Trudeau Is Going To Bury Us In Debt

taxme

Council Member
Feb 11, 2020
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Most Canadians have a good life and pay little attention to politics , sadly .
And it is politics that is going to bury them deeply in debt. We are headed for a market crash very soon if our stupid welfare recipient politicians do not keep spending tax dollars and borrowing more money to keep this crooked system alive and well. I guess that most Canadians will wait until it is too late. Typical of most Canadians. Stupid to the end. Gawd, am I ever getting fed up with Canadians who just do not seem to give a shit. Even after an f'n year of this Convid 19 virus hoax bull shit they are still ready to believe that more Covid's are on the way. It seems that the maskholes are everywhere these days. I am afraid to look under my bed these days for fear that I may find one of those maskholes under my bed. I have a bat ready just in case. LOL.
 
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taxme

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Feb 11, 2020
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Comrade globalist Chrystia Freeland is just another one of those welfare recipient politicians who have never done anything to try and make Canada great again. but she has certainly done a disasterous number on Canada and Canadians. But ask the biotch if she really cares about Canada or Canadians. You will probably get the communist Turdeau finger from her if all goes well for you. These politicians have truly become the enemy of we the foolish sheeple and well deserved.
 

pgs

Hall of Fame Member
Nov 29, 2008
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And it is politics that is going to bury them deeply in debt. We are headed for a market crash very soon if our stupid welfare recipient politicians do not keep spending tax dollars and borrowing more money to keep this crooked system alive and well. I guess that most Canadians will wait until it is too late. Typical of most Canadians. Stupid to the end. Gawd, am I ever getting fed up with Canadians who just do not seem to give a shit. Even after an f'n year of this Convid 19 virus hoax bull shit they are still ready to believe that more Covid's are on the way. It seems that the maskholes are everywhere these days. I am afraid to look under my bed these days for fear that I may find one of those maskholes under my bed. I have a bat ready just in case. LOL.
Not stupid , just not informed and to busy and comfortable to pay much attention .
 

petros

The Central Scrutinizer
Nov 21, 2008
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Not stupid , just not informed and to busy and comfortable to pay much attention .
The human race has always been one volcanic eruption away from global famine.

Neighbours will kill neighbours over a bag of stale marshmallows.

I hope the sun ramps up its magnetosphere again soon.

 

bob the dog

Electoral Member
Aug 14, 2020
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So if that was the budget and nothing was mentioned about securities regulation and naked short selling when will the review conclude and action be taken. Sorry for the long cut and paste but wow.

From wikipedia:

"Unlike any other major federation, Canada does not have a securities regulatory authority at the federal government level. Provincial governments began to establish regulatory agencies in 1912 (in Manitoba), and the Privy Council decided in Lymburn and Mayland, [1932] A.C. 318 that such legislation is authorized under the provincial property and civil rights power.

Concerns with the provincial system of securities regulation has led to repeated calls for a national securities system in Canada. Currently, the Government of Canada is working towards establishing a national securities regulatory system that it says will provide:
  • better and more consistent protection for investors across Canada;
  • improved regulatory and criminal enforcement to better fight securities-related crime;
  • new tools to better support the stability of the Canadian financial system;
Accountability for securities regulation extends from the securities regulator to the Minister responsible for securities regulation and, ultimately, the legislature, in each province.

Over the past 45 years, the vast majority of studies by independent expert and academic analysts have come out in favour of establishing a Canadian securities regulator, beginning with the Porter Report in 1964 and the Kimber Report in 1965.[7] In the most recent decade, the push for a national regulator has been particularly strong, with reports delivered from the Wise Persons Committee,[8] the Crawford Panel[9] and the Expert Panel on Securities Regulation.

On February 21, 2008, the Government of Canada appointed an Expert Panel on Securities Regulation to provide advice and recommendations on securities regulation in Canada. On January 12, 2009, the Expert Panel on Securities Regulation released its final report, in which they highlighted several concerns with the current structure.

On June 22, 2009, the Government of Canada acted on this recommendation and announced the launch of the Canadian Securities Transition Office to lead Canada's effort to establish a Canadian securities regulator.

Concurrent with releasing the proposed Canadian Securities Act, the Government of Canada referred the proposed Act to the Supreme Court of Canada for its opinion on the following question: Is the annexed proposed Canadian Securities Act within the legislative authority of the Parliament of Canada? The Supreme Court heard the reference on April 13 and 14, 2011.[18] On December 22, 2011 the Supreme Court returned its decision[19] that the proposed Canadian Securities Act as drafted would not be valid under the general branch of the federal trade and commerce power under section 91(2) of the constitution. However, the court indicated that some aspects of the act could be valid under that power. It also noted that it had not been asked for its opinion on the extent of Parliament's legislative authority under other heads of federal power, including the interprovincial and international trade branch of section 91(2). The court concluded that a cooperative legislative approach through which the federal and provincial governments exercise their powers collaboratively would be possible.

