53 Replies to ““Trump presidency poses ‘existential’ economic threat to Canada””
Exactly!. Wynne, Notley, and now Trudeau are doing their utmost to destroy Canada.
Hopefully the four-legged family is doing alright?
Is there ANY opinion from an ex-politician that matters?
Go count your pension, Beaker, and leave us alone.
Manley? The president of my gun club and I had a meeting with him when I lived in his riding. The lights are on but nobody’s home and that is being charitable.
Never was a fan of Manley. Never. The libtard has ZERO credibility, unlike Lloyd Axworthy if to only name one libtard that has some credibility. Or perhaps Paul Martin but this is not “Because we’re 2016” right?
Anyway the boy king Justin goes in the wrong direction all along.
Trump will bitch slap the Canadian economy hands down. Real estate values and resales likely to go down, as unemployment highly likely goes up significantly all due to “green” initiative, socialistic initiatives and a sick high rate of taxes from Ottawa and other pick pocket tricks from the provinces and municipalities…
Green jobs are/will be a FAIL. Canadians will slide into a recession again but for the long term and what will the globalist boy king do? Nothing as he will not reverse all his Canada killing measures without looking bad.
Then I hear we have our version of the Clinton Foundation up here a la Trudeau.
Yup. Wrong direction.
Canadians deserve the governance they “freely” voted for.
The only “threat” that Trump poses to Canada is to the LIEberals. And possibly waking up the LIV’s in Canaduh.
I live 6 miles from the USA border and can buy a comparable house there for $260K CDN that sells in B.C. for $600 to $750K in the Okanagan. When real estate prices in Canada collapse I am sure Trump will take the blame. Heaven for bid that Canadians ever step up and take responsibility.
Manley is like many of the progressives now leading the CPC. They talk a good line but like Al said ‘nobody’s home’.
The answer to this problem is obvious…economists and progressive politicians have convinced me that when an industry is in trouble, it’s the perfect opportunity to put a special new tax on it and then offset the damage with an income tax cut. I,for one, welcome a new financial services tax. It’s time the world’s financial services sector stopped relying on bad US tax laws to survive. Phasing them out is the right thing to do. Have you seen the kind of scandals and terrible business decisions made in this industry. Canada will take a leading role at ending subsidies for the “dirty” banking industry. This industry and its workers must adapt or die.
Oh, just a minute , we’re talking about white collar jobs in central Canada with politically connected CEOs not blue collar workers in western Canada : That Changes Everything!
We must use every taxpayer dollar available to “invest” in this essential part of the Canadian economy. All jobs are sacred. The multiplier effect. Canadian culture. Families and communities destroyed. Canadian compassion. Experts tell us we must do this. (Did I miss anything?)
Axworthy has credibility? Guess I missed that. He’s the Manitoba equivalent of Allan Rock. A fool in a suit.
Our ‘leaders’ are ensuring a recession. The world is going to pass us by as we fiddle away our future all the while contemplating situations that can only confound growth. It’s the economy stupid – pay attention! The conceit on the librano front bench has never been higher.
Heading for increased interest rates, high unemployment and a 65 cent dollar. sunni ways folks sunni ways.
The existential threat to our economy is the unholy trio of Wynne, Notely, and Trudeau, energy tariffs, carbon taxes, and pipeline blockages
I always thought Axworthy could do stupid professionally. I saw a faint glimmer of neurons snapping in Manley’s headlights when he kicked the high beams on.
Trump will do nothing to Canada. Trudeau and his Marxist friends will do it to us by fouling the Canadian business climate. The smart Canadian investment money will be in New York.
I am terribly pessimistic about Alberta’s economy for the next couple years. Trump has stated that he wants to release shale drilling from EPA and other regulation. Given the utter contempt that Notley has for the oil industry in Alberta, her general incompetence and unwavering ideological need to destroy, this will kill drilling in Alberta. Already, Saskatchewan has surpassed Alberta for the first time on rig counts. The rigs, and capital, will be streaming south.
This is not the fault of Mr. Trump, it is solely the fault of people so profoundly selfish, narcissistic and myopic that would vote for the likes of Notley, Le Dauphin and Wynne.
As a side note, John Manley has to be the most vacuous politicians that Canada has ever produced, and that is saying a lot!
The only threat is how Canadian governments deal with Trump…..and Canadian politicians will be left in the dust as they cling to their “progressive” nonsensical ways.
Creating a better tax environment for American investments to return to that country should not be seen as some sort of aggressive malicious act (“existential threat”) against Canada or any other country. It is simply an excellent and long overdue change to American tax policy.
