Readers share 50 ways to get Canada’s economy back on track

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As part of Postmedia’s How Canada Wins series, the Financial Post asked readers for their ideas about how to get Canada’s economy back on track. We thank everyone who submitted a suggestion and are publishing 50 of the most interesting ideas here.

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Slash the red tape

Canada’s vast oil, gas, mineral and lumber reserves are goldmines. Slash the red tape: speed up LNG terminals, pipelines and rare earth mining while keeping the green energy transition in sight. No strangleholds on oil and gas due to overregulation. The outcome? More GDP, jobs and a stronger international trade position.

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—Dave Suchanek, Oakville, Ont.

Cut middle-class income taxes

Middle class income taxes are totally prohibitive to enable savings, investments accumulation and financial security. They also inhibit motivation to establish new competitive businesses. All the potential middle class economic synergy is wasted. Family income taxes should be cut to less than 10 per cent.

—Jim Reid, Kamloops, B.C.

Get government out of the way

There are many suggestions in various media that “The federal government should do this, do that, etc.” I disagree. My suggestion: A return to classical liberalism with governments standing out of the way of the private sector and individuals except for the necessities of peace, order and good government, and the rule of law applied equally to all.

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—Pierre-Pascal Gendron, Toronto

Create an environment that rewards risks

The government needs to support small to mid-size businesses and create an environment to take risks by increasing the capital gains exemption. There must be incentive to create a business and know you will be rewarded in the long term. When our current environment seems it’s better to work in the public sector rather than the private sector, our outlook is not good.

—Peter Hickey, London, Ont.

Beware of deficits

Read Richard Rohmer’s novel “Death by Deficit,” which brings to life what could happen when all the money runs out. The best people are in business, not politics. They can fire up our industrial engine if given the opportunity. With some limits, reduce corporate tax to zero. Tax the money they pay out for dividends, bonuses, salaries and end all subsidies.

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—Dan Toppari, St. Catharines, Ont.

Make vacations within Canada tax free

Keep Canadians in Canada for vacations. Create an up-to-$1,000 tax refund for receipts from another province (it must be any province but your home province) to be claimed on 2025 tax return.

—Marney Rakidzioski, London, Ont.

Show Canada is open for business

Demonstrate in real terms that Canada is open for business. Encourage the development of all responsible resource and infrastructure projects. Ensure all regulatory or legal approval or rejection within a maximum period of two years. End the ability to stop viable projects by the use of delay tactics.

—Robert Kulhawy, Calgary, Alta.

Add economics to the curriculum

Add economics to the secondary school curriculum, so that the next generation understands concepts such as competitiveness, R&D, productivity and GDP, so they demand long-term solutions and make informed decisions when selecting their politicians.

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—Renee Schindeler, Toronto

Focus on what the U.S. needs.

Canada ignores its comparative advantage in geography and resources. Focus on what the U.S. needs. Focus investments on resource extraction, processing and transport while dispersing our population to support. We can use policies such as employment taxes and credits to influence employment away from dense urban areas with subsidies on single family-friendly builds.

—Greg Wilbur, Salmon Arm, B.C.

Leverage our natural resources

Leverage Canada’s natural resources by reducing crippling restrictions on gas and oil development and processing. Get the government out of the way in this sector. Encourage brain trust growth with grants. Switch to cleaner energy through encouraging innovation, not punishing interference.

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—John Bagnall, London, Ont.

Clear the way for pipelines

Expeditiously construct strategic oil and gas export pipelines and use domain powers under the Constitution to facilitate unfettered right-of-way for construction. Engage Canadian steel mills to produce and market orphaned steel and build the pipe ourselves. Repeal all federal legislation impairing the full scope of what is necessary to get export pipelines commissioned.

—Philip Lemke, Cochrane, Alta.

Bring our talented expats home

Implement targeted tax incentives for Canadian expatriates returning to build domestic enterprises, paired with AI-approved seed funding and time-limited tax relief for those startups in critical sectors. Balance fairness by extending parallel support measures to domestic entrepreneurs, ensuring inclusive economic growth, minimizing socioeconomic disparities, and fostering sustainable innovation and competitiveness.