Following the Supreme Court of Canada decision, the Government of Canada announced that it was exploring with provinces the possibility of working jointly to establish a common securities regulator."

So nothing in place to hold banks accountable and the pillaging goes on. This is a far bigger issue than social injustice and women's rights imo.
 
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spaminator

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GOLDSTEIN: Canada's relative debt fifth highest in industrialized world, report says
Author of the article:Lorrie Goldstein
Publishing date:Jun 01, 2021 • 10 hours ago • 3 minute read • 69 Comments
Canada's Prime Minister Justin Trudeau attends a news conference, as efforts continue to help slow the spread of COVID-19 in Ottawa, Ont. on May 18, 2021.
Canada's Prime Minister Justin Trudeau attends a news conference, as efforts continue to help slow the spread of COVID-19 in Ottawa, Ont. on May 18, 2021. PHOTO BY BLAIR GABLE /REUTERS
Article content
Canada’s relative debt load compared to other developed nations is far worse than the Trudeau government claims, according to a new study by the Fraser Institute released Tuesday.

It says while the Liberals’ boast that Canada had the lowest net debt to GDP ratio among G7 countries heading into last year’s pandemic recession, that falls to 25th place out of 29 nations with comparable economies when its gross or total debt is calculated compared to the size of the Canadian economy.


“In other words, Canada’s total debt relative to GDP is the 5th highest amongst the industrialized world,” better than only the U.S., Portugal, Italy and Japan, said study co-author Jason Clemens in the report, Caution Required When Comparing Canada’s Debt to Other Countries.

By comparison, Canada is more indebted relative to the size of its economy than 24 other developed nations, including Estonia, Luxembourg, Taiwan, Czech Republic, Sweden, New Zealand, Switzerland, Denmark, Latvia, Lithuania, South Korea, Netherlands, Ireland, Australia, Finland, Germany, Israel, Iceland, Slovenia, Austria, UK, France, Belgium and Spain.

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Using the same calculation of gross debt to GDP ratio versus net debt, Clemens said, Canada falls from first to fourth place among G7 nations — in worse shape than Germany, the U.K and France, while ahead of the U.S., Italy and Japan.

The study says the reason Canada’s debt position deteriorates so dramatically when gross debt is measured, is that net debt includes the assets of the Canada Pension Plan and the Quebec Pension Plan — $488.1 billion as of March 31, 2020 — or about one-third of the difference between Canada’s net debt and gross debt.

Clemens notes the public pension plans of most other countries invest only in things like government bonds, meaning every time they make a purchase with surplus funds there is no change in the net debt because the government investment carries with it an equal government liability.

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By contrast in Canada, the CPP Investment Board, created under changes introduced by the Chretien government in 1996, is allowed to invest in a broad portfolio of market instruments including bonds, equities, private placements and other investments which are counted as government assets.

The problem is, “the idea that the assets of the Canada and Quebec pension plans are available to governments and should be counted against the debt distorts the gravity of Canada’s indebtedness,” Clemens said.


“The earnings of the CPP Investment Board (and the equivalent in Quebec) are not available to the federal or provincial governments and are specifically retained within the CPP. The assets of the CPP are similarly not available to the federal or provincial governments for use outside of funding the retirement and related benefits provided by the CPP … including the assets of the CPP and QPP without considering the future obligations (i.e., liabilities) associated with the assets further complicates the assessment of Canadian indebtedness.

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Ontario subtracts on its math scores: Fraser Report
Spending on public schools in Ontario rose by almost $2.8 billion, or 10.6%, between 2013 and 2017, while enrolment increased by a mere 0.2%, according to a new study by the Fraser Institute.
School spending rose 10.6% despite flat enrolment: Report

“Including the assets of the CPP (and QPP) in the country’s net debt statistics overestimates the value of available financial assets to Canadian governments and in so doing provides an underestimate of the indebtedness of Canada, particularly when compared to other countries.”

Finally, Clemens notes that while it is true Canada has the lowest net debt to GDP ratio, as opposed to gross debt, among the G7 countries, “our rank falls to 11th when the group of comparison countries is expanded to the 29 advanced countries — including many European countries and Australia, for which comparable data exist.”
 

