Here is my latest look at household consumption, taxation, and income. Justin Trudeau is continuing on his social spending plan. The problem is there was a structural deficit pre-covid19.

1. HOUSEHOLD
SPENDING,
SAVINGS AND
INCOME
(INCOME
INEQUALITY
Presenter Name: Paul Young CPA CGA
April 7, 2022

2. PAUL YOUNG - BIO
• CPA, CGA (1996)
• Academia (PF1, FA4, FN2, MU1. and MS2)
• SME – Customer Success Management
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Macro/Micro Indicators
• SME – Supply Chain Management
• SME – Data, AI, Security, and Platform
• SME – Internal Controls and Auditing
Contact information email: Paul_Young_CGA@hotmail.com
LinkedIn: https://www.linkedin.com/in/paul-young-055632b/
SlideShare - https://www.slideshare.net/paulyoungcga
Twitter: https://twitter.com/paulyoungcpa
YouTube - https://www.youtube.com/user/youngercga1968/videos

3. AGENDA
• Savings vs Income
• Income distribution
• Low Income and Poverty
• Middle Class
• Taxing the Wealthiest
• Corporate Tax vs Direct Subsidies
• Bank Tax
• Housing / Affordability
• Cost of Living
• PBO and the Carbon Tax
• GDP and Deficits
• Summary
PRESENTATION TITLE 2/11/20XX 3

4. SAVINGS VS INCOME
Source - https://www150.statcan.gc.ca/n1/daily-quotidien/220406/dq220406a-eng.htm
PRESENTATION TITLE 2/11/20XX 4

5. SAVINGS VS INCOME
Source - https://www150.statcan.gc.ca/n1/daily-quotidien/220406/dq220406a-eng.htm
PRESENTATION TITLE 2/11/20XX 5

6. LOW INCOME AND
POVERTY
PRESENTATION TITLE 2/11/20XX 6
@HonAhmedHussen
Here are your failures with poverty:
- imposing a regressive carbon tax that hurt the poor more than the
wealthy
- no real focus on supporting the goods-producing sector
- Education does not align with the jobs of today and tomorrow
https://www.slideshare.net/paulyoungcga/how-to-fix-global-poverty
Basic income? How about we fix what ails the economy?
There is a big push to moved people from CERB to UBI
https://www.slideshare.net/paulyoungcga/policy-review-unemployment-
insurance-canada
You can expect 500K or more jobs not coming back post-covid19. Could this
be grounds for the government to push basic income?
1. Job Quality - https://www.slideshare.net/paulyoungcga/job-quality-
canada-vs-usa
2. Growing the economy - https://www.slideshare.net/paulyoungcga/slow-
economic-growth-canada-march-2020
3. Emphasis on the skill trades -
https://www.slideshare.net/paulyoungcga/2019-election-skills-
management-career-and-employment-canada-september-2019

7. MIDDLE CLASS
PRESENTATION TITLE 2/11/20XX 7
@MarkGerretsen Since you refuse to talk
about the middle class, then I will with my
work! Your policies have done nothing to help
the middle class in Canada!
https://www.slideshare.net/paulyoungcga/did-
liberals-make-lives-better-for-canadians-
251351609 and
https://globalnews.ca/news/1356467/tax-cuts-
since-2005-net-canadians-30b-pbo/
The middle class has struggled under
@JustinTrudeau

8. WEALTH
PRESENTATION TITLE 2/11/20XX 8
Blog – Tax Fairness and Wealth Distribution – Canada and the World -
https://www.slideshare.net/paulyoungcga/wealth-distribution-and-income-tax-fairness
Summary:
I am all for tax fairness to ensure loopholes are closed for the wealthy. The problem for the past many years is if
all levels of government are not addressing programs that will better support those that need the support. Too
much is being written and said about UBI to fix income gaps. The real issues come back to opportunities for
people to move to better-paying jobs. The focus all levels of government should be focusing on growing the
economy in a sustainable way while protecting the environment.
Housing and its affordability must be addressed as part of wealth distribution. Housing costs have outpriced
many people.
Poverty continues to be an issue that will not be addressed by one-off programs like UBI but through many
policies

9. CORPORATE TAX VS SUBSIDIES
PRESENTATION TITLE 2/11/20XX 9
The media is awash in reports of large companies paying little to no taxes but the reality is different, with
65% of large companies saying their total taxes are up in the past 12 months and a quarter of them saying
their taxes are way up, a BDO survey finds. https://www.cfodive.com/news/company-tax-bills-rising-with-
compliance-
complexity/620266/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-03-
14%20CFO%20Dive%20%5Bissue:40342%5D&utm_term=CFO%20Dive
https://www.slideshare.net/paulyoungcga/corporate-tax-vs-direct-subsidies

10. BANK TAX
@JustinTrudeau @theJagmeetSingh
did either of you look at F/S and
investment holdings of a bank before
pushing your new financial services
taxes? I guess punishing people owning
private/public pension plans and
RRSPs is your goal, right?
2/11/20XX 10
D’Souza estimates such a surtax would result in a one to two per
cent impact on the big banks’ bottom lines, which is “very
manageable.” He said he doesn’t think investors should lighten up on
their bank holdings based solely on this new potential tax.
“The tax rate increase by itself, I don't think is a sufficient enough
reason to have a more bearish or concerned outlook for the banking
sector,” he said.
However, D’Souza said the additional tax could change how the
banks decide to deploy capital, and even make them reluctant to lend
if they expect their profitability will be hit by an extra tax.

