Trudeau came to office in 2015 when GDP growth for 2015 was about 1% (https://www.cbc.ca/news/business/gdp-economy-1.3470453). Trudeau promise small deficits during the 2015 election (https://www.cbc.ca/news/politics/canada-election-2015-liberals-infrastructure-deficits-1.3205535. Trudeau deficits were never small. The budget balance for period close March 2019 was $14B (https://www.canada.ca/en/department-finance/services/publications/annual-financial-report/2019/report.html). Trudeau’s latest budget runs a higher deficit. Trudeau budget like previous budgets does not deal with productivity issues. Trudeau housing policies have been a colossal failure! https://www.slideshare.net/paulyoungcga/budget-2022-path-forward-for-canada-pptx GDP for 2019 was estimated at 1.6%. https://www150.statcan.gc.ca/n1/daily-quotidien/200228/dq200228a-eng.htm. Liberals will argue that the GDP rate was 50% higher than October 2015. What the Liberals will not discuss is Harper was running 2.3% average growth rate for GDP (Post 2009 Recession) https://www.focus-economics.com/country-indicator/canada/gdp as compared to the Liberals that was running about 2%

1. By: Paul
Young, CPA,
CGA
April 30,
2022
Failure of
Trudeaunomics

2. Paul Young CPA CGA - Bio
• CPA, CGA
• Academia (PF1, FA4, FN2, MU1. and MS2)
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Macro/Micro Indicators
• SME – Supply Chain Management
• SME – Data, AI, Security, and Platform
• SME – Internal Controls and Auditing
Contact information email: Paul_Young_CGA@hotmail.com
LinkedIn: https://www.linkedin.com/in/paul-young-055632b/
SlideShare - https://www.slideshare.net/paulyoungcga
Twitter: https://twitter.com/paulyoungcpa
Youtube - https://www.youtube.com/user/youngercga1968/videos

3. Agenda
What is Trickle Down Economics?
What is the Tax code/Rules
Explanation of Corporate Taxation
Explanation of Wealth Transfer
Middle Class
Tax Cuts
Blog #1 – Trudeau and Trickle-Down Economics

4. Summary
This presentation discuss how trickle
down economics. There is allot of
misunderstanding on how income flows
from Government treasury to social
programs.
The presentation will discuss pressure
facing the middle class including
economic growth.
It is not one government policies, but
many that support economic growth.

5. What is trickle down economics
• Trickle-down economics, or “trickle-down theory,” argues for
income and capital gains tax breaks or other financial benefits to
large businesses, investors and entrepreneurs in order to
stimulate economic growth. The argument hinges on two
assumptions: all members of society benefit from growth; and
growth is most likely to come from those with the resources and
skills to increase productive output.

6. What is the
tax code
• The tax code
• Provides deductions for expenses a part of earning
income
• Provides rules for taxation, i.e. tax rates, capital
gains, dividend tax credits, etc.
• Each country has their own tax body that sets the
rules for taxation
• Some countries have flat tax rates, but high
consumption taxation (Europe/Asia)
• Some countries have progressive tax rates that
tax the top 1% at about 50%+ of their income
• Corporation report income based on GAAP
(Generally Acceptable Accounting Practices).
There are issues how both income and expenses
are reported when it comes to accounting and
taxable income. The differences are known as
both timing and permanent differences.
• Timing differences is how items are treating
different for accounting than taxation, e.g.
Warranties, Depreciation/Amortization
• Permanent differences are items that are
not allowed for taxation, but are acceptable
for accounting, e.g. only 50% of meals and
entertainment is deductible (Canada)

7. Corporate
Taxation/Planning
• Corporation earned income around the world
depending on how they are organized
• How does income move around the world?
• Companies are looking at ways to expand
their global present. Companies will deploy
FDI as part of looking for returns on
investment that will benefit their
shareholders
(http://www.investopedia.com/terms/f/fd
i.asp)
• Companies may moved R&D/Innovation to
low cost producing countries
• Companies may control the borrowing as
such may lend money to foreign entities via
intercompany loans/interest income
• Companies can re-patriate cash via the
following methods
• Intercompany dividends
• Intercompany interest
• Transfer pricing (shared services)

8. Personal Taxation
• Countries tax income, not wealth
• Countries have different tax systems
• Payroll taxation (Social Security)
• Personal Income Taxation
• The wealthiest people in the world has created wealth through investment
in business, stocks and bonds and real estate
• Income earn from investment is tax based on residency status.
• Some income is tax different, i.e. interest vs- dividends or the sales of
shares/companies/personal use property/listed property/real property
• Top 1% can pay over 50+ of their income to taxation -
https://www.youtube.com/watch?v=hWarBMfshaA

