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o_OCanadian Politics Mega-thread - Page 44
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Falling
Canada11368 Posts
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CorsairHero
Canada9491 Posts
The Bank of Canada raised interest rates for the first time since 2010, citing a recent acceleration of growth that it predicts will eliminate fully the economy’s economic slack by the end of this year. The central bank’s benchmark rate was raised to 0.75 per cent, from 0.5 per cent, at a rate decision Wednesday. It said future rate moves will be “guided” by the data, while downplaying recent sluggishness in inflation. With the hike, Canada becomes the first Group of Seven country to join the U.S. in raising interest rates on Wednesday, potentially fueling speculation the world’s central bankers are heading into a tightening cycle. Key Points — The Bank of Canada said recent data has increased its “confidence” the economy will continue to grow above potential, meaning excess capacity is being absorbed. The central bank estimates the economy will return to full capacity by the end of 2017. In April, it had predicted the closing of the output gap in the first half of 2018. The bank estimates the degree of excess capacity in the second quarter of this year is between zero and 1 per cent of GDP — The central bank downplayed recent weakness in inflation, judging the sluggishness as “mostly temporary.” It predicted inflation will return “close to” its target of 2 per cent by the middle of 2018 — which is later than it had predicted in April. It gave a nod to the sluggishness by saying the overnight rate will be guided by its inflation outlook — There was no reference to the 2015 rate cuts. One of the big questions investors had ahead of the rate decision was whether the central bank’s focus was the 50 basis points of cuts implemented in 2015. Just last month, Governor Stephen Poloz said that what the recovery “suggests to us is that the interest rate cuts that we put in place in 2015 have largely done their work.” The statement did say the adjustment to lower oil prices is largely complete Big Picture Canada is in the midst of one of its strongest growth spurts since the 2008-2009 recession, with the expansion accelerating to an above-3 per cent pace over the past four quarters. That’s the fastest among Group of Seven countries and double what the central bank considers Canada’s capacity to grow without fueling inflation. Investors are looking at the decision as a possible harbinger of things to come globally and are monitoring it for clues on the central bank’s resolve for withdrawing stimulus, with the prospect of central bank tightening has triggered a selloff in government bond markets over the last two weeks. Other Details — The central bank cites broadening of Canadian growth across industries and regions as one reason for its confidence in sustainability of expansion — The Bank of Canada cites broadening growth across countries as well — The central bank estimates GDP growth of 2.8 per cent in 2017, versus an April forecast of 2.6 per cent. Growth in 2018 is estimated at 2 per cent, and 1.6 per cent in 2019 — The better than expected growth in 2017 is largely being driven by household spending, which is contributing 1.9 per centage points to the growth rate. Outside of stronger household spending in 2017, the outlook for everything else over the next three years is little changed from April forecasts — No mention of Canada housing market in rate statement — Bank of Canada removes its expectations for a stimulus boost from the U.S. fiscal measures of half a per cent point to the level of U.S. GDP by mid-2019 — Slumping core inflation globally requires further analysis, but may include structural changes related to technology and falling inflation expectations. — Labor market indicators suggest slack in the labor market is being absorbed, albeit with a lag, the central bank said in its monetary policy report — Slowdown in inflation can be “explained mainly by easing consumer energy and automobile price inflation” — Housing activity expected to ease http://business.financialpost.com/news/economy/bank-of-canada-raises-benchmark-rate-to-0-75-key-takeaways/wcm/f1263874-14d1-47c5-a10a-7c2da71c7a42 | ||
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WolfintheSheep
Canada14127 Posts
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SetGuitarsToKill
Canada28396 Posts
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JimmyJRaynor
Canada16914 Posts
On October 02 2017 06:42 SetGuitarsToKill wrote: And just like that, Trudeau lost the next election. Maybe Singh will get in if he plays his cards right nah, in the last 10 years more canadians have been killed by lightning than by "terrorists". i'm not 100% satisfied with our immigration system... but its alright. i just wish Harper had kept on running the country off of opinion polls like he did when he held all those razor thin minority governments. He'd still be PM. | ||
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Falling
Canada11368 Posts
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Fprime
Canada64 Posts
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Nakajin
Canada8989 Posts
