Is this going to be another slush fund with little to no accountability like Trudeau was so famous for?
Overseas_Person on
I think its a great idea. the first order of business should be to funnel equalization payments to the fund, instead of sending them to provinces that keep using the notwithstanding clause.
Fernpick on
We don’t already have a sovereign wealth fund?
What the hell have we been doing with all that oil money all these years.
shadowgathering on
I mean if PM Carney has a background for anything, it’s this.
mmoore327 on
Finally – you’d think resource rich countries would have learned from the success of Norway and done this years ago…
UnionGuyCanada on
Amazing news. Should have been done years ago but will give us so much autonomy in the future.
Outside-Storage-1523 on
Wait we don’t have this?
DogeDoRight on
Good news, this is long overdue.
Maximum_Error3083 on
So the Norway fund works by taking all the tax and investment revenue the government makes from oil companies and investing it, and then limiting the amount the state can draw from it to no more than the expected annual rate of return (3%).
Hopefully this would be set up in a similar way where the government is just setting aside and investing the revenues it gets from energy development that can fund future projects, and it can’t tap into the wealth as a slush fund. But that also means that general revenue currently being spent elsewhere has to be replaced.
TheStigianKing on
How is this even going to work when the government spends more than it brings in?
Asusrty on
How are we going to put money into a Sovereign Wealth fund when we are running massive deficits? We haven’t had a balanced budget in almost 2 decades.
12 Comments
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Is this going to be another slush fund with little to no accountability like Trudeau was so famous for?
I think its a great idea. the first order of business should be to funnel equalization payments to the fund, instead of sending them to provinces that keep using the notwithstanding clause.
We don’t already have a sovereign wealth fund?
What the hell have we been doing with all that oil money all these years.
I mean if PM Carney has a background for anything, it’s this.
Finally – you’d think resource rich countries would have learned from the success of Norway and done this years ago…
Amazing news. Should have been done years ago but will give us so much autonomy in the future.
Wait we don’t have this?
Good news, this is long overdue.
So the Norway fund works by taking all the tax and investment revenue the government makes from oil companies and investing it, and then limiting the amount the state can draw from it to no more than the expected annual rate of return (3%).
Hopefully this would be set up in a similar way where the government is just setting aside and investing the revenues it gets from energy development that can fund future projects, and it can’t tap into the wealth as a slush fund. But that also means that general revenue currently being spent elsewhere has to be replaced.
How is this even going to work when the government spends more than it brings in?
How are we going to put money into a Sovereign Wealth fund when we are running massive deficits? We haven’t had a balanced budget in almost 2 decades.