Well, another week dominated by the Trudeau Liberals -only this time for reasons other than the SNC Lavalin skullduggery. Yep, the Federal Budget took top spot, as Canadians poured over the details to find out what’s in it for them. Well, if you’re a hard working Small Business Owner who’s risked it all pursuing your dream, the answer is bupkis. There were no tax breaks given for entrepreneurs, or anything else for that matter for this much under appreciated group of Canadians. But for the beloved salaried “Middle Class”, there’s a hodgepodge of this and that, from a cap on interest on student loans, to interest free loans for 1st Time homebuyers. Your can read about it here. and sift through the contents, like we’ve all done with the collection of unwanted DVDs at the grocery store checkout. There might be something you find that makes you think to yourself “well I guess that’s sort of worth the price” -because it is after all your money that’s paying for this, but of course be ready to be disappointed and just walk away with nothing.
The worst of it is that the usurious tax rates we pay in Canada still aren’t enough to fund thus Budget. Nope, the Liberals are borrowing another $20 Billion to pull this off. Tax and Spend is the take-away from this go-around, but then you already knew that. Oh, and in terms of closing the gap between US and Canadian levels of taxation (news flash the Americans pay way less than us), the Budget is eerily silent on that. This will hurt all Canadians as businesses invest and reinvest there, which is what actually creates opportunities and raises standards of living for the Middle Class.
This Budget is another missed chance to position Canada to meet the challenges of a hyper-competitive 21st century global economy, but then Canadians will get their chance again in October with the Federal Election. Clip this article out and put it on the fridge so it’s front and centre when your placing your X beside the candidate of your choice. Canadians deserve better than this -Middle Class included.