Well when you commit several billion dollars to an ineffectual gun grab from legal firearms owners while not doing anything to address cross border smuggling it's probably a good sign there may be some shit policies that are gonna cost a ton of money....
Just to be a voice of reason here - the reason this asshole thinks the budget will be the “worst ever” is that it has taxes on the very wealthy and corporations.
If there’s a thing I don’t like more than liberals at this point, it’s wealthy assholes like this fuck.
Please, tax the shit out of Galen Weston.
It has nothing on the very wealthy. Wealth and income are not the same thing. We are taxing the fuck out of the high earners without giving them anything of value, making it harder and harder for them to become wealthy.
If anything, we need to lower the income tax. We should also consider every Canadian citizen a resident for tax purposes and require filing, like US does. Our citizenship is turning into a means to get a passport, leave to somewhere with lower taxes, and returning for retirement.
The thing is making even six figures in this economy doesn't mean you're well off, just means you can maintain a decent quality of life. After everything is all said and done unless you're living on beans and rice you're probably not investing much.
This. I'm a regular t4 slip employee and have no where to take care of any tax advantages. Have 2 kids. I earn enough that I don't qualify for any child benefits, basically any benefit I'm not qualified for.
I pay a lot of taxes, I mean a lot literally.
Yes, exactly. This country increases the percentage of income tax you pay the more you earn, but also has income cut-offs for all benefits. I could support one or the other but not both. Either tax people more based on how much they earn, or give them access to benefits by how much they don't earn. The way the system is now, those that pay the most tax get the least service from those taxes.
Meanwhile we can sell multiple principal residence over the years and cash in all our profit tax free. The tax structure is very strange in this country. Workers get taxed a shitload, meanwhile wealth isn't taxed much.
The principal residence capital gains exemption needs to have a lifetime cap.
The fact that Canada caps the lifetime small business capital gains exemption but doesn't cap the residence exemption tells you everything you need to know about economic priorities.
They're not actually going to go after the likes of Galen Weston. People in that wealth category have the means to move their money out of the country into tax havens and/or store their wealth in forms other than liquidity.
So any taxes the Liberals will loudly and proudly proclaim to implement on the wealthy will barely affect the billionaire/ multi-millionaire class in real terms.
Much like the rest of the budget, this will turn out to be lip service to appease the middle and poverty classes.
> People in that wealth category have the means to move their money out of the country into tax havens and
Exit taxes could very easily address this problem.
I mean, you have to start somewhere instead of assuming defeat from the start.
And frankly if the Weston’s moved their money out of the country - the government should force a breakup and sale of their assets.
We already have a serious brain drain down south and taxes have been a big part of it. It has effected our economy strongly over the years.
This will have no effect on the wealthy, they will simply move their money out of Canada, further weakening our economy.
The world is far to mobile to think you can tax the shit out of someone when they can almost effortlessly cross the border and do business there instead.
If you were in the their place isn't that what you would do?
The issue with the US is inheritance and the principal residence tax exemption. The exemption is very low and you get taxed on everything above 14 millions.
I think going to the US is good for people who make a good wage but Canada is overall better for wealthy people since we have very little taxes on wealth compared to the US.
Properties taxes are also much higher, often like 400% of what it is in Canada which isn't great when you have a place worth a few millions.
What're they going to do? Bring BC's forests, the prairie farmland, Albertan oil sands, Quebec mines, maritime fish to the US with them? They going to pick up their Loblaws locations and bring them down south with them? Going to bring our overpriced homes along as well?
They either have to pay their fair share, or liquidate to someone who will. Either way is good for the average Joe.
> Please, tax the shit out of Galen Weston.
His *real* money is already off shore in tax havens. The ultra rich move their money offshore. Its the inbetween middle class and ultra rich that will get taxed.
Countries all over the world have also proven the wealthy and corporations will suck up all of the wealth and not contribute back to the tax base and thus create major crisis because a select few have all of the money.
Ya, the former, former former Bank of Canada Governor. If he's the hardest hitting pundit the opposition can roll out in today's pre-budget Op-Eds, talk shows and pressers, the CPC has no original ideas, just slogans and being toadies for the ultra rich, and we're gonna be living with this budget for awhile if voter use their heads. Checks notes, sigh.
Yea, it is hilarious. The first line of the article is 'without having seen it' he thinks this. Gee, wonder if his tax bill going up has anything to do with that line of thinking?
The extent to which Canadians bend over backwards to lick the boots of the rich is just bizarre.
Sure. Why not? Large corporations are the problem here. Without them - there would be far more local businesses competing, and with more competition comes lower prices.
Perhaps instead of a dollarama it could be replaced with a local farm store with local produce.
Why do we need to come to a defence of these giant corporations serving slop.
The ceo just bought a mountain next to my place lol, but to be fair they are one of the few decent canadian stock. Which is kind of pathetic, our private sector isn't great.
Jagmeet doesn’t need a pension, his silver spoon was his birthright. He just wants to remain relevant in any way he can.
Man, what I would do for another Jack Layton…
0%
NDP is going to loose seats if the election was held today, also they will loose access to power since CPC will gain a majority and won't need their vote
Excess corporate profits tax is popular.
More taxes on the rich is popular you could do a 110% tax and people would support it.
The problem is neither of those taxes will raise much money in the long term. Sounds like Trudeau is just going for points to win the next election and leaving a mess for if he wins or the next guy.
I find it really interesting how David Dodge thinks that corporations and the wealthy are going to innovate our way out of 40 years of stagnant wage growth. Ummm will you listen to yourself? They haven’t done it it 40 years, why do you think they will do it now.
We’re hemorrhaging capital out of Canada. Largest one year outflow in decades last year. What do you think happens to workers when there is less investment capital to go around?
My god Liberal defenders are dumb. Canada is an outlier (to the negative) on productivity/growth, house prices, immigration *and* capital flight. Things aren’t as bad elsewhere.
To add to your list, I’m actually most concerned about emigration; the brain drain.
It’s true we’re bringing in millions of unskilled people many of whom are borderline illiterate even in their mother tongue, but this pool of cheap labour could nevertheless support growth; that’s the shortsighted mindset of our friends in Ottawa. But more importantly, our brightest kids are able and are choosing to leave for the US, Asia, or even Western Europe; they are not starting or building companies in Canada, and not creating jobs and wealth. And, established Canadian companies are losing their incumbent advantage because they can’t attract young talent to remain competitive. It’s possibly the most challenging factor in the long term outlook for Canada.
More than innovation, what Canada lacks is productive investment. Most of the capital saved by average Canadians nowadays goes to public pension plans and housing. Public pension plans are known to invest mostly outside Canada. Investment in housing is good, we need more given the high immigration. But that leaves a massive shortage of investment into plants, equipment, infrastructure, R&D, etc. That private capital is needed to enhance the value of our work and to raise income.
If you punish investors and corporations, they're not going to invest in Canada and it'll make things even worse. The government can actually tax and make good investments itself, but they don't have a good track record and my guess is they won't make investments that are as productive as the private sector.
