CTV News | Harper, premiers discuss infrastructure, RRSPs

Top Stories -   

Harper, premiers discuss infrastructure, RRSPs

Viewer

CTV News Video

CTV News: Robert Fife covers the cordial meeting
CTV Newsnet: Stephen Harper comments on plans for the challenges ahead
CTV Newsnet: B.C. Premier Gordon Campbell on the need for quick action
CTV Newsnet: Newfoundland and Labrador Premier Danny Williams on why leader unity is critical
CTV Newsnet: Brad Wall, Saskatchewan Premier on the cooperative mood at the meeting
CTV Newsnet: Manitoba Premier Gary Doer on the expectations of the PM

Font-size:      Share  Print  Comments(87)

CTV.ca News Staff

Date: Mon. Nov. 10 2008 10:17 PM ET

Two issues topped a meeting between Prime Minister Stephen Harper and Canada's premiers on Monday: the need to quicken infrastructure spending, and how to help pensioners weather the economic storm.

Harper said spending on roads and public transit should be speeded up in the next year, as a way to ease the effects of the worldwide credit crisis.

British Columbia Premier Gordon Campbell said Canada may commit billions of dollars in infrastructure spending for 2009.

"I think the prime minister understands that the acceleration of those infrastructure projects will not just keep people at work in the short-term, but will give us a productivity platform in the long-term which will really get us out of his period with a stronger economy," Campbell told CTV's Mike Duffy Live after the three-hour meeting.

Senior government officials told CTV News that Ottawa will likely focus some of its infrastructure spending on housing, particularly for low-income Canadians, First Nations people and seniors.

On Monday, Harper also agreed with premieres that Canada must take steps to help retirees who have lost money in the plummeting stock market.

By law, Canadians who turn 71 this year must convert their retirement savings into retirement income funds, or RIFs. But some RRSPs have lost as much as 40 per cent of their value, and retirees who are forced to convert now could see huge losses.

Before the meeting, Manitoba Premier Gary Doer said the RRSP law needs to be addressed immediately.

"There's a cascading impact of laws that are well intended but might be quite irrelevant to the kind of flexibility we need right now to keep people working in the Canadian economy," he told CTV Newsnet.

Some premiers have called for the mandatory age for RRSP conversion to be raised to 75 to provide more flexibility for pensioners.

Harper said Monday's meeting produced positive results, and most of the premiers were on the same page on how to keep Canada's economy healthy.

"The premiers came with many ideas, strong ideas and opinions of their own . . . there were many common positions," he said.

The premiers also came out of the meeting with glowing remarks. Even Newfoundland and Labrador Premier Danny Williams, who had waged an "Anyone But Conservative" campaign in his province during the last federal election, said it was a "very good meeting."

He also stressed the importance of showing unity with the prime minister.

"My message was that it's very, very important that we show the Canadian people that they should have confidence in their leaders, that they should see the solidarity and the union that comes out of that room," he told reporters.

Auto sector

Ontario Premier Dalton McGuinty had hoped Ottawa would agree to a rescue package for the province's struggling automotive sector, which has been battered by plant closings as the Detroit Three companies -- Chrysler LLC, General Motors Corp. and Ford Motor Co. -- try to cut their losses.

Harper suggested the federal government may offer help, but was cautious about what that would exactly entail.

"None of us want a sector that would fail and that would cause tremendous dislocation in the Canadian economy," he said. "But neither do any of us want to see a sector that would be permanently supported by the government, and that would not otherwise be financially viable.

"I know the Americans are looking at certain approaches and we're going to be watching those very carefully, and obviously developing our own responses here in Canada."

The auto sector has said in needs at least $1 billion in loan guarantees to weather the current crisis -- providing that consumer demand eventually returns to previous levels.

Government officials told CTV News that Ottawa will help the auto industry, but not in the form of a blank cheque. The government is also expected to put pressure on the Detroit Three to build more fuel-efficient and affordable cars like Honda and Toyota, if the companies want help.

Although Monday's meeting did not seem to result in any concrete promises from Ottawa for the auto sector, Ontario Premier Dalton McGuinty called the talks a success.

"I'd say this is one of the best meetings I've had in five years with a prime minister," McGuinty told CTV's Mike Duffy Live.

This upcoming weekend, Harper will journey to Washington for another meeting on the economy, this time with the G20 leaders.

With a report by CTV's Robert Fife in Ottawa

Comments are now closed for this story

Larry
said

Its nice to see Danny Williams suck up to OUR Prime Minister. The same one he campaigned against with his ABC garbage. What an idiot Williams is.


Paul - FLorida
said

This is just a news-op for Harper to make Canadians think he is doing something.

Flaherty has already annouced at the G20 in Brazil the stimulous package was already done last year in the form of personal tax cuts.