On October 02 2017 06:42 SetGuitarsToKill wrote: And just like that, Trudeau lost the next election. Maybe Singh will get in if he plays his cards right https://twitter.com/CBCAlerts/status/914605333024210944 Lol are you kidding me Trudeau is higher in the pools then any prime minister in recent history at this point witch is suppose to be a government low point. And he is against a no name conservative chief, the NPD who are about as ready for an election as an headless chicken and a dead Bloc Québécois. He would need a miracle to not get reelected, not that it make me particularly happy. | ||
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JimmyJRaynor
Canada16914 Posts
if the economy keeps improving at its current pace then by the time of the next election i will 100% vote liberal. and leave this Bill Morneau guy alone. if he wants to sneak away with a few hundred million i don't care. just keep the economy going... i don't want some new guy coming in and fucking things up. https://www.thestar.com/news/canada/2017/10/18/trudeau-defends-morneau-over-failure-to-put-assets-in-blind-trusts.html | ||
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SetGuitarsToKill
Canada28396 Posts
So, why does Canada even have an immigration system if just walking across the border from the States and claiming refugee status has a 70% success rate? | ||
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Rebs
Pakistan10726 Posts
On October 22 2017 03:40 SetGuitarsToKill wrote: https://globalnews.ca/news/3817335/canada-asylum-status-border-crossers/ So, why does Canada even have an immigration system if just walking across the border from the States and claiming refugee status has a 70% success rate? Its 400 people.. lol.. I would study your own immigration system in detail. Its actually not that easy for the vast majority. Icw gone through it a few years ago after 10 years in the US. This is a case of the system actually working. Only the people who had reasonably genuine cases even claimed asylum in the first place. Go look at the stats for refugee claims and immigration in general against people who are actually let in. | ||
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RvB
Netherlands6248 Posts
On October 02 2017 10:18 Falling wrote: I think the tax hike on small businesses is a bigger issue, than the Edmonton attack. Unfortunately, it probably won't be enough to knock him out, but I think it's a far more wide ranging issue. Who is your preferred candidate/party? | ||
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Falling
Canada11368 Posts
Conservative at the federal level, BC Liberals at the provincial level (which are basically just fiscal conservatives). I voted federal NDP in the last election to throw out the Conservatives because I thought they had lost their way, and I wanted them to seriously recalibrate and come back with some better ideas. With these changes to small business taxes, I'm already ready for a Conservative return- the Liberals might mitigate the problems, but I don't trust them. Mind you, I didn't vote for them in the first place. As much as I disagreed with NDP politics, I really liked Jack Layton and thought Mulcair was an effective Leader of Opposition and was willing to see what he would do, but once Mulcair was through, I lost interest. I just can't make heads or tales why Trudeau/ Morneau are targetting the people he's targetting. It's like they're going after multinational corporations or oil companies or something. They're going after small businesses... and then employee discounts of all thing. Even if you consider the least sympathetic class of people getting targetted: rich doctors, I completely disagree with both targetting doctors and how the debate has been framed. "Those sneaky, sneaky tax evading doctors." To paraphrase. For one, doctors running private clinics are also small businesses with a large overhead with increasing costs (pay raise and bonus negotiations for their employees) but no control over increasing revenue except to work ungodly hours.. or sending clients through assembly line style. And then those supposed sneaky tax evasion tactics of the doctors were actually given to the doctors in negotiations by the government in lieu of increasing rates. They were actively encouraged and told how to create investment income with the idea that it would help when doctors retire because when they retire from a private clinic, that business is worth pretty much nothing because the whole business is the doctor unlike most other small businesses. (Nor is there a pension attached like the nurses union that came out to cheer lead the Trudeau government... despite the fact that private clinics creates jobs for them.) It just makes zero sense what Trudeau/ Morneau were trying to do. | ||
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CorsairHero
Canada9491 Posts
