The Plan

With 19 days to go the Trudeau gang unveiled its plan Wednesday for the next few years. This blog will withhold comment on things it clearly knows nothing about (money for banning guns, a national menstrual equity fund, Indigenous reconciliation or paying people to buy EVs, for example), but we should all talk about the bucks involved.

Polls still indicate a Liberal-NDP coalition government. Perhaps that will shift. Maybe not. But at this point the odds are what they are. The PM will be T2 on 9/20 unless the winds continue to shift right. So let’s take the red manifesto seriously.

What does this mean for national finances, and for taxes?

New spending will be extensive. Just under $80 billion over the next five years. Despite rosy projections of post-pandemic growth, this will yield an annual deficit next year of $157 billion. Yikes. Yes, that’s down from the $354 bloodbath of last year, but it’s still triple the worst ever shortfall in Canadian history before Mr. Trudeau took office. (That was Harper’s $55 billion binge during the 2008-9 credit crisis.) Even in 2025-6 – if all goes well – we’ll still be $32 billion a year in the hole.

The accumulated new debt (atop the trillion now) over five years: $336,000,000,000. Tell your kids.

Now this red ink will come despite higher revenues from a growing economy after the virus is defeated, plus new taxes of $25.5 billion. Already cozying up to the Jagmeet Singh agenda, the Liberals are targeting higher-income Canadians, people who sell houses before they should, the oil & gas business (flow-through shares will be kaput) and especially the banks.

Not only will financial institutions like the Big 6 pay a 3% surtax on earnings, they’ll also be subject to something called the Canada Recovery Dividend. In total this will soak those guys for just under $11 billion. So, you should probably count on higher mortgage rates and bank fees. As for super-rich people like those useless heart surgeons and senior airline pilots, they’ll be paying at least $1.7 billion extra, while folks who sell houses they bought within 12 months (like the Liberal candidate in Vancouver Granville) will be taxed a total of $50 million.

Here is the Liberal fiscal plan. Check it out.

Click to enlarge. Wear PPE.

So more government, more spending, more deficits, debts and taxes. That’s the plan. It’s a gamble that everything will go well, the virus will be defeated, interest rates will never rise, there’ll be no recession or biggie natural disasters and that the financial markets will continue to fund and support a spreading ocean of public debt without punishing the currency. The plan builds on the trope that everybody gets a pony and by whacking corps and rich people the 99% can live happily ever after.

Maybe they can. But in human history, this would be a first.

By the way, that new TFSA for people under 40 wanting a house will cost $3.5 billion over four years. Doubling the homebuyers’ tax credit will cost $500 million and a program to “reduce monthly mortgage payments” will take another $2.1 billion. Add in $500 million for the intergenerational housing tax credit and the Liberal housing strategy has a pricetag of more than $7 billion without building a single new home. Of course, putting all that money into the hands of people seeking homes will – guess what? – probably increase prices. Progress?

As yet unknown are the details of the “minimum tax” the Libs are planning (apparently differing from the existing alternative minimum tax). This is intended to take more from high income-earners (already paying 54%) so they cannot make “excessive use of deductions and credits.” Details of that and a new CRA vendetta against “aggressive tax planning and tax avoidance” – both legal – will likely surface in the next Chrystia budget. If there is one.

Now don’t construe this post as being anti-Socks. It’s not. These are facts presented by the guys who want to be re-elected to run the nation. It’s their plan. It envisions a Canada that cannot pay for what it spends, ever, yet gives a better life for all. Oh, did I mention the $40 million for the Sexual Misconduct Resource Centre, an extra $400 million (above the usual amount) for the CBC, $440 million for the Home Appliance Repairs Tax Credit, $40 million for racialized journalists or $4 billion more in OAS pogey for the Boomers?

It’s almost like the overlords think this is a nation of financial illiterates.

We’ll see.

About the picture: “Augie is a rescue from Tennessee where he was housed with a 100+ dogs in terrible hoarder conditions,” writes Larry. “He’s about 5 years old, adorable and loving his new digs in Canada the last few months. I’m told he looks like a pure bred “Rat Terrier” but also might be part Jack Russell-Corgis cross. His favorite trick is to jump up on the dining table once we turn our backs and check for any scraps we “messy” humans leave behind. Garth, keep up the great work blogging and dogging.”

152 comments ↓

#1 mgjupiter on 09.01.21 at 2:52 pm

Congratulations Prime Minister Justin Trudeau, for the umpteenth time.

More magic from the Big Red Machine.

Biggest majority in Canadian History Still On Schedule.

#2 In Dog We Trust on 09.01.21 at 2:53 pm

Grow the economy,,, grow the economy,,, grow the economy… So much more immigration… After all tons of space in Canada,,, tons of fresh water,,, and tons of cool winds…

#3 Dave on 09.01.21 at 2:53 pm

Trudeau has shown poor judgement on so many issues and he has allowed the housing bubble to continue to inflate on his watch. He has racked up huge debt but Garth fails to mention that it was because of the pandemic and the proportion of debt is less than the US. But the Cons under O’Tool want to increase private health care at the expense of our public system, they want to build more pipelines and have very little in terms of being proactive on climate change, despite our record heatwaves and forest fires, they don’t want mandatory vaccines for public servants, thereby pandering to their fringe anti vaccer base and they are also pandering to the gun lobby. Trudeau is lucky that he is running against OTool. The majority of people can’t be stupid enough to vote for the Cons.

#4 I’m stupid on 09.01.21 at 2:57 pm

It’s almost like the overlords think this is a nation of financial illiterates.

Kan yu pot ur bog in vedeo eye kant reed!

#5 S.Bby on 09.01.21 at 2:58 pm

Jagmeet wants to raise the cap gains tax to 75% and my guess Trudea will go along with that. So more money for house debt and less for investors of actual assets bought with after tax dollars.

#6 crowdedelevatorfartz on 09.01.21 at 3:02 pm

“It’s almost like the overlords think this is a nation of financial illiterates.”

+++

We are.

#7 Doug t on 09.01.21 at 3:03 pm

Sadly this country IS a nation of financial illiterates

#8 AM in MN on 09.01.21 at 3:07 pm

I don’t have hope.

Considering the number of people who feast off the government, the party keeps going until the markets quit funding it, and then the pain comes, as it surely will. Plan accordingly.

There are no guarantees the pendulum swings back. The decent into the rat hole can go on for a long time. I’ve mentioned Argentina before, check out their position prior to WWII and then the decent into socialism and big government ever since.

At least the economic slide will mean we won’t have to put up with more virtual signaling from smug white liberals, given the status of women and gays in Afghanistan now, or the new life of an everyday Hong Kong resident (especially women and gays) under the CCP.

All democracies die eventually. Once the 51% votes themselves the wealth of the 49%, it’s just a question of timing.

#9 Ponzius Pilatus on 09.01.21 at 3:09 pm

#147 crowdedelevatorfartz on 09.01.21 at 12:58 pm
@#132 Ponzies Potential Payout

“What you gonna do with all your money?
Any room for uncle Ponzie on your will?”

++++

Alas Ponzie.
I’ve wracked my pea sized brain for a worthy recipient and you have given me the answer.

I shall bequeath all of my vast estate and holdings to the Austrian School of Economics … Etiquette Class.
To teach future generations the “art” of civility and manners….
:)
—————-
Danke Schoen.
But as we say in Austria:
“My thanks will always follow you, but never catch up with you”
As for “The Austrian School of Economics”:
Hayek, its best known  Economist who won the Nobel Price, and his bestseller “The Road to Serfdom”, are often quoted by some right wing posters here.
The Fraser Institute is also very fond of the guy.

#10 opee on 09.01.21 at 3:10 pm

Garth, you are writing to the choir, ok, maybe not all. I just wish that your articles would be posted in newspapers and magazines, so that not only those in the choir can be even better informed, but, more importantly, that those not in the choir, can read facts, that may enlighten them, before casting their vote on sept.20th.

#11 XGRO and chill on 09.01.21 at 3:11 pm

The real question is that if re-elected, will JT give the BoC a different target inflation mandate. Maybe raise it beyond the 1-3% it is at currently?

#12 S on 09.01.21 at 3:12 pm

40,000,000 to the liberal propaganda arm says it all. Onward CBC, to the rescue!

#13 Prince Polo on 09.01.21 at 3:14 pm

Is it time to increase the suggested weighting of USD in one’s portfolio?

#14 1-800-DOCTORB on 09.01.21 at 3:14 pm

I have yet to see a Liberal election sign in Alberta. They aren’t wasting their time campaigning in the only rationale province left in this “confederation.”

#15 James on 09.01.21 at 3:15 pm

You can’t spend money that you don’t have.
That is unless you spend someone else’s money!
Run children run!
They are coming for you.

#16 Doug t on 09.01.21 at 3:16 pm

only FOOLS and naive idiots would vote for this “plan” – and if you do then you should be fully aware of the destructive nature of such a “plan” – did T2 and his wife sit down for breakfast and scribble this on a napkin?
UNBELIEVABLE

#17 alexinvestor on 09.01.21 at 3:18 pm

All the countries are borrowing from their central banks.
US, Japan, China, France, GB … it would be weird if Canada didn’t do it. What does all it mean ultimate for the young and the old ? Who knows ?

