Dear Charlie;
Here are some interesting facts!
I don't see much that would stop the Loonie from its march upwards and onwards!
MARKETS
China has now firmly eclipsed Canada as the No.1 seller of goods to the U.S., a shift in trade that reflects the Asian consumer goods juggernaut's ever deeper penetration of the U.S. market. Trade statistics show that in the year to July 31, 2007, China sold US$312-billion worth of merchandise while Canada shipped $$306-billion. The U.S. shipped $238-billion to Canada in the same 12-month period while it sold only $60-billion to China.
ENVIRONMENT
China's environmental problems are mounting. Water pollution and water scarcity are burdening the economy, rising levels of air pollution are endangering the health of millions of Chinese, and much of the country's land is rapidly turning into desert. China has become the world's leader in air and water pollution and land degradation and a top contributor to some of the world's most vexing global environmental problems, such as the illegal timber trade, marine pollution and climate change. All of these pose risks to the economy, public health and social stability.
FREEDOM
The Fraser Institute, a Canadian think-tank publishes a list annually of countries according to how much they encourage free trade, both internally and with other territories. Countries with fewer taxes, strong property rights, low regulation and sound money score best. Hong Kong retains its top position. Britain, the U.S. and Canada tie for fifth position. Germany is ranked 18th, on a par with El Salvador. France and Italy are outside the top 50.
SERVICES
Statistics Canada reports that in 2006, Canada's services trade deficit increased by C$3.0-billion to reach $15.2-billion,the largest deficit ever. Record deficits were registered for travel and transportation services. In 2005, the most recent year with complete detailed information, services were largely in deficit with the U.S., and in lesser measure with Europe and Asia.
LINGERIE
The first Russian retailer has just opened in Britain. Russia's biggest lingerie retailer, the Wild Orchid group, is trying to cash in on the booming sales of ladies underwear. Britain's fast growing lingerie market is forecast to grow from US$5-billion in 2006 to $6-billion by 2011. Women in the UK buy more underwear than any country in the European Union.
ENERGY
The sun remains largely untapped as a source of energy. The world's biggest solar farm, where more than 400,000 mirrors cover four square miles of California's Mojave desert, was built in the 1980s and still churns out 354 megawatts of electricity, enough for 900,000 homes. Until recently, no more large solar plants have been built, despite souring demand. A new plant went on line in June in Nevada which will generate 64 megawatts of power.
TRENDS
Despite the notion that bank machines and the Internet will replace the teller and the local bank branch, one Canadian bank is experimenting in selected branches in Toronto and Vancouver with opening on Sundays. Another major Canadian bank is adjusting its hours so as to be open 60 hours a week from its present 50 hours.
AIRLINES
A recent forecast states that the international airline sector could post a US$5.6-billion profit this year, finally recovering after being stuck in red ink since September 11, 2001. The forecast reflects robust consumer demand for flights and efficiency gains made by airlines operating with greater labour productivity and lower non-fuel costs.
Canada's Government Delivers Broad-Based Tax Relief for Individuals, Families and Businesses
Today, October 31, 2007, 20 hours ago
The Honourable Jim Flaherty, Minister of Finance, today presented the Government's 2007 Economic Statement, which proposes broad-based tax relief for all Canadians, including a further reduction of the goods and services tax (GST).
"Given the uncertainty in the global economy, now is the time to provide additional tax relief for Canadians," said Minister Flaherty. "Our strong fiscal position provides Canada with an opportunity that few other countries have–to make broad-based tax reductions that will strengthen our economy and leave more money in the pockets of ordinary Canadians."
Since coming to office 21 months ago, the Government has taken action that will reduce the overall tax burden for Canadians and businesses by about $190 billion, bringing taxes to their lowest level in nearly 50 years.
