Canada Changing Taxes To Compete With USA Trump Tax Cuts

[Lord Temptation 11,209]

43 minutes ago, Economy said:

Perhaps but Canada is in a unique situation here...

 

The US is the only Nation we border (and it's a huge economy on top of that) and 90% of our population is concentrated within 160 miles of US border. On top of that we have free trade with the US in most items

 

Our economy is extremely interlinked with the US. A lot of chains, retails, or even manufacturers have major operations on both sides of the border and it's very easy to make more investment on one side of the border that's also an investment for the other (say like a new plant)

 

Canada never matched the US GDP Per Capita fully until our business and Corporate taxes were actually lower than yours (in the last 2 or 3 years the US surpassed us again if you adjust for exchange rate tho) and I bet the reason is that since the US is a much larger Nation with 9 times the population, it's more efficient to make major cebtral operations there instead of here in most Cases... So our taxes have to be lower just to level competitive advantage

 

Now with Trump's tax cuts and changes we lost that tax advantage and were already seeing large corporations that operate on both sides of the border make more investment in the US than in Canada

 

Now we have other issues too.our biggest export (Oil) is selling at a $30/barrel discount due to severe pipeline shortages and only having access to 1 major customer (the US) and every attempt to build another is ending up in failure because British Columbia is the Province of Tree Huggers that always find a way to block everything. That big oil discount Costa many billions a year in lost National income

 

Canada although competitive in infrastructure and education and tax rates overall ranked 34/35 OECD Nations in competitiveness for permits and licenses for businesses. Our zoning laws or paper work required to start a business is extremely uncompetitive here. That's probably why despite 17 years of surging home prices we still have a supply shortage and never got the oversupply in construction the US did during their boom. It's just too hard here to get approval for anything

 

But back to taxes... I don't know what the EU, or Japan, or China think they have to compete so hard with the US but I think in Canada's case we're kinda forced to

 

Even our financial system due to extremely close connection we tend to follow your central banks rate decisions so we don't import too much inflation (or too high a currency if we raise and you don't). When the US started raising rates in 2015 I think it was, we started to follow suit right after.

 

Critics say we need to be less dependent on US and increase ties with others (which we've been trying with free trade deals with EU and now trying with China) but I think only bordering the US and most our population concentrated near the border, geographical location will always make us very dependant on the US. I don't think that will change, maybe reduce slightly but not change

Please read my long ass post above sis 

[Economy 52,854]

10 minutes ago, Lord Temptation said:

I imagine being so close to the US would be a double edged sword. On the one hand it creates savings in transportation of goods (a huge cost) and storage. On the other hand companies can jump from one side of the border to the other unless they have their way. Essentially multinational companies can hold governments to ransom. They can even sue governments. So this creates a lot of dependancy, which is a massive systemic weakness. Relying on a single customer for the majority of your trade is a very precarious situation to be in. They sneeze - you get sick.

In this sense I think all countries should follow Trump’s protectionist policies, simply because they have no choice. If the biggest economy in the world is incentivising multinational companies to close their offshore holdings and go home there’ll be a power vacuum in almost every single wealthy country. Only very low income countries - as well as American low-to-middle income workers - will benefit from Trumps policies. He’s definitely changed the game.

So I agree with your stance. Canada has to fight fire with fire and try to swoon Canadian companies to return home. Or increase domestic investment. Oil wont be the answer. People want new industries. Things that utilise the highest level of our minds. All countries need to start looking after their own citizens more. The whole mantra of “think globally” is kind of redundant now. Moving your business overseas will save you money in the short term but in the long term people get sick of seeing strangers, expats, tourists all the time. We need to be locavores. 

The whole world seems like its shrinking.

Btw I am not a Yank, I’m Aussie  

Oh I thought u were American dunno why

 

and I'm not saying oil is the answer but since the Industry already exists, and huge multidecade projects have already been payed for and will run for 50 years because Canada's oil sands run on very long cycles (years to set up a project and Billions of dollars up front but then a field takes 20-50 years to deplete)...

 

so we can create new Industries but in the mean time oil were producing we might as well get proper price for it not selling it at a discount to everyone else

 

and I agree about the ransom. We shouldn't have to compete for the richest to invest in ur Nation but it seems to be the unfortunate reality. Australia although less population as Canada and smaller economy I'd imagine you are not held hostage by another country being so dependant on them

 

here in Canada and US it's $2 Billion in daily trade. The average car crises the border 7 times before being complete and some food also crosses the border several times before all the produce is delivered. That's why Trump's protectionism is so potentially destructive. Even some Republicans in the US are worried about the impact in the US if NAFTA ends

 

ps: I'd love to visit Australia one day but flights are so expensive

[Lord Temptation 11,209]

3 minutes ago, Economy said:

Oh I thought u were American dunno why

 

and I'm not saying oil is the answer but since the Industry already exists, and huge multidecade projects have already been payed for and will run for 50 years because Canada's oil sands run on very long cycles (years to set up a project and Billions of dollars up front but then a field takes 20-50 years to deplete)...