#18 ElGatoNerodeYVR on 09.01.21 at 3:19 pm

I wouldn’t necessarily agree with the blanket statement of financial illiterate.
The biggest issues I see :
What is the Canadian nation today ? Surely not the woke nonsense and digging up wrongs of centuries past. Those who live in the past have no future. We acknowledged it was wrong wrong wrong, so we should focus on what unites us and move on. Sadly there is no Centre Canadian Unity Party focused on building a future for all ; the socialists don’t get that destroying what you have ,no matter how acquired it will NEVER build back better, it will simply ensure you have no start point and it will take much longer hurting those that it was intended to help/equalize.
The voting public: everyone votes with their wallet.At extremes you have:
Age tenured people who really at this point want to ensure their benefits don’t get cut directly ( inflation indexing of benefits will ensure reduction of living standards anyway) , and with the end in sight ,decades away and whatever left going to heirs don’t want to rock the boat.
Less age tenured who obviously are left leaning with an end so far away that they live for today ,not saying YOLO here ,but when your horizon is 5 decades plus ,you ain’t got much and not a lot of options; you will want something “fair to you ” . As for the future it will come anyway so why worry today?
Yes ,there is a group in the middle as well who cares and have the means but would you vote to have less for the greater good of the society when all you hear is how wrong you and everything you stand for are ?
We need to get back to rebuilding the Canadian nation with good and flaws and forget about globalism.

#19 Planetgoofy on 09.01.21 at 3:19 pm

Thanks Garth
Bat shit crazy…..Maybe I will be selling out, just like T2s selling the country out. I hope it explodes on his watch.
Maybe Ill be in another country buy then?

#20 604sam on 09.01.21 at 3:20 pm

Looks like a very good boy in today’s pic!

#21 Dolce Vita on 09.01.21 at 3:24 pm

Nah, no coalition Garth. Virtually very pollster out there has the Cons ahead, no that I trust them.

The poll that grabbed my attention today was this one:

‘Would you say (x) is gaining or losing momentum?’

(Gaining / Losing)

CPC: 45% / 16%
NDP: 41% / 10%
BQ (QC): 25% / 23%
LPC: 11% / 56%
GPC: 7% / 23%
PPC: 6% / 19%

Earnscliffe / August 29, 2021 / n=1544 / Online

In the last 20 hours these pollsters have the Cons ahead relative to the Libs:

Ekos 36 vs 31%, Mainstreet 37 vs 29%, Ipsos 32 vs 31%, Nanos 34 vs 31%, Earnscliffe 34 vs 30%.

Trudeau won a majority in 2015 with 39.47% and minority with 33.12% in 2019 (Cons 34.34% that year).

I believe the sentiment in Canada is for a Con majority and the Liberals are done for. I like TikTok but he’s no Jack Layton, sorry.

—————

The red squirrel agrees.

#22 crowdedelevatorfartz on 09.01.21 at 3:25 pm

A Billion here, a billion there.
Whats another $78 BILLION in the hole?

$0.50 Canuck buck here we come.

Well done Libs….wellllll done.

#23 TheDood on 09.01.21 at 3:27 pm

#3 Dave on 09.01.21 at 2:53 pm

………..The majority of people can’t be stupid enough to vote for the Cons.
_______________________

They’re stupider than you think, so will probably vote for JT.

#24 Yuus bin Haad on 09.01.21 at 3:28 pm

nice day (if it don’t rain)

#25 Doctor knows best on 09.01.21 at 3:29 pm

I wasn’t feeling well the other day so I called my doctor, thinking it was maybe related to the air quality of late here in the Smokanogan. He called me in and ran a few blood tests and then sat me down to tell me the news. Seems like my “red plate-let count” was up significantly and causing high levels of stress for me.

Thankfully, he told me that things should get better over the ensuing weeks as the school year approaches and the “red-plate-let count” subsides to more normal levels.

I was thrilled to get the news that I will be getting better … but already stressing out just thinking about next year!

#26 Sail Away on 09.01.21 at 3:33 pm

That’s an… interesting budget. When the ruling party is counting on a ‘vaping tax’ as a major restorative element, alarm bells should jingle.

Two things I find amusing:

1. The assumption that production will re-invigorate
2. The assumption that ‘revenue’ from top tax earners will increase year over year

#27 Cto on 09.01.21 at 3:34 pm

If interest rates were at 5%, do you think the political elites would have similar spending platforms????
The central banks are clearly enabling this…

#28 Paul on 09.01.21 at 3:36 pm

VACCINE ……………………..2nd DOSE
This happened yesterday and is important information for our age group. A friend had his 2nd dose of the vaccine at the vaccination centre after which he began to have blurred vision on the way home. When he got home, he called the vaccination centre for advice and to ask if he should go see a doctor, or be hospitalized. He was told NOT to go to a doctor or a hospital, but just return to the vaccination centre immediately and pick up his glasses.

It could have been you or me.

#29 Millenialwithjob on 09.01.21 at 3:37 pm

The government must do whatever it can to stifle investment to re-invigorate the economy!

This redistribution of wealth is quite sad. Giving money to those who couldn’t manage they had in the first place. All so they can go out and dump it back into the pockets of the corporations they so hate with frivolous purchases vs. investments.

Canada, as evidenced by the selection of our current Prime Minister, is now a nation of idiots. “Don’t vote for O’Toole because he is old and white!” It’s not like he might actually be more qualified than the poster child of white privilege 95% of Millenials idolize lol. The hypocrisy that has become Canadian society breaks my heart.

#30 BlogDog123 on 09.01.21 at 3:38 pm

Extra OAS, why oh why? To buy the senior vote.
Extra $400M for CBC? So they say nice things about him before the election.
Extra tax incentives/money for Millennials so they can over-pay for a house? To buy their vote.

We’re doomed unless someone can get this spending under control…

#31 IHCTD9 on 09.01.21 at 3:43 pm

#3 Dave on 09.01.21 at 2:53 pm

The majority of people can’t be stupid enough to vote for the Cons.
___

There seems to be low numbers of smart people living in Canada. Smart people understand it don’t matter who wins.

Trudeau has already turned Canada into a nation of rich and poor with nothing in between. It’s just going to take some time for the under 40 middle ranks to start thinning out. I’m talking about established educated Canadians leaving or minimizing. Pumping up immigration numbers won’t fix it – it’ll only make things worse.

The Liberal Party of Canada has already destroyed the country – past tense. It doesn’t matter who wins, it’s just a matter of time.

#32 Russ on 09.01.21 at 3:43 pm

Heh heh,

From the Donnesbury page this morning…

————-
Say What?

“If I’d known the Roaring 20s would be three weeks in June, I would have done more.”
— Twitter meme

#33 swm on 09.01.21 at 3:44 pm

“Polls still indicate a Liberal-NDP coalition government”

How likely is it that a coalition will form if the conservatives get more votes and seats than liberals?

#34 Dolce Vita on 09.01.21 at 3:49 pm

Today was supposed to be the big ANTI-Green Pass protest across Italia, civil liberty or death* etc.

Death and Damnation was promised. To quote Italian MSM this afternoon:

IL FLOP**
[not ours]

Went to Venezia on the Regionale Veloce train (only high speed trains like Frecciarossa & Intercity require the Green Pass) and here is Pordenone this morning 1015 hrs, 1 lonely Carabiniere:

https://i.imgur.com/zrZVaqH.jpg

Outside Venezia’s Santa Lucia train station (just pain in the buttocks turisti):

https://i.imgur.com/bll1ONU.jpg
[Chiesa di San Simeon Piccolo on the right, Ponte degli Scalzi left background & Canal Grande in the foreground]

La Serenissima was serenissima…beautiful as ever.

Italia enforcing dining indoors only with a Green Pass, a Bistro in Venezia:

https://i.imgur.com/HGxefnb.jpg

Had mine scanned, took them (Polizia) to focus in on the QR Code than to get a response. All electronic, takes about 5-10 seconds. Wanted to make sure my Green Pass was still functional. It was.

And still, a very compliant populace including the pain in the buttock turisti:

Compliance by people = near 100%
Compliance by business = near 100%

https://twitter.com/Viminale/status/1433074471800385543

Ne vous inquiétez pas CANADA about a Digital Green Pass.

——————-

*1 anti-vax kid protested in Torino but not against the Green Pass. That was it for all of Italia.

** Use Incognito window https://www.repubblica.it/politica/2021/09/01/news/no_vax_proteste_stazioni_treni_manifestazioni-316079154/?ref=RHTP-BH-I315111016-P1-S1-T1

#35 Nonplused on 09.01.21 at 3:50 pm

I think I need new glasses. I couldn’t quite read the numbers in the table but it appeared to me the deficit in 21-22 will be 3 orders of magnitude greater than the proposed new revenue. Oh well by 25-26 the deficit will only be 1 order of magnitude larger than the new revenue.

Interesting that the “New revenues” are line 2 of the first table (Platform fiscal projection ($M)) so the deficit numbers are after additional revenues.

Assuming the new revenues will materialize, which they won’t without disappearing somewhere else.

Why are they making a platform out of “new revenues” that are so woefully inadequate to address the deficit? Why even bother? Why not raise taxes to the point where there is no deficit? Oh ya, even Trudeau’s handlers know that cannot be done without cratering the economy.

