Lower income tax rates incentivize people to work, save, invest and engage in entrepreneurial activities.
income tax rate
The provincial income tax bill in P.E.I. is twice as large as the bill for someone earning the same amount in B.C.
To boost their after-tax income by $100, workers at the national average income in New Brunswick must earn an additional $154.60 compared to only $139.30 in B.C.
The NDP wants to raise the top federal personal income tax rate to 35 per cent.
Indexation is currently applied to the personal income tax system federally and in most provinces.
The federal government and three provinces—Ontario, Manitoba and Alberta—are expected to run budget deficits this year.