Readers share 50 ways to get Canada’s economy back on track

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As a part of Postmedia’s How Canada Wins sequence, the Monetary Put up requested readers for his or her concepts about learn how to get Canada’s financial system again on monitor. We thank everybody who submitted a suggestion and are publishing 50 of essentially the most fascinating concepts right here.

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Slash the crimson tape

Canada’s huge oil, fuel, mineral and lumber reserves are goldmines. Slash the crimson tape: pace up LNG terminals, pipelines and uncommon earth mining whereas conserving the inexperienced vitality transition in sight. No strangleholds on oil and fuel on account of overregulation. The result? Extra GDP, jobs and a stronger worldwide commerce place.

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—Dave Suchanek, Oakville, Ont.

Reduce middle-class earnings taxes

Center class earnings taxes are completely prohibitive to allow financial savings, investments accumulation and monetary safety. In addition they inhibit motivation to determine new aggressive companies. All of the potential center class financial synergy is wasted. Household earnings taxes ought to be minimize to lower than 10 per cent.

—Jim Reid, Kamloops, B.C.

Get authorities out of the way in which

There are a lot of solutions in varied media that “The federal authorities ought to do that, do this, and so on.” I disagree. My suggestion: A return to classical liberalism with governments standing out of the way in which of the personal sector and people apart from the requirements of peace, order and good authorities, and the rule of regulation utilized equally to all.

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—Pierre-Pascal Gendron, Toronto

Create an atmosphere that rewards dangers

The federal government must assist small to mid-size companies and create an atmosphere to take dangers by growing the capital positive factors exemption. There should be incentive to create a enterprise and know you’ll be rewarded in the long run. When our present atmosphere appears it’s higher to work within the public sector fairly than the personal sector, our outlook just isn’t good.

—Peter Hickey, London, Ont.

Watch out for deficits

Learn Richard Rohmer’s novel “Demise by Deficit,” which brings to life what may occur when all the cash runs out. One of the best persons are in enterprise, not politics. They’ll fireplace up our industrial engine if given the chance. With some limits, cut back company tax to zero. Tax the cash they pay out for dividends, bonuses, salaries and finish all subsidies.

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—Dan Toppari, St. Catharines, Ont.

Make holidays inside Canada tax free

Maintain Canadians in Canada for holidays. Create an up-to-$1,000 tax refund for receipts from one other province (it should be any province however your private home province) to be claimed on 2025 tax return.

—Marney Rakidzioski, London, Ont.

Present Canada is open for enterprise

Exhibit in actual phrases that Canada is open for enterprise. Encourage the event of all accountable useful resource and infrastructure initiatives. Guarantee all regulatory or authorized approval or rejection inside a most interval of two years. Finish the power to cease viable initiatives by way of delay ways.

—Robert Kulhawy, Calgary, Alta.

Add economics to the curriculum

Add economics to the secondary faculty curriculum, in order that the following technology understands ideas reminiscent of competitiveness, R&D, productiveness and GDP, in order that they demand long-term options and make knowledgeable selections when deciding on their politicians.

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—Renee Schindeler, Toronto

Deal with what the U.S. wants.

Canada ignores its comparative benefit in geography and assets. Deal with what the U.S. wants. Focus investments on useful resource extraction, processing and transport whereas dispersing our inhabitants to assist. We will use insurance policies reminiscent of employment taxes and credit to affect employment away from dense city areas with subsidies on single family-friendly builds.

—Greg Wilbur, Salmon Arm, B.C.

Leverage our pure assets

Leverage Canada’s pure assets by lowering crippling restrictions on fuel and oil improvement and processing. Get the federal government out of the way in which on this sector. Encourage mind belief development with grants. Swap to cleaner vitality via encouraging innovation, not punishing interference.

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—John Bagnall, London, Ont.

Clear the way in which for pipelines

Expeditiously assemble strategic oil and fuel export pipelines and use area powers underneath the Structure to facilitate unfettered right-of-way for building. Interact Canadian metal mills to supply and market orphaned metal and construct the pipe ourselves. Repeal all federal laws impairing the total scope of what’s essential to get export pipelines commissioned.

—Philip Lemke, Cochrane, Alta.

