The federal government and three provinces—Ontario, Manitoba and Alberta—are expected to run budget deficits this year.
income tax rate
In Ontario, the combined provincial/federal top marginal income tax rate is 53.5 per cent.
In reality, 81 per cent of middle-class families now pay higher income taxes.
By eliminating several tax credits, Ottawa increased income taxes for many Canadians.
The PC platform would not reduce the sky-high top marginal rate facing highly-skilled workers.
Reversing course and raising the age of eligibility for retirement benefits to 67 from 65 would be politically costly, but it makes eminent sense when one considers the aging of our population.
In 2013, the top 10 per cent of tax-filers earned 35 per cent of Canada’s total income yet paid 54 per cent of federal and provincial income taxes.
When the new federal top tax rate takes effect, Alberta will have one of the highest top rates in North America.