9. Top Income Earner/Canada
Blog – Tax Fairness and Wealth Taxation – Canada and the World – November 2021
Canada’s natural resources wealth decline in 2020.
The effective tax rate was unchanged from 2018 to 2019 for high income earner.
Dividend income led to rise in total income.
https://www.slideshare.net/paulyoungcga/wealth-and-taxation-fairness-november-2021
The average total income for all tax filers grew 0.7% to $51,000 in 2019. However, total
income grew at a faster pace for tax filers at the top of the income distribution compared
with those in the middle or at the bottom.
Average total income for the top 1 percent of Canadian tax filers grew 1.8% in 2019,
compared with a 0.8% increase among the bottom 50 percent. Average income was
relatively unchanged for those in the upper middle of the distribution (51st to the 90th
percentiles).
Moreover, the average total income growth for the top 0.1 percent (+5.5%) and the top
0.01 percent (+13.9%) of tax filers greatly outpaced those in the top 1 percent.
The growth in the total income of high-income tax filers was largely driven by dividend
income. For example, while average employment income for tax filers in the top 1
percent increased by half a percentage point in 2019, their average dividend income
grew by 10.5%. The average dividend incomes grew even faster for tax filers in the top
0.1% (+18.9%) and top 0.01% (+34.8%) in 2019
Canadian tax filers spent, on average, 11.8% of their modified total income on federal,
provincial/territorial income taxes and employee contributions to Employment Insurance
and the Canada/Quebec Pension Plan (federal payroll taxes) in 2019, unchanged from
2018.

10. Top Income Earner/Canada
• Combined Provincial/Territories range 47% to 55%
• NB has highest combined Personal Income Tax in Canada
• The small group is a big source of federal revenue, contributing
more than 20 per cent of all income tax collected. Canada’s
rich may be getting a little richer, but their income growth of
1.2 per cent between 2012 and 2013 was in line with the
growth of all other tax filers.
• http://www.cbc.ca/news/canada/new-brunswick/higher-
taxes-on-rich-may-miss-revenue-targets-experts-say-1.3031842
or https://www.youtube.com/watch?v=pICUvNi95AY

11. Redistribution of Income:
Facts:
• Top 1% account for 20%
of the Federal Income
Tax
• Corporate Tax account
for 1/3 of the transfer
payments
• Equalization benefits
come from the have not
promises via royalties as
well as other revenue
sources
Source - https://www.fin.gc.ca/fedprov/mtp-eng.asp

12. GDP / Wealth Flow
Factors in play that impact wealth
distribution
• Companies invest into projects as part of
return on investment for their shareholders
• Pensions Funds like CPP investment in
companies for their return on investment
• Wealth distribution is done through transfers
to provinces to support healthcare.
• Provincial government collect tax dollars to
fund education and healthcare
GDP Growth:
• 2/3 of the economic
growth is driven by
retail Sales
• Exports are about ¼
of GDP. Canada
needs exports
• Canada needs FDI in
order to develop its
resources,
manufactured
goods, build
transportation
systems

13. 13
GDP Growth and Deficits
Source – Stats Canada, BMO, and Finance Department – Canada

14. GDP by Industry
GDPIndustry-
Canada-December2021.pdf
Accommodation & food output rose by 15.1%
Output for mining, quarrying & oil & gas extraction also grew by 3.4%
That offsets weaknesses in wholesale & retail trade
http://view.website.rbc.com/?qs=7794192c7571d569100dc609e2e585eadb00fe667ea397eaf79079992802e6f724f
24fe1c92356accbc709a3e9d375202ac7f5d377c7fdf04cdecdf9607db70220a91c9a9ed79ca9 and
https://www.slideshare.net/paulyoungcga/gdp-analysis-and-commentary-canada-february-2022pptx

15. Annual F/S
and Results
Source – Government of
Canada

16. Trudeau vs CPC – Trickle Economics

17. Blog – Wealth Distribution
• Canada has series of programs that moved income from the federal government which are called the federal
transfers - https://www.fin.gc.ca/access/fedprov-eng.asp. The new transfer agreement ties federal transfers
to GDP - http://evidencenetwork.ca/archives/26746
•
• The new Premier John Horgan who does not support Kinder Morgan is asking the federal government more CST
money for daycare - https://www.theglobeandmail.com/news/british-columbia/bc-ndp-looks-to-federal-
government-to-help-fund-childcare-plan/article37012357/. Kinder Morgan delays are costing $73B of new
exports of oil over the next 20 years or about 3.6B/annual in export revenue for oil companies.
•
• I am all for a good debate on changing transfer policies, but not when it is strictly about give me more money.
The debate should be about how do we grow the economy. It is not by dropping carbon completely out of the
economy. https://www.slideshare.net/paulyoungcga/carbon-free-economy-canada-november-2017
•
• Source - https://www.slideshare.net/paulyoungcga/wealth-distribution-canada-november-2017