Carry our gifted expats dwelling

Implement focused tax incentives for Canadian expatriates returning to construct home enterprises, paired with AI-approved seed funding and time-limited tax reduction for these startups in vital sectors. Steadiness equity by extending parallel assist measures to home entrepreneurs, making certain inclusive financial development, minimizing socioeconomic disparities, and fostering sustainable innovation and competitiveness.

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—Eugene Ting, Toronto

Take away the shackles on free enterprise

After we enter worldwide hockey tournaments, our most expert gamers and administration personnel are motivated by a single goal: to carry out on the highest stage. They obtain full freedom to pursue their targets inside a well-defined framework. Give our financial system the identical freedom: Withdraw the shackles positioned on free enterprise and watch Canada win!

—Harry Elliott, Edmonton

Refine oil in Canada

We export at Western Canada Choose vs. West Texas Intermediate. The trade differential alone is staggering. Construct a West-East pipeline and refine oil in Canada for our profit. Massively enhance our LNG export capability and search out new markets. Why have we allowed this drain of unbelievable wealth?

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—Michael Milne, Nepean, Ont.

Rebuild our institutional data

Our corporations and paperwork are stuffed with younger folks with scholar debt who leapfrog from alternative to alternative, with little funding of their present job. A program encouraging corporations to return to inside company-funded worker coaching, in trade for committing to that firm for a interval, would assist rebuild the institutional data financial institution that has retired or is retiring.

—Carol Zuckerman, Kelowna, B.C.

Empower consumers by figuring out U.S. merchandise

To help Canadian shoppers in deciding on Canadian merchandise or something aside from these gadgets decided to be U.S.-made or of U.S. origin, apply a U.S. shelf sticker or flag to U.S. deemed gadgets. A shelf sticker ought to make it simpler for consumers to decide on Canadian or different amiable buying and selling companions’ merchandise.

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—Rob Ellaway, West Vancouver, B.C.

Simplify the Earnings Tax Act

Simplify the Earnings Tax Act and guarantee when a funds is launched that the laws is handed inside six months. In any other case, it shouldn’t be a funds merchandise or so complicated that the Division of Finance has not executed their due diligence earlier than introducing adjustments.

—Alan Wainer, Thornhill, Ont.

Make housing inexpensive, not an funding

Steadily change housing from a retirement funding to one thing inexpensive. Construct housing at a charge that stabilizes present value and let rising earnings do the remainder.

—Douglas Lee, North Vancouver, B.C.

Store native and purchase Canadian

We have to assist our fellow Canadians. Store native and purchase from Canadian corporations as an alternative of ordering issues on-line from locations like Amazon. That offers Canadians a gentle earnings.

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—Margaret Lowrey, Calgary, Alta.

Embrace merit-based hiring once more

We should evolve again to a merit-based method to hiring and promotion and transfer away from a DEI framework which ends up in a scenario the place selections to rent or promote aren’t made based mostly on optimizing outcomes however fairly on race or color. Canada can not compete if we don’t put our greatest folks in the best roles.

—Mike Diamond, Toronto

Put money into training

Certainly one of Canada’s biggest pure assets we neglect to say is the contribution of a wholesome, well-educated, inhabitants. We should proceed to put money into our academic establishments in any respect ranges. Not solely are these the spine of our democracy, however they’re additionally the important thing to growing and attracting investments.

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—Karina Rosenberg, Rawdon, Que.

Decrease taxes to draw capital

The way in which to win is to draw capital and funding {dollars} to Canada. Decrease company and particular person earnings taxes to ranges that make Canada essentially the most engaging on that foundation, and that capital will discover a mission to put money into. If our tax construction just isn’t aggressive, why would a company or particular person select to put money into such a regime?

—Paul Sarachman, Toronto

Launch a world allure offensive to open new markets

Canada wants a allure offensive like nothing we’ve ever mounted — prime ministers, premiers, diplomats, dealmakers activating markets past the U.S. Worldwide funding should turn into a nationwide mission. Eire did it — and have become one of many world’s most profitable economies. Compete at scale or be left behind. Let’s go!

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—Stephen Lund, Toronto

Restrict American possession

Enact a regulation limiting American corporations and possession and exports to solely 30 per cent, as a part of a “Canada First” program.

—Invoice McDonald, Vancouver, B.C.

Enhance funding in new actual property builds

Encourage capital funding in actual property by not taxing capital positive factors on a offered constructing if positive factors are reinvested in new building.

—Randall Shier, Kelowna, B.C.

