High personal and corporate income tax rates in Ontario are damaging the provincial and Canadian economies, according to a new study.
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Because Ontario accounts for 38% of the Canadian economy and almost 40% of its population, any economic damage done to Ontario through exorbitantly high taxes negatively impacts the entire country. The study says the Trudeau government is responsible for four percentage points of this increase while the previous McGuinty/Wynne Liberal governments in Ontario from 2003-18 were responsible for the remaining 3.12 percentage points.Article content
The Fraser Institute report also notes the current Ford Progressive Conservative government, “criticized its predecessors for maintaining an uncompetitively high PIT rate in Ontario while in opposition, but has also failed to take action to reduce the rate.”
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