Decapoda

Council Member
Mar 4, 2016
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I do not believe that Canada has any gold left. Both old man and young punk Trudeau's have no doubt seen to that. Just saying. ;)

Yep, getting rid of the last of Canada's gold was one of the first things Junior did when he stepped into power in 2015. No one noticed because they were too focused on what socks he was wearing that day and commenting on his selfies with bare chested hippies at pride parades. Ahhh, the simpler times.

Canada sells off most of its gold reserves

Back in the 1960s, Canada held more than 1,000 tonnes of gold. But it began steadily selling off its hoard, and by 2003, the country had just 3.4 tonnes.
Now, Canada has less than one tonne.
 

petros

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Nov 21, 2008
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Finance Department defies precedent, says it can delay law that eases tax burden for small businesses


PATRICK BRETHOURTAX AND FISCAL POLICY REPORTER
PUBLISHED JULY 8, 2021UPDATED 2 HOURS AGO

Globe and Mail behind a paywall
The federal Finance Department is asserting that it has the power to freeze a law passed by Parliament that gives more generous tax treatment to small businesses, in what experts are calling a break with parliamentary tradition and federal law.

The legislation received royal assent on June 29. But, in a news release issued the next day, Finance stated that the new rules won’t come into effect until Jan. 1, since no implementation date is spelled out in the bill.

The department’s stance that it can delay the onset of the new tax rules is unusual. It also defies federal law, which says bills go into effect when given royal assent unless otherwise specified, according to experts in legislative process and parliamentary procedure.

The legislation, Bill C-208, reduces the tax burden on owners of small- and medium-sized businesses who want to pass on their companies to family members. It allows those business owners to claim proceeds from the sale of shares to an adult child or grandchild as capital gains, rather than as dividend payments. Capital gains are taxed at a lower rate, and in some cases a taxpayer can use a lifetime exemption to avoid paying any tax at all.

Conservative MP Larry Maguire, who sponsored the private member’s bill, says he was “flabbergasted” by the June 30 announcement by Finance. “I couldn’t believe it,” he said, adding that he is seeking an explanation from the department.


While 19 Liberals supported the bill, a large majority of the caucus voted against the measure, and the government did not support it.

The government has signalled its intention to legislate on the issue of intergenerational transfers, and in 2019 Prime Minister Justin Trudeau spelled out that policy direction in mandate letters to the finance and agriculture ministers. But the Liberals have not acted.

Dan Kelly, the head of the Canadian Federation of Independent Business, which has lobbied for the measure for years, said he was well aware that the Finance Department did not like the tax measures laid out in C-208. But, he said, he was still surprised by the attempt to delay its implementation.

“It’s quite outrageous that the government is turning its back on this,” Mr. Kelly said.

It’s the latest rough patch in the often rocky relations between small businesses and the Trudeau Liberals, with worries about tax avoidance and evasion yet again the spark. In the government’s first mandate, Bill Morneau, who was then the finance minister, proposed stricter rules for how small businesses claimed capital gains and distributed income between family members.

Stung by intense opposition, the government watered down its original proposals. The arrival of Chrystia Freeland as finance minister signalled a change in the government’s tone toward small business, at least until last week’s brief announcement by the Finance Department. Mr. Kelly has said that Ms. Freeland phoned him on her very first day as finance minister, a sharp contrast with his experience with Mr. Morneau.

In its June 30 news release, Finance said Bill C-208 did not specify an “application date” and that the Liberal government intends to introduce legislation that would clarify that the changes contained in the bill would apply as of Jan. 1.

Parliament is not scheduled to sit again until mid-September. If the bill’s implementation were delayed and there were an election, the next sitting of the Commons could mean a Liberal majority would be able to rewrite the small-business tax legislation to the government’s liking. (However, the bill was supported by a number of Liberals, including Wayne Easter, the chair of the Commons finance committee.)

Finance’s position that legislation needs a specific date to be enacted is a topsy-turvy interpretation of how the legislative process works in Canada, said Don Boudria, a former Liberal cabinet minister who is well versed in parliamentary procedure from his time as government house leader in the Chrétien era. It is a fundamental tenet of the legislative process that unless a specific date is enunciated, a bill takes effect on the day of royal assent, he said.

“Who knows what the Department of Finance is thinking about?” said Mr. Boudria, currently a senior counsellor at Hill & Knowlton Canada.

The Finance Department declined a request for an interview.
 
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Dixie Cup

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Sep 16, 2006
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I called my bank to find out if I could purchase gold and/or silver just for the hell of it. I was told no, banks don't provide that option. I have been thinking about trying to mitigate for inflation that is occurring now and will only get worse. So, since Canada has sold most of its gold reserves, will we have anything to support/back our dollar? Yet Trudeau (who says budgets balance themselves) continues spending away with no consideration as to what will actually happen if this doesn't stop.

