{"id":54849,"date":"2024-12-17T12:24:17","date_gmt":"2024-12-17T12:24:17","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/12\/17\/fall-economic-update-long-on-drama-but-short-on-proposals\/"},"modified":"2024-12-17T12:24:17","modified_gmt":"2024-12-17T12:24:17","slug":"fall-economic-update-long-on-drama-but-short-on-proposals","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/12\/17\/fall-economic-update-long-on-drama-but-short-on-proposals\/","title":{"rendered":"Fall economic update long on drama, but short on proposals"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Personal Finance<\/li>\n<li class=\"breadcrumbs__item\">Taxes<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Kim Moody: The FES did not have many tax measures, but the obvious highlight was the $61.9-billion deficit<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Dec 17, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 13\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"ead69d32-99cb-4d0f-b927-2c4edb62b529\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Deputy Prime Minister and Minister of Finance Chrystia Freeland rises during Question Period, Tuesday, Dec 10, 2024 in Ottawa. <\/span> <span class=\"credit\">Photo by THE CANADIAN PRESS\/Adrian Wyld<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<div class=\"article-content__content-group\" data-aqa=\"disclaimer-skimlinks\" hidden=\"\" id=\"disclaimer\">\n<p><em>Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.<\/em><\/p>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The next time a fall economic statement is released, I suggest releasing it at a time less likely to resemble a winter update. With the official start of winter just four days away, the drama surrounding the release felt like a full-blown blizzard.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">It started early Monday morning with Chrystia Freeland resigning as finance minister in not just a simple resignation, but a full-on, burn-the-house-down public resignation letter released on her X account. The public rebuke of Prime Minister Justin Trudeau and the Prime Minister\u2019s Office (PMO) will be the stuff for history books.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment9282193553299824622153165613039616\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg 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id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The day continued with numerous rumours about Trudeau\u2019s possible resignation; a prorogue of Parliament; who would present the fall economic statement (FES); that the FES presentation was cancelled \u2026 but, whoops, it\u2019s back on again \u2026 whoops, it will just be tabled with no presentation; the appointment of a new finance minister; a number of Liberal MPs calling for the prime minister\u2019s resignation; and a Liberal caucus meeting to discuss the current chaos.<\/p>\n<p data-async=\"\">Many expected Freeland to be shuffled out, but it appears the strategic mistake Trudeau made was telling her three days in advance of her presenting the FES that she was to be shuffled out. It appears the resignation caught the PMO unprepared for such a possibility since all signals pointed to the purported appointment of Mark Carney to the finance portfolio shortly after the release of the FES.<\/p>\n<p>Alas, after the resignation and related drama, it was loyal foot soldier Dominic Leblanc who was appointed to this thankless position. If this government survives, he had better get used to the unelected and ruthless officials of the PMO meddling big time. The last couple of finance ministers ultimately couldn\u2019t bear it.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot12 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste3541717127306371745299010827583488\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1600w\" alt=\"Posthaste\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.7.5\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2849081334632055486408180398817280\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Such great drama and chaos, but certainly not of the good kind. Without a doubt, the vast majority of Canadians are craving positive change and stability, especially in light of how the next regime in the United States is threatening crippling tariffs and other measures that will affect our country\u2019s competitiveness. The chaos on Monday will certainly do nothing to satisfy such cravings unless we get an early election.<\/p>\n<p>Drama aside, the FES did not have many tax measures, and the obvious highlight in the overly long and vacuous update was the $61.9-billion deficit for the 2023-24 fiscal year, which exceeded the original estimates by about $20 billion. This is without analyzing some of the games that were likely played to get to this number.<\/p>\n<p>Large deficits are also projected for the next six years. Unbelievable. However, as this government has regularly shown, such projections are likely not worth the paper they are printed on.<\/p>\n<p>Three sentences in Chapter 3 struck me when I was reading the FES documents: \u201cCanadians rightfully expect their government to be responsible with tax dollars. In Budget 2023 and the 2023 fall economic statement, the government announced a total of $15.8 billion in savings over five years, starting in 2023-24, and $4.8 billion every year thereafter. These savings are being refocused towards the priorities that matter most to Canadians today, including health care, housing and an economic growth plan and industrial strategy that create well-paying jobs for workers.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment8090226227564025802739562865229824\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>OK, let\u2019s be serious: the government is crowing about being frugal for a total amount of $15.8 billion. But this year\u2019s current deficit will exceed its original estimate by more than $20 billion.<\/p>\n<p data-async=\"\">This crowing is nonsensical. It reminds me of the famous Seinfeld episode, where Jerry makes a reservation for a car rental, but no cars are available when he goes to pick it up. \u201cYou know how to take the reservation, but you don\u2019t know how to hold the reservation. And that\u2019s really the most important part of the reservation,\u201d he says to the car rental clerk.