When the PST rears its ugly head on April 1, 2013, British Columbias tax competitiveness will be dealt a major blow as the cost of the investing in the province increases dramatically. Unfortunately, the well-being of BC families will be negatively affected in many ways none more important than the adverse impact the PST will have on investment in machinery, equipment, and technology the backbone of a healthy economy.
Shortly before unveiling the provincial budget in March, Quebec Finance Minister Raymond Bachand told reporters that the average family pays enough taxes in Quebec. We couldnt agree more. This year Quebecers have to wait until June 17 (nearly six months) to celebrate Tax Freedom Day. That is, if the average family in Quebec had to pay all the taxes it owed to all levels of government in advance, they would have to hand-over every single dollar they earned up to June 17Tax Freedom Day.
If youve ever tried to calculate all the taxes you pay in a year to all levels of government, youve probably given up somewhere along the way. While most of us can easily decipher how much income tax we pay its right there on our tax returns its a lot more difficult to gauge how much we pay in not-so-obvious taxes.
Where has conservatism gone? Coyne asked. Unfortunately, Post readers didn't have to look far for the answer - the adjacent page to be precise.
With Labour Day just around the corner and British Columbia's unemployment rate at 7.3 per cent, Premier Christy Clark's promise of a jobs agenda is welcome news. Unfortunately, her actions haven't backed up her words.
With the defeat of the harmonized sales tax (HST), B.C.s competitiveness will suffer a crushing blow, as the province experiences a rebirth of the provincial sales tax (PST). The unfortunate reality is that restoring the PST will lead to a reduction in investment and job creation. It now falls on Premier Christy Clark and her colleagues to show leadership and put forth a tax plan to mitigate the unrealized economic gains that the HST would have encouraged.
To help British Columbians decide, we have calculated the impact of restoring the PST/GST on the tax bill of BC families (with two or more individuals) at various income levels using the Fraser Institutes Canadian Tax Simulator.