Between 45 to 50 per cent of all federal revenue comes from the personal income tax.
According to projections, federal net debt will jump by more than $142 billion over the next five years.
Ontario entered this recession with an already elevated government debt burden.
Study assumes the new carbon tax will shift the tax burden from households to businesses without putting businesses at a competitive disadvantage.
Cenovus recently announced it will cut production from some of its oilsand projects.
Upon assuming power, the Trudeau government immediately increased budgeted federal program spending by $8.1 billion over 2015-16 to 2019-20.