The document provides an analysis of the Canadian Throne Speech delivered on September 23, 2020. It includes: - An overview and commentary on key points from the Throne Speech. - Statistics and data on the current state of the Canadian economy from various sources, including employment levels, housing prices, and sector performance. - Critiques of previous Liberal government policies on issues like carbon taxation, childcare, infrastructure spending, and concerns around new initiatives proposed in the speech. - Recommendations for alternative approaches focusing on tax reform, productivity improvements, addressing high costs of living, and ensuring access to raw materials for green technologies.

1. P A U L Y O U N G C P A C G A
S E P T E M B E R 2 4 , 2 0 2 0
WHAT’S NEXT FOR CANADA –
THRONE SPEECH – SEPTEMBER
23, 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 – Business Process Change
• SME – Financial Solutions
• SME – Supply Chain Management
Contact information:
Paul_Young_CGA@Hotmail.com

3. AGENDA
• Throne Speech
• Key Stats – Canada

4. THRONE SPEECH
Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/

5. KEY STATS -
Source – BMO, RBC, Association of Equipment Manufacturers, Stats Canada, Canada Real Estate Association, TDBank, CIBC, Government of Canada, The Trucker, IES,
Desrosiers Automotive consultants

6. KEY STATS -
Source – BMO, RBC, Association of Equipment Manufacturers, Stats Canada, Canada Real Estate Association, TDBank, CIBC, Government of Canada, The Trucker, IES,
Desrosiers Automotive consultants

7. KEY STATS -
Source – BMO, RBC, Association of Equipment Manufacturers, Stats Canada, Canada Real Estate Association, TDBank, CIBC, Government of Canada, The Trucker, IES,
Desrosiers Automotive consultants

8. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• Canada is less competitive today due to many policy changes
• Carbon taxation which pushes the cost of goods sold up -
https://www.slideshare.net/paulyoungcga/canada-carbon-tax-and-the-impact-on-household-
budgets-march-2019
• New Regulations for natural resources sector - https://www.mondaq.com/canada/oil-gas-
electricity/825700/canadian-energy-senate-passes-bill-c-48-and-c-69. The natural resources sector
has been in decline before COVID19 - https://www.slideshare.net/paulyoungcga/latest-analysis-and-
commentary-on-canadas-natural-resources-sector
• Higher payroll taxes - https://www.slideshare.net/paulyoungcga/2019-election-retirement-payroll-
tax-cpp-canada-august-2019
• Canada needs policies that improve productivity -
https://www.slideshare.net/paulyoungcga/canada-competitiveness-analysis-of-policy
• Small business tax changes - https://globalnews.ca/news/3779935/small-business-tax-changes-cfib/
- More analysis with this presentation - https://www.slideshare.net/paulyoungcga/survival-or-
collapse-small-business

9. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• Liberals created over 1M jobs pre-covid19. The problem is the majority of those jobs are
with the service sector. Service sector jobs pay on average 30-40% less than the goods
producing sector - https://www.slideshare.net/paulyoungcga/canada-employment-market-
for-august-2020

10. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• There were many issues with the wage subsidies including who qualifies for the Wage Subsidy -
https://www.cfib-fcei.ca/en/media/news-releases/cfib-comment-federal-speech-throne
• Many businesses faced other issues including rent, operational costs, etc.
https://www.slideshare.net/paulyoungcga/policy-review-commercial-rent-subsidy-federal-program-
canada or https://www.slideshare.net/paulyoungcga/analysis-of-the-hospitality-sector or
https://www.slideshare.net/paulyoungcga/retail-sales-canada-july-2020

11. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• Quebec model has not been completely effective - https://www.iedm.org/1921-quebecs-failed-child-care-
model/
• There are many issues with childcare that will not be address with one off policy changes -
https://www.slideshare.net/paulyoungcga/2019-child-care-who-do-trust-more-to-support-child-care

12. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• Quebec model has not been completely effective - https://www.iedm.org/1921-quebecs-failed-child-care-
model/
• There are many issues with childcare that will not be address with one off policy changes -
https://www.slideshare.net/paulyoungcga/2019-child-care-who-do-trust-more-to-support-child-care