At the heart of the Tax Relief Package is an additional 1-percentage-point reduction in the GST, effective January 1, 2008. This tax cut fulfills the Government's key campaign commitment and builds on the initial GST reduction introduced in Budget 2006. For consumers, the total savings from the 2-percentage-point reduction in the GST will amount to approximately $12 billion next year.
Individual savings will be significant:
• A family purchasing a new $300,000 home will save $3,840 in GST.
• A family spending $10,000 on home renovations will save $200 in GST.
• A family spending $30,000 on a new minivan will save $600 in GST.
The GST credit will be maintained at its current level, translating into more than $1.1 billion in benefits annually for low- and modest-income Canadians.
The Government is proposing additional tax relief for individuals and families by:
• Increasing the basic personal amount to $9,600 retroactive to January 1, 2007. The basic personal amount will be increased to $10,100 on January 1, 2009. This proposal will provide Canadians with an additional $2.5 billion in tax relief in 2007 and 2008.
• Reducing the lowest personal income tax rate to 15 per cent from 15.5 per cent retroactive to January 1, 2007.
Families earning between $15,000 and $30,000 will pay on average almost $180 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $45,000 and $60,000 will pay on average almost $400 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $80,000 and $100,000 will pay on average $602 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
For Canadian businesses, the Government will be:
• Reducing the general corporate income tax rate to 15 per cent by 2012, starting with a 1-percentage-point reduction in the rate in 2008 beyond the already scheduled reductions.
• Reducing the small business income tax rate to 11 per cent in 2008, one year earlier than scheduled.
"We are putting business taxes on a five-year track downward to help stimulate further economic growth and create even more jobs," said Minister Flaherty. "We are ushering in a new era of declining business taxation in Canada. It will be a steady, predictable decline that businesses can count on and can plan on."
With these reductions, Canada's general federal corporate income tax rate will fall by one-third between 2007 and 2012, and Canada's corporate tax rate will become the lowest among the major industrialized economies.
The Government also announced it is planning additional debt reduction of $10 billion this fiscal year, for a total of more than $37 billion in debt relief since coming to office. This is the equivalent of $1,570 for each man, woman and child in Canada.
As a result, the federal government's debt-to-GDP ratio–its debt load as a share of the economy–is expected to fall below 25 per cent by 2011–12, t
Raw log export levy aims to buoy industry
Yesterday, October 30, 2007, 2:00:00 AM
The following article is excerpted from the 30 October 2007 edition of “globeandmail.com”.
British Columbia is expecting to raise between $10-million and $15-million annually through a raw-log levy as part of a plan aimed at shifting the emphasis in forestry harvesting from old-growth trees to second growth while also tackling the issue of raw-log exports.
Forests Minister Rich Coleman suggested that the levy, unveiled yesterday as part of a Coastal Forest Action Plan, will cut raw-log exports from Crown land by 50 per cent….rent."
Critics have likened the export of raw, unprocessed logs to the export of jobs from the B.C. forestry sector.
As of Feb. 1, 2008, log export fees in B.C.'s southern coastal region will be tied to the softwood lumber export tax. That will mean logs and lumber leaving B.C. will be subject to an equivalent export charge.
In a statement, the ministry said it was expected the linkage would cut the incentive to export logs to the United States when the lumber export tax is high.
Mr. Coleman conceded the plan won't do much in the short term to help the struggling coastal forest industry, which directly employs about 12,000 workers and generates $250-million in revenue for the provincial and local levels of government….
Flaherty poised to shell out tax cuts
Yesterday, October 30, 2007, 2:00:00 AM
This article is extracted from the 30 October 2007 edition of the “Toronto Star”.
Canadians could see hefty income tax breaks announced this afternoon in a federal mini-budget that will capitalize on a rising tide of government cash.
Last-minute planning has been shrouded in secrecy but sources say the government has been preparing to surprise Canadians with personal income tax cuts that would save the average taxpayer about $700 annually.
The government was also weighing when to proceed with its promise to reduce the goods and services tax by another percentage point, to 5 per cent.