Simplify the tax code

Scale back taxes and simplify the tax guidelines. Canadians pay means an excessive amount of tax and the tax system is means too sophisticated. Most taxpayers mustn’t have to rent a specialist to finish their tax filings. The paperwork essential to administer the tax system (CRA) is uncontrolled and dysfunctional and is one other drag on productiveness and prosperity.

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—Sue McIntyre, Toronto

Reduce capital positive factors on Canadian investments

Take away capital positive factors tax for investments made on choose Canadian corporations, equities, bonds and initiatives and permit 100 per cent deductions in opposition to earnings for choose Canadian charities.

—Peter Muselius, Goderich, Ont.

Reduce rules and the general public sector

The harm to Canadian identification during the last decade can’t be exaggerated and no financial restoration might be sustainable except we set up nationwide delight in being Canadian. Delight in our inefficient and unproductive methods is misguided and embarrassing. The street to restoration begins with extreme public sector and regulation reductions.

—Karl Ullrich, Victoria, B.C.

Eradicate the GST on Canadian-made merchandise

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Take the GST off items which might be made in Canada. Not assembled in, however truly made in Canada, from the producer to the wholesalers to the retailer to the buyer, all all through the chain. Encourage folks to purchase Canadian-made items.

—Sherry Wallace, Edmonton 

Monitor our ‘Purchase Canadian’ spending

Purchase Canadian wherever attainable. Easy methods to monitor this: A easy web site for Canadians to anonymously submit the greenback quantity of purchases they consciously swap to purchase Canadian vs. American. Canadians can see how they collectively assist our nation in actual {dollars} and cents. It might be inspirational to see precisely how a lot distinction a person makes.

—Barbara Mathews, Vancouver, B.C.

Use flow-through shares to supercharge the tech sector

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A made-in-Canada resolution to supercharge Canada’s tech sector. For 71 years, flow-through shares (FTS) have helped fund Canada’s mining sector plus oil and fuel and renewable vitality. In 2024, FTS exercise was the most effective in 5 years. Prolong this funding incentive to our excessive worth, high-tech corporations.

—David Perry, Ottawa

Free commerce between provinces — no ifs, ands or buts

It’s time to enact as soon as and for all free commerce amongst provinces. This authorities or the following ought to give the provinces just a few months’ discover to organize an historic conference whose mission might be free commerce in Canada, no ifs, ands or buts. That is what our financial system wants, that is what the folks need. It’s about time!

—John Dawe, Toronto

Rebuild our navy

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Canada ought to start a significant multi-generational defence asset manufacturing funding program. We ought to be designing and constructing our personal jets, helicopters and ships to rebuild our navy capabilities. This may give Canadians a much-needed enhance in self-assuredness and can heighten nationwide delight and preparedness.

—Dean Geiger, Bowmanville, Ont.

Maintain ‘innovation auctions’ to floor and fund nice concepts

Innovation auctions. People or small companies are coached to pitch their innovation concepts just a few instances a yr to bidders. Innovation is pushed by smaller, decentralized teams of people spurring the financial system, and bidding entities can focus their R&D {dollars} on getting bought modern concepts previous the end line and exported.

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—Michel S., Ottawa

Construct up small- and medium-sized companies

A rustic that may stand up to financial hardship should be based mostly on a basis of small and medium enterprises. The federal government should assist the confirmed innovators to ship outcomes and create an ecosystem for the high-tech business. Robust small and medium enterprises should be the spine and the bricks of a stable home.

—Diego Lai, Markham, Ont.

Leverage our world connections

To cite one in all our, albeit barely tarnished, nationwide treasures — Wayne Gretzky — the important thing to strengthening Canada’s financial system is to “skate to the place the puck goes.” Lean into our variety. Leverage these world connections. Be better than the sum of our tribes.

—Randy Gillespie, Conception Bay South, Nfld.

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Incentivize funding in high-growth sectors

Introduce big tax incentives and funding credit for startups in high-growth sectors like healthcare, expertise, biotech, agri-tech, pharma, superior manufacturing, and monetary companies. Interprovincial commerce obstacles eliminated instantly, underneath emergency nationwide safety laws if wanted. Introduce tax write-offs for capital tools funding with bonus for Canadian capital items.

