paul young cpa, cga, profile picture
Uploaded bypaul young cpa, cga
PPTX, PDF1,108 views

Fiscal Management| Canada| October 2020

This document provides an agenda for a presentation on fiscal management in Canada. It includes an introduction to the speaker, Paul Young CPA CGA, and his background. The agenda covers fiscal management cycles for the 2019/2020 and 2020/2021 federal fiscal years and provinces, as well as topics on the pandemic response, credit downgrades, government spending, GDP growth, job quality, affordability, GDP metrics, and the importance of audits. Contact information is also provided.

Embed presentation

Download to read offline
Fiscal Management Cycle – Canada Paul Young CPA CGA October 31, 2020
Paul Young - Bio • CPA, CGA • Academia (PF1, FA4 and MS2) • SME – Risk Management • SME – Close, Consolidate and Reporting • SME – Public Policy • SME – Emerging Technology • SME – Financial Solutions • SME – Business Process Change • SME – Supply Chain Management Contact information: Paul_Young_CGA@Hotmail.com
Introduction This presentation looks at key planks by the Liberals as well as fiscal management cycle for each party. Federal government has undertaken $252B+ in deficit spending as part of the COVID19 response.
Agenda • FY 19/20 – Fiscal Management Cycle – Canada • FY 20/21 – Fiscal Management – Federal Government • FY 20/21 – Fiscal Management Cycle – Provinces • Pandemic Response • Credit Downgrade • Size of Government • GDP Growth / Provinces • Job Quality – USA vs Canada • Affordability • GDP / Canada • Key Metrics / GDP comments • Importance of Audit (Operational and Performance Audit) • PBO / Deficit • Paul Martin years • 1980-1982 Recession • 2009 Recession • Failure of Trudeanomics • Key Policy Reviews
Federal Government FY 19/20 Source – Government of Canada
Fiscal Management – 2020/2021 Source – Government of Canada - https://www.canada.ca/en/department-finance/services/publications/fiscal-monitor/2020/08.html
New estimated Projection Deficit https://www.canadianmanufacturing.com/financing/freeland- says-aid-needed-but-not-infinite-as-central-bank-targets-2022- for-recovery-263007/ Freeland says aid needed, but not infinite, as central bank targets 2022 for recover In other words, “More money for friends of the LPC. More miss management of spending for LPC pet projects.” https://www.slideshare.net/paulyoungcga/fiscal-management- canada-analysis-and-commentary-october-18-2020 Canada has the highest deficit % of GDP of any G20 countries - https://www.huffingtonpost.ca/entry/budget-deficit- canada_ca_5f89a94fc5b62dbe71c23326
Throne Speech / September 2020 • Here is my critique of the throne speech - https://www.slideshare.net/paulyoungcga/what-is-next-for-canada- throne-speech-september-23-2020 • Fitch - https://www.fitchratings.com/research/sovereigns/canadas-spending- pledges-to-push-federal-deficit-higher-still-25-09-2020 or https://www.westernstandardonline.com/2020/09/bond-agency-issues- warning-to-trudeau-about-throne-speech-spending-plans/ • CFIB - https://www.cfib-fcei.ca/en/media/news-releases/cfib-comment- federal-speech-throne • Chamber of Commerce - https://www.kelownachamber.org/news/post/533/Canadian_Chamber_Thron e_Speech_a_start_but_much_more_is_needed_to_get_Canadians_back_to_ work/ • Retail Council - https://www.retailcouncil.org/province/national/rcc- statement-on-the-governments-speech-from-the-throne/ • Natural Resources - https://www.energeticcity.ca/2020/09/not-much-there- for-resource-sector-in-throne-speech-says-zimmer/
20/21 – FY – Federal Govt Source – BMO - https://economics.bmo.com/en/publications/detail/2a38b360-554f-462c-bf26-62300c6ce3c7/
20/21 – FY – Federal Govt Source – BMO - https://economics.bmo.com/en/publications/detail/2a38b360-554f-462c-bf26-62300c6ce3c7/
Waste / Stimulus Source – Fraser Institute - https://www.fraserinstitute.org/studies/federal-government-wasting-billions-on- poorly-targeted-assistance
Pandemic Stimulus – Canada Source - https://covid19.pbo-dpb.ca/#/en/costing-economic-response-plan--etablissement-des-couts-plan-intervention-economique or https://www.bnnbloomberg.ca/even-with-slow-burn-pandemic-deficit-on-track-to-hit-330b- pbo-1.1500931 or https://www.theglobeandmail.com/politics/article-fiscal-update-morneau-projects-3432-billion-deficit-federal-debt/ or https://www.canada.ca/en/department-finance/services/publications/economic-fiscal- snapshot/summary.html or https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-fiscal-update--july-8--2020-.html or https://economics.bmo.com/en/publications/detail/bfc3da39-09a0-4c85-a1ce-94605da45117/ • Canada was already in a deficit position pre-covid19 - https://www.slideshare.net/paulyoungcga/2019-election-fiscal-management-plan-conservative- party-of-canada-ndp-green-party-of-canada-liberal-party-of-canada-ppc • Many aspects of the stimulus package have either been wasted or poorly targeted - https://www.fraserinstitute.org/article/poor-cerb-targeting-wastes-billions or https://www.theglobeandmail.com/business/article-about-41-of-small-businesses-surveyed- say-landlords-have-applied-for/
Deficit as % of GDP Source - https://www.huffingtonpost.ca/entry/budget-deficit-canada_ca_5f89a94fc5b62dbe71c23326?ncid=other_twitter_cooo9wqtham&utm_campaign=share_twitter
Downgrading of Debt Source - https://economics.bmo.com/ en/publications/detail/5f3625 7b-4df7-443b-b5d2- c348e290327c/ Fitch Rating itch Ratings - New York - 24 Jun 2020: Fitch Ratings has downgraded Canada's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA'. The Rating Outlook is Stable. KEY RATING DRIVERS The rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic. Canada will run a much expanded general government deficit in 2020 and emerge from recession with much higher public debt ratios. The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus. Although this will support recovery, the economy's investment and growth prospects face challenges. The Stable Outlook reflects Fitch's expectation that Canada's consolidated gross general government debt/GDP will stabilize over the medium term, in line with the pre-coronavirus policies, and that the economy will gradually recover, supported by significant counter-cyclical monetary and fiscal policies. Canada's structural strengths also underpin the ratings. These include its advanced, well-diversified and high-income economy, and Canada's political stability, strong governance and macro policy framework, which has delivered steady growth and low inflation. Canada has a large positive net international investment position, driven by its foreign pension assets. However, reliance on foreign portfolio flows to finance sustained current account deficits is a weakness, which has contributed to a persistent and growing level of net external debt. Source: https://www.fitchratings.com/research/sovereigns/fitch-downgrades-canada-ratings-to-aa-outlook-stable-24-06-2020 Summary  Lower bond rating means higher interest rates as bond raters will demand a premium for Cdn bonds  Trudeau was warned about the govt debt, but Morneau kept saying all was well - https://www.slideshare.net/paulyoungcga/debt-and-insolvency-global-crisis  Trudeau has failed the goods producing sector with his carbon tax, small business tax reforms, excessive regulations, weak infrastructure spending, etc. - https://www.slideshare.net/paulyoungcga/what-is-going-on-with-canadas-competitiveness  Natural Resources were struggling since late last years as Trudeau stood back when there was blockades and other issues. https://www.slideshare.net/paulyoungcga/canada-natural-resources-sector-whats-next
Fitch / Canada Source - https://www.fitchratings.com/research/sovereigns/canadas-growing-deficit-raises-fiscal-consolidation-risks-27-08-2020
Size of Government Source - https://www.blacklocks.ca/average-staffer-costs-115k/ https://www.bnnbloomberg.ca/pbo-more-spending-not-more-workers-driving-costs-for-federal- employees-1.1492043
20/21 – FY – Federal Govt Source – BMO, Finance Canada, Scotiabank, CIBC, RBC and TD Economics
FY 20/21 – Fiscal Management Cycle – Provinces Source - BMO
GDP Growth / Provinces Source – RBC Economics
Job Quality https://nationalpost.com/opinion/raymond-j-de-souza-hugh-segal-has-been-calling-for-a-basic-income-for-50-years- maybe-its-time?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1602765079 UBI to be effective needs to be targeted at retraining for jobs of today and tomorrow https://www.slideshare.net/paulyoungcga/postsecondary-education-outcomes-canada All levels of government need to focus on getting goods to market https://www.slideshare.net/paulyoungcga/canada-and-youth-employment-analysis-and-commentary
GDP / July 2020 • Canada’s economy is going to face many hurdles due to many factors like taxation burden and over regulations - Source - https://www.slideshare.net/paulyoungcga/gdp-by-industry- canada-june-2020 or https://www.slideshare.net/paulyoungcga/gdp-canada-august-2020 • Canada should be focusing on policies that get goods to market - https://www.slideshare.net/paulyoungcga/how-best-to-get-goods-to-market
Job Quality I have worked in corporate finance for nearly 30 years as such I have never seen a govt willing to destroy the goods-producing sector along with small businesses to push the green agenda. @JustinTrudeau is a failure! https://www.slideshare.net/paulyoungcga/what-is-next-for-canada- throne-speech-september-23-2020
