the State of California, which now has a pending proposal to directly tax any resident (including residents who left the state within the last ten years!) on wealth above $30M.

The common genesis of all of these ideas is that Wall Street (and Bay Street) are at new record highs, whereas Main Street is struggling to pay the rent. Perhaps you heard that there was a dislocation between the markets and masses?

Absolutely no sane investor would agree with the thesis that stocks should be valued at around 175% of GDP (a new record high, thank you very much), at the same time that the unemployment rate is >10%, a pandemic is killing small business and travel, a trade war between the US and China is escalating (TikTok), and there is no clarity when any of this will be resolved.

One of the most egregious examples of CB welfare for the rich is the Fed buying Apple bonds, which are issued so that Apple can use borrowed money to buy back stock, thus increasing the stock to a new record ($2 Trillion Market Cap as of today), allowing Tim Cook to buy a new yacht. Explain to me how the Federal Reserve buying Apple bonds helps the dude on Main Street? It may allow Apple to keep its sweat shops in Asia running at full capacity.

So damn right, pitch forks are coming out of the closet, and the rich will now have to pay for being bailed out by Jerome Powell and friends. In the end, the rich in both the US and Canada will feel better understanding how the common women lives day-to-day. As the COVID meme says, “We are All In This Together!” And thanks to T2 and America’s new Socialist party (now run by AOC), you will wish that markets traded based on fundamentals, not artificial stimulus.

#209 willworkforpickles on 08.19.20 at 10:22 pm

Trump , Biden , doesn’t matter. We are barreling headlong for disaster because most do not see the big picture.
Been watching the lovefest on CNN for Biden. He is no nation savior. Not even remotely close to one. And so the decade of deceit duplicity and deception begins.

#210 Bark on 08.19.20 at 10:42 pm

#21 Don’t forget fat shaming. Standards for thee but not for me.

#190 Harrison Bergeron. Great movie and book.

#211 George S on 08.19.20 at 10:44 pm

#166 Bezengy on 08.19.20 at 7:36 pm
Property tax is calculated as a percentage of the value of a property in a given city and cannot be simply compared because the value of similar properties are often vastly different depending on where they are located. From what I have been reading a $1M property in Toronto is not the same as a $1M property in Thunder Bay and its tax bill would be much lower in Toronto because it is on the low end of property values whereas a $1M property in Thunder Bay would be a relatively high valued property thereby having a much higher tax bill.

The only way you can legitimately compare property taxes is to compare the tax bills for the average priced properties in each city. Also some cities may have a larger portion of their property taxes as education tax depending on the philosophy of the city council.

One way that many countries pay for their things is to have a much higher consumption tax than we do in Canada. I think Norway has a 25% VAT (same as GST only hidden in the prices of stuff) Most European countries are similar, Greece was 27% when we were there.

#212 fishman on 08.19.20 at 10:51 pm

Lots of “No Fun Jims” in Garthland Jim. If you want to live longer & have fun doing it, you gotta develop a keen interest, a passion.
Anything, golf, bird watching, collecting 303 Lee Enfields,running a blog, chess, exploring the North Pacific. Once you got the passion you can take it to whatever level that you can afford. When your into your passion your now a player. An interesting person in your field. People will be attracted to you. Your passionate pursuit of your passion will give you knowledge. They will want to be around you & learn from you. Good feeling having people look up to you. You get to act devil may care without conceit. Life gets more fun.

#213 Flintabbatey Flonatin on 08.19.20 at 11:11 pm

#26 Well that’s not good on 08.19.20 at 2:21 pm

Being a young person in my late 20’s reading these possible changes presents the idea that ambition and motivation in the future will be ill spent in Canada. If we are taxed right and left why not just move to KELOWNA and live under a tree in a park while collecting money from the government?

———————————————————–

For heaven’s sakes, don’t give them any ideas. Do you know how many of them I already have to trip over when I’m towing my 27′ speed boat down to the marina in my gas-guzzling SUV?

Please keep your bright ideas to yourself. This is my world … find your own paradise!

#214 DON on 08.19.20 at 11:17 pm

We have reached record debt levels…and some think that there will be no consequences based soley on recency thinking.

The farther you go back in history, the more you will find that things repeat. Be it different circumstances, but similar outcomes especially when human nature is involved.

To think that we have escaped the consquences while the event is still unfolding is happy path recency thinking. Very easy to get carried away by herd mentality when the truth is worrisome.

Much like the CRA, Consequences have no statue of limitation.

The media has officially turned a corner on investigative journalism. Now actors try to look the part while repeating a story that isn’t well researched bu any measure.

How do you turn the CERB off? What will people do? Why didn’t all the jobs return? What will happen as we approach the flu season in the Northern Hemisphere?

Fear is already baked in the minds of most and caution in the mind of others to varying degrees.

Covid was supposed to be over by July. The shortest pendemic in history?

#215 Lorne on 08.19.20 at 11:21 pm

“A majority of Canadians elected our current Prime Minister.” Untrue, The Liberals received 33% of the votes in 2019, which means 67% of electors made another choice. By the way, the Conservatives garnered 34.3% of the ballots – more than Mr. Trudeau. Let’s not rewrite history. — Garth
……..
Perhaps a good reason to support Proportional Representation.

