Placeholder Picture
Placeholder Picture
Nothing you currently own will be taken away from you. Your exclusive, private use of any assets that you have acquired will continue. If your assets are owned outright and unencumbered with debt, you will never be charged any depreciation fees for your ongoing use of them. Assets that are leased or financed which you continue to use will be subject to an annual depreciation fee but any equity that you have built up will not be lost. All loans and mortgages will be settled and all financing and leasing charges will end. If you increase the appraised value of the assets that you use then you will receive a credit.

The accumulation of additional wealth will be constrained by the shift to an hour-based monetary system. Profit and interest, the power tools of wealth accumulation, will be eliminated. Rental charges will be limited to depreciation only. Pricing assets you own for sale will also equate to their remaining depreciated value. If you have real estate to sell, you will be able to sell your buildings (home, cottage, business, etc.) for their remaining depreciated value, but land itself cannot be owned or sold. If you have a mortgage or lien on your property, it must be paid back to the lender first before you receive any of the depreciated value. If you owe more than the depreciated value of the asset the lender can apply for a government credit but you will owe nothing more to the lender.

Canadian currency and certificates, bonds and other instruments denominated in Canadian dollars will be converted to the new hour-based digital currency at the most recent average GDP/hour rate. In 2019 that rate was $63.82 and $1 million CAD would convert to 15,669 hours. The highest legal compensation package for any Canadian equals the total number of hours in a year which is 24 hr/day x 365 days = 8,760 hours/year. A million dollars would convert to the equivalent of about 1.8 years of compensation at the highest legal level. Gold and precious metals and all other instruments denominated in foreign currencies will be evaluated using US$ then converted into Canadian hours using the average GDP/hour rate.

Of course, asset owners will still be free to sell to buyers from around the world in any currency they wish. They could then convert their foreign currency into Canadian dollars as needed for domestic use. This, along with exports, would boost Canada's reserves of foreign currency for international trade. If people wish to pay more for one-of-a-kind or rare treasures, then so be it, but for most other assets the availability of other depreciated value alternatives will discourage subjective valuations and subsequent profits.

There are many more questions that together we can work out, but rest assured that what belongs to you now will continue to belong to you for the rest of your life.