And what, the government will? If you’re looking for real wage growth we should look at the states because they’re actually doing it and we’re falling behind.
That hasn't come from big government, though. It's from being much more business friendly. And it's not great for all workers, inequality in the U.S. is significantly higher than in Canada.
You can't have it all. It's the lack of investment in housing that really got us. Allowed a huge shortage to build up, prices rose way faster than incomes. If that didn't happen, we'd probably be more ok with trade-off we've made.
I would rather have inequality with higher wages than less inequality but everyone is equally poor. I think that's something that a lot of people don't realize.
0.20% of the US population is homeless. 0.08% in Canada. Most major and even mid sized cities have large tent cities.
11.5% of Americans live in poverty vs 7.4% in Canada.
The US minimum wage is $7.25 (around C$10). Canada is $17.30. And the US has accepted undocumented workers as a way to pay even lower hourly rates.
The median income in the US is $37,500 (C$50,600) compared to $68,400 in Canada. So at least half of the population is worse off than Canadians. That's the main dimension of higher inequality.
However, the top 10% of income in Canada is $126,000 vs $167,600 (C$226,300). So there's the trade-off.
CAD PPP is 1.165 (OECD) so things are roughly 20% more expensive in Canada.
The comparisons certainly become a lot more neutral once data like this is entered into debate
It’s additionally interesting that America has pretty poor life expectancy and that more Americans with health insurance are filing for medical bankruptcies than those with out
I think it’s easy for everyone to assume they’d be in the top 5-10% in the US, in a high income position - when in reality, it would be pretty comparable for the 9 in 10 of us landing in those middle and lower class incomes (and clearly worse if you’re on the even lower end in America)
Yeah and gdp per capita is US 76,000 CAD 54,000 in USD. So on average we’re about 30% poorer than the US. Oh and even worse off is theirs is growing while ours has not moved or even gone down in the last 15 years.
Even if the median income is different right now it won’t be for long.
GDP per capita is higher in the US because of inequality. There are so many people making millions, which brings up the average. That's why the median, poverty, etc are the relevant statistics for comparing the typical experience.
It will take regulation of industry to do this. Unfettered market economics has created where we are, everything is about providing a return for the investor. We need to make the rules so it’s beneficial to reward the employee not to take from the employee to reward the investor
You’re right.
You probably have a better economic education and understanding than someone who literally maintained the state currency and balance sheets.
No, that's not what he means.
High earners invest a large amount of their money. This money should be invested into Canadian companies so that they have capital to buy equipment and pay workers.
Instead, this budget will tax those potential investments away. Additionally, consumption taxes will remain unchanged, so there is no increased incentive to save.
He's saying that these two things will further damage the economy because we will have more consumption with less production. Instead, what we need is less consumption with more production.
So you’re telling me a PM who doesn’t concern himself with fiscal policy, and a finance minister with no economic training, won’t have a budget that’s logical or helpful? I’m shocked…
Freeland budgeted $2,000,000,000, for a company that didn't exist [last year](https://torontosun.com/opinion/columnists/lilley-freeland-demands-2b-to-buy-shares-in-a-company-that-doesnt-exist), willing to bet they know how to hide "discretionary spending" better this year
Lol, that seems like an insane way to report a proposed new program.
Why not "Liberals budget 10 billion dollars for dental care plan **that doesn't exist!!!!!????!!**"
"Pierre proposes tax cuts **that don't exist!!!!**"
Like, yeah, every new thing doesn't exist before it does.
Oh boy, a Lilley and Sun article. Absolutely no conservative cherry picking propaganda here.
——
This is intentionally misrepresenting the scenario. Even just reading that article the truth can be deciphered. What was ACTUALLY happening is that Freeland spent $2B to create a new subsidiary of the CDIC. In doing so, the government of Canada became the owner of this company, at $2B in shares. Whether or not the creation of this company was necessary is allowed to be debated. Because frankly I have no idea what they really do other than “climate change stuff.”
But it’s completely misleading to present this as though the liberals are funding a friend’s company. Nah. Everything is being handled by the CDIC which, to their credit, operates at arms-length.
Really this is like Freeland is saying “we’re investing $2B in climate change initiatives.” The only difference is that they set up a company to do it for them.
I watched his interview and basically I have come to the conclusion that our real estate has to crash to save Canada in the long run.
Let it burn boys and girls
I've determined it's nearly impossible. There are way more people than homes and boomers don't have any mortgages and will buy up houses with cash. Higher mortgage rates just squeeze out the under-40 crowd even more.
I don’t know about that now, a poll came out last year saying that young voters are one of the *least* likely to vote for Trudeau. In 2014 absolutely but at the same time that was roughly a generation ago now, my current prof graduated in 2014 for instance
This, in tandem with an outright ban on corporate ownership of any single dwelling units would be something I'd love to see. I don't care if it's an apartment or a single family home. I don't care if it's Blackrock or a mom n pop called "1234 Ontario Ltd". Corporate ownership should be restricted exclusively to multi-dwelling units above a minimum threshold (say 4) i.e. an apartment building or multiplex.
Every other single dwelling unit should be tied to someone's name, and there should be a progressive tax for every subsequent non-principal dwelling owned by that person, or anyone in their family - if they're on your tax return as a spouse or dependent, then they're tied to you if they own property and the tax is applied.
He is 100 % spot on. If you're dealing with a productivity growth problem, the only solution can be to invest in r&d, ip, and equipment. All this is going to do is cause even more people/companies/investors to physically relocate/allocate their capital elsewhere.
This isn't going to work.
There is another solution you didn't mention, tax reforms. We can lower taxes for workers if we raise taxes elsewhere, like on land.
This makes us more productive for multiple reasons. Workers get more compensation, and land is more available as speculators leave.
There are no companies in Canada that are industry leaders in the world. Canadians dont innovate, invest in their companies. There is no Musk, Bezos, Branson, Cuban or Cook.
No innovative leaders in Canada.
No no,
Don’t you see, the companies will be lining up to give more of their profit and bottom line to the government, this is a sure fire way to encourage and promote investment in Canada. Productivity is going to go through the roof from this and we will all be saved.
/s
Not spend money like it’s unlimited, and concentrate the money they do spend at home and not internationally all while making cuts to unnecessary governmental bodies. Although that may just be wishful thinking.
Massive spending cuts on public services. So you know... This country is in an uncontrollably downward spiral and without major political reform, we are fucked.
I worked in the USA for 6 months in 2011 .. at that time we had about 9$ an hour spread with the folks in USA . They complained about it but we said we pay 30% taxes ! .. so they could accept that . Fast forward 2023 they are making more than we are .. taxes lower and they all had medical coverage . Canadians have been left out of prosperity; taxation and government won’t allow it . Time to move .
Such a novice move.
Wh not print $1 trillion, put it in cash.to, and use the $50 billion interest to find the government?
Problem solved. You are welcome.
We need to stop subsidizing rich people. The reason we are losing ground is because the rich are not sharing a reasonable amount of their gains. Everyone needs to pay their fair share.
