Posts Tagged ‘securities’

Bald Eagle

Despite the United States being founded as a limited government whose powers are “few and defined,” you wouldn’t know it by comparing it to Canada’s federal government in 2011.

It’s part of the reason why the conservative Heritage Foundation has ranked Canada as more economically free than the U.S. in 2010 and 2011.

If you still think Canada is more socialist than the United States, the joke’s on you, and here are some of the reasons why.

Unlike the U.S., Canada has:

  • No federal welfare program for individuals
  • No federal equivalent to Medicaid
  • No federal food stamps program
  • No federal department of education
  • No federal school lunch program
  • No federal department of housing and urban development
  • No national securities regulator
  • No federal police force in every province

This, despite the U.S. Constitution reserving all undelegated powers to the States and the people, respectively, while Canada’s Constitution reserves those powers to the federal government, showing that a constitution is ultimately as good as you make it.

Who’s socialist now?

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Flags of North America

On June 4, 2011, I heard a successful American commodities futures trader say on a long-running radio program that Canada’s highest marginal dividend income tax rate was 53% (at 29:45), and that Canadian citizens living in Canada can only have 20% of their assets invested in foreign securities.

Now for the reality:

The highest combined federal and provincial dividend income tax rate for foreign securities as of 2011 is 50% in Nova Scotia, with a population of less than one million out of Canada’s 34 million people. For Canadian publicly-traded securities, it’s only 34.85%.

As for the restriction on foreign securities, it only applied to Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), it was 30%, and was repealed as far back as 2005, leaving no foreign content restrictions.

Having cleared that up, we can now move on to the conservative Heritage Foundation’s Index of Economic Freedom ranking Canada as more economically free than the United States in 2010 and 2011.

Big Four accounting firm KPMG ranked Canada as being more business tax friendly than the United States in 2010. Why is that?

While the U.S. federal government raised taxes to pay for Obamacare for four years before any coverage will be provided, Canada has cut its corporate taxes, leaving the U.S. in the dust with the second-highest corporate tax rate of the 46 OECD countries in 2011, at 35%, with Canada’s rate the third-lowest at only 16.5%.

Finally, Canada had no socialist bank, insurance and mortgage lender bailouts since the 2008 financial crisis, unlike the United States.

Welcome to the new Canada!

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Ludwig von Mises Institute

Upon discovering that the Ludwig von Mises Institute is a government-sanctioned and regulated tax-free 501(3)(c) organization, I looked for their publicly-available IRS disclosures.

Their latest complete tax-exempt filing available as of February 14, 2011, is for 2007.

Despite their talk of monetary inflation being bad in all cases, they owned $4 million in U.S. Treasury Bonds in 2007 (see page 17 of the PDF), which they all sold the very same year the subprime housing bubble burst.

It also shows that they owned a total of $291,164 in 32 other securities, with their biggest holdings being in PetroChina and Royal Caribbean, which they all sold at a loss in the same year, with the exception of their Allete Inc., News Corp, Buckeye Partners and AT&T shares.

It is quite possible that most, if not all, of these stocks were gifted by donors. Yet, it is an interesting portfolio for what it does and does not contain.

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The daily list of halted trading in securities on the Toronto Stock Exchange.

Here’s an example of trading in one stock halted by request of the company, pending news.

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