Corporate tax hike will reduce earnings for typical two-earner household in Alberta by about $830 per year.
Lower corporate taxes bestow important benefits on individual Canadians.
Canada's new top federal tax rate of 33 per cent is being layered on top of several tax increases by the provinces.
When the new federal top tax rate takes effect, Alberta will have one of the highest top rates in North America.
Every one per cent increase in the corporate income tax could translate into a loss of several hundred dollars per year for the average Canadian worker.
There are many parallels between Alberta’s first NDP premier, Rachel Notley, and Ontario’s only NDP premier, Bob Rae.
Until recently, there was a consensus in favour of competitive business taxes. But whenever governments are strapped for cash - which is most of the time for most of them, given their voracious appetite for spending - eyes quickly turn to corporate income taxes as an expedient and presumed painless way to extract more revenue. Two provinces raised corporate tax rates in 2013.