2024 federal budget will inhibit growth and hold back Canada's potential: Business Council of Canada

The federal government’s inability to make choices and rein in spending will have a negative impact on the lives and livelihoods of all Canadians, says Goldy Hyder, president and CEO of the Business Council of Canada.
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[@rickchou3818]

It shouldn't be called Budget 2024 but rather Inflation Plan 2024

[@Mcmastergirththesplitter]

Embarrassing time to be a Canadian….this chick is trying so hard to defend the liberal budget as hard as she can.

[@adame3265]

In her defence, he doesn't really address any of her questions, he's just changes the topic and sticks to his talking points. If he wants to see a reduced budget, that's totally fine, but WHAT does he want cut? Healthcare? No spending on housing? Defence cuts? Or does he want an increased federal deficit? He doesn't say ANYTHING except that he doesn't like spending and the capital gains increase. Okay. That's fine, but provide any kind of alternative. This is the kind of response you expect out of a mediocre politician.

[@Mcmastergirththesplitter]

@@adame3265 well I think I understand his position, what should he do? Give the liberals information to either attack their position, or give away the good ideas? It’s a no brainer the conservatives will govern in a better way and if they don’t god help us. But there is no world where I’m going to vote for tyrants that restrict freedom and run on platforms of hate and segregation, mass immigration and a climate hoax. So I’m voting for PP and never ever casting another vote for either NDP or the liberals.

[@littlethings8331]

@@adame3265it’s easy. First, reduce the bloated bureaucracy in the federal government. The public sector has outpaced the private sector in Canada. want to be more effective and productive? Get a lean government otherwise might as well turn it into a communist country.

[@adame3265]

@@littlethings8331 Hyder didn't say any of this.

[@Starky513]

Her job is to challenge things people are saying

[@darrenlove2625]

"....hold back Canada's potential" That is essentially the entire mandate of the Trudeau government

[@user-qq4zg4gg3w]

This does not Tax the Rich. It taxes ordinary people trying to build some assets for retirement. The rich use; Trusts, incorporation, moving head offices to off-shore tax havens to pay little or No tax.

[@mariadavis3797]

Correct, folks with even one rental property to finance their retirement will be punished by this new tax simply for wanting to look after their retirement themselves; way to go Canada.

[@AmanSS890]

So if I want to have maybe one rental property to help with my retirement I get punished for that way to go Canada . This does not tax the rich it only Taxes ordanaey candians that are trying to get ahead . The way Canada is going who in the world even wants to start a business here let alone live here . Going to leave Canada this summer moving my business to Singapore 🇸🇬 as a business owner I will be taxed way less over there . a house just starts at $1million and that’s a small townhouse in the gta 🤦‍♀️ the average house price increased 1.2% for March 2024 thank god I still have my Singapore citizenship.

[@leslieross9729]

Tax, tax, tax, then tax the tax.

[@jptrainor]

And spend, spend, spend, spend

[@tommyalmight]

Does Trudeau know any other way to solve problem other than raise Taxes?

[@icantwiththis]

No

[@shawnd223333]

He needs more money to pocket and give away

[@mariadavis3797]

Higher taxes is always the socialist “solution” to money worries.

[@nicolasbenson009]

I recognize the hardships that come with economic struggles like unemployment, job loss, inflation, housing market instability, political uncertainties, and the global impact of conflicts and wars. Making ends meet during such times can be incredibly challenging. To navigate this difficult period, considering alternative job prospects, enhancing skills through online courses, and expanding your network can heighten the chances of securing employment. Moreover, prudent budgeting, exploring available financial aid programs, and seeking assistance from community organizations can offer some relief. How are you currently tackling these challenges? Have you implemented any specific strategies to cope?

[@SandraDave.]

In my opinion, now is not the moment to rely on hearsay. Every individual, regardless of their level of experience as an investor OR in a financial market, requires guidance at some stage.

[@RaymondKeen.]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@EddyAgnes-vy4kp]

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@RaymondKeen.]