18. Daycare
- PQ model has issues
- There are already issues with available sites
- There have been issues with regulating daycare centers
- This is about more govt jobs (ECE)
- Ontario used its FDK as part of managing childcare
https://www.slideshare.net/paulyoungcga/daycare-and-child-
care-funding-canada

19. Canada Middle Class

20. USA vs Canada Employment Cdn Jobs Silver
Lining in Reopening Playbook.pdf
BMO - USA
Employment - 202203.pdf
Canadian Jobless
Rate Going Low.pdf

21. SOURCE - HTTPS://WWW150.STATCAN.GC.CA/N1/DAILY-QUOTIDIEN/220408/DQ220408A-
ENG.HTM
Above Average Wages vs Below Average Wages

22. Employment / Analysis

23. Summary
Summary:
 The rise in the services-producing sector was spread across accommodation and food services (15,000), "other
services" (14,000) — which includes repair and maintenance services and personal care services—and public
administration (12,000).
 In the goods-producing sector, employment gains were driven by construction (14,000), natural resources (8,800)
and agriculture (5,800). The overall gain in the goods-producing sector marks the fourth consecutive monthly
increase in the sector.
Source - https://www.hrreporter.com/focus-areas/people-analytics/employment-up-73000-in-march/365626
https://www.hrreporter.com/focus-areas/people-analytics/employment-up-73000-in-march/365626
Canadian Jobless
Rate Going Low.pdf
Employment and
Labor - Canada - 202203.pdf
Blog – Employment and Labor Market – Canada – March 2022
Editorial Canada
scores failing grade at skills training school - Commentary Business in Vancouver.pdf
Canada pledges $2
billion to fix and maintain immigration system - Sudbury News.pdf
Physicians expect
almost one-third of their job to be automated by 2040, Stanford Medicine report finds Fierce Healthcare.pdf
Will Robots Replace
Hourly Workers How Automation is Transforming Companies.pdf
Minimum Wage
Rates to Increase in Ontario, Canada Commencing October 1, 2022 Littler - JDSupra.pdf
Mexico estimates
that by 2022 26,000 daily wages will be shipped to Canada.pdf
Ontario’s Sunshine
List Casts a Shadow on Reality The Meaford Independent.pdf
Labour Mobility
Deduction for Skilled Trades Included in 2022 Federal Budget.pdf
Expanded foreign
worker program praised, but more hiring help needed, businesses say - Insurance.pdf
MANUFACTURERS
WELCOME MEASURES TO STIMULATE INNOVATION AND INVESTMENT AND STRENGTHEN SUPPLY CHAINS - Investidollar.pdf
Summary:
 The rise in the services-producing sector was spread across accommodation and food services
(15,000), "other services" (14,000) — which includes repair and maintenance services and
personal care services—and public administration (12,000).
 In the goods-producing sector, employment gains were driven by construction (14,000),
natural resources (8,800) and agriculture (5,800). The overall gain in the goods-producing sector
marks the fourth consecutive monthly increase in the sector.
Source - https://www.hrreporter.com/focus-areas/people-analytics/employment-up-73000-in-
march/365626
1. Wages - https://www.jdsupra.com/legalnews/minimum-wage-rates-to-increase-in-5193876/
2. Cheap wages - https://osoyoostoday.ca/mexico-estimates-that-by-2022-26000-daily-wages-will-
be-shipped-to-canada/
3. Sunshine list - https://themeafordindependent.ca/ontarios-sunshine-list-casts-a-shadow-on-
reality/
4. TFW - https://boringbuzz.com/expanded-foreign-worker-program-praised-but-more-hiring-
help-needed-businesses-say/
5. Manufacturing - https://investidollar.com/manufacturers-welcome-measures-to-stimulate-
innovation-and-investment-and-strengthen-supply-chains/
6. Skills gap - https://biv.com/article/2022/04/editorial-canada-scores-failing-grade-skills-training-
school
7. Immigration - https://biv.com/article/2022/04/editorial-canada-scores-failing-grade-skills-
training-school

