Our question is how U.S. President Donald Trump will affect the Canadian economy. There are reasons to believe his spontaneous, divisive actions may boost the Canadian economy.
In financial planning terms, we often speak about how to invest capital. In this context, capital refers to investable assets.
Making the right choice on how to invest your RSP and Tax-Free Savings Account can play a large role in one’s financial success.
Another form of capital is human capital. This is where Canada may realize gains.
Trump has put the world on notice that the United States is closed to doing business with certain cultures. He is out-of-step with the reality of the modern-day world functions.
The world has evolved to be more integrated, and borders have become less significant than in decades past. We have evolved to become a free-floating planet where financial capital and human capital ebb and flow.
In Canada, we are inclusive. There is strong integration regardless of race, culture, or religion.
That integration is a strength for Canada in this modern-day world. Every year, new Canadians enter our country and augment our diversity and abilities.
Those new Canadians add to who we are. We see it as a positive. The new president sees it as a potential negative.
Many of the best and brightest in the United States are uncertain for themselves and their families. America is closing, in a want to change normal evolution.
Many families may look to leave the United States, and Canada will be a potential destination for many. We should consider this a bonus because of our ability to attract hard-working intelligent individuals that will make us even stronger.
The danger for the United States might be a “brain drain”. If it loses hundreds of thousands of extremely intelligent workers, the economy will suffer.
The idea of immigrating to Canada for many Americans was highlighted on election night when the Canadian immigration website crashed due to overuse.
Trump continually boasts about his business acumen. He comes across as a self-promoting, inward thinking, antagonistic leader who has put the world on notice.
Protests have erupted around the world. The masses differ with his value system.
Our values differ from those promoted by the new U.S. leader. We share a common border but not those values.
So close, but yet so far away.