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—Eugene Ting, Toronto

Remove the shackles on free enterprise

When we enter international hockey tournaments, our most skilled players and management personnel are motivated by a single objective: to perform at the highest level. They receive complete freedom to pursue their goals within a well-defined framework. Give our economy the same freedom: Withdraw the shackles placed on free enterprise and watch Canada win!

—Harry Elliott, Edmonton

Refine oil in Canada

We export at Western Canada Select vs. West Texas Intermediate. The exchange differential alone is staggering. Build a West-East pipeline and refine oil in Canada for our benefit. Massively increase our LNG export capacity and seek out new markets. Why have we allowed this drain of incredible wealth?

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—Michael Milne, Nepean, Ont.

Rebuild our institutional knowledge

Our companies and bureaucracy are full of young people with student debt who leapfrog from opportunity to opportunity, with little investment in their current job. A program encouraging companies to return to internal company-funded employee training, in exchange for committing to that company for a period, would help rebuild the institutional knowledge bank that has retired or is retiring.

—Carol Zuckerman, Kelowna, B.C.

Empower shoppers by identifying U.S. products

To assist Canadian consumers in selecting Canadian products or anything other than those items determined to be U.S.-made or of U.S. origin, apply a U.S. shelf sticker or flag to U.S. deemed items. A shelf sticker should make it easier for shoppers to choose Canadian or other amiable trading partners’ products.

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—Rob Ellaway, West Vancouver, B.C.

Simplify the Income Tax Act

Simplify the Income Tax Act and ensure when a budget is released that the legislation is passed within six months. Otherwise, it should not be a budget item or so complex that the Department of Finance has not done their due diligence before introducing changes.

—Alan Wainer, Thornhill, Ont.

Make housing affordable, not an investment

Gradually change housing from a retirement investment to something affordable. Build housing at a rate that stabilizes current price and let rising income do the rest.

—Douglas Lee, North Vancouver, B.C.

Shop local and buy Canadian

We need to support our fellow Canadians. Shop local and buy from Canadian companies instead of ordering things online from places like Amazon. That gives Canadians a steady income.

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—Margaret Lowrey, Calgary, Alta.

Embrace merit-based hiring again

We must evolve back to a merit-based approach to hiring and promotion and move away from a DEI framework which leads to a situation where decisions to hire or promote are not made based on optimizing outcomes but rather on race or colour. Canada cannot compete if we do not put our best people in the right roles.

—Mike Diamond, Toronto

Invest in education

One of Canada’s greatest natural resources we forget to mention is the contribution of a healthy, well-educated, population. We must continue to invest in our educational institutions at all levels. Not only are these the backbone of our democracy, but they are also the key to developing and attracting investments.

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—Karina Rosenberg, Rawdon, Que.

Lower taxes to attract capital

The way to win is to attract capital and investment dollars to Canada. Lower corporate and individual income taxes to levels that make Canada the most attractive on that basis, and that capital will find a project to invest in. If our tax structure is not competitive, why would a corporate or individual choose to invest in such a regime?

—Paul Sarachman, Toronto

Launch a global charm offensive to open new markets

Canada needs a charm offensive like nothing we’ve ever mounted — prime ministers, premiers, diplomats, dealmakers activating markets beyond the U.S. International investment must become a national mission. Ireland did it — and became one of the world’s most successful economies. Compete at scale or be left behind. Let’s go!

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—Stephen Lund, Toronto

Limit American ownership

Enact a law limiting American companies and ownership and exports to only 30 per cent, as part of a “Canada First” program.

—Bill McDonald, Vancouver, B.C.

Boost investment in new real estate builds

Encourage capital investment in real estate by not taxing capital gains on a sold building if gains are reinvested in new construction.

—Randall Shier, Kelowna, B.C.