24. Blog – Tax Cuts
Here is more information on Harper:
 Harper did not just focus on tax cuts including corporate tax, but also set up innovation funds and sign trade
deals to expand exports. https://www.slideshare.net/paulyoungcga/wealth-distribution-canada-corporate-
tax-july-2017. Trudeau was elected and said he will focus on clean technology, right?
https://www.liberal.ca/wp-content/uploads/2015/08/A-new-plan-for-Canadas-environment-and-
economy.pdf The problem is clean technology companies are not making money, right?
http://www.bnn.ca/awash-in-red-ink-canadian-clean-tech-struggling-despite-ottawa-s-green-goals-1.729679
 Harper created many innovation funds, sign trade agreements, expanded ports like Montreal, Prince Rupert,
etc. Harper was all about getting goods to market. More could have been done, but pipelines as well as lack
of priorities by governments including Ontario on natural resource development set Harper back -
https://www.slideshare.net/paulyoungcga/merchandise-trade-canada-july-2017
 I see nothing in proving your point that tax cuts do not work. All I see is opinion. So, I suggest provide a
source or shut up. If you realised a couple things about world it is very global now. Canada needs to be
competitive when it comes to attracting foreign capital. If you look at Harper’s policies then you will see he
did not focus on one area, but many areas like innovation, trade, FIPA, capping the growth in payroll taxes,
etc. http://ottawacitizen.com/storyline/head-of-canadas-largest-manufacturing-association-says-tories-have-
supported-the-sector or https://www.slideshare.net/paulyoungcga/manufacturing-sector-canada-june-2017
 Do you own RRSP? You have CPP deducted, right? Where does pension money go? It goes to profitable
companies, right? http://www.cbc.ca/news/business/cpp-pension-earnings-1.4243308
 You treat corporation with other distaste, but I bet you shop at grocery store, drive a car, own a cell phone,
rent/own a house, right? You would not have these luxuries without corporations.
 I see you are also talking about the bailout, right? Harper was forced into bail out.
http://www.autonews.com/article/20160907/OEM01/160909877/co-directors-tell-why-they-made-auto-
bailout-documentary
 I have explained many times about deficit and debt, but you will never read the links.
https://www.slideshare.net/paulyoungcga/federal-government-debt-canada-august-2017 or
https://www.slideshare.net/paulyoungcga/canada-cpc-and-liberals-surplus-debate
Let’s see I defend my position with facts and figures and you expressed opinion. I have even gone the extra mile to
show the flow of taxation which seems to be missing from your point, why? I have novel idea if you are going to
debate me then I suggest you provide backup to your opinion.

25. Tax Cuts / PBO
Source - https://globalnews.ca/news/1356467/tax-cuts-since-2005-net-canadians-30b-pbo/

26. LPC / Tax Cut
• Liberals eliminated tax
credits
• Liberals plan hikes to CPP
• Liberals are forcing carbon
pricing
• Liberals eliminated income
splitting
Source - https://globalnews.ca/news/3769136/taxes-middle-class-liberals/
Best Middle Class
https://www.youtube.com/watch?v=QgbHWFgmSfQ
You do not hike CPP, introduce carbon tax, remove tax credits and then say
you are supporting the middle class
https://www.theglobeandmail.com/business/commentary/article-middle-
class-increasingly-feeling-the-squeeze-oecd-report-says/ or
https://www.slideshare.net/paulyoungcga/middle-class-and-justin-trudeau
https://globalnews.ca/news/1356467/tax-cuts-since-2005-net-canadians-30b-
pbo/
“Another gift to the government in the report was that the PBO found that in
relative terms — lower income Canadians earning between $12,200 and
$23,300 benefited the most, increasing their after-tax income by four per
cent.”
Trudeau never had the answers for the middle class -
https://www.slideshare.net/paulyoungcga/middle-class-and-justin-trudeau

27. Guarantee Income / Basic Income
https://www.ubiworks.ca/guaranteed-
livable-basic-income
@LeahGazan CAN does not need
guaranteed income programs. CAN needs to
address issues with OAS and income
supplements for seniors. Canada needs to
address policies that make CAN more
competitive!
https://www.slideshare.net/paulyoungcga/ub
i-guarantee-income-canada-social-safety-
net
@waterloosuze
Leah has sponsored a private member bill
Basic income? How about we fix what ails the economy?
There is a big push to moved people from CERB to UBI
https://www.slideshare.net/paulyoungcga/policy-review-unemployment-
insurance-canada
You can expect 500K or more jobs not coming back post-covid19. Could this be
grounds for the government to push basic income?
1. Job Quality - https://www.slideshare.net/paulyoungcga/job-quality-
canada-vs-usa
2. Growing the economy - https://www.slideshare.net/paulyoungcga/slow-
economic-growth-canada-march-2020
3. Emphasis on the skill trades -
https://www.slideshare.net/paulyoungcga/2019-election-skills-
management-career-and-employment-canada-september-2019
Throwing money at the symptoms does not make the problem go away!