#216 OK, Doomer on 08.19.20 at 11:24 pm

Am I the only one who can see the elephant in the room? Harper prorogued parliament to stop the Libs and NDP from forcing an election six weeks after we just had one. Agree or disagree, the issue was on providing stability.

Trudeau prorogued parliament to shut down investigations into a scandal of his own making. The prorogue itself should be grounds for his removal.

#217 Cut it Out on 08.20.20 at 12:16 am

UBI is a perfect political tool. Trudeau can import as many votes as he likes and never have to provide employment for them. George Soros will be dancing through this. We let our own “ niceness” destroy ourselves by developing laws for our benefit and allowing non citizens use them against us, brilliant.

#218 DON on 08.20.20 at 12:24 am

144 ABK on 08.19.20 at 6:40 pm
#98…Chris

Of course the NDP will prop up the Liberals in September since the “new” Trudeau plan will contain both some form of a UBI and a program to move toward universal Pharmacare. Just watch!
**********
add in free dental care and a new coalition will form…The Liberal Democrats….the Democratic Liberals doesn’t sound right.

#219 crowdedelevatorfartz on 08.20.20 at 12:30 am

@#185 dogwhistle
“He talks a lot, but ‘produces’ nothing. At least he hasn’t done a cartwheel behind the Queen yet…”
++++

As much as I would love to see our current PM do a cartwheel……
I believe his father did a “pirouette” behind the Queen’s back.

https://globalnews.ca/video/2335863/justin-trudeau-to-meet-queen-38-years-after-his-fathers-infamous-pirouette

She was not amused.

But Daddy was on his way out and he knew it so….he didnt care.

But your other points were well said.

#220 Leo Trollstoy on 08.20.20 at 12:34 am

UBI in 2021?

#221 crowdedelevatorfartz on 08.20.20 at 12:41 am

@#188 Alexis
“Just a comment about how anyone barely making ends meet is somehow at fault and responsible for existing pay Inequality. Bay street boys had all these years to try to help and lift people of poverty. Why so surprised when social justice calls become louder? Maybe give a chance to a different way of doing things? We already saw what happens with a know it all man type in charge.

++++

Let me guess, you borrowed 50k for that uni “education” and hate being a barrista.

“Barely making ends meet”.
Sooooo you spend more than you make.

“Bay Street Boys lifting you out of poverty”
Sooooo you assume it will be the Bay Street Boys paying for you to sit at home on the mythical UBI?
Try again.
Taxes wont hurt the rich like Trudeau…..just the middle(soon to be lower) class.

“Social Justice”
Sooooo that’s what we’re calling government confiscation of assets now?

“A know it all man type”
Sooooo , I’m assuming you’re not a man?

Ok.
Try avoiding tattoo and piercing shops for at least a month. That should save you a coupla hun per month.
Then.
Check the “tude” and apply for a real job when the CERB runs out.
Last,
50% of the pop is male. Get over it.

#222 NSNG on 08.20.20 at 12:46 am

#190 45north on 08.19.20 at 9:09 pm

I remember the same story. Author and title?

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

Vonnegut, Harrison Bergeron

https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxtc3JlZG1hbmVuZ2xpc2h8Z3g6MjdlZjYzZmNmMjFjMjgxZA

#223 Dr V on 08.20.20 at 12:49 am

43 Elgato ” I think if the UBI is means tested …”

The ‘U’ stands for universal. No means test. Just added to income. That’s the ‘I’ part.

#224 view on 08.20.20 at 12:50 am

Well that’s not good on 08.19.20 at 2:21 pm
Being a young person in my late 20’s reading these possible changes presents the idea that ambition and motivation in the future will be ill spent in Canada. If we are taxed right and left why not just move to kelowna and live under a tree in a park while collecting money from the government?

#27 Hmmm on 08.19.20 at 2:23 pm
I don’t know, it seems like the irresponsible are winning. In over your head – don’t worry JT will save you. I feel like the pay-check to pay-check over-spenders are the real winners – constantly getting bailed out and looks like the party is going to continue for them…

So what is the reason to invest and save?? Why bother is the question? I think that Porsche looks so HOT!!

#225 Al on 08.20.20 at 1:32 am

If she follows through on any of this speculation, its looking like Bahama / Chateau Bill left, at least in part, because of much simpler personal reasons. T2 was contemplating changes that may negatively affect his and his family, friends massive wealth. At least he got an insider heads up so he and his friends and family can arrange their affairs. Perks of the job. Like you said , pension, pft.. Only the proles think such things have value at his level.

#226 joe on 08.20.20 at 1:33 am

The Liberals have to watch their backs…..if they radicalize and gouge too much, the Conservatives will have the moving vans rolling on Capital Hill.