Affordability Here is a look at the cost of living in Canada for the month of September 2020. • September inflation came in at 0.5% or about 400% change since August 2020 (0.1%) • Housing prices have hit a 14-year high • Food prices continue to rise How has @justintrudeau made things more affordable https://www.slideshare.net/paulyoungcga/cost-of-living-canada-september-2020
GDP and restructuring • Many of the economies continue to be impacted by COVID19 – https://www.slideshare.net/paulyoungcga/scorecard-liberal-party-of- canada-fiscal-and-economic • Post-COVID 19 economy should include a focus on supply management - https://www.slideshare.net/paulyoungcga/scorecard- liberal-party-of-canada-fiscal-and-economic • Countries around the world are going need to push for trade reforms including reforming of key groups like WHO and WTO – https://www.slideshare.net/paulyoungcga/global-economy-whats- next • All levels of governments around the world will require a restructuring - https://www.slideshare.net/paulyoungcga/public- sector-how-to-reform-all-levels-of-government
Importance of Audits • More oversight i.e. Infrastructure funding - https://nationalpost.com/news/opposition-pushes-for-audit-of- trudeaus-187b-infrastructure-plans-underscoring-weakened- liberal-position-in-house or medical supplies - https://thepostmillennial.com/trudeau-governments-medical- equipment-blunder-cost-taxpayers-1-8-billion • In times of fiscal crisis there is need for more oversight and audits - https://ipolitics.ca/2020/05/12/auditor-general-says-lack-of- funding-covid-19-demands-have-put-all-but-three-audits-on- pause/ Source - https://www.slideshare.net/paulyoungcga/the-importance- of-value-for-money-and-perfomance-based-audits
Departmental Issues 1. Liberals have created a new entity called the Ocean Super cluster. This entity seems to be a duplicate of what work is already being done through the fisheries agencies - https://www.slideshare.net/paulyoungcga/aquaculture-fish- farming-and-harvesting-analysis (see slide 17) 2. I have reviewed the coast guard and there are issues with the Coast Guard - https://www.slideshare.net/paulyoungcga/government-policy-public-safety-canada-coast-guard 3. Trudeau has not been clear about 5G, especially in terms of contracts - https://www.slideshare.net/paulyoungcga/global-security-threats-from-5g-leads-to-new-selection-of-5g-vendors 4. CRA needs to revisit its mandate in terms of auditing charities as well as shutting down tax havens - https://www.slideshare.net/paulyoungcga/closing-down-of-tax-havens 5. I have seen little discussion on the cannabis policy including mental health as well as enforcement costs - https://www.slideshare.net/paulyoungcga/government-policy-legalization-of-cannabis-canada 6. More work needs to be done to reform the delivery of healthcare - https://www.slideshare.net/paulyoungcga/whats-next-for-global-healthcare-post-covid19 7. Liberals policies for the AG sector need to have a full review - https://www.slideshare.net/paulyoungcga/whats- next-for-farming-in-canada-analysis-of-economic-and-government-policies 8. eCommerce continues to expand as such so should the policies of the government - https://www.slideshare.net/paulyoungcga/ecommerce-whats-next 9. The government needs a performance audit of its youth employment policies - https://www.slideshare.net/paulyoungcga/canada-youth-development 10. There needs to be performance audit of CERB as part of moving people off of CERB - https://www.slideshare.net/paulyoungcga/policy-analysis-guarantee-income
Departmental Issues 1. Commercial Rent - https://nationalpost.com/news/politics/trudeau-government-paying-84m-to-firm-employing-katie-telfords-husband-to- manage-rent-assistance-aid-program?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1596846898 Trudeau government paying $84M to firm employing Katie Telford's husband to manage rent assistance aid program. This another example of awarding friends without having the AG do performance audits.- https://www.theglobeandmail.com/politics/article-spouse-of-pms-chief-of-staff-had-meeting-on-liberals-rent- relief/ 2. EV sales have been sluggish despite the government support - https://www.slideshare.net/paulyoungcga/analysis-electrical-vehicle-market 3. Masks companies with no facilities - https://torontosun.com/news/national/questions-arise-about-quebec-companys-federal-contract-for-masks - Other companies were already producing masks - https://betakit.com/ppe-manufacturer-the-canadian-shield-launches-new-surgical-mask-line/ or https://www.dupont.ca/en/personal-protective-equipment.html 4. Foreign Aid – There are still issues with reporting including performance audits - The distribution of Foreign Aid is very important to countries as part of helping developing countries improve water, education, farming practices, infrastructure, and other areas of their economy. https://www.slideshare.net/paulyoungcga/foreign-aid-bringing-more-accountability-transparency-and-oversight 5. Telefilm Canada releases its audit report - https://www.oag- bvg.gc.ca/internet/English/mr_20200727_e_43597.html “We found that the corporation had some good corporate management practices in place. However, we found areas for improvement in practices related to board oversight; board independence; performance measurement, monitoring, and reporting; and risk mitigation, monitoring, and reporting 6. Payroll management system - https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/2020-foag-pm/index- en.aspx 7. Lack of oversight / Beirut mission - https://www.international.gc.ca/gac-amc/publications/audits- verification/2019/beirut-beyrouth.aspx?lang=eng 8. Audit of all COVID19 programs - https://www.todayville.com/191820-2/
PBO / Deficit • CERB / extension cost “Eight more weeks of CERB to cost $17.9 billion, budget officer says” https://www.cbc.ca/news/politics/cerb-extension-pbo- 1.5623507 • Federal deficit will be much larger “The parliamentary budget officer says in a new report that this year's federal deficit could hit $256 billion due to the COVID-19 pandemic. The result, posted this morning, is the combination of an estimated total of $169 billion in federal spending on emergency aid and a historic drop in economic output. The budget office estimates the economy could shrink by 6.8 per cent in 2020, the weakest showing since 1981 and double the record of 3.2 per cent shrinkage in 1982. The overall deficit figure is only $3.8 billion higher than budget officer Yves Giroux's previous predictions, which his report says is due to a better economic outlook in the second half of the year that offsets some new spending. ” https://www.cbc.ca/news/politics/federal-deficit-pbo-1.5617221 • Government will require restructuring as part of post-covid19 - https://www.slideshare.net/paulyoungcga/transforming-the-public-sector- canada
PBO • Issues with losses at Crown Corporations - https://www.ctvnews.ca/politics/pbo-flags-high-borrowing- unusual-losses-at-crown-corporations-in-report-1.5027186 • Paid leave / government - https://www.cbc.ca/news/canada/ottawa/pbo-report-699- leave-during-covid-1.5661696 (Cost of leave has led to $632M Productivity losses)
Paul Martin years • It never seems to amaze me how little people research history. It is like they take scripts from Liberals sites as the only source of the truth. The problem is Liberals like any other party will not tell you the complete truth, • https://www.slideshare.net/paulyoungcga/2019-election-fiscal-management- canada-june-2019 (see slide 26) • Slashed transfers – Trudeau had no issues with slashing transfers under Paul Martin - https://www.macleans.ca/news/canada/justin-trudeau-weighs-in-on- paul-martins-decision-to-slash-provincial-transfers/. Harper did fiscal discipline and Trudeau calls that out - https://www.liberal.ca/growing-our-economy-ralph- goodale/. No were does Trudeau and his team mention how Harper left $1B surplus YTD Nov/15 - https://www.slideshare.net/paulyoungcga/the-stephen- harper-years-pm-of-canada • Restructure EI including taking surpluses into operations - https://www.cbc.ca/news/canada/government-broke-law-on-ei-financing-in-3- years-top-court-1.750084
1980-1982 Recession – Pierre Trudeau • 1980-1982 Recession • High interest rates • Movement away from the branch manufacturing approach to manufacturing • High government debt and deficits • https://www.cbc.ca/archives/entry/unemployment-reaches-all-time-high-in- 1982 Similarities • 2020 will see labor force change due to automation - https://www.slideshare.net/paulyoungcga/whats-next-for- automation-private-and-public-sector • Youth unemployment will be an issue due to many lacking the skills required for today and tomorrow’s workplace - https://www.slideshare.net/paulyoungcga/automation-and-human-capital-management-human-resources • Issue is not with interest rates, but the size of the debt - https://www.slideshare.net/paulyoungcga/covid19-global- debt-crisis-july-2020 • Inflation is creeping up in Canada but is nowhere near the 14% - https://www.slideshare.net/paulyoungcga/affordability-analysis-and-commentary-canada-june-2020 . There are issues with food prices as well as wage growth - https://www.slideshare.net/paulyoungcga/analysis-wages-and- employment-canada-may-2020
