President Trump’s trade war against Canada could pose as a major financial risk, writes Peter Watson.
Our former friendly ally to the south has attacked our financial stability. This is a fast-changing situation, but what is known is Trump wants to exert financial pain on Canadians by changing how trade between us operates.
We cannot control how and when he will act against us, but we can control how we act strategically and with courage to be prepared. In short, it is time to be realistic about how we manage our financial affairs. It is time to be more fiscally responsible.
Our government spending is out of control. If this continues, we will fail. It is not a question of if, but of when. We have several important questions to consider.
Here are some of our embedded problems that need to be fixed, meaning either eliminated or have the costs greatly reduced.
One. It is time we finally established free trade between the provinces. Our current archaic system is extremely costly to us all.
Two. Why do we continue to have a full-service money losing post office that has an economic model that became obsolete years ago?
Three. Ontario Premier Ford accelerated the time when our corner store would sell beer. The most recent estimate of that cost was more than $1 billion. Was this necessary?
Four. Premier Ford’s Conservative government spent over $100 million on provincial advertisements. This was deemed to be advertising for the Conservatives and not our province. What this necessary?
Five. Why does Ontario have both a Public and Catholic school system. How long can we run two parallel educational systems that are much more costly to operate?
The solution is simple. Explain to the citizens of Ontario how much money the government can spend. Ask people to prioritize their services and manage our province accordingly.
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