#227 Howard on 08.20.20 at 3:25 am

https://www.forbes.com/sites/robertwood/2020/08/17/california-proposes-168-income-tax-rate-plus-4-wealth-tax/#1000aa8a19a6

A summary of the bill says, “AB 2088 establishes a first-in-the-nation net worth tax, setting a 0.4% tax rate on all net worth above $30 million.” California Assembly member Rob Bonta, D-Oakland, proposed the legislation. The tax would be applied to the net worth of about 30,400 Californians, “raising approximately $7.5 billion annually,” the summary claims. “The tax takes into account all assets and liabilities held by an individual, globally, capturing the immense levels of accumulated wealth held by the top 0.1% of Californians.”

#228 Nonplused on 08.20.20 at 3:35 am

#190 45north on 08.19.20 at 9:09 pm
nonplused

It reminds me of a short story I was forced to read in high school about a future where making sure everyone was “equal” got to the point that the people with 20/20 vision had to wear glasses that made them “average” and talented athletes had to wear weight belts. Smart people had to wear earphones that interrupted their train of thought.

I remember the same story. Author and title?

————————–

Sorry, high school was a long time ago and I am sure as with 1984 and Animal Farm it is not on the reading list anymore.

“All animals are equal. But some are more equal than others.”

#229 under the radar on 08.20.20 at 5:06 am

#143 none of us gets a second chance. I take advantage of my good fortune without being reckless. Sad , not being able to enjoy what money can do.

#230 Josh on 08.20.20 at 5:36 am

UBI=Universal Basic Idiots. GAI=Guaranteed Annual Idiots.

#231 Henry Scotts on 08.20.20 at 6:16 am

Just call it what it is a death tax. It is a tax which is the most sneaky and creepy of all taxes kicking people when they are not only down but can’t get up because they have died. The government is profiting from your death.

When the McGuinty, Sorbara Ontario Liberals put the HST on funerals and cemetary expenses back in 2010 which is 8% that is a smaller version of a death tax. The average plot and funeral expenses paid by most in Ontario was about $20,000 back in the mid 2010 so a $1,600 death tax applies.

A tax that is paid when somebody dies is a de facto death tax. It is just that simple. What is next a death tax when you die in a hospital, nursing home, retirement home etc. It is sick, creepy and sneaky. All those idiots that think they will not be impacted by a death tax, they will find a way to screw you too on your death bed.

#232 Trudi Woods on 08.20.20 at 6:19 am

Well it should be effing painful…resting on your laurels of sucess is not a brillant plan…quite frankly you. Mr. Turner Turner have alot of …those…and being the intelligent guy you are…know it. In these times petty politics makes me want to throw up…you are not in that group…I have been an observer of your commitment to fiscal resposibility for decades…

#233 Tina Longworth on 08.20.20 at 6:27 am

I hope trump puts a bunch on new tariffs, taxes on Trudeau’s Canada. I love it when he taxes Canada when the Liberals are in power. Since Trudeau Liberals like taxing alot of Canadians he should not mine.

#234 Howard on 08.20.20 at 6:35 am

#216 OK, Doomer on 08.19.20 at 11:24 pm
Am I the only one who can see the elephant in the room? Harper prorogued parliament to stop the Libs and NDP from forcing an election six weeks after we just had one. Agree or disagree, the issue was on providing stability.

————————————–

Not quite. The Liberals and NDP were going to defeat the minority Conservative government and then form their own, supported up by the Bloc. Not a desirable outcome but perfectly legitimate in a minority Parliament. Don’t forget that after an election that produces a minority situation, it is up to the parties to secure the support of the House. The party that won the most seats (in 2008, the Conservatives) is given the first attempt. If the largest party is unable to secure that support, the smaller parties are given the opportunity to form a working majority amongst themselves. No election would be required, certainly not 6 weeks after the previous vote.

Harper proroguing Parliament in order to prevent a perfectly Constitutional action was the low point of his leadership, in my opinion.

#235 BlogDog123 on 08.20.20 at 7:09 am

A 20-something slacker thought bubble:

UBI sounds great. Now I can live in a tent all summer, smoke some weed, do what I want. No more fast food job for me, with that annoying manager telling me when I have to work. Stuff that! Me and my friends can just travel the country, knowing that gov’t cheque is coming… Next I’ll be couch-surfing when the weather gets cold…

Let those motivated, productive people carry the freight.

#236 akashic record on 08.20.20 at 7:10 am

#206 Ponzius Pilatus on 08.19.20 at 10:08 pm

If you wanna know how CF will run the country, check out Prime Minister of New Zealand.
Tough as nails.

I prefer making sense, wisdom, and other virtues to tough as nails when it comes to a leader of a country. Tough as nails leaders run the worst anti-democratic regimes even in recent history and today.

#237 Mio on 08.20.20 at 7:31 am

Trudeau #1 started to ruin the place, now Trudeau #2 will finish it off. Quite a family legacy!

#238 cto on 08.20.20 at 7:33 am

Iv asked this question before but ill ask again.
Does T2 believe in Modern Monetary Theory?

Maybe you have an answer Garth?

#239 akashic record on 08.20.20 at 8:09 am

#238 cto on 08.20.20 at 7:33 am

Iv asked this question before but ill ask again.
Does T2 believe in Modern Monetary Theory?

Good luck getting a yes or no answer from him.

He probably believes in whatever his handlers tell him that can keep him in power. I don’t have the impression that he has an appetite to digest theories in depth.

