The Canadian federal governmet’s spending for 2020/2021 is now projected to exceed the spending at the peak of World War II and the highest in Canadian history at CAD381 billion. There seems to be no end spending as the government is trying to buy votes for the next election: Massive increases in child care and universal income (a basic or guaranteed income would provide a no-strings-attached minimum income to citizens that would amount to a $17,000-benefit for a single person or $24,000 for a couple) are being planned. The universal income will cost about CAD85 billion a year. Immigrants comming to Canada should prepare themselves for much higher taxes for the next few decades. The upside is that it might create more jobs for immigrants as the productivity might decrease (why work if you get no-strings attached guaranteed income)
Sources:
https://torontosun.com/opinion/columnists/opinion-canadians-will-pay-for-trudeau-governments-record-spending
https://www.washingtonpost.com/opinions/2020/09/02/universal-basic-income-canada-wont-do-enough-fix-inequality/
https://www.ctvnews.ca/politics/parliamentary-budget-officer-says-basic-income-program-could-halve-poverty-rate-1.5377748…
Canada created 295 000 jobs in Feb 2021 & 303 000 jobs in March 2021
Despite an increase in infections, the Canadian economy created 295 000 jobs in February 2021 and another 303 000 jobs in March 2021. It was also reported that “economy added jobs even in some of the areas hit hardest by the pandemic, including retail, accommodation and food services. There were also gains in health care, construction and education.”
Source: https://www.cbc.ca/news/business/canada-jobless-march-1.5981104…
Home prices in Toronto up by 22%
The average selling price for homes across the Toronto region reached a record $1,097,565. That is 22 per cent higher than March 2020. More and more experts are predicting a correction (or crash in prices). Some home buyers can not get mortages (Bonds) as the selling prices of homes are more than the appraised value. Immigrants should be carefull before buying property at the moment.
Source: Globe and Mail, 6 April 2021 https://www.theglobeandmail.com/business/article-toronto-march-home-sales-blow-past-2016-record/ (For Subscribers only)…