2009 Recession The Great Recession that began in 2008 led to some of the highest recorded rates of unemployment and home foreclosures in the U.S. since the Great Depression. Catalyzed by the crisis in subprime mortgage-backed securities, the crisis spread to mutual funds, pensions, and the corporations that owned these securities, with widespread national and global impacts. Ten years after the onset of the crisis, the impacts on workers and economic inequality persist. In a series of policy briefs, IRLE will highlight work by Berkeley faculty on the causes and long-term effects of the Recession. In this brief, we review research from IRLE faculty affiliate and UC Berkeley sociologist Neil Fligstein on the root causes of the Great Recession. Source - https://irle.berkeley.edu/what-really-caused-the-great-recession/ Government action: • Government did a stimulus as part of supporting the economy • Loans to business • Infrastructure spending • Liberals backed by NDP and Bloc demanded the stimulus - https://www.cbc.ca/news/canada/liberals-ndp-bloc-sign-deal-on-proposed-coalition- 1.700119 • Harper years - https://www.slideshare.net/paulyoungcga/the-stephen-harper-years-pm- of-canada
Failure of Trudeaunomics • The sad thing is the economy has been sliding for a few years due to Trudeaunomics being a failure! • https://www.slideshare.net/paulyoungcga/failure-of-trudeaunomics • Carbon tax and other changes have made things less affordable - https://www.slideshare.net/paulyoungcga/justin-trudeau- and-liberals-have-liberal-policies-made-things-more-affordable-for-canadians • GDP growth pre-COVID was running at 2.0% which is about the same rate as the past 20 years - https://www.slideshare.net/paulyoungcga/canada-slow-growth-liberal-party-of-canada-december-7-2016 • Trudeau introduce policies that did little to get goods to market or support small business - https://www.slideshare.net/paulyoungcga/canada-whats-next-for-small-business or https://www.slideshare.net/paulyoungcga/canada-natural-resources-sector-whats-next • There has been a job quality issues as Trudeau’s policies did little to support goods producing sector - https://www.slideshare.net/paulyoungcga/job-quality-canada-235057299 • Trudeau continues to push guarantee income despite guarantee income being a failure around the world - https://www.slideshare.net/paulyoungcga/is-guarantee-income-the-right-approach-for-canada-and-other-countries
Departmental Issues 1. Liberals have created a new entity called the Ocean Super cluster. This entity seems to be a duplicate of what work is already being done through the fisheries agencies - https://www.slideshare.net/paulyoungcga/aquaculture-fish- farming-and-harvesting-analysis (see slide 17) 2. I have reviewed the coast guard and there are issues with the Coast Guard - https://www.slideshare.net/paulyoungcga/government-policy-public-safety-canada-coast-guard 3. Trudeau has not been clear about 5G, especially in terms of contracts - https://www.slideshare.net/paulyoungcga/global-security-threats-from-5g-leads-to-new-selection-of-5g-vendors 4. CRA needs to revisit its mandate in terms of auditing charities as well as shutting down tax havens - https://www.slideshare.net/paulyoungcga/closing-down-of-tax-havens 5. I have seen little discussion on the cannabis policy including mental health as well as enforcement costs - https://www.slideshare.net/paulyoungcga/government-policy-legalization-of-cannabis-canada 6. More work needs to be done to reform the delivery of healthcare - https://www.slideshare.net/paulyoungcga/whats-next-for-global-healthcare-post-covid19 7. Liberals policies for the AG sector need to have a full review - https://www.slideshare.net/paulyoungcga/whats- next-for-farming-in-canada-analysis-of-economic-and-government-policies 8. eCommerce continues to expand as such so should the policies of the government - https://www.slideshare.net/paulyoungcga/ecommerce-whats-next 9. The government needs a performance audit of its youth employment policies - https://www.slideshare.net/paulyoungcga/canada-youth-development 10. There needs to be performance audit of CERB as part of moving people off of CERB - https://www.slideshare.net/paulyoungcga/policy-analysis-guarantee-income
Departmental Issues 1. Commercial Rent - https://nationalpost.com/news/politics/trudeau-government-paying-84m-to-firm-employing-katie-telfords- husband-to-manage-rent-assistance-aid- program?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1596846898 Trudeau government paying $84M to firm employing Katie Telford's husband to manage rent assistance aid program. This another example of awarding friends without having the AG do performance audits. - https://www.slideshare.net/paulyoungcga/policy-review-commercial-rent-subsidy-federal- program-canada 2. EV sales have been sluggish despite the government support - https://www.slideshare.net/paulyoungcga/analysis-electrical-vehicle- market 3. Foreign Aid – There are still issues with reporting including performance audits - The distribution of Foreign Aid is very important to countries as part of helping developing countries improve water, education, farming practices, infrastructure, and other areas of their economy. https://www.slideshare.net/paulyoungcga/foreign-aid-bringing-more-accountability-transparency-and-oversight 4. Telefilm Canada releases its audit report - https://www.oag- bvg.gc.ca/internet/English/mr_20200727_e_43597.html “We found that the corporation had some good corporate management practices in place. However, we found areas for improvement in practices related to board oversight; board independence; performance measurement, monitoring, and reporting; and risk mitigation, monitoring, and reporting 5. Payroll management system - https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/2020-foag- pm/index-en.aspx 6. Lack of oversight / Beirut mission - https://www.international.gc.ca/gac- amc/publications/audits-verification/2019/beirut-beyrouth.aspx?lang=eng 7. Audit of all COVID19 programs - https://www.todayville.com/191820-2/
Departmental Issues • Global Affairs went with higher contract with China firm vs lower bid from Canadian Firm (scanning equipment) - https://nationalpost.com/opinion/john-ivison-ottawas-fig-leaf-excuse-for-inviting-chinese-x- rays-into-canadas-embassies-just-blew-away • Government continues to create new entities to managed moneys when existing programs like Western Development fund could handle the moneys - https://www.slideshare.net/paulyoungcga/market-food-protein-market-analysis-and-commentary • Government has failed on the marijuana pardon system - https://www.leafly.com/news/canada/canadas-marijuana-sentence-expungement-suspension- program-is-failing-heres-why - “COVID19 did not help the process, but there was backlog before COVID19”
Key Policy Review • Indigenous Affairs - https://www.slideshare.net/paulyoungcga/policies-and-affairs-indigenous- first-nations-analysis-and-commentary • Defense Spending - https://www.slideshare.net/paulyoungcga/policy-analysis-defense-spending- canada • EI - https://www.slideshare.net/paulyoungcga/policy-analysis-employment-insurance-and-cerb- canada • Cannabis - https://www.slideshare.net/paulyoungcga/cannabis-legalization-canada-policy- analysis • Innovation - https://www.slideshare.net/paulyoungcga/how-best-to-support-business-startups • Income inequality - https://www.slideshare.net/paulyoungcga/pandemic-and-covid19-canada- and-the-world • Post-Secondary Education - https://www.slideshare.net/paulyoungcga/postsecondary-education- outcomes-canada • Youth Employment - https://www.slideshare.net/paulyoungcga/canada-and-youth-employment- analysis-and-commentary • Social Welfare and Housing - https://www.slideshare.net/paulyoungcga/canadas-reforming-of- social-welfare-programs • Foreign Policies and Affairs - https://www.slideshare.net/paulyoungcga/foreign-policies-and- affairs-middle-east-238725972 or https://www.slideshare.net/paulyoungcga/policy-review- october-2020-immigration-and-refugees-canada
Summary • Canada will have a long road a head when it comes to fixing its economy and fiscal management cycle by all levels of government - https://www.slideshare.net/paulyoungcga/canada-gdp- and-economy-truth-and-what-needs-to-change • Canada will need a plan that deals with job quality, fdi, goods producing sector, affordable housing, tax fairness and value for money social programs - https://www.slideshare.net/paulyoungcga/transforming- the-economy-postcovid19-canada-and-the-world • Getting goods to market - https://www.slideshare.net/paulyoungcga/how-to-address- issues-facing-getting-goods-to-market • Reforming Government - https://www.slideshare.net/paulyoungcga/how-to-reform- the-public-sector-in-canada-and-around-the-world • Circular Economy – https://www.slideshare.net/paulyoungcga/how-to-best- support-a-circular-economy • Global Economy - https://www.slideshare.net/paulyoungcga/what-is-next- for-the-global-economy-october-2020 • Ethics, accountable, transparent, and honest government - https://www.slideshare.net/paulyoungcga/governance- model-for-canada-are-liberals-more-transparent-and-open
Other Sources • If you like to learn more about trade and/or other subjects as part of your professional learning and development then feel free to review my material on https://www.udemy. com/ (search Paul Young CPA CGA