<\/p>\n<p>Ditto for this current government. It knows how to make economic estimates, but it doesn\u2019t know how to stick to the estimates. And that\u2019s really the most important part.<\/p>\n<p>Regarding taxes, here are some of the highlights:<\/p>\n<ul>\n<li>No changes to the capital gains inclusion rate proposal. If the government survives, it will try to get this into a bill when Parliament next convenes. In the meantime, it will be a tricky time for taxpayers to comply with these proposals.<\/li>\n<li>No mention about the previously announced $250 cash handout (vote-buying bribe).<\/li>\n<li>No proactive tax measures to deal with the incoming new U.S. regime, which will most certainly provide tax and economic challenges for Canada.<\/li>\n<li>A commitment to implement automatic tax filing for low-income Canadians in 2025. The devil is obviously in the details, but I generally like this commitment.<\/li>\n<li>A proposal to make the Canada Disability Benefit tax free.<\/li>\n<li>A proposal to expand a very narrow capital gains deferral on the disposition and reacquisition of certain replacement shares. This is a very rarely used tax provision and it\u2019s very doubtful these proposed changes will change that.<\/li>\n<li>Proposed changes to reporting by non-profit organizations. The implementation details are important, but any improvement or enforcement in this area is a step in the right direction.<\/li>\n<li>And, as usual, a bunch of \u201cgreen\u201d initiatives that are not worth commenting on.<\/li>\n<\/ul>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2537328546187105109205109092384768\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>To quickly summarize, the 2024 FES will be remembered much more for its pre-release political drama and huge blown deficit estimate, not for its content. Like Leonard Cohen said in his 1992 song The Future, \u201cThe blizzard of the world has crossed the threshold and it\u2019s overturned the order of the soul.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel7592987333386210217146262719823872\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" options=\"\" for=\"\" the=\"\" proposed=\"\" capital=\"\" gains=\"\" inclusion=\"\" rate=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Finance Minister Chrystia Freeland speaking with reporters in Ottawa. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=80&sig=8iU8WV47wSzla_18KQR-jQ\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=5&sig=zANodu6ZbWlB4V1QOi-1mQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=96&strip=all&quality=80&sig=8iU8WV47wSzla_18KQR-jQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=192&strip=all&quality=80&sig=_N078PZszwA6VhmmO3qv7w 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1209freeland.jpg?h=288&strip=all&quality=80&sig=6CWHa84NbiLihyYfLDSs8w 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Five options for the proposed capital gains inclusion rate<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" to=\"\" tax-mas=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=150&resize=150&ssl=1 150w, 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https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Prime Minister Justin Trudeau announced a two-month suspension of GST on selected goods at Vince\u2019s Market, a grocery store in Sharon, Ont., on Nov. 21.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=80&sig=wZS3FQYLAAZ9xOZk2UtENQ\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=5&sig=SXc4BS-N39vgpZN4owrWRg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=96&strip=all&quality=80&sig=wZS3FQYLAAZ9xOZk2UtENQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=192&strip=all&quality=80&sig=Paipp3qj07wtEnabe6AVfA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/no1202GST.jpg?h=288&strip=all&quality=80&sig=tnTO74E1eBlVQ4ZDGU1o1w 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Welcome to Tax-mas<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>The current political drama needs to be quickly replaced with good common sense and steady leadership for the benefit of <em>all<\/em> Canadians\u2019 souls. Tax souls included.<\/p>\n<p data-async=\"\"><i>Kim Moody, FCPA, FCA, TEP, is the founder of Moodys Tax\/Moodys Private Client, a former chair of the Canadian Tax Foundation, former chair of the Society of Estate Practitioners (Canada) and has held many other leadership positions in the Canadian tax community. He can be reached at <\/i><em>kgcm@kimgcmoody.com<\/em><i><span data-contrast=\"auto\"> and his LinkedIn profile is https:\/\/www.linkedin.com\/in\/kimgcmoody.\u00a0<\/span><\/i><\/p>\n<p>_____________________________________________________________<\/p>\n<p data-async=\"\"><em><b>If you like this story, <\/b><\/em><strong><i><span style=\"color: blue;text-decoration: none\">sign up for<\/span><\/i><\/strong><em><b> the FP Investor Newsletter.<\/b><\/em><\/p>\n<p>_____________________________________________________________<\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Fall economic update long on drama, but short on proposals<\/a><br \/>\n<br \/>2024-12-17 12:24:17<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Personal Finance Taxes Kim Moody: The FES did not have many tax measures, but the obvious highlight was the $61.9-billion deficit Published Dec 17, 2024 \u00a0\u2022\u00a0&#8230;<\/p>\n","protected":false},"author":2,"featured_media":54850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/12\/1218-bc-freeland.jpg?quality=90&strip=all&w=288&h=216&sig=UQBLPajb3L-27ckIUSXUzw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-54849","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/54849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=54849"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/54849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/54850"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=54849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=54849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=54849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}