#240 Howard on 08.20.20 at 8:13 am

#236 akashic record on 08.20.20 at 7:10 am
#206 Ponzius Pilatus on 08.19.20 at 10:08 pm

If you wanna know how CF will run the country, check out Prime Minister of New Zealand.
Tough as nails.

I prefer making sense, wisdom, and other virtues to tough as nails when it comes to a leader of a country. Tough as nails leaders run the worst anti-democratic regimes even in recent history and today.

——————————

Jacinda Ardern in New Zealand banned foreigners from purchasing New Zealand real estate. I think an exception was made for new-build condo units but aside from that, New Zealand homes are now solely for New Zealanders.

If the Liberals brought in a “Canadian homes for Canadians” policy that banned foreign buying I might be willing to forgive the fact that this government has so far been the worst in Canadian history.

As real estate prices here are set by the 98% of buyers who are domestic, there would be zero positive impact. And you could expect reciprocal moves by the US, seriously affecting hundreds of thousands, perhaps a few million, Canadians. Bad, uniformed, juvenile opinion. – Garth

#241 Chris Zapien on 08.20.20 at 8:15 am

I don’t see any point in saving and investing one’s life savings anymore. Also, not adding to it anymore. I think the best thing all savers and investors can do is just leave the money alone giving no interest, no dividends, no capital gains, no profit at all.

This way all the tax Trudeau and company would collect would be lost in the tens of billions of dollars a year. What is the point anymore of playing their money game.

#242 crowdedelevatorfartz on 08.20.20 at 8:22 am

@#235 Blog Dog 123
“Now I can live in a tent all summer, smoke some weed, do what I want. No more fast food job for me, with that annoying manager telling me when I have to work. Stuff that! Me and my friends can just travel the country, knowing that gov’t cheque is coming… Next I’ll be couch-surfing when the weather gets cold…”

++++

I think Sean Penn nailed it almost 40 years ago

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

#243 Do we have all the facts on 08.20.20 at 8:23 am

Might I suggest that all supporters of a universal basic income read Section 94 of the Canadian Constitution. This was the section that was used to establish an Old Age Security program funded by the Federal government.

Any attempt by the Federal government to establish legislative control over the property or civil rights of Canadian citizens must receive the consent of Provincial legislatures before taking effect.

In the past the Province of Quebec has traditionally refused to grant unlimited spending power to the Federal government and has retained the authority to collect Provincial income taxes and to operate their own pension plan.

It seems more than likely that any attempt by the Federal government to adopt a UBI program would be challenged by Quebec and possibly Alberta. The impact of UBI on Canada Social Transfer payments to all Provinces remains to be discussed.

Pierre Trudeau was a staunch Federalist and attempts by Justin Trudeau to continue the quest for unlimited Federal funding powers for all areas set out as the legislative responsibility of Provincial governments in Section 92 of the Constitution will not go unchallenged.

Most Provinces are dedicated to expanding their economies and creating employment not to encouraging their citizens to rely on handouts from the Federal government.

#244 Tater on 08.20.20 at 8:33 am

#238 cto on 08.20.20 at 7:33 am
Iv asked this question before but ill ask again.
Does T2 believe in Modern Monetary Theory?

Maybe you have an answer Garth?
—————————————————————

MMT isn’t something you believe in. It’s an economic theory that says that a government that is a currency issuer can not default on debt in their own currency. That’s pretty much it.

From that, it follows that the only limit to currency issuance is inflation and that governments should spend to the level that maximizes employment while keeping inflation in check.

MMT’s usefulness comes from how closely it’s predictions match the actual outcomes in the world and on that front it’s done far better over the last decade in North America or Europe than the Keynsians or hard money fanatics. And over the last 30 years in Japan there’s no comparison.

#245 Dharma Bum on 08.20.20 at 8:54 am

#59 Ray Skunk

Just hard work, to get to the point where my income is in the top 1% (my first job arriving here with “no Canadian work experience) paid $10/hr.
——————————————————————–

Congratulations!

Now give yourself a pat on the back. Then, shake Trudeau’s hand, and thank him (and his new finance minister) for setting the stage for stealing your hard earned money, and paving the way for the rest of Canadians to be proud, full time welfare bums.

After all, it’s your money and the years of hard work and sacrifice that’s going to fund their new found leisurely lifestyle.

#246 Howard on 08.20.20 at 9:00 am

As real estate prices here are set by the 98% of buyers who are domestic, there would be zero positive impact. And you could expect reciprocal moves by the US, seriously affecting hundreds of thousands, perhaps a few million, Canadians. Bad, uniformed, juvenile opinion. – Garth

———————————

My concern is with hardworking middle class Canadians struggling to buy a family home, not rich Boomers lounging by the pool in Fort Lauderdale.

Is it fairer for the Canadian government to protect the interests of the tiny number of Canadian snowbirds vs the much much larger number of Canadians negatively impacted by foreign sight-unseen buying in the Vancouver and Toronto metro areas representing 1/3 of Canada’s population?

Canadian homes for Canadians please.