More Related Content

PPTX
Fiscal Management| Canada| Analysis and Commentary| October 18, 2020
bypaul young cpa, cga
 
PPTX
Fiscal Management - Debt and Deficits - Canada
bypaul young cpa, cga
 
PPTX
Fiscal Management| Canada| Defict and Debt
bypaul young cpa, cga
 
PPTX
Fiscal and Economic Management| Canada| August 2020| Analysis and Commentary
bypaul young cpa, cga
 
PPTX
Fiscal Management and Performance Audit| Canada
bypaul young cpa, cga
 
PPTX
Canada| Fiscal Management| Debt and Deficit
bypaul young cpa, cga
 
PPTX
Fiscal Management Cycle| Canada| Analysis and Commentary| March 2021
bypaul young cpa, cga
 
PPTX
Debt| Consumer, Government and Corporate| Debt Crisis
bypaul young cpa, cga
 
Fiscal Management| Canada| Analysis and Commentary| October 18, 2020
bypaul young cpa, cga
 
Fiscal Management - Debt and Deficits - Canada
bypaul young cpa, cga
 
Fiscal Management| Canada| Defict and Debt
bypaul young cpa, cga
 
Fiscal and Economic Management| Canada| August 2020| Analysis and Commentary
bypaul young cpa, cga
 
Fiscal Management and Performance Audit| Canada
bypaul young cpa, cga
 
Canada| Fiscal Management| Debt and Deficit
bypaul young cpa, cga
 
Fiscal Management Cycle| Canada| Analysis and Commentary| March 2021
bypaul young cpa, cga
 
Debt| Consumer, Government and Corporate| Debt Crisis
bypaul young cpa, cga
 

What's hot

PPTX
Fiscal Management Cycle| Canada| Analysis and Commentary
bypaul young cpa, cga
 
PPTX
Fiscal Management| Cycle| Analysis and Commentary| Canada
bypaul young cpa, cga
 
PPTX
Canada| Fiscal Snapshot| July 2020
bypaul young cpa, cga
 
PPTX
Canada fiscal management - deficit and debt - february 2021
bypaul young cpa, cga
 
PPTX
How to re-open the Economy - Canada - Post-Covid19
bypaul young cpa, cga
 
PPTX
How taxation flows for all level of Government
bypaul young cpa, cga
 
PPTX
Ontario economy – June 2017
bypaul young cpa, cga
 
PPTX
Steel Sector| Canada and the World| September 2021
bypaul young cpa, cga
 
PPTX
Trudeau foundation - Analysis and Commentary - November 26, 2016
bypaul young cpa, cga
 
PPTX
Canada fail Experiment with Trudeaunomics
bypaul young cpa, cga
 
PPTX
2019 Election| Wealtiest| Top 1%| Canada| August 2019
bypaul young cpa, cga
 
PPTX
Canada's GDP - July 2020
bypaul young cpa, cga
 
PPTX
Fiscal Management| Budget Deficit/Surpluses and Debt to GDP| Canada| Septembe...
bypaul young cpa, cga
 
DOCX
What is new for Accounting Rules and Standards
bypaul young cpa, cga
 
PPTX
Did Liberals make lives better for Canadians
bypaul young cpa, cga
 
PPTX
Failure of Trudeaunomics - February 2022 Edition
bypaul young cpa, cga
 
PPTX
Canada Pension Plan - Independent or not?
bypaul young cpa, cga
 
PPTX
Canada - CPC and Liberals - surplus debate
bypaul young cpa, cga
 
PPTX
Wealthiest and Middle Class| Should they be tax more| April 2019
bypaul young cpa, cga
 
PPTX
2019 Election| Fiscal Management| Canada| June 2019
bypaul young cpa, cga
 
Fiscal Management Cycle| Canada| Analysis and Commentary
bypaul young cpa, cga
 
Fiscal Management| Cycle| Analysis and Commentary| Canada
bypaul young cpa, cga
 
Canada| Fiscal Snapshot| July 2020
bypaul young cpa, cga
 
Canada fiscal management - deficit and debt - february 2021
bypaul young cpa, cga
 
How to re-open the Economy - Canada - Post-Covid19
bypaul young cpa, cga
 
How taxation flows for all level of Government
bypaul young cpa, cga
 
Ontario economy – June 2017
bypaul young cpa, cga
 
Steel Sector| Canada and the World| September 2021
bypaul young cpa, cga
 
Trudeau foundation - Analysis and Commentary - November 26, 2016
bypaul young cpa, cga
 
Canada fail Experiment with Trudeaunomics
bypaul young cpa, cga
 
2019 Election| Wealtiest| Top 1%| Canada| August 2019
bypaul young cpa, cga
 
Canada's GDP - July 2020
bypaul young cpa, cga
 
Fiscal Management| Budget Deficit/Surpluses and Debt to GDP| Canada| Septembe...
bypaul young cpa, cga
 
What is new for Accounting Rules and Standards
bypaul young cpa, cga
 
Did Liberals make lives better for Canadians
bypaul young cpa, cga
 
Failure of Trudeaunomics - February 2022 Edition
bypaul young cpa, cga
 
Canada Pension Plan - Independent or not?
bypaul young cpa, cga
 
Canada - CPC and Liberals - surplus debate
bypaul young cpa, cga
 
Wealthiest and Middle Class| Should they be tax more| April 2019
bypaul young cpa, cga
 
2019 Election| Fiscal Management| Canada| June 2019
bypaul young cpa, cga
 

Similar to Fiscal Management| Canada| October 2020

PPTX
Fiscal Management| Canada| Analysis and Commentary
bypaul young cpa, cga
 
PPTX
Fiscal Management Cycle - Canada - July 2022.pptx
bypaul young cpa, cga
 
PPTX
Canada - Fiscal Management - Deficit and Debt - May 2022.pptx
bypaul young cpa, cga
 
PPTX
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
PPTX
Canada - Fiscal Management - Deficit and Debt - May 2022.pptx
bypaul young cpa, cga
 
PPTX
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
PPTX
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
PPTX
Canada - Fiscal Management - Deficit and Debt - March 2022.pptx
bypaul young cpa, cga
 
PPTX
Fiscal Management Cycle| Canada| Fiscal Update, Ecomomic, and Fiscal Management|
bypaul young cpa, cga
 
PPTX
Canada - Fiscal Management - Deficit and Debt - January 2022.pptx
bypaul young cpa, cga
 
PPTX
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
PPTX
Fiscal Update for Canada - November 2021
bypaul young cpa, cga
 
PPTX
Transforming the Economy| Post-Covid19| Canada and the World
bypaul young cpa, cga
 
PPTX
Scorecard| Liberal Party of Canada| Fiscal and Economic|
bypaul young cpa, cga
 
PPTX
GDP and Fiscal Management| Canada| September 2020
bypaul young cpa, cga
 
PPTX
Key Macro and Micro indicators| Canada| November 2021 and October 2021
bypaul young cpa, cga
 
PPTX
Post COVID19 - Canada and the World
bypaul young cpa, cga
 
PPTX
New Normal| Canada and the World| February 2021
bypaul young cpa, cga
 
PPTX
Canada| Economic and Fiscal Scorecard| April 2021 and May 2021
bypaul young cpa, cga
 
PPTX
What's Next for Canada - Post COVID19
bypaul young cpa, cga
 
Fiscal Management| Canada| Analysis and Commentary
bypaul young cpa, cga
 
Fiscal Management Cycle - Canada - July 2022.pptx
bypaul young cpa, cga
 
Canada - Fiscal Management - Deficit and Debt - May 2022.pptx
bypaul young cpa, cga
 
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
Canada - Fiscal Management - Deficit and Debt - May 2022.pptx
bypaul young cpa, cga
 
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
Canada - Fiscal Management - Deficit and Debt - March 2022.pptx
bypaul young cpa, cga
 
Fiscal Management Cycle| Canada| Fiscal Update, Ecomomic, and Fiscal Management|
bypaul young cpa, cga
 
Canada - Fiscal Management - Deficit and Debt - January 2022.pptx
bypaul young cpa, cga
 
Fiscal Management| Public Sector| Canada
bypaul young cpa, cga
 
Fiscal Update for Canada - November 2021
bypaul young cpa, cga
 
Transforming the Economy| Post-Covid19| Canada and the World
bypaul young cpa, cga
 
Scorecard| Liberal Party of Canada| Fiscal and Economic|
bypaul young cpa, cga
 
GDP and Fiscal Management| Canada| September 2020
bypaul young cpa, cga
 
Key Macro and Micro indicators| Canada| November 2021 and October 2021
bypaul young cpa, cga
 
Post COVID19 - Canada and the World
bypaul young cpa, cga
 
New Normal| Canada and the World| February 2021
bypaul young cpa, cga
 
Canada| Economic and Fiscal Scorecard| April 2021 and May 2021
bypaul young cpa, cga
 
What's Next for Canada - Post COVID19
bypaul young cpa, cga
 

More from paul young cpa, cga

PPTX
Retail Sales and Consumer Spending Analysis and Commentary - July 2023.pptx
bypaul young cpa, cga
 
