Another day, another acronym, another monster spending program. Well….this one isn’t so much a spending program as it is a lending program, but what’s the difference these days.
Allow me to introduce you to LEEFF or the “Large Employer Emergency Financing Facility” (the Canadian twist on this acronym brings waves of nausea IMO – see what I did there?). This program is only for the purest and most socially compliant large Canadian company. Responsible, adhere to collective bargaining, low carbon emissions, restrictions on dividends and executive compensation…..you get the picture.
Why am I talking about this you ask? The theme of these daily programs appears to be taking an interesting political turn, but maybe that is just the cynic in my talking. Parachuting capital from the heavens above is not a real thing, despite what governments would like you to believe. That money has to come from somewhere, and I have a pretty good idea where. Your pockets. There are those among us that believe there is an endless supply of dollars available to wade through this pandemic crisis unscathed, but that line of thinking could not be further from the truth. Whether through an increase to the GST (affect everyone), or a hike in upper echelon tax rates (hello 65% top marginal rate), or even sneaky fees in your utility bills, the money being dished out today, will come from the pockets of taxpayers tomorrow.
Perhaps the new tax can be labeled FOOL, or the Federal Onerous and Overextended Lending program.
After you come to our Real Estate investment seminar (can click here too) above, join us for our tax planning seminar.............You’ll probably need both.