Our country needs a brave and bold fiscally responsible future, writes Peter Watson.
Canada has a huge opportunity and that comes with challenges.
Let’s consider both from a financial perspective.
A new world order for trade is evolving. The one thing we do know is that our future will be different.
We are a young, growing country with natural resources, a very capable workforce and a strong international reputation. That is the foundation from which we will build.
The federal government is promoting change that includes being less reliant on the United States as our significant trading partner. It is our close neighbour, but we also have many formidable countries that are interested in expanding their relationship with us.
This is our time to act boldly. Is it too early to tell how successful Canada will be? I remain an optimist.
It feels like summertime gives us a little bit of a holiday from the financial reality of how we will pay for all the initiatives that have been mentioned.
We are making a positive attempt to reposition ourselves for a stronger, more diversified future and having expanded economic ties with Europe and other parts of the world.
The bold ideas that have been communicated have required skill and creativity. I see that as a strong positive.
But we have to realize all these ideas are the easy part. The challenge is how will Canada pay for our bold and brave future.
Adding to our already enormous and growing debt just because we chose to avoid hard financial decisions would be a failure.
Canadian federal politicians from all parties plus all Canadians must realize we will have to support our stronger future in a fiscally responsible way.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
