I like paying taxes. Taxes allow us to pursue our aspirations collectively and thus they greatly enrich the quality of life for the average Canadian family. Taxes have brought us high quality public schools that remain our democratic treasure, low tuition at world class universities, freedom from fear of crippling health bills and excellent medical services, public parks and libraries, safe streets and liveable cities. None of these things come cheaply.
Taxes and tax cuts
OTTAWA—Despite recent reports to the contrary, Canada’s high-income earners do not pay a disproportionately large share of personal income tax.
Free money for everyone when the Finance Minister makes a mistake! I’m referring of course to the government’s proposal to give a third of “unanticipated“ future federal budget surpluses back to taxpayers. Whoever dreamed up this scheme deserves a Nobel prize – but for marketing, not economics. Perhaps next we will be treated to the scratch-and-win tax return.
Almost every cause has designated a day of the year to draw attention to its message, from World Leprosy Day to Chronic Fatigue and Immune Dysfunction Day. Few, however, have enjoyed the success of Tax Freedom Day, an event that routinely prompts loud laments about the heavy tax burden weighing on Canadians.
OTTAWA—Each summer the Fraser Institute announces the arrival of “tax freedom day:” the day when Canadians allegedly stop “working for the government” and start “working for themselves.” A study by Neil Brooks, released today by the Canadian Centre for Policy Alternatives, takes a closer look at Tax Freedom Day and finds that to arrive at this politically loaded and heavily-reported date the Fraser Institute’s calculations understate the income of Canadians, overstate their taxes and misuse the concept of averages.
BC’s economy is a lot like a rollercoaster ride. Commodity prices for our resource exports (like energy, forest and mining products) go up and down over the years, and our economic fortunes lurch along for the ride. This is especially true in BC’s “heartlands”. While the current economic upswing masks differences, BC actually has two economies: the diversified and populous Greater Vancouver and Victoria areas, and the rest of the province, which continues to be highly vulnerable to the resource rollercoaster’s ups and downs.