And we can pretty much throw out everything in the table from 22-26. Anyone who has ever done long range planning knows that repeating the first year 5 times is just as accurate, maybe adjusted for inflation, unless you’ve got a major plant coming on line or something.

And what is this “Federal vaping tax”? Sound like a “vapor tax” to me. Are they taxing the nicotine or any THC that may be in there? What is the logic of taxing a quit smoking aid? Are they going to start taxing the patch next? Why bother for $23 million dollars? And how many millennials are going to like this idea, since the tax is directed primarily at them?

The “Tobacco manufacture’s recovery fee” should be another great example of disappearing taxes. It’s already prohibitively expensive to smoke so even more people are just going to throw in the towel. Maybe that’s the point but they shouldn’t be putting it in the budget because it will vaporize and net zero. And a tiny little $17 million when we are measuring things in billions? Trudeau is going to need bigger ideas.

The “anti-flipping tax” at $2 million? I’ve argued here before that “flipping” isn’t a widespread tax avoidance scheme and this proves it. I’m betting RevCan is going to spend way more than $2 million enforcing it. It should be shown as -$2 million.

The “Canada recovery dividend” and “Additional revenue from CRA reducing tax gap” (whatever those mean) are both shown as zero in year 1 and should thus be forecast as zero throughout.

“Eliminating flow through shares for oil, gas and coal” is too tiny to talk about. More “greenwashing”.

So that leaves “3% surtax on largest banks and insurers” and “Minimum tax rule for top earners”. I thought my car insurance and bank fees were high enough, but I guess they are going up 3% plus the usual inflation. And what exactly is a “Minimum tax rule for top earners”? Turbo Tax only gives me one possible number after I’ve put everything in. I don’t get a menu of options.

So I think we can adjust “New revenues” for 21-22 to zero and then just run it across the board.

We are at peak tax. Trudeau’s handlers know it or we’d see something like an across the board income and HST tax increase.

Multi-billion dollar deficits as far as the eye can see and vaporous tax increases measured in the millions. I think we can see where this is going. The doomers may have been right all along. Eventually something has to break.

#36 Sail Away on 09.01.21 at 3:53 pm

#141 IHCTD9 on 09.01.21 at 11:50 am

As for me, I’m down sizing, and I’m thinking about buying a fishing boat. Likely for small water, but I am also “lured” by great lakes salmon and trout fishing too (I’ve never done this kind of fishing), which would require something a little bigger. Something like a StarCraft Islander would be perfect I think. (I’m taking recommendations).

———

An 18′ open aluminum is the old standard that can do everything suitably, is easily maintained and always retains its value.

Many people start with an 18′ lumie, go through a series of different boats over many years, and eventually return to the 18′ lumie.

Simplicity, Epictetus.

#37 JacqueShellacque on 09.01.21 at 3:53 pm

A noble effort, Garth, but economic analysis is wasted on most of the electorate. Don’t get me wrong, I’m not crapping on them in an elitist way – I don’t think people should really care about how much a government spends, it’s only an issue because government has crept up to be the size that it is.

Although I no longer vote C, I find their approach intriguing (from a strategic point of view anyway, I still don’t agree with their platform) which targets those things Socks claims to, namely middle class concerns. Could it be that O’Toole and co are actually pulling blue collar votes away from the NDP, and at the same time helping 905ers realize that Socks is glib, clueless, and undeserving of a mandate? If so, they may get their shot at government. The general news re the virus and about the country in general just hasn’t put people in a good mood, and even Socks may not be able to smirk his way out of it. I think there’s an article in the NP today stating how galling it is that Socks states we’re in the midst of carrying out a genocide against our indigenous peoples, it’s occurring on his watch, and we should re-elect him. I think this is the perfect distillation of Socksism, and I retain enough hope in my fellow citizen-voters that he’ll be punished at the polls for it.

#38 Millenial Surrealist on 09.01.21 at 4:01 pm

T2 is completely insane… his true commie beliefs have been revealed…. along with freeland they aim to drag the NDP leftward!

#39 Planetgoofy on 09.01.21 at 4:06 pm

Doug t on 09.01.21 at 3:03 pm
Sadly this country IS a nation of financial illiterates
————————————————
The first couple of comments prove that.
Their the ones up dipshit creek whenl the black swan meets the landing spot.

#40 50 Years! on 09.01.21 at 4:07 pm

Happy 50th! …seems to be the theme lately.

Now that sufficient time has passed from Dorthy’s and Garth’s 50th Anniversary…50th Anniversary is known of course as “Gold”.

It just so happens that it is also the Gold anniversary of US ending the Gold Standard, just a few days before D&G’s (That’s Dorthy and Garth’s and not to be confused with Dolce and Gabbana)

It got a little write up:
https://financialpost.com/fp-finance/how-richard-nixon-rocked-the-world-50-years-ago-with-just-the-greenback-and-gold

Of course for historical fun you can read about it here:
https://en.wikipedia.org/wiki/Gold_standard#In_the_United_States

Tons of fun facts, beside the fact that an once of gold cost $35 USD in 1971 when gold standard ended, and it costs oh..$1800ish today.

As we talk about Trudeau’s dollars from heaven spending, this quote seem relevant:

In 1966 Alan Greenspan wrote “Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”

#41 SunShowers on 09.01.21 at 4:16 pm

“Not only will financial institutions like the Big 6 pay a 3% surtax on earnings, they’ll also be subject to something called the Canada Recovery Dividend. In total this will soak those guys for just under $11 billion. So, you should probably count on higher mortgage rates and bank fees.”

Why? It’s not a law of the universe written in stone that banks need to make insane profits, and so any increases in costs must be passed on to customers in order to maintain them.

Seems to me that if the goal of this tax is to fund programs which are meant to help people, banks shouldn’t be allowed to dilute that help by turning around and harming people by hiking fees.

“BUT THE GOVERNMENT CAN’T TELL PEOPLE HOW TO RUN THEIR BUSINESS” Sure it can, it happens literally all the time.

#42 Dolce Vita on 09.01.21 at 4:16 pm

FFS:

50% of “New Revenues” are:

Additional revenue from CRA reducing tax gap (net cost)

What utter BS.

Like the CRA has already reduced that number substantially (2014 to 2020 = -59%, to $2.19B):

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/corporate-reports-information/tax-gap-overview.html

——————

So what did the Liberals do cook up more tax gap to recover – they basically think it will increase 4X in a few years?

Honest to God, how STUPID do the Liberals think we are?

And I’ll bet you the Cdn MSM will swallow that “New Revenues” number HOOK, LINE and SINKER.

#43 ogdoad on 09.01.21 at 4:19 pm

Sigh.

And repeat.

Og

#44 kommykim on 09.01.21 at 4:22 pm

RE: “It’s almost like the overlords think this is a nation of financial illiterates.”

And they would be correct.

#45 Ray Skunk on 09.01.21 at 4:26 pm

#13
Is it time to increase the suggested weighting of USD in one’s portfolio?

The time to do that was six years ago.

#46 Ballingsford on 09.01.21 at 4:28 pm

I’m still stuck on the national menstrual equity fund. Is that something we can invest in like a REIT, or does it just lose money?

#47 CanadianOne on 09.01.21 at 4:32 pm

Hey Garth,

Where does one find a similar Conservative or NDP plan for context?

Thanks

#48 TurnerNation on 09.01.21 at 4:37 pm

But the hospital capacity guys!!! How’s that coming along.

#49 Dolce Vita on 09.01.21 at 4:40 pm

And, to add INSULT to ACCIDENT

RE: 50% of “New Revenues” are:

Additional revenue from CRA reducing tax gap (net cost)

etc.
——————

It’s all ESTIMATED.

Not a single number from CRA that says:

“We are 95% certain that the tax gap recovered is $(X)”

The latest CRA gem is nothing more than what “they think” the numbers are.

https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/tax-canada-a-conceptual-study/taxgap-compliance-results.html?utm_source=infozone&utm_medium=infozone&utm_campaign=TaxGap&utm_content=2019-06-18_0622

There is NOT a single confidence interval in the whole lot of text, table etc. and YET they have the NERVE to call it “Descriptive Statistics”.

The author that said that ate the book covers in Stats class.

——————–

Just what they “estimate it’ to be.

And if you eyeball there gap “estimates” were talking 100% VARIANCE which means they haven’t a CLUE at what the true numbers are.

It’s a croc.
Faerie dust.
Unicorns.

And as luck would have it, it’s going to go up 4X in a few years because the Liberals have commanded it too.

NEW Liberal Revenue Platform:

Upper DEITY DIVINATION.

#50 Don Guillermo on 09.01.21 at 4:41 pm

#38 Millenial Surrealist on 09.01.21 at 4:01 pm
T2 is completely insane… his true commie beliefs have been revealed…. along with freeland they aim to drag the NDP leftward!
*********************************
T2’s personal pronouns are me, myself and I.

#51 A Dollar is a Dollar is a Dollar on 09.01.21 at 4:48 pm

Tax all sources of income fairly. No preferential treatment for stocks and dividends, and reparations for the decades of unfair privilege such investors have enjoyed.

At least that would be a start.

#52 help in vancouver on 09.01.21 at 4:49 pm

T2 again sounds fun, like Australia now but seems to be more like Russia 1941-1953?