Cuts in corporate taxes have also been in the works in recent weeks as Prime Minister… Harper's government prepared to turn the annual fall economic statement into an actual budget complete with tax measures.
This year's surplus now looks to be headed higher than last year's $13.8 billion figure.
"We certainly feel that Canadians pay too much tax," Flaherty replied yesterday when asked if the government would trim the GST again….
Flaherty will roll out the economic package about 4 p.m. today in Ottawa….
The Liberals are adamantly opposed to another GST cut on the grounds that it does little to boost Canada's long-term economic health. But defeating the government on a confidence vote would force an election that the weakened Liberals want to avoid right now.
It would also allow Harper to campaign late this year on an upbeat platform of attractive tax cuts.
The spring budget is normally when Ottawa unveils tax changes and spending measures. But Harper's minority government – flush with excess cash – appears eager to make good on its oft-repeated promises to reduce the tax burden on individuals and businesses.
Also, a budget that fulfills tax-cut pledges today would help blunt reminders of the broken promise in the 2006 campaign not to impose new taxes on income trusts….
The Conservatives are under pressure from their core supporters to reduce the amount of cash Canadians send to Ottawa. Despite promising to do that in the last election campaign, Flaherty actually raised the lowest personal income-tax rate by a half percentage point, to 15.5 per cent, in his 2006 budget.
Also, continuing wealth gains among the richest Canadians and soaring corporate profits, particularly in petroleum and financial services, are leaving huge budget surpluses – something the Conservatives branded unacceptable while in opposition….
But tax breaks – or even promises of tax breaks in next spring's budget – will raise urgent questions about the government's priorities when Canadians are recognizing they face an environmental crisis in global warming and cities are clamouring for help with urban transit and decaying roads and bridges….
Ottawa Vows to Make Food and Consumer Products Safer
Monday, October 29, 2007, 2:00:00 AM
Canada lags behind the rest of the world in its systems for ensuring food and products are safe and the federal government plans to bring in sweeping new measures, from substantial fines to more safety inspectors to bring the country up to speed, Health Minister Tony Clement said Wednesday.
"In all seriousness, we have fallen behind the rest of the world when it comes to some of our enforcement," Clement told reporters at a news conference.
The minister said the government is prepared to make major changes to the way it handles food and product safety, including an overhaul of the badly outdated Hazardous Products Act, in order to restore consumer confidence in products coming into the country.
"All of this is on the table right now," Clement said. "There's no quick and simple answer to this challenge, but I think there are things that we can do to modernize how we look at this situation and tighten up with some areas and also give consumers the information they need to make the right choices for themselves."
For instance, Clement highlighted the fact the government doesn't have the authority to order a company to remove its products from the marketplace if they present a potential risk. Health Canada can work with the company and advise a recall, but can't actually force a company to take action - something that has to change in order to better protect Canadians, he said.
The government also doesn't have the ability to issue penalties to companies which sell toys or other products that might be seen as dangerous - an area Clement said is being addressed in the government's product safety review.
A growing number of food and product recalls in recent months, including millions of toys painted with lead, cups that risk choking or cutting children, as well as tainted lettuce, spinach, toothpaste and dog food has sparked alarm among consumers as well as questions about the government's ability to keep harmful products out of the country.
In an effort to ease consumers' minds about food and product safety, the federal government has created a new website that will provide details about current recalls and problematic companies.
"We understand parents and consumers need more information," Clement said. "Canadian consumers do have a right to expect that their government will take every step necessary to ensure their safety."
The site will allow Canadians to search for recalled items by product name, date or company and will include information on recalls dating back to 1995.
"Due to some recent recalls, people have had concerns about the safety of the Canadian food supply. This government is committed to food safety and will introduce measures so that consumers can have more confidence in the quality and safety of what they buy," Clement said.
http://www.aacb.com/publications/forms/rss.asp
Here are some interesting facts!