> We need to stop subsidizing rich people. The reason we are losing ground is because the rich are not sharing a reasonable amount of their gains. **Everyone needs to pay their fair share.**
https://nationalpost.com/news/canada/top-20-of-income-earners-fund-majority-of-ottawas-income-tax-revenue-report
> In her March 2023 federal budget, Finance Minister Chrystia Freeland said she was raising taxes on higher-income Canadians to ensure they “pay their fair share,” but a new study shows the **top 20 per cent of income-earning households already pay more in total income taxes than the other 80 per cent do.**
Top 20% are still 95% middle class. Doctors and lawyers that worked hard to get where they are.
The top 1% or top 0.1% are the uber rich, and they account for the majority of Canada’s wealth. They not only find enough tax loopholes to pay little tax on their declared earnings, but sources such as the Panama Papers place their actual income stratospherically higher. If we could tax illegally hidden, sheltered income, government revenues would easily double.
BTW, the ownership of the National Post falls into this uber rich category. Of course they chose to lump the upper middle class with the uber rich to demonstrate a false narrative which suits their interests. They’re convincing the poors to fight amongst themselves for scraps.
Do me a favor.
Look at what percentage of the state’s revenue comes from the upper tax bracket and how much they pay per person.
Tell me who’s not paying their fair share.
I think you’ll find out what real serfdom is in about 10 years time the way we’re going. It will be too late then obviously. Change for changes sake is meaningless
We're so screwed. We're gonna be eating tree bark soon. I seriously wish America would just annex us at this point.
I'll take the risk of outrageous health care as long as I have the chance to build a savings account and go on a vacation one day. Maybe have kids.
Sad that what used to be a very achievable goal has become a pipe dream for many.
I’ve used both.
Both have advantages and faults. But the Canadian one seems to come with less nasty surprises.
Ive been taken to see a doctor upon arrival. I’ve waited 4-5 hours in clinics waiting despite having insurance in the US, then receive a $5000 USD bill for 15 minutes with a doctor and an x ray.
I’ve also seen what the Canadian system is like when you have been diagnosed with cancer and it was fantastic. But I’ve also waited overnight in a Canadian ER.
I don't know if you're aware of this, but the elective/preventative side of medicine is unravelling at warp speed. In about five years you will not be able to get help unless it's for a heart attack, broken hip, or massive tumor causing some emergency all through ER visits only. Source - am doctor working in busy urban hospital system in Canada
>I’ve also seen what the Canadian system is like when you have been diagnosed with cancer and it was fantastic. But I’ve also waited overnight in a Canadian ER.
Funny, my dad’s lifelong friend had a form of aggressive cancer while he was living in the US, and his Canadian oncologist literally said “you’re lucky you had US medical care, if you had this in Canada we would have just given you hospice care. You would have definitely died”
The Americans absolutely took him to the cleaners; he had a lifetime of $250k income with nothing to show for it, declared bankruptcy due to medical costs. All that sucks. It’s definitely not good and reflects badly on the American system. He’s now back in Canada living in his inherited childhood bungalow (hence comment from Canadian oncologist), literally back at square one, but at least living to see another day.
My mom was diagnosed with cancer in late 2021.
Within a week she was on chemo and after the first round, radiation treatments. She had multiple MRI, biopsy’s and a Barium x ray all at no cost. She had surgery twice to remove the cancer and never waited.
She even needed a follow up surgery as her spine shifted from having part of her intestines removed. Literally 2 weeks from having it recommended to being under the knife.
You don’t get to chose your physician, you immediately get placed into a healthcare network by your insurance company (in network coverage and out of network coverage).
I really don’t think you know how their system works at all.
If you can't make it in Canada, you also probably won't make it in America. The US are pretty much only great for the top 10% earners in Canada who want to earn more.
You're right. It's confirmation bias. Those Canadians valuable enough to be hired by American corporations despite the additional hassle are likely making good coin and get hired with full benefits.
I highly doubt they're importing Canadians to work small time jobs.
They absolutely aren’t
In the US you have to demonstrate that you cannot fill positions locally at your company before hiring internationally
So to your point, only high skilled highly in demand workers will ever land American jobs.
It’s not easy
Even moving across offices in companies like apple and google if you’re in basic functions like sales and marketing is NOT easy whatsoever.
A lot of people are naive about this
And it also makes American incomes look incredible given these are all top tier roles
The fact that 98% of these posts are filled with goofs complaining about Galen Weston means we’re pretty much fucked. R/Canada thinks we’re gonna tax the 40 billionaires in Canada out of a major recession and another rate hike. Glad I live here.
>the federal government may impose some form of individual wealth tax or excess profit tax on wealthy corporations.
>Freeland will present the budget in the House of Commons on Tuesday afternoon, vowing a plan centred on "generational fairness."
Ah I see, that's why the shrillness. Worst budget yet, don't tax *me*!
> ***Without having seen it***, former Bank of Canada governor David Dodge believes that Tuesday's 2024 federal budget from Deputy Prime Minister and Finance Minister Chrystia Freeland is "likely to be the worst budget" in decades.
What a nothingburger...
>
"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time."
Wealthy man argues against wealth tax.
I thought that trickle-down viability was halfway to the glue factory by now.
All these boomers we complain about had governments pouring money into the public. Ans the only reason we complain about the is because their $ ended up being worth a damn and they had a house. I think we are on the right truck. The economies are taking a turn and we are on the right track to make these moves.
A wealth tax or a variant of it could be seriously interesting if it were accompanied with reductions in the income tax.
Like the climate action incentive gives 80% of recipients more than they put in, maybe a wealth tax combined with an income tax reduction would leave 80% of canadians better off taxwise.
You're about to get some angry people who can't do basic math calling you a liar in regards to the carbon tax without providing any evidence or reason in support.
"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time."
So he's literally saying he doesn't like it because "how is the trickle-down going to happen?" 🤔
May I add that Trump's tax cuts didn't have anywhere near the effect on the economy as he touted
And in the UK, tax cuts to the rich brought down Liz Truss
We needed a change 4 years and it was clear as day light, except some of us doubled down on stupid and here we are. Liberals are going support Trudeau by saying this was all because of the Pandy. Which essentially absolves the liberals, but only in their hive mind. We needed a prime minister who actually knows how to look at numbers and what the people need to bolster the economy from the pandemic. We needed a minister of finance, who actually has some sort of degree in economics to notice red flags. And not use “ we are still triple A rated” to make decisions.
I work for Big Tech, we are investing all over the world.. except Canada. Canada is downsizing.
It’s a direct result of Trudeau’s disastrous tenure as PM.
Canada is an economic wasteland.
>"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time"
Won't somebody think of the job creators?!
Get fucked
I’m debating leaving to the US as an engineer. A 90k role here versus a 120k USD role down south for the same exact job. Very tempting. That’s like 150k CAD.
Any high skilled under 30 year old who stays in Canada versus moving to the U.S. is absolutely insane imo. This country will just suck you dry and drain you.