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@Hectorkante]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@krisboucher37]

Of course it will. This government does nothing for Canadians. We have a drama teacher and a journalist running this once great country

[@N8N8-yh7ws]

Increased Carbon Tax and now increased Capital Gains Tax; what else…Rain Tax…increased food prices…increased interest rates…the cost of everything went up. How can the average Canadian who is actively working get ahead and save for a decent retirement?

[@bluesmansunnyfournier4727]

Breathing tax is coming next.

[@shawnd223333]

Bug tax once that becomes the main source of filler ingredients...and conjestion tax...cuz too many people are moving to GTA

[@jptrainor]

Getting out of bed tax. But you can go to bed tax free so don't complain.

[@notsunnydaysahead]

Lmao brother. Stop giving them ideas ​@@jptrainor

[@erickpalacios8904]

You make more than $250k in capital gains per year to defend your outrage? Must be nice.

[@w.s.2102]

Who the hell starts a business in Canada?

[@guigram1124]

to be taxed 2/3 of gains?

[@jptrainor]

Battery makers.... As long as they get a fat subsidie.

[@ehusband]

@@guigram1124 incorrect. Taxed ON 2/3 of your gains, and small businesses have millions of exemptions. This is very misleading propaganda when it's going to affect such a small piece of the richest population only.

[@jameschou888]

Canadians before they have the means to move out

[@guigram1124]

@@ehusband The propaganda is believe only rich will pay. For example, If someone bought a cottage 20 years ago and sell they will be taxed more. Another example, this gov said they were looking to increase competition in Canada in sectors like groceries and telecom, that's great! But Knowing they will be taxed 2/3 on their gains, how they expect to bring investments to this country that is already suffering of lack of investments?

[@alexbosorogan7501]

This will affect more than 1% will affect the trust investing in Canada. This is a generational disaster.

[@jptrainor]

Who are the "trust investing class"?

[@guigram1124]

The reporter really tried hard to defend the government unsuccessfully....

[@user-ct6hf4jr1t]

Absolutely, Canada needs a federal electoral now !

[@24theMoney]

Not a chance BOC lowers interest rates in 2024 with this massive spending budget. Textbook inflation. Enjoy that $1.79/L gas this week. LOL

[@kennordsfan1494]

My friend in Victoria told me gas is 2.18 a litre now.

[@HemiJB91]

Wait till July. He will apply another carbon tax once a wildfire takes place

[@kyungshim6483]

Wealth redistribution never ends up well. It creates bad incentives for both the poor and the rich. Why don't these people know that?

[@PhilCraig-vx3up]

As a newbie that wants to invest, you must have these three things in mind 1. Have a long term mindset. 2. Be willing to take risk. 3. Be careful on money usage, if you're not spending to earn back, then stop spending. 4. Never claim to know - Ask questions and it's best you work with a financial advisor.

[@Alexibawendi]

I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.

[@Alexibawendi]

Thanks to Mrs Maria Davis.

[@Alexibawendi]

She's a licensed broker here in the states

[@NickAnthony322]

YES!!! That's exactly her name (Maria Davis) so many people have recommended highly about her and am just starting with her 😊 from Brisbane Australia🇦🇺

[@GarryBenson1]

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimony on CNBC news last week.

[@kp-ce1uk]

is she related to a liberal MP?

[@kylepasta]

The works for BNN, the guy who owns it michael bloomberg is a democrat

[@MightyKingYoung]

Trudeau has RUINED this country!! They just spend, spend, spend when the money isn't there

[@dougiep2769]

When are canadians gonna realize they have communists running the show. So sad whats gonna happen to these kids.. gonna be poverty trying to pay off the debt rhis gov has racked up

[@Icecold0505]

Well, at least they announced Halal mortgages. My advice to any young Canadian. Move.

[@gcc8584]

South

[@webrbio3153]

Couldn't agree more. I'm on my way out in short order.

[@gracie57]

Such discrimination for those who have a different faith!!!!!

