Canadian billionaire Jim Pattison warns that recent policy proposals to tax the wealthy may lead to investment fleeing Canada, and make it harder to tackle current labour shortages.
“The people that are in business, they invest money which creates jobs,” Pattison said in a wide-ranging interview on Thursday. “They should pay their fair share, but there’s other alternatives. The government is taxing people that have money [and who] will go someplace else, like the United States or somewhere.”
Pattison’s message to the government is simple: encouraging investment will create jobs needed to help ensure Canada’s economy will see a strong recovery from the COVID-19 pandemic.
“Capital goes to where it’s friendly to capital,” he added. “The more you hit capital, they’ll find a place that’s more favourable in most cases, but capital creates jobs handled in a proper way.”…read more.
First Announced in July, the Ksi Lisims LNG Project in BC is a 12 million tonne per year project planned for the northern tip of Pearse Island by the Nass River, north of Prince Rupert BC. The project is a collaboration between the Nisga’a Nation, Rockies LNG, and Western LNG LLC.
In the latest development, the Impact Assessment Agency of Canada is inviting the public to review the summary of the initial project description and provide feedback related to the proposed project until September 25, 2021.
“The driving force was our desire for sustainable economic activity. The Nisga’a Nation has been actively pursuing LNG development since 2014. Back then, there was a lot of attention given to LNG. The Nisga’a Nation saw opportunities at the very outset when we perceived the capacity for LNG in our northern area.”
In 2014, demand for natural gas in Asia was still booming in the wake of the 2011 Fukushima nuclear disaster. Optimism that Canada was well-positioned for LNG projects having a short shipping route to Asian markets was prevalent even though some analysts doubted how long the demand surge would last…read more.
Inflation rose faster than expected in August.
Statistics Canada says the Consumer Price Index (CPI) rose 4.1 per cent on a year-over-year basis in August, more than the 3.9 per cent that was expected.
It’s also the fastest pace since March 2003 and up from 3.7 per cent in July.
Prices rose in seven of the eight major components.
Getting around was particularly costly. Gasoline prices were up 32.5 per cent compared to the previous year due to lower production than pre-pandemic. As restrictions eased and people started taking more trips, the traveller accommodation price index rose 19.3 per cent…read more.
Martijn van den Bemd, GM of Adcore (TSX:ADCO) joins Mike to share some ideas on investing in cutting edge EdTech and the growth prospects for the sector.
Canada is likely to elect another minority government next week, with no party able to win absolute control of the House of Commons. That could be a recipe for higher taxes and more spending, according to National Bank of Canada.
Polls show Justin Trudeau’s Liberals in a tight race with the Conservatives, and the balance of power could be held by a New Democratic Party with a “tax- and-spend orientation,” Warren Lovely, the Montreal-based bank’s chief rates and public sector strategist, said in a report to investors. “Canadian businesses, high income earners and the wealthy may wish to take note.”
The New Democrats, led by Jagmeet Singh, have a platform that includes higher corporate taxes and higher taxes on top earners and investors. The party is proposing that 75 per cent of capital gains would be taxable, up from 50 per cent, to help pay for increased social spending…read more.