Consumer goods are getting more and more expensive which will reduce our discretionary spending, affecting our economy in ways we don't want to consider (Venezuela anyone?) Guess I'll have to do some investigating as to where I can purchase gold/silver for the inevitable day that I may need to use them. I have to protect what I have from those who would take what I have earned over the years. I don't have much, but what I have is MINE! Guess I'm selfish in that way.

I learned how to use my earnings for day-to-day living and ensured that I saved a portion, no matter how little because it does add up! (You know the old saying - a penny earned is a penny saved). I know, that's so "back then". It actually makes a lot of sense because it worked for me. I encouraged my clients (when I was working) to do exactly that - $5, $10 $100 - doesn't matter. Over time, it does add up and the result is the freeing of the anxieties of not being sure of what will happen in the future - an expense not expected - it's ok cuz I have savings that'll cover it - Unfortunately, this isn't taught in school which is why so many people are in debt - they want what they want.

As for budgets balancing themselves, who here has ever had that happen? It hasn't worked for me.
 
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JLM

Hall of Fame Member
Nov 27, 2008
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I called my bank to find out if I could purchase gold and/or silver just for the hell of it. I was told no, banks don't provide that option. I have been thinking about trying to mitigate for inflation that is occurring now and will only get worse. So, since Canada has sold most of its gold reserves, will we have anything to support/back our dollar? Yet Trudeau (who says budgets balance themselves) continues spending away with no consideration as to what will actually happen if this doesn't stop.

Consumer goods are getting more and more expensive which will reduce our discretionary spending, affecting our economy in ways we don't want to consider (Venezuela anyone?) Guess I'll have to do some investigating as to where I can purchase gold/silver for the inevitable day that I may need to use them. I have to protect what I have from those who would take what I have earned over the years. I don't have much, but what I have is MINE! Guess I'm selfish in that way.

I learned how to use my earnings for day-to-day living and ensured that I saved a portion, no matter how little because it does add up! (You know the old saying - a penny earned is a penny saved). I know, that's so "back then". It actually makes a lot of sense because it worked for me. I encouraged my clients (when I was working) to do exactly that - $5, $10 $100 - doesn't matter. Over time, it does add up and the result is the freeing of the anxieties of not being sure of what will happen in the future - an expense not expected - it's ok cuz I have savings that'll cover it - Unfortunately, this isn't taught in school which is why so many people are in debt - they want what they want.

As for budgets balancing themselves, who here has ever had that happen? It hasn't worked for me.
They used to, I bought some in the 80s or early 90s and dumped it about 3 days after 911. All done at CIBC.
 

Twin_Moose

Hall of Fame Member
Apr 17, 2017
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IMO the spending is more of a point of no return so we are cemented to the world economy and not able to self adjust or paydown on our own
 

Decapoda

Council Member
Mar 4, 2016
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I called my bank to find out if I could purchase gold and/or silver just for the hell of it. I was told no, banks don't provide that option. I have been thinking about trying to mitigate for inflation that is occurring now and will only get worse. So, since Canada has sold most of its gold reserves, will we have anything to support/back our dollar? Yet Trudeau (who says budgets balance themselves) continues spending away with no consideration as to what will actually happen if this doesn't stop.
I think you can purchase through CIBC, but you'll pay way too much. Try some of the reputable online places and you won't pay nearly as high of a premium. I have noticed stock on some products have been spotty the last year or so, can be hard to find certain products.
 
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taxme

Council Member
Feb 11, 2020
1,318
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Yep, getting rid of the last of Canada's gold was one of the first things Junior did when he stepped into power in 2015. No one noticed because they were too focused on what socks he was wearing that day and commenting on his selfies with bare chested hippies at pride parades. Ahhh, the simpler times.

Canada sells off most of its gold reserves

Back in the 1960s, Canada held more than 1,000 tonnes of gold. But it began steadily selling off its hoard, and by 2003, the country had just 3.4 tonnes.
Now, Canada has less than one tonne.

Ya, but all that money that Fidel Trudeau received from selling off all that gold was that we got more and higher taxes, more socialist governments, and more multiculturalism and diversity. A great trade off wouldn't you say? LOL.

Leave it to the french from socialista quebec to know as to how to go about bankrupting a once great English Anglophone country. No doubt the french language was preserved with most of that gold money being blown away on their useless slang french language and french culture. The french have been the biggest thorn in the side of the rest of Anglo Canada for decades now. But ask most Anglophones if they really give a shit. You will no doubt just get the old heave ho shrug of the shoulders. The rest of English Canada is so full of stupid people ready to sell their souls to french quebec. Canada truly has become a nation of stupid people. (n)
 
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