John Mura
said

If you want to stimulate the auto industry make the money available to consumers who buy the autos. Here is a chance to encourage people to buy new cars that are more fuel efficient, and not only prop up the auto industry through more sales but clean our air also. And for a change make sure that at least 90% is made in Canada so that we provide our own workers with jobs, 100 km per liter sounds about right!


Janet
said

Watch carefully Harper's moves, especially the 180s. Compliance with the will of the U.S. is requisite for their continued support of his leadership and another mandate.


Pete1951
said

Danny Williams who sold his shares in Rogers for 268 million dollars, is going to have to eat "CROW" today, because of his "YOU CAN'T TRUST HARPER" CRAP. Poor Danny, who I think is trying to be a Ralph Klien want-to-be has taken the province of Newfoundland 3 steps backward with his hate for Prime Minister Harper. Shame Shame Danny


Danny deserves a second chance eh!
said

Danny Williams made a fool of himself in the past. Let's see if this man is now capable of acting like most reasonable people do in a group setting.

So far Williams hasn't been a very wise spokesperson for Newfoundland & Labrador. Maybe with age he will see the error of his ways and clean up his act a little. First improvement is to ditch his inflated ego and the pride. After that he's on his way.




H. Jones
said

Time to wake up, Harper

It's about time for you to think of a plan to fix the economic for all us, Canadian!

Maybe it's also time for you to pull out those Economic Notes and STUDY the trend!

Time to face the reality and work out a plan! Think of HOW TO CREATE MORE JOBS for every Canadian. Then everybody will pay the Government back through the Income Tax!

Please, no more DREAMING AND TALKING! TIME FOR ACTION AND ACT NOW!




Gordon in sarnia
said

Yes the brains of our country, none of whom have ever had a newspaper route or run a small business,will offer advice. What a complete crock.


PBW in WPG
said

The Saskatchewan premier "told Canada AM he would also be pushing for an economic "cross-Canada regulatory check-up." "

I wonder what he means here? Just a chat with each premier to find out what the status is with their economies and the way they are reported? Or is he hinting at the need for a common set of rules for governing the way financial transactions, the sales of securities, are governed? If the latter, then he might as well give up before starting, as Ontario, Quebec and BC will all say their system is best, why should they change.

Pity. An opportunity to protect Canadian investors, probably wasted.




al from calgary
said

Since when did this become a bash Williams column, I don't recall his name anywhere in the article. Even though I didn't agree with his abc campaign, the election is now over and it seems that both Harper & Williams put it behind them and are working together, so lets move onto something else please


Ed in AZ.
said

The economy moves in cycles and no government chasing to correct it will bring total stability - unless you are under a communist system which is a total failure. However, regulation in the financial industry is required -also individuals must learn to save money and have down payments and not 100% financing to avoid a crisis.Hedge funds are financial instruments that got us to this - also. High oil prices helped to push consumers over the edge. Now we as individuals must work throught this mess. Stimulus plan by government is required for infrastructure. Keeping it simple as it should have been in the past would make more sense.


larry toronto
said


One way to solve our economic problems is to get rid of taxation. Clearly taxation no longer
works,it can not cope with all our demands & problems. We have to replace the tax system with
a whole new system. With taxation the Gov. takes a % of your income, put a % on things you buy,
puts a value on you property. Instead of putting a value on peoples income or there property,
you put the value on people themselves. Using a mathematical formula of 10,000 per person per
gov. per year, you determain the value of the Gov.,from this big number you take away the the
little numbers, labor, bills etc., then at the end of the year instead of us sending in our tax
returns the Gov. sends in a financial statement,and they get audited. I call this system the
cashless Gov. Decades ago the countries of the world determined the worth of countries by how
much gold they have, but not all countries have gold, but all countries do have people, and
with the cashless Gov. all people and gov.'s rich or poor will benifit.




John in Calgary
said

What do they consider "sustainable" plants? I really don't want to see money being thrown at the automotive industry without some garantee that they are going to change their ways and their veichles. That's like throwing money at VHS or beta and expecting something good to come from it.

The North American automotive industry has not been providing it's market with the veichles they want, that is their fault not the governments. These companies need to look at why Toyota and other foreign companies are doing so well in this economy and make the changes needed to be competitive again. Their arrogance in thinking they would be at the top forever has made it that they make cars that only last 10 years and burn twice the fuel. Who wants to by a vechile that loses $6000 as soon as you drive it off the lot?


Andrew
said

I completely agree with John Muras post. Why help private companies with no guarantee that they will not outsource anyways in the long run?


pete1951
said

Why doesn't CTV put a viewer's response poll on this site, just to get the opinion of Canadain's all across this country, on whether or not we should bail out the auto industry in Ontario. I for one would like to read the comments.


Raj
said

This is a good start.I have a good feeling about all this, as we really are in the same boat.No matter where we live, and I like having Harper & team as the steward of our money


Norm
said

I have one question with regards to bailing out the auto industry. Why should people who make a lot less than auto workers be in favour of their tax dollars going towards insuring that these auto workers keep making more than them? I don't see the auto workers taking any pay cuts to help out their companies, so why should my tax dollars help out their companies?


