4570 replies to this topic

[Matt R.]

test his limits. see if he will take it a step further and hunt it for you. what’s open right now in the SSI hunting season?

grouse? quail? beaver?
 
i have no idea what a grouse is by the way.

Is it deer season still? Beats me.

At our last staff party dinner at Butchart, he gave me his tenderloin course. Win win.

Matt.

[Victoria Watcher]

Canada’s small businesses now collectively owe over $135 billion as a result of the pandemic

 

https://www.cfib-fce...result-pandemic

 

 

Seven in 10 small business owners have taken on debt due to COVID-19, with the average now reaching almost $170,000 per business, according to a new report from the Canadian Federation of Independent Business (CFIB). In total, small businesses in Canada now owe a collective $135 billion.

 

“Over the last six months, the average debt taken on by small businesses to deal with COVID-19 has grown significantly,” said Laura Jones, Executive Vice-President at CFIB. “While many businesses had previously reopened and were attempting to regain lost sales, the second wave and the restrictions that came with it are putting a massive wrench in an already slow recovery for small businesses.” 

 

After adjusting the data to reflect the entire economy, CFIB estimates that the total debt taken on by Canadian small businesses as a result of COVID-19 as of early February is $135.1 billion, a significant increase since CFIB’s previous estimate of $117 billion in July 2020. 

 

Of businesses that have taken on debt, three quarters (76 per cent) say it will take them over a year to repay, with 11 per cent of this group expressing concern that they may not be able to repay their COVID-19 related debt at all. What’s more, when asked how long it would take them to return to typical profit levels (not including any debt repayment), four in 10 businesses say it will be at least a year from now, if not more, until they expect to see normal profits.

Edited by Victoria Watcher, 25 February 2021 - 06:47 AM.

[spanky123]

^ I am sure that this is heavily weighted by the CEBA. Any business that I know of that qualified took that loan as you get to keep $20K as long as you pay back $40K in two years. Another useless Liberal program that just gave billions to many businesses that didn't need it. Heck if you check the online reports, someone of the wealthiest and most successful businesses in Victoria collected wage subsidy and/or CEBA money!

Edited by spanky123, 25 February 2021 - 07:25 AM.

[Mike K.]

This is what happens when bureaucrats create business programs. It's usually tone deaf, and comes at the expense of far too many enterprises that genuinely would benefit from such a loan to help them get over the hump, but which cannot qualify for it because they don't have the sorts of expenses Ottawa wants you to have in order to qualify.

[spanky123]

^ Very true. 

[spanky123]

Another huge jump in BOC 5YR rates today. I suspect most banks are going to be following suit soon with mortgage rates as the 5YR rate is what most use as their benchmark. The 5YR rate has jumped nearly 50 bps in the past month.

[Matt R.]

What has Dayton boots done?

https://www.reddit.c...utm_name=iossmf

Matt.

[Ismo07]

^ I am sure that this is heavily weighted by the CEBA. Any business that I know of that qualified took that loan as you get to keep $20K as long as you pay back $40K in two years. Another useless Liberal program that just gave billions to many businesses that didn't need it. Heck if you check the online reports, someone of the wealthiest and most successful businesses in Victoria collected wage subsidy and/or CEBA money!

 

I think this went up another $20k....  Also the Province is giving another $20 i think with a couple hitches.

[Mike K.]

What has Dayton boots done?

https://www.reddit.c...utm_name=iossmf

Matt.

 

Long story short:

 

The allegation is they created a promo for people to nominate frontline workers, who would get a certificate for a free pair of boots.

 

The nominees get some sort of a credit for participating, and were made brand ambassadors while providing their personal details to Dayton for the certificate and nomination.

 

Dayton used these nominees to file employee benefits requests from the feds.

 

They sent people huge earnings T4s, like the guy in the Reddit thread claiming Dayton T4'd him at $32,000.

[Greg]

^^

 

At first it was $40k, with $30k to be repaid. Then another $20k was made available, with $10k to be repaid. So in total, $60k could be borrowed, of which $40k must be repaid.

 

The "forgiveness" part of the loan is only available if repayment takes place in a prescribed timeframe. 

Edited by Greg, 01 March 2021 - 09:25 AM.

[Rob Randall]

Wow, that Dayton Boot scheme is insane. 

Edited by Rob Randall, 01 March 2021 - 09:45 AM.

[spanky123]

Wow, that Dayton Boot scheme is insane. 

 

Which I why I said earlier that estimates are the up to 70% of the benefits the Feds have paid for covid relief are fraudulent. No checking, no validation, no penalties if caught. 

[tanker]

But if you don't want to go to a rape hotel when you fly home they'll find you $750.

[spanky123]

Thanks to Trudeau, Canada is now only behind Japan in debt/GDP in the entire world! We are even beating out Greece which most economists believe is a basket case.

 

https://www.bloomber...=premium-canada

 

Canadians who lost income during covid have now received $20 for every $1 they lost!

[Hotel Mike]

I guess you don't rate Canada's economy AAA. Moody's does.

[spanky123]

I guess you don't rate Canada's economy AAA. Moody's does.

 

Moodys establishes how likely it is that debt holders will be repaid. It is very likely that they will be repaid, the Bank of Canada will print as much money as they have to to make sure that happens. 

What Moodys doesn't report on or care about is your and my ability to afford anything or repay our own debts. 

[Matt R.]

Meanwhile, according to this article the province has spent nearly as much ON the recovery grant program than they have spent actually helping businesses.

https://www.cheknews...-grants-748998/

The application is pretty lengthy, and then you wait to hear back if you are approved or not and proceed with the “plan” from there.

They will spend $2000 on a consultant to help me buy a $4000 awning for my takeout window.

Matt.

[Matt R.]

The feds finally announced the CEWS and CERS calculations for March 13 onwards. Basically, it’s the same formula as now but compare to 2019 instead - which is excellent news as I think 2019 was a banner year for many in my industry.

https://www.canada.c...h-to-june0.html

Matt.

[spanky123]

^ Good for you Matt although I though I had read that the program had been extended to end June while it now says June 4th.

[Victoria Watcher]

The federal government is in the final stages of talks with airlines on what could turn out to be a $9 billion support package for the pandemic-battered industry, says union representative Jerry Dias.

Sources say most of the airlines are calling for financial help from Ottawa but WestJet wants the federal government to prioritize coming up with a plan to safely restart air travel.

https://www.cbc.ca/n...nifor-1.5936739