I don't see much that would stop the Loonie from its march upwards and onwards!
MARKETS
China has now firmly eclipsed Canada as the No.1 seller of goods to the U.S., a shift in trade that reflects the Asian consumer goods juggernaut's ever deeper penetration of the U.S. market. Trade statistics show that in the year to July 31, 2007, China sold US$312-billion worth of merchandise while Canada shipped $$306-billion. The U.S. shipped $238-billion to Canada in the same 12-month period while it sold only $60-billion to China.
ENVIRONMENT
China's environmental problems are mounting. Water pollution and water scarcity are burdening the economy, rising levels of air pollution are endangering the health of millions of Chinese, and much of the country's land is rapidly turning into desert. China has become the world's leader in air and water pollution and land degradation and a top contributor to some of the world's most vexing global environmental problems, such as the illegal timber trade, marine pollution and climate change. All of these pose risks to the economy, public health and social stability.
FREEDOM
The Fraser Institute, a Canadian think-tank publishes a list annually of countries according to how much they encourage free trade, both internally and with other territories. Countries with fewer taxes, strong property rights, low regulation and sound money score best. Hong Kong retains its top position. Britain, the U.S. and Canada tie for fifth position. Germany is ranked 18th, on a par with El Salvador. France and Italy are outside the top 50.
SERVICES
Statistics Canada reports that in 2006, Canada's services trade deficit increased by C$3.0-billion to reach $15.2-billion,the largest deficit ever. Record deficits were registered for travel and transportation services. In 2005, the most recent year with complete detailed information, services were largely in deficit with the U.S., and in lesser measure with Europe and Asia.
LINGERIE
The first Russian retailer has just opened in Britain. Russia's biggest lingerie retailer, the Wild Orchid group, is trying to cash in on the booming sales of ladies underwear. Britain's fast growing lingerie market is forecast to grow from US$5-billion in 2006 to $6-billion by 2011. Women in the UK buy more underwear than any country in the European Union.
ENERGY
The sun remains largely untapped as a source of energy. The world's biggest solar farm, where more than 400,000 mirrors cover four square miles of California's Mojave desert, was built in the 1980s and still churns out 354 megawatts of electricity, enough for 900,000 homes. Until recently, no more large solar plants have been built, despite souring demand. A new plant went on line in June in Nevada which will generate 64 megawatts of power.
TRENDS
Despite the notion that bank machines and the Internet will replace the teller and the local bank branch, one Canadian bank is experimenting in selected branches in Toronto and Vancouver with opening on Sundays. Another major Canadian bank is adjusting its hours so as to be open 60 hours a week from its present 50 hours.
AIRLINES
A recent forecast states that the international airline sector could post a US$5.6-billion profit this year, finally recovering after being stuck in red ink since September 11, 2001. The forecast reflects robust consumer demand for flights and efficiency gains made by airlines operating with greater labour productivity and lower non-fuel costs.
Canada's Government Delivers Broad-Based Tax Relief for Individuals, Families and Businesses
Today, October 31, 2007, 20 hours ago
The Honourable Jim Flaherty, Minister of Finance, today presented the Government's 2007 Economic Statement, which proposes broad-based tax relief for all Canadians, including a further reduction of the goods and services tax (GST).
"Given the uncertainty in the global economy, now is the time to provide additional tax relief for Canadians," said Minister Flaherty. "Our strong fiscal position provides Canada with an opportunity that few other countries have–to make broad-based tax reductions that will strengthen our economy and leave more money in the pockets of ordinary Canadians."
Since coming to office 21 months ago, the Government has taken action that will reduce the overall tax burden for Canadians and businesses by about $190 billion, bringing taxes to their lowest level in nearly 50 years.
At the heart of the Tax Relief Package is an additional 1-percentage-point reduction in the GST, effective January 1, 2008. This tax cut fulfills the Government's key campaign commitment and builds on the initial GST reduction introduced in Budget 2006. For consumers, the total savings from the 2-percentage-point reduction in the GST will amount to approximately $12 billion next year.