Looks like theres enough backlash that most of these tax changes won't go through. Also Morneau not disclosing assets like his french villa is lol. they really wanted to rush this through Saint John-Rothesay Liberal MP Wayne Long has been kicked off two parliamentary committees for breaking party ranks over proposed small business tax changes. Long confirmed he was removed Thursday from the standing committee on human resources, skills, social development and the status of persons with disabilities, as well as the standing committee on access to information, privacy and ethics. "I am deeply disappointed to be removed from my committees, but I respect and understand the party's decision," he said in an emailed statement to CBC News. "I'm proud of the work I've done on HUMA and take pride especially in producing the National Report on Poverty Reduction." On Tuesday, Long supported a failed Conservative move that would have extended the consultation period on the federal government's proposed changes to the small business tax regime. On Wednesday, he had a "difficult conversation" with Liberal whip Pablo Rodriquez. "I don't know if there will be consequences," Long told CBC News at the time. "But I have been told there may be consequences, and I'm certainly prepared and ready to accept any decision the party makes." Representing constituents' views Long had said he would be "disappointed" if he was kicked out of caucus, but he could not sit by as the government pushed ahead with changes his constituents overwhelmingly oppose. His riding has the largest concentration of small businesses in the country, he said, and many doctors who work at the Saint John Regional Hospital. Finance Minister Bill Morneau has indicated he plans to make changes to the Liberals' controversial tax change proposals announced in mid-July. "Changes are going to be required," Morneau said Tuesday after facing questions in the Senate. "For those pieces of legislation that we've already drafted, we'll take into account what people have told us to determine how we go forward from here." The government's original plan included restrictions on income sprinkling, which is the practice of transferring income from a business owner to a child or spouse who would be taxed at a lower rate. It also proposed limits on the use of private corporations to make passive investments that are unrelated to the company and would curb the ability of business owners to convert regular income of a corporation into capital gains, which are typically taxed at a lower rate. The consultation period ended Oct. 2. The Conservative motion would have extended consultation until Jan. 31, 2018 — because of the "drastic negative impact on small- and medium-sized businesses," the motion said — but it was defeated in the House of Commons. http://www.cbc.ca/news/canada/new-brunswick/wayne-long-liberal-mp-committee-business-tax-1.4342744 | ||
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Falling
Canada11368 Posts
T2 and Morneau are going after them because its a small enough group they won't negatively affect them come next election .Cynical, but likely true both in motivation and in outcome. But it's crazy- when Trudeau giving his lower inequality rhetoric, I assumed it was in a similar vein as the Occupy movement. I didn't expect him to go after small businesses, which is one of the few things the American Left and Right can agree upon (queue the John Oliver montage). | ||
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FiWiFaKi
Canada9859 Posts
I think increasing tax on small business is useful, right now every construction employee just opens up their own company, incorporates, and then pays almost no tax (I think 12.5% here in Alberta?), and then you just end up expensing, capitalizing, and depreciating all your purchases, and your effective tax rate end up being like 7% even though you make $200k/year. Doctors are well off in Canada, I don't have much sympathy about the complaints. After the recession in Canada, particularly in Alberta, the disconnect between government and private worked compensation is absurd. My friends wife has been working as a nurse for 2 years and she's clearing 80k/year (plus plenty of benefits), compare that to the stability and salary of any private company with a degree with similar qualifications. I think doctors could be paid 50% of what they are now and by simply raising number of entrance in our schools, I think our quality of healthcare would go up per dollar, right now it's very corrupt. I think the key for us is to make it enticing for large businesses to want to be here. Corporate tax rates are fine, but less regulation would be good, sometimes it baffles me how much bureaucracy we must go through to see a job from start to finish. I'm not kidding you when I tell you the jobs we sell for $5 million, I could provide for $300-$400k if I could do it my way with no people to answer to who only act in certain ways because of regulations. Now obviously we can't absorb all these savings, but we could absorb a lot by rethinking our system. Furthermore, collecting money from winning in courts, as well as as suing someone is too difficult, it makes business extremely risky to do. I'm not a law expert, but I know currently it causes companies to act extremely risk averse because claiming damages is too difficult, and it's only available to the largest of large companies. I voted conservatives, but I think the liberals are doing a fine job. Imo the conservatives have been too stubborn, being too traditional about gender roles, drugs, sexuality, prostitution, etc. For me, they've tried too much to become a police state, when I'd gladly increase my probability of murder by 0.0001% if it meant more freedom. I think better than preventive policing, we're better off doing post-policing, where we don't judge intentions until the act has occurred (unless it's not a reasonable risk, like bombs capable of killing tens of thousands). The one place I feel like we've been failing at is the education system, I think we foster an environment where the ultra competitive very gifted are held back too much by trying to be inclusive to everyone. We don't want to alienate people from the system, but at the end of the day, our country is built on the ideas of the 0.01%, so we need to make these people really shine. In Alberta, things like making diplomas worth 30% rather than 50% are steps in the wrong direction. I feel we try to shelter kids too much from the real world during their education, and I think more and more practicums, internships, etc are needed. Otherwise we make them soft and then bitter to the real world, rather than letting them grow inside it. | ||