Rebecca in Edmonton
said

Each provincial representative - and that's all I'll call them - will be begging for bailouts for some corporations in their jurisdictions. There seems to be some sort of hope in the reporting that Canada will ride out the economic crisis. Not if we keep using the Bank of Canada for it's corporate buddies run by the banks. This will crash our very economy by flooding its citizens with a currency that has increasingly less value. Hmm.....sounds like musical financial chairs to me!

I would like to hope for the best, but I'll prepare for the worst. Silver is running out. So is gold. Act quick to be sure you receive your chair!


Alberta Believer
said

Look its pretty obvious, this is a regional issue. The agricultural and energy producing provinces of western Canada and (with respect to energy) now Newfoundland and Labrador and Nova Scotia will continue to do well in their trade with the US, however Ontario will suffer due to the fact that it is reliant upon the auto industry. Americans aren't buying cars anymore which means less Ontario jobs in that industry. Alot of Ontario's trade with the US is less essential than that done by the western and atlantic provinces hence this meeting should be between Dalton McGuinty, Jean Charest and the Governors of Michigan, New York, Illinois, Ohio, and Indiana to see how they can all kick-start the economies of the Great Lakes!


Anne M
said

John Mura, you are so right. Help us poorer seniors to purchase another automobile which is more gas efficent and greener, then they WILL sell more autos. It is time we stopped catering to the whinning oil and business sectors. CEO's need to be more transparent and accountable.


Philip
said

It is reasonable to extend the cash out period and/or make it more flexible considering the current situation. Good that they are on the ball and are standing up for ordinary people and realize the issue, though in the short term it will take out some tax revenue, it will increase the overall amount when the market recovers.


They trusted the stock market; they pay the price.
said

Oh, now they want some socialist government intervention in the market.

Yeah, well, other citizens want other socialist government intervention.

Let the bargaining begin.




Business boys screw up again and again.
said

...it was business brains that caused the current global financial meltdown.

The corporate clowns have to be regulated because they're idiots in suits. ...


Paul in Victoria
said

Harper appears to be the kind of guy who takes ideas from others and takes all the credit himself.

We have ten pretty good Premiers, including Danny Williams. It appears some federal Conservatives are still upset Danny Williams (a Progressive Conservative Premier of Newfoundland and Labrador) spoke the truth during the recent Canadian election campaign when he said Harper is bad for Canada. Williams was right, but we're stuck with Harper for a couple of years again, like it or not for now.


Dale Wilson - Edmonton
said

If support is given to the Ontario auto sector, it will be money down the drain. Governments can't pick winners...there is not a single example in the history of this nation where this has worked in the long term. Its like immigration in this country, the government targets various groups and abilities and by the time they get through the process, the economy has moved on and their skills are no longer valued. The best way for government to help business is to maintain a fair, level playing field and let the folks who know what they're talking about and are prepared to risk their money make the decisions. Its what works and what has always worked. The government's best role is to keep things fair and legislate to ensure transparency - and this is where the US went terribly wrong over the last decade...

It is indeed nice to see Danny Williams change his tune.


Brian AB
said

Well that law most definility
needs to be changed you reach 71 and HAVE to turn your RRSPs.

Why the hell would anyone want to turn in their RRSPs when they could lose up to 40 per cent of their value.

Man that is just a plain stupid law and needs to be changed.Oh and for anyones info i am no where near 71 but how can we do that to them!!!!


Sherry
said

Okay folks .. enough of the sidebars .. let's tick to the topic. As for the RRSP's getting extended, why .. you knew the rules going in and that being after 71 it must go into a RIFF. Why do they have to change the rules to meet your personal desires. A deal is a deal, stick to it.


Concerned Citizen of Canada
said

NORM: you hit it right on the nose. IF and only IF there is a bailout of the auto industry, there should be an immediate decrease in their exaggerated salaries or else all of us making a minimum wage deserves a bail out also!


Darren
said

This is hogwash. You can convert your RRSP to a RRIF 'in-kind' and not incur capital losses. Why do un-informed politicians brainwash the masses with their nonsense?


Scarlett from NB
said

Totally off topic from the article but related to earlier posts.

Great Idea! Let's bail out the Auto Sector. Let's increase the national debt or income tax to bail out the auto industry. Wow! We'd still be able to buy nice new shiny cars! We couldn't affors them because of the increased income tax but it could work....

I know the perfect way to get more money back into Auto production; get rid of the unions; decrease the hourly wage. I'm sure there are many people out there who'd be willing to work for half of what the CAW works for.

Better yet, Let's take money from education, environment, agriculture, energy, heritage, fisheries, immigration, industry, justice, foreign affairs, defence, arts, and give it to the auto sector.
Canadians would have to do without a lot of things (schooling, food, security, music, entertainment, history; but we'd be able to buy a fuel efficient car!


