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04 April 2020

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FWH

Some Canadian Provinces now have a taxing scheme whereby foreign real estate owners (meaning little people with second homes or vacation property) are taxed an annual surcharge of 2% of the property's market value. The Canadian Prime Minister promised an additional federal surcharge of 1% during the recent election campaign (it would then be 3% total).

If you do the math you will realize why thousands of small US investors are probably selling out at depressed market prices and running for the boarder. The taxation may have been directed mostly at investors from other parts of the world but there is no sign that small US or Mexican investors will be excepted anytime soon.

The thousands of small Canadian investors in US property are not taxed in this way by US jurisdictions. The letter of the free trade agreement may not be violated but how about the spirit of it and neighborly relations. The point here is that "free trade" is bound to have its limits and when push comes to shove, the international boundary may override the paper the free trade agreement is written on. Proceed with caution, even in Canada.

Richard Ong

New dynamism. Of course. Entering into some kind of vague "partnership" with two bizarre countries is just the ticket to get that old, spluttering economic engine chugging again. A narcostate and the New Age buffoon-led joke. Partners to die for, I say.

confusedponderer

FWH,
re how about the spirit of it and neighborly relations

Well, don't expect too much in that regard - not just from Canada and Mexico but from the US and Trump as well.

"The coin has two sides".

There have been several very recent cases reported last week and were commented by the federal minister for health in Germany that American persons bought off on the tarmac and at tree times the price that Germany had to agree to pay face masks ordered by Germany and produced in China how lazy, couldn't Trump get Ukrainians to do the job for him cheaper (perhaps with some AK-47?), with another perfect call or perfect letter or was it just a YOU DON'T KNOW THAT, AN IMMENSELY PERFECT MAGA CALL, HAVE YOU HEARD THAT BEFORE?.

The case of Trump trying, with the not so little = usual coercion, to buy a german vaccine developer to get a corona vaccine exclusively for the US alone - and not to the WHO and the rest of the world (USA First!!! - an odd thing to do in a global pandemy that gives a shit on borders, nationality or fictious walls) is just another case of the same unpleasant attitude.

While italians got hitten hard by corona, US armed forces were ordered to fly masks and other health material from stores (where it was kept in place for NATO - of which Italy is a partner) in Italy back to the US, naturally while Italians around Bergamo died in hundreds. That's rather in line with Trump, Trump's agressive lack of style.

It must lay in the family. His currently silly bearded sons Donald Jr. and Eric demand that the Trump corporation should be allowed to not pay rent for golf sites and delay repayment of credits - because of corona, corona, corona, economic crisis, they deserve it, economic crisis and corona, corona, corona. I'm not kidding.

I don't see it as a comfort that his daughter said she genetically inherited Trump's moral compass. After all, she, who iirc has a bacelor in economy, was proposed as the next leader for the world bank, a job she has fortunately (and thank God) refused and for which she is utterly unqualified for. The idea alone is more than creepy.

But then, her hubby is responsible for peace in the Middle East, naturally according to MbS and Bibi's views. Palestinians, Syrians and Yemenis probably applaud him happily for doing such a aweful hell of an awesome job there.

JohninMK

FWH, you might be wrong with the main target, what about the Chinese? They will probably just have to grin and bear it. Shame about the small guys but since when have they, even nice Americans, mattered?

This is Canadian State and Federal Governments taxing an obvious target, one that has no votes to boot. In addition, it potentially reduces demand so lowering prices thus allowing Canadians to buy property at better prices, whilst at the same time increasing bureaucratic jobs administering the scheme.

This is a clear win win situation for any Canadian party in power at any level so do not expect any change in policy as against those criteria its a no brain decision.

In some parts of the world this is called a wealth tax and it is levied on all property owners.

As to the deal, that looks to be really good for Americans and especially good for Mexicans. There is a chance some of the latter will return home. The Trump admin nailed that one very well.

Fred

confusedponderer,

You left out "The German reports said the masks had been made by a Chinese producer for the US company 3M, but the firm issued a statement on Friday night saying: “3M has no evidence to suggest 3M products have been seized. 3M has no record of any order of respirators from China for the Berlin police. You also left out "About 200,000 N95 masks were diverted to the US as they were being transferred between planes in Thailand, according to the Berlin authorities who said they had ordered the masks for the police force."

My, doesn't seem to be the same story you are telling.

"Valérie Pécresse, the influential president of the Île-de-France region, which includes Paris, described the race to get masks as a “treasure hunt”. “I found a stock of masks that was available and Americans – I’m not talking about the American government – but Americans, outbid us,” That's a quote out of the Guardian by Valérie Pécressepresident of the Île-de-France region.

Why weren't your government's ministers outraged when 6,000,000 masks "disappeared" in Kenya?
https://www.reuters.com/article/us-health-coronavirus-germany-masks/germany-says-six-million-coronavirus-face-masks-missing-in-kenya-idUSKBN21B1T0

"The FFP2 masks, which filter out more than 90% of particles, were ordered by German customs authorities. They and the armed forces procurement office have been helping the health ministry to get hold of urgently needed protective gear.

The shipment was due in Germany on March 20 but never arrived after disappearing at the end of last week at an airport in Kenya. It was unclear why the masks, produced by a German firm, had been in Kenya."

Oh, masks destined for the German governement, produced by a German firm, disapear but that one can't be pinned on Trump? Sounds like it. Send a courrier to babysit the shipment next time.

For the curious here's some info on FFP2 masks.
https://www.youtube.com/watch?v=dGw3fXkFtqo

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