Canada has $592 mln budget surplus in January

[RandomGuy]

OTTAWA (Reuters) - Canada posted a $592 million budget surplus in January and nearly $10 billion for the first 10 months of the fiscal year, the finance department said on Friday.

The January surplus was down from the $2.40 billion recorded in January 2007, partly because of income and sales tax cuts introduced in the October economic statement.

The surplus of $9.96 billion for April through January was down from the year-earlier $10.60 billion but was most of the way to the $10.2 billion that Finance Minister Jim Flaherty predicted in his budget last month for the full fiscal year. It would mark the 11th consecutive surplus.

The surplus is slated to pay down debt. [emphasis is RG's] The surplus for the year starting on April 1 is expected to be a much smaller $2.3 billion and in the following year only $1.3 billion.

Government program expenses were up 5.6 percent in January from the year before, and were 7.2 percent higher in the first 10 months from the same period a year earlier.

(Reporting by Randall Palmer; Editing by Peter Galloway)



A working health care system, a balanced budget, declining government debt, falling income taxes, and USD parity.

Bloody socialists. ;)

[Nbadan]

....sssshhhhh don't tell the capitalist, they'll all flee to Canada....

[101A]

$592 million?

$10 Billion

The U.S. has several STATES with bigger budgets; Medical or not.

What is your point?

[Nbadan]

..... a $600 billion national deficit just this year, me thinks....

[RandomGuy]

$592 million?

$10 Billion

The U.S. has several STATES with bigger budgets; Medical or not.

What is your point?


Reducing debt.
Since taking office, the Government has reduced the federal debt by more than $37 billion, including $10.2 billion this fiscal year. The Government’s aggressive debt reduction has resulted in ongoing interest savings of $2 billion per year. Under the Tax Back Guarantee, the benefits of debt reduction are passed on to Canadians in the form of lower personal income taxes.

Link to original context of quote (http://www.budget.gc.ca/2008/news-nouvelles/news-nouvelles-eng.asp)

Budget: revenues: $565.8 billion
expenditures: $551.2 billion (2007 est.)

Cia factbook for canada (https://www.cia.gov/library/publications/the-world-factbook/print/ca.html)

[fyatuk]

That kind of thing can happen when you are a pacifist nation that relys on your only neighbor to take care of any military work that needs to be done :p:

j/k. I have a lot of respect for Canada.

[boutons_]

US debt servicing, just the interest, added to by the bogus Iraq war financed with credit, is how many 100s of $Bs/year? For how many decades?

But Agggie's upset about Medicare/Medicaid.

[RandomGuy]

Budget 2008 also provides the most important federally driven personal finance innovation since the introduction of the Registered Retirement Savings Plan (RRSP): the Tax-Free Savings Account. This flexible, registered, general-purpose account will allow Canadians to watch their savings—including interest income, dividend payments and capital gains—grow tax-free.
“The Tax-Free Savings Account is the first of its kind in Canadian history,” said Minister Flaherty. “It will provide all Canadians with a powerful incentive to save. An RRSP is primarily intended for retirement, but the Tax-Free Savings Account is like an RRSP for everything else in your life.”

http://www.budget.gc.ca/2008/news-nouvelles/news-nouvelles-eng.asp

Holy crap.

A working health care system, tax-free savings and investment, a balanced budget, declining income taxes...

[RandomGuy]

“We have come to a fork in the road. Some would have us go down the path to higher spending, higher interest payments and higher taxes. That approach is misguided. Our Government is taking the path that requires focus, prudence and discipline.”

:clap :clap :clap :clap :clap

Something to copy for our own country...

We can start with the bloated defense budget. :stirpot:

[boutons_]

Fucking Canadians. Are they managing their country better than dubya?

''pacifist nation that relys on your only neighbor to take care of any military work that needs to be done"

Iraq "military work" was not needed, neither US nor Canada benefits from Iraq. The Canadians have helped out in Afghanistan.

[xrayzebra]

Link to original context of quote (http://www.budget.gc.ca/2008/news-nouvelles/news-nouvelles-eng.asp)

Budget: revenues: $565.8 billion
expenditures: $551.2 billion (2007 est.)

Cia factbook for canada (https://www.cia.gov/library/publications/the-world-factbook/print/ca.html)

I wonder what their tax rates are. Personal, Social Security
and Medical. Never mind I found it federal income taxes

* 15% on the first $37,885 of taxable income, +
* 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
* 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
* 29% of taxable income over $123,184.