[@oz3906]

Candian dollar will go down due to result of less investments in Canada. Therefore, anything imported to Canada will cost Canadians more money. It's hugely inflationary for Canadians.

[@gregromaine5958]

The Nail in Canada's economic coffin!!! * years of Canadian economic root and to make it worse, Generations to come will have to pay for it!!! a double negative!!

[@geraldbrowne]

How does the bond market not hammer our economy like the GB

[@jptrainor]

It has one primary purpose: permit the government to waive the "tax the rich" flag and to give them the opportunity to criticize their political opposition who appose it.

[@franciswhite419]

This is going to hurt.

[@toasty-toast]

Well said Mr Hyder.

[@jptrainor]

BNN have become government cheer leader. The host is acting like a politician representing a position.

[@oz3906]

It is not tax. It confiscation.

[@jackmidst8304]

Freeland wasn’t “unable” to resist the hike in the capital gains tax. She was UNWILLING!

[@richardcampbell7255]

Sad many folks have been conned into protecting the money of the well off.

[@MultiSuperman2]

scary times

[@johnd.5601]

Blame Canada 🇨🇦!

[@YourFinancialNewsHub]

Sale of a home or property is classed as income, thus taxed huge, then the profit on the sale of property is classed as capital gains. Not sure people realize that the Liberal/NDP are going after going after the true wealth builder for almost anyone. So, less homes for sale? Canada NEEDS an election.

[@jptrainor]

Not one's primary residence.

[@YourFinancialNewsHub]

@jptrainor Reporting the sale of your principal residence: "If you sold or if you considered to have sold your property in 2023 and it was your principal residence, you have to report the sale and designate the property on schedule 3, capital gains"

[@jptrainor]

@@YourFinancialNewsHub From the same web page you copied that from: "If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. ". The federal government is already on the record stating that hasn't changed in the 2024 budget.

[@YourFinancialNewsHub]

@@jptrainor disposal .....

[@YourFinancialNewsHub]

@jptrainor either way, if passed it doesn't take affect until June 25, hipe you have money for a fire sale!

[@Heartadia]

canada has no business investors. they aren't here to invest. they're here to parasite. our biggest gdp is housing. let that sink in.

[@nattie911]

Google says the biggest GDP is the service sector

[@geraldbrowne]

And crush the budget similar to the GB Liz Truss government

[@brodieobrien-pickering2202]

"The interest payment is the interest payment is the interest payment, there's nothing they can do about that" wtf?!? They can stop the crazy spending habits they have and stop sending good money after bad? How did this interviewer get the job?

[@jeffjoe7851]

Eat the Rich. or at the school lunch program, or at the food bank, or in a dumpster...

[@markroses]

This is a budget that punishes hard working people who have made responsible choices and have invested to make a better future for their children instead of spending on cars and vacations. The endgame is UBi subsidized by taxing the wealth out of the hard working middle class. They will make it impossible for small businesses and citizens to own anything so that multinational corporations can take control of homes, food, energy... then we will all be slaves to the monthly subscription payments. These taxes, combined with mass population growth, are used to drain the wealth out of the people and feed consumerism and enrich big corporations like wal-mart and Loblaws and the banks that will give out loans to more people and collect interests.

[@DropZone33]

Budget 2024 prioritizes short-term social agendas at the expense of economic growth and opportunity in Canada. Its heavy taxation and increased government spending deters business investment and innovation, stifling economic dynamism. The lack of incentives for SMBs further restricts job creation and expansion. Moreover, the budget's focus on expansive social programs risks fostering a culture of dependency rather than promoting economic independence. Insufficient investment in infrastructure and technology undermines Canada's competitiveness globally. Overall, the budget's misguided priorities risk hampering Canada's economic potential and future prosperity.

[@user-kv4kp4co1r]

It’s your turn to contribute, big guy. Minimum wage workers are paying 100 percent tax on their earnings, so a 66 percent tax isn’t too much to ask. Be grateful that they didn’t set it at 75 percent like Mulroney did. Don't nag, suck it up big guy.

