If Canada's Economy Is Booming, Why Do We Feel So Poor?
Asks MACLEAN’S

Unemployment is at a 33-year low, the dollar is soaring, and the economy is hotter than it's been for years. So why are so many of us struggling to get by?

TORONTO, June 14 /CNW/ - You know Canada's economy is on a tear when house prices in Saskatoon skyrocket nearly 50 per cent in six months; when even northern outposts like Sudbury, Ont., are joining in the real estate mania; when former New Brunswick premier Frank McKenna heralds that province, with its suddenly robust job market, as "Alberta with a view"; and when, back in the land where it all started, folks in Fort McMurray, Alta., still can't
find anyone willing to dress up as mascot Buddy the Buffalo for $25 an hour.

The boom is on. Analysts and business journalists have had to reach back in time for touchstones to illustrate just how great the country is doing. Was it Joe Clark or Pierre Trudeau who was prime minister last time the dollar was this high and unemployment so low? Suffice to say it's been 30 years since Canada looked this good. Jobs are plentiful while more and more economists are predicting the unthinkable-that the loonie could reach parity with the U.S. greenback by year's end. On the world stage, Canada's vast bounty of natural resources is fuelling an epic-scale global expansion.

"So why, then," asks Maclean's, "do we feel so poor?" The boom has undoubtedly made Canadians better off on paper, but for many people it has failed to translate into any real sense of affluence. One big reason? Even though the loonie has reached a 30-year-high against the U.S. Dollar, prices for everything from cars and clothes to electronics and furniture have not been adjusted, and Canadians are paying more than they should. Read more, in this week's Maclean's. Visit www.macleans.ca.

Canadians celebrate Tax Freedom Day on June 20th

VANCOUVER, June 19 /CNW/ - Starting tomorrow, Canadians have paid off the total tax bill imposed on them by government and can finally start working for themselves, according to The Fraser Institute's annual Tax Freedom Day calculations.

"If you look at the average Canadian family's total tax bill, each and every dollar they earn before June 20 would be required to pay the taxes owing to all levels of government. It takes until June 20 before they begin earning money for themselves," said Niels Veldhuis, The Fraser Institute's Director of the Centre for Tax Studies.

The Fraser Institute calculates Tax Freedom Day to provide a comprehensive indicator of the total amount of taxes paid by the average Canadian family to all three levels of government: federal, provincial, and local.

The taxes used to compute Tax Freedom Day include income taxes, property taxes, sales taxes, profit taxes, health, social security and employment taxes, import duties, license fees, taxes on the consumption of alcohol and tobacco, natural resource fees, fuel taxes, hospital taxes and a host of other levies.

This year Tax Freedom Day falls four days earlier than in 2006. The latest Tax Freedom Day in Canadian history was in 2000, when it fell on June 25. Tax Freedom Day moved forward to June 17 in 2001 before steadily retreating to June 24 in 2005 and 2006.

Property Sold Prices Soar Past National Stats as Sales Hit $80 Million
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Toronto, ON (PRWEB) June 13, 2007 --The flourishing 'For Sale by Owner' real estate market is set to outpace traditional agent-assisted sales, as purchase prices rocket past the national average.The do-it-yourself approach to home sales is becoming increasingly popular in Canada. FSBO, as it is known, eliminates real estate agents from the sale of homes, allowing homeowners to pocket what typically amounts to thousands in commission fees.However, commission fees are not the only savings homeowners are pocketing.

Homes on PropertySold.ca, one of Canada's leading 'For Sale by Owner' real estate listings sites, are also commanding prices far higher than the national average, as total sales reached $80 million in May.In addition to saving homeowners thousands in agent fees, recent statistics show average sales on PropertySold beat out national figures by more than 13 per cent.According to the Canadian Real Estate Association, the average sale price of homes across Canada is projected at $303,400 for 2007, well up from last year's average of $276,959.

PropertySold homes, however, are now fetching an average $345,000 --- significantly higher than the national, agent-assisted average price, and a big boost to the customer's bottom line.Michael Lawrence, President of PropertySold, says the consistent success of FSBO, and the tremendous savings for homeowners, are what spurs the industry forward. "The buzz of "For Sale By Owner" as a keyword is definitely a growing phenomenon, both among consumers and the media," he says. "As more people are successful selling, our industry stands to grow since we are really about saving people money."

"Location, pricing of the home, and interest rates can all impact how quickly a property sells,"he points out. "The people that do more research, market their property in as many places as possible and price their home properly can sell their home as quickly as an agent can."

Trade Deal With India 'A Natural' For Canada
Agreement will provide great potential to open markets, Emerson says
June 18, 2007

PRITHI YELAJA STAFF REPORTER http://www.thestar.com/printArticle/226421
Canada and India have signed a new deal aimed at boosting two-way trade by making it easier and more secure for both countries to invest in each other.International Trade Minister David Emerson and India's Minister of Industry and Commerce, Kamal Nath, announced their signing of a Foreign Investment Protection and Promotion Agreement at the Indo-Canada Chamber of Commerce's annual gala in Toronto on the weekend.

"India offers just an enormous opportunity that we as a country need to take advantage of. We've got something in the neighbourhood of a million Indo-Canadians in Canada. They're a natural human bridge to that market. And yet we've underperformed our potential for a decade or more," Emerson told the Toronto Star.The move allows Canada to open up other markets and be less dependent on the U.S., he added.

"With 80 per cent of exports going into the U.S....we do need to grow other markets and diversify our trade basket." Trade between India and Canada, which was $3.6 billion last year - or roughly the same amount as between Canada and Switzerland - has been hindered by a lack of a legal framework that would ensure investments are treated in a transparent way.

Under the reciprocal deal, foreign investments are protected from appropriation and nationalization; profits may be repatriated and investors will have access to international arbitration to settle disputes.The deal is expected to increase Canada's trade flow with India to $20 billion a year within five years.

Areas of opportunity for Canadian business include financial services, information technology and infrastructure improvement. However, while Canada gives India priority nation status in terms of trade, the Indians have yet to reciprocate. Emerson and Nath were the chief guests at the chamber's gala, attended by 1,000 people on Saturday, but were greeted by protestors decrying the outsourcing of jobs from Canada to India.

The protestors were members of the Canadian Telecommunications Employees' Association. They represent about 18,000 Bell Canada workers, some of whose jobs have been outsourced to call centres in India, said Serge Gagnon, the union's vice-president.

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