Manley – if he had a clue – as a self-described pro-business liberal should be congratulate America for enacting such pro-business regulation. A growing American economy is always a good thing for Canada.
Blaming president Trump for future economic failure in Canada is like, blaming the iceberg for sinking the titanic. The difference being Canada has 2 months to change it’s course or face consequences far worse than any climate change fearmonger can dream of.
I don’t know what the corporate tax rate is in Canada but the concern expressed is that corporate tax rate cuts by Trump will bring that corporate money back to the U.S….. thus injuring Canadian banks (I presume). Wonder if this is true because where do you go to find truth when everything is simply opinion.
I notice that in Trump’s press conference during his visit to Mexico on 8/31 he emphasized loss of manufacturing jobs IN THE WESTERN HEMISPHERE to overseas manufacturers. I emphasize this because it is a variation on the theme of bringing manufacturing back to the U.S. This is of course directly related to both corporate tax rates and NAFTA.
All in all, it’s just opinion. We shall see what happens ….
But, cant Trudeau just take off his shirt for Trump.That should impress him.And for icing on the cake he could take a selfie with the Trumpster. Ya, thatll do it.
Federal corporate tax rate in Canada is 15%. To which has to be added provincial corporate tax rate of averaging 11% for an overall national corporate income tax rate of about 26%. Hence the US corporate tax cut if implemented makes Canada heavily uncompetitive.
So Manley is right to be concerned. He’s also right about the drain on Canadian bank accounts if the US succeeds in repatriating a lot of capital stranded offshore. Which is why some of the responders here are being nitwits.
Interesting, I haven’t seen 40 million Canadians invading America and taking our jobs.
Are all Canadian liberal politicians this stupid, or afraid they will be replaced??
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But it would be nice to see some Ben & Florentine restaurants instead of Taco Bells.
If it moves, tax it; if it keeps moving, regulate it; if it stops moving, subsidize it.
Actually all of the above, then only government can survive crushing taxes.
It’s amazing how the ignorant voters saw through all this live within your means and don’t compromise future generations stuff in favour of tax increases, which as history has shown always results in enhanced freedom and prosperity. Putting ignoramuses in charge is always good, just ask Zimbabwe.
Or is it ZimBobRae? Sarcasm going back into sleep mode. WTF, they’re buying Super Hornets? Return, return.
I thought Manley had a bit more on the ball…let us wait and see what Trump actually does before making stuff up.
IMO, we are going to see Kevin O’Leary jump into the political ring after Trump’s success. We’ll see if our pollsters and media scribes, various and sundry buffoons and talking heads have learned anything if that comes to pass.
Beyond the hypocritical difference in political/economic responses to difficulties in central canadian based businesses vs. western canadian based businesses (isn’t affordable heat and power as important as banking), my biggest concern is bail-ins and bail-outs. Bail-ins hurt bank customers(Cyrus) bail outs hurt taxpayers (EU and US). Given the recent preference for bail-ins and Manley’s concern I wouldn’t want to leave too much cash in Canadian banks.
The repatriation of US corporate profits and cash is something Canadian banks should have prepared for since its has been talked about for years by US politicians. I hope too big to fail doesn’t happen here. Look to Iceland instead?
“US corporate money sitting in Canadian banks could return south”?
So give them some incentive to stay. This is exactly the globalist rip off Trump campaigned about.
“Made in Canada Plan”?
Canadians already have plenty of sweatshops in places like Bangladesh, lets just leave them there now instead of importing in-house. Canadians don’t regenerate “jobs sent overseas” they just bring the overseas back to Canada to dilute Canada down to a Third World status.
I’ve run Beakers statement through the libspeak translator.
When he said “Canada” it translated to laurentian elite.
When he said “existential threat” it translated to erradicate mushy middle ground
Oh, a moron is talking and he’s doing his best to sow the seeds of irrational fear.
How many billions of dollars in debt are we now?
We don’t riot enough in this country and this is what irks me.
The Canadian economy is not looking very healthy these days. Construction, other than the last bubble hold out, the GTA, has peaked. Green theology has infested the political scene and now amounts to a war on prosperity. Our natural competitive advantages are under siege. Other than “green inspired” development resulting in higher cost and more unreliable electricity, resource development is at near stasis levels. For more than the last century and a half, the public ownership of 90% of Canada’s forests has ensured an endless trade dispute with American softwood producers operating now almost exclusively on private land. Trump will not favour Canada on that one. Stranding Canadian petroleum to the exclusive US market is certainly not Trumps problem but all he has to do to out-wit Canada is approve Keystone to ensure a good deal continues for the US. Given that Canadians will not (realistically) “approve” new pipelines, Trump and discounted pricing is the about best we can expect. We can all have faith that the “manufacturing powerhouse” of Ontario and “Green Tourism” will solve all of our economic woes (Sarc-off)
cpg @ 11:41
Corporate tax rates have no relationship to consumption taxes like Provincial or GST taxes so you cannot add them on.
