When established in 1917, Canada’s Income Tax Act contained 3,999 words compared to 1,029,042 words today.
Economic freedom is one of the main drivers of prosperity, as the Fraser Institute’s Economic Freedom of North America index (EFNA) has illustrated—and hundreds of independent studies have confirmed.
Once government spending surpasses 30 per cent of GDP, economic growth declines.
The average Canadian family paid $34,154 in total taxes last year.
With tax season at hand, here’s a useful tip for any tax-weary Canadian. When some people refer to income or other money not taxed as a “loss” to government, remember that they may merely be using technical language. In contrast, others really do lament any reduction or “omission” in possible taxes that flow to governments.
There are times when a problem can be solved with a small fix and perhaps a little tinkering. And there are times when a big fix or fundamental reform is needed. Quebec’s government finances fall into the latter category.