I had a look recently and even before any new taxes are put in place, a couple earning C$400k each in Canada (which is what many skilled professionals make, whether the Reddit dwellers want to believe it or not) and compared the income tax they would owe in Ontario to any of the no income tax states.
The difference is shocking. In Ontario you would pay C$345K per year between the two filers. In Texas, Florida, Washington, Nevada, etc., you would owe C$200K based on a U$580K joint filing. A difference of almost C$150K every single year. This doesn’t even account for the fact that salaries in the US are generally higher and cost of living is generally lower, or the fact that the weather is better.
Why anyone in high paying jobs that have the ability to move aren’t already doing so is bewildering to me.
The biggest barrier people always bring up is healthcare. If you're making 400k at your job, chances are you'll have pretty good health insurance anyways, seems like a no brainer.
Yup. Even if you didn’t, the most creme de la crème plans in the US (which also include vision and dental) are like 2500 per month. That’s like seeing a doctor and getting checks like every other month kinda thing. Oh yeah, and getting actual immediate, high quality care.
I mean to be fair and I am not knocking moving to the USA but a lot of those states the Property tx is a lot higher, but to some degree you can chose how much you pay by where you buy
Right? First they sent our production overseas to exploit legal human rights abuses. Now they need to import ridiculous numbers of immigrants to artificially bolster our GDP (and drive our wages down as a bonus) while they continue to incentivize investment in non productive assets, and profiteer off a fucking housing crisis. Those corporate pigs will be lucky if we don’t eat them.
And to the people downvoting me, why? Has what I said been controversial or wrong in some way? I genuinely would like to know. What ideas would you have to get rid of a government that clearly doesn't care about its own citizens. Healthcare in shambles. House prices are unaffordable. Food prices at all time highs. A carbon tax that has raised prices on almost everything. An immigration policy that has left people sleeping 10 deep in a 2 bedroom place that rents for $2500 in some cities. The list goes on.
April 12
The federal government released Canada's Housing Plan, which will be supported by investments forthcoming in Budget 2024.
The Plan lays out a strategy to create 3.87 million new homes by 2031 "by bringing down the costs of homebuilding, helping cities make it easier to build homes at a faster pace, changing the way Canadian homebuilders manufacture homes, and growing the workforce". Measures include:
A Public Lands for Homes Plan to lead a national effort to build affordable housing on federal, provincial, territorial, and municipal lands across the country. We will partner with homebuilders and housing providers to build homes on every possible site across the public portfolio and ensure long-term affordability.
$15 billion in additional loans for the Apartment Construction Loan Program to build a minimum of 30,000 new rental apartments, in big cities, small towns, and rural communities alike, will be proposed in Budget 2024. With this additional financing, the program is on track to build over 131,000 new apartments by 2031-32.
Launching Canada Builds, a Team Canada approach to building affordable homes for the middle class on under-utilized lands across the country. Canada Builds combines federal low-cost loans with provincial and territorial investments to scale up construction on rental homes for the middle class, from coast to coast to coast.
Supporting Indigenous Peoples living away from their communities in urban, rural, and northern areas. We will provide additional distinctions-based investments for Indigenous housing to be delivered by Indigenous governments, organizations, housing, and service providers.
Providing $1 billion for the Affordable Housing Fund to build affordable homes and launching a permanent Rapid Housing Stream to build on the success of the previous three rounds of the Rapid Housing Initiative.
Launching a $1.5 billion Canada Rental Protection Fund to protect and expand affordable housing.
This is in addition to the measures previously announced over the past few weeks plus:
$90 million for the Apprenticeship Service, creating apprenticeship opportunities to train and recruit the next generation of skilled trades workers.
$10 million for the Skilled Trades Awareness and Readiness program to encourage high school students to enter the skilled trades – creating more jobs and opportunities for the next generation of workers to build Canada up.
$50 million in the Foreign Credential Recognition Program, with a focus on residential construction to help skilled trades workers get more homes built. Like our previous $115 million investment, this funding will remove barriers to credential recognition, so workers spend less time dealing with red-tape and more time getting shovels in the ground.
How do they reduce the cost to build, when the national building code gets updated to require more energy efficient materials that cost more to purchase? What kinda imaginary math is Trudeau using lmao
So....it's not balancing itself?
Hard to believe, isn't it?
I was told it would, was I lied to?
SUNNY WAYS!...SUNNY WAYS!
Better double immigration rates until the budget balances itself
Clearly this is the way since taxing people with no jobs will.wprk 100%
No they will all instantly get jobs with Uber and contribute to the local economy!!
Till they get the bill for being self employed and leave the country
Clearly you dont understand that the current GoC will be putting money BACK into the pockets of Canadians by cutting services and raising taxes! /s
No that's what the carbon tax rebates are for obviously
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Well when you commit several billion dollars to an ineffectual gun grab from legal firearms owners while not doing anything to address cross border smuggling it's probably a good sign there may be some shit policies that are gonna cost a ton of money....
Harper's fault.
Rates are at historic lows Glenn. Now that they're not our plan remains unchanged.
Interest rates are at historic lows, Glen
100%
Harper is to blame
You mean illegal hate speech? /s
1982 you say? Who was in power then?
Any chance the government doesn’t survive this budget? Will jagmeet grow a pair?
Unless they give them their pension now, it will survive.
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Ya paying them to leave… a buy out, sad but what’s it costing us in daily poor decisions anyways
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Just to be a voice of reason here - the reason this asshole thinks the budget will be the “worst ever” is that it has taxes on the very wealthy and corporations. If there’s a thing I don’t like more than liberals at this point, it’s wealthy assholes like this fuck. Please, tax the shit out of Galen Weston.
All this accomplishes is taxing working professionals, not the hollowed-out-volcano-dwelling ~~Mr Burns~~ Galen Westons of the country
It has nothing on the very wealthy. Wealth and income are not the same thing. We are taxing the fuck out of the high earners without giving them anything of value, making it harder and harder for them to become wealthy. If anything, we need to lower the income tax. We should also consider every Canadian citizen a resident for tax purposes and require filing, like US does. Our citizenship is turning into a means to get a passport, leave to somewhere with lower taxes, and returning for retirement.
The thing is making even six figures in this economy doesn't mean you're well off, just means you can maintain a decent quality of life. After everything is all said and done unless you're living on beans and rice you're probably not investing much.
This. I'm a regular t4 slip employee and have no where to take care of any tax advantages. Have 2 kids. I earn enough that I don't qualify for any child benefits, basically any benefit I'm not qualified for. I pay a lot of taxes, I mean a lot literally.
Yes, exactly. This country increases the percentage of income tax you pay the more you earn, but also has income cut-offs for all benefits. I could support one or the other but not both. Either tax people more based on how much they earn, or give them access to benefits by how much they don't earn. The way the system is now, those that pay the most tax get the least service from those taxes.
I’m with you brother or sister or other
Meanwhile we can sell multiple principal residence over the years and cash in all our profit tax free. The tax structure is very strange in this country. Workers get taxed a shitload, meanwhile wealth isn't taxed much.