PPTX
Addressing issues with the Public Sector Governance Model.pptx
bypaul young cpa, cga
 
PPTX
Global Housing Market Analysis and Commentary- September 2023.pptx
bypaul young cpa, cga
 
PPTX
What is next for the Mining Sector.pptx
bypaul young cpa, cga
 
PPTX
Manufacturing Sector – United States – August 2023.pptx
bypaul young cpa, cga
 
PPTX
Stock Market Analysis and Commentary for WE September 15 2023.pptx
bypaul young cpa, cga
 
PPTX
Manufacturing Sector – Canada – September 2023.pptx
bypaul young cpa, cga
 
PPTX
Electricity Analysis - Canada and the OECD - June 2023.pptx
bypaul young cpa, cga
 
PPTX
Logistics Warehousing Transportation and Distrbution Analysis and Commentary ...
bypaul young cpa, cga
 
PPTX
Retail Sales and Consumer Spending Analysis and Commentary - United States - ...
bypaul young cpa, cga
 
PPTX
How to improve the Governance Model for the Public Sector - United States - S...
bypaul young cpa, cga
 
PPTX
What is next for Agriculture Sector - August 2023.pptx
bypaul young cpa, cga
 
PPTX
Biotech Pharmaceutical Medical Equipment and Supplies - Analysis - September ...
bypaul young cpa, cga
 
PPTX
Better Public Safety Management using Analytics - September 2023.pptx
bypaul young cpa, cga
 
PPTX
Stock Market Analysis and Commentary for WE September 9 2023.pptx
bypaul young cpa, cga
 
PPTX
Workforce Planning and Employment Analysis - August 2023.pptx
bypaul young cpa, cga
 
PPTX
Global Automotive - Analysis and Commentary - August 2023.pptx
bypaul young cpa, cga
 
PPTX
Global (Mining Oil and Gas Forestry and Agriculture) Analysis and Commentary ...
bypaul young cpa, cga
 
PPTX
World Merchandise Trade – September 2023.pptx
bypaul young cpa, cga
 
PPTX
What is next for the Forestry Sector and Lumber Production - September 2023.pptx
bypaul young cpa, cga
 
Retail Sales and Consumer Spending Analysis and Commentary - July 2023.pptx
bypaul young cpa, cga
 
Addressing issues with the Public Sector Governance Model.pptx
bypaul young cpa, cga
 
Global Housing Market Analysis and Commentary- September 2023.pptx
bypaul young cpa, cga
 
What is next for the Mining Sector.pptx
bypaul young cpa, cga
 
Manufacturing Sector – United States – August 2023.pptx
bypaul young cpa, cga
 
Stock Market Analysis and Commentary for WE September 15 2023.pptx
bypaul young cpa, cga
 
Manufacturing Sector – Canada – September 2023.pptx
bypaul young cpa, cga
 
Electricity Analysis - Canada and the OECD - June 2023.pptx
bypaul young cpa, cga
 
Logistics Warehousing Transportation and Distrbution Analysis and Commentary ...
bypaul young cpa, cga
 
Retail Sales and Consumer Spending Analysis and Commentary - United States - ...
bypaul young cpa, cga
 
How to improve the Governance Model for the Public Sector - United States - S...
bypaul young cpa, cga
 
What is next for Agriculture Sector - August 2023.pptx
bypaul young cpa, cga
 
Biotech Pharmaceutical Medical Equipment and Supplies - Analysis - September ...
bypaul young cpa, cga
 
Better Public Safety Management using Analytics - September 2023.pptx
bypaul young cpa, cga
 
Stock Market Analysis and Commentary for WE September 9 2023.pptx
bypaul young cpa, cga
 
Workforce Planning and Employment Analysis - August 2023.pptx
bypaul young cpa, cga
 
Global Automotive - Analysis and Commentary - August 2023.pptx
bypaul young cpa, cga
 
Global (Mining Oil and Gas Forestry and Agriculture) Analysis and Commentary ...
bypaul young cpa, cga
 
World Merchandise Trade – September 2023.pptx
bypaul young cpa, cga
 
What is next for the Forestry Sector and Lumber Production - September 2023.pptx
bypaul young cpa, cga
 

Recently uploaded

PPTX
DEMAND, SUPPLY veterinary extension education.pptx
byhedofil287
 
PPTX
Bishop Grosseteste University Transcripts
by加拿大圣玛丽大学学历认证【Q微号:1954 292 140】SMU毕业证成绩单
 
PDF
CFA In-House Challenge Presentation - Team 4.pdf
bySarah Alahmadi
 
DOCX
_//How to Buy Instagram ///Accounts.docx
bymarketing
 
PDF
The Language of Trust_ Why Transparency Matters in Finance by Michael Christo...
byMichael Christopher Venturino
 
PDF
PSU-MAC001-modified- Căn bản kinh tế vĩ mô.pdf
bytt356044
 
PDF
How Financial Services Companies Get More Customers Using Referral Marketing
byReferral Factory
 
DOCX
Instant Delivery of Buy Verified Cash App Accounts_ A Guide to Digital Financ...
byUSAALLHUB Digital Marketer in 2026
 
PDF
EXFUSION - NEO.FX - english – Forex – Copy Trading – TAG Markets – Affiliate
byExfusion
 
PDF
GOAL SETTING PLANNER.pdf Goal Setting Planner 2030 - Plan Your Future with Th...
byCA Suvidha Chaplot
 
PDF
Marketing distribution and sales policy in the enterprise's economic security...
byIgor Britchenko
 
DOCX
Best 17 Sites to Buy Verified Coinbase Accounts With the New Year.docx
byUsaallhub is a Marketer Self-Employed
 
PPTX
10x Your Gold & Forex Trading in 2026 with AI Algo Trading
byProject Syndicate
 
PDF
Index Monitoring & Analysis – TASI, MT30 & Sukuk Report .pdf
bySarah Alahmadi
 
PPTX
Taxation on Alternate Investment Funds in India.pptx
byvigneshkathurojigari
 
PDF
GenerationAI Paris 2025 | How a CFO Can Get ROI with GenAI.pdf
byapidays
 
PDF
Buying Verified PayPal accounts_ What “Fully Verified” Means Across Accounts.pdf
byBusiness & SEO Service From www.usaallhub.com
 
PDF
Rupin Banker_ Global Money Flows and Their Impact on Emerging Economies.pdf
byRupin Banker
 
PPTX
TRIPS Agreement: Objectives, Features and the Global Waiver Debate
byAnveshaSingh14
 
DOCX
5 Best Marketplaces to Buy and Sell Facebook Accounts ....docx
bymarketing
 
DEMAND, SUPPLY veterinary extension education.pptx
byhedofil287
 
Bishop Grosseteste University Transcripts
by加拿大圣玛丽大学学历认证【Q微号:1954 292 140】SMU毕业证成绩单
 
CFA In-House Challenge Presentation - Team 4.pdf
bySarah Alahmadi
 
_//How to Buy Instagram ///Accounts.docx
bymarketing
 
The Language of Trust_ Why Transparency Matters in Finance by Michael Christo...
byMichael Christopher Venturino
 
PSU-MAC001-modified- Căn bản kinh tế vĩ mô.pdf
bytt356044
 
How Financial Services Companies Get More Customers Using Referral Marketing
byReferral Factory
 
Instant Delivery of Buy Verified Cash App Accounts_ A Guide to Digital Financ...
byUSAALLHUB Digital Marketer in 2026
 
EXFUSION - NEO.FX - english – Forex – Copy Trading – TAG Markets – Affiliate
byExfusion
 
GOAL SETTING PLANNER.pdf Goal Setting Planner 2030 - Plan Your Future with Th...
byCA Suvidha Chaplot
 
Marketing distribution and sales policy in the enterprise's economic security...
byIgor Britchenko
 
Best 17 Sites to Buy Verified Coinbase Accounts With the New Year.docx
byUsaallhub is a Marketer Self-Employed
 
10x Your Gold & Forex Trading in 2026 with AI Algo Trading
byProject Syndicate
 
Index Monitoring & Analysis – TASI, MT30 & Sukuk Report .pdf
bySarah Alahmadi
 
Taxation on Alternate Investment Funds in India.pptx
byvigneshkathurojigari
 
GenerationAI Paris 2025 | How a CFO Can Get ROI with GenAI.pdf
byapidays
 
Buying Verified PayPal accounts_ What “Fully Verified” Means Across Accounts.pdf
byBusiness & SEO Service From www.usaallhub.com
 
Rupin Banker_ Global Money Flows and Their Impact on Emerging Economies.pdf
byRupin Banker
 
TRIPS Agreement: Objectives, Features and the Global Waiver Debate
byAnveshaSingh14
 