Simplify the tax code

Reduce taxes and simplify the tax rules. Canadians pay way too much tax and the tax system is way too complicated. Most taxpayers should not have to hire a specialist to complete their tax filings. The bureaucracy necessary to administer the tax system (CRA) is out of control and dysfunctional and is another drag on productivity and prosperity.

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—Sue McIntyre, Toronto

Cut capital gains on Canadian investments

Remove capital gains tax for investments made on select Canadian companies, equities, bonds and projects and allow 100 per cent deductions against income for select Canadian charities.

—Peter Muselius, Goderich, Ont.

Cut regulations and the public sector

The damage to Canadian identity over the last decade can’t be exaggerated and no economic recovery will be sustainable unless we establish national pride in being Canadian. Pride in our inefficient and unproductive ways is misguided and embarrassing. The road to recovery starts with severe public sector and regulation reductions.

—Karl Ullrich, Victoria, B.C.

Eliminate the GST on Canadian-made products

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Take the GST off goods that are made in Canada. Not assembled in, but actually made in Canada, from the producer to the wholesalers to the retailer to the consumer, all throughout the chain. Encourage people to buy Canadian-made goods.

—Sherry Wallace, Edmonton 

Track our ‘Buy Canadian’ spending

Buy Canadian wherever possible. How to monitor this: A simple website for Canadians to anonymously submit the dollar amount of purchases they consciously switch to buy Canadian vs. American. Canadians can see how they collectively support our country in real dollars and cents. It would be inspirational to see exactly how much difference an individual makes.

—Barbara Mathews, Vancouver, B.C.

Use flow-through shares to supercharge the tech sector

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A made-in-Canada solution to supercharge Canada’s tech sector. For 71 years, flow-through shares (FTS) have helped fund Canada’s mining sector plus oil and gas and renewable energy. In 2024, FTS activity was the best in five years. Extend this investment incentive to our high value, high-tech companies.

—David Perry, Ottawa

Free trade between provinces — no ifs, ands or buts

It’s time to enact once and for all free trade among provinces. This government or the next should give the provinces a few months’ notice to prepare an historic convention whose mission will be free trade in Canada, no ifs, ands or buts. This is what our economy needs, this is what the people want. It’s about time!

—John Dawe, Toronto

Rebuild our military

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Canada should begin a major multi-generational defence asset manufacturing investment program. We should be designing and building our own jets, helicopters and ships to rebuild our military capabilities. This will give Canadians a much-needed boost in self-assuredness and will heighten national pride and preparedness.

—Dean Geiger, Bowmanville, Ont.

Hold ‘innovation auctions’ to surface and fund great ideas

Innovation auctions. Individuals or small businesses are coached to pitch their innovation ideas a few times a year to bidders. Innovation is driven by smaller, decentralized groups of individuals spurring the economy, and bidding entities can focus their R&D dollars on getting purchased innovative ideas past the finish line and exported.

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—Michel S., Ottawa

Build up small- and medium-sized businesses

A country that can withstand economic hardship must be based on a foundation of small and medium enterprises. The government must help the proven innovators to deliver results and create an ecosystem for the high-tech industry. Strong small and medium enterprises must be the backbone and the bricks of a solid house.

—Diego Lai, Markham, Ont.

Leverage our global connections

To quote one of our, albeit slightly tarnished, national treasures — Wayne Gretzky — the key to strengthening Canada’s economy is to “skate to where the puck is going.” Lean into our diversity. Leverage those global connections. Be greater than the sum of our tribes.

—Randy Gillespie, Conception Bay South, Nfld.

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Incentivize investment in high-growth sectors

Introduce huge tax incentives and investment credits for startups in high-growth sectors like healthcare, technology, biotech, agri-tech, pharma, advanced manufacturing, and financial services. Interprovincial trade barriers removed immediately, under emergency national security legislation if needed. Introduce tax write-offs for capital equipment investment with bonus for Canadian capital goods.

