Bay Street Accounting and Tax Services

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Bay Street Accounting and Tax Services The firm is a sole proprietorship, operated by a Chartered Professional Accountant.

Operated by a Chartered Professional Accountant, the firm provides a range of services in accounting, taxation and business consulting.

03/21/2025

The recent CBC Fifth Estate documentary, "Who's stealing millions from Canadian taxpayers?", by Mark Kelly, alludes to false tax returns filed through a well known franchise and it creates a very negative picture of the e-filer business by effectively tarring everyone involved in the business with the same brush. The tone of his narrative is very disparaging towards all e-filers..

https://www.youtube.com/watch?v=UbhyGO6OSvg&ab_channel=TheFifthEstate

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03/16/2025
Why Electric Vehicles are not the wave of the future and why governments’ massive investments in their production is a h...
09/06/2024

Why Electric Vehicles are not the wave of the future and why governments’ massive investments in their production is a huge mistake (Part 1).

While Electric Vehicles (EVs) may not produce harmful emissions, electricity itself is not a source of energy, rather it is a means of transportation of energy generated by other means. Storing the electricity to operate EVs requires batteries, such as lithium ion batteries, that are costly and environmentally damaging to manufacture.

Many jurisdictions in the world still have coal as their primary energy source used in the generation of electricity. By giving up a gasoline powered car and purchasing a new EV, a consumer may have unwittingly switched from burning petroleum to burning coal, albeit indirectly.

It should also be considered that with millions of drivers switching to EVs, sufficient charging capacity will have to be available. The additional load placed on the electricity grid will be considerable.

On average EVs are 25% more expensive to purchase than gas powered vehicles.

Governments in various countries have been heavily subsidizing the construction of EV assembly plants and EV battery manufacturing plants. Much of these initiatives appear to have been undertaken for political reasons. The cost of the subsidies needs to be included when evaluating the economics of these projects.

In Canada, the Federal government and the Government of Ontario have wagered very heavily on the future of electric cars. Honda Canada’s investment of approximately $15 billion is purposed to create Canada’s first comprehensive electric vehicle supply chain facility, which is expected to produce 240,000 vehicles per year. In April 2024, the Government assistance for the new Allston Ontario Honda plant was announced as $5 billion. This facility is expected to create 1,000 direct jobs, representing $5 million per job.

While EV owners will incur higher ongoing insurance costs, versus internal combustion engine cars, because of the risk of having to replace the battery, if it becomes seriously damaged.

Electric vehicles can be thousands of pounds heavier than similar gas powered vehicles, because of the battery. This means that they will inflict increased wear on roads and highways. EVs require special tires to accommodate this extra weight.

The public has started to take note of the above considerations, resulting in less than initially projected EV sales demand. Some North American EV producers have scaled back their planned production accordingly. Ford Canada announced it is pivoting away from its initial production plans to build electric vehicles in Oakville, Ontario. Instead, the automaker will produce gasoline-powered cars.

The implications for government mandated EV objectives are obvious: while the Canadian Federal government has mandated that all new vehicles sales must be of EVs by year the 2035, it will be difficult to require the public to adopt EVs if favorable economics are not there.

Why Electric Vehicles are not the wave of the future and why governments’ massive investments in their production is a h...
09/06/2024

Why Electric Vehicles are not the wave of the future and why governments’ massive investments in their production is a huge mistake. (Part 2)

Electric Vehicles (EVs) are not a new concept, but were actually developed for the consumer market over one hundred years ago. In 1897, the bestselling car in the U.S. was an electric car, the Pope Manufacturing Company’s Columbia Motor Carriage. Other models followed, however sales peaked by 1910 and by around the 1920s internal combustion engine cars took over. The problem with the EV was the limited ability of the lead acid battery to supply energy and the vehicle’s resulting limited range and other image problems.

Lithium ion batteries have resulted in improved performance of modern EVs, however these batteries come with one huge problem that is not being readily acknowledged : the risk of a destructive high heat lithium ion battery fire.

On October 10, 2023, a fire started in a four level car park at Luton Airport, just north of London, England, and quickly spread to the other parked vehicles. The flames spread across several floors of the car park, with the intense heat eventually causing it to partially collapse, destroying hundreds of cars on the lower levels. Over 1,000 cars were destroyed in total. At its height, more than 100 firefighters tackled the fire. Between 40,000 and 50,000 airline passengers were affected by 273 suspended, cancelled or diverted flights. The local authorities and mainstream media were quick to blame the fire on a diesel car, however experienced engineers and mechanics are attributing the blame to a lithium ion battery fire in a hybrid diesel-electric Range Rover, that spread to other parked EVs.

Diesel fuel has a flash point of between 52 and 96 degrees centigrade and will not burn spontaneously at normal atmospheric temperature and pressure. Diesel fuel will self ignite at 210 degrees and, if it can be coaxed into igniting, it will burn with a large amount of black smoke at ambient temperature. This is not the type of fire that was observed at Luton, rather it was intensely hot, white and generated minimal smoke.

When lithium ion batteries enter thermal run away, they produce their own oxygen gas, under pressure. As a result, the fire is self sustaining and burns efficiently, at 2,500 to 3,000 degrees. It cannot easily be put out by fire extinguishers (which stop a typical fire by oxygen depriving it) because the lithium ion battery fire creates its own oxygen. A EV battery fire was once observed in the U.S., in an EV that actually burned entirely under water, in salt water !

EV fires and car par park fires involving EVs will become more frequent and more intense as the density of EVs increases with increasing ownership by the public. The implications for public safety and for the insurance business should be obvious.

https://www.youtube.com/watch?v=i8WbW56WrKk
08/12/2024

https://www.youtube.com/watch?v=i8WbW56WrKk

The UK In Chaos is a warning for other high immigration stagnating countries like Canada, Australia & New Zealand. The UK is having an economic crisis and id...

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1235 Bay Street, Suite 700
Toronto, ON
M5R3K4

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Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 12pm - 5pm

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+14169291707

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