5 Best Marketplaces to Buy and Sell Facebook Accounts ....docx
bymarketing
 

Fiscal Management| Canada| October 2020

  • 1.
    Fiscal Management Cycle –Canada Paul Young CPA CGA October 31, 2020
  • 2.
    Paul Young -Bio • CPA, CGA • Academia (PF1, FA4 and MS2) • SME – Risk Management • SME – Close, Consolidate and Reporting • SME – Public Policy • SME – Emerging Technology • SME – Financial Solutions • SME – Business Process Change • SME – Supply Chain Management Contact information: Paul_Young_CGA@Hotmail.com
  • 3.
    Introduction This presentation looksat key planks by the Liberals as well as fiscal management cycle for each party. Federal government has undertaken $252B+ in deficit spending as part of the COVID19 response.
  • 4.
    Agenda • FY 19/20– Fiscal Management Cycle – Canada • FY 20/21 – Fiscal Management – Federal Government • FY 20/21 – Fiscal Management Cycle – Provinces • Pandemic Response • Credit Downgrade • Size of Government • GDP Growth / Provinces • Job Quality – USA vs Canada • Affordability • GDP / Canada • Key Metrics / GDP comments • Importance of Audit (Operational and Performance Audit) • PBO / Deficit • Paul Martin years • 1980-1982 Recession • 2009 Recession • Failure of Trudeanomics • Key Policy Reviews
  • 5.
    Federal Government FY 19/20 Source– Government of Canada
  • 6.
    Fiscal Management –2020/2021 Source – Government of Canada - https://www.canada.ca/en/department-finance/services/publications/fiscal-monitor/2020/08.html
  • 7.
    New estimated ProjectionDeficit https://www.canadianmanufacturing.com/financing/freeland- says-aid-needed-but-not-infinite-as-central-bank-targets-2022- for-recovery-263007/ Freeland says aid needed, but not infinite, as central bank targets 2022 for recover In other words, “More money for friends of the LPC. More miss management of spending for LPC pet projects.” https://www.slideshare.net/paulyoungcga/fiscal-management- canada-analysis-and-commentary-october-18-2020 Canada has the highest deficit % of GDP of any G20 countries - https://www.huffingtonpost.ca/entry/budget-deficit- canada_ca_5f89a94fc5b62dbe71c23326
  • 8.
    Throne Speech /September 2020 • Here is my critique of the throne speech - https://www.slideshare.net/paulyoungcga/what-is-next-for-canada- throne-speech-september-23-2020 • Fitch - https://www.fitchratings.com/research/sovereigns/canadas-spending- pledges-to-push-federal-deficit-higher-still-25-09-2020 or https://www.westernstandardonline.com/2020/09/bond-agency-issues- warning-to-trudeau-about-throne-speech-spending-plans/ • CFIB - https://www.cfib-fcei.ca/en/media/news-releases/cfib-comment- federal-speech-throne • Chamber of Commerce - https://www.kelownachamber.org/news/post/533/Canadian_Chamber_Thron e_Speech_a_start_but_much_more_is_needed_to_get_Canadians_back_to_ work/ • Retail Council - https://www.retailcouncil.org/province/national/rcc- statement-on-the-governments-speech-from-the-throne/ • Natural Resources - https://www.energeticcity.ca/2020/09/not-much-there- for-resource-sector-in-throne-speech-says-zimmer/
  • 9.
    20/21 – FY– Federal Govt Source – BMO - https://economics.bmo.com/en/publications/detail/2a38b360-554f-462c-bf26-62300c6ce3c7/
  • 10.
    20/21 – FY– Federal Govt Source – BMO - https://economics.bmo.com/en/publications/detail/2a38b360-554f-462c-bf26-62300c6ce3c7/
  • 11.
    Waste / Stimulus Source– Fraser Institute - https://www.fraserinstitute.org/studies/federal-government-wasting-billions-on- poorly-targeted-assistance
  • 12.
    Pandemic Stimulus –Canada Source - https://covid19.pbo-dpb.ca/#/en/costing-economic-response-plan--etablissement-des-couts-plan-intervention-economique or https://www.bnnbloomberg.ca/even-with-slow-burn-pandemic-deficit-on-track-to-hit-330b- pbo-1.1500931 or https://www.theglobeandmail.com/politics/article-fiscal-update-morneau-projects-3432-billion-deficit-federal-debt/ or https://www.canada.ca/en/department-finance/services/publications/economic-fiscal- snapshot/summary.html or https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-fiscal-update--july-8--2020-.html or https://economics.bmo.com/en/publications/detail/bfc3da39-09a0-4c85-a1ce-94605da45117/ • Canada was already in a deficit position pre-covid19 - https://www.slideshare.net/paulyoungcga/2019-election-fiscal-management-plan-conservative- party-of-canada-ndp-green-party-of-canada-liberal-party-of-canada-ppc • Many aspects of the stimulus package have either been wasted or poorly targeted - https://www.fraserinstitute.org/article/poor-cerb-targeting-wastes-billions or https://www.theglobeandmail.com/business/article-about-41-of-small-businesses-surveyed- say-landlords-have-applied-for/
  • 13.
    Deficit as %of GDP Source - https://www.huffingtonpost.ca/entry/budget-deficit-canada_ca_5f89a94fc5b62dbe71c23326?ncid=other_twitter_cooo9wqtham&utm_campaign=share_twitter
  • 14.
    Downgrading of Debt Source - https://economics.bmo.com/ en/publications/detail/5f3625 7b-4df7-443b-b5d2- c348e290327c/ FitchRating itch Ratings - New York - 24 Jun 2020: Fitch Ratings has downgraded Canada's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'AA+' from 'AAA'. The Rating Outlook is Stable. KEY RATING DRIVERS The rating downgrade reflects the deterioration of Canada's public finances in 2020 resulting from the coronavirus pandemic. Canada will run a much expanded general government deficit in 2020 and emerge from recession with much higher public debt ratios. The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus. Although this will support recovery, the economy's investment and growth prospects face challenges. The Stable Outlook reflects Fitch's expectation that Canada's consolidated gross general government debt/GDP will stabilize over the medium term, in line with the pre-coronavirus policies, and that the economy will gradually recover, supported by significant counter-cyclical monetary and fiscal policies. Canada's structural strengths also underpin the ratings. These include its advanced, well-diversified and high-income economy, and Canada's political stability, strong governance and macro policy framework, which has delivered steady growth and low inflation. Canada has a large positive net international investment position, driven by its foreign pension assets. However, reliance on foreign portfolio flows to finance sustained current account deficits is a weakness, which has contributed to a persistent and growing level of net external debt. Source: https://www.fitchratings.com/research/sovereigns/fitch-downgrades-canada-ratings-to-aa-outlook-stable-24-06-2020 Summary  Lower bond rating means higher interest rates as bond raters will demand a premium for Cdn bonds  Trudeau was warned about the govt debt, but Morneau kept saying all was well - https://www.slideshare.net/paulyoungcga/debt-and-insolvency-global-crisis  Trudeau has failed the goods producing sector with his carbon tax, small business tax reforms, excessive regulations, weak infrastructure spending, etc. - https://www.slideshare.net/paulyoungcga/what-is-going-on-with-canadas-competitiveness  Natural Resources were struggling since late last years as Trudeau stood back when there was blockades and other issues. https://www.slideshare.net/paulyoungcga/canada-natural-resources-sector-whats-next
  • 15.
    Fitch / Canada Source- https://www.fitchratings.com/research/sovereigns/canadas-growing-deficit-raises-fiscal-consolidation-risks-27-08-2020
  • 16.
    Size of Government Source- https://www.blacklocks.ca/average-staffer-costs-115k/ https://www.bnnbloomberg.ca/pbo-more-spending-not-more-workers-driving-costs-for-federal- employees-1.1492043
  • 17.
    20/21 – FY– Federal Govt Source – BMO, Finance Canada, Scotiabank, CIBC, RBC and TD Economics
  • 18.
    FY 20/21 –Fiscal Management Cycle – Provinces Source - BMO
  • 19.
    GDP Growth /Provinces Source – RBC Economics
  • 20.
    Job Quality https://nationalpost.com/opinion/raymond-j-de-souza-hugh-segal-has-been-calling-for-a-basic-income-for-50-years- maybe-its-time?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1602765079 UBI tobe effective needs to be targeted at retraining for jobs of today and tomorrow https://www.slideshare.net/paulyoungcga/postsecondary-education-outcomes-canada All levels of government need to focus on getting goods to market https://www.slideshare.net/paulyoungcga/canada-and-youth-employment-analysis-and-commentary
  • 21.
    GDP / July2020 • Canada’s economy is going to face many hurdles due to many factors like taxation burden and over regulations - Source - https://www.slideshare.net/paulyoungcga/gdp-by-industry- canada-june-2020 or https://www.slideshare.net/paulyoungcga/gdp-canada-august-2020 • Canada should be focusing on policies that get goods to market - https://www.slideshare.net/paulyoungcga/how-best-to-get-goods-to-market
  • 22.
    Job Quality I haveworked in corporate finance for nearly 30 years as such I have never seen a govt willing to destroy the goods-producing sector along with small businesses to push the green agenda. @JustinTrudeau is a failure! https://www.slideshare.net/paulyoungcga/what-is-next-for-canada- throne-speech-september-23-2020
  • 23.
