Martin Pelletier: Now is a great time to identify strategies on how best to respond when the taxman comes calling
Canadian investors have a lot of options when it comes to mapping out portfolio risks and finding ways to mitigate them, such as diversifying their portfolios into larger, faster-growing and more innovative markets, but there are some risks on the immediate horizon where this exercise will do little to help, especially for professionals, entrepreneurs, small-business owners and retirees.
The problem is that the average population benefits from spending increases, but the entire tax burden often falls on a minority. For example, is it really surprising that three in four Canadians are in favour of introducing a wealth tax when these three in four Canadians won’t be paying for it? Idealism is easy when someone else foots the bill.
Since then, the government has been operating under the oversight of an all-party COVID-19 special committee that meets twice a week via videoconference and one day a week in the House of Commons. Well, even this was too much for Trudeau’s party, and with surprising support from the NDP, it was able to shut down this committee as of June 18, while Parliament will remain suspended until Sept. 21.
Other cities, like Vancouver and Toronto, despite having very robust housing markets, are lobbying for support from both provincial and federal governments. That said, I’m sure Canadians living in cities such as Saskatoon, Edmonton and Winnipeg don’t want to be subsidizing cities like Vancouver where the average two-story house is worth more than $2.1 million.
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