Harmonization to one tax base and one tax rate could bring significant tax savings for Canadian corporations and ease their compliance burden.
Document Highlights
The capital tax is more than a burden on corporations, it can potentially hurt international opportunities to gain new business in Canada and should be considered a job killer. This publication addresses these questions:
- What is the capital tax?
- Who taxes capital and why?
- Why are critics of this tax suggesting that it should be eliminated?
Unlike other studies that have contemplated the potential distortions resulting from the lack of harmonization in capital taxes, the Board’s empirical analysis applies to both deposit-taking institutions and general corporations.
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