    Affordability Here is alook at the cost of living in Canada for the month of September 2020. • September inflation came in at 0.5% or about 400% change since August 2020 (0.1%) • Housing prices have hit a 14-year high • Food prices continue to rise How has @justintrudeau made things more affordable https://www.slideshare.net/paulyoungcga/cost-of-living-canada-september-2020
  • 24.
    GDP and restructuring •Many of the economies continue to be impacted by COVID19 – https://www.slideshare.net/paulyoungcga/scorecard-liberal-party-of- canada-fiscal-and-economic • Post-COVID 19 economy should include a focus on supply management - https://www.slideshare.net/paulyoungcga/scorecard- liberal-party-of-canada-fiscal-and-economic • Countries around the world are going need to push for trade reforms including reforming of key groups like WHO and WTO – https://www.slideshare.net/paulyoungcga/global-economy-whats- next • All levels of governments around the world will require a restructuring - https://www.slideshare.net/paulyoungcga/public- sector-how-to-reform-all-levels-of-government
  • 25.
    Importance of Audits •More oversight i.e. Infrastructure funding - https://nationalpost.com/news/opposition-pushes-for-audit-of- trudeaus-187b-infrastructure-plans-underscoring-weakened- liberal-position-in-house or medical supplies - https://thepostmillennial.com/trudeau-governments-medical- equipment-blunder-cost-taxpayers-1-8-billion • In times of fiscal crisis there is need for more oversight and audits - https://ipolitics.ca/2020/05/12/auditor-general-says-lack-of- funding-covid-19-demands-have-put-all-but-three-audits-on- pause/ Source - https://www.slideshare.net/paulyoungcga/the-importance- of-value-for-money-and-perfomance-based-audits
  • 26.
    Departmental Issues 1. Liberalshave created a new entity called the Ocean Super cluster. This entity seems to be a duplicate of what work is already being done through the fisheries agencies - https://www.slideshare.net/paulyoungcga/aquaculture-fish- farming-and-harvesting-analysis (see slide 17) 2. I have reviewed the coast guard and there are issues with the Coast Guard - https://www.slideshare.net/paulyoungcga/government-policy-public-safety-canada-coast-guard 3. Trudeau has not been clear about 5G, especially in terms of contracts - https://www.slideshare.net/paulyoungcga/global-security-threats-from-5g-leads-to-new-selection-of-5g-vendors 4. CRA needs to revisit its mandate in terms of auditing charities as well as shutting down tax havens - https://www.slideshare.net/paulyoungcga/closing-down-of-tax-havens 5. I have seen little discussion on the cannabis policy including mental health as well as enforcement costs - https://www.slideshare.net/paulyoungcga/government-policy-legalization-of-cannabis-canada 6. More work needs to be done to reform the delivery of healthcare - https://www.slideshare.net/paulyoungcga/whats-next-for-global-healthcare-post-covid19 7. Liberals policies for the AG sector need to have a full review - https://www.slideshare.net/paulyoungcga/whats- next-for-farming-in-canada-analysis-of-economic-and-government-policies 8. eCommerce continues to expand as such so should the policies of the government - https://www.slideshare.net/paulyoungcga/ecommerce-whats-next 9. The government needs a performance audit of its youth employment policies - https://www.slideshare.net/paulyoungcga/canada-youth-development 10. There needs to be performance audit of CERB as part of moving people off of CERB - https://www.slideshare.net/paulyoungcga/policy-analysis-guarantee-income
  • 27.
    Departmental Issues 1. CommercialRent - https://nationalpost.com/news/politics/trudeau-government-paying-84m-to-firm-employing-katie-telfords-husband-to- manage-rent-assistance-aid-program?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1596846898 Trudeau government paying $84M to firm employing Katie Telford's husband to manage rent assistance aid program. This another example of awarding friends without having the AG do performance audits.- https://www.theglobeandmail.com/politics/article-spouse-of-pms-chief-of-staff-had-meeting-on-liberals-rent- relief/ 2. EV sales have been sluggish despite the government support - https://www.slideshare.net/paulyoungcga/analysis-electrical-vehicle-market 3. Masks companies with no facilities - https://torontosun.com/news/national/questions-arise-about-quebec-companys-federal-contract-for-masks - Other companies were already producing masks - https://betakit.com/ppe-manufacturer-the-canadian-shield-launches-new-surgical-mask-line/ or https://www.dupont.ca/en/personal-protective-equipment.html 4. Foreign Aid – There are still issues with reporting including performance audits - The distribution of Foreign Aid is very important to countries as part of helping developing countries improve water, education, farming practices, infrastructure, and other areas of their economy. https://www.slideshare.net/paulyoungcga/foreign-aid-bringing-more-accountability-transparency-and-oversight 5. Telefilm Canada releases its audit report - https://www.oag- bvg.gc.ca/internet/English/mr_20200727_e_43597.html “We found that the corporation had some good corporate management practices in place. However, we found areas for improvement in practices related to board oversight; board independence; performance measurement, monitoring, and reporting; and risk mitigation, monitoring, and reporting 6. Payroll management system - https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/2020-foag-pm/index- en.aspx 7. Lack of oversight / Beirut mission - https://www.international.gc.ca/gac-amc/publications/audits- verification/2019/beirut-beyrouth.aspx?lang=eng 8. Audit of all COVID19 programs - https://www.todayville.com/191820-2/
  • 28.
    PBO / Deficit •CERB / extension cost “Eight more weeks of CERB to cost $17.9 billion, budget officer says” https://www.cbc.ca/news/politics/cerb-extension-pbo- 1.5623507 • Federal deficit will be much larger “The parliamentary budget officer says in a new report that this year's federal deficit could hit $256 billion due to the COVID-19 pandemic. The result, posted this morning, is the combination of an estimated total of $169 billion in federal spending on emergency aid and a historic drop in economic output. The budget office estimates the economy could shrink by 6.8 per cent in 2020, the weakest showing since 1981 and double the record of 3.2 per cent shrinkage in 1982. The overall deficit figure is only $3.8 billion higher than budget officer Yves Giroux's previous predictions, which his report says is due to a better economic outlook in the second half of the year that offsets some new spending. ” https://www.cbc.ca/news/politics/federal-deficit-pbo-1.5617221 • Government will require restructuring as part of post-covid19 - https://www.slideshare.net/paulyoungcga/transforming-the-public-sector- canada
  • 29.
    PBO • Issues withlosses at Crown Corporations - https://www.ctvnews.ca/politics/pbo-flags-high-borrowing- unusual-losses-at-crown-corporations-in-report-1.5027186 • Paid leave / government - https://www.cbc.ca/news/canada/ottawa/pbo-report-699- leave-during-covid-1.5661696 (Cost of leave has led to $632M Productivity losses)
  • 30.
    Paul Martin years •It never seems to amaze me how little people research history. It is like they take scripts from Liberals sites as the only source of the truth. The problem is Liberals like any other party will not tell you the complete truth, • https://www.slideshare.net/paulyoungcga/2019-election-fiscal-management- canada-june-2019 (see slide 26) • Slashed transfers – Trudeau had no issues with slashing transfers under Paul Martin - https://www.macleans.ca/news/canada/justin-trudeau-weighs-in-on- paul-martins-decision-to-slash-provincial-transfers/. Harper did fiscal discipline and Trudeau calls that out - https://www.liberal.ca/growing-our-economy-ralph- goodale/. No were does Trudeau and his team mention how Harper left $1B surplus YTD Nov/15 - https://www.slideshare.net/paulyoungcga/the-stephen- harper-years-pm-of-canada • Restructure EI including taking surpluses into operations - https://www.cbc.ca/news/canada/government-broke-law-on-ei-financing-in-3- years-top-court-1.750084
  • 31.
    1980-1982 Recession –Pierre Trudeau • 1980-1982 Recession • High interest rates • Movement away from the branch manufacturing approach to manufacturing • High government debt and deficits • https://www.cbc.ca/archives/entry/unemployment-reaches-all-time-high-in- 1982 Similarities • 2020 will see labor force change due to automation - https://www.slideshare.net/paulyoungcga/whats-next-for- automation-private-and-public-sector • Youth unemployment will be an issue due to many lacking the skills required for today and tomorrow’s workplace - https://www.slideshare.net/paulyoungcga/automation-and-human-capital-management-human-resources • Issue is not with interest rates, but the size of the debt - https://www.slideshare.net/paulyoungcga/covid19-global- debt-crisis-july-2020 • Inflation is creeping up in Canada but is nowhere near the 14% - https://www.slideshare.net/paulyoungcga/affordability-analysis-and-commentary-canada-june-2020 . There are issues with food prices as well as wage growth - https://www.slideshare.net/paulyoungcga/analysis-wages-and- employment-canada-may-2020
  • 32.
