It’s important for policymakers to recognize the severity of Ontario’s growth problem, how long-lived it has been, and the challenge of weak business investment that could impede future growth.
Canada must become more attractive and competitive for business investment and entrepreneurs, and introducing a wealth tax and/or raising the capital gains tax would make a difficult situation worse.
Total business investment declined by 0.2 per cent per year between 2016 and 2019.
The only truly pro-business policies foster competitive markets and produce a more level playing field.
Canada has the fifth-highest level of total government debt among 29 industrialized countries.
Government officials face very different incentives than people in the private sector.
A majority of industries in Canada reduced investments in machinery, equipment and intellectual property products.
Between 2016 and 2019, per-person GDP grew at an average annual rate of only 0.8 per cent.
For the 45 research projects approved, almost $100 million had been committed but not necessarily spent.