There is zero evidence foreign buyers have increased average home values in Canada. People like you are doing that, along with pro-real estate policies such as zero capital gains on residential properties. BTW, a great many Canadian snowbirds are middle-income folks with trailer homes or modest dwellings in the US. Perhaps you should put more care into your posts. – Garth

#247 IHCTD9 on 08.20.20 at 9:02 am

#207 Your Buddy on 08.19.20 at 10:15 pm

It’s funny when folks like you make a point and don’t even realize the point they are making. All of this government money being thrown around is keeping the economy humming. Your YAMAHA dealer and every other business truly does appreciate the aggregate demand created by the wonderful government money. You don’t see the connection it seems. The $350 billion is being circulated throughout the economy. It is not vanishing into a black hole except in that black hole that exists between your ears…:)
___

That sure is good to hear. Sometimes I feel a little guilty contemplating what to do with our child care benefit. The fact is, I just don’t need it to fund my kids, because we planned ahead and budgeted for them.

This revelation that Trudeau actually wants and expects me to spend my Child Care Benefit on a new quad is excellent news!

#248 not 1st on 08.20.20 at 9:05 am

I have a very skewed vision of our parliamentary system. I thought it was set up sort of like a company, PM as CEO, A-team is cabinet, support team in back benches all collaborating daily to enact policy with rigorous discussions and input from each MP.

Nope, its jus the PM sitting in the PMO with his cabal and little to no contact or interaction with his cabinet. When he does it looks like a strongarm operation. Trudeau didn’t even tell his own party that he was shutting down parliament. Like you would think that’s something an MP should know.

#249 Dharma Bum on 08.20.20 at 9:12 am

All of this is leading to a situation which brings to mind some sage words that Garth wrote (on more than one occasion) – and I paraphrase:

Keep a low profile, stay out of sight, and live quietly among the masses.

Lest they come for you and your moolah.

On the bright side, some of this “reset” income and wealth distribution nonsense might be just enough to take the pressure off a possible proletariat revolution that I sense is brewing. So, could be a good move in the grand scheme of things. After all, those with resources that are more than sufficient won’t really be affected other than being angry about the principle of it.

#250 IHCTD9 on 08.20.20 at 9:12 am

#228 Nonplused on 08.20.20 at 3:35 am
#190 45north on 08.19.20 at 9:09 pm
nonplused

It reminds me of a short story I was forced to read in high school about a future where making sure everyone was “equal” got to the point that the people with 20/20 vision had to wear glasses that made them “average” and talented athletes had to wear weight belts. Smart people had to wear earphones that interrupted their train of thought.

I remember the same story. Author and title?

————————–

Sorry, high school was a long time ago and I am sure as with 1984 and Animal Farm it is not on the reading list anymore.

“All animals are equal. But some are more equal than others.”
______

“Harrison Bergeron” by Kurt Vonnegut

#251 Bezengy on 08.20.20 at 9:18 am

211 George S on 08.19.20 at 10:44 pm
#166 Bezengy on 08.19.20 at 7:36 pm

Property tax is calculated as a percentage of the value of a property in a given city and cannot be simply compared because the value of similar properties are often vastly different depending on where they are located.

—————

I don’t believe that for a second. Doug Ford and every other politician knows if you want to get elected as premier of Ontario, you have to appease the Toronto electorate. Hence, our premier’s fixation on Toronto issues. Let’s not forget we sold Ontario hydro and gave the money to the TTC. It’s just votes, nothing else mattters.

#252 IHCTD9 on 08.20.20 at 10:03 am

#193 Sara on 08.19.20 at 9:26 pm
#28 MF “Get rid of the capital gains exemption on real estate. It’s created a monster and is a huge store of ill-got gains.”

Indeed. And I suspect at least some of the 70% of Canadians who are home owners (and have made out like bandits), would agree with you.

Many have adult kids who can’t afford to buy houses and aren’t producing grand babies. If a capital gains tax of some sort on housing were to cause prices to lower a bit, that would be good for the kids.
___

This is the only revenue idea that I like, but you can watch Trudeau not do it. That 70% home ownership number will keep Trudeau the power zealot off it. Too risky, might lose too much voter support.

It’ll be the big urban areas which are loaded with RE radicals and specuvesters – (ie T2’s power base) that will instill the fear into T2. Most of the rest of of the country wouldn’t vote for the guy either way.

#253 TurnerNation on 08.20.20 at 10:03 am

It is critical to know that in this New System all individual and property rights are being removed. A global techno-control state run via A.I. – in- UN Smart Cities . This was all planned, now a seamless rollout – same in every country Yep CV did that:

1. Landlords Are Investing Heavily In Coronavirus Detection, Prevention National Office August 17, 2020 Matthew Rothstein, Bisnow

Onyx has recently installed thermal cameras in the lobbies of Gateway Center, a three-building office complex in Downtown Newark that it purchased last year, CoStar reports. The cameras can detect body temperature from 6 feet away, a more seamless process than a forehead scan of each individual.

