With its emergence as a major world power and its increasing international influence, Canada has come into its own in the past few decades. In this country, we like to think of ourselves as being a nation rather than just another province. After all, it’s our country, not just one of our provinces. But while that may be true in some ways, the change we’re seeing is also a result of our own action — not just our past or what others have done to us. Our current moment is no accident. As the sixth largest economy in the world and North America’s second-largest trading nation, Canada has always had something special going for it. The progressive forces that made us an innovative and dynamic economy have only grown stronger in the past few decades.
How the Canadian Economy Changed in the 21st Century
In the past, there was only one road to riches in Canada — and that was inherited wealth. Today, there are more opportunities for ordinary people to improve their lot in life, and for the economy to thrive, through innovation and entrepreneurship. That’s a big change, and it’s happened because of a few things. The first is that Canada’s manufacturing base has largely left the country, in large part because of the American originated “free trade” deals. This, in turn, has caused an opening for American-made goods to flood into the country. As pointed out by a CFD trading provider in Canada, the most important change has to be the expansion of the services sector, which now accounts for more than 50% of Canada’s GDP. The goods and services sectors used to be the main engines of economic growth, but today, the services sector accounts for more than two-thirds of Canada’s economic output.
The Rise of the Super-Rich in Canada
The recent Canadian obsession with the super-rich — and the national sales tax (CST) levied on their wealth — is not a criticism of the rich in our society. We know there are many people who make far less than $40 million a year (the average salary in Canada) who also contribute to our society in meaningful and positive ways.
The Middle Class is Booming
An expert CFD trading provider in Canada noted that the middle class is growing, and it’s becoming more and more diverse with the new middle class being made up of people with a large number of different jobs and lifestyles. And this middle class is not just white, it’s also ethnically and racially diverse. This is in part a result of the immigration wave that has been sweeping the country in the past decade, but it’s also because people of different backgrounds and ethnicities find common ground when it comes to common challenges.
How Canadians Are Prospering — and Why That’s Good for Everyone
There is, of course, another side to this story. The super-rich in Canada are buying properties in the U.S., and other wealthy countries, in droves, in an effort to escape taxes and pay less than they would in their home country. As a result, many U.S. companies are relocating their operations to Canada in order to take advantage of its lower taxes and friendly regulatory environment. This, of course, is a positive for the U.S. But ultimately, it’s good for everyone. It’s good news for the middle class in Canada, who will now have more opportunity to make a living, to start a business, and to retire with a secure and comfortable retirement income. It’s also good news for the environment, as companies are now using more energy-efficient vehicles and appliances, and building “green” power plants.