Government Spending & Taxes
Canada’s top combined personal income tax rates are now among the highest in the industrialized world.
The new federal Liberal government will table its first budget next week, with media reports suggesting a deficit triple the amount promised during the election campaign.
Increased OAS spending means less spending elsewhere, higher taxes, and/or more government borrowing.
The TD forecast shows a persistent federal deficit of approximately $30 billion a year for the foreseeable future.
Between 2003-04 and 2012-13, spending on public schools in Canada increased by 45.9 per cent.
Some speculate that Justin Trudeau’s government may raise the tax rate on capital gains in next week's federal budget.
Per capita federal net debt (in 2015 dollars) grew from $577 in 1870 to $19,302 in 2015.
The percentage of seniors living in low-income has consistently fallen over the past four decades.
From 2015 to 2018, interest on Ontario's debt will grow from $11.2 billion to $13.1 billion—an increase of nearly 17 per cent.
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