2. ‘Think Of It As A Rent Jubilee’: Tenant Advocate Cea Weaver On The Cancel Rent Movement New York Affordable Housing August 14, 2020 Miriam Hall, Bisnow New York City

Now, she’s at the forefront of the cancel rent movement. It is not that she thinks no one should pay rent. She believes those who can, should. But she argues it shouldn’t be up to the tenants to prove hardship, but the landlords instead. “If rent is canceled, people will still pay their rent if they can, and I hope they do. I would encourage them to do so, and people that can’t are just not going to be evicted for it,” she said. “We’re making sure no evictions can happen because of rents that were owed during this particular pandemic period.” This moment, she said, is a time to question why housing is a commodity and is run for profit. “We think housing should be a right that is guaranteed to folks,” she said. “I think the cancel rent movement is really about questioning: ‘Why do you think landlords have a right to profit? Why should you be profiting off something people deeply need?’ That’s the ideology that we are drawing on here.”

#254 Sunny Days on 08.20.20 at 10:18 am

15 days to stop the spread!

Any day now….

#255 Sail Away on 08.20.20 at 10:21 am

#247 IHCTD9 on 08.20.20 at 9:02 am
#207 Your Buddy on 08.19.20 at 10:15 pm

It’s funny when folks like you make a point and don’t even realize the point they are making. All of this government money being thrown around is keeping the economy humming. Your YAMAHA dealer and every other business truly does appreciate the aggregate demand created by the wonderful government money. You don’t see the connection it seems. The $350 billion is being circulated throughout the economy. It is not vanishing into a black hole except in that black hole that exists between your ears…:)

—————

That sure is good to hear. Sometimes I feel a little guilty contemplating what to do with our child care benefit. The fact is, I just don’t need it to fund my kids, because we planned ahead and budgeted for them.

This revelation that Trudeau actually wants and expects me to spend my Child Care Benefit on a new quad is excellent news!

—————-

Oh, he told you, IH!

So take that. And take some more free money, you unwitting pawn, you! Playing right into their hands.

#256 millmech on 08.20.20 at 10:23 am

#249
https_www.financialsamurai.com/?url=https%3A%2F%2Fwww.financialsamurai.com%2Fthe-rise-of-stealth-wealth-guide-to-staying-invisible-from-society-rage%2F
This pretty well sums up how to hide/blend in with society when you financially independent.

#257 Patricia on 08.20.20 at 10:31 am

DELETED

#258 YVR Expat on 08.20.20 at 10:36 am

#21 Faron on 08.19.20 at 2:17 pm
Thanks for highlighting some of the positive attributes of the new Finance Minister and the direction that the government is headed. Those block quotes are fresh air in the stuffy rooms full of 60 something overweight white guys complaining against them (i.e. being greedy AF).

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

Was this supposed to be sarcasm?

#259 cto on 08.20.20 at 10:39 am

#252 IHCTD9

“Get rid of the capital gains exemption on real estate”

Freeland needs this message sent to her personally.
Generally i don’t think politic’s is 1st priority with her like it is with Trudue. He will step aside from the right thing, just to be the king.
She on the other hand, would be much more likely to do the ethical thing, and Trudue is counting on her to do the brainy stuff, so he may listen…

#260 Re-Cowtown on 08.20.20 at 10:50 am

Call me crazy, but I think it would have been cheaper to let Trudeau keep the $900 million in WE dollars and forget about the scandal.

Now we have to sit through him destroying the oilpatch (again) to curry favor from the eco-Dippers and cling to power.

#261 Ponzius Pilatus on 08.20.20 at 11:09 am

236 akashic record on 08.20.20 at 7:10 am
#206 Ponzius Pilatus on 08.19.20 at 10:08 pm

If you wanna know how CF will run the country, check out Prime Minister of New Zealand.
Tough as nails.

I prefer making sense, wisdom, and other virtues to tough as nails when it comes to a leader of a country. Tough as nails leaders run the worst anti-democratic regimes even in recent history and today.
——————
How about Maggie?

#262 IHCTD9 on 08.20.20 at 11:18 am

#258 YVR Expat on 08.20.20 at 10:36 am
#21 Faron on 08.19.20 at 2:17 pm
Thanks for highlighting some of the positive attributes of the new Finance Minister and the direction that the government is headed. Those block quotes are fresh air in the stuffy rooms full of 60 something overweight white guys complaining against them (i.e. being greedy AF).

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

Was this supposed to be sarcasm?
___

I don’t think so. Faron appears to be riddled with guilt and probably squirms in his own skin. It’s too bad, I hate to see a Man reduced like this, but he’s gotta deal.

I hope some day he’ll be able to uninstall the dogma and think, without needing any help with that from others.

#263 IHCTD9 on 08.20.20 at 11:27 am

#255 Sail Away on 08.20.20 at 10:21 am
#247 IHCTD9 on 08.20.20 at 9:02 am
#207 Your Buddy on 08.19.20 at 10:15 pm

It’s funny when folks like you make a point and don’t even realize the point they are making. All of this government money being thrown around is keeping the economy humming. Your YAMAHA dealer and every other business truly does appreciate the aggregate demand created by the wonderful government money. You don’t see the connection it seems. The $350 billion is being circulated throughout the economy. It is not vanishing into a black hole except in that black hole that exists between your ears…:)

—————

That sure is good to hear. Sometimes I feel a little guilty contemplating what to do with our child care benefit. The fact is, I just don’t need it to fund my kids, because we planned ahead and budgeted for them.