—Steve Mitchell, Toronto

Build and export our LNG expertise

Facilitate a global shift away from coal-fired power generation. Canada could offer a viable alternative by converting existing coal-burning power plants worldwide to use our liquefied natural gas (LNG) for electricity production. We could incentivize this transition by supplying LNG and providing technical assistance to help other nations build the necessary LNG infrastructure.

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—Danny Keyes, Comox, B.C.

Teach the merits of free markets

Mandate economics for every high school student. It must be a podcast as many teachers will oppose, or do not understand either. This will include how free markets lead to prosperity and accountability.

—Herb Pinder, Saskatoon, Sask.

End the bureaucratic nightmare facing businesses

Roll back tons of red tape. Make it easy to do business in Canada instead of the bureaucratic nightmare it has become. This is particularly important regarding energy. That said, I’m not suggesting a free for all, there needs to be regulations, but they need to be simple, easy to understand and easy to administer.

—Peter Symons, Toronto

Cut taxes for low- and middle-income families

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Cut income tax significantly for middle- and lower-income Canadians. Workers spend what they earn. We need people to spend money in the economy and the velocity of spending increases when people buy goods and services and, in turn, that money is spent again. The same money in our government coffers does not turn as often or as efficiently.

—Jay Gotteiner, Montreal

Help SMEs access capital

I work selling small businesses and it is almost impossible to get funding for these deals. The banks want nothing to do with them unless the loan-to-value ratio is so high they have little risk. Small and medium sized businesses employ many Canadians, and wealth is built here for normal men and women. We need access to capital.

—Brad Crompton, Toronto

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Stay home, snowbirds

If snowbirds would just defer for one winter or cut their usual time in the U.S. by 50 per cent, it would send a huge message to Florida, Arizona and the rest of the U.S. — and keep billions of dollars in Canada.

—Garth McIver, Vancouver, B.C.

Reset the Canadian government

The only way to reset the Canadian economy is to reset the Canadian government. A Democratic government who trusts its citizens to act responsibly and in capitalist principles; private property, free markets, competition, profit motive, voluntary exchange, innovation and efficiency and capital growth

—David Milovac, Oakville, Ont.

Fill the global demand for critical minerals

For geopolitical reasons, there is a demand for critical minerals not processed in China. Canada can fill this demand. In doing so, Canada can increase its value added by processing a larger share of Canadian-extracted minerals domestically, thereby capturing a greater share of global value chains.

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—Ben Doran, Ottawa

Encourage private enterprise

We do not encourage enough private enterprise. We raise people to work in jobs that only a few parties own. People should be learning how to run businesses and create their own. Design and innovation are paramount to creating new wealth. Individual accomplishment with healthy competition drives us forward, not stagnancy.

—Barbara Dodge, Toronto

Use the Bank of Canada to combat poverty

Former NDP leader Tommy Douglas reminded Canadians that we used the Bank of Canada to fund WWII spending, and we can use it also to combat poverty, unemployment and social injustice. A Canada-first national plan for green infrastructure, social services and full employment can prevail over aggressive U.S. tariffs.

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—Larry Kazdan, Vancouver, B.C.

Invest in Hollywood North

Canada must seize this moment to outcompete Hollywood and become the premier destination for film and TV production. We need stronger federal and provincial funding, tax incentives, and a global distribution strategy to elevate our creative sector. By investing now, we secure our place as the hallmark of entertainment and information.

—Kaberi Dutta Chatterjee, Mississauga, Ont.

Push pensions to invest at home

Encourage our humongous pension plans (CPP, Ontario Teachers, OMERS) to invest in Canadian mining, infrastructure, etc. projects versus overseas (including the U.S.).

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—L.M. Chow, Ottawa

Make it easier to Buy Canadian

We need to continue to better inform folks across the country of Canadian options to U.S. products, and if not Canadian, at least a non-U.S. alternative. We especially need stats showing how our fellow Canadians are moving in a non-U.S. direction. We will all be encouraged to keep up the fight if we are assured that we are not alone.

—Michael Lowe, Ottawa

• Email: jswitzer@postmedia.com

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