This week’s 2016 Economic Statement cut average growth to 1.7 per cent over the next five years.
Government Spending & Taxes
The government has removed its annual safety cushion of $6 billion per year.
Reports in advance of Ottawa’s federal fiscal update suggest the deficit may reach $34 billion.
Ontario had to write-off $1 billion of taxpayer money from the General Motors/Chrysler bailout.
Amazingly, the federal government offers no cost estimates of more than 90 tax expenditures.
If provincial finance ministers are convinced they require more funding for health care, they have the ability to raise that revenue themselves.
Tax changes struck a major blow to the province’s business climate.
Canada’s top personal income tax rate is among the highest in the developed world.
One of the justifications for the rising rates is to promote environmental responsibility and water conservation.
Subscribe to the Fraser Institute
Get the latest news from the Fraser Institute on the latest research studies, news and events.