28. Media and Online
Pablo Rodriguez, Minister of Canadian Heritage, announced funding of $2.5 million to launch initiatives
that help people identify misinformation and disinformation online.
https://lethbridgenewsnow.com/2022/03/16/canadian-government-providing-support-to-
counter-disinformation/
1. Liberals look at ways to control the news:
https://torontosun.com/opinion/columnists/gunter-woke-liberals-move-to-dictate-
what-is-news
2. Online - https://ca.finance.yahoo.com/news/updated-online-safety-bill-reaches-
223000493.html
3. B-C-11 - https://www.blakes.com/insights/bulletins/2022/bill-c-11-a-proposal-to-
regulate-online-streaming
4. Power of Government - https://www.hilltimes.com/2022/03/03/proposed-
broadcasting-act-updates-give-cabinet-too-much-power/347862
GUNTER Woke
Liberals move to dictate what is news Toronto Sun.pdf
Updated Online
Safety Bill reaches Parliament promising to make internet safer.pdf
Proposed
Broadcasting Act updates give cabinet too much power - The Hill Times.pdf
Bill C-11 A Proposal
to Regulate Online Streaming Platforms Blakes.pdf
Three proposed bills
in Canadian Parliament that can lead to the Concentration Camp CANADIANS WAKE UP!! Toronto Caribbean Newspaper.pdf
https://twitter.com/pablorodriguez/status/1496898620787859482
@JustinTrudeau shuts down anyone that disagrees with him!
https://1drv.ms/f/s!AnAbwpAKXjWJkLQ1FzxIaiFNnqs1ww
I will no longer be able to update this presentation via Slideshare due to changes in policy, It
seems if you call out the failures of a govt like @JustinTrudeau , then your work gets blocked!
https://www.slideshare.net/paulyoungcga/has-justin-trudeau-been-open-transparent-and-
accountable-to-canada-251286238
@Swiftie01 @GasPriceWizard @waterloosuze @DanAlbas @sunlorrie
This is my new site - Here is my latest work on the transparency model for Justin Trudeau –
https://1drv.ms/f/s!AnAbwpAKXjWJkLQ1FzxIaiFNnqs1ww
https://onedrive.live.com/?id=89355E0A90C21B70%21268854&cid=89355E0A90C21B70
Pablo Rodriguez, Minister of Canadian Heritage, announced funding of
$2.5 million to launch initiatives that help people identify
misinformation and disinformation online.
https://lethbridgenewsnow.com/2022/03/16/canadian-
government-providing-support-to-counter-disinformation/
1. Liberals look at ways to control the news:
https://torontosun.com/opinion/columnists/gunter-woke-
liberals-move-to-dictate-what-is-news
2. Online - https://ca.finance.yahoo.com/news/updated-
online-safety-bill-reaches-223000493.html
3. B-C-11 -
https://www.blakes.com/insights/bulletins/2022/bill-c-11-
a-proposal-to-regulate-online-streaming
Power of Government -
https://www.hilltimes.com/2022/03/03/proposed-
broadcasting-act-updates-give-cabinet-too-much-
power/347862

29. Pharmacare
More focus will be on gene and immune therapy
Data and AI will continue to play a key role in the mapping of genes
Governments around the world need to address gaps with their healthcare delivery model
WHO needs to do a better job mitigating the spread of diseases and variants?
Pharmacare is very expensive to implement
Blog – Pharmaceutical and Biotech – What is next - https://www.slideshare.net/paulyoungcga/what-is-next-for-biotech-and-pharma-251345300
1. Future pandemics - https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-plots-vaccines-against-15-pathogens-with-future-pandemic-
potential-2022-03-08/
2. Pandemic proofing - https://www.researchprofessionalnews.com/rr-news-uk-innovation-2022-3-government-and-industry-commit-to-pandemic-proofing/
3. MRNA - https://www.fiercepharma.com/pharma/moderna-will-provide-access-technology-spikevax-high-income-countries-will-have-pay
4. Healthcare and Pandemics - https://www.pharmaceutical-technology.com/features/two-long-years-of-covid-19-lasting-questions-for-pharma-and-
healthcare/
5. Risk Mitigation - https://www.nationaldefensemagazine.org/articles/2022/3/8/software-supply-chain-security-turns-to-risk-mitigation
6. Trends - https://www.newswire.ca/news-releases/clarivate-deals-report-highlights-emerging-trends-in-biopharma-deal-making-835608549.html
7. Industry 4.0 - https://venturebeat.com/2022/03/12/digitization-could-drive-manufacturing-beyond-industry-4-0/
8. ESG - https://www.fiercepharma.com/marketing/pharma-esg-efforts-overwhelmingly-skew-social-while-environment-and-governance-come-up
9. Supply chain - https://www.expresspharma.in/pharma-to-lead-blockchain-adoption-in-supply-chain/
10. Manufacturing - https://www.healthcarepackaging.com/markets/pharmaceutical/article/22105856/pmmi-future-for-pharmaceutical-manufacturers-
includes-more-digitized-data-collection
11. Healthcare crisis - https://www.fiercehealthcare.com/tech/data-automation-startup-veda-gets-45m-boost-to-help-reduce-healthcare-overhead-costs
12. AI - https://www.fiercehealthcare.com/tech/industry-voices-how-ai-solving-some-healthcare-s-biggest-challenges-during-pandemic