13. Source - https://economics.bmo.com/en/publications/detail/20b87848-af81-4c4d-b8e5-a27ba3f124fd/
• Hospitality sector is dealing with capacity issues which is leading to potential cash flow issues. Any
solutions for hospitality and tourism will required more funding to support day to day operations
• The hospitality sector continues to struggle as it is showing only 75% of the jobs have come back
since Feb/20. @cafreeland and her journalism background feel the best way to move the economy
forward is with UBI and not the reforming of tax & economic policy
• The hospitality sector was also struggling before COVID19 due to many issues like carbon
taxation, CPP hikes, higher food costs, and other -
https://www.slideshare.net/paulyoungcga/analysis-of-the-hospitality-sector

14. • There are many issues with corporate taxation that need to be addressed. One off policies will not fix
other issues with the tax code - https://www.slideshare.net/paulyoungcga/how-best-to-design-
corporate-taxation-policies-as-part-of-supporting-economic-growth
• Digital tax has been discussed for a few years -
https://home.kpmg/xx/en/blogs/home/posts/2020/05/digital-economy-tax-debate.html
• The government should be going after tax havens -
https://www.slideshare.net/paulyoungcga/closing-down-of-tax-havens
• The government should be addressing issues with the tax code -
https://www.slideshare.net/paulyoungcga/does-the-world-need-a-wealth-tax

15. • The national Pharmacare program has many flaws
• @DrEricHoskins There is no way Canada is ready for Pharmacare as it has many holes, but then
again you work in the past for @ontario_liberal as such you are experience at delivering bad
policies!
1. Pharmacare - https://www.slideshare.net/paulyoungcga/can-canada-be-successful-at-
pharmacare
2. Government is not working on procurement but pushing prices down -
https://www.reuters.com/article/us-canada-pharmaceuticals/canada-enacts-drug-price-
crackdown-in-blow-to-pharmaceutical-industry-idUSKCN1UZ0XH
3. Governments have struggle with drug costs - https://www.ifsd.ca/en/blog/last-page-blog/past-
failures
4. There needs to be a global strategy on drug delivery and pricing -
https://theconversation.com/why-the-us-has-higher-drug-prices-than-other-countries-111256
5. Healthcare reforms - https://www.slideshare.net/paulyoungcga/how-does-the-world-
transform-healthcare

16. • The liberals past infrastructure plans have been flawed. The infrastructure bank has been a
boondoggle - https://www.slideshare.net/paulyoungcga/canada-infrastructure-analysis-of-policy-
238326543
• Public transit has many issues, especially if more people will work remotely. Public transit is heavily
subsidized by all levels of government - https://www.slideshare.net/paulyoungcga/how-is-transit-
doing-in-canada-238341756
• Canada already generates over 80% of its power from clean sources -
https://www.slideshare.net/paulyoungcga/report-electricity-analysis-canada-and-the-world
• The average house prices has increased faster than both wage, inflation and GDP growth over the
past five years - https://www.slideshare.net/paulyoungcga/housing-market-canada-august-2020
• There many issues with housing including land, cost of construction, permits, raw material and other
costs. The Liberals policies have been a failure on making things affordable -
https://www.slideshare.net/paulyoungcga/affordability-have-the-liberals-improve-the-lives-of-
canadians
• There needs to be urban vs rural strategy that includes all levels of government -
https://www.slideshare.net/paulyoungcga/urban-and-rural-planning-whats-next-236315321

17. • Canada is a carbon sink. Emissions are not the issue in Canada, especially when other countries are
not addressing their issues related to land management, water management, air quality, forest
management and other areas of the environment -
https://www.slideshare.net/paulyoungcga/canada-global-emissions-and-climate-change
• There are issues with electrical vehicles including access to plug-in stations, raw materials (vanadium,
lithium, rare metals. China controls bulk of the EV raw materials. The better option would be for
hybrid vehicles along with clean fuel for boats, trucks, and container ships -
https://www.slideshare.net/paulyoungcga/ev-vehicles-analysis-and-commentary and
https://www.slideshare.net/paulyoungcga/raw-materials-clean-technology-products