 

so we can create new Industries but in the mean time oil were producing we might as well get proper price for it not selling it at a discount to everyone else

 

and I agree about the ransom. We shouldn't have to compete for the richest to invest in ur Nation but it seems to be the unfortunate reality

 

ps: I'd love to visit Australia one day but flights are so expensive

I’m actually not bothered you thought I was American. I’ve been called worse!  Me too I really want to see Canada some day. Before the apocalypse I hope

[Economy 52,854]

18 minutes ago, Lord Temptation said:

I’m actually not bothered you thought I was American. I’ve been called worse!  Me too I really want to see Canada some day. Before the apocalypse I hope

What apocalypse? Lol

 

Also what do u wanna see in Canada? Some parts of Canada are better than others depending what ur looking for

 

I love the deserts I see on tv from Australia. The jungle forests look nice too but I'm afraid of crawly creatures so I don't think I'll go in ur forests

 

One nice thing in Canada is that there's very few animals/creatures that are dangerous even in the wild. The worst u have to worry about is grizzly bears which are not even that hugely common

[Woolfsmck 2,763]

1 hour ago, Economy said:

What apocalypse? Lol

 

Also what do u wanna see in Canada? Some parts of Canada are better than others depending what ur looking for

 

I love the deserts I see on tv from Australia. The jungle forests look nice too but I'm afraid of crawly creatures so I don't think I'll go in ur forests

 

One nice thing in Canada is that there's very few animals/creatures that are dangerous even in the wild. The worst u have to worry about is grizzly bears which are not even that hugely common

Grizzlies are left alone in wilderness areas(Canada has a lot) but are removed from population and ranching/farming regions.

[Economy 52,854]

1 hour ago, Woolfsmck said:

Grizzlies are left alone in wilderness areas(Canada has a lot) but are removed from population and ranching/farming regions.

I know. I just meant as far as dangerous animals that's basically what it exists

 

There's also the black widow spider but they are extremely rare to find (more common south of here) and it's rare that 1 bite alone will kill you

[Bat 6,162]

Us Europeans can only dream of the tax rates of USA or Canda 

[Economy 52,854]

On 9/17/2018 at 2:21 PM, Bat said:

Us Europeans can only dream of the tax rates of USA or Canda 

I lived in Portugal before moving to Canada. I know what high taxes are on everything

 

Even things like the sales tax at 21%

Or fees at school for toilet paper or inc for papers they sent home

My cousin's tells me some hospitals now charge you small fees for little things like the bandage and cotton swabs etc 

 

And people have the nerve to ask me if I'd ever move back there

 

@Woolfsmck @GagaMonster @PartySick I'm sure even most countries with private healthcare like US don't charge for that cagada

[Woolfsmck 2,763]

5 hours ago, Economy said:

I lived in Portugal before moving to Canada. I know what high taxes are on everything

 

Even things like the sales tax at 21%

Or fees at school for toilet paper or inc for papers they sent home

My cousin's tells me some hospitals now charge you small fees for little things like the bandage and cotton swabs etc 

 

And people have the nerve to ask me if I'd ever move back there

 

@Woolfsmck @GagaMonster @PartySick I'm sure even most countries with private healthcare don't charge for that cagada

Health care in the us is all about insurance...and the company you work for.  Mostly.

Plus I almost never get sick or injured..so I haven't been to a doc in a long time

[Economy 52,854]

1 hour ago, Woolfsmck said:

Health care in the us is all about insurance...and the company you work for.  Mostly.

Plus I almost never get sick or injured..so I haven't been to a doc in a long time

Insurance to a lesser degree is important here too

 

I'm on a medication that I'd need to pay some $400/month if I didn't have Insurance and since it's not a life threatning condition and I'm not Living under poverty line I wouldnt qualify for any government help

 

Let's not even get into how big a rip off dentists are here. Even with an Insurance covering 80% I pay a fair bit if I ever have to do anything more than cleaning which is why I refuse to go every 6 months like they always try to get u to

[Lord Temptation 11,209]

On 9/16/2018 at 11:36 PM, Economy said:

What apocalypse? Lol

 

Also what do u wanna see in Canada? Some parts of Canada are better than others depending what ur looking for

 

I love the deserts I see on tv from Australia. The jungle forests look nice too but I'm afraid of crawly creatures so I don't think I'll go in ur forests

 

One nice thing in Canada is that there's very few animals/creatures that are dangerous even in the wild. The worst u have to worry about is grizzly bears which are not even that hugely common

Honestly I don’t have a clue about what to see or do in Canada. Niagara Falls is probably a a cliche but that’s the one big thing i think all Aussies know. I’d stay away from Whistler though, too many of my ilk. Maybe go ice fishing or camping in a cottage somewhere. 