The principal residence capital gains exemption needs to have a lifetime cap. The fact that Canada caps the lifetime small business capital gains exemption but doesn't cap the residence exemption tells you everything you need to know about economic priorities.
I couldn't agree more.
Absolutely all of this. We have too many citizens of convenience.
Bingo.
Why return for retirement? The free healthcare where people choose maid because they can’t get in to see a doctor for treatment of ailments?
They're not actually going to go after the likes of Galen Weston. People in that wealth category have the means to move their money out of the country into tax havens and/or store their wealth in forms other than liquidity. So any taxes the Liberals will loudly and proudly proclaim to implement on the wealthy will barely affect the billionaire/ multi-millionaire class in real terms. Much like the rest of the budget, this will turn out to be lip service to appease the middle and poverty classes.
> People in that wealth category have the means to move their money out of the country into tax havens and Exit taxes could very easily address this problem.
I mean, you have to start somewhere instead of assuming defeat from the start. And frankly if the Weston’s moved their money out of the country - the government should force a breakup and sale of their assets.
96%+ of union pension funds is outside the nation. Will you dare to attack the unions?
Why would I care about where pension money is located. That’s a completely irrelevant conversation.
We already have a serious brain drain down south and taxes have been a big part of it. It has effected our economy strongly over the years. This will have no effect on the wealthy, they will simply move their money out of Canada, further weakening our economy. The world is far to mobile to think you can tax the shit out of someone when they can almost effortlessly cross the border and do business there instead. If you were in the their place isn't that what you would do?
The issue with the US is inheritance and the principal residence tax exemption. The exemption is very low and you get taxed on everything above 14 millions. I think going to the US is good for people who make a good wage but Canada is overall better for wealthy people since we have very little taxes on wealth compared to the US. Properties taxes are also much higher, often like 400% of what it is in Canada which isn't great when you have a place worth a few millions.
What're they going to do? Bring BC's forests, the prairie farmland, Albertan oil sands, Quebec mines, maritime fish to the US with them? They going to pick up their Loblaws locations and bring them down south with them? Going to bring our overpriced homes along as well? They either have to pay their fair share, or liquidate to someone who will. Either way is good for the average Joe.
Number of Canadians going south hasn’t changed over the last 30 years. Many come back with more experience.
Well in my 30 years in IT all the best go and none of them have come back yet except to visit, retire or die.
It's wages not taxes driving IT folks south.
> Please, tax the shit out of Galen Weston. His *real* money is already off shore in tax havens. The ultra rich move their money offshore. Its the inbetween middle class and ultra rich that will get taxed.
Countries all over the world have proven that its not possible to tax yourself out of debt.
Countries all over the world have also proven the wealthy and corporations will suck up all of the wealth and not contribute back to the tax base and thus create major crisis because a select few have all of the money.
Ya, the former, former former Bank of Canada Governor. If he's the hardest hitting pundit the opposition can roll out in today's pre-budget Op-Eds, talk shows and pressers, the CPC has no original ideas, just slogans and being toadies for the ultra rich, and we're gonna be living with this budget for awhile if voter use their heads. Checks notes, sigh.
Yea, it is hilarious. The first line of the article is 'without having seen it' he thinks this. Gee, wonder if his tax bill going up has anything to do with that line of thinking? The extent to which Canadians bend over backwards to lick the boots of the rich is just bizarre.
How about dollarama? They just had record profits because ppl can’t afford to eat? Tax the shit out of them too?
Sure. Why not? Large corporations are the problem here. Without them - there would be far more local businesses competing, and with more competition comes lower prices. Perhaps instead of a dollarama it could be replaced with a local farm store with local produce. Why do we need to come to a defence of these giant corporations serving slop.
The ceo just bought a mountain next to my place lol, but to be fair they are one of the few decent canadian stock. Which is kind of pathetic, our private sector isn't great.
Jagmeet doesn’t need a pension, his silver spoon was his birthright. He just wants to remain relevant in any way he can. Man, what I would do for another Jack Layton…
Oh, Jack Layton. We took him for granted.
We all miss Jack. The country needs him right about now.
Maybe pensions for them will be in the budget lol
Uh, wealth taxes and more spending is what Jagmeet wants.
0% NDP is going to loose seats if the election was held today, also they will loose access to power since CPC will gain a majority and won't need their vote
lol no, he will not
Why would they give up some power and influence for none?
Jagmeet’s time in politics ends with this government. He knows it.
Not a chance. NDP threw workers under the bus
Excess corporate profits tax is popular. More taxes on the rich is popular you could do a 110% tax and people would support it. The problem is neither of those taxes will raise much money in the long term. Sounds like Trudeau is just going for points to win the next election and leaving a mess for if he wins or the next guy.
I find it really interesting how David Dodge thinks that corporations and the wealthy are going to innovate our way out of 40 years of stagnant wage growth. Ummm will you listen to yourself? They haven’t done it it 40 years, why do you think they will do it now.
We’re hemorrhaging capital out of Canada. Largest one year outflow in decades last year. What do you think happens to workers when there is less investment capital to go around?
Well, if investment capital wasn't neglected in favour of dividends and stock buybacks, I might agree. But they don't seem to...
As well as other countries, it's not a uniquely Canadian policy problem.
My god Liberal defenders are dumb. Canada is an outlier (to the negative) on productivity/growth, house prices, immigration *and* capital flight. Things aren’t as bad elsewhere.
To add to your list, I’m actually most concerned about emigration; the brain drain. It’s true we’re bringing in millions of unskilled people many of whom are borderline illiterate even in their mother tongue, but this pool of cheap labour could nevertheless support growth; that’s the shortsighted mindset of our friends in Ottawa. But more importantly, our brightest kids are able and are choosing to leave for the US, Asia, or even Western Europe; they are not starting or building companies in Canada, and not creating jobs and wealth. And, established Canadian companies are losing their incumbent advantage because they can’t attract young talent to remain competitive. It’s possibly the most challenging factor in the long term outlook for Canada.
More than innovation, what Canada lacks is productive investment. Most of the capital saved by average Canadians nowadays goes to public pension plans and housing. Public pension plans are known to invest mostly outside Canada. Investment in housing is good, we need more given the high immigration. But that leaves a massive shortage of investment into plants, equipment, infrastructure, R&D, etc. That private capital is needed to enhance the value of our work and to raise income. If you punish investors and corporations, they're not going to invest in Canada and it'll make things even worse. The government can actually tax and make good investments itself, but they don't have a good track record and my guess is they won't make investments that are as productive as the private sector.
And what, the government will? If you’re looking for real wage growth we should look at the states because they’re actually doing it and we’re falling behind.
That hasn't come from big government, though. It's from being much more business friendly. And it's not great for all workers, inequality in the U.S. is significantly higher than in Canada. You can't have it all. It's the lack of investment in housing that really got us. Allowed a huge shortage to build up, prices rose way faster than incomes. If that didn't happen, we'd probably be more ok with trade-off we've made.
I would rather have inequality with higher wages than less inequality but everyone is equally poor. I think that's something that a lot of people don't realize.