All the Canadian providences have income tax anywhere
from 4 percent to 11 percent.

And their is a federal sales tax. As follows:

Definition: In Canada the goods and services tax or GST is a federal tax of five percent on most goods and services sold in Canada for domestic consumption. Some goods and services are exempt from the GST, for example basic groceries, prescription drugs and exports.

In the provinces of New Brunswick, Newfoundland and Labrador and Nova Scotia the five percent federal goods and services tax is combined with an eight percent provincial retail sales tax and is called the harmonized sales tax (HST).


So I guess they collect plenty of money so they can
have a surplus. The good old Socialist know how to get
that dough ray me.

I didn't bother looking up cost for their SOC or
health care.

[Extra Stout]

A working health care system, a balanced budget, declining government debt, falling income taxes, and USD parity.

Bloody socialists. ;)
You're far too smart to resort to such cheap false equivalence.

[dimsah]

:clap :clap :clap :clap :clap

Something to copy for our own country...

We can start with the bloated defense budget. :stirpot:
Bloated defense budget? 21%?

Start with the entitlement programs. 60+%

[boutons_]

What percentage of Canada's budget is "entitlement" programs?

[RandomGuy]

You're far too smart to resort to such cheap false equivalence.

Smart schmart, I go for the fun... :p:

I wish I could have seen the faces of the normal rogue's gallery of socialist bashers. It is fun to poke them with sticks on occasion.

Either way, it was interesting to see the tax-free savings plan idea.

As much as the income taxes might be here and there, if you live beneath your means you can really grow your wealth.

[RandomGuy]

Start with the entitlement programs.

Like the DOD contractors?

Tell me again how many 200 million dollar jet fighters, trillion dollar nuclear submarines, and anti-satellite missles we really need to fight Osama bin Laden and company?

(shrugs)

I am with Ike on this one.

Every gun that is fired, every warship launched, every rocket fired, signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. The world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.
--Dwight D. Eisenhower

[Medvedenko]

Well I live in Canada and in the province of Alberta. We have no sales tax and only pay 5% GST as compared to each other province that pays a minimum of 7-8% Sales tax on top of the 5% GST. Actually our GST has been reduced by 2% over the last 2 years. Still, living in Alberta (oil captial of Canada) helps with the surplus.

[xrayzebra]

Yes sir, old Ike knew how to hit that old Golf Ball.

[RandomGuy]

I wonder what their tax rates are. Personal, Social Security
and Medical. Never mind I found it federal income taxes

* 15% on the first $37,885 of taxable income, +
* 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
* 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
* 29% of taxable income over $123,184.

All the Canadian providences have income tax anywhere
from 4 percent to 11 percent.

And their is a federal sales tax. As follows:

Definition: In Canada the goods and services tax or GST is a federal tax of five percent on most goods and services sold in Canada for domestic consumption. Some goods and services are exempt from the GST, for example basic groceries, prescription drugs and exports.

In the provinces of New Brunswick, Newfoundland and Labrador and Nova Scotia the five percent federal goods and services tax is combined with an eight percent provincial retail sales tax and is called the harmonized sales tax (HST).


So I guess they collect plenty of money so they can
have a surplus. The good old Socialist know how to get
that dough ray me.

I didn't bother looking up cost for their SOC or
health care.

Canadian federal marginal tax rates of taxable income
2008
(est.)
$0 - $9,600 0%
$9,600 - $37,885 15%
$37,885 - $75,769 22%
$75,769 - $123,184 26%
over $123,184 29%

http://en.wikipedia.org/wiki/Income_taxes_in_Canada

oddly enough a similar bit is harder to find for the US.

I know that our marginal tax rates are pretty close.

[RandomGuy]

Well I live in Canada and in the province of Alberta. We have no sales tax and only pay 5% GST as compared to each other province that pays a minimum of 7-8% Sales tax on top of the 5% GST. Actually our GST has been reduced by 2% over the last 2 years. Still, living in Alberta (oil captial of Canada) helps with the surplus.

Indeed it does. Increased prices for commodities and raw materials, Canada's main exports, have been very good for the economy.

[xrayzebra]

Canadian federal marginal tax rates of taxable income
2008
(est.)
$0 - $9,600 0%
$9,600 - $37,885 15%
$37,885 - $75,769 22%
$75,769 - $123,184 26%
over $123,184 29%

http://en.wikipedia.org/wiki/Income_taxes_in_Canada

oddly enough a similar bit is harder to find for the US.

I know that our marginal tax rates are pretty close.