Val
said

Investments all have risk attached to them. So the market has fluctuated downwards and you haven't made what you hoped for...isn't that just the risk you take when your funds are in stocks, etc.. they say old folks are like whining babies. So now the powers that be want to change the laws to protect poor RRSP investments. What a complete lack of responsibility and accountability for stupid planning in the first place.


Zwinky
said

I don't trust Harper, I don't trust Flaherty.

never will...

These wealthy men who really believe that the market crash represents "buying opportunities" to anyone but the fortunate few are clearly not focused on those among us who have no money left after the crash and are in danger of losing our jobs and our entire future.

Their records on the economy and their understanding and support of many Canadians' real needs are appalling.

Their GST cuts benefit wealthier Canadians almost exclusively and robbed the treasury of vital dollars that could have been used to help the less fortunate among us survive this economic meltdown.

They need to do a better job on the economy and on heping ordinary Canadians wheather the economic storm but I doubt they will be able to see past their "sink or swim" ideological blinders to do so.

Now all the extremists will scream "Why should MY tax dollars be used to support YOU??".

I would answer humbly:
"Because right now I need your help and if I fail utterly through no fault of my own and you stand by and watch, we will all diminish as human beings and our country will never be the same again.".




Pete1951
said

A couple of good points already about the Auto industry bail out. It would only be right if the Rest of Canada is bailing out the Auto industry, it would only be fair that the auto workers themselves help by taking a cut in pay. Here in western Canada we only here rumours of what to auto works makes, and what I am hearing it is from $45 to $70 per hour. Can someone confirm this for me.
Thanks



RRR - Lethbridge
said

Janet wrote: "Compliance with the will of the US is requisite"

What has changed? Why do we suddently have to comply with the US? Until recently everyone has been bashing Harper for being close to the US. I don't understand why you have changed your stance. Are we now going to be the puppy dog for the likes of Barack Obama and Americanize all our policies?


Victor in Vaughan
said

This move to eliminate the RRIF is totally unfair.

Many folks banked on the rules being the same and now they want to tax the thing sooner rather than later in smaller steps from a RRIF.

The Governments shouldn't attack the seniors that were paying taxes from so many years, and now will get a huge back end load too.

Not fair at all.


nc
said

This meeting with the PM and the Premieres is a nice get together. This economic problem will sort itself out. All of these leaders never saw this coming and they certainly will not have the solutions.



JD - BC
said

Unfortunately, I doubt that Harper will listen to any voice other than his own. He derailed Dion before he was even out of the gate for being such a heretic in suggesting a meeting with economic advisors - oh yes, we were in a solid economic state at the time, according to Harper. Now he takes up the cause & thinks he will look like the good guy. We dont have a democratic system here other than we vote them in & then we are stuck with them. In the US, if there is a good leader, he can choose good people to surround him regardless of their party politics - Obama is doing just that. Will Harper listen to his Premiers? Probably as well as he listens to his own advisors and the Canadian electorate.


kraven
said

just another tax grab only this one is on the backs of pensioners who have already taken a hit from the markets there shouldnt be any mandantory time to withdraw rrsp's...they already have to pay tax on the funds and the mandantory withdrawal just forces them to pay it all at once. They have paid taxes all their lives i think they should be allowed to keep the little they have left


John in Ontario
said

What I don't understand is why so many people at age 71 were still in the high risk area of RRSP investments. Was it bad advise from financial so called experts or just the lure of excessive monetary gain at a time of life when a more conservtive approach in safer areas like lower interest GIC's would be more prudent?


Cambob
said

The trigger for this economic event was the spike in fuel costs earlier this year. Sure, blame Harper, Bush, Wall Street, flying pigs, whatever. But the simple fact is EVERYONE stopped buying things when fuel spiked. They stopped paying their bills, they stopped buying cars, they stopped "driving" the economy.

This fuel spike is going to happen again next year too.

Until politicians, economists, and the general public realize that our well lubed western civilization is fundamentally linked to oil, we are in for a very rough path.

Of course, if the US had the nice little gas station they lusted for (Iraq), our way of life would not be as threatened. Yes, war is horrible... but so is the pending collapse of western economics. And if it gets to that point, let's just say civilized people are not civilized when they are desperate and angry.

If you need a historical reference, look at Germany after WWI...


Chris
said

I think you need to suspend the age limit for mandatory RRSP conversions. It wouldn't be fair to any age group...71 or 75! It is a good law that needs to be suspended for a short period of time.


CG
said

Amazing how the people bashing Harper are the same people that re-elected him; I guess there is just no satifying anyone these days


Laz in Finance
said

For those of you converting your RRSP's to RRIF's, you don't lose anything in the conversion. So there is no need for a law change.

Second, if you are 71 and 100% equities, you are probably not the smartest of investors or you should fire your bank or financial advisor. You should have a majority in fixed income and some more in cash. The cash you would then withdrawal from for your minimum RRIF payment and therefor, you have lost NOTHING. The remaining in Equities will come back over the year and probably provide inflation protection.



