For anyone not living under a rock, you will know that a federal election has recently been called for September 20th of this year. This is an important election as it will decide which course is set for the country as we emerge from the pandemic and who will lead the way. Of most importance in all of this is that for anyone who is able to, you should exercise your right to vote. Even if you don’t feel like voting for any of the individual parties, there are ways to make a “protest” vote while still exercising your right. The act of voting is a privilege that many people around the world are not granted, and we should celebrate it. Ok, enough preaching.
I would never tell anyone who to vote for. I believe that everyone has a personal reason for voting for the people and parties that they do. The reason is personal and should reflect their own personal values. I don’t need to agree with everyone’s choices but I will respect anyone for making an informed decision that represents what they believe in. So with that in mind, what are you looking for in this election? I am certainly interested to know and in the spirit of sharing, I thought I would share what I am looking for from our political parties and from the leaders who will take us into the next chapter of Canadian history.
First and foremost I want to see policies and programs that support Canadian innovation and business. I want to see incentives that will support building and growing businesses in Canada. There has been rumors for years that the federal government is considering an increase to the capital gains inclusion rate which currently sits at 50%. I believe that an increase would be a mistake and would further dissuade investors from supporting businesses which lead the Canadian economy. Alternatively, I would like to see a progressive tax policy which supports start-up businesses especially in innovation. There are many amazing businesses and talented people in Canada and we should do more to support them which includes reducing red tape and creating more avenues for them to raise funds.
We need to attract more global talent to Canada. According to the Business Council of Canada, we have lost some of our competitive edge in being a place to build businesses and invest. If we are to quickly grow out of the economic hole that the pandemic has created, attracting new businesses and talent to our country will certainly add momentum. Talented people is one of the most finite resources on the planet, we need to do more to attract those people here to work in Canadian businesses.
Of course priority one is putting the pandemic behind us once and for all. It’s unlikely that the world will be done with the pandemic any time soon, given the low supply of vaccines in many countries around the world. But that doesn’t mean that Canada won’t be able to start moving forward. Part of that moving forward is that we need to focus on growth and getting more people back to work. It is no secret that there has been a great deal of money spent in order to fight the economic crisis created over the last two years. We won’t know for many years to come whether the decisions that were made were the right ones or if we should have taken different paths. Frankly, that doesn’t really matter at this point as we can’t change the past. But we do need to focus on growing the economy and creating more economic benefit for as many Canadians as possible.
I have always felt that Canada is well positioned to lead the world as an example for what other countries could strive to be. As we have witnessed over the past year, we are far from perfect as we confront the horrors of our past and present, while tackling the challenges that face us going forward. But I firmly believe that we can be a beacon of hope in the world. Perhaps the first steps in the direction will happen on September 20th.
-Grant White, CIM®, CFP®
Grant White is a Portfolio Manager/Investment Advisor at Endeavour Wealth Management with iA Private Wealth Inc, an award-winning office as recognized by the Carson Group. Together with his partners he provides comprehensive wealth management planning for business owners, professionals and individual families.
This information has been prepared by Grant White who is a Portfolio Manager for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Portfolio Manager can open accounts only in the provinces in which they are registered.