One thing you left off you chart is the little "+"
at the end of each rate. Cumlative like 15
percent plus 22 percent of anything over 37885

[RandomGuy]

You're far too smart to resort to such cheap false equivalence.

on second look it doesn't seem to be that far off.

Their national debt to GDP seems to be a tad higher than the US though at 64%, so paying it down probably helps.

Still, saving $2bn Canadian per year on interest charges has got to be good for the budget, even if it only represents .4% of overall expenditures.

[RandomGuy]

One thing you left off you chart is the little "+"
at the end of each rate. Cumlative like 15
percent plus 22 percent of anything over 37885


The US tax system works identically. But it is good to point that out.

Between the standard deduction and personal exemptions the first 9,000 or so (9300 if memory serves) of income in the US is income tax free.

Then anything over that is 10% up until a certain level, etc...

[xrayzebra]

Your right RG, our system works the same way.

Oh, and the canadian poster didn't point out that he
pays a state income tax.

One other thing in trying to look up the tax rate for
their national health, it seems, as far as I can see
each province sets their rate with help from the
federal government. But I could be wrong.

[Aggie Hoopsfan]

US debt servicing, just the interest, added to by the bogus Iraq war financed with credit, is how many 100s of $Bs/year? For how many decades?

But Agggie's upset about Medicare/Medicaid.

Stupid me, it's only going to bankrupt our country in our lifetime.

Of course, then we can all stand in line for rationing of toilet paper and bread. It'll be fucking awesome![/boutons]

[boutons_]

"There he goes again"

Putting bullshit in boutons mouth.

What's your answer to the your entitlements problem? Unlike you for me, I will not answer for you.

[fyatuk]

Fucking Canadians. Are they managing their country better than dubya?

''pacifist nation that relys on your only neighbor to take care of any military work that needs to be done"

Iraq "military work" was not needed, neither US nor Canada benefits from Iraq. The Canadians have helped out in Afghanistan.


Uhh, you did get that I was joking. I clearly said I was.

Idiotic as always I see...

[smeagol]

"There he goes again"

Putting bullshit in boutons mouth.

What's your answer to the your entitlements problem? Unlike you for me, I will not answer for you.

Hey fucker, you have put bullshit in my mouth and you are such a pussy you never answered my post.

Fucking lier and to top it off . . . a pussy.

[Aggie Hoopsfan]

"There he goes again"

Putting bullshit in boutons mouth.

What's your answer to the your entitlements problem? Unlike you for me, I will not answer for you.

You love to put bullshit in the mouths of W. and Cheney.

And it's not bullshit, you seem to have no problem with our elected leaders spending this country into ruin with entitlement problems. Of course you are an unemployed fuckup living with your parents, so I guess you're probably all about the handouts.

You're still relatively young, so go try reading a book about the fall of Rome. Our leaders in D.C. seem to be working from the same playbook these days.

Fucking shame.

[inconvertible]

Canada is such a free and liberal country I wonder why they haven't been getting Al Queda'd?

[Holt's Cat]

:clap :clap :clap :clap :clap

Something to copy for our own country...

We can start with the bloated defense budget. :stirpot:


Who's really providing Canada's defense?

[smeagol]

crofl

you don't know boutons
You do?

Tell us more about him . . .

I'm intrigued.

[boutons_]

"you seem to have no problem with our elected leaders spending this country into ruin with entitlement problems"

Did I say that I have no problem with the entitlements problem? No, you put those lies in my mouth.

$2T+ on a bullshit bogus war your leader dubya can't win has your complete support, as long as you don't have to fight or pay for it. As does $1T in estate tax cuts for the superrich. $300B tax amesty for US corps to repatriot their foreign profits, mainly the super impoverished BigPharma.

As several non-right wingers have shown, the inarguable SS and Medicare/Medicaid problems can be addressed. But the Repugs will block every remedy, just wait.

[smeagol]

Did I say that I have no problem with the entitlements problem? No, you put those lies in my mouth.

Before crying about somebody missrepresenting you, why don't you acknowledge you mistake regarding my stance on capitalism?

Or are you a bigger chickenshit than what I made you to be?

Do it . . . so we can get on with our lives, insulting ourselves in an honest way . . . :lol

[smeagol]

boutons went to a spurs game once on the dime of certain pre-eminent posters
I recall he went with timvp . . .

Tells us more . . .

[boutons_]

"mistake regarding my stance on capitalism?'

my mistake? which was?