    2009 Recession The GreatRecession that began in 2008 led to some of the highest recorded rates of unemployment and home foreclosures in the U.S. since the Great Depression. Catalyzed by the crisis in subprime mortgage-backed securities, the crisis spread to mutual funds, pensions, and the corporations that owned these securities, with widespread national and global impacts. Ten years after the onset of the crisis, the impacts on workers and economic inequality persist. In a series of policy briefs, IRLE will highlight work by Berkeley faculty on the causes and long-term effects of the Recession. In this brief, we review research from IRLE faculty affiliate and UC Berkeley sociologist Neil Fligstein on the root causes of the Great Recession. Source - https://irle.berkeley.edu/what-really-caused-the-great-recession/ Government action: • Government did a stimulus as part of supporting the economy • Loans to business • Infrastructure spending • Liberals backed by NDP and Bloc demanded the stimulus - https://www.cbc.ca/news/canada/liberals-ndp-bloc-sign-deal-on-proposed-coalition- 1.700119 • Harper years - https://www.slideshare.net/paulyoungcga/the-stephen-harper-years-pm- of-canada
  • 33.
    Failure of Trudeaunomics • Thesad thing is the economy has been sliding for a few years due to Trudeaunomics being a failure! • https://www.slideshare.net/paulyoungcga/failure-of-trudeaunomics • Carbon tax and other changes have made things less affordable - https://www.slideshare.net/paulyoungcga/justin-trudeau- and-liberals-have-liberal-policies-made-things-more-affordable-for-canadians • GDP growth pre-COVID was running at 2.0% which is about the same rate as the past 20 years - https://www.slideshare.net/paulyoungcga/canada-slow-growth-liberal-party-of-canada-december-7-2016 • Trudeau introduce policies that did little to get goods to market or support small business - https://www.slideshare.net/paulyoungcga/canada-whats-next-for-small-business or https://www.slideshare.net/paulyoungcga/canada-natural-resources-sector-whats-next • There has been a job quality issues as Trudeau’s policies did little to support goods producing sector - https://www.slideshare.net/paulyoungcga/job-quality-canada-235057299 • Trudeau continues to push guarantee income despite guarantee income being a failure around the world - https://www.slideshare.net/paulyoungcga/is-guarantee-income-the-right-approach-for-canada-and-other-countries
  • 34.
    Departmental Issues 1. Liberalshave created a new entity called the Ocean Super cluster. This entity seems to be a duplicate of what work is already being done through the fisheries agencies - https://www.slideshare.net/paulyoungcga/aquaculture-fish- farming-and-harvesting-analysis (see slide 17) 2. I have reviewed the coast guard and there are issues with the Coast Guard - https://www.slideshare.net/paulyoungcga/government-policy-public-safety-canada-coast-guard 3. Trudeau has not been clear about 5G, especially in terms of contracts - https://www.slideshare.net/paulyoungcga/global-security-threats-from-5g-leads-to-new-selection-of-5g-vendors 4. CRA needs to revisit its mandate in terms of auditing charities as well as shutting down tax havens - https://www.slideshare.net/paulyoungcga/closing-down-of-tax-havens 5. I have seen little discussion on the cannabis policy including mental health as well as enforcement costs - https://www.slideshare.net/paulyoungcga/government-policy-legalization-of-cannabis-canada 6. More work needs to be done to reform the delivery of healthcare - https://www.slideshare.net/paulyoungcga/whats-next-for-global-healthcare-post-covid19 7. Liberals policies for the AG sector need to have a full review - https://www.slideshare.net/paulyoungcga/whats- next-for-farming-in-canada-analysis-of-economic-and-government-policies 8. eCommerce continues to expand as such so should the policies of the government - https://www.slideshare.net/paulyoungcga/ecommerce-whats-next 9. The government needs a performance audit of its youth employment policies - https://www.slideshare.net/paulyoungcga/canada-youth-development 10. There needs to be performance audit of CERB as part of moving people off of CERB - https://www.slideshare.net/paulyoungcga/policy-analysis-guarantee-income
  • 35.
    Departmental Issues 1. CommercialRent - https://nationalpost.com/news/politics/trudeau-government-paying-84m-to-firm-employing-katie-telfords- husband-to-manage-rent-assistance-aid- program?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1596846898 Trudeau government paying $84M to firm employing Katie Telford's husband to manage rent assistance aid program. This another example of awarding friends without having the AG do performance audits. - https://www.slideshare.net/paulyoungcga/policy-review-commercial-rent-subsidy-federal- program-canada 2. EV sales have been sluggish despite the government support - https://www.slideshare.net/paulyoungcga/analysis-electrical-vehicle- market 3. Foreign Aid – There are still issues with reporting including performance audits - The distribution of Foreign Aid is very important to countries as part of helping developing countries improve water, education, farming practices, infrastructure, and other areas of their economy. https://www.slideshare.net/paulyoungcga/foreign-aid-bringing-more-accountability-transparency-and-oversight 4. Telefilm Canada releases its audit report - https://www.oag- bvg.gc.ca/internet/English/mr_20200727_e_43597.html “We found that the corporation had some good corporate management practices in place. However, we found areas for improvement in practices related to board oversight; board independence; performance measurement, monitoring, and reporting; and risk mitigation, monitoring, and reporting 5. Payroll management system - https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/2020-foag- pm/index-en.aspx 6. Lack of oversight / Beirut mission - https://www.international.gc.ca/gac- amc/publications/audits-verification/2019/beirut-beyrouth.aspx?lang=eng 7. Audit of all COVID19 programs - https://www.todayville.com/191820-2/
  • 36.
    Departmental Issues • GlobalAffairs went with higher contract with China firm vs lower bid from Canadian Firm (scanning equipment) - https://nationalpost.com/opinion/john-ivison-ottawas-fig-leaf-excuse-for-inviting-chinese-x- rays-into-canadas-embassies-just-blew-away • Government continues to create new entities to managed moneys when existing programs like Western Development fund could handle the moneys - https://www.slideshare.net/paulyoungcga/market-food-protein-market-analysis-and-commentary • Government has failed on the marijuana pardon system - https://www.leafly.com/news/canada/canadas-marijuana-sentence-expungement-suspension- program-is-failing-heres-why - “COVID19 did not help the process, but there was backlog before COVID19”
  • 37.
    Key Policy Review •Indigenous Affairs - https://www.slideshare.net/paulyoungcga/policies-and-affairs-indigenous- first-nations-analysis-and-commentary • Defense Spending - https://www.slideshare.net/paulyoungcga/policy-analysis-defense-spending- canada • EI - https://www.slideshare.net/paulyoungcga/policy-analysis-employment-insurance-and-cerb- canada • Cannabis - https://www.slideshare.net/paulyoungcga/cannabis-legalization-canada-policy- analysis • Innovation - https://www.slideshare.net/paulyoungcga/how-best-to-support-business-startups • Income inequality - https://www.slideshare.net/paulyoungcga/pandemic-and-covid19-canada- and-the-world • Post-Secondary Education - https://www.slideshare.net/paulyoungcga/postsecondary-education- outcomes-canada • Youth Employment - https://www.slideshare.net/paulyoungcga/canada-and-youth-employment- analysis-and-commentary • Social Welfare and Housing - https://www.slideshare.net/paulyoungcga/canadas-reforming-of- social-welfare-programs • Foreign Policies and Affairs - https://www.slideshare.net/paulyoungcga/foreign-policies-and- affairs-middle-east-238725972 or https://www.slideshare.net/paulyoungcga/policy-review- october-2020-immigration-and-refugees-canada
  • 38.
    Summary • Canada willhave a long road a head when it comes to fixing its economy and fiscal management cycle by all levels of government - https://www.slideshare.net/paulyoungcga/canada-gdp- and-economy-truth-and-what-needs-to-change • Canada will need a plan that deals with job quality, fdi, goods producing sector, affordable housing, tax fairness and value for money social programs - https://www.slideshare.net/paulyoungcga/transforming- the-economy-postcovid19-canada-and-the-world • Getting goods to market - https://www.slideshare.net/paulyoungcga/how-to-address- issues-facing-getting-goods-to-market • Reforming Government - https://www.slideshare.net/paulyoungcga/how-to-reform- the-public-sector-in-canada-and-around-the-world • Circular Economy – https://www.slideshare.net/paulyoungcga/how-to-best- support-a-circular-economy • Global Economy - https://www.slideshare.net/paulyoungcga/what-is-next- for-the-global-economy-october-2020 • Ethics, accountable, transparent, and honest government - https://www.slideshare.net/paulyoungcga/governance- model-for-canada-are-liberals-more-transparent-and-open
  • 39.
    Other Sources • If youlike to learn more about trade and/or other subjects as part of your professional learning and development then feel free to review my material on https://www.udemy. com/ (search Paul Young CPA CGA