In my opinion no matter how much money we will try to save by cutting our throats or starvation there will be more and more government spending to absorb. This is not the way to address this issue. As some other people said, this is too deep political issue. One does not have to have degree in economics to see this.
By KRYSTYNA KLEPINSKA on January 21, 2022
Lower the personal tax all around—look at other countries with a lower personal tax and they do well because small and big businesses spend their money more wisely than all governments spending. We have mass spending by the Federal goverment with no accountability—what good has it done or where did it go?
By Leanor Davidson on January 20, 2022
No, because it would be a terrible mistake for the federal government to even think of burdening taxpayers and corporations with tax increases during the pandemic. Instead, to increase tax revenues the government should cut back on subsidies for certain medium and large corporations; create a “special tax” on real estate investments, the housing market, and internet sales.
By Trevor Hitchman on January 13, 2022
If you want to spur economic growth you need to increase the spending power of individuals, not as an annual adjustment. A first step to show intent should be to ensure the ultra-wealthy are paying their fair share of the tax burden. Once this is done then maybe reform could be done which always seems to always at the detriment of the lower taxpayers. The tax system must be fair with all parties paying their share (not just the ones that can’t take advantage of loopholes or have lobbying power).
By Nancy Campbell on January 13, 2022
Small business is the engine that keeps the economy going in nearly all communities across Canada. In Ontario, for example, a person earning annual income of $15,851 pays combined Federal & Provincial tax rates of 25.1% whereas one earning $20,822 annually pays a combined income tax rate of 20.05%. In what world of economics does it make sense for the lower income earner to pay more taxes than the higher income earner? If the federal and provincial governments want to truly help minimum wage earners who would fall into this pay grade, then lowering the income tax rate would ultimately put more NET take home pay into these Canadians wallets. The increase for minimum wage also could be sustained for longer periods for SMB’s providing inflation doesn’t continue to rise at such a rapid pace as we’ve seen throughout COVID. There has been little help to SMB’s who don’t qualify for pandemic relief.
By Nancy Grant-Scott on January 13, 2022
I concur with some of the other submissions. Tax reform means different things to different people. At the present time, the definition of “tax reform” to our government is only “how much more money can we squeeze out of the taxpayer to pay for our mishandling of the economy.” There is generally no thought given to how the economy would best be served. Also, the government needs to focus on cutting costs rather than increasing taxes as the latter merely incentivizes mismanagement and inefficiencies.
By Robert A Litschel on January 13, 2022
True reform sure it would be welcomed to simplify our tax act. “Reform” to shift tax burden even more to the industrious among us, raise taxes generally, or if accompanied with no spending curbs, is not welcomed.
By Terry on January 13, 2022
“Tax Reform,” especially with a Liberal government and more especially with this Liberal government, just means increased taxes all round. This government has proved that it will waste any amount of money it can extort out of anyone, mostly to help the Prime Minister’s personal life and agenda. S, the answer has to be a definite ‘no’, looking at the excuse we have for a government.
By Mitzi-Lynne Morgan on December 15, 2021
Most of these are politically motivated and not necessarily for economic recovery. I am from Alberta; therefore, very confinced that if the Government was serious up economic recovery they would get oil flowing while we still can provide to benefit the whole country while we look to what we can do in the future. Our resources will give us the economy to do the future planning but right now our Government is preventing Canada from benefitting for our natural resources while we can. The United States and other Governments take care of themselves but not us.
By Bill M on December 15, 2021
I don’t think anyone considering tax reforms thinks about what would spur economic recovery. When politicians and bureaucrats are involved, they put out things that feed their pet projects (like the appliance repair tax credit as example in the Liberal party’s election platform). Another program for child care only helps those with children of a certain age.
Small business is the economic engine of this country. Relief for their burden (whether taxes or red tape) would help. The other alternative is to offer something that would help all citizens. Doing that implies raising the personal exemption or lowering lowest tax rate. That is only a real impact that gets adjusted annually. For more immediate relief it involves tinkering, which typically adds more complexity and bureaucracy, which ultimately costs more in taxes longer term.
By Derek T on December 15, 2021
Depends on the reforms. If done correctly in a constructive manner, they can help facilitate economic growth. If done in a punitive way with no view of anything other than what they think people might like, the reforms will probably do more to hinder than help. The present government is more inclined to do the latter than the former.
By Robert A Litschel on December 15, 2021