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Saturday, January 03, 2009
Happy New Year
Yes it's the new year and the hits just keep on coming. Jim Flaherty, the man presently responsible for the coutry's finances has just announced that there may be tax cuts in the upcoming budget. Maybe. Maybe not. What do you think?
This is what's known as a trial ballon and it has a long and proud history in Ottawa. Suggest something might happen and see how and who reacts. Adjust as needed. The problem is that we're in the middle of a global financial crisis that is having a very serious effect on Canada. During the election a couple of months ago the Cons made fun of Stephane Dion for saying he wanted to consult and formulate a plan in 30 days to get Canada thru this crisis. It took the Cons 30 days to decide they needed to consult, and having consulted still don't have a plan. They're floating trial balloons and are obviously only concerned with cobbling together a budget that gives everyone enough money to stop them from complaining and makes it difficult for the opposition parties to defeat.
One of the tax cuts that's been brought in is the tax free savings account. Up to $5,000 can be saved in a special account with no income tax paid on it. What a great way to encourage Canadians to save. Unfortunately what is needed at the present time is to encourage Canadians to continue to spend. Ooops.