—Steve Mitchell, Toronto

Construct and export our LNG experience

Facilitate a world shift away from coal-fired energy technology. Canada may provide a viable different by changing present coal-burning energy crops worldwide to make use of our liquefied pure fuel (LNG) for electrical energy manufacturing. We may incentivize this transition by supplying LNG and offering technical help to assist different nations construct the mandatory LNG infrastructure.

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—Danny Keyes, Comox, B.C.

Train the deserves of free markets

Mandate economics for each highschool scholar. It should be a podcast as many academics will oppose, or don’t perceive both. This may embrace how free markets result in prosperity and accountability.

—Herb Pinder, Saskatoon, Sask.

Finish the bureaucratic nightmare dealing with companies

Roll again tons of crimson tape. Make it straightforward to do enterprise in Canada as an alternative of the bureaucratic nightmare it has turn into. That is significantly vital relating to vitality. That stated, I’m not suggesting a free for all, there must be rules, however they have to be easy, straightforward to grasp and simple to manage.

—Peter Symons, Toronto

Reduce taxes for low- and middle-income households

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Reduce earnings tax considerably for middle- and lower-income Canadians. Employees spend what they earn. We’d like folks to spend cash within the financial system and the rate of spending will increase when folks purchase items and companies and, in flip, that cash is spent once more. The identical cash in our authorities coffers doesn’t flip as usually or as effectively.

—Jay Gotteiner, Montreal

Assist SMEs entry capital

I work promoting small companies and it’s virtually unimaginable to get funding for these offers. The banks need nothing to do with them except the loan-to-value ratio is so excessive they’ve little danger. Small and medium sized companies make use of many Canadians, and wealth is constructed right here for regular women and men. We’d like entry to capital.

—Brad Crompton, Toronto

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Keep dwelling, snowbirds

If snowbirds would simply defer for one winter or minimize their ordinary time within the U.S. by 50 per cent, it could ship an enormous message to Florida, Arizona and the remainder of the U.S. — and preserve billions of {dollars} in Canada.

—Garth McIver, Vancouver, B.C.

Reset the Canadian authorities

The one solution to reset the Canadian financial system is to reset the Canadian authorities. A Democratic authorities who trusts its residents to behave responsibly and in capitalist ideas; personal property, free markets, competitors, revenue motive, voluntary trade, innovation and effectivity and capital development

—David Milovac, Oakville, Ont.

Fill the worldwide demand for vital minerals

For geopolitical causes, there’s a demand for vital minerals not processed in China. Canada can fill this demand. In doing so, Canada can enhance its worth added by processing a bigger share of Canadian-extracted minerals domestically, thereby capturing a better share of worldwide worth chains.

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—Ben Doran, Ottawa

Encourage personal enterprise

We don’t encourage sufficient personal enterprise. We increase folks to work in jobs that just a few events personal. Folks ought to be studying learn how to run companies and create their very own. Design and innovation are paramount to creating new wealth. Particular person accomplishment with wholesome competitors drives us ahead, not stagnancy.

—Barbara Dodge, Toronto

Use the Financial institution of Canada to fight poverty

Former NDP chief Tommy Douglas reminded Canadians that we used the Financial institution of Canada to fund WWII spending, and we are able to use it additionally to fight poverty, unemployment and social injustice. A Canada-first nationwide plan for inexperienced infrastructure, social companies and full employment can prevail over aggressive U.S. tariffs.

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—Larry Kazdan, Vancouver, B.C.

Put money into Hollywood North

Canada should seize this second to outcompete Hollywood and turn into the premier vacation spot for movie and TV manufacturing. We’d like stronger federal and provincial funding, tax incentives, and a world distribution technique to elevate our artistic sector. By investing now, we safe our place because the hallmark of leisure and data.

—Kaberi Dutta Chatterjee, Mississauga, Ont.

Push pensions to take a position at dwelling

Encourage our humongous pension plans (CPP, Ontario Lecturers, OMERS) to put money into Canadian mining, infrastructure, and so on. initiatives versus abroad (together with the U.S.).

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—L.M. Chow, Ottawa

Make it simpler to Purchase Canadian

We have to proceed to raised inform of us throughout the nation of Canadian choices to U.S. merchandise, and if not Canadian, no less than a non-U.S. different. We particularly want stats exhibiting how our fellow Canadians are transferring in a non-U.S. route. We are going to all be inspired to maintain up the combat if we’re assured that we’re not alone.

—Michael Lowe, Ottawa

• E-mail: jswitzer@postmedia.com

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