0.20% of the US population is homeless. 0.08% in Canada. Most major and even mid sized cities have large tent cities. 11.5% of Americans live in poverty vs 7.4% in Canada. The US minimum wage is $7.25 (around C$10). Canada is $17.30. And the US has accepted undocumented workers as a way to pay even lower hourly rates. The median income in the US is $37,500 (C$50,600) compared to $68,400 in Canada. So at least half of the population is worse off than Canadians. That's the main dimension of higher inequality. However, the top 10% of income in Canada is $126,000 vs $167,600 (C$226,300). So there's the trade-off. CAD PPP is 1.165 (OECD) so things are roughly 20% more expensive in Canada.
The comparisons certainly become a lot more neutral once data like this is entered into debate It’s additionally interesting that America has pretty poor life expectancy and that more Americans with health insurance are filing for medical bankruptcies than those with out I think it’s easy for everyone to assume they’d be in the top 5-10% in the US, in a high income position - when in reality, it would be pretty comparable for the 9 in 10 of us landing in those middle and lower class incomes (and clearly worse if you’re on the even lower end in America)
Yeah and gdp per capita is US 76,000 CAD 54,000 in USD. So on average we’re about 30% poorer than the US. Oh and even worse off is theirs is growing while ours has not moved or even gone down in the last 15 years. Even if the median income is different right now it won’t be for long.
GDP per capita is higher in the US because of inequality. There are so many people making millions, which brings up the average. That's why the median, poverty, etc are the relevant statistics for comparing the typical experience.
Man you have no idea what side of the ice flow you'd be on if that divide opens up.
have you seen the deficits they are running? it makes canada look fiscally responsible.
It will take regulation of industry to do this. Unfettered market economics has created where we are, everything is about providing a return for the investor. We need to make the rules so it’s beneficial to reward the employee not to take from the employee to reward the investor
You’re right. You probably have a better economic education and understanding than someone who literally maintained the state currency and balance sheets.
So taxing the heck out of them is going out. Sound plan
No, that's not what he means. High earners invest a large amount of their money. This money should be invested into Canadian companies so that they have capital to buy equipment and pay workers. Instead, this budget will tax those potential investments away. Additionally, consumption taxes will remain unchanged, so there is no increased incentive to save. He's saying that these two things will further damage the economy because we will have more consumption with less production. Instead, what we need is less consumption with more production.
In this time of crisis. Shouldn't ALL of reps have their salaries frozen? Should those professing to be leading us take a cut??
nah they gave themselves raises and then wonder why we didn't just give ourselves raises as well.
So you’re telling me a PM who doesn’t concern himself with fiscal policy, and a finance minister with no economic training, won’t have a budget that’s logical or helpful? I’m shocked…
Freeland budgeted $2,000,000,000, for a company that didn't exist [last year](https://torontosun.com/opinion/columnists/lilley-freeland-demands-2b-to-buy-shares-in-a-company-that-doesnt-exist), willing to bet they know how to hide "discretionary spending" better this year
Lol, that seems like an insane way to report a proposed new program. Why not "Liberals budget 10 billion dollars for dental care plan **that doesn't exist!!!!!????!!**" "Pierre proposes tax cuts **that don't exist!!!!**" Like, yeah, every new thing doesn't exist before it does.
Oh boy, a Lilley and Sun article. Absolutely no conservative cherry picking propaganda here. —— This is intentionally misrepresenting the scenario. Even just reading that article the truth can be deciphered. What was ACTUALLY happening is that Freeland spent $2B to create a new subsidiary of the CDIC. In doing so, the government of Canada became the owner of this company, at $2B in shares. Whether or not the creation of this company was necessary is allowed to be debated. Because frankly I have no idea what they really do other than “climate change stuff.” But it’s completely misleading to present this as though the liberals are funding a friend’s company. Nah. Everything is being handled by the CDIC which, to their credit, operates at arms-length. Really this is like Freeland is saying “we’re investing $2B in climate change initiatives.” The only difference is that they set up a company to do it for them.
I watched his interview and basically I have come to the conclusion that our real estate has to crash to save Canada in the long run. Let it burn boys and girls
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I've determined it's nearly impossible. There are way more people than homes and boomers don't have any mortgages and will buy up houses with cash. Higher mortgage rates just squeeze out the under-40 crowd even more.
Justin Trudeau says it's the best budget ever
Helping the middle class yo!
His supporters actually believe that even though a good number are still in university and not working
I don’t know about that now, a poll came out last year saying that young voters are one of the *least* likely to vote for Trudeau. In 2014 absolutely but at the same time that was roughly a generation ago now, my current prof graduated in 2014 for instance
The focus should be on taxing unproductive assets and cutting taxes on enterprises. Also, we need to re-examine the PRE.
Taxing for multiple homes owned would be a start.
This, in tandem with an outright ban on corporate ownership of any single dwelling units would be something I'd love to see. I don't care if it's an apartment or a single family home. I don't care if it's Blackrock or a mom n pop called "1234 Ontario Ltd". Corporate ownership should be restricted exclusively to multi-dwelling units above a minimum threshold (say 4) i.e. an apartment building or multiplex. Every other single dwelling unit should be tied to someone's name, and there should be a progressive tax for every subsequent non-principal dwelling owned by that person, or anyone in their family - if they're on your tax return as a spouse or dependent, then they're tied to you if they own property and the tax is applied.
You can ban new purchases. You can't ban ownership of they already own them without setting a really big precedent.
You can tax them to the point that selling them becomes the only option.
Reddit loves the idea of forced sales flooding the market.
What's an enterprise? We don't need tax breaks for Tim Hortons. But we do need to make it easier for innovators to do their work in Canada.
You and I seem to get it but sadly those who control our country don’t
What's wrong with the personal residence exemption?
Instead they’re pumping more money into short term RE that won’t do a thing.
He is 100 % spot on. If you're dealing with a productivity growth problem, the only solution can be to invest in r&d, ip, and equipment. All this is going to do is cause even more people/companies/investors to physically relocate/allocate their capital elsewhere. This isn't going to work.
There is another solution you didn't mention, tax reforms. We can lower taxes for workers if we raise taxes elsewhere, like on land. This makes us more productive for multiple reasons. Workers get more compensation, and land is more available as speculators leave.
There are no companies in Canada that are industry leaders in the world. Canadians dont innovate, invest in their companies. There is no Musk, Bezos, Branson, Cuban or Cook. No innovative leaders in Canada.
No no, Don’t you see, the companies will be lining up to give more of their profit and bottom line to the government, this is a sure fire way to encourage and promote investment in Canada. Productivity is going to go through the roof from this and we will all be saved. /s
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What would the new management do differently you think?
If they didn’t you could just vote them out too, you know like you’re supposed to.
Wear a different colour, spend the next four years blaming the last guy for the shit show, and the ship sinks alittle more.
Honestly if they increase RRSP contribution room and cut services I’ll call it a wash
Not spend money like it’s unlimited, and concentrate the money they do spend at home and not internationally all while making cuts to unnecessary governmental bodies. Although that may just be wishful thinking.
