Millennials like me will be on the hook for election promises

Big promises by big governments cost a lot. Just like interest payments go up on an unpaid credit card, interest payments on our national debt are also going up

Millennials like me will be on the hook for election promisesAs a 22 year old, I’ve not been very actively politically – until now. The federal election has definitely made me more engaged. Once I join the workforce, over time, I’ll likely be investing over half of my income not into a home or family needs, but into governments through taxes. That realization has motivated…

High-speed rail case difficult to make

Governments and taxpayers need to look more closely at several factors, including transportation, impact and costs

High-speed rail case difficult to makeListen to the promoters and you would think the Vancouver-to-Seattle-to-Portland high-speed rail proposal is a great idea. For many, high-speed rail is a panacea that promises to solve all of our transportation and environmental problems. But governments and taxpayers need to look more closely at several factors, including transportation, impact and costs. High-speed rail has…

At election time, is all spending good spending?

It’s right for Canadians to value a just society that leaves no one behind. But relying on ever-increasing spending to do so is driving us toward bankruptcy

At election time, is all spending good spending?I know what it means to live in poverty. I grew up in a large family in a small village in Cape Breton, the fourth of eight children. My father was a wonderful man who struggled with alcoholism his whole life. We had no running water and only a coal stove to heat the house.…

Paying a high price for success, even after you die

There’s no hiding from the success tax, but several things can help legally reduce or even eliminate the amount your estate or your heirs pay

Paying a high price for success, even after you dieThere’s no official estate tax in Canada but we do have what I call the success tax. It's what we pay if we’ve been financially successful in a lifetime of investing and asset accumulation. The more successful you’ve been, the greater the tax could be. If you have assets that will be taxable when sold or when deemed to have been…

Does government debt really matter?

Let’s be very careful about electing a government that’s bribing us with our own money

Does government debt really matter?Before we select our next set of national leaders in the Oct. 21 federal election, we should be paying attention to matters that don’t usually concern us day to day, like the treasury. What the treasury does we call fiscal policy, but it’s essentially budgeting: determining levels of revenue (taxes) and expenditure (all the programs…

High net-worth Canadians focusing on preserving their wealth

The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes

High net-worth Canadians focusing on preserving their wealthHigh net-worth Canadians are shifting their focus from generating wealth to preserving what they have, with 82 per cent saying it's more important than ever to 'future-proof' their wealth, says a new study released Wednesday by RBC Wealth Management. The reasons for that include market uncertainty, geopolitical turmoil and home-grown tax changes. "While investment and…

Low-income Canadian families squeezed from both ends

When a dollar earned triggers higher taxes and simultaneously reduces benefits, what’s left to spend or save?

Low-income Canadian families squeezed from both endsA look at effective tax rates across provinces shows that many low-income families in Canada take home 40 cents or less on the additional dollars they earn. The marginal effective tax rate – which accounts for how much you pay in additional income taxes and lose in federal and provincial transfer benefits when you earn…

Alberta’s repeal of carbon tax makes economic, environmental sense

Over the course of a single year, the carbon tax cost each Albertan $286, couples $388 and couples with two children $508

Alberta’s repeal of carbon tax makes economic, environmental senseUtopian legislators in the United States often look with rose-tinted glasses upon the Canadian approach to everything, from higher education and medical care to global warming and international affairs. Since Canadians are the ones who live with such policies, they’re more inclined to recognize their mistakes and reverse the course, as exhibited by Alberta’s carbon…

There’s no free lunch when it comes to government spending

Modern monetary theory advocates argue the government should have a magic wand to conjure up money out of thin air.

There’s no free lunch when it comes to government spendingLeft to their own devices, politicos every now and then come up with a theory that allows them to promise free lunches. Modern monetary theory (MMT) is all the rage in the United States and Canada among starry-eyed social engineers who see no limits to their intervention. Rather than arising from academic inquiry, debates concerning…

Federal government’s appetite for spending is a serious problem

To pay for this rapid rise in public debt, future generations will face higher taxes

Federal government’s appetite for spending is a serious problemBy Jake Fuss and Milagros Palacios The Fraser Institute With seemingly little regard for the consequences, the current federal government has increased spending throughout its mandate with no sign of change any time soon. This spending trend has been a stark departure from promises made during the 2015 election campaign, when the Liberals pledged to…