This revelation that Trudeau actually wants and expects me to spend my Child Care Benefit on a new quad is excellent news!

—————-

Oh, he told you, IH!

So take that. And take some more free money, you unwitting pawn, you! Playing right into their hands.
____

Please stop! NO!!!
No more free money!!
THE PAIN!!
My bank account is ******* exploding! – OH THE PAIN!!

#264 45north on 08.20.20 at 11:27 am

nonplused

It reminds me of a short story I was forced to read in high school about a future where making sure everyone was “equal” got to the point that the people with 20/20 vision had to wear glasses that made them “average” and talented athletes had to wear weight belts. Smart people had to wear earphones that interrupted their train of thought.

I remember the same story. Author and title?

Vonnegut, Harrison Bergeron

thanks

NSNG and IHCTD9

#265 Your Buddy on 08.20.20 at 11:27 am

#247 IHCTD9 on 08.20.20 at 9:02 am

“This revelation that Trudeau actually wants and expects me to spend my Child Care Benefit on a new quad is excellent news.”
—————————————————————
Trudeau isn’t telling you do anything. Those are your words, not mine or your favourite political leader after Captain Garth, Mr. Trudeau. Good for you that you don’t need the CCB and that you can spend it on your YAMAHAs and trucks. You are doing your part in keeping the economy going. Well done and glad you have seen the light!

#266 Dan Mason on 08.20.20 at 11:38 am

It would of been better not voting the Liberals and Trudeau in in the first place. What is wrong with Canadians today, you really think that $17,000 a year or $24,000 a year in annual guaranteed peanuts is going to make your life better.

You never heard of losing of purchasing power through inflation, money losing value every day through money printing. There is something called the velocity of money. The more everyone gets for not working, producing something for it, the more worthless is becomes. If you think rent, food, electricity, gas, energy costs, medication etc. etc. is expensive now just wait how far your $17,000 per single person or $24,000 per couple goes.

I guess you all want to live in a third world crap hole, good luck socialist ignorant idiots.

#267 IHCTD9 on 08.20.20 at 11:42 am

#259 cto on 08.20.20 at 10:39 am
#252 IHCTD9

“Get rid of the capital gains exemption on real estate”

Freeland needs this message sent to her personally.
Generally i don’t think politic’s is 1st priority with her like it is with Trudue. He will step aside from the right thing, just to be the king.
She on the other hand, would be much more likely to do the ethical thing, and Trudue is counting on her to do the brainy stuff, so he may listen…
__

I think Trudeau just wants CF to keep her mouth shut while he’s telling her what’s up. He’s not interested in other perspectives.

She may have great ideas and lots of ambition – but that’s not why she is FM. Mouth shut, Nod head, – that’s a good girl.

If she argues with Trudeau about basically anything, she’ll get booted straight out the door just like Jody and Bill did when they started “talking back”.

Maybe we’ll even see Trudeau start dropping elbows on his own staff this time around.

Hey – I just realized that if you take the above post, remove “Trudeau”, and replace with “Harper” – you’ve got a CBC article comment from the spring of 2015!

#268 Helen Stutgard on 08.20.20 at 12:03 pm

An annual government worker union and pension tax is what I forwarded to the Conservative party of Canada just a few days ago.

It works like this, a $2,000 tax each year you work as a government worker from your total pension value. It increases by $2,000 per year so $4,000 in year 2, $6,000 year 3, $8,000 year 4 and son and so on. This would be directly deducted from their government workers pension value so no need to file separate taxes forms or do other tedious tax calculations, forms, schedules etc. It can easily be all automated at low cost.

The second tax is a government worker union dues tax of $100 per month which would increase by minimum 2% per annum and as high as 10% depending on future raises of government workers. This too would be directly deducted at source in this case from their paychecks. Since they want job security and retirement security which nobody has from their employer anymore and not many if nobody is getting $3,000 to $5,000 a month plus $1,000 to $3,000 a year pension increases, other benefits from a $10,000 free funeral benefit to medical, healthcare benefits etc. most don’t get, they should pay these two taxes just to be a good start.

Most government workers are wealthy with your monthly pensions and pension values so they should pay taxes on those and their paychecks when working. This notion that they are not wealthy is a big myth because they have most of their money in their pension plans mostly covered 50% or more by Canadian taxpayers.

#269 Phylis on 08.20.20 at 12:05 pm

It’s been a bit. The apology is going to be well crafted.

#270 Bill on 08.20.20 at 12:24 pm

TurnerNation
On “This moment, she said, is a time to question why housing is a commodity and is run for profit”
—————-
Man some people are ignorant…
Nobody would build and rent if there wasn’t a profit!? That what drives us oppertunity for a better life…
Then your all owned and controlled by the state….its happening now.

#271 meslippery on 08.20.20 at 12:27 pm

#254 Sunny Days on 08.20.20 at 10:18 am

15 days to stop the spread!

Any day now….
—————————-
Whats that mean ? First day of autumn is Sept 22
33 days from today.