30. PBO – Carbon Tax
I bet you never mentioned the following:
Canada is a carbon sink!
Canada ranks globally when it comes to
developing its NR in sustainable way!
Carbon taxation punishes the low to middle
class income earners
Lack of integrated policies for circular
economy
https://www.slideshare.net/paulyoungcga/m
itigation-the-impact-of-climate-change-
while-growing-the-green-and-circular-
economy-in-a-sustainable-way-pptx
Federal budget may
provide more funding for climate plan Gilbeau - Today Nation News.pdf

31. Other information/Comments:
• NDP and Liberal Comments - http://www.torontosun.com/2015/08/15/trudeau-and-mulcair-selling-a-fantasy-to-the-middle-class or
http://www.cbc.ca/news/politics/trudeau-speech-chamber-commerce-1.3513939
• I hear the same comments that Harper has killed the middle class when it is has been bad provincial policies led by various provincial
government that felt social policy at all costs is the solution to run their various budgets. Here are facts/videos on the middle class -
https://www.youtube.com/watch?v=xqLDHQ-iJU8 (is this a lie? or https://www.youtube.com/watch?v=yOl37VcG89c (is this a lie? -
http://globalnews.ca/.../tax-cuts-since-2005-net.../ (is this a lie?) or http://www.slideshare.net/paulyoungcga/taxation-policies (are my
slides 8-11 wrong).
• BTW: Hiking the corporation tax to 18-22% range will add 2-8% more to cost of your iPhone, iPad, Clothes, transit passes, food, beer, wine,
etc. http://www.slideshare.net/paulyoungcga/corporation-taxation-canada-44675640.
• How about childcare: http://www.iedm.org/fr/2821-quebecs-failed-child-care-model
• Canada is one of the most admired countries in the world: http://www.ctvnews.ca/canada/canada-ranked-as-most-admired-country-in-the-
world-report-1.2470040
• Canada also has done well compared to its peers across the world - http://www.bmonesbittburns.com/economics/forecast/int/intmodel.pdf
• http://www.theglobeandmail.com/report-on-business/top-business-stories/canadians-scale-the-income-ladder-with-the-best-of-
them/article25533315/?click=sf_globefb
• Remind me again why we should change to either Mulcair or Trudeau government as the facts do not align with their policies!
http://www.torontosun.com/2015/08/15/trudeau-and-mulcair-selling-a-fantasy-to-the-middle-class
• FYI – Canada is still one of the best countries in the world - http://news.nationalpost.com/news/canada/canada-named-the-country-with-
the-best-reputation-by-global-survey-again or https://ca.news.yahoo.com/blogs/dailybrew/canada-tops-the-world-as-most-reputable-
country-021908756.html
• FYI – Taxing the richest - http://www.cbc.ca/news/canada/new-brunswick/higher-taxes-on-rich-may-miss-revenue-targets-experts-say-
1.3031842 or https://www.youtube.com/watch?v=pICUvNi95AY
• Hydro rates - http://laws-lois.justice.gc.ca/eng/const/page-4.html

32. Are there
issues with
trickle down?
• Some countries like the United States have done a poor job in
terms re-allocation of taxation to support social programs
• You cannot tax people to prosperity
• Government needs to have balance approach to tax policies
and program spending. Program spending needs to be driven
via value for money. If services can be better done by the
private sector then they should be outsourced
• Education has to be aligned to jobs opening as well as future
jobs
• There is no such thing as free ride. Someone else is paying for
your free ride -
https://www.youtube.com/watch?v=PAGqKhSw5Lg
• Some countries are better than others when it comes to
support social programs – Canada and Scandinavia -
http://www.slideshare.net/paulyoungcga/scandinavia-vs-
canada-comparison-of-social-and-economic-policies
• Canada #1 - Report: American Middle Class No Longer The
World's Richest - America's Newsroom -
https://www.youtube.com/watch?v=yOl37VcG89c