[@jadefox7108]

This has taken the wind out of my sails. My hard work and efforts are being eaten away in taxes. I'm not rich, I'm just trying to diversify my investments. Retirement is going to tough...

[@stevestensby3669]

Fudgit 2024

[@phillip8132]

Fuck growth. We need to reduce wealth inequality. How do you people not see this?!

[@Panacea9]

Is the woman in the thumbnail american sent here to do media at this time for Canada? I am foggy on these details.

[@philip1065]

Can’t stand most things this govt has done, but really the capital gains change doesn’t target anyone in the 99.9% of Canadians…. Only those with massive capital gains over 250k in non registered investments (which is massive) or multiple houses they bought and saw huge growth in (which they can afford to pay when it’s due at sale from proceeds of the equity they got lucky with)

[@LithaMoonSong]

Good degrowth is real progress.

[@done536]

The Trudeau government doesn't consult with anyone on anything. Expect interest rates to go up with this government and their budgets, or lack there of.

[@TT-fq7pl]

Good! Growth is killing the planet. And Canada's potential for what? To make even more money for the corporations that already control us? Oh boy.

[@Killerjy]

It has to be on purpose now right? Like he is trying to destroy the canadian dollar? impossible inflation is at these incredible highs and their budget is to spend even more

[@michaelsnedker5446]

"Let private sector deploy capital." [0:40] --- that guy should be writing for SNL. It's been a failed endeavor allowing the private sector to dictate / influence the flow of money. All it has done is allwoed those with the levers to syphon liquidity from the rotating porotions of the econmony into blackholes (ala the Paradise & Panama Papers) forcing our Gov here and below the 49th to QE continuously, creating unrelenting inflationary pressures on key thing such as the price of housing, fuel and food. Nice try though buddy.

[@Akinnss]

Absolutely despise trudeau

[@AmanSS890]

The more taxes you make to tax rich Canadians, those taxes just trickle down to the middle class . Ordinary people trying to build assets or save up for retirement. Get screwed,, the rich us Trusts, incorporations , they even move there head office to a different country they will be taxed less. People trying to build for there retirement and have maybe 2 rental properties trying to build for there retirement get punished. It’s time to get the hell out of Canada ….. clearly Some one that has a small restaurant or a few rental properties they are in trouble way are they punishing small businesses owners .🤬🤬🤬. Way are people that are simply trying to look after there retirement being punished. …. Business are being hit first Covid then this inflation . There is no point of starting a business in Canada . We need an election Justin Trudeau YOUR TIME IS UP. Free land can go with him as well. CARBION TACMX, CAPITAL GAINS TAXES what will they taxes next the air you breath they just need a reason to take money from you 🤬🤬. Taxing businesses owners what will happen the prices of everything WILL GO UP. If you think saving for retirement will be enough 😅😅that’s a joke the inflation will eat all your money that’s way the rich invest there money in business . THE AIR YOU BREATHE WILL BE TAXED NEXT 🤦‍♀️🤦‍♀️🤦‍♀️

[@freeflowtrader]

Nah that’s not the case, so innovators in Canada are usually like this, invent something using Canadian government subsidies, get big and sell companies then slowly shuts down business when it’s not competitive enough. Look at the stats. Hey our oil patch is sold, no one wants to innovate they just wanted to make a quick buck and retire early, ambition? There isn’t much. Keep it 200% so entrepreneurs don’t leave. Do I agree with capital gain tax? I think there needs to have some refinements on little areas.

[@NavyMoo5e]

You can see it in Freelands and Trudeaus faces they aren’t even proud of their budget.

[@kanwarpuri3667]

Trudeau says it is question of fairness. If that is the case why he did not he raise capital gains tax 9 years earlier during his first budget. It was not fair then and it is not fair now. Canada will lose investments which will be more than the taxes Trudeau will be collecting. Ripple effects on our economy will be drastic . Both Trudeau and Freeland needs to take high school level courses on economics. It is very sad when we choose politicians who are not qualified to their job. Both would have been thrown out if they worked for a private company.