Harper reduced Canadian corporate taxes during his tenure to compete with other economies who were already in the 15 to 18% range. It becomes a international competition for investment dollars. It was one of Harper’s smartest moves IMHO. Of course the Liebels and Dippers railed on for years that these cuts were corporate welfare. Now that the Liebels are in you don’t hear so much about that.
CT, I was indicating what the provincial corporate income tax was, not the provincial sales tax. Please do not confuse the two, both of them apply. The provincial income tax is indeed added to the federal income tax for the overall corporate income tax rate.
Knight above had a useful point about creating incentives for offshore corporate profits to stay in Canada for reinvestment. But that’s unlikely to happen under the current government.
@ cgh: According to the internet, the current U.S. total corporate tax rate at 39.1 percent is the highest corporate tax rate in the developed world.
Trump talks of making it 15%. As you can see, a huge change. So yes, maybe corporate money in Canada (Ford, GM, etc) might return to the U.S. if this change is made …..or not as it seems it would be the same in both countries if implemented.
Most, if not all, U.S. states also impose a corporate tax. For example, since 1/2012 Michigan has a flat 6% corporate tax. As a side note, this replaced a monstrosity called the Michigan Business Tax put in place in 2007 by expat Canadian, former Governor of Michigan, Jennifer Granholm…..who last I heard fled to California in order to be with like minded people. (I didn’t check for California’s corporate rate……)
I presume you are calling me a nitwit.
As Canadians we should not frame a change in another countries tax policy as some sort of attack on ours.
It is called competition. And Canada is fully within its power to respond by cutting taxes to keep that capital in Canada.
NAILED it.
Period – Pointe Finale…
Those 3 Traitorous SOBs Deserve nothing less than a Trip to the Guillotine…followed quickly by McGuinty, Smitherman & Benjamin Levi to make a point.
NAILED it.
Period – Pointe Finale…
Those 3 Traitorous SOBs Deserve nothing less than a Trip to the Guillotine…followed quickly by McGuinty, Smitherman & Benjamin Levi to make a point.
Gord: “Manley – if he had a clue…”
Clearly he does have a clue, given what little the CBC chose to print. Hence…
David, compared to Canada, US state income taxes are all over the map. A quick check showed California’s at 13% which is roughly the highest in the US. Why are we not surprised? The question really is, since everything stupid seems to start in California, why would anyone choose to go down that route?
Already, Saskatchewan has surpassed Alberta for the first time on rig counts.
Huh? How is 101 rigs drilling in Alberta less than 39 rigs drilling in Sask?
Calgary is seeing an Exodus:
Billionaire Murray Edwards left for merry olde London England
Riley & McCormick – 100+ yr western retailer packed it in
Eisenbergs Fine Furniture – 97 yr in business, going out of business
25%+ commercial vacancy rate downtown
10.2 % unemployment, highest in Canada
Mayor Nenshi in a rant with NDP over elec power regulation. Is Enmax at risk?
Elec retailers see the end of their business, per above.
yeah sunni waze, no pipeline, er lifeline
just taxes; carbon, higher personal and corp rates, and the inevitable trickle down effect
and death are assured.
It would appear that the California 13% tax rate you quote is for personal income and not corporate tax. The corporate tax rate is 8.84%.
If Trump lowers the US federal corporate tax rate to 15%, the total rate in California would be almost 24%. This is about the same rate as in Canada for most provinces.
The real issue in the USA is that most companies never pay near the maximum corporate tax rate. By lowering the rate to 15% Trump would be eliminating most of the lobbying in Washington. I suspect that is his main goal.
If American companies have $26 billion stored in Canadian banks what does it really matter if they move the money back to the US. If they have no plans to spend it in Canada it isn’t doing anyone any good just sitting on a bank’s balance sheet.
Sorry, I may have misquoted a news story. Perhaps it was the expected rig count for next year. I think my main comment remains valid. Drillers will head to where the grass is greener.
The more businesses that go belly up, the more the NDP rejoices. To them, capitalism and individual initiative are the supreme evils, even more than “carbon” or “climate change”.
Under the heading Tax Break for Banks Manley says “”He says he’s going to get that money home. Do the multiplier on what that level of deposits coming out of Canadian financial institutions means to liquidity in Canada,” said Manley.”