Individual savings will be significant:
• A family purchasing a new $300,000 home will save $3,840 in GST.
• A family spending $10,000 on home renovations will save $200 in GST.
• A family spending $30,000 on a new minivan will save $600 in GST.
The GST credit will be maintained at its current level, translating into more than $1.1 billion in benefits annually for low- and modest-income Canadians.
The Government is proposing additional tax relief for individuals and families by:
• Increasing the basic personal amount to $9,600 retroactive to January 1, 2007. The basic personal amount will be increased to $10,100 on January 1, 2009. This proposal will provide Canadians with an additional $2.5 billion in tax relief in 2007 and 2008.
• Reducing the lowest personal income tax rate to 15 per cent from 15.5 per cent retroactive to January 1, 2007.
Families earning between $15,000 and $30,000 will pay on average almost $180 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $45,000 and $60,000 will pay on average almost $400 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
Families earning between $80,000 and $100,000 will pay on average $602 less in tax in 2008 as a direct result of the tax measures announced in the Fall Economic Statement.
For Canadian businesses, the Government will be:
• Reducing the general corporate income tax rate to 15 per cent by 2012, starting with a 1-percentage-point reduction in the rate in 2008 beyond the already scheduled reductions.
• Reducing the small business income tax rate to 11 per cent in 2008, one year earlier than scheduled.
"We are putting business taxes on a five-year track downward to help stimulate further economic growth and create even more jobs," said Minister Flaherty. "We are ushering in a new era of declining business taxation in Canada. It will be a steady, predictable decline that businesses can count on and can plan on."
With these reductions, Canada's general federal corporate income tax rate will fall by one-third between 2007 and 2012, and Canada's corporate tax rate will become the lowest among the major industrialized economies.
The Government also announced it is planning additional debt reduction of $10 billion this fiscal year, for a total of more than $37 billion in debt relief since coming to office. This is the equivalent of $1,570 for each man, woman and child in Canada.
As a result, the federal government's debt-to-GDP ratio–its debt load as a share of the economy–is expected to fall below 25 per cent by 2011–12, t
Raw log export levy aims to buoy industry
Yesterday, October 30, 2007, 2:00:00 AM
The following article is excerpted from the 30 October 2007 edition of “globeandmail.com”.
British Columbia is expecting to raise between $10-million and $15-million annually through a raw-log levy as part of a plan aimed at shifting the emphasis in forestry harvesting from old-growth trees to second growth while also tackling the issue of raw-log exports.
Forests Minister Rich Coleman suggested that the levy, unveiled yesterday as part of a Coastal Forest Action Plan, will cut raw-log exports from Crown land by 50 per cent….rent."
Critics have likened the export of raw, unprocessed logs to the export of jobs from the B.C. forestry sector.
As of Feb. 1, 2008, log export fees in B.C.'s southern coastal region will be tied to the softwood lumber export tax. That will mean logs and lumber leaving B.C. will be subject to an equivalent export charge.
In a statement, the ministry said it was expected the linkage would cut the incentive to export logs to the United States when the lumber export tax is high.
Mr. Coleman conceded the plan won't do much in the short term to help the struggling coastal forest industry, which directly employs about 12,000 workers and generates $250-million in revenue for the provincial and local levels of government….
Flaherty poised to shell out tax cuts
Yesterday, October 30, 2007, 2:00:00 AM
This article is extracted from the 30 October 2007 edition of the “Toronto Star”.
Canadians could see hefty income tax breaks announced this afternoon in a federal mini-budget that will capitalize on a rising tide of government cash.
Last-minute planning has been shrouded in secrecy but sources say the government has been preparing to surprise Canadians with personal income tax cuts that would save the average taxpayer about $700 annually.
The government was also weighing when to proceed with its promise to reduce the goods and services tax by another percentage point, to 5 per cent.