Doug BC
said

Some of these posts seem to indicate that Canadians don't yet grasp the enormity of this global problem,or it's impact on Canada.The real fact is,that the most that ANY government in Canada can do is a bit of tinkering.Neither our PM or our premiers have the capacity to insulate us from the potential damage.
MOST of the cars we make here,are sold in the USA.As is MOST of the lumber and forest products,and a whole litany of products we make here.
While I totally agree with the notion of having lower taxes,which enable Canadians to buy more products made in Canada,the fact remains,if we don't have expports,we will feel the pain.And even with a few extra dollars in our pockets,uncertainty about the economy,,a lack of technology to make "greener" cars,and our very small domestic market are just a few reasons why we cannot save our auto industry all by ourselves.We simply lack the fiscal capacity.
THe RRSP idea is a good one.But anyone who retired in the last few years is facing big trouble.And,likely no way to improve their personal situation even if this crisis does pass.By the time it does,their life savings will be consumed.
And finally,this is just the "credit market" part of the problem.I expect it will get even worse when the USA starts dealing with their "budget" imbalances.
It's completely dilusional to think leaders in Canada can "bail out" much of anything.Perhaps we would have been in better shape if we had paid down more debt.But for now,there is not enough money in all of Canada to fix this mess.Not even close.


marcel
said

to change the roll-over law is stupid. whether it's 71 or 75 what's the difference. I would rather like to see tax laws changed to allow capital gains/loses on roll-over to be applied againts other income.


Anne Ottawa
said

I agree with a comment on here, why is 75 a magic number? they should just erase the mandatory age limit for a short period of time. if I were 76 and most of my money was in rrsps rather than a pension fund and they had tanked, I would be p-o'd , big time at the unfairness of that. why cant these characters think of that themselves, that is what I am wondering?

keithg99
said

why are you putting down Williams, he wasn't even mentioned in the article. By the way he's not sucking up to Harper our province of NL already punished harper for lying to us, we know he won't break any promises this time because he never made any. Let's go Danny!!!


Norm
said

Pete 1951

They make $ 30.00 plus an hour and on top of that they get full benefit packages. Add to that their pesions are provided for them and it gets up to around 60 to 70 dollars an hour. As I stated before, they need to take a cut if they want my tax dollars to bail them out.


Joe MacDonald (P.E.I.)
said

The group that has to convert RRSPs to RRIFs at 71 have had the easiest of time, compared with the Baby Boom generation. They are used to being able to make the rules to suit them, and we of the 40 to 55 generation are left to mop up. Anyone who had risky positions at the age of 69 or 70 deserves to be punished. These same people are profiting from the CPP with out having paid their fair share. the majority of these people have profitted from Private Businesses that have treated the Baby Boomers as a cheap source of labour and have had their way with the tax system, when they pleased. What about the concept of sleeping in the bed you made?
remember there is now only one of us working to pay for a half dozen retirees.


Keith In Brampton
said

I'm with al from calgary - unless they drastically changed the text of the story during one of the updates, Danny isn't mentioned - so why the bashing here?


Chris
said

You guys just don't get it. It's good for the employees of automotive sector to make a good salary. I am on the fence all together about whether a government should bail any job out. HOWEVER take GM for example. 1 job at GM supports 10 other jobs in the economy whether that be the grocery store cashier to the gas station clerk.

Furthermore for all of you who enjoy free health care, and services the government provides. WHO Do you think supports that, the people like auto works who make 60 K +/yr or the people who are making 20K/yr ? It's not just simple to say they should take a pay cut.

AS for RRSP's turning into RIF's I am sorry that's the stock market you win, you lose on some. IF I were 70 when all this trouble started I would have moved my RRSP's into funds that were very stable in keeping their value.

I am 25 and never worked in the automotive sector. But it's not that simple.


roy cotton
said

My two cents worth,talking about the problems facing the economy the cities and towns of our country all need infrastructural work which i think is terrible and rests on the shoulders of such towns and cities,if we looked after our homes the way they look after their cities we would all be living in tar paper shacks.infrastructural should be an ongoing thing the same as you replacing the shingles on your roof every few years.


Louisa
said

Well, they'd better not use my tax dollars to guarantee somebody's else's pension funds or lend to the auto industry. I am not responsible for their losses. And why would someone at retirement age have their life savings invested in the stock market?? Maybe it's time we started taking care of ourselves and stay out of pension funds and RSPs. I've said for years that eventually the government will have their fingers in those pies, it wouldn't take much of an event for that to happen. Now US House Democrats are looking at having the Social Security Administration take over management (I use that term extremely loosely) of 401(k) plans (good-bye pensions, it's all a money grab), also refer to Argentina's recent seizure of pension money. Since governments are fiscally irresponsible and are always looking for more money to spend, keep tabs on your own money, don't hand it over trustingly to somebody else, next they'll pounce on our bank accounts. I hope Canadians are smarter than the Americans regarding these constant bailouts; it will never end, you can't bail everybody out, we'll all eventually end up with debt that can never ever ever be paid off.


