Is Canada facing an economic bully? Peter Watson weighs in on the hot debate involving President Trump and his vision for Canada to be a 51st state.
The country that shares our border is making repeated financially devastating gestures towards us. This has ignited a sudden rush of Canadian national pride.
But that’s just the start.
We face major economic and independent challenges. How we respond will shape the next stage of our evolution. We have many friends, and those friendships must be forged stronger. We also need to cultivate new relationships.
The European Union is a significant trading partner. We are closer to them now because they too face the wrath of the new bully. Canada should extend our financial relationship with Europe. The new and modern world is changing. More international trade is possible.
We have a strong, educated, capable workforce that has recently been enriched by those that now call Canada home. This must translate to increased business activity, jobs and income.
It is time to come together as business leaders, entrepreneurs and politicians. We are 41 million people strong and it’s time to consider our possibilities.
Our government’s role is to allow Canada to be successful. Reduce regulation and other factors that hinder growth. This is not a crisis that we can just spend money on to resolve.
Any strategy to move us forward that relies on too much government funding will leave us so far in debt that our financial independence could be challenged because of it and not just because of the new bully in our lives.
What is our future? Our national anthem says it best: “The true North strong and free.”
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