Yes, I "won" a seat given away by Larry. As dickhead is famous for saying, "so"? Is that the best trash talk the bitch-slapped can bring these days?

[Aggie Hoopsfan]

As several non-right wingers have shown, the inarguable SS and Medicare/Medicaid problems can be addressed. But the Repugs will block every remedy, just wait.

I don't see anyone trying to address the problems. In fact, Hillary and Obama (whom you support, if I remember right) both want to deliver the coupe de grace to this country by coming over the top of Medicare and SS with universal health care.

No one wants to deal with Medicare and SS in D.C., they don't want to piss off the old people who vote. And it's going to fuck this country.

[xrayzebra]

I don't see anyone trying to address the problems. In fact, Hillary and Obama (whom you support, if I remember right) both want to deliver the coupe de grace to this country by coming over the top of Medicare and SS with universal health care.

No one wants to deal with Medicare and SS in D.C., they don't want to piss off the old people who vote. And it's going to fuck this country.

That is why they call it the "third" rail in politics. They
think it is death to touch it.

[fyatuk]

That is why they call it the "third" rail in politics. They
think it is death to touch it.

The only person in recent memory who's proposed an actual overhaul publically is Bush. I'm not sure how good of an idea his is (well, the one he was pushing), but at least he got people talking about it.

Something has to be done with it in the next President's term since it's estimated payouts will exceed receipts by the end of it and there's no money to cash out the trust, but no one seems to be really talking about it.

[Holt's Cat]

The only person in recent memory who's proposed an actual overhaul publically is Bush. I'm not sure how good of an idea his is (well, the one he was pushing), but at least he got people talking about it.

Something has to be done with it in the next President's term since it's estimated payouts will exceed receipts by the end of it and there's no money to cash out the trust, but no one seems to be really talking about it.


Predictably, Bush43's proposed overhaul of SS amounted to creating a giant IRA with a select few brokerage firms allowed to offer their funds to participants.

Still, I'd take it over the current system.

[xrayzebra]

Predictably, Bush43's proposed overhaul of SS amounted to creating a giant IRA with a select few brokerage firms allowed to offer their funds to participants.

Still, I'd take it over the current system.

Bush at least tried and all he got was grief from Congress
about how he was going to starve old people and take
away their bennies for the betterment of the rich folks. Just
like you just did.

After this credit crunch it is going to be doubly hard to
get Congress to act on any proposal that includes
private funding. Which means only one thing, higher
taxes for you youngins.

SOC will not be done away with, I guarantee, it will just
take money from General fund and you will be told
that SOC is just cashing in some of their government
bonds. And in reality it will be the higher taxes funding
SOC and nothing will be solved. Congress, experts in
all matters, strikes again.

[fyatuk]

Predictably, Bush43's proposed overhaul of SS amounted to creating a giant IRA with a select few brokerage firms allowed to offer their funds to participants.

Still, I'd take it over the current system.

I always found it funny that the Dems idea of fixing social security is to increase taxes, extend retirement age, and reduce benefits, yet it's the republicans, who attempt to find ways to make it easier to retire, that aren't looking out for the seniors.

Personally I think they should just let us shift up to 1/3rd of our own contributions (not the employer share) to whatever IRA/401(k) we want, up to a certain maximum allowable amount, and remove the cap at the high end.

[smeagol]

"mistake regarding my stance on capitalism?'

my mistake? which was?

Yes, I "won" a seat given away by Larry. As dickhead is famous for saying, "so"? Is that the best trash talk the bitch-slapped can bring these days?
Play dumb about it.

You are fucking good at it, dishonest piece of shit.

[101A]

I wonder what their tax rates are. Personal, Social Security
and Medical. Never mind I found it federal income taxes

* 15% on the first $37,885 of taxable income, +
* 22% on the next $37,884 of taxable income (on the portion of taxable income between $37,885 and $75,769), +
* 26% on the next $47,415 of taxable income (on the portion of taxable income between $75,769 and $123,184), +
* 29% of taxable income over $123,184.

All the Canadian providences have income tax anywhere
from 4 percent to 11 percent.

And their is a federal sales tax. As follows:

Definition: In Canada the goods and services tax or GST is a federal tax of five percent on most goods and services sold in Canada for domestic consumption. Some goods and services are exempt from the GST, for example basic groceries, prescription drugs and exports.

In the provinces of New Brunswick, Newfoundland and Labrador and Nova Scotia the five percent federal goods and services tax is combined with an eight percent provincial retail sales tax and is called the harmonized sales tax (HST).