#53 Dolce Vita on 09.01.21 at 4:50 pm

LAST Salvo Garth…

RE: 50% of “New Revenues” are:

Additional revenue from CRA reducing tax gap (net cost)

etc.
——————

In this where the CRA claim to use Descriptive Statistics:

https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/tax-canada-a-conceptual-study/taxgap-compliance-results.html?utm_source=infozone&utm_medium=infozone&utm_campaign=TaxGap&utm_content=2019-06-18_0622

Any newbie taking their 2nd Excel course in Fin Man or Acctg knows what Descriptive Statistics means, it looks like this (I used to teach it):

https://i.imgur.com/HeG7tlX.png

Try and find any of that in the CRA “Descriptive Statistics” claim in the above link.

Why I say whomever wrote that ate the Stats book covers, all of them.

SCAMMING LIBERALS.

Feel sorry for the poor CRA what would have to explain (cook up) those numbers.

#54 Linda on 09.01.21 at 4:56 pm

Reduce monthly mortgage payments? I’m sure I’ll regret asking this, but is this some kind of deal where those with mortgages get taxpayer $ to help pay their mortgage or is this where extended mortgage terms will be back in play so that the monthly payment will be lower? As for the bank surcharge tax, I trust folks understand that banks are simply going to increase fees to cover that cost.

#55 Nonplused on 09.01.21 at 4:57 pm

#41 SunShowers on 09.01.21 at 4:16 pm
“Not only will financial institutions like the Big 6 pay a 3% surtax on earnings, they’ll also be subject to something called the Canada Recovery Dividend. In total this will soak those guys for just under $11 billion. So, you should probably count on higher mortgage rates and bank fees.”

Why? It’s not a law of the universe written in stone that banks need to make insane profits, and so any increases in costs must be passed on to customers in order to maintain them.

Seems to me that if the goal of this tax is to fund programs which are meant to help people, banks shouldn’t be allowed to dilute that help by turning around and harming people by hiking fees.

“BUT THE GOVERNMENT CAN’T TELL PEOPLE HOW TO RUN THEIR BUSINESS” Sure it can, it happens literally all the time.

—————————————–

Where did it become evidence presented in court that the banks make “insane profits”? Have you got any evidence you can quote to both define “insane profits” and show that the banks make such “insane profits”? The banks are big business, and thus the numbers are big, but I don’t know what evidence we have that their margins are out of line with their invested capital and risks.

So yes, fees will go up. They have to retain a certain profit margin or their investors will look to divest and deploy their capital elsewhere. Squeeze them hard enough and you will find that there are no banks.

All things in an economy eventually find a balance. The “invisible hand” sees to it. Excess profits in any sector eventually leads to competition, which erodes the profits back down to a reasonable level given the risks, the main exception being those entities that have a government granted monopoly or oligarchy. An argument could be made that the big 6 have a defacto government granted oligarchy, but that only grants them free privilege to pass on costs.

Of course we have seen the rise of the “technical monopoly” in recent years with Facebook, Google, and the like. But those are American companies and eventually they will go the way of AOL or MySpace.

#56 Flop… on 09.01.21 at 5:01 pm

DELETED

#57 Sail Away on 09.01.21 at 5:03 pm

#46 Ballingsford on 09.01.21 at 4:28 pm

I’m still stuck on the national menstrual equity fund. Is that something we can invest in like a REIT, or does it just lose money?

———

Free product, baby. Just a matter of time until sanitary napkins take the place of shop towels at the mechanics. They’ll still charge for shop supplies, of course.

On overseas Army bases, there is a bin of free condoms at every gate. We used these all the time to keep the rain/sand out of rifles, pistols, night vision goggles, other equipment, etc. on field exercises. And waterproofing. It’s even possible to fit a condom over a wallet if you work at it gently and get the wallet’s permission.

#58 Ustabe on 09.01.21 at 5:03 pm

#36 Sail Away on 09.01.21 at 3:53 pm

#141 IHCTD9 on 09.01.21 at 11:50 am

As for me, I’m down sizing, and I’m thinking about buying a fishing boat. Likely for small water, but I am also “lured” by great lakes salmon and trout fishing too (I’ve never done this kind of fishing), which would require something a little bigger. Something like a StarCraft Islander would be perfect I think. (I’m taking recommendations).

———

An 18′ open aluminum is the old standard that can do everything suitably, is easily maintained and always retains its value.

Many people start with an 18′ lumie, go through a series of different boats over many years, and eventually return to the 18′ lumie.

Simplicity, Epictetus

Bear in mind that you can take a big water boat out on a lake but I would not be entirely comfortable taking a lake boat onto big water, ocean or Great Lakes.

An 18 foot aluminum fishing boat built for big water has slightly different chines, the transom is taller (to avoid getting pooped) and the sides are considerably taller and flared out more than the lake boat.

Also should consider two motors, one to get out there and one to get you home when the first breaks down. I’ve had to use my get home (trolling) motor twice, once I was out at the third tide line with the freighters and Chilean submarines. Not sure what would have happened if I didn’t have the little back up outboard.

#59 Ponzius Pilatus on 09.01.21 at 5:04 pm

#7 Doug t on 09.01.21 at 3:03 pm
Sadly this country IS a nation of financial illiterates
—————–
Speak for yourself.

#60 My Body My Choice on 09.01.21 at 5:11 pm

“Both politicians and diapers should be changed regularly. And for the same reason.”

Robin Williams.

#61 A commie is a commie is a commie on 09.01.21 at 5:17 pm

#51 A Dollar is a Dollar is a Dollar on 09.01.21 at 4:48 pm

Tax all sources of income fairly. No preferential treatment for stocks and dividends, and reparations for the decades of unfair privilege such investors have enjoyed.

At least that would be a start.
………

Flat tax rate for all..10%….. and no deductions… I’m sick and tired of paying for you with so called “progressive” tax rates….. start paying your share.

#62 Ponzius Pilatus on 09.01.21 at 5:19 pm

#36 Sail Away on 09.01.21 at 3:53 pm
#141 IHCTD9 on 09.01.21 at 11:50 am

As for me, I’m down sizing, and I’m thinking about buying a fishing boat. Likely for small water, but I am also “lured” by great lakes salmon and trout fishing too (I’ve never done this kind of fishing), which would require something a little bigger. Something like a StarCraft Islander would be perfect I think. (I’m taking recommendations).

———

An 18′ open aluminum is the old standard that can do everything suitably, is easily maintained and always retains its value.
————
Yeah IHTC9.
A boat is a good idea, but make it a houseboat.
Can’t go wrong there.
As they say, the rising tide lifts all boats.
Just reading that the luxury boat market is bonkers.
Every billionaire trying to outbid the other.
I guess,  they just found out that 10 minute trips into “almost” space is not what the advert says.

#63 Bucky on 09.01.21 at 5:21 pm

NMEF?? Wow, an army could sneak a battalion past the front lines during the flak you are going to get for that comment! Seriously, the first step to getting out of a hole is stop digging, or fire the person doing the digging.

Mr Trudeau’s creation, not mine. For $25 million. – Garth

#64 crowdedelevatorfartz on 09.01.21 at 5:22 pm

@#51 My dollar is my dollar not your Dollar

“Tax all sources of income fairly. No preferential treatment for stocks and dividends, and reparations for the decades of unfair privilege such investors have enjoyed.”

+++

Sooo .
All the money I invested and lost was “after tax” money that I risked in the markets.

Will the govt give me a tax rebate for all that lost money?

#65 WTF on 09.01.21 at 5:23 pm

Buttsification continues unabated, wreaked complete financial destruction on Ontario, not enough for the Cape Breton english major from McGill. time to “advise” PM Moneybags on how to obliterate any financial credibility Canada had.

SAD

#66 Jake on 09.01.21 at 5:26 pm

The banks won’t lose, they will just increase fees to offset any surtax. Where else can we go to bank? There isn’t much choice.

#67 Don Guillermo on 09.01.21 at 5:31 pm

#151 That guy on 09.01.21 at 5:00 pm

Singh knows exactly what he is saying. He has a degree in science, a degree in law, worked as an attorney for a Toronto law firm, and had his own law practice. He is not stupid. But he knows that promising free stuff and bashing the rich will get him votes from the dim witted. In my view he is a the worst kind of hypocrite just like T2 and should never ever be elected or ever have any kind of authority or power over others.

——————-
I totally agree with you there about Singh never being elected. Fingers crossed Sept 20!!
***************************************
Each morning when T2 is deciding which sox to wear, Singh is on to more important things like which Rolex to wear.

#68 R on 09.01.21 at 5:33 pm

What would be worst for the fiscally responsible, a T2 majority ,or a T2 minority with the NDP as a partner? Asking for a friend .

#69 enthalpy on 09.01.21 at 5:37 pm

we officially live in the twilight zone.

sometimes I feel like this can’t possibly be real. How far we have fallen.

#70 SunShowers on 09.01.21 at 5:38 pm

#55 Nonplused on 09.01.21 at 4:57 pm
“Where did it become evidence presented in court that the banks make “insane profits?””

Are you too inept to google? Too lazy? Too proud? A little of all 3?

Even so, just reading this blog should be enough, Garth is very vocal about the profitability of Canadian banks.