Manley is a prominent advocate for carbon pricing, which is an existential economic risk to western energy producers, agriculture, mining and provincial economies caused by the federal Liberal party, so I have no respect for him whining and complaining about the banking industry of central Canada. If central Canada doesn’t give a damn about our concerns and economic interests (thousands and thousands of jobs) then why should we care about theirs. Let the provinces affected lower their provincial tax rate to compete with Trump. Federal tax cuts just for banks is just a new form of taxpayer bailouts.
“A former Liberal cabinet minister and leader of a major Canadian business group says Donald Trump’s impending presidency poses an economic threat to Canada that’s on par with the 9/11 attacks on the United States.”
Elitist Establishment Asshat who knows how to get the wealth he wants by taxation and regulation decree and is absolutely clueless on how to compete in a truly free market. Trump is their antithesis because his changes will either force people like him to abandon their socialist money machine policies and super lucrative subsidies or, what I think is most likely to happen, take everyone in Canada down with a fast sinking ship.
The largest single threat to our standard of living is overspending by all three levels of government. These are the same clowns who are so concerned about individual levels of debt. The second major issue is poor productivity which is being fuelled by very poor government policy on everything from education standards to spending priorities. You know things are bad when government is talking about washrooms in schools rather than achievement results.
What is a “manley”?
Steve says: “…The second major issue is poor productivity…” I agree it’s a HUGE issue Steve but it’s more than just due to poor policy. The socialist/pyramid scheme climate change policies are huge cesspools of cronyism and fraud that are holding industry for ransom. It’s Government working against the people. It’s willfully causing harm.
John Manley is the dirty rotten scumbag who when he was finance minister or industry minister went on television with a big smile on his face and said:”If Canadians don’t like the tax rates we have here in Canada they can just leave” and then he punched the air with his fist and said “we’ll just bring in some hard-working immigrants to take their place”
Screw you John Manley you rotten to the core,traitorous,rootless cosmopolitan
You seriously think 50% unreliables by 2030 Brad Wall is any better for the oil industry? I expect Wall will give it a few months, then jump right on board Trudeau’s 90% unreliables by 2030 train. Wall and “conservatives” like him are just as bad as Notely; it just takes a few more years.
When the Canadian dollar passes below $0.40 US, raise your glass.
Zimbabwe Mon.
Manley needs a french haircut along with the rest of these parasites who bankrupted this country, to bribe their faithful voters.
Those rotary crucifixes the libtards have wasted our tax dollars on, might come in useful yet.
Figure the tips are doing over 200 miles per hour, if that is not fast enough we can schedule their new usage for “Wynd Days”.
As our last election suggested and the USA election proved, there is only one political party.
It is a big club,of entitled parasites.
And you are not invited.
Shut up and pay.
That is such a pretentious load of codswallop. Anytime I see the word ‘existential’ I know it’s going to be total bullshÃt. Does anyone besides lib-progs use it?
They’re setting up a straw man to blame for the unexpectedly poor economic results. Obama had mysterious forces and “republicans in congress” to blame and now Trudeau has Trump. Problem is when the US economy booms and ours fizzles it’ll be clear what’s going on. They’ll be reduced to “don’t believe your lying eyes”.
Well i live and work in arizona i have for almost 2 years now on a tn visa . personally americans at the ground level love canada they love canadians, i would like to see 100% free movement of goods services and people between usa and canada a really true free trade deal. yeah i inow some will get hurt but there will be such an influx of investment into canada it would be un noticed those people would literally be begged …yes begged to come work for this or that company …i say this with one contigent…mexico builds a wall and mexico pays for it at wich point i would encourage mexico to sort out its drug problem once it has afirm lock on the cartels and corruption if it ever does …if it does and can prove it i would welcome the same. i work with many smart honest hard working mexicans that are legal …sadly to the cry babies in here they mostly voted trump. one even said it didn’t matter who the democrat was they were a bunch of liars and cheats.
his brother lost his welding shop to illegal Mexicans under cutting him at every turn he could not afford to drop his prices any more to compete so his welders mostly legal Mexicans moved north to other states and his brother closed up his shop and now twists wrenches.
it aint just pool boys and lettuce pickers folks but y’all knew that though…right?
Look Folks..
Trump will not change America by himself, he expects American’s to get off their butts and make a difference. The rule of Law is back, that encourages individual & Corporate investment. Lets rock & roll!
Nothing is stopping Canadian’s from doing the same….Investing in your country creates wealth
Exactly!. Wynne, Notley, and now Trudeau are doing their utmost to destroy Canada.