33. Blog #1 – Trudeau (Trickle Down Economics)
Source - https://vancouversun.com/news/local-news/indigenous-pipeline-protester-
chimes-in-on-prime-ministers-fundraising-speech-in-vancouver
The prime minister told attendees that
Conservatives believe in “trickle down
economics,” or the idea that giving tax breaks
and advantages to the wealthiest will create
growth that will “somehow end up helping
hardworking, ordinary Canadians.”
But he said that idea failed the previous
Conservative government, which didn’t
understand that even though there
was growth in the economy, so many average
Canadians felt it didn’t touch them.
“We got elected with a very different idea for
our economy and for Canadians,” he said.
“The idea that if you want to create growth,
it has to be for everyone, not just for a few,”
he said.
1. Harper reduced income tax rates, moved GST from 7% to 5% and introduced
tax credits. Harper’s policies put more money into taxpayer’s pocketbooks -
https://business.financialpost.com/opinion/william-watson-turns-out-the-
harper-government-was-actually-terrific-for-wage-growth
2. FDI investment in key sectors has left Canada due to Liberal failures -
https://www.slideshare.net/paulyoungcga/2019-election-fdi-foreign-direct-
investment-canada
3. The Wealthiest pay over 20% of the federal income tax. Liberals policies are
leading to a brain drain – see slide 10
(https://www.slideshare.net/paulyoungcga/2019-election-employment-
canada-april-2019)
4. Trudeau has made Canada less competitive today due to his tax and
regulatory policies - https://www.slideshare.net/paulyoungcga/2019-
election-business-competitiveness-canada-may-2019
5. Trudeau also does not seem to grasp that taxes like carbon taxation or GST
are regressive taxes - https://www.irishtimes.com/opinion/letters/carbon-
taxes-are-regressive-1.3869390. Trudeau does not seem to grasp how
taxation flows through to cost of living -
https://www.slideshare.net/paulyoungcga/art-of-taxing-pollution-canada-
environment
Harper was not perfect, but he had a better grasp of economics. It should be no
surprised as Harper has education in economics as compare to Trudeau who
education background is drama!

34. Trickle Down Economics and 2019 Election
https://thestarphoenix.com/news/politics/election-2019/john-ivison-scheers-endless-spending-promises-are-giving-the-liberals-an-easy-stick-to-beat-him-with/wcm/c6383a69-bff4-
4d80-8ba3-694b7b0a8c9b?utm_term=Autofeed&utm_medium=Social&utm_source=Facebook&fbclid=IwAR2K9ZdIcLc0sNI5b4sicy1cgzCQk-
4gU8FTI48vr7iplok4dNnX3LS8Pls#Echobox=1569378292
John Ivison: Scheer's endless spending promises are giving the Liberals an easy stick to beat him with
How so, John?
 Trudeau said economies grow from the heart, right?
 Trudeau said budget balances themselves, right?
 Trudeau has miss managed every file - https://www.youtube.com/watch?v=dyizMrTpHr0 or https://www.slideshare.net/paulyoungcga/liberal-
party-of-canada-government-record-2015-to-2019
1. There is already a $14B shortfall due to many failures of Trudeau. Trudeau is not about efficient govt. Scheer will look at w ays to streamline
govt just like Harper did during his time in office - https://www.slideshare.net/paulyoungcga/2019-election-public-sector-efficiency-canada-
july-2019
2. Scheer is about reducing regulations and eliminating regressive taxes - https://www.slideshare.net/paulyoungcga/2019-election-who-do-your-
trust-more-when-it-comes-to-tax-fairness
3. Scheer is about making Canada more competitive which would benefit FDI - https://www.slideshare.net/paulyoungcga/2019-election-gdp-and-
economy-canada-june-2019
FYI – Ivison wrote a book on Trudeau, right? So, what is Ivison game - https://www.penguinrandomhouse.ca/books/600389/trudeau-by-john-
ivison/9780771048951 Could John be promoting his book?

35. Green Inflation
Blog - Decarbonization And 'Greenflation'
 Accelerating the transition toward low or net-zero carbon emissions is necessary to keep global
warming at theoretically safe levels.
 That will likely bring price shocks associated with rising metal prices, energy costs, and carbon
taxes – what has been called “greenflation”.
 Greening the economy will also require public spending and redistributive policies.
https://seekingalpha.com/article/4474720-decarbonization-and-greenflation?mail_subject=decarbonization-and-
greenflation&utm_campaign=nl-macro-view&utm_content=link-
0&utm_medium=email&utm_source=seeking_alpha
The world including the United States are seeing highest inflation since the 1980s (Source -
https://www.slideshare.net/paulyoungcga/cost-of-living-the-united-states-inflation-november-2021) and
environment - https://www.slideshare.net/paulyoungcga/how-to-mitigate-the-threats-of-climate-change-
250803941 and Cost of Living / Canada https://www.slideshare.net/paulyoungcga/cost-of-living-
canadainflation-november-2021

