VANCOUVER, British Columbia, Nov. 01, 2022 (GLOBE NEWSWIRE) — British Columbia has the fourth highest personal income tax (PIT) rate in Canada or the United States, including rates applicable provincial and federal governments, according to a new study released by the Fraser Institute, an independent, nonpartisan think tank on Canadian public policy.
“British Columbia’s relatively high tax rate, compared to other Canadian and U.S. jurisdictions, poses a significant policy issue for the province, as competitive tax rates help attract skilled workers and investment. , which fuels economic growth,” said Ben Eisen, senior fellow at the Fraser Institute. and co-author of British Columbia’s Growing Tax Competitiveness Problem.
The study finds that BC has the highest combined PIT rate (which combines provincial and federal income taxes) of 53.5% for high earners, including doctors, contractors and other qualified professionals. This is the fourth highest rate in Canada and the United States
Moreover, British Columbia’s highest combined PIT rate is only 1.3 percentage points lower than the highest rate in Canada and the United States, which is 54.8% at Newfoundland and Labrador.
“If the BC government wants to help the provincial economy grow, it should make the province more attractive to entrepreneurship, investment and skilled workers by reducing the tax burden on high earners,” Eisen said. .
MEDIA CONTACT:
Ben Eisen, Principal Investigator
Fraser Institute
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The Fraser Institute is an independent Canadian public policy research and education organization with offices in Vancouver, Calgary, Toronto and Montreal and links to a global network of think tanks in 87 countries. Its mission is to improve the quality of life of Canadians, their families and future generations by studying, measuring and widely communicating the effects of government policies, entrepreneurship and choices on their well-being. To protect the independence of the Institute, it does not accept government grants or research contracts. Visit www.institutfraser.org