The “invisible hand” is a fairy tale that MIGHT apply ONLY to markets with a relatively low financial barrier to entry. Banking, air travel, and telecommunications need not apply.

#71 Blobby on 09.01.21 at 5:44 pm

So the “anti flipping” tax is going to bring in $8m?

Tell me again how this is such a SIGNIFICANT amount that it’ll lower house prices?

What a complete nothing burger.

$8m in total, is what (according the the reports about the Granville street Liberal MP), just two flippers could earn over a 5 year period.

#72 Millennial Realist on 09.01.21 at 5:47 pm

I’m starting to think the Liberals’ strategic plan may be smarter than many think.

They know that they will need to make big, then huge changes for the economic and environmental crises now and just ahead.

Better to do that with an NDP (and possibly other parties) alliance than to bear the burden of negative feedback only themselves.

Thus, the prospects of another minority govt, which they certainly assessed even months ago, are not intimidating, but actually shine a light on a path forward.

The Tories, on the other hand, will be cast as hopeless denialists of reality. Blocking them from governance will be a no-brainer for the other parties.

Several big hot potatoes to juggle, including housing. The Tories will do a worse job altogether. The public will be placated for long enough for the tougher decisions to start.

Be part of the change.

Or be run over by it.

That will be on people’s minds when they vote.

#73 F Cook on 09.01.21 at 5:48 pm

Should I reduce my Canadian stock holdings even more because the government is targeting capitalists and that’s basically what the stock market is comprised of?

#74 BlogDog123 on 09.01.21 at 5:49 pm

I hate it when Trudeau on the campaign trail says things like:
“A Liberal government is investing in…
seniors
childcare
Indigenous issue xyz
… etc”

It’s not investing if he’s piling on more debt

#75 Mdme Guillotine on 09.01.21 at 5:59 pm

“The less people know, the more stubbornly they know it.”

#76 Ken R on 09.01.21 at 6:00 pm

#22 crowdedelevatorfartz on 09.01.21 at 3:25 pm

A Billion here, a billion there.
Whats another $78 BILLION in the hole?

$0.50 Canuck buck here we come.

$0.50? You are an optimist!

#77 Prince Polo on 09.01.21 at 6:01 pm

#45 Ray Skunk on 09.01.21 at 4:26 pm
#13
Is it time to increase the suggested weighting of USD in one’s portfolio?

The time to do that was six years ago.

Great! May I please borrow your Delorean?

#78 Mdme Guillotine on 09.01.21 at 6:02 pm

Proverbs 14:7:
“Go from the presence of a foolish man, when thou perceivest not in him the lips of knowledge.”

#79 Michael in-north-york on 09.01.21 at 6:17 pm

Can we elect a government that implements all of T2’s new taxes, and none of his new “investments” (aka frivolous and reckless deficit-based spending)?

If not, then I am voting Conservative this time. Not a perfect choice either, they will be tempted to cut the taxes when they should address the deficit first. Yet, they are somewhat passable compared to other offerings.

#80 Concerned Citizen on 09.01.21 at 6:19 pm

I can’t vote for Trudeau who has a make the housing bubble bigger plan, and I can’t vote for O’toole because I value the CBC, public health care, and believe a carbon tax is a wise policy.

Perhaps the best outcome this election is a Conservative minority (highly unlikely if the Liberals and NDP combined have the most seats, but perhaps if the Bloc has enough seats they could support it for a while). If we’re lucky, Trudeau would resign or be pushed out and fiscally responsible people could gain control of the Liberal party (who am I kidding, we all know Freeland is the leader in waiting).

#81 Millenial Surrealist on 09.01.21 at 6:19 pm

#72 Millennial Realist on 09.01.21 at 5:47 pm

I’m starting to think the Liberals’ strategic plan may be smarter than many think.
……………….

This is the only thing on my mind when I vote ……I don’t support vacuous virtue signaling idiots…. do you have no shame…

https://torontosun.com/news/election-2021/2019s-black-face-scandal-still-haunting-trudeau

#82 Billy Buoy on 09.01.21 at 6:24 pm

It’s only digits and paper.

No one has the guts to tell the truth of the world running out slowly of easy to drill oil, proper sand grit for concrete construction and most importantly fresh water.

Guess that would cause a panic and no politician can do that can they..tell the truth.

#83 Paterfamilias on 09.01.21 at 6:26 pm

The banks will continue with us, as always (think ”moneychangers”) and the banks will do just fine, thanks for asking. Charges or fees will increase. All that will change overall is that the less wealthy will be priced out of banking services and, as was the case in Canada (and most places, of which I know) two centuries ago, banking services will be available only to the rich. Such as, for purposes of example, our current Prime Minister, by sheerest coincidence.

#84 binky barnes on 09.01.21 at 6:26 pm

I have been telling you good folks that the PM PM (Mr. Justin Trudeau) is a monetary whiz. Well, here is the evidence.

BB

#85 Nothingtaboo on 09.01.21 at 6:35 pm

I’ll bet that Trudeau doesn’t do anything that will reduce his millions.

I’m taking my millions to another country, and I’ll continue get all my government pensions to boot.

#86 Millenial Surrealist on 09.01.21 at 6:39 pm

What an obscene orgy of reckless spending…. truly unbelievable…

There is not the tiniest chance in a gazillion years to pay for this.. Jagmeet must be amazed and stunned trying to keep up with that… well they certainly out-commied the NDP!!

https://liberal.ca/our-platform/

Good luck Gen-Z and millennials… you are completely screwed forever.

#87 Quintilian on 09.01.21 at 6:42 pm

The Cons propose to balance the budget, not raise taxes, and no cut backs.

Sounds a bit like the Alchemists who claimed they could make iron into gold.

Economic growth + spending restraint + 10 years = balance. – Garth

#88 Do we have all the facts on 09.01.21 at 6:50 pm

How can any political party predict that introduction of a Canada Recover Dividend (?) will increase revenues by $5.5 billion over the next four fiscal years when they have no idea how it will function.

It seems that our current Prime Minister is trying to convince Canadians that a sizeable chunk of his continuing parade of goodies can be covered by vague promises of increased revenues. No details required.

Con men around the world should be taking notes from this Charlatan.

moon and

#89 Yukon Elvis on 09.01.21 at 6:52 pm

In the past 6 federal elections since ‘05 only 35% of of the popular vote was “fiscally responsible” conservative. The other 65% of the popular vote was for parties that promised free stuff. I don’t see that changing any time soon. Whichever party offers the most free stuff will win. This election may be a “one off” just to get rid of the Trudeau vomitorium. If Mark Carney was Lib leader they would imho get a majority.

#90 Pbrasseur on 09.01.21 at 6:52 pm

Still don’t think t2 will take it.

But if he does I’m setup to live comfortably for at least five years without paying a penny in taxes, no matter the rate you inflict. So tax the « rich » all you want socks, I’m out as will no doubt be countless others.

#91 To the point. on 09.01.21 at 6:55 pm

O cry me a river! Of course people don’t vote Conservative because of their acute fiscal analysis.

To find out WHY you are a conservative/Conservative, see what the psychologists say: “People embrace political conservatism (at least in part) because it serves to reduce fear, anxiety, and uncertainty; to avoid change, disruption, and ambiguity; and to explain, order, and justify inequality among groups and individuals”.

Check it out: https://www.businessinsider.com/psychological-differences-between-conservatives-and-liberals-2018-2#conservatives-tend-to-display-more-ordered-thinking-patterns-whereas-liberals-have-more-aha-moments-5

#92 Chalkie on 09.01.21 at 6:59 pm

Calculate the number of people who have lost their jobs due to self serve machines, times the taxes they would have paid. Penalize the stores to reimburse the Government for the lost revenue the machine saved the store, then we all win.
Here we come shoppers drug Mart, Walmart, Home Depot and you other big players, don’t spend the savings CEO’s the Feds have you on their radar.

#93 IHCTD9 on 09.01.21 at 7:04 pm

#36 Sail Away on 09.01.21 at 3:53 pm
#141 IHCTD9 on 09.01.21 at 11:50 am

As for me, I’m down sizing, and I’m thinking about buying a fishing boat. Likely for small water, but I am also “lured” by great lakes salmon and trout fishing too (I’ve never done this kind of fishing), which would require something a little bigger. Something like a StarCraft Islander would be perfect I think. (I’m taking recommendations).

———

An 18′ open aluminum is the old standard that can do everything suitably, is easily maintained and always retains its value.

Many people start with an 18′ lumie, go through a series of different boats over many years, and eventually return to the 18′ lumie.

Simplicity, Epictetus.
———-

I think I’ve learned something of this just from used boat prices. A decent older 14-18’ aluminum boat/motor/trailer is about 3K, an older 20-25’ boat with 150+HP, I/O, cabin etc… can be had for barely much more than that, where a new one is 90K+

In my area, there are solid reasons to own both due to all the different water here. I have a bro who fishes for Lakers/Rainbows/Kings in the Great Lakes in a Lund Rebel SS 1650V (17’ iirc) just fine – but I believe that is when they come in closer to shore.

#94 Doug t on 09.01.21 at 7:07 pm

#59 ponzi

Your funny – not witty

#95 IHCTD9 on 09.01.21 at 7:12 pm

#72 Millennial Realist on 09.01.21 at 5:47 pm
I’m starting to think the Liberals’ strategic plan may be smarter than many think.

