Canada Had Largest Debt Increase Among G7 Countries

[Farmer4Life]

Canada Had Largest Debt Increase Among G7 Countries Over Last Decade: Fraser Institute

Canada’s total government debt has grown substantially since 2014 and has outpaced that of nearly every other advanced country around the world, according to a new study from the Fraser Institute.

The study, “The Deterioration of Canada’s Finances Internationally” released May 15, compared Canada’s finances during the last 10 years to that of 40 other advanced countries internationally, including G7 countries. The authors found that Canada experienced one of the largest increases in government size over the last decade and now has one of the highest debt burdens of any advanced economy country.
“Simply put, over the past decade, the size of government in Canada and the overall government debt burden have grown faster than nearly every other advanced economy in the world,” says the report, authored by the Fraser Institute’s policy analyst Grady Munro and Jake Fuss, director of fiscal studies.

“This has translated to a deterioration in the state of Canada’s finances relative to comparable countries, and likely means lower economic growth and reduced living standards for Canadians.”?

[FarmJunkie]

What would anyone need a budget for? It will balance itself!
That dummy we’ve had running the country the last ten years shud be in jail or worse. I have to believe there is a judgement day for all of us and I hope he gets his just reward in the end.

[furrowtickler]

Yup but voted the thieves right back in with full media backing and approval.
this will be hard to explain to their kids and grandkids.

[furrowtickler]

to your kids
mmmm , we stole any future you will ever would of had , shut down all wealth creating jobs or opportunities, but here is your spinny windmill things and Chinese originated solar panels and you will never own anything, ever , and be forced to drive an EV you can’t drive anywhere especially in winter and pay 70-80%!of your income into tax’s to support social programs for lazy government workers .
Good luck …,,.and abc
exactly what’s happening

[sumdumguy]

It’s pathetic, depressing and catastrophic!

[goalieguy847]

I dunno. Is not so bad. I havent paid taxes in a long time other than the carbon tax and whatever municipal/ property taxes.
As a grain farmer i honestly find it to be a bit of a joke with the incredible opportunities we get to NOT pay taxes. Its shocking actually.

The libs for what... 3 yrs in a row allowed any capital purchases or equipment purchases be used as a 100% write off.... that was pretty sweet buying a tractor instead of stupid fert as a 100% write down.

I dont know alot of other businesses that can take their income and defer that income up to... well any amount of days....
i can sell grain january 1 and defed that income til jan 1 of the next yr? Seems silly..

And didnt they increase our capital gains exemptions as farmers?

Im not Advocating for liberals. But the debt they have created really hasnt affected my day to day. Maybe im just naive or numb to it all. Alll i see is the rich and 1% getting richer while the poor seem to get poorer.

Something certainly needs to be done to help home prices.

Maybe a decrease income tax on the middle class.

[foragefarmer]

Aye yai yai, talk about ?putting the brakes on a thread, facts we all know, but avoid posting to remind Joe Public.

You forgot to mention incorporating, having a crackerjack accountant doing the books, and safety net programs for those that use them.

Yes, yes, I know we take all the risk, have sleepless nights, are at the mercy of the weather, and have millions tied up in farm assets.

I'll stick to it.

[cropgrower]

i would not be proud of not having a taxable income , you cant save money without paying some tax , and farmers would not need as much programs if they were allowed to put more money aside in the good years without giving a big chunk away in tax

[farmaholic]

If you're incorporated and not paying personal tax, our integrated tax system will ensure the piper gets paid when dividends are taken from the Corp. Incorporation is nothing but a personal tax deferral but you will build your business much faster incorporated than on a personal basis. Or that tax liability will be deferred to the next generation. Try taking some equity out, as a cash payment, out of your Corp. Assets are paid for with after tax dollars... corporately or personally. To me interest expense is a lost cost of doing business, and shouldn't be used as a tool to avoid income tax.

Tax rates suck, no matter who you are. I wonder what percentage of earned income is taxed away with all the in your face and hidden taxes. It's sickening.

[goalieguy847]

Hahah ive heard other growers say that... " if you pay taxes it means you had a good yr".

Maybe. If youre 60.
i am not. Have 3 small kids and have been growing our farm acres. I pump in more to our local economy than anyone around here working a 9 to 5 . I am not ashamed nor proud that i dont have a taxable income at this stage of of my life.
It just is. And this yr when our canola does 70 ( it wont) ill have a huge tax bill. Every farm is different and i imagine the implications of a big tax bill vs none would be growth of your farm or yrs left farming. A family friend is near the end of his farming and he is forever buying new equipment to avoid a big tax bill. I prefer to run older stuff but buy land and build up infrastructure.

Its all cyclical in nature and later on as my equity grows and my land becomes more paid off... then the tax man will cometh.

I would never judge anyone for utilizing everything within the system to not pay tax as frankly, i feel i am able to make better choices where my money goes ( pre bought fert/ fall nh3/ equipment or land purchase) than whatever the UCP govt here in alberta or federal libs may concoct.

I prefer to be accountable to myself... rather than see our dollars flow into a very unaccountable system at nearly every level.