Let The Bankers Worry About The Economy

21 Replies to “Let The Bankers Worry About The Economy”

1. Yup, I work for an accounting firm, offices all across Canada. One of our Indirect Tax people (they specialize in helping clients with federal and provincial sales taxes) gave an information session the other day, There are multiple possible ways to handle it, and he’s scratching his head at how stupid this is, so much pain for so little gain. On the other hand, he’s happy that all his clients will be seeking his advice on how to handle the bookkeeping aspect of this after it’s all over, the extra revenue he’ll generate for the firm, and the extra chargeable hours he’ll have at year end review time.

2. Having to reprogram your cash registers to adjust to the items effected will be a nightmare.

3. Make the CRA handle it. People can hang onto their recepts and file for a rebate online. Plus a $50 top up for the hassle.
   Or just click for a flat $300 rebate.

4. Governments have ZERO understanding of what their stupidity costs business. We need HUGE government cutbacks….ENORMOUS ones. That way, the government doesn’t have to pretend to “care” and people will be left with more money in their pockets. After all, people live off their NET income…..NOT their gross.

   1. This is a particularly Canadian, and specifically Liberal-Canadian way of providing tax relief. Simply cutting or eliminating the GST across ALL items, thus providing all Canadian with permanent GST relief on everything, is not something our ever-sagacious government would do for the simple reason that they are incapable of conceiving of themselves as the limited government of a free people spending their extra after-tax dollars in any manner that each sees fit.

      This individualized, decentralized approach to dispensing a benefit from government is wholly alien to the current crop in Ottawa who see themselves are more of a ‘broker’ with all sorts of constituencies, interest groups, power blocs, supplicants, dependents, etc., all making claims for government favoritism, rent-seeking, preferential treatment and the like.

      According to this worldview, government exercises and perpetuates its power by distributing (or denying) government largesse to these various constituencies and giving everyone a generic, permanent tax break robs government of this tremendous power (is anyone going to tell to try to tell me that this wasn’t taken into account when deciding how what would and what wouldn’t be subject to GST relief, not to mention what an incredible make-work project it would be for the bloated bureaucracy of Revenue Canada?)

      1. Simply cutting or eliminating the GST across ALL items, does not offer the progressives the chance to tell us what is best for us and what to buy. Because they know best, are the wisest people in the world ever.

   2. “Governments have ZERO understanding of what their stupidity costs business.”

      This is not true. They know -exactly- what it costs. To the penny. Because every penny of cost is reported to #CRA, every year. Companies keep careful track of costs and claim it against their profits. You paid an extra $10,000 to reprogram your point-of-sale cash registers for 2 months? You report it, -and- you pass that cost on to the customer.

      The truth is that they know, and don’t care.

      I would say that’s a best-case scenario too, because it is entirely possible they do these things to punish individual companies and sectors with companies run by people they don’t like. Who knows what the toy industry may have done to irritate the #ShinyPony regime?

      1. No….they don’t know…..but more importantly, they don’t CARE. To government, the taxpayers simply shovel money into the burning barrel. The only metric that governments measure themselves by is how much they spend. That’s it. Never of real progress of an issue….simply how much did they spend.

   3. They will come, as the populous sickens of being taken to the cleaners, the pendulum swings to the right, a conservative government is elected to try and take care of the mess, deep cuts are necessary and are made, the populous freaks out over the cuts and re-elects a socialist government, to give them back their free stuff again, to get back at the last government that took it away, never realizing its just the opposite side of the same coin and the money that’s being thrown around was theirs, in the first place..

   4. Art, makes me think of one thing I loved about Trumps first presidency. Every new law required cutting 2 existing laws.

      1. I heard it was 4 to one in his first term and is 10 to one this time.

   5. Agreed, the civil service could be reduced by 50% with no effect on service, it will continue to be dismal

5. Screwing businesses over is a feature, not a bug.

6. Bankers? You’ve turned your entire economy over to a journalism student. And you expected logic? Or even Econ 101?

   1. Canada is the interpretive dance of the economics world.

      1. Canada is the Howard the Duck of the economics world.

      2. I was walking at night through the graveyard, I was doing an interpretive dance…:

         https://youtu.be/b-gCUkxisxU?si=ClCML-aGFXapNeG6

7. Does the exemption apply to firearms and ammunition?

8. Don’t think bankers at the top are any more trustworthy than a crooked , unaccountable politician.

   1. I trust very few people these days, those that are not crooked seem to be incompetent.

9. Retailers are going to raise prices to cover the costs and the risks of misinterpreting the government madness. The whole attempted bribe by Trudeau will flop into a short burst of Christmas inflation.

   Liberals are stupid and have no idea of “unexpected” consequences which the rest of us see coming at us like a bulk carrier in the St Lawrence.