They know that they will need to make big, then huge changes for the economic and environmental crises now and just ahead.

Better to do that with an NDP (and possibly other parties) alliance than to bear the burden of negative feedback only themselves.

Thus, the prospects of another minority govt, which they certainly assessed even months ago, are not intimidating, but actually shine a light on a path forward.
— –

So Trudeau, who was leading a minority government propped by the NDP, called an election with the hopes of winning a minority government propped by the NDP?

That’s smart bro.

#96 the Jaguar on 09.01.21 at 7:18 pm

……and especially the banks.
Not only will financial institutions like the Big 6 pay a 3% surtax on earnings, they’ll also be subject to something called the Canada Recovery Dividend. In total this will soak those guys for just under $11 billion………..GT +++

You’re kidding right? Take on the Ancient Warriors? I don’t think so. The Libs are way out of their league. It will go something like this: (except Cher will be replaced by someone who more resembles what is sometimes referred to as an ” Enforcer”. They come in surprisingly different shapes and sizes. I kind of like the idea of our Finance Minister in the Nicolas Cage role….

https://www.youtube.com/watch?v=Uz95y3gLNA4

#97 crowdedelevatorfartz on 09.01.21 at 7:19 pm

@#87 Quintillan’s Questionable Quotes

“Sounds a bit like the Alchemists who claimed they could make iron into gold.”

+++

Errr.
Might wanna sharpen up the history lessons.

The alchemists tried to turn lead into gold….not iron.
Iron was used to beat swords into plows.

#98 twofatcats on 09.01.21 at 7:19 pm

Open a free account with House Sigma. Flipping is rampant in the smaller towns. These people bought in Oct 2020 and are selling Sep 2021 for $200K more. In Southern Ontario, flipping houses is now more lucrative than full time employment due to the principal residence exemption.

https://www.zolo.ca/port-colborne-real-estate/34-isabel-street

https://housesigma.com/web/en/house/wJKR7P8WwaD7XeLP/34-ISABEL-Street-Port-Colborne-40034258

#99 crowdedelevatorfartz on 09.01.21 at 7:24 pm

@#72 Millenial Denialist.

“Be part of the change.
Or be run over by it.”

+++++

I think you should rephrase that if Trudeau regains the Throne.

Be part of the debt
Or be run over by it…….

#100 cuke and tomato picker on 09.01.21 at 7:56 pm

I would rather have a T2 majority then a T2 with Jagmeet calling the shots.

#101 Haas Say Yhoo on 09.01.21 at 8:05 pm

#85 How do you plan to continue receiving all your government pensions to boot?

#102 IHCTD9 on 09.01.21 at 8:07 pm

#58 Ustabe on 09.01.21 at 5:03 pm

Bear in mind that you can take a big water boat out on a lake but I would not be entirely comfortable taking a lake boat onto big water, ocean or Great Lakes.

An 18 foot aluminum fishing boat built for big water has slightly different chines, the transom is taller (to avoid getting pooped) and the sides are considerably taller and flared out more than the lake boat.

Also should consider two motors, one to get out there and one to get you home when the first breaks down. I’ve had to use my get home (trolling) motor twice, once I was out at the third tide line with the freighters and Chilean submarines. Not sure what would have happened if I didn’t have the little back up outboard.
————

Lots of folks take even 16’ boats into Lake Ontario, just not too far out, and you have to pick your day too. If I ended up with a 20’+ boat, it would definitely have a kicker for trolling.

The problem of the bigger boat for me is it seems better to get a seasonal slip at a marina near the lake to keep everything easy, quick and fun. The rates here are 40-60.00/ft, depending and fuel at the marina is nuts. 1-2 mpg after you set out. The costs start getting up there at that point.

The 18’ open boat with outboard is CHEAP all around, just might not be able to go out some days. This’ll likely be what I do as I am literally 15 minutes from a major river system full of Walleye, Pike, Muskie, and Bass, and can’t see myself not fishing it the most.

#103 Resorter on 09.01.21 at 8:08 pm

Spent the past two weekends in two BC resort towns that should be booming right now….and they were a mess. By that I mean, restaurants and stores can’t even find staff to work. In both towns we had a hard time finding somewhere to sit down and eat. Felt like a recession/depression with half the businesses on reduced hours or closed.

Not exactly what I’d call a booming economy when you can’t find a place to have breakfast in Whistler. Roaring 20’s? Guess we will see but what a depressing two weeks with these towns just in rough shape.

#104 Quintilian on 09.01.21 at 8:12 pm

#99 crowdedelevatorfartz

“Errr.
Might wanna sharpen up the history lessons.”
You are correct, and I wrongly stated that “iron” when in fact I should have stated, as you pointed out, it was lead.
Nonetheless I was correct in stating that they claimed the transmutation was possible.
(although it could be argued that theoretically the Alchemists we not entirely wrong, but that is another story).

However, you have an advantage over me, as you lived during that era.

#105 Blessed_Canadian_Millenial on 09.01.21 at 8:22 pm

#3 Dave on 09.01.21 at 2:53 pm
Trudeau has shown poor judgement on so many issues and he has allowed the housing bubble to continue to inflate on his watch. He has racked up huge debt but Garth fails to mention that it was because of the pandemic and the proportion of debt is less than the US. But the Cons under O’Tool want to increase private health care at the expense of our public system, they want to build more pipelines and have very little in terms of being proactive on climate change, despite our record heatwaves and forest fires, they don’t want mandatory vaccines for public servants, thereby pandering to their fringe anti vaccer base and they are also pandering to the gun lobby. Trudeau is lucky that he is running against OTool. The majority of people can’t be stupid enough to vote for the Cons.

——————-

So much wrong with your statement.

“But the Cons under O’Tool want to increase private health care at the expense of our public system.”
No, they don’t. Have you read their platform?

“They want to build more pipelines”
And what’s wrong with building more pipelines?

“have very little in terms of being proactive on climate change, despite our record heatwaves and forest fires” Again, this is incorrect. Have you actually read their platform?

“The majority of people can’t be stupid enough to vote for the Cons.”
Anyone with a reasonable IQ and reading skills will realize that Cons are the only decent alternative, despite their flaws.

#106 The West on 09.01.21 at 8:23 pm

I don’t know how it could be made any clearer….the central banks are building the new ruling class.

Banking in the 20th century became the ROMAN Catholic Church of the 4th century.

A aristocracy is placing itself on top of the western world.

#107 Blessed_Canadian_Millenial on 09.01.21 at 8:25 pm

#41 SunShowers on 09.01.21 at 4:16 pm
“Not only will financial institutions like the Big 6 pay a 3% surtax on earnings, they’ll also be subject to something called the Canada Recovery Dividend. In total this will soak those guys for just under $11 billion. So, you should probably count on higher mortgage rates and bank fees.”

Why? It’s not a law of the universe written in stone that banks need to make insane profits, and so any increases in costs must be passed on to customers in order to maintain them.

Seems to me that if the goal of this tax is to fund programs which are meant to help people, banks shouldn’t be allowed to dilute that help by turning around and harming people by hiking fees.

“BUT THE GOVERNMENT CAN’T TELL PEOPLE HOW TO RUN THEIR BUSINESS” Sure it can, it happens literally all the time.

———————

Hahaha, you always seem to crack me up!

Might I suggest you take some basic economics classes? If anything, it’ll help you open up your mind to other interesting thoughts and ideas.

Cheers, mate.

#108 crowdedelevatorfartz on 09.01.21 at 8:33 pm

@#104 Quintillians Quips
“However, you have an advantage over me, as you lived during that era.”

++++

As a wise man once said,
” I would love to be in a battle of wits with you….but I don’t want to fight an unarmed man….”

#109 crowdedelevatorfartz on 09.01.21 at 8:36 pm

@#100 Pickled Cuke
“I would rather have a T2 majority then a T2 with Jagmeet calling the shots.”

++++

Poh-TAY-to
Poh-TAH-to

Either way.
Libs and dippers will crush the economy.

Vote accordingly.

#110 Wrk.dover on 09.01.21 at 8:38 pm

Buddy from Pubnico comes up my lane in a Subaru wagon weekly with coolers full of fresh seafood on ice, for a small price. Year ’round, too!

No boats in my life. But a steady diet of fresh wild fish.

As for the budget; “When the band you’re in starts singing different tunes, I’ll see you on the dark side of the Moon” P. Floyd.

#111 Steven Rowlandson on 09.01.21 at 8:49 pm

Regarding #19. Not sure being in another country will do much good as the problem is apt to be global. It really is a world of chaostans run by greedy genocidal maniacs and no police force to arrest the miscreants in charge and bring them to justice. What is of great concern is not just bad political parties but globalist oligarchs and big business usurping the powers of government and actually dictating policy. This will leave little alternative to violence as there is no longer any respectable rule of law.

#112 Sail Away on 09.01.21 at 8:51 pm

#93 IHCTD9 on 09.01.21 at 7:04 pm

A decent older 14-18’ aluminum boat/motor/trailer is about 3K, an older 20-25’ boat with 150+HP, I/O, cabin etc… can be had for barely much more than that, where a new one is 90K+

In my area, there are solid reasons to own both due to all the different water here. I have a bro who fishes for Lakers/Rainbows/Kings in the Great Lakes in a Lund Rebel SS 1650V (17’ iirc) just fine – but I believe that is when they come in closer to shore.