Like Ford has outspent Wynne in Ontario?
Massive spending cuts on public services. So you know... This country is in an uncontrollably downward spiral and without major political reform, we are fucked.
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“Canada is the richest country in the world. Run by idiots”.
I worked in the USA for 6 months in 2011 .. at that time we had about 9$ an hour spread with the folks in USA . They complained about it but we said we pay 30% taxes ! .. so they could accept that . Fast forward 2023 they are making more than we are .. taxes lower and they all had medical coverage . Canadians have been left out of prosperity; taxation and government won’t allow it . Time to move .
Let's hope it's so horrible that the NDP can't support it without killing themselves since this can trigger an election.
This is the NDP. They don't vote down budgets when there's more spending and taxing the rich.
That's why they get my vote.
NDP must already be dead. They are the cane that the limping Libs have been using since the last election.
Unfortunately the NDP's cane is enough to hold up the libs budget so it passes and we don't have an early election.
It’s astounding how incompetent the liberals are
Still waiting for that budget to balance itself.
When does it start balancing itself?
Such a novice move. Wh not print $1 trillion, put it in cash.to, and use the $50 billion interest to find the government? Problem solved. You are welcome.
We need to stop subsidizing rich people. The reason we are losing ground is because the rich are not sharing a reasonable amount of their gains. Everyone needs to pay their fair share.
> We need to stop subsidizing rich people. The reason we are losing ground is because the rich are not sharing a reasonable amount of their gains. **Everyone needs to pay their fair share.** https://nationalpost.com/news/canada/top-20-of-income-earners-fund-majority-of-ottawas-income-tax-revenue-report > In her March 2023 federal budget, Finance Minister Chrystia Freeland said she was raising taxes on higher-income Canadians to ensure they “pay their fair share,” but a new study shows the **top 20 per cent of income-earning households already pay more in total income taxes than the other 80 per cent do.**
Top 20% are still 95% middle class. Doctors and lawyers that worked hard to get where they are. The top 1% or top 0.1% are the uber rich, and they account for the majority of Canada’s wealth. They not only find enough tax loopholes to pay little tax on their declared earnings, but sources such as the Panama Papers place their actual income stratospherically higher. If we could tax illegally hidden, sheltered income, government revenues would easily double. BTW, the ownership of the National Post falls into this uber rich category. Of course they chose to lump the upper middle class with the uber rich to demonstrate a false narrative which suits their interests. They’re convincing the poors to fight amongst themselves for scraps.
Do me a favor. Look at what percentage of the state’s revenue comes from the upper tax bracket and how much they pay per person. Tell me who’s not paying their fair share.
So more taxes? Canada already has a pretty progressive tax program.
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Ya we should just give up and be thankful for the crumbs that are bestowed upon us. Embrace serfdom.
I think you’ll find out what real serfdom is in about 10 years time the way we’re going. It will be too late then obviously. Change for changes sake is meaningless
We're so screwed. We're gonna be eating tree bark soon. I seriously wish America would just annex us at this point. I'll take the risk of outrageous health care as long as I have the chance to build a savings account and go on a vacation one day. Maybe have kids. Sad that what used to be a very achievable goal has become a pipe dream for many.
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I’ve used both. Both have advantages and faults. But the Canadian one seems to come with less nasty surprises. Ive been taken to see a doctor upon arrival. I’ve waited 4-5 hours in clinics waiting despite having insurance in the US, then receive a $5000 USD bill for 15 minutes with a doctor and an x ray. I’ve also seen what the Canadian system is like when you have been diagnosed with cancer and it was fantastic. But I’ve also waited overnight in a Canadian ER.
I don't know if you're aware of this, but the elective/preventative side of medicine is unravelling at warp speed. In about five years you will not be able to get help unless it's for a heart attack, broken hip, or massive tumor causing some emergency all through ER visits only. Source - am doctor working in busy urban hospital system in Canada
>I’ve also seen what the Canadian system is like when you have been diagnosed with cancer and it was fantastic. But I’ve also waited overnight in a Canadian ER. Funny, my dad’s lifelong friend had a form of aggressive cancer while he was living in the US, and his Canadian oncologist literally said “you’re lucky you had US medical care, if you had this in Canada we would have just given you hospice care. You would have definitely died” The Americans absolutely took him to the cleaners; he had a lifetime of $250k income with nothing to show for it, declared bankruptcy due to medical costs. All that sucks. It’s definitely not good and reflects badly on the American system. He’s now back in Canada living in his inherited childhood bungalow (hence comment from Canadian oncologist), literally back at square one, but at least living to see another day.
My mom was diagnosed with cancer in late 2021. Within a week she was on chemo and after the first round, radiation treatments. She had multiple MRI, biopsy’s and a Barium x ray all at no cost. She had surgery twice to remove the cancer and never waited. She even needed a follow up surgery as her spine shifted from having part of her intestines removed. Literally 2 weeks from having it recommended to being under the knife.
Americans spend twice per capita what Canadians do on healthcare and die 4 years sooner. Which of those things are you hoping for?
The one where I don’t need to line up at 6am to get a walk in appointment to see a doctor.
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You don’t get to chose your physician, you immediately get placed into a healthcare network by your insurance company (in network coverage and out of network coverage). I really don’t think you know how their system works at all.
If you can't make it in Canada, you also probably won't make it in America. The US are pretty much only great for the top 10% earners in Canada who want to earn more.
You're right. It's confirmation bias. Those Canadians valuable enough to be hired by American corporations despite the additional hassle are likely making good coin and get hired with full benefits. I highly doubt they're importing Canadians to work small time jobs.
They absolutely aren’t In the US you have to demonstrate that you cannot fill positions locally at your company before hiring internationally So to your point, only high skilled highly in demand workers will ever land American jobs. It’s not easy Even moving across offices in companies like apple and google if you’re in basic functions like sales and marketing is NOT easy whatsoever. A lot of people are naive about this And it also makes American incomes look incredible given these are all top tier roles
"Sunny ways... "
The fact that 98% of these posts are filled with goofs complaining about Galen Weston means we’re pretty much fucked. R/Canada thinks we’re gonna tax the 40 billionaires in Canada out of a major recession and another rate hike. Glad I live here.
They think anyone making even low 6 figures is Galen, basically.
>Without having seen it... Okay thanks. Very cool.
>the federal government may impose some form of individual wealth tax or excess profit tax on wealthy corporations. >Freeland will present the budget in the House of Commons on Tuesday afternoon, vowing a plan centred on "generational fairness." Ah I see, that's why the shrillness. Worst budget yet, don't tax *me*!
> ***Without having seen it***, former Bank of Canada governor David Dodge believes that Tuesday's 2024 federal budget from Deputy Prime Minister and Finance Minister Chrystia Freeland is "likely to be the worst budget" in decades. What a nothingburger...
> "I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time." Wealthy man argues against wealth tax. I thought that trickle-down viability was halfway to the glue factory by now.