ME
said

I too read the article--in fact I read it 3 times and not once was Williams name mentioned. I'm not defending him. I think he was off base when he bashed Harper, but the story was not about him at all.

I agree with the writer who said give incentives to those who want to buy green cars. Bailing out the auto industry is just giving away money. This will help the auto industry, the environment and the buyer will save money in the long run.

As for deferring transferring RRSp's into a RIF. This is something the government will benifit from in the long run. Most people have a percentage of their RRSP in mutual funds. As you near retirement it is usually in so called blue chipstocks, not risky stocks. If the government waits a while they will rebound, but if you have to convert them now that money is lost to both the senior and the government. This is not a stock market issue but a government issue.


Gwillimbury
said

During these tough economic times, maybe the government should look at protecting people's RSP's if they need to go into personal bankruptcy. Imagine going into bankruptcy and the creditors taking all your retirement?


Alberta Believer
said

Yeah ... sure blame Harper for every dead sparrow that falls from the sky. First he wasn't doing enough, now his efforts are all a sham. Its the same lefty loonies who know as much about the economy as they do about fornicating.

Fact is our economy is dependant upon the US and world economies in varying degrees and there is very little that our first ministers can do that'll keep us Canadians from sharing in the global misery... to varying degrees.

I read some fool blaming Harper for attacking Dion's economic polices during the election campaign as if he was off base to do so? Perhaps he should have not addressed his political opponent's economic agenda during the political campaign or perhaps he should have endorsed it.
Really I dunno how jibberish like that makes it up here.


R/H Ontario
said

To - 'John in Ontario' It was bad advise, from financial so called experts, that our loss was 20K+. And as far as RRSP's are concerned, there should be NO limit to them. But why our so called Financial Advisor almost laughed when we suggested GIC's is beyond me. We were very naive and should NOT have listened to him. Ah well, we learn by our mistakes and sometimes by others' mistakes. Now we have to rein in and spend LESS.


kate Coombs
said

I totally agree with the comments on automotive. Lots of jobs have and are going to be lost. The North American auto companies produce cars to benefit their investments -oil? We need vehicles that are radically different, yes 100km per liter on plant or recycle oil (canola, corn hemp) More interest has been in advanced WAR machines then personal transportation. But I still do not want to see a "bail out" for another corporation. They are rich and decided long ago to let it fall... Tax cuts to small business and middle class is the best way to rebuild a local economy that keeps the soul of a country going.


Jason B
said

If there is to be a stimulus package, let's put it in the bank accounts of Canadian individuals and families. Let's help people keep their homes, and life savings. And, give them the means to continue participating in the economy. Without consumers out there purchasing goods, a stimulus package won't work.




DCR-Toronto
said

There is simply no pleasing some people. Obviously there are those who would complain if they have the meeting, and those that complain if they don't. The problem is...it's the same people. There is nothing that this government can do that the partisan Liberals would say "good job" on. Ever! That in turn shows that those same people cannot be taken seriously. I consider myself a conservative, but I still complimented the Liberal Party on some of the initiatives they put forth. Pretty sure it is people in the Liberal Party with nothing better to do than either sit on their hands or use them for bashing one of the best governments this country has seen in decades.
This meeting will help. How on earth can it be a bad thing to sit down with the provicial counter-parts and discuss details of our countrys economics?


Neutral Logic
said

You said it Alberta Believer. The PM can do nothing right to those people. That shows to me and most others that they are the ones who cannot be taken seriously. Damned if he does and damned if he doesn't.


Trevor Wade
said

My only issue with raising it to age 75 is...how many people will die before 70 or 71? and now it's a few more years. Not sure what effect this will have, just tossing out the issue.


Buddy in Black Creek
said

I'd support bailing out the auto industry if there had been any mention of an offer to bail out the 30,000 job losses in the forestry sector in British Columbia in the past few years. That is our prime industry and it is all but washed up. So why bail out Ontario's auto industry, oh yeah, because its closer to the geographic center of the policital universe in Canada - Ottawa. Proving again that the West does not matter to Harper or any of the other Feds.


Maureen
said

I dont understand the Premier's wanting to change the age conversion rules for RRIFs - RRIFs can still be invested in the stock markets - this may be the time to take your RRSPs and purchase good stocks at low costs. My mother's RRSP made more money annual as a RRIF.


AndyL
said

Before we bail out anything, let's get the outdated labor unions out of there and have the mostly un-skilled and high-school educated work force reduce the r1diculously high wages rolled back.


