In the current political environment, both in Canada and around the world, sensible “tax” recommendations would likely die on the vine.
canadian income tax
In Ontario, the top combined federal and provincial personal income tax rate is 53.5 per cent.
This year alone, spending is projected to increase by $20.5 billion, a 7.6 per cent jump.
As the Liberals table their first budget today, federal government debt has reached $692 billion.
On the eve of the new Liberal government’s first federal budget, the key is to get incentives right at home.
Canada’s top combined personal income tax rates are now among the highest in the industrialized world.
Name something our governments aren’t already doing. Now name something our governments are doing spectacularly well.
In last week’s federal Throne Speech, the Liberal government restated its intention to create a new, higher top federal personal income tax rate. This tax hike will hinder Canada’s economic performance, but it is of particular concern in Alberta.
High and increasing personal income tax rates discourage people from working, saving, investing, and being entrepreneurial—activities that form the basis of a thriving economy.