The Scientific Tax Credits and other tax incentives introduced during Pierre Trudeau era are widely acknowledged as creating the deficit versus surpluses prior to him. Rae days killed Ontario when NDP elected. Dion and Ignatieff were 2 Liberal leaders I could not support. - ThreadSky

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daveintoronto.bsky.social • 2 days ago

The Scientific Tax Credits and other tax incentives introduced during Pierre Trudeau era are widely acknowledged as creating the deficit versus surpluses prior to him. Rae days killed Ontario when NDP elected. Dion and Ignatieff were 2 Liberal leaders I could not support.

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biolgeek.bsky.social•2 days ago

I think you better go check out what happened in the late 70s early 80s and see what happened to create those deficits. Hint hint. It has to do with oil and gold and where Canada was in mining and the industrialization process of these materials. Those tax credits made Canada competitive.

daveintoronto.bsky.social•2 days ago

Plus, I was there throughout 70s and 80s and saw it first hand and attended many lectures on what was driving the increased debt along with economic boost.

daveintoronto.bsky.social•2 days ago

And I agree they were good to have to stimulate economy, but result was large increase in our debt

biolgeek.bsky.social•2 days ago

Which we never have to pay. See the problem. None of it matters. It only matters as to the value of Canadian $ against the US $. This is the crux.

daveintoronto.bsky.social•2 days ago

Except we pay interest on debt instruments needed to finance deficits, which means less spending elsewhere, or increasing deficit to cover the interest. Affects bond rating, value of dollar, monetary policy, inflation, buying power of foreign goods from US, China, Europe. We pay indirectly.

daveintoronto.bsky.social•2 days ago

I have studied it often. Scientific Research and Development Tax Credits stimulated lots of investment (I was busy doing lots of tax returns) and exploration expenses were accelerated tax deductions.

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