36. Bottomline
• Top 1% pay over 50% of the income to taxation
• Top 1% earned their wealth through investment in stocks, bonds and real
estate
• Top 1% have good accountants and lawyers as such no how to work
within the tax laws to moved income around as part of managing their
taxes
• Top 1% may take their investment elsewhere as part of managing their
wealth - http://www.statcan.gc.ca/daily-
quotidien/161017/dq161017a-eng.htm
• The role of government is set policy to encourage investment. Too much
tax and regulations do not lead to strong economic growth -
https://www.slideshare.net/paulyoungcga/2019-election-gdp-and-economy-
canada-june-2019
• Government should stop using Keynesian economics unless it is targeted on
measures that will support infrastructure spending and make a country
more competitive - https://www.slideshare.net/paulyoungcga/keynesian-
economics-july-2017
• Pensions fund by companies as part of managing their returns
• Bad policies hurt the low to middle class worst than the 1%
• Carbon Taxation will force up household spending by $1,200 to $1,500
• Hikes to CPP will impact hiring (Companies may not be able to afford
the hikes)
• Hydro rates impact both business investment as well as household
spending
• Money flows from companies through the following ways
• Dividends payout
• Capital Investment (debt, working capital or stock issuance)
• Share buyback
Blog – Failure of Trudeaunomics – April 2022
Trudeau came to office in 2015 when GDP growth for 2015 was about 1%
(https://www.cbc.ca/news/business/gdp-economy-1.3470453). Trudeau promise small deficits during
the 2015 election (https://www.cbc.ca/news/politics/canada-election-2015-liberals-infrastructure-
deficits-1.3205535.
Trudeau deficits were never small. The budget balance for period close March 2019 was $14B
(https://www.canada.ca/en/department-finance/services/publications/annual-financial-
report/2019/report.html).
Trudeau’s latest budget runs a higher deficit. Trudeau budget like previous budgets does not deal with
productivity issues. Trudeau housing policies have been a colossal failure!
https://www.slideshare.net/paulyoungcga/budget-2022-path-forward-for-canada-pptx
GDP for 2019 was estimated at 1.6%. https://www150.statcan.gc.ca/n1/daily-
quotidien/200228/dq200228a-eng.htm. Liberals will argue that the GDP rate was 50% higher than
October 2015. What the Liberals will not discuss is Harper was running 2.3% average growth rate for
GDP (Post 2009 Recession) https://www.focus-economics.com/country-indicator/canada/gdp as
compared to the Liberals that was running about 2%
TSX erases 2022
gains as rout hits Canadian stocks - BNN Bloomberg.pdf
Canada February
GDP 1.1% versus 0.8% estimate Forexlive.pdf
Why you should
prepare clients for a lower-growth environment Wealth Professional.pdf
Government of
Canada invests in collaborative digital food innovation hub.pdf
How Urban
Agriculture Builds Sustainable Cities Eden Green Technology.pdf
Barry Choi These real
estate changes would actually make housing affordable Financial Post.pdf
How Household Debt
Threatens the Recovery - NXTmine.pdf
Europe urgently
needs an accelerator in critical metals race Andy Home Financial Post.pdf
Manufacturing
supercluster spurs zero emission vehicle investments - Electronic Products & TechnologyElectronic Products & Technology.pdf
Vancouver is One of
North America’s Premier Tech Hub Report.pdf
Canadian DB
pensions closed Q1 in the red Advisor's Edge.pdf
ebb-and-flow-of-ban
k-of-canada-independence.pdf
Immigration Canada
Taps Cheaper Foreign Workers for Quick Fix to Labor Shortage - Bloomberg.pdf
Canada's GDP
expanded at 0.8% pace in fourth quarter of 2015 CBC News.pdf
Justin Trudeau says
Liberals plan 3 years of deficits to push infrastructure CBC News.pdf
The Daily — Gross
domestic product, income and expenditure, fourth quarter 2019.pdf
Canada GDP -
Canada Economy Forecast & Outlook.pdf
1. Stock Market - https://www.bnnbloomberg.ca/tsx-erases-2022-gains-as-rout-hits-canadian-
stocks-1.1755751
2. GDP - https://www.forexlive.com/news/canada-february-gdp-11-versus-08-estimate-20220429/
3. Stagflation - https://www.wealthprofessional.ca/investments/emerging-markets/why-you-
should-prepare-clients-for-a-lower-growth-environment/366203
4. Food Security - https://foodmatterslive.com/discover/article/canada-food-innovation-foodtech-
digital-hub/ or https://www.edengreen.com/blog-collection/urban-agriculture-benefits-
sustainable-cities
5. Housing - https://financialpost.com/moneywise-pro/barry-choi-these-real-estate-changes-
would-actually-make-housing-affordable