Cuts in corporate taxes have also been in the works in recent weeks as Prime Minister… Harper's government prepared to turn the annual fall economic statement into an actual budget complete with tax measures.
This year's surplus now looks to be headed higher than last year's $13.8 billion figure.
"We certainly feel that Canadians pay too much tax," Flaherty replied yesterday when asked if the government would trim the GST again….
Flaherty will roll out the economic package about 4 p.m. today in Ottawa….
The Liberals are adamantly opposed to another GST cut on the grounds that it does little to boost Canada's long-term economic health. But defeating the government on a confidence vote would force an election that the weakened Liberals want to avoid right now.
It would also allow Harper to campaign late this year on an upbeat platform of attractive tax cuts.
The spring budget is normally when Ottawa unveils tax changes and spending measures. But Harper's minority government – flush with excess cash – appears eager to make good on its oft-repeated promises to reduce the tax burden on individuals and businesses.
Also, a budget that fulfills tax-cut pledges today would help blunt reminders of the broken promise in the 2006 campaign not to impose new taxes on income trusts….
The Conservatives are under pressure from their core supporters to reduce the amount of cash Canadians send to Ottawa. Despite promising to do that in the last election campaign, Flaherty actually raised the lowest personal income-tax rate by a half percentage point, to 15.5 per cent, in his 2006 budget.
Also, continuing wealth gains among the richest Canadians and soaring corporate profits, particularly in petroleum and financial services, are leaving huge budget surpluses – something the Conservatives branded unacceptable while in opposition….
But tax breaks – or even promises of tax breaks in next spring's budget – will raise urgent questions about the government's priorities when Canadians are recognizing they face an environmental crisis in global warming and cities are clamouring for help with urban transit and decaying roads and bridges….
Ottawa Vows to Make Food and Consumer Products Safer
Monday, October 29, 2007, 2:00:00 AM
Canada lags behind the rest of the world in its systems for ensuring food and products are safe and the federal government plans to bring in sweeping new measures, from substantial fines to more safety inspectors to bring the country up to speed, Health Minister Tony Clement said Wednesday.
"In all seriousness, we have fallen behind the rest of the world when it comes to some of our enforcement," Clement told reporters at a news conference.
The minister said the government is prepared to make major changes to the way it handles food and product safety, including an overhaul of the badly outdated Hazardous Products Act, in order to restore consumer confidence in products coming into the country.
"All of this is on the table right now," Clement said. "There's no quick and simple answer to this challenge, but I think there are things that we can do to modernize how we look at this situation and tighten up with some areas and also give consumers the information they need to make the right choices for themselves."
For instance, Clement highlighted the fact the government doesn't have the authority to order a company to remove its products from the marketplace if they present a potential risk. Health Canada can work with the company and advise a recall, but can't actually force a company to take action - something that has to change in order to better protect Canadians, he said.
The government also doesn't have the ability to issue penalties to companies which sell toys or other products that might be seen as dangerous - an area Clement said is being addressed in the government's product safety review.
A growing number of food and product recalls in recent months, including millions of toys painted with lead, cups that risk choking or cutting children, as well as tainted lettuce, spinach, toothpaste and dog food has sparked alarm among consumers as well as questions about the government's ability to keep harmful products out of the country.
In an effort to ease consumers' minds about food and product safety, the federal government has created a new website that will provide details about current recalls and problematic companies.
"We understand parents and consumers need more information," Clement said. "Canadian consumers do have a right to expect that their government will take every step necessary to ensure their safety."
The site will allow Canadians to search for recalled items by product name, date or company and will include information on recalls dating back to 1995.
"Due to some recent recalls, people have had concerns about the safety of the Canadian food supply. This government is committed to food safety and will introduce measures so that consumers can have more confidence in the quality and safety of what they buy," Clement said.
http://www.aacb.com/publications/forms/rss.asp