R in Sask.
said

I didn't see Premier Williams name in this article except for the comments and I agree it's time to move on, but we are now into 27 days since the federal election meaning we have 18 days left before the the Conservatives are suppose to give us direction as to what they are going to do for the state of the economy. Remember the Liberal's planned to meet with the premiers and present a plan within 30 days, and then PM Harper copied and changed it to 45 days, this meeting that he met with the premiers had no formal agenda which I find odd because it shows no guidance from what the Federal gov't hopes to accomplish. 18 MORE DAYS, LET'S SEE IF THIS IS A PROMISE KEPT OR A PROMISE BROKEN!


Merv
said

Darren is absolutely correct, when the RRSP is coverted to a RIF the value of the investment does not change. The politicians are fear monguring. The only change is that when the RRSP is converted to a RIFF there is a minimum amount that has to be drawn out annually. The income the RIFF earns inside the plan is still tax free.



RAV
said

Note to Zwinky:

There is a story going around of a man who is going into a restaurant. On his way in he sees a street person who is asking for a hand out. The man orders his meal and receives excellent service from his server. His bill comes and he congratulates the server on the wonderful food and service but does not leave a tip. Instead he gives the tip to the street person. The waiter is dismayed and the street person is rewarded for no effort. This is how social welfare works in all its forms. Take money from the deserving and give it to the non deserving. Blinky, Blinky, Wake up Zwinky.


PM
said

Push Harper aside and let Danny Williams run the show; at least he will get results.


Bobby in Nova Scotia
said

au contraire my friends. Danny Williams has done nothing more than properly and effectively represent the people of his prosperous and successful province.
I imagine the naysayers below are those same worrisome willys whom feel threatened by their neighbour's success. Socialism doesn't work folks. Keep competing!!!!


Jim H Canmore AB
said

Re converting RRSP to RRIF

It would be very helpful if seniors already in RRIF programs could, at their own option , delay withdrawals during this period.


Layton B in Moncton NB
said

If the government is going to bail out anyone with huge sums of cash, it can start with tax payers. I have a maxed credit card that could use some attention, I'm sure there are some mortgages and car payments out there that are behind. So rather than bail out banks and the auto industry to the tune of billions, why shouldn't the government pay off some real consumer debt and stop the bankruptcies before they even happen.
As far as infrastructure goes, didn't Harper once say that the government "doesn't do potholes"? If we as tax payers are going to invest in infrastructure, I say it should be in the form of mass transit and renewable energy projects. Simply put it kills a number of birds with one stone.


KJ in Kingston Ontario
said

Government LOW INTEREST RATE policy essentially forced people to move into risky ventures since having money in GICs yielded less than the rate of inflation! That was the growth at all costs scam. The big mistake in hindsight was the unrealistic central bank rates that produced sub-inflation returns and too good to be true stock market returns. Likewise it should have been outright illegal to sell Mutual Funds for RRSP purposes.


James Johnston - Saskatchewan
said

Danny Williams is forced to eat crow! I love it..after interfering in the federal election with half truths and innuendo, Williams is forced to come, tugging on his forelock, begging for forgiveness...tell 'im to go to 'ell Mr. Prime Minister


Bob Gordon
said

Every government on earth is trying to either benefit from or survive the financial crisis. Major changes must come that will begin to stop the bleeding and finally cripple the thievery passing as deserved benefits to some of the industrialized nations more fortunate. The hundreds of millions spent on an unnecessary election is water under the bridge that some might think will teach power mongers a lesson. That is unrealistic as millions in taxpayer money goes to defeated candidates in severance and future pension benefits. Canadians have to realize the guilt-lined benefit packages given politicians and top management in both the public and private sector are unaffordable becoming a debt load for our children and grandchildren.

The collective government decision to expedite funds for infrastructure improvement is a good idea unless politicians allow consulting firms and excessive profiteering political friendly construction firms to reap the benefits. Governments at every level must use legislation to set fair wage and fair cost efficient project schedules for the needed infrastructure work. Tearing down personal empires structured during the years of high profits and acceptable tax levies must face rapid dismantling even if it means labour unrest. Canadians simply cannot afford the present level of government. The cost is affecting the main sectors of the Canadian persona envied worldwide in the past. Education, senior security, health care, and social programs are all facing major funding crisis’ meaning the end of burgeoning public payroll must be brought under control. The money used for unnecessary administration, gold plated pension plans and excessive expense spending should face a hiring freeze (not a freeze replaced with hiring contract positions) in an effort to lighten the effect of the upcoming worldwide recession or possible depression.







Pat from Ottawa
said

Larry,

I did not see any reference to Danny Williams in the article, but since you brought it up.....Williams is the most astute businessman and politian NL and Lab has had in a generation and has helped guide NL to become a "have province" despite Ottawa's bland efforts to provide nothing more than a life vest with a rental fee. NL is also having to import skilled workers. Although to give you some credit no NL Premier has ever lost political points locally by going head to head with Ottawa.