11. HOUSING AFFORDABILITY
PRESENTATION TITLE 2/11/20XX 11
https://twitter.com/HonAhmedHussen/status/1507422576745795589
You had 6+ years to address housing and failed. Now you have the answers, right @HonAhmedHussen
Highest Debt levels ever for Canadians!
Avg home is now selling for 812K
Lumber and construction costs continue to rise
Low adoption of 3D printing of houses
https://www.slideshare.net/paulyoungcga/housing-continues-to-face-many-challenges-across-the-globe
Housing and RBC.pdf

12. COST OF LIVING
PRESENTATION TITLE 2/11/20XX 12
https://twitter.com/ctvqp/status/1510641869503582217
Hey @s_guilbeault
LI prices have gone through the roof!
There is lack of plug-in station. Who is going to pay for this capacity?
Replacement batteries for vehicles are an issue
No mentioned of the loss gas tax money
So, you are OK with high inflation?
https://www.slideshare.net/paulyoungcga/clean-technology-search-for-raw-materia-and-new-productspptx

13. CARBON TAX
PRESENTATION TITLE 2/11/20XX 13
Hey @s_guilbeault
Lithium prices have gone through the roof!
There is lack of plug-in station. Who is going to pay for this
capacity?
Replacement batteries for vehicles are an issue
No mentioned of the loss gas tax money
https://www.slideshare.net/paulyoungcga/clean-technology-
search-for-raw-materia-and-new-productspptx
'There is going to be
a cost' Federal carbon pricing to generate 'net loss' for most households, PBO finds National Post.pdf

14. GDP AND DEFICITS
PRESENTATION TITLE 2/11/20XX 14
• Trudeau inherited a balanced budget. Trudeau deficits were neither small nor effective -
https://www.slideshare.net/paulyoungcga/failure-of-trudeaunomics-april-2022pptx
• Trudeau has new spending plan over $78B new spending - https://www.reuters.com/world/americas/razors-
edge-canadas-liberals-eye-more-spending-inflation-burns-2022-04-05/
• Where are the taxes coming from? Tax the rich (Not enough of them) Tax corporations (Not enough of
them) Raise GST to 10% from 6% (20B / year)
• Trudeau team had a structural deficit pre-covid19 - https://www.slideshare.net/paulyoungcga/canada-
fiscal-management-deficit-and-debt-january-2022pptx

15. SUMMARY
PRESENTATION TITLE 2/11/20XX 15
Summary:
Trudeau promise in 2015 to build a resilient economy that would be inclusive and grow at a faster pace that
previous government. Despite Trudeau’s Keynesian spending to economy the economy struggles under
excessive taxation and regulations. - https://www.slideshare.net/paulyoungcga/canada-fail-experiment-
with-trudeaunomics
Trudeau took GDP that was averaging 2.3% under Harper to GDP averaging 2% pre-covid -
https://www.slideshare.net/paulyoungcga/slow-economic-growth-canada-march-2020
Trudeau came in with a plan to tax the rich which never brought in the new taxes that he promised
Trudeau carbon tax has led to higher costs for many households across Canada
https://torontosun.com/opinion/editorials/editorial-carbon-tax-higher-than-rebate-for-most
Housing debt is at the highest level ever in Canada - https://www.bnnbloomberg.ca/real-estate-binge-
pushes-canadian-household-debt-to-new-record-1.1736274
Trudeau never address issues with innovation, productivity, and skill gaps as a result FDI in key sectors like
manufacturing, mining, oil and gas, and forestry lagged other jurisdictions like Australia -
https://www.minerals.org.au/news/growth-australia%E2%80%99s-mining-exports-power-economic-
recovery
Blog – Savings, Household Consumption, and Income – Canada (2021 vs 2015)
Real-estate binge
pushes Canadian household debt to new record - BNN Bloomberg.pdf
EDITORIAL Carbon
tax higher than rebate for most Toronto Sun.pdf
Growth in Australia’s
mining exports to power economic recovery Minerals Council of Australia.pdf
Taxing the rich/Wealthiest
https://financialpost.com/diane-francis/diane-francis-wealth-tax-is-a-foolhardy-ploy-to-keep-spending
Diane Francis Wealth
tax is a foolhardy ploy to keep spending Financial Post.pdf
Income and wealth -
Canada - Inequality.pdf
Source - https://www150.statcan.gc.ca/n1/daily-quotidien/220406/dq220406a-eng.htm
Housing and RBC.pdf
Housing and RBC.pdf 'There is going to be
a cost' Federal carbon pricing to generate 'net loss' for most households, PBO finds National Post.pdf
Razor's edge
Canada's Liberals eye more spending as inflation burns Reuters.pdf
Household Debt -
Trudeau.pdf
Low-income
households have accelerated their wealth generation Wealth Professional.pdf
Faster rate hikes,
cooling home prices to squeeze HELOC holders Financial Post.pdf
BMO Blue Book
Canadian economy proves resilient amidst continued challenges.pdf
Wealth GDP and
Income Distribution - FAO.pdf
The delicate balance
between grocery store profit and food security - Canadian Manufacturing.pdf
Canada office
vacancy rate climbs as Omicron wave delays return Financial Post.pdf
Manufacturing Snags
Will Lead To More Price Hikes, Industry Body Warns CKBW.pdf
Canada Nickel raises
$51.6 million to bring Timmins deposit to mine-ready stage - Northern Ontario Business.pdf
Suncor Shares Go
From First to Worst in Canada Oil-Sands Boom.pdf
Engineers Canada
calls on government to promote and invest in activities to increase Canada’s productivity Engineers Canada.pdf
Australia's budding
vanadium industry vital to more sustainable future, experts say - ABC News.pdf
Get ready, the
‘mining boom on steroids’ is coming.pdf
BOC and Monetary
Policies.pdf
no-free-lunch-for-the
-99-percent.pdf
Tax and Spend -
Trudeau.pdf
Richest Canadians
had double-digit drop in household saving rate last year Advisor's Edge.pdf