Sweden has comparatively high payroll tax rates at 31.4 per cent.
The expanded CPP’s overall rate of return for workers is a meagre 2.5 per cent.
Increasing the employer payroll tax rate reduces the average hourly wage of workers.
The average Canadian family will pay 43.6 per cent of its income in taxes.
B.C.’s overall tax rate on new investment is 27.7 per cent—the highest rate in Canada.
Four provinces have increased their general corporate tax rates over the last three years, including B.C. and Alberta.
The new EHT will apply to businesses with annual payrolls of more than $500,000.