Hopefully the four-legged family is doing alright?
Is there ANY opinion from an ex-politician that matters?
Go count your pension, Beaker, and leave us alone.
Manley? The president of my gun club and I had a meeting with him when I lived in his riding. The lights are on but nobody’s home and that is being charitable.
Never was a fan of Manley. Never. The libtard has ZERO credibility, unlike Lloyd Axworthy if to only name one libtard that has some credibility. Or perhaps Paul Martin but this is not “Because we’re 2016” right?
Anyway the boy king Justin goes in the wrong direction all along.
Trump will bitch slap the Canadian economy hands down. Real estate values and resales likely to go down, as unemployment highly likely goes up significantly all due to “green” initiative, socialistic initiatives and a sick high rate of taxes from Ottawa and other pick pocket tricks from the provinces and municipalities…
Green jobs are/will be a FAIL. Canadians will slide into a recession again but for the long term and what will the globalist boy king do? Nothing as he will not reverse all his Canada killing measures without looking bad.
Then I hear we have our version of the Clinton Foundation up here a la Trudeau.
Yup. Wrong direction.
Canadians deserve the governance they “freely” voted for.
The only “threat” that Trump poses to Canada is to the LIEberals. And possibly waking up the LIV’s in Canaduh.
I live 6 miles from the USA border and can buy a comparable house there for $260K CDN that sells in B.C. for $600 to $750K in the Okanagan. When real estate prices in Canada collapse I am sure Trump will take the blame. Heaven for bid that Canadians ever step up and take responsibility.
Manley is like many of the progressives now leading the CPC. They talk a good line but like Al said ‘nobody’s home’.
The answer to this problem is obvious…economists and progressive politicians have convinced me that when an industry is in trouble, it’s the perfect opportunity to put a special new tax on it and then offset the damage with an income tax cut. I,for one, welcome a new financial services tax. It’s time the world’s financial services sector stopped relying on bad US tax laws to survive. Phasing them out is the right thing to do. Have you seen the kind of scandals and terrible business decisions made in this industry. Canada will take a leading role at ending subsidies for the “dirty” banking industry. This industry and its workers must adapt or die.
Oh, just a minute , we’re talking about white collar jobs in central Canada with politically connected CEOs not blue collar workers in western Canada : That Changes Everything!
We must use every taxpayer dollar available to “invest” in this essential part of the Canadian economy. All jobs are sacred. The multiplier effect. Canadian culture. Families and communities destroyed. Canadian compassion. Experts tell us we must do this. (Did I miss anything?)
Axworthy has credibility? Guess I missed that. He’s the Manitoba equivalent of Allan Rock. A fool in a suit.
Our ‘leaders’ are ensuring a recession. The world is going to pass us by as we fiddle away our future all the while contemplating situations that can only confound growth. It’s the economy stupid – pay attention! The conceit on the librano front bench has never been higher.
Heading for increased interest rates, high unemployment and a 65 cent dollar. sunni ways folks sunni ways.
The existential threat to our economy is the unholy trio of Wynne, Notely, and Trudeau, energy tariffs, carbon taxes, and pipeline blockages
I always thought Axworthy could do stupid professionally. I saw a faint glimmer of neurons snapping in Manley’s headlights when he kicked the high beams on.
Trump will do nothing to Canada. Trudeau and his Marxist friends will do it to us by fouling the Canadian business climate. The smart Canadian investment money will be in New York.
I am terribly pessimistic about Alberta’s economy for the next couple years. Trump has stated that he wants to release shale drilling from EPA and other regulation. Given the utter contempt that Notley has for the oil industry in Alberta, her general incompetence and unwavering ideological need to destroy, this will kill drilling in Alberta. Already, Saskatchewan has surpassed Alberta for the first time on rig counts. The rigs, and capital, will be streaming south.
This is not the fault of Mr. Trump, it is solely the fault of people so profoundly selfish, narcissistic and myopic that would vote for the likes of Notley, Le Dauphin and Wynne.
As a side note, John Manley has to be the most vacuous politicians that Canada has ever produced, and that is saying a lot!
The only threat is how Canadian governments deal with Trump…..and Canadian politicians will be left in the dust as they cling to their “progressive” nonsensical ways.
Creating a better tax environment for American investments to return to that country should not be seen as some sort of aggressive malicious act (“existential threat”) against Canada or any other country. It is simply an excellent and long overdue change to American tax policy.
Manley – if he had a clue – as a self-described pro-business liberal should be congratulate America for enacting such pro-business regulation. A growing American economy is always a good thing for Canada.
