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OPINION TO LEARN HOW TO SUBMIT YOUR OWN CONTENT VISIT INSIDEHALTON.COM EDITORIAL Right now Canadians are judging Justin Trudeau's new federal cabinet by who got in and who was left out- .But two or three years from now, Canadians will judge the prime minister and his Liberal power circle by how they've risen to meet the most urgent challenges facing this country. Here's our list of issues that should keep them all awake at night. Climate change: Most voters in last month's federal election backed parties committed to preventing global warming from becoming a global catastrophe. As a re- sult of action taken in Trudeau's first term, carbon pric- ing in some form or another is now in effect across the country. These and other measures mean Canada is more than halfway to meeting its Paris Agreement pledge to reduce emissions by 30 per cent by 2030. But there's still a long, arduous journey ahead. While Canada is responsible for only a small fraction of the world's carbon emissions, it can and should play a leader- ship role in pioneering the kind of low-carbon economy other countries could embrace. For this to happen, the federal government has to persuade Canadians to acceptfederal government has to persuade Canadians to acceptf major lifestyle changes, including far higher carbon taxes. National unity: The premiers of Alberta and Sas- katchewan - provinces without a single Liberal MP - have taken a page from Quebec's playbook. Raising the spectre of Western separatism, they're pushing for more provincial autonomy in ways that could weaken the federation. The return of the Bloc Québécois as a power- ful but parochial force in Parliament will further fray the national ties that bind. It's already led to a battle of words between Prairie and Quebec leaders. Not only does Trudeau need to find answers to west- ern grievances, he should act as an impartial conciliator between the provinces. In addition, his government must continue working for reconciliation with Canada's Indigenous Peoples. There can be no unified Canadian nation without the participation of its First Nations. Recession risks: Recently, the Parliamentary Budget Officer reported that federal deficits will be much high- er than the government had planned. But that's without including the tens of billions of dollars in new spending and tax cuts the Liberals promised in October's election. The global economy is sputtering. Unresolved trade conflicts between the United States and China are only increasing the risk of a widespread recession in the next few years. Preparing Canada for that likelihood while delivering the new cash they've promised will force the Liberals to make tough decisions. They can't do it all. Pharmacare: Nowhere will wise budgeting decisions be in greater demand than when it comes to keeping the Liberal promise to move forward with some kind of na- tional program to provide greater public access to pre- scription drugs. The New Democrats have announced that their support for keeping the minority Liberals in power is contingent upon the fast establishment of a universal pharmacare program. Yes, the Liberals should find ways to fill the yawning gaps in our public health-care system. But economic realities won't let them ignore costs. The storms in this globalized world won't disappear. They will only become harder to navigate through. Let's hope Trudeau is putting the right crew in place to do it. FIVE CHALLENGES FOR A NEW FEDERAL CABINET Sometimes in the won- derful world of finance, a simple concept seems to resonate. Pay yourself first is a sound financial princi- ple, particularly in our age of never-ending ex- penses. Consider the saving patterns of a young fami- ly. Financial challenges include mortgage pay- ments or rent, household living expenses, the cost of an automobile and commuting to work. Child expenses are high. Many families run out of money before the end of the month so are forced to coast until the next pay- day. That is typical of many of us, including young families. Now you add the long- term financial goals of pay- ing down debt, saving for children's post-secondary education and your retire- ment. Where is the money going to come from? For most families, sav- ing for some of the most important life events is not possible. There are too many expenses. Sav- ing is not happening. If that is the case, per- haps it is time for a differ- ent perspective. Reframe your financial pattern by making one simple ad- justment. Don't save what is left over at the end of a month or pay period. Pay your- self first. At the beginning of ev- ery month, have a specific amount of money auto- matically taken from your bank account and di- rect that money to the various savings plans that are most important. I understand that many households run out of funds by the end of the month. Just move yourself to the front of the line. If there aren't enough funds during the month, decide what expenses can be reduced or eliminated. Look after your long-term financial priorities. The mechanics of set- ting up an automatic monthly savings pro- gram are very easy. De- veloping a sound finan- cial savings habit needs to be painless, so, if cash flow is tight, considerflow is tight, considerf starting with a nominal amount. You will likely find you're able to adjustfind you're able to adjustf your spending to accom- modate some monthly savings. Of all your monthly ex- penses, you are the most important. Adjust your finances. finances. f Pay yourself first. Peter Watson, of Peter Watson Investments MBA, CFP, R.F.P., CIM, FCSI offers a weekly fi- nancial planning column, Dollars & Sense. He can be contacted at www.pe- terwatsoninvestment- s.com PAY YOURSELF FIRST A SOUND PRINCIPLE ADJUST YOUR FINANCES, WRITES PETER WATSON PETER WATSON Column