18. • The last program that involved and equity investment by CMHC was a flawed program -
https://policyoptions.irpp.org/magazines/may-2019/ottawas-first-time-home-buyer-incentive-is-flawed/
• The supply of housing needs to be fixed including looking innovative solutions like 3-D printing, modular and other policy
changes - https://www.slideshare.net/paulyoungcga/2019-election-housing-and-real-estate-canada-july-2019
• There are issues with cash flow. Many jobs are not coming back. The Liberal policies will lead to issues with the
investment in the goods-producing sector - https://www.slideshare.net/paulyoungcga/how-to-address-issues-facing-
getting-goods-to-market

19. There are already issues with clean technology related products
Blog – Clean Products
The key aspect of the development of clean technology is
access to raw materials. This presentation looks at the
supply including risks to the green economy -
https://www.slideshare.net/paulyoungcga/raw-materials-
clean-technology-products
“Battery shortages and manufacturers prioritizing
shipments to China and Europe contributing to shortfall”
https://www.canadianmanufacturing.com/environment-
and-safety/ev-sales-slump-as-supply-challenges-leave-
dealers-short-260865/
Kind of hard to support the green technology if you
cannot have access to raw materials
https://www.slideshare.net/paulyoungcga/raw-materials-
clean-technology-products
We need to focus on projects that have a
positive ROI!
Economy -
https://www.slideshare.net/paulyoungcga/glo
bal-economy-current-state-and-whats-next
Green
https://www.slideshare.net/paulyoungcga/fail
-green-agenda-ontario-july-2019
Climate Change -
https://www.slideshare.net/paulyoungcga/clea
n-technology-the-green-economy
Clean -
https://financialpost.com/technology/liberals-
600-million-cleantech-fund-is-losing-money-
and-struggling-to-find-investments

20. FISCAL MANAGEMENT
• Trudeau has failed to acknowledge that past budgets did little in terms of addressing value for money with the delivery
of social programs or fixing issues with productivity or fixing issues with getting goods to market or fixing issues with tax
fairness - https://www.slideshare.net/paulyoungcga/was-finance-minister-bill-morneau-a-success-or-failure
• Liberals inherit $1B surplus YTD/Nov 2015 which they turned into deficits. The Keynesian economics
experiment by Trudeau never led to prosperity that he promised in 2015 -
https://www.slideshare.net/paulyoungcga/fiscal-management-debt-and-deficits-canada

21. SUMMARY
• The throne speech will do nothing to support 30% of the GDP. The focus should have been on getting goods to market -
https://www.slideshare.net/paulyoungcga/how-to-address-issues-facing-getting-goods-to-market
• Liberals continue to push the green agenda despite many issues with supply and profitability -
https://www.slideshare.net/paulyoungcga/clean-technology-the-green-economy
• Liberals also failed to implement policies that will ensure government spending is done with value for money -
https://www.slideshare.net/paulyoungcga/designing-social-programs-and-tax-fairness-policies
• Liberals have failed to discuss how they will implement better risk management policies and programs -
https://www.slideshare.net/paulyoungcga/establishing-best-practices-when-it-comes-to-managing-crisis-private-sector-and-
public-sector
• Liberals 1M job plan is pie-in-the-sky as their polices will lead to competitiveness issues with many sectors -
https://www.slideshare.net/paulyoungcga/tranformation-of-supply-chains
• Little has been discussed when it comes to Canada being a carbon sink - https://www.slideshare.net/paulyoungcga/canada-
global-emissions-and-climate-change
• Government needs to reform which was not addressed in the throne speech - https://www.slideshare.net/paulyoungcga/how-to-
reform-the-public-sector-in-canada-and-around-the-world
• Household debt is a big issue. The government throne speech did little to ease the issue with debt -
https://www.slideshare.net/paulyoungcga/what-is-happening-with-debt-around-the-world