Blaming president Trump for future economic failure in Canada is like, blaming the iceberg for sinking the titanic. The difference being Canada has 2 months to change it’s course or face consequences far worse than any climate change fearmonger can dream of.
I don’t know what the corporate tax rate is in Canada but the concern expressed is that corporate tax rate cuts by Trump will bring that corporate money back to the U.S….. thus injuring Canadian banks (I presume). Wonder if this is true because where do you go to find truth when everything is simply opinion.
I notice that in Trump’s press conference during his visit to Mexico on 8/31 he emphasized loss of manufacturing jobs IN THE WESTERN HEMISPHERE to overseas manufacturers. I emphasize this because it is a variation on the theme of bringing manufacturing back to the U.S. This is of course directly related to both corporate tax rates and NAFTA.
All in all, it’s just opinion. We shall see what happens ….
But, cant Trudeau just take off his shirt for Trump.That should impress him.And for icing on the cake he could take a selfie with the Trumpster. Ya, thatll do it.
Federal corporate tax rate in Canada is 15%. To which has to be added provincial corporate tax rate of averaging 11% for an overall national corporate income tax rate of about 26%. Hence the US corporate tax cut if implemented makes Canada heavily uncompetitive.
So Manley is right to be concerned. He’s also right about the drain on Canadian bank accounts if the US succeeds in repatriating a lot of capital stranded offshore. Which is why some of the responders here are being nitwits.
Interesting, I haven’t seen 40 million Canadians invading America and taking our jobs.
Are all Canadian liberal politicians this stupid, or afraid they will be replaced??
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But it would be nice to see some Ben & Florentine restaurants instead of Taco Bells.
If it moves, tax it; if it keeps moving, regulate it; if it stops moving, subsidize it.
Actually all of the above, then only government can survive crushing taxes.
It’s amazing how the ignorant voters saw through all this live within your means and don’t compromise future generations stuff in favour of tax increases, which as history has shown always results in enhanced freedom and prosperity. Putting ignoramuses in charge is always good, just ask Zimbabwe.
Or is it ZimBobRae? Sarcasm going back into sleep mode. WTF, they’re buying Super Hornets? Return, return.
I thought Manley had a bit more on the ball…let us wait and see what Trump actually does before making stuff up.
IMO, we are going to see Kevin O’Leary jump into the political ring after Trump’s success. We’ll see if our pollsters and media scribes, various and sundry buffoons and talking heads have learned anything if that comes to pass.
Beyond the hypocritical difference in political/economic responses to difficulties in central canadian based businesses vs. western canadian based businesses (isn’t affordable heat and power as important as banking), my biggest concern is bail-ins and bail-outs. Bail-ins hurt bank customers(Cyrus) bail outs hurt taxpayers (EU and US). Given the recent preference for bail-ins and Manley’s concern I wouldn’t want to leave too much cash in Canadian banks.
The repatriation of US corporate profits and cash is something Canadian banks should have prepared for since its has been talked about for years by US politicians. I hope too big to fail doesn’t happen here. Look to Iceland instead?
“US corporate money sitting in Canadian banks could return south”?
So give them some incentive to stay. This is exactly the globalist rip off Trump campaigned about.
“Made in Canada Plan”?
Canadians already have plenty of sweatshops in places like Bangladesh, lets just leave them there now instead of importing in-house. Canadians don’t regenerate “jobs sent overseas” they just bring the overseas back to Canada to dilute Canada down to a Third World status.
I’ve run Beakers statement through the libspeak translator.
When he said “Canada” it translated to laurentian elite.
When he said “existential threat” it translated to erradicate mushy middle ground
Oh, a moron is talking and he’s doing his best to sow the seeds of irrational fear.
How many billions of dollars in debt are we now?
We don’t riot enough in this country and this is what irks me.
The Canadian economy is not looking very healthy these days. Construction, other than the last bubble hold out, the GTA, has peaked. Green theology has infested the political scene and now amounts to a war on prosperity. Our natural competitive advantages are under siege. Other than “green inspired” development resulting in higher cost and more unreliable electricity, resource development is at near stasis levels. For more than the last century and a half, the public ownership of 90% of Canada’s forests has ensured an endless trade dispute with American softwood producers operating now almost exclusively on private land. Trump will not favour Canada on that one. Stranding Canadian petroleum to the exclusive US market is certainly not Trumps problem but all he has to do to out-wit Canada is approve Keystone to ensure a good deal continues for the US. Given that Canadians will not (realistically) “approve” new pipelines, Trump and discounted pricing is the about best we can expect. We can all have faith that the “manufacturing powerhouse” of Ontario and “Green Tourism” will solve all of our economic woes (Sarc-off)
cpg @ 11:41
Corporate tax rates have no relationship to consumption taxes like Provincial or GST taxes so you cannot add them on.
