Cut Corporate Income Taxes Massively to Increase Growth, Prosperity

Published on June 25, 2024

Commentary Business groups, primarily, are justifiably opposed to the federal government’s June 25 increase of the inclusion rate for capital gains tax. There is another corporate income tax increase looming. It will come in the form of a 2018 corporate tax reduction, set to expire starting this year. Ottawa ironically intended it to make Canada more competitive versus the 2018 tax reform and cut in the United States. According to a study by Trevor Tombe at the University of Calgary’s School of Public Policy, Canada’s corporate income tax rate on new investments will jump from 13.7 percent to 17 percent by 2027. Even worse, for Canada’s high-value-added manufacturing sector, taxation will triple. Higher corporate income taxes, in a nation experiencing difficulties in encouraging domestic or foreign  investment in new plant equipment, will struggle to reverse meagre productivity growth—a problem noted by the Bank of Canada. ...

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