Barry
said

If the Canadian government must bail out the auto industry using tax payers money, it must do so by temporary obtaining the existing equity, completely de-unionizing the companies, appointing a receiver team that would replace existing management, and by investigating the legality of amending the existing pension agreements.

Linda in Vancouver
said

I'm one of those who thinks the economic crisis is beyond Canadas ability to resolve.But,I am encouraged that the PM,and the Premiers are engaged in talks that most of them seem to think are productive.
Any time these meeting go on,and the result is not a whole lot of whining and infighting,there is always a chance some problems can be ironed out.Especially when Dalton McGuinty sees the meetings as positive.We all know there is little love loss between Ontario and the Feds.
Still,I think the most they can hope for are ways to mitigate the harm that this crisis will do to a lot of Canadians.
Is it possible we will finally have to curb some of our consumerism,or scale back on the demands we make of a finite number of taxpayer dollars???
This family is OK with some sacrifices if it leads to a stronger Canada in the future.Even though our budget doesn't have a lot of extras any more.


Edmonton John
said

I'm still looking for the mention of Danny Williams, my own personal hero who put a voice to my sentiments exactly vis-a-vis the minority PM, leader of the Reform/Alliance etc.

Where is the pulling of aforementioned forelock, the genuflect, the munching of crow pie, pray tell?

This is a photo-op for Mr. H, no doubt, and if he could get a picture of his oxfords on Mr W's throat, he surely would, but it's not happening. This brings me back to my question...what the heck are all you Williams bashers talking about?


If the cost of government is not sustainable,
said

cut the military money being burned in support of US imperialistic war crimes.

There's a few billion dollars that can be invested in Canadian infrastructure and boosting Canadian industries' productivity.

Brad - Edmonton
said

You're dead on Rav.

The interesting thing about the 'Zwinkys' of the world is that they believe that nobody needs to take responsibility for their decisions / actions. How many people do you think have ended up on the street through NO fault of their own? Ask someone who works around them everyday. That doesn't mean that we can't & shouldn't help but it means that there isn't a bottomless money pit for the 'Zwinkys' of the world to reach into and help all those who fit into your grossly naive view of the world. We can't afford to finance your smug sense of social entitlement.

And as far as Williams goes....no he's not even mentioned in this article but unfortunately it won't be too long before his next childish stunt puts him back in the headlines. In the long run he's going to hurt his province.


Pat in Ontario
said

If tax dollars are going to help the auto industry then auto workers have to take a cut in pay. A large cut.


Ian
said

Dear Sherry, are there no work houses, are there no orphanages, bah humbug to you too. Geez how heartless can you be. I'd like to see your income potentially drop by 40% and see how you feel then.


Bob in Harley
said

Part of the solution to keep people working would be for the CAW to take a leadship role and reduce their wages to be competitive with others in a broad sector of industry.I'll bet they don't! So in turn why would we support them to keep their jobs? I worked all my life at much less than an automotive worker to finally retire. I have seen my investments which are my pension lose nearly 30%. It will come back but when? Perhaps if the CAW along with the politicians took at least a major cut in pay and gave some of it to seniors everyone would win. But alas don't expect them to consider anyone but themselves.


Brian Williams
said

Lots of misinformation in this article. There is no such thing as a conversion of RRSP to a RIF. The assets of the former are transferred to the latter. No loss is necessary as there is no need to sell the holdings. The subsequent annual minimum withdrawal needn't take place until December 31 of the year following. Dividends and distributions throughout the year will most likely provide coverage for the minimum. Again, no sale, no loss.


Larry in Wpg
said

Let the auto makers go bankrupt, rather than use taxpayers money to pay out big CAW bonuses and rich collective agreements. The CAW has long ago outlived any usefullness and needs to go. The best course of action - NO bail-outs anywhere for anyone. You play the market, then you accept the consequences.


Remember our Vets
said

For people dissing the auto industry Toronto, for your information, not everybody works for GM, Ford or Chrysler. There are many of us who are parts suppliers who work hard 12hr days who make $10-$14 an hour and many of those get very little benefits.

I think that the province and the federal government should help the struggling auto part sector, not just the big 3. Sure, the big 3 is what we in the autoparts industry count on for jobs, but if they get the lions share of the money, they'll just cut and run to Mexico with it.


Share with your social Network:

 

Advertisement

Contest

CTV Video Player

Mike Duffy Live

Mike Duffy Live

The premiers bring their economic wish list to Ottawa but leave with assurances of federal concern.

User Tools

About the tools

Need to get in touch with CTV? You can email the CTV web team using the 'Feedback' button.

Share it with your network of friends

Share this CTV article or feature with your friends. Click on the icon for your favourite social networking or messaging system, and follow the prompts.

Share this article with Facebook

Share this article with Digg

Share this article with Newsvine

Share this article with delicious

Share this article.
Send Email

Share this article with Twitter

Share this article with StumbleUpon

Share this article with Reddit

Share this article with Yahoo! Buzz