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2023 Tax Fact Sheets – baker Tilly Canada
Want to better understand Canadian tax rates for 2023? Then you’re in the right place.We’ve put together the following fact sheets to provide a convenient comparison of relevant tax rates for every canadian province and territory. Download the personal tax fact sheets: Personal tax rates in Canada by province.
Homeland Security Terminates 2023 Protected Status for Venezuela
The 2023 Protected Status (TPS) designation for Venezuela will terminate on April 6,2025,impacting work and travel authorization for Venezuelans in the U.S. Read more.
Corporate Tax Rates and Legislation: Q3 2023 – Accounting Status
The following details excludes Canadian-controlled private corporation small business rates and thresholds. Table 2: Corporate income tax rates—accounting status. There were no changes in status from July 1 to September 30, 2023. Read more.
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Lots of Efforts, Little Results: A Critique of Recent Tax Policy
In a scathing critique, Luc Godbout, holder of the chair in taxation and public finances at the University of Sherbrooke, has labeled a recent tax measure as “the worst tax policy of recent decades.” This measure, which has cost the public $1.5 billion, has been widely panned for its ineffectiveness and poor design.
A Basic Flaw
Godbout believes that the measure was ”fundamentally poorly designed.” He suggests that “a certain populism has been put in the development of the measure, much more than economic logic.” This indicates a shift away from traditional economic principles, which typically guide tax policies.
Unequal Treatment Across Provinces
One of the most contentious aspects of this policy is the disparity in tax relief offered across different provinces. While provinces like Ontario have seen tax relief ranging from 13 to 15%, Quebec has received only 5%. This uneven distribution is unprecedented in Canadian tax policy, which usually offers the same relief to all provinces based on income criteria and eligibility.
A Unique Critique
Godbout’s assessment is particularly notable given his extensive experience in the field. He has never seen a Canadian tax policy that does not offer the same relief to all provinces. This unique perspective adds weight to his critique, making it a significant point of discussion in the realm of tax policy.
The Impact of the Policy
the policy’s cost—$1.5 billion in public funds—highlights its significant financial impact. This expenditure, coupled with its limited effectiveness, raises questions about its value and the need for more economically sound policies.
Visualizing the Critique
!visit the Canadian Tax Foundation and read more about Luc Godbout’s work.
This article provides a comprehensive overview of the recent tax policy critique by Luc Godbout,highlighting the key issues and their implications.
Tax-Free Day: Mixed Reactions from Canadian Businesses and Experts
The recent tax-free day in Canada has sparked a range of reactions from businesses and experts alike. While some see it as a beneficial measure to boost sales and stimulate the economy, others argue that more targeted and long-term solutions are needed to truly impact consumer behavior and support local economies.
Business Perspectives
Ms. Cloutier-Bastien, a business owner, expressed her delight in being able to offer discounts to families during the tax-free day. However, she also noted that the measure benefited large web giants who coudl offer similar products at reduced prices. She emphasized the need for incentives to encourage local purchases, stating, “We cannot afford to give excess discounts: we have to survive. But I would have liked that in this era where we talk a lot about the local economy, there is an incentive to buy Canadian.”
Luc Godbout, an expert in taxation, suggested that the tax-free day could have been more effectively targeted. He proposed that the benefits should have been limited to specific segments of the population or those who receive the goods and Services Tax (GST) credit. According to him, this would have been a more effective way to help Canadians in need.
Commercial Impact
While businesses like Ms. Cloutier-Bastien’s expect to see a surge in sales on the final day of the tax holiday, they also acknowledge the increased workload. From a commercial perspective, the government measure has created “more work than opportunities.”
Expert Opinion
Jasmine Guénette, Vice-president of National Affairs at the canadian Federation of Independent Business (CFIB), underscored the importance of long-term, structural measures to change Canadian consumption habits. In a context where new American trade rates could soon limit Canadian purchasing power, Guénette believes the federal government must consider more sustainable responses.
Looking Ahead
As the tax-free day comes to an end, businesses are preparing for a return to regular pricing. The mixed reactions highlight the need for more targeted and sustainable economic policies to support local businesses and consumers alike.
Key points Summary
| Aspect | Perspective |
|—————————–|——————————————————————————|
| Business Owner | Delighted to offer discounts but sees more work than opportunities |
| Taxation Expert | Suggests targeting specific populations for greater impact |
| CFIB VP | advocates for long-term structural measures to change consumption habits |
| Overall Impact | Mixed reactions; need for more targeted and sustainable policies |
Conclusion
The tax-free day in Canada has provided a temporary boost to sales and consumer spending. However,the mixed reactions from businesses and experts suggest that more targeted and long-term measures are necessary to effectively support local economies and change consumer behavior in the face of potential economic challenges.
Call to Action
For more insights on economic policies and their impact on Canadian businesses, visit the Canadian Federation of Independent Business.
Further Reading
Techniques and Structure of News Writing
News writing is a specialized form of journalism that demands specific techniques to ensure information is conveyed clearly and concisely. Key techniques include the inverted pyramid structure and the use of active voice. These methods help journalists to prioritize information and engage readers effectively.
Inverted Pyramid Structure
the inverted pyramid structure is a fundamental technique in news writing. This method organizes an article by placing the most critical information at the beginning, with details following in descending order of importance. This approach ensures that readers get the essential facts first,which is particularly useful in today’s fast-paced news environment where readers may not finish the entire article.
Using Active Voice
Keeping sentences direct and more engaging is achieved by using the active voice. Active voice makes the writing more dynamic and easier to understand. It helps to keep the reader’s attention and ensures that the information is conveyed clearly.
Journalistic Style: Writing and Techniques
Journalistic style is a method of writing that prioritizes clarity, brevity, and objectivity. This style is often used in newspapers and online articles to convey factual information quickly and efficiently. Journalistic style techniques include:
- Clarity: Ensuring that the information is easy to understand.
- Brevity: Keeping sentences and paragraphs short and to the point.
- Objectivity: Presenting facts without bias or personal opinion.
Dos and Don’ts of Journalism
The Writer’s Digest Guide to Journalism offers practical advice and techniques for effective journalism. some key dos and don’ts include:
- Do use the inverted pyramid structure to prioritize information.
- Do use active voice to make writing more engaging.
- Don’t use jargon or complex language that may confuse readers.
- Don’t include personal opinions or bias in the reporting.
Summary Table
Here is a summary table comparing key techniques and best practices in news writing:
| Technique | Description |
|—————————-|—————————————————————————–|
| Inverted Pyramid Structure | Places most critical information at the beginning.|
| Active Voice | Keeps sentences direct and more engaging. |
| Clarity | Ensures information is easy to understand. |
| Brevity | Keeps sentences and paragraphs short and to the point.|
| Objectivity | Presents facts without bias or personal opinion. |
These techniques and best practices help journalists to wriet effective news articles that inform and engage readers.