[@rodrigo56125]

If you are smart you move your money out of Canada now!!

[@marianam8643]

Overreaction? People who have a lot of money? What are you talking about. We bought a 5 Plex 20 years ago. We paid a higher mortgage and worried about tenants for years. This was our retirement. We are middle class. Some people invested in stocks, we invested in real estate. We have nothing in retirement but selling this property and living off the proceeds. How are we rich? Yes, we are richer than someone in their 20s just starting out. But compared to government workers, we can’t compete.

[@nattie911]

Can't beat 'em, join 'em 😂

[@donphilip9167]

Halal mortgage with our tax money 😅

[@shawnd223333]

Where do i convert?

[@HemiJB91]

​@@shawnd223333don't have to. Just dress up like one and apply. F em

[@cdnrider6200]

out of touch government

[@Panacea9]

You should want to be with Canada as it has weapon tech others don't which could allow the country to make a positive impact externally in some or maybe a lot of places by protecting them and gating other attackers with what you have. Other places such as Europe, Russia, China don't allow for that as they are lagging behind in air defense which one player has focused on. They have shared things with players such as Israel who are deeply integrated within the States as well, for positive and negative, but they are into the same practices with respects to force. It is extremely important to keep Canadian tech gated and locked out of the hands of others, especially how to develop it for themselves as a good chuck of the players will exploit it. While USA prides themselves on their image as world police and upstanding citizens, they are far for that. Their systems encourage slavery and all their external places support it and utilize it. They have a poor global image. Their main trading partner, who has largely been pushed out of force due to lacking tech for it in comparison, developed strategies to go internal and reduce production costs so they could become a global provider. Their closed economy pushes the global into buying external (as do others like India) so that even poorer countries who should have much lower production costs such as Romania and Poland can't compete as their systems and people are more integrated globally.

[@Panacea9]

Canada is in a unique position versus other player due to this competitive advantage. It is not utilized but at least it hasn't escaped so the tech is made available to everyone. While you could go to places who are more active in the military, they won't be able to make as much as an inpact. The potential is there.

[@globetrotter8556]

The Liberals are socialist becoming communist and communism never worked in the history of the humankind. USSR and Venezuela are just two of the examples.

[@ferzadhazeri2377]

I hope Trudeau disappears permanently, from politics. FOREVER!!! It's too late for new promises. Once you are a lair, you are always a liar.Absolutely despise trudeau

[@hussienalsafi1149]

☺️☺️☺️☺️☺️

[@bobhearn7402]

It should have been just a flat tax against the highest earners in the country. I don't know what the percentage should be, but it should be something because they continually pay. No taxes, and I'm talking big banks and everybody else. And these big corporations that pay no tax at all. There needs to be a flat tax no matter what and they pay it on their profits. So if you make 50 billion dollars in 1 year you'd better be paying your fair share so 35% of that should go to tax. Right off the top no if sands or butts, that's the way it should be.That's off your profits not off the cost of doing business

[@1joshjosh1]

Who is this brain dead woman of diversity?

[@alexgardner3125]

To be clear, at 2:05 when he says they would have paid 50% and now they'll pay 66%, this is misinformation. They will include 66% of the gain on their income, and then pay tax with the graduated income tax system, just like everyone else who makes income. Entrepreneurs with Canadian controlled private corporations will also have a lifetime capital gains exemption of 1.25 million, indexed to inflation. The majority of small business owners will pay little to no tax on the sale of their corporation. Maybe this change will result in less investment within Canada, but let's at least get the information right if we're going to watch guests on the news.

[@sharinglungs3226]

It’s not misinformation when you misunderstand what he said. People in this space understand how capital gains is taxed and what he said is no different to what you said. The only new info you offer is the exemption amount but if you follow his example it would very likely exceed that. Think of someone building the next Shopify not the next coffee shop.