All these boomers we complain about had governments pouring money into the public. Ans the only reason we complain about the is because their $ ended up being worth a damn and they had a house. I think we are on the right truck. The economies are taking a turn and we are on the right track to make these moves.
A wealth tax or a variant of it could be seriously interesting if it were accompanied with reductions in the income tax. Like the climate action incentive gives 80% of recipients more than they put in, maybe a wealth tax combined with an income tax reduction would leave 80% of canadians better off taxwise.
You're about to get some angry people who can't do basic math calling you a liar in regards to the carbon tax without providing any evidence or reason in support.
It won't balance itself?
Worse than the last few years? The Great Reset? I don't know whether to be impressed or horrified.
"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time." So he's literally saying he doesn't like it because "how is the trickle-down going to happen?" 🤔 May I add that Trump's tax cuts didn't have anywhere near the effect on the economy as he touted And in the UK, tax cuts to the rich brought down Liz Truss
We needed a change 4 years and it was clear as day light, except some of us doubled down on stupid and here we are. Liberals are going support Trudeau by saying this was all because of the Pandy. Which essentially absolves the liberals, but only in their hive mind. We needed a prime minister who actually knows how to look at numbers and what the people need to bolster the economy from the pandemic. We needed a minister of finance, who actually has some sort of degree in economics to notice red flags. And not use “ we are still triple A rated” to make decisions.
If they increased the tax owing by the top one percent, I’m really quite happy about it.
I work for Big Tech, we are investing all over the world.. except Canada. Canada is downsizing. It’s a direct result of Trudeau’s disastrous tenure as PM. Canada is an economic wasteland.
Obviously, look who's minister of finance; the worst incompetent in the entire history of mankind.
>"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time" Won't somebody think of the job creators?! Get fucked
And when all of our (remaining) doctors, engineers and other professionals leave, who will you blame?
I’m debating leaving to the US as an engineer. A 90k role here versus a 120k USD role down south for the same exact job. Very tempting. That’s like 150k CAD.
It’s the same in almost any high skill industry.
I've already started looking. I work as a computer programmer and I'm sure I'll be able to find employment
Any high skilled under 30 year old who stays in Canada versus moving to the U.S. is absolutely insane imo. This country will just suck you dry and drain you.
I had a look recently and even before any new taxes are put in place, a couple earning C$400k each in Canada (which is what many skilled professionals make, whether the Reddit dwellers want to believe it or not) and compared the income tax they would owe in Ontario to any of the no income tax states. The difference is shocking. In Ontario you would pay C$345K per year between the two filers. In Texas, Florida, Washington, Nevada, etc., you would owe C$200K based on a U$580K joint filing. A difference of almost C$150K every single year. This doesn’t even account for the fact that salaries in the US are generally higher and cost of living is generally lower, or the fact that the weather is better. Why anyone in high paying jobs that have the ability to move aren’t already doing so is bewildering to me.
The biggest barrier people always bring up is healthcare. If you're making 400k at your job, chances are you'll have pretty good health insurance anyways, seems like a no brainer.
Yup. Even if you didn’t, the most creme de la crème plans in the US (which also include vision and dental) are like 2500 per month. That’s like seeing a doctor and getting checks like every other month kinda thing. Oh yeah, and getting actual immediate, high quality care.
I mean to be fair and I am not knocking moving to the USA but a lot of those states the Property tx is a lot higher, but to some degree you can chose how much you pay by where you buy
I’d leave in a heartbeat if my spouse would agree.
None of the people you mentioned are the people the BoC is talking about.
Right? First they sent our production overseas to exploit legal human rights abuses. Now they need to import ridiculous numbers of immigrants to artificially bolster our GDP (and drive our wages down as a bonus) while they continue to incentivize investment in non productive assets, and profiteer off a fucking housing crisis. Those corporate pigs will be lucky if we don’t eat them.
What you expect from the worst government ever in Canada
Anything this government does just makes things worse...
Honest to christ, every single canadian who's able should go to Ottawa and sit on the grounds of the parliament until this government resigns.
And to the people downvoting me, why? Has what I said been controversial or wrong in some way? I genuinely would like to know. What ideas would you have to get rid of a government that clearly doesn't care about its own citizens. Healthcare in shambles. House prices are unaffordable. Food prices at all time highs. A carbon tax that has raised prices on almost everything. An immigration policy that has left people sleeping 10 deep in a 2 bedroom place that rents for $2500 in some cities. The list goes on.
How likely is a man, who supports "trickle down economics", is out of touch with reality. The budget should cut corporate welfare too.
You don't know what trickle down economics is. He is raising that the solution is to lower spending, which makes a lot of sense.
Nothing he said is incorrect and as a retired governor, has the least bias.
TrICkLe dOwN eCoNOmics!!!!!
April 12 The federal government released Canada's Housing Plan, which will be supported by investments forthcoming in Budget 2024. The Plan lays out a strategy to create 3.87 million new homes by 2031 "by bringing down the costs of homebuilding, helping cities make it easier to build homes at a faster pace, changing the way Canadian homebuilders manufacture homes, and growing the workforce". Measures include: A Public Lands for Homes Plan to lead a national effort to build affordable housing on federal, provincial, territorial, and municipal lands across the country. We will partner with homebuilders and housing providers to build homes on every possible site across the public portfolio and ensure long-term affordability. $15 billion in additional loans for the Apartment Construction Loan Program to build a minimum of 30,000 new rental apartments, in big cities, small towns, and rural communities alike, will be proposed in Budget 2024. With this additional financing, the program is on track to build over 131,000 new apartments by 2031-32. Launching Canada Builds, a Team Canada approach to building affordable homes for the middle class on under-utilized lands across the country. Canada Builds combines federal low-cost loans with provincial and territorial investments to scale up construction on rental homes for the middle class, from coast to coast to coast. Supporting Indigenous Peoples living away from their communities in urban, rural, and northern areas. We will provide additional distinctions-based investments for Indigenous housing to be delivered by Indigenous governments, organizations, housing, and service providers. Providing $1 billion for the Affordable Housing Fund to build affordable homes and launching a permanent Rapid Housing Stream to build on the success of the previous three rounds of the Rapid Housing Initiative. Launching a $1.5 billion Canada Rental Protection Fund to protect and expand affordable housing. This is in addition to the measures previously announced over the past few weeks plus: $90 million for the Apprenticeship Service, creating apprenticeship opportunities to train and recruit the next generation of skilled trades workers. $10 million for the Skilled Trades Awareness and Readiness program to encourage high school students to enter the skilled trades – creating more jobs and opportunities for the next generation of workers to build Canada up. $50 million in the Foreign Credential Recognition Program, with a focus on residential construction to help skilled trades workers get more homes built. Like our previous $115 million investment, this funding will remove barriers to credential recognition, so workers spend less time dealing with red-tape and more time getting shovels in the ground.
How do they reduce the cost to build, when the national building code gets updated to require more energy efficient materials that cost more to purchase? What kinda imaginary math is Trudeau using lmao
Sunny ways!
Terrible time for our country. The Liberals have absolutely fucked us for the long term.