Canada’s uncompetitive tax system needs an overhaul. Here’s how we can make it happen
Canada’s tax system needs a full review. We’re all on the same page.
You would be hard pressed to find anyone who thinks Canada’s tax system is in working order.
The business groups calling for a comprehensive review of our tax system represent more than 200,000 companies of all sizes across Canada, as well as more than 210,000 tax experts and more than half the value of the Toronto Stock Exchange.
Canada's tax system 'so far gone' it needs replacing: Chamber of Commerce
Canada urgently needs a tax system review —as a rising number of government bodies and leading organizations agree — but Budget 2019 marked a missed opportunity to get the ball rolling. Now, with a federal election around the corner, Canadian politicians have a chance to commit to tax reform and tackle a growing threat to our competitiveness and prosperity.
Jack Mintz: Ottawa can’t keep squeezing Crazy Rich Canadians. Or barely rich ones.
The Canadian Chamber of Commerce says Canada's tax system is so far gone that the country needs to build a new framework from scratch. For more on this, BNN Bloomberg spoke with Trevin Stratton, chief economist of the Canadian Chamber of Commerce.
It’s time for Ottawa to look at implementing a 21st-century tax system
Why is it so hard for governments to reduce personal income taxes? Every time a politician proposes that income taxes should be cut, a typical reaction is to call it unfair since high earners are better off and so they supposedly don’t deserve any tax breaks. But tax reductions necessarily favour higher-income Canadians: with our highly distributive income-tax-transfer system…
Is the government listening to Canada’s businesses?
The last time Canada undertook a comprehensive review of its tax system, humankind still hadn’t set foot on the moon. In the five decades since, repeated cutting-and-pasting has left Canadian taxation cumbersome and inefficient.
Jack Mintz: End the denial and admit it: Canada has a competitiveness problem
The warning signs have been there for some time. Canada is losing its international competitiveness and largely as a direct result, its attractiveness as a place of investment. What is less clear is whether governments are listening. There is little visible evidence at this point that they are, beyond a belated comment from Finance Minister Bill Morneau that his fall economic statement will address business taxation – but with a caveat that it will focus on lowering the cost of new investment rather than cuts in the corporate tax rate.
Why Canada needs a comprehensive tax review
The Federal Finance Minister Bill Morneau and economist Jack Mintz face off on how competitive Canada is today for investors
A review is nice, but it’s time for Canada’s 30-year tax revamp
The most notable element of the new U.S. tax law is a reduction in both corporate and personal tax rates – the former on a permanent basis and the latter temporarily through 2025. Many expect the changes will have a stimulative effect on U.S. economic growth, inbound investment and job creation. Others express concern about their effect on federal deficits, the national debt and the after-tax distribution of personal income.
Canada’s tax system: What’s so wrong and why it matters
It's good that Finance Minister Bill Morneau has announced a review of tax expenditures. I would go further. With low normal growth, Ottawa needs to jolt the economy by revamping Canada's overall tax structure for the first time since the tax reforms of 1986-87. We should broaden the tax base, lower marginal rates and shift reliance on to the less economically harmful taxes to encourage investment, risk-taking and entrepreneurship.
Canada’s tax system is mired in the past and falling short of delivering a competitive environment and a fair society. It needs an overhaul so that Canada’s businesses and people can prosper and compete internationally.