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JimmyJRaynor
Canada16914 Posts
On October 22 2017 13:06 FiWiFaKi wrote: I think increasing tax on small business is useful, right now every construction employee just opens up their own company, incorporates, and then pays almost no tax (I think 12.5% here in Alberta?), and then you just end up expensing, capitalizing, and depreciating all your purchases, and your effective tax rate end up being like 7% even though you make $200k/year. every database software developer i know always avoids the sucker trap that is being an employee and does this same thing. i want income tax abolished and i want a drastic increase in GST. it'll never happen. but i can always dream. Mulroney's original "sales pitch" about the GST is that consumption based taxation is the 1 way to get everyone to pay no matter how much accounting shenanigans they employ. On October 22 2017 04:06 Rebs wrote: Only the people who had reasonably genuine cases even claimed asylum in the first place. so you've gone through those 600 cases and determined that on your own.. or did someone tell you that? sounds like someone told you that and you just believed them. | ||
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FiWiFaKi
Canada9859 Posts
Sales tax is difficult to make progressive, and will also create a bigger gap between the rich and poor because the rich have a tendency to save and invest, so they won't be being taxed nearly as much as the poor (per dollar). To me, it seems much easier to collect income tax than sales tax also. In fact, sales tax really makes no sense to me... As much as we don't like it because it didn't exist in Canada before WW2 (or was it WW1?), I think its very effective. My ideal view is having high income tax rate, corporate tax rate aligned with the rest of the countries similar to us to make us competitive. Also, every exported good should have a tariff, international sales taxes are the only ones that make sense imo. | ||
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JimmyJRaynor
Canada16914 Posts
Sales Tax is progressive because a poor guy will be the least expensive subcompact Toyota that lasts 15 years. Rich guy will buy a new Lexus every 2 years. and , tax cars being leased.  | ||
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Rebs
Pakistan10726 Posts
On October 23 2017 00:00 JimmyJRaynor wrote: every database software developer i know always avoids the sucker trap that is being an employee and does this same thing. i want income tax abolished and i want a drastic increase in GST. it'll never happen. but i can always dream. Mulroney's original "sales pitch" about the GST is that consumption based taxation is the 1 way to get everyone to pay no matter how much accounting shenanigans they employ. so you've gone through those 600 cases and determined that on your own.. or did someone tell you that? sounds like someone told you that and you just believed them. I work with the CBSA daily. I work with the TCCU and the border for brokerage automation and screening. Im talking to someone there right now actually, and yes someone told me that. I have no reason to disbelieve them based on my personal experience. The process and criteria they highlighted seemed pretty consistent. To be fair its stat padding in a way because way more than 600 people crossed into just Lacolle alone and they just discouraged the vast majority from applying for asylum. They all just got deported. Canada is really not that open doors, regardless of what younger Trudeau advertises. Feel free to start panicing over that 70 percent success rate number. I have also worked extensively with sponsorship groups the last couple of years for the family sponsor programs for Syrians that have been shut down for at least 6 months in Ontario because of the backlog. Most of the ones I worked with are highly educated, overqualified individuals/families that will end up driving cabs here because they lack certifications in their fields here. Even though the most of those certifications are a joke compared to their capabilities in their fields. But no one is really complaining it is what it is and you do what you need to do. That having been said there is a significant chunk that is struggling to acclimatize and the Govt has lacked the resources to handle it. Its mostly regular folks and private groups that are helping out there. Which is a bit unsustainable. There are issues. But nowhere close to any need for alarm. Your country will stay white for a while. Relax. How much immigration experience do you have btw ? Yeah... | ||
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