[@kennordsfan1494]

This isn’t misinformation but a liberal defending a bad policy. And no he was correct this has nothing to do with the income tax rate he personally pays.

[@alexgardner3125]

@@sharinglungs3226 you should never assume that everyone else watching a video knows what you know. His wording is incorrect.

[@jptrainor]

​@@sharinglungs3226What the guest said wasn't strictly accurate and the clarification is appropriate. And there are indeed many people who don't understand this, because they've never had a capital to report, and are simply caught up in the reactionary group think.

[@ElliotRobinson-ub8ho]

Boy does this suit talk his head off, you know what we could do? Default on our loan payments, create a new currency, tie it to the dollar. Let the central bank fall, but no, all fiscal conservatives care about is cutting taxes.

[@alexbosorogan7501]

Sorry, but we vote them did not we?

[@sharinglungs3226]

You have no idea what you’re talking about. Why don’t you move to Venezuela and tell us how that worked out?

[@Cutlerypotato]

I think you mean cutting spending. Deputy puddin head read a book on MMT so she's an expert on spending.

[@gcc8584]

That will be great in 30 years after we recover from the total collapse of the economy and the resulting political destabilization. Great plan Spartacus.

[@aliakarim3922]

When the rich freak out 🤣🤣🤣🤣🤣🤣

[@kennordsfan1494]

LOL a liberal who can’t understand economics. In the last 8 years investment in Canada has decreased by 40%. Less jobs is what than means but enjoy your bread line 🤡

[@gcc8584]

They leave.

[@muteloch2798]

Tax the rich.

[@muslimbrother63]

When you over tax the rich, the rich passes to you.

[@sharinglungs3226]

Save good bye to your job.

[@jackmidst8304]

The “rich”, as you say, and businesses will only pass on the cost of higher taxes to you, the consumer……….. So it may seem like it’s the “rich” who are being taxed but the truth is that you’re the one who’s gonna pay. Dumb f__k!

[@shawnd223333]

Lets blame the rich..blame success...make them eat bugs also 🎉

[@thetruedemocraticnorth]

the capitalists 🙄

[@AdolfTrudeau]

a communists?

[@shaykespeeer7040]

HAHAHAHA !!!!!!!!!!!!!!!!!!!!!! Wealth hoarders WHINING because they have to pay their fair share of taxes!!!!!!!

[@ro-ot.]

I've already heard plenty of comments by business owners that they are planning to relocate from Canada to another country due to this.

[@MightyKingYoung]

Trudeau trying to burn Canada to the ground before October 2024! We need him out before there's only rubble left.

[@1joshjosh1]

Oh my goodness.... can this get worse.? Trurdo and before his pension kicks in Jag-meat must go.

[@wdhewson]

Our governments have destroyer our wealth with inflation. Our governments have destroyed wealth creation with taxes and regulatory burden. Canadians need a very savage makeover !!!

[@jeffl4554]

Taxing further more capital gain on hard earned savings/investment for small entrepreneurs who created millions of local jobs, and the top talent engineers and IT workers, will encourage them leaving Canada, or end up with a good lawyer/accountant who understands all the tricks government allows for tax evasion. How about taxing corporate entities like big banks and the energy industries? Raise tax on them and add tens of BILLIONS? Why not taking that route? Oh I forgot, most of politicians will be on their payroll after retired!

[@HeliosProject]

lol hearing all the corporate shills complain

[@rupasandhu6061]

Pollivere will not do that much cutting either. He will not cut healthcare, ukraine, defence, government or its wages or its pensions, etc ... I'm not sure, if he will balance the budget either. The only thing I know Polivere will cut is CBC, which isn't enough to fix Canada. He may get rid of the caebon tax and capital gains, which won't help in balancing the budget either.

[@gcc8584]

PP will inherit a dumpster fire of a train wreck and be forced to raise taxes and implement austerity. As a result the Conservatives will be voted out in the following election and the Liberals will be back in power.