——–

Simple small boats often catch more fish because the owners aren’t as likely to be infected with ‘other side of the bay’ syndrome.

So they motor out 5 minutes and start fishing. An hour later, all the big boats from the other side of the bay join them for a while before ripping off somewhere else. Meanwhile, our heroes fish until noon, return to shore for a long lunch and nap, then go back out for the night bite, achieving, in the end, less time on the water but more time fishing and often better catches.

It’s a common theme.

#113 My Body My Choice on 09.01.21 at 8:56 pm

Cloward-Piven:

“A political strategy to overload the public welfare system to the point it creates a crisis, and bankrupts the nation, leaving the country no choice but to adopt a socialist/communist agenda.”

#114 crossbordershopper on 09.01.21 at 8:57 pm

EI on self employeed people. omg i so it totally abused. i know lots of people who magically make 9K, and get cdn workers benefit. you make think 9K a year net from a small business is nothing, well, its only what is official. everyone out there in many area’s are real scammers, cash deals everywhere, trades etc, the underground economy is rampant in Canada, totally rampant. anyone going to the flea market on the weekend at 27 and albion or the others around will quickly notice, no reciepts, no cash register, no debit machine, etc.
and everyone lines up for cdn govt benefits. how else do people who report 35K a year in income live in 1.2 million dollar homes that are paid for. right. thats about right. taxes are going to be harder and harder to collect moving forward, they think with digitization etc, lots of stuff are still in cash, always has been.
but ei, on self employeed, man i cant wait to lay my self off, he is a bumb anyway, and collect 15,500 a year. what does lack of work mean anyway, trudeau is a idiot., and making people who make more than 220K canadian pay the minimum 15% tax. etc. games and games.

#115 crowdedelevatorfartz on 09.01.21 at 9:35 pm

@#110 Wkr. Dvr
“Buddy from Pubnico comes up my lane in a Subaru wagon weekly with coolers full of fresh seafood on ice, for a small price. Year ’round, too!”

+++

A buddy of mine has FN Status card.
I eat deer, moose meat year round.
Another buddy is a fishing guide.
Salmon, halibut, cod….almost year round.
All free….’cause I’m a nice guy….
:)

#116 Vlad on 09.01.21 at 9:36 pm

I am really surprised that no one here asked the very obvious question.
We are officially in the 4th wave, 600 or so cases per day in Ontario alone. The delta is raging, un-vaccinated are dropping like flies.
Ford just announced vaccine certificates effective Sep-22 to protect everyone.
Why are we having a federal election on Sep-20?
And everybody is so blind and preoccupied with predictions.
Wake up you poor souls.

#117 crowdedelevatorfartz on 09.01.21 at 10:12 pm

@#116 Vlad the Impaler
“Why are we having a federal election on Sep-20?
And everybody is so blind and preoccupied with predictions.
Wake up you poor souls.”

+++
Perhaps you should direct that question to our esteemed Prime Minister…..
Who, I’m sure was warned many weeks ago about the “fourth wave” that is going to be far far worse than the previous ones…
So, would he wait for the misery of the next Covid wave to anger the voters even more or….fire the gun and start an election….no one wants.

Oh.
And dont forget the Canadian Debt this year alone is expected to be……… $138 BILLION DOLLARS.

Vote accordingly.

#118 don on 09.01.21 at 10:14 pm

Justin Trudeau at risk of losing office as election gamble backfires

The PM has taken a serious tumble in the polls, amid a faltering economy and little progress on climate change promises

https://www.telegraph.co.uk/world-news/2021/09/01/justin-trudeau-now-risk-losing-office-election-gamble-backfires/

What polls are you looking at Garth?

#119 Printer on 09.01.21 at 10:14 pm

Being in the printing business, it’s actually quite easy to print several more billion $$s to pay for all these promises.
Now, if I could make the majority of the population believe this, I could very well be the nation’s next PM

#120 mike from mtl on 09.01.21 at 10:21 pm

#91 To the point. on 09.01.21 at 6:55 pm

“People embrace political conservatism (at least in part) because it serves to reduce fear, anxiety, and uncertainty; to avoid change, disruption, and ambiguity; and to explain, order, and justify inequality among groups and individuals”.

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

‘conservatism’ gets a bad rep very true. Last I checked no so-called lefty sided ever trowed dollars towards the greater good? No it has to be those ‘evil’ people/Banks and people with zero debt.

Last I checked you’ll run out of revenue in a year or so not so dissimilar to Cuba, max but hey why stop there ?

#121 cuke and tomato picker on 09.01.21 at 10:25 pm

Number 103 resorter we live on south Vancouver Island and we know two people who own waterfront restaurants
and yes staffing is a problem. They are doing their best to
pay more and treat staff well and work through these
difficult times. Virtually all employers in our area are looking for more help. We’re hiring signs are common.

#122 Patty on 09.01.21 at 10:29 pm

Omg, it looks like yet again 10% or more of all comments here today are by one guy.

Get a life, people. Garth, maybe put some limits on all the frequent posters.

#123 Bank Fees on 09.01.21 at 10:35 pm

#41 Sunshowers

“Banks shouldn’t be allowed…to hike fees”
——————————————————-

LMAO.

It’s hard to believe anyone can be as naive as you.

Imagine trying to control every fee the banks charge.

Corporations don’t pay taxes, their customers do.

Now the Big 5 have a government created oligopoly so the bureaucrats could attempt to meddle in their affairs, but the bankers are about 500 times as smart as the overlords.

I love the new tax though, great opportunity to load up on bank stocks.

I’ll buy some (ahem a s*&t load of) calls once the initial panic sellers are done, which won’t be too much longer.

Thanks again tax and spenders, you make it so easy to get rich.

Options on the Big 5 are remarkably cheap and are underestimating volatility imo. Perfect setup.

#124 Lee Adams on 09.01.21 at 10:43 pm

Slight Coorection here

Cons 33.7% – Libs 31.0% -NDP 20.3 %

https://www.ctvnews.ca/

#125 statsfreak on 09.01.21 at 11:10 pm

Free ponies? I want a pink one (but couldn’t find the correct requisition form to fill out on the CRA website. Can you send me a copy of yours?)

…..dear Gawd…….this is all getting so juvenile and past the state of ludicrous….heavy sigh……

#126 Doug t on 09.01.21 at 11:11 pm

#122 patty

Free speech

#127 Ponzius Pilatus on 09.01.21 at 11:28 pm

122 Patty on 09.01.21 at 10:29 pm
Omg, it looks like yet again 10% or more of all comments here today are by one guy.

Get a life, people. Garth, maybe put some limits on all the frequent posters.
———————-
I wonder who could the prolific poster be?

#128 Smug Canadians on 09.01.21 at 11:36 pm

Wow, I thought #1 mgjupiter was serious, but of course his sarcasm is bar none. Here here bud!! love your w
it!!

#129 Ponzius Pilatus on 09.02.21 at 12:14 am

Fentanyl super lab in Alberta!
CEF says all the Fentanyl comes from the Middle Kingdom.
——————————
Justice Minister Kaycee Madu thanked law enforcement officers for seizing $300 million worth of drugs and shutting down what is being called a fentanyl ‘superlab’ in rural Alberta, saying it has disrupted organized crime and saved the lives of people who might have otherwise ingested the drugs.

#130 Jane Finch on 09.02.21 at 12:18 am

Accepting a cobbled together Liberal “coalition” propped up by an irrelevant NDP would be a grave mistake. Our democracy would be nothing but a sink of special interests gerrymandered special interests. A Liberal/NDP would have zero accountability. There is so much to be held to account.

https://nationalpost.com/news/politics/election-2021/liberals-accused-of-culture-of-cover-up-in-handling-of-sexual-misconduct-accusations

#131 Overheardyou on 09.02.21 at 12:21 am

Too bad when it hits the fan he’ll be gone with no repercussions whatsoever. What a country we live in!

#132 Nonplused on 09.02.21 at 1:10 am

#70 SunShowers on 09.01.21 at 5:38 pm
#55 Nonplused on 09.01.21 at 4:57 pm
“Where did it become evidence presented in court that the banks make “insane profits?””

Are you too inept to google? Too lazy? Too proud? A little of all 3?

Even so, just reading this blog should be enough, Garth is very vocal about the profitability of Canadian banks.

The “invisible hand” is a fairy tale that MIGHT apply ONLY to markets with a relatively low financial barrier to entry. Banking, air travel, and telecommunications need not apply.

——————————————

Define “insane profits”. Is any profit insane? Consistent profits insane? If Garth likes the sector does that make the profits insane?

Air travel isn’t a good example because that has not proven to be much of a money maker. Too much competition, fickle customers, and the barrier to entry is actually pretty low. West Jet did it by leasing a few planes.

Anyway, a bit of Googling to prove I am not “too lazy”:

https://globalnews.ca/news/7901944/canada-banks-earnings-q2/

Looking at the banks, we see that most of the recent “insane profits” came from changes to their loan loss provisions. Those are not sustainable. One year it goes into profit, the next year it comes out of profit. Other than that their profits are reasonable compared to their revenue. It doesn’t look “insane” to me.

