Category Archives: Finances

Canada’s National Debt in 2023 (Includes Cortes and Area C data)

According to the Canadian Taxpayers Federation, the National Debt is now close to $1.21 trillion dollars, which amounts to $30,602 per Canadian. The government expects to pay more than $46.5 billion to service the debt for 2023/24. This exceeds 10% of the federal revenue threshold, recommended by David Dodge, former Bank of Canada Governor. A report from the Fraser Institute states: “In 2021, the average Canadian family (in which two partners are working) earned an income of $99,030 and paid total taxes equaling $42,547 (43.0%).” What does this mean on Cortes Island? Or in Area C?

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Canada’s emergency wage subsidy served as ‘blank cheque’ for companies: Canadians for Tax Fairness

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

Some of Canada’s biggest corporations received a pandemic subsidy intended to keep their employees on the payroll, but a new report finds that in many cases, these large companies actually reduced employment while padding the pockets of shareholders.

These findings, from a report by Canadians for Tax Fairness, should make Canadians angry and point to a double standard, the federal NDP’s finance critic Daniel Blaikie told Canada’s National Observer in an interview. It is “egregious” for the federal government to have the Canada Revenue Agency (CRA) “hound” some individuals who applied for and received financial support through emergency programs like the Canada Emergency Response Benefit (CERB) to return the money, he added.

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Corporations are winning the inflation bump, while Canadians struggle with high prices

By Natasha Bulowski, Canada’s National Observer, Local Journalism Initiative Reporter

As Canadians struggle to afford essential goods and services, the spoils of inflation are ending up largely in corporate profits, particularly in oil, gas and mining industries, a new analysis reveals.

The Canadian Centre for Policy Alternatives (CCPA) crunched the numbers to see how much more Canadians spent over the last two years due to inflation and pinpointed which industries benefited the most.

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Seven ways to tackle inflation without raising interest rates

Originally published on Corporate Knights

Editor’s note: Guy Dauncey’s Big Solutions: Raising interest rates is a cruel cudgel that hurts the most vulnerable. There are other responses that governments and central banks should consider.

By Guy Dauncey

There are many causes of inflation, but there’s only one solution central banks seem willing to consider: increase interest rates. This has many people scratching their heads: Why would this bring down the price of rent, food or gas? Won’t it increase costs for anyone who pays interest on a variable-rate mortgage or consumer loan? And won’t it make essential green investments more difficult?

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Cortes Island matters at EASC’s Inaugural Meeting

A number of Cortes Island matters were discussed at the new Electoral Areas Service Committee’s (EASC) Inaugural meeting. This is a special committee made up of the four Strathcona Regional District rural directors and the first stop before their concerns are brought before the full board. The initial discussion of Cortes Island’s proposed Grants in Aid; a Whaletown Community Club request for funding to install a wheelchair ramp at the Old Schoolhouse Art Gallery; and a proposed staff report about liveaboards: were all on the agenda today. As expected Gerald Whalley, the only director to have previously served on the Board, was elected Chair. The big news is that Cortes Island Director Mark Vonesch has been elected Vice Chair.

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