Harper reduced Canadian corporate taxes during his tenure to compete with other economies who were already in the 15 to 18% range. It becomes a international competition for investment dollars. It was one of Harper’s smartest moves IMHO. Of course the Liebels and Dippers railed on for years that these cuts were corporate welfare. Now that the Liebels are in you don’t hear so much about that.
CT, I was indicating what the provincial corporate income tax was, not the provincial sales tax. Please do not confuse the two, both of them apply. The provincial income tax is indeed added to the federal income tax for the overall corporate income tax rate.
Knight above had a useful point about creating incentives for offshore corporate profits to stay in Canada for reinvestment. But that’s unlikely to happen under the current government.
@ cgh: According to the internet, the current U.S. total corporate tax rate at 39.1 percent is the highest corporate tax rate in the developed world.
Trump talks of making it 15%. As you can see, a huge change. So yes, maybe corporate money in Canada (Ford, GM, etc) might return to the U.S. if this change is made …..or not as it seems it would be the same in both countries if implemented.
Most, if not all, U.S. states also impose a corporate tax. For example, since 1/2012 Michigan has a flat 6% corporate tax. As a side note, this replaced a monstrosity called the Michigan Business Tax put in place in 2007 by expat Canadian, former Governor of Michigan, Jennifer Granholm…..who last I heard fled to California in order to be with like minded people. (I didn’t check for California’s corporate rate……)
I presume you are calling me a nitwit.
As Canadians we should not frame a change in another countries tax policy as some sort of attack on ours.
It is called competition. And Canada is fully within its power to respond by cutting taxes to keep that capital in Canada.
NAILED it.
Period – Pointe Finale…
Those 3 Traitorous SOBs Deserve nothing less than a Trip to the Guillotine…followed quickly by McGuinty, Smitherman & Benjamin Levi to make a point.
NAILED it.
Period – Pointe Finale…
Those 3 Traitorous SOBs Deserve nothing less than a Trip to the Guillotine…followed quickly by McGuinty, Smitherman & Benjamin Levi to make a point.
Gord: “Manley – if he had a clue…”
Clearly he does have a clue, given what little the CBC chose to print. Hence…
David, compared to Canada, US state income taxes are all over the map. A quick check showed California’s at 13% which is roughly the highest in the US. Why are we not surprised? The question really is, since everything stupid seems to start in California, why would anyone choose to go down that route?
Already, Saskatchewan has surpassed Alberta for the first time on rig counts.
Huh? How is 101 rigs drilling in Alberta less than 39 rigs drilling in Sask?
Calgary is seeing an Exodus:
Billionaire Murray Edwards left for merry olde London England
Riley & McCormick – 100+ yr western retailer packed it in
Eisenbergs Fine Furniture – 97 yr in business, going out of business
25%+ commercial vacancy rate downtown
10.2 % unemployment, highest in Canada
Mayor Nenshi in a rant with NDP over elec power regulation. Is Enmax at risk?
Elec retailers see the end of their business, per above.
yeah sunni waze, no pipeline, er lifeline
just taxes; carbon, higher personal and corp rates, and the inevitable trickle down effect
and death are assured.
It would appear that the California 13% tax rate you quote is for personal income and not corporate tax. The corporate tax rate is 8.84%.
If Trump lowers the US federal corporate tax rate to 15%, the total rate in California would be almost 24%. This is about the same rate as in Canada for most provinces.
The real issue in the USA is that most companies never pay near the maximum corporate tax rate. By lowering the rate to 15% Trump would be eliminating most of the lobbying in Washington. I suspect that is his main goal.
If American companies have $26 billion stored in Canadian banks what does it really matter if they move the money back to the US. If they have no plans to spend it in Canada it isn’t doing anyone any good just sitting on a bank’s balance sheet.
Sorry, I may have misquoted a news story. Perhaps it was the expected rig count for next year. I think my main comment remains valid. Drillers will head to where the grass is greener.
The more businesses that go belly up, the more the NDP rejoices. To them, capitalism and individual initiative are the supreme evils, even more than “carbon” or “climate change”.
Under the heading Tax Break for Banks Manley says “”He says he’s going to get that money home. Do the multiplier on what that level of deposits coming out of Canadian financial institutions means to liquidity in Canada,” said Manley.”