Maybe that is me just being inept and proud. But what’s that saying? “Takes one to know one”?

Anyway there is no point arguing with a name caller.

#133 Nonplused on 09.02.21 at 1:17 am

#92 Chalkie on 09.01.21 at 6:59 pm
Calculate the number of people who have lost their jobs due to self serve machines, times the taxes they would have paid. Penalize the stores to reimburse the Government for the lost revenue the machine saved the store, then we all win.
Here we come shoppers drug Mart, Walmart, Home Depot and you other big players, don’t spend the savings CEO’s the Feds have you on their radar.

————————————

Any efficiencies created by self serve machines do one or both of two things; lower prices to consumers, or increase profits for the corporation, which is already taxed at higher rate than a cashier would pay.

Folks, we need to start thinking these things through. There are no magic bullets.

#134 sayless on 09.02.21 at 6:38 am

This is the first election where I truly feel like not a single of the candidates deserve power.

It’s like a vaccuum of ineptitude:

– Trudeau is too busy being woke he forgot we fell asleep
– Singh… Well… He’s great at social media!
– O’Toole wants to let doctors use their religious beliefs to determine whether or not their patients receive or are referred to appropriate care.

I was all for the decriminalization of marijuana, but I’m starting to question whether we haven’t collectively hit that bong one too many times.

#135 Dharma Bum on 09.02.21 at 8:13 am

“This blog will withhold comment on things it clearly knows nothing about (money for banning guns,…).”
– Garth
————————————————————————————–

Well, anything’s possible with the virtue signalling socks boy and his band of merry idiots.

That’s why, just yesterday, I picked up a Churchill 12 gauge pump action shotgun with a walnut stock.

I call it The Defender.

Cheap insurance.

Hey, you never know.

#136 crowdedelevatorfartz on 09.02.21 at 8:29 am

@#129 Ponzies Peking Pharmaceutical Pals

“Fentanyl super lab in Alberta!
CEF says all the Fentanyl comes from the Middle Kingdom.

Justice Minister Kaycee Madu thanked law enforcement officers for seizing $300 million worth of drugs and shutting down what is being called a fentanyl ‘superlab’ in rural Alberta,”

+++++

Most, If not all, raw ingredients for Fentanyl are manufactured in China and smuggled into North America to be manufactured in clandestine labs.

https://www.scmp.com/magazines/post-magazine/long-reads/article/3123109/chinas-fentanyl-connection-suppliers-fuelling

That “search” took 15 seconds on google.

Try harder Ponze. Your bias is showing.

#137 TurnerNation on 09.02.21 at 8:39 am

Control over our travel/movements and ending the Tourism business. Never ending isn’t it?
The Long Game (Get to know it).

.Tourism association ‘caught off guard’ by U.S. travel advisory for Canada (theglobeandmail.com)
“The Hotel Association of Canada said it’s disappointed the U.S. is discouraging travel to Canada, saying hotels and the events sector will continue to feel the brunt of COVID-19′s economic impact for many months to come.”


— From the Almost Back to Normal, and Control Over our Travel/Movement Depts.
Making flying even more torturous. Like a flying surgical hospital!
In the New System you have no right to be healthy. Also you have no right to be sick. The double bind.

https://www.fastcompany.com/90670465/rip-cloth-masks-why-airlines-and-governments-are-banning-them
“Many airlines now ban fabric masks on flights. Last week, Finnair was the latest to adopt this policy, joining Air France, Lufthansa, Swissair, Croatia Airlines, and LATAM Airlines in announcing that passengers would not be allowed to wear cloth masks on flights. The reason? “Fabric masks are slightly less efficient at protecting people from infection than surgical masks,” according to Finnair’s statement. Now, all of these airlines are only allowing N95 masks, surgical masks, and respirators that do not have exhaust valves.”

#138 CHERRY BLOSSOM on 09.02.21 at 9:02 am

More of the profits of the banks will go to increased dividends to avoid tax and more of the profits from the oil companies will go to increased dividends to encourage more investors.

Dividends are paid to investors in corporate after-tax income. They do not avoid tax. – Garth

#139 Phylis on 09.02.21 at 9:40 am

#136 crowdedelevatorfartz on 09.02.21 at 8:29 am
@#129 Ponzies Peking Pharmaceutical Pals

“Fentanyl super lab in Alberta!
CEF says all the Fentanyl comes from the Middle Kingdom.

Justice Minister Kaycee Madu thanked law enforcement officers for seizing $300 million worth of drugs and shutting down what is being called a fentanyl ‘superlab’ in rural Alberta,”

+++++

Most, If not all, raw ingredients for Fentanyl are manufactured in China and smuggled into North America to be manufactured in clandestine labs.

https://www.scmp.com/magazines/post-magazine/long-reads/article/3123109/chinas-fentanyl-connection-suppliers-fuelling

That “search” took 15 seconds on google.

Try harder Ponze. Your bias is showing.
Xxxxxxxxx
Guess he didn’t watch Breaking Bad either.

#140 Phylis on 09.02.21 at 9:48 am

Today’s notable. The cheapie NN frozen hamburgers last week $10. This week $15. Yikes. Maybe I should call the ford gouging hotline since we are still in a pandemic.

#141 Slim on 09.02.21 at 9:52 am

112 Sail Away

I thought this was suppose to be a financial blog, not about boats and fishing. Who cares!

#142 Russ on 09.02.21 at 10:18 am

Sail Away on 09.01.21 at 8:51 pm

#93 IHCTD9 on 09.01.21 at 7:04 pm

… then go back out for the night bite, achieving, in the end, less time on the water but more time fishing and often better catches.

It’s a common theme.

————————————

Your point is one that many people miss, there is a difference between fishing and catching.

Cheers, R

#143 Sara on 09.02.21 at 10:29 am

#134 sayless on 09.02.21 at 6:38 am

“I was all for the decriminalization of marijuana…”

It wasn’t decriminalized.

#144 Quintilian on 09.02.21 at 10:31 am

Garth: not sure if your analysis is meant to sway anyone, if so it’s futile.

Not many Canadians vote ,or buy a house based on numbers.

#145 Ponzius Pilatus on 09.02.21 at 10:51 am

DELETED

#146 Ponzius Pilatus on 09.02.21 at 10:56 am

#140 Phylis on 09.02.21 at 9:48 am
Today’s notable. The cheapie NN frozen hamburgers last week $10. This week $15. Yikes. Maybe I should call the ford gouging hotline since we are still in a pandemic.
———————-
You should not eat that stuff anyway.
If COVID does not kill you, that crap will surely do you in.

#147 Sail Away on 09.02.21 at 11:09 am

#141 Slim on 09.02.21 at 9:52 am
112 Sail Away

I thought this was suppose to be a financial blog, not about boats and fishing. Who cares!

———

Oh, you didn’t know that was a natural progression?

1. Pick up tips from this blog and act on them
2. Achieve financial independence
3. Start shopping for your boat

#148 Secret Canadian Investing code on 09.02.21 at 11:12 am

RBCTDBMOBNSCIBC.

#149 Dr V on 09.02.21 at 11:18 am

146 Ponzie – we like the Butcher’s choice Mesquite
smoked from RCS. Once a week on the BBQ from Easter til Thanksgiving.

#150 Yukon Elvis on 09.02.21 at 11:21 am

China’s government banned effeminate men on TV and told broadcasters Thursday to promote “revolutionary culture,” broadening a campaign to tighten control over business and society and enforce official morality.
President Xi Jinping has called for a “national rejuvenation,” with tighter Communist Party control of business, education, culture and religion. Companies and the public are under increasing pressure to align with its vision for a more powerful China and healthier society.
The party has reduced children’s access to online games and is trying to discourage what it sees as unhealthy attention to celebrities.
Broadcasters must “resolutely put an end to sissy men and other abnormal esthetics,” the TV regulator said, using an insulting slang term for effeminate men — “niang pao,” or literally, “girlie guns.”

https://www.castanet.net/news/World/344593/China-bans-sissy-men-from-TV-in-morality-crackdown#344593

#151 Planetgoofy on 09.02.21 at 12:07 pm

#72 Millennial Realist on 09.01.21 at 5:47 pm
———————–
Nothing you said makes any sence. Do you know why you need a opposition?
Its called checks and balances.
Be a part of change or get run over by it?
Lol Whats changed? Ill tell you whats changed. Record printing and inflation (very undereported)…food, housing, materials prices.
Obviuosly you are one of the financial illiterates. Guess you just comment and dont read what Garths posts?
Another branded at birth Lib.

As for me Im Mortgage free on 14 properties as of yesterday.
So if goofball #1 or #2 gets in….ok I guess, make my day. My holdings went up millions the last few years. I can afford any kind of price increases….sorry kids.
Oh well one day their will be a mushroom cloud above Kanada and Ill check back see how your doon….

#152 mike from mtl on 09.02.21 at 1:42 pm

#150 Yukon Elvis on 09.02.21 at 11:21 am
////////////////////////////////////////////////////////

Wow the CCP really regressing back to their old 1970s ways.

Funny false friend 娘炮 means some nonsense like “Daughter Armament” in Japanese.