So I guess they collect plenty of money so they can
have a surplus. The good old Socialist know how to get
that dough ray me.

I didn't bother looking up cost for their SOC or
health care.
Those brackets are roughly equivalent (but generally lower) than our own, Ray.

That, frankly is the point. They are getting more for their dollar than we get for ours. Our govt. is much more ineffiecient, obviously than theirs is. Which is why I don't understand R.G.'s point. We don't have Canada's government; we have ours. Ours doesn't provide a surplus OR medical care, and yet takes in more money....and you want to give it MORE responsibility??!!!!

It boggles the mind.

It's simple math, frankly. Look at how much of the GDP the govt. controls; then think relatively how much they do with that. In my reckoning, they get less for more in everything they do. More is spent on Medicare/Medicaid than all of the private insurance dollars spent in this country/yet Medicare/Medicaid covers far fewer people - with generally lower benefits! I pay more into the Social Security trust fund than I will ever put into my 401K - but my 401K is going to provide the bulk of my retirement income!

It is a simple truism, and a simple formula. Give to the government, get less for your $$$$ - individually and collectively. Why otherwise intelligent people cannot seem to grasp this is beyond me.

[101A]

As does $1T in estate tax cuts for the superrich. The estate tax threshold was at $600,000 - and the tax rate was 65% for every dollar of valuation over that. Your parents have a $300,000 house, some furniture and a modest retirement fund - and you're "super-rich" according to Boutons. $300,000 is below the median home price in California.

Heaven forbid they own a small business with a dozen employees that returns them a $100,000 salary. That sumbitch is gonna be valued near $2 million or more! Gotta sell it just to pay the taxes. Who's gonna buy it? Big businesses usually. Why do you hate small business, B?

[DarkReign]

The estate tax threshold was at $600,000 - and the tax rate was 65% for every dollar of valuation over that. Your parents have a $300,000 house, some furniture and a modest retirement fund - and you're "super-rich" according to Boutons. $300,000 is below the median home price in California.

Heaven forbid they own a small business with a dozen employees that returns them a $100,000 salary. That sumbitch is gonna be valued near $2 million or more! Gotta sell it just to pay the taxes. Who's gonna buy it? Big businesses usually. Why do you hate small business, B?

Abso-fucking-lutely true. Seen this with my own eyes.

[xrayzebra]

Those brackets are roughly equivalent (but generally lower) than our own, Ray.

That, frankly is the point. They are getting more for their dollar than we get for ours. Our govt. is much more ineffiecient, obviously than theirs is. Which is why I don't understand R.G.'s point. We don't have Canada's government; we have ours. Ours doesn't provide a surplus OR medical care, and yet takes in more money....and you want to give it MORE responsibility??!!!!


Well first Canada's population is a little over 33 million.
Our is over 301 million. Another thing and I posted it,
the province's tax their citizens for their medical care
with the Federal Government furnishing "some" funds.
And all the "free" medical care has caused much grief
for their citizens. Many come to the US and pay for
medical care they would have to wait months on under
their "free" medical program.

I lived in Canada for four years, some years back, in
Ottawa and found it damn expensive. And believe
me when I say that many people there had a hard
time. Unemployment was a real problem then, I have
no idea what it is like today, I speak of the time I was
there. And that was many years ago. And for all you
that talk about the Canadian dollar being worth more
than ours, it was then too. A Canadian dollar cost
1.10 in US currency. This was back in the 50's and
an apartment in Ottawa cost 120 per month, plus
utilities. God only knows what one would cost there
now.

[101A]

Well first Canada's population is a little over 33 million.
Our is over 301 million. Another thing and I posted it,
the province's tax their citizens for their medical care
with the Federal Government furnishing "some" funds.
And all the "free" medical care has caused much grief
for their citizens. Many come to the US and pay for
medical care they would have to wait months on under
their "free" medical program.

I lived in Canada for four years, some years back, in
Ottawa and found it damn expensive. And believe
me when I say that many people there had a hard
time. Unemployment was a real problem then, I have
no idea what it is like today, I speak of the time I was
there. And that was many years ago. And for all you
that talk about the Canadian dollar being worth more
than ours, it was then too. A Canadian dollar cost
1.10 in US currency. This was back in the 50's and
an apartment in Ottawa cost 120 per month, plus
utilities. God only knows what one would cost there
now.
Thanks for the "been there, done that" view of things, Ray.

[smeagol]

A country cannot be take seriously when they have a leaf in their flag