#272 Cut it Out on 08.20.20 at 12:37 pm

Am I just unusually awake or is it just the sober few who notice that Trudeaus-Freeland platform is exactly the same “woke, new deal, woman Vice President/finance Number #2 , green rebuild, socialist redistribution, Covid is an opportunity , black lives matter, whites are racist bastards etc etc etc. is anyone else sick of listening to day old American barf?

Obviously Trudeau is in trouble but why is the answer to rip off every Democrat puking up ? Is this Canada or have the Americans taken over? George Soros, big donor, big influence on Trudeau and dozens of splintered fronts pushing his cause. Gerry Butts front for Eurasia Group, Soros Front. Vivienne Krause uncovered over $350 million crossed the border to join the Trudeau election gambit.

But, are we just going to get the same tired American phrases without anything new? Are we having a Super Bowl election where the Americans get all the good commercials and we’re left with the CBC crap? Don’t we deserve better?

#273 SoggyShorts on 08.20.20 at 12:43 pm

#206 Ponzius Pilatus on 08.19.20 at 10:08 pm
If you wanna know how CF will run the country, check out Prime Minister of New Zealand.
Tough as nails.

*****************
What’s the connection? Why would CF run things the same way or even similarly?

#274 SoggyShorts on 08.20.20 at 12:45 pm

#215 Lorne on 08.19.20 at 11:21 pm
“A majority of Canadians elected our current Prime Minister.” Untrue, The Liberals received 33% of the votes in 2019, which means 67% of electors made another choice. By the way, the Conservatives garnered 34.3% of the ballots – more than Mr. Trudeau. Let’s not rewrite history. — Garth
……..
Perhaps a good reason to support Proportional Representation.
******************
Oooooh lovely idea! I absolutely would vote for someone who promises election reform!
Wait… why does this feel familiar?

#275 Luke Lancaster on 08.20.20 at 12:53 pm

A Covid tax could be a sneaked in GST, HST hike. I could easily see a 2% point increase back to original 7%. This would bring in almost $25 billion a year.

Another possibility is 20 for 20 meaning 20% HST, GST for 2020 to combat covid-19. This would bring in almost $85 billion a year.

#276 Sail Away on 08.20.20 at 12:57 pm

#269 Phylis on 08.20.20 at 12:05 pm

It’s been a bit. The apology is going to be well crafted.

————-

I hope this one is an interpretive dance apology.

I can see it really working with a lot of giant foam fingers pointing at other people and a happy face ‘Trudeau the Train’ mowing down supporters at regular intervals.

#277 IHCTD9 on 08.20.20 at 1:16 pm

#265 Your Buddy on 08.20.20 at 11:27 am

Good for you that you don’t need the CCB and that you can spend it on your YAMAHAs and trucks. You are doing your part in keeping the economy going. Well done and glad you have seen the light!
___

What an amazing turnaround you’ve made! I guess we really are buddies now.

So that’ll be the end of your angry tirades in response to my posts detailing all my free Trudeau cash then?

Some of your rants were pretty impressive – like eyeballs exploding from their sockets mad haha! I think I’ll even miss them a bit.

#278 Your Buddy on 08.20.20 at 2:12 pm

#277 IHCTD9 on 08.20.20 at 1:16 pm

“What an amazing turnaround you’ve made! I guess we really are buddies now.”
————————————————————-
We have indeed become buddies and we can have a few beers together at the annual blog dog party!

#279 ImGonnaBeSick on 08.20.20 at 2:26 pm

#275 Luke Lancaster on 08.20.20 at 12:53 pm
A Covid tax could be a sneaked in GST, HST hike. I could easily see a 2% point increase back to original 7%. This would bring in almost $25 billion a year.

Another possibility is 20 for 20 meaning 20% HST, GST for 2020 to combat covid-19. This would bring in almost $85 billion a year.

—–

There would be some diminishing returns here that you’re not accounting for, ol’ boy.

#280 Sandy Weston on 08.20.20 at 4:58 pm

ImGonnaBeSick, I agree, there will be diminishing returns with higher and higher taxation.

This is what the left, Liberals, NDP, Green Party and others that want a never ending higher taxes. People stop working or work less or no overtime, retire, move money offshore, close or reduce business hours, move out of the country, spend less etc. etc.

I think the biggest culprit why Trudeau, Liberals can even think of racking up the government, Canada’s debt and government spending like drunken sailors is those so very low, manipulated, crashed interest rates.

If we were back to 1990’s, 7% to 9% rates he could not even dare rack up a $400 billion in one year debt increase. It makes me very sick too.

#281 Ryan McKnight on 08.20.20 at 8:59 pm

Western Canada needs out now. The GTA and Montreal can live their utopia, we want out.

#282 Platinum Global on 08.21.20 at 5:27 am

Hahaha that picture made me laugh. Happy doggo and happy kiddie.

#283 Between genX and millennials on 08.22.20 at 3:07 pm

Garth I really love your implicit moralistic tone about people’s ability to save and invest.

Maybe if the bottom 80% of the income spectrum had seen any real wage gains since 1978 or so then they’d be able to save more, guess that hadn’t occurred to you.

Continue to blame the victim. To paraphrase George Carlin, “hey, she had on a tight skirt… What did she expect to happen?”