Frank Stronach

The core issues facing Canada in 2023

January 3, 2023

For many of us, the start of a new year focuses our minds on goals and plans for the future. It’s a time for a fresh start, a time when we get around to tackling projects that we keep putting off even though we know they’re important for our financial or personal wellbeing. That same mindset should be adopted by our government as well. With the worst of the pandemic firmly behind us, now is the time to finally start solving some of the key problems that have hobbled our economy and held back our potential as a country. But where do we begin? We’re confronted by a number of seemingly insurmountable problems: Skyrocketing debt. Falling living standards. A country

The government beast must be tamed

April 25, 2023

Who is the largest employer in Canada? You might think it would be one of the big banks or maybe a company like Bell or Loblaw. But you’d be wrong. It’s the federal government. Governments at all levels and their multitude of agencies, Crown corporations and departments employ a large chunk of Canada’s labour market. According to the Fraser Institute, as of July 2022, Canada’s public sector represented 21.8 per cent of all jobs in the economy — and growing. That means that nearly one out of every four Canadians works for the government — a staggering percentage, which is nearly double that of the United States and almost the same as communist Venezuela. The federal government alone has more

Is Canada still a business-friendly country?

December 13, 2022

When it comes to doing business, Canada may not be as friendly as it once was. Thirty or forty years ago, whenever my company opened a new manufacturing facility or R&D centre in southern Ontario, municipalities would bend over backwards to help us — offering everything from widening the road to installing new traffic lights. In the U.S., job-hungry local and state governments would go even further, promising major tax incentives and free land if we chose to locate there. But the business-friendly environment that existed in Canada years ago has largely vanished. Instead, businesses looking to open a store or factory get slapped with piles of paperwork and never-ending fees. I’ve been trying to get a business operation up

Unleash small business by exempting them from corporate taxes

May 2, 2023

Small businesses are often described as the backbone of our economy — and that’s because they are. They develop new products and technologies that drive economic growth and create new jobs. But if small businesses are so important, why aren’t we doing more to support their success and foster even greater growth? Small businesses bore the brunt of the economic fallout during the pandemic. The on-again, off-again lockdowns dried up revenue, drove away customers and made employee retention very difficult. I often wonder how many of the small businesses that went under during the pandemic could have become another Magna International? Legendary entrepreneur Richard Branson famously said that all big businesses start small. When I started Magna, I opened up

Narrowing the gap between rich and poor

July 18, 2023

In its latest report on the wealth of Canadian households, Statistics Canada found that the gap between the country’s wealthiest and poorest citizens is widening at a record pace. The report also found that most of the country’s wealth is held by relatively few individuals. According to the study, the wealthiest 20 per cent of Canadians account for nearly 68 per cent of the country’s net worth, while the bottom 40 per cent account for just three per cent. Those with the lowest incomes have been hardest hit by soaring inflation and stagnant wages, according to the study. Middle-class Canadians, meanwhile, spent an average of $1,306 more than they earned in income in the first quarter of this year. To

Canadians need to rise up and fight for their prosperity

August 15, 2023

Canadians know deep in their bones that our country is in trouble and our economy is sick. We also know that we have to fix things because time is quickly running out. The national debt is a case in point. If we don’t tackle this problem now, the buildup of debt and the interest that keeps piling on top of it will drastically affect future generations, who will be stuck with the bill. And that’s not the only economic problem we face. The gap between the wealthy and the workers is growing larger and larger. Many Canadians are living paycheque to paycheque. And it’s become increasingly difficult for young Canadians to find good-paying jobs or afford to buy a home.