Manley is a prominent advocate for carbon pricing, which is an existential economic risk to western energy producers, agriculture, mining and provincial economies caused by the federal Liberal party, so I have no respect for him whining and complaining about the banking industry of central Canada. If central Canada doesn’t give a damn about our concerns and economic interests (thousands and thousands of jobs) then why should we care about theirs. Let the provinces affected lower their provincial tax rate to compete with Trump. Federal tax cuts just for banks is just a new form of taxpayer bailouts.
“A former Liberal cabinet minister and leader of a major Canadian business group says Donald Trump’s impending presidency poses an economic threat to Canada that’s on par with the 9/11 attacks on the United States.”
Elitist Establishment Asshat who knows how to get the wealth he wants by taxation and regulation decree and is absolutely clueless on how to compete in a truly free market. Trump is their antithesis because his changes will either force people like him to abandon their socialist money machine policies and super lucrative subsidies or, what I think is most likely to happen, take everyone in Canada down with a fast sinking ship.
The largest single threat to our standard of living is overspending by all three levels of government. These are the same clowns who are so concerned about individual levels of debt. The second major issue is poor productivity which is being fuelled by very poor government policy on everything from education standards to spending priorities. You know things are bad when government is talking about washrooms in schools rather than achievement results.
What is a “manley”?
Steve says: “…The second major issue is poor productivity…” I agree it’s a HUGE issue Steve but it’s more than just due to poor policy. The socialist/pyramid scheme climate change policies are huge cesspools of cronyism and fraud that are holding industry for ransom. It’s Government working against the people. It’s willfully causing harm.
The Liberal way is the New Brunswick way.
http://www.nationalobserver.com/2016/06/06/news/what-have-irvings-done-new-brunswick
Somebody, anybody, help those poor b*stards.
John Manley is the dirty rotten scumbag who when he was finance minister or industry minister went on television with a big smile on his face and said:”If Canadians don’t like the tax rates we have here in Canada they can just leave” and then he punched the air with his fist and said “we’ll just bring in some hard-working immigrants to take their place”
Screw you John Manley you rotten to the core,traitorous,rootless cosmopolitan
You seriously think 50% unreliables by 2030 Brad Wall is any better for the oil industry? I expect Wall will give it a few months, then jump right on board Trudeau’s 90% unreliables by 2030 train. Wall and “conservatives” like him are just as bad as Notely; it just takes a few more years.
When the Canadian dollar passes below $0.40 US, raise your glass.
Zimbabwe Mon.
Manley needs a french haircut along with the rest of these parasites who bankrupted this country, to bribe their faithful voters.
Those rotary crucifixes the libtards have wasted our tax dollars on, might come in useful yet.
Figure the tips are doing over 200 miles per hour, if that is not fast enough we can schedule their new usage for “Wynd Days”.
As our last election suggested and the USA election proved, there is only one political party.
It is a big club,of entitled parasites.
And you are not invited.
Shut up and pay.
That is such a pretentious load of codswallop. Anytime I see the word ‘existential’ I know it’s going to be total bullshÃt. Does anyone besides lib-progs use it?
They’re setting up a straw man to blame for the unexpectedly poor economic results. Obama had mysterious forces and “republicans in congress” to blame and now Trudeau has Trump. Problem is when the US economy booms and ours fizzles it’ll be clear what’s going on. They’ll be reduced to “don’t believe your lying eyes”.
Well i live and work in arizona i have for almost 2 years now on a tn visa . personally americans at the ground level love canada they love canadians, i would like to see 100% free movement of goods services and people between usa and canada a really true free trade deal. yeah i inow some will get hurt but there will be such an influx of investment into canada it would be un noticed those people would literally be begged …yes begged to come work for this or that company …i say this with one contigent…mexico builds a wall and mexico pays for it at wich point i would encourage mexico to sort out its drug problem once it has afirm lock on the cartels and corruption if it ever does …if it does and can prove it i would welcome the same. i work with many smart honest hard working mexicans that are legal …sadly to the cry babies in here they mostly voted trump. one even said it didn’t matter who the democrat was they were a bunch of liars and cheats.
his brother lost his welding shop to illegal Mexicans under cutting him at every turn he could not afford to drop his prices any more to compete so his welders mostly legal Mexicans moved north to other states and his brother closed up his shop and now twists wrenches.
it aint just pool boys and lettuce pickers folks but y’all knew that though…right?
Look Folks..
Trump will not change America by himself, he expects American’s to get off their butts and make a difference. The rule of Law is back, that encourages individual & Corporate investment. Lets rock & roll!
Nothing is stopping Canadian’s from doing the same….Investing in your country creates wealth