High marginal tax rates discourage productive economic activities such as work, savings, investment and entrepreneurship.
personal income tax
The top combined tax rate in Ontario is 53.53 per cent, the second highest combined rate in Canada and the United States.
Private-sector investment is slated to fall again this year—the fourth consecutive annual decline.
Families that previously used the income-splitting tax credit could pay up to $2,000 more in federal income taxes.
At 53.53 per cent, Ontario has the second highest top combined marginal income tax rate in Canada and the United States.
The Wynne government’s budget raises most middle tax rates and adjusts income thresholds.
Four provinces have increased their general corporate tax rates over the last three years, including B.C. and Alberta.
Nine-in-10 Canadian families with children will pay, on average, $2,218 more per year.