Most Australians have never seen the Outback- me included. It’s a real shame it costs more to travel domestically than to fly to Bali or New Zealand. Its mainly older people or Europeans who travel to the desert region. 

[Economy 52,854]

1 hour ago, Lord Temptation said:

Honestly I don’t have a clue about what to see or do in Canada. Niagara Falls is probably a a cliche but that’s the one big thing i think all Aussies know. I’d stay away from Whistler though, too many of my ilk. Maybe go ice fishing or camping in a cottage somewhere. 

Most Australians have never seen the Outback- me included. It’s a real shame it costs more to travel domestically than to fly to Bali or New Zealand. Its mainly older people or Europeans who travel to the desert region. 

I think Niagara falls are overrated but that could be cuz I've been there like 6 times. There's lots of restaurants and entertainment set up near the falls too like a mini-fair so there's always that as well with the falls tho I find it overpriced

 

Ice fishing is a hit and miss. Some winters are colder than others. If you happen to come at a time when temperatures go above freezing or it hasn't been cold enough for enough consecutive days then it's not safe to do that. U also have to go more up north there's no lakes in the Toronto area that I know of that typically freeze enough for that. It's too warm in this area usually for a safe layer of freeze over and also any lakes here are either too small to have fish or they are huge like the great lakes and never freeze enough in this area

 

Lake Simcoe is the closest popular lake for that that I'm aware of it's near a city called Barrie

 

Nature or city stuff is nicer in the summer tho

 

The falls create large beautiful ice for formations if it's cold enough tho

 

downtown Toronto is nice tho. If I'm not mistaken we have the most skyscrapers in North America now next to NYC. In 2012 we had more high rises under construction than the rest of North America combined. It's calmed down a little since but there's still cranes everywhere

 

i think it's cause of the 300,000 annual immigrants that move here almost half all go to Toronto. It's beautiful at night

 

i wanna go to Australia too! It's too expensive for me ATM tho and I promised I'd see my family in Portugal for my next trip cuz I haven't gone in years!

 

 

[Lord Temptation 11,209]

On 9/19/2018 at 8:41 PM, Economy said:

I think Niagara falls are overrated but that could be cuz I've been there like 6 times. There's lots of restaurants and entertainment set up near the falls too like a mini-fair so there's always that as well with the falls tho I find it overpriced

 

Ice fishing is a hit and miss. Some winters are colder than others. If you happen to come at a time when temperatures go above freezing or it hasn't been cold enough for enough consecutive days then it's not safe to do that. U also have to go more up north there's no lakes in the Toronto area that I know of that typically freeze enough for that. It's too warm in this area usually for a safe layer of freeze over and also any lakes here are either too small to have fish or they are huge like the great lakes and never freeze enough in this area

 

Lake Simcoe is the closest popular lake for that that I'm aware of it's near a city called Barrie

 

Nature or city stuff is nicer in the summer tho

 

The falls create large beautiful ice for formations if it's cold enough tho

 

downtown Toronto is nice tho. If I'm not mistaken we have the most skyscrapers in North America now next to NYC. In 2012 we had more high rises under construction than the rest of North America combined. It's calmed down a little since but there's still cranes everywhere

 

i think it's cause of the 300,000 annual immigrants that move here almost half all go to Toronto. It's beautiful at night

 

i wanna go to Australia too! It's too expensive for me ATM tho and I promised I'd see my family in Portugal for my next trip cuz I haven't gone in years!

 

 

You’re a gem  Thanks for your insight

Toronto and Barrie noted 

I wish I could afford to go to Canada even more now 

[Economy 52,854]

21 hours ago, Lord Temptation said:

You’re a gem  Thanks for your insight

Toronto and Barrie noted 

I wish I could afford to go to Canada even more now 

Np anymore questions ask

 

About ice fishing if u come in the winter u can definitely have a goal of trying it but don't come just for that because u may get disappointed if u can't do it. Some winters are just not cold enough. 

 

Don't forget most of the more populated regions are generally to the south of Canada. Temperatures in The winter go above freezing quite frequently and anything that freezes or snow melts periodically 

 

Toronto has an average winter day time high of -2. That means that on a typical winter almost half the days are above 0 (freezing). A warmer than usual winter sometimes struggles to see any snow accomulate on the ground before it melts

 

Were not the tundra despite what some think. So Ice fishing sometimes is possible and safe but sometimes it isn't. That's why I said hit and miss

 

An hour or 2 up north where ice fishing is more popular it is a bit colder than in Toronto but even so it's only possible to do it sometimes. I personally never did it but my dad drove our van over a lake on a really cold winter once when I was a kid I thought it was so cool