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  • CCPA SK Annual General Meeting October 11, 2019
    Please join us for our Annual General Meeting in Saskatoon, 5:00pm, Thursday, October 24th at Station 20 West. (1120 20th St. West) Courtney Carlberg, author of Saskatchewan's Failing Report Card on Child Care, will discuss why Saskatchewan ranks the lowest for overall quality and rates of access to regulated child care in the country and […]
    Canadian Centre for Policy Alternatives
  • Corporate Mapping Project receives award for research excellence October 9, 2019
    The co-directors of the Corporate Mapping Project—CCPA-BC Director Shannon Daub and the University of Victoria’s William Carroll—are being celebrated in Victoria today as they accept a REACH Award for Excellence in Research. The REACH Awards recognize “research excellence” as demonstrated through scholarly contributions and societal impact. Since the inception of the Corporate Mapping Project, Shannon […]
    Canadian Centre for Policy Alternatives
  • Unpacking the details of Manitoba Hydro September 9, 2019
    What would a long view of Manitoba Hydro all entail.  Read report here.
    Canadian Centre for Policy Alternatives
  • CCPA submission to Treasury Board consultation on regulatory modernization September 6, 2019
    On June 29, 2019, the federal government launched a public consultation on initiatives intended to "modernize" the Canadian regulatory system. Interested Canadians were invited to provide input on four current initiatives: Targeted Regulatory Reviews (Round 2) Review of the Red Tape Reduction Act Exploring options to legislate changes to regulator mandates Suggestions for the next […]
    Canadian Centre for Policy Alternatives
  • Join us in November for the 2019 CCPA-BC Gala, featuring Nancy MacLean September 3, 2019
    Tickets are available for our 2019 Annual Gala Fundraiser, which will take place in Vancouver on November 21. This year’s featured speaker will be Nancy MacLean, an award-winning historian and author whose talk, The rise of the radical right: How libertarian intellectuals, billionaires and white supremacists shaped today’s politics, is very timely both in the US and here in […]
    Canadian Centre for Policy Alternatives
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The Progressive Economics Forum

McGuinty’s Business Tax Breaks

An interesting nugget in last week’s Drummond report is Table 11.1, an updated version of Table 2 from “Ontario’s Tax Plan for Jobs and Growth” (2009).

It provides a sectoral breakdown of the McGuinty government’s recent business tax breaks: HST input tax credits, cutting the corporate income tax, and eliminating the corporate capital tax.

The combined annual cost of these tax breaks, when fully implemented, will be higher than originally estimated: $8.7 billion vs. $8.4 billion.

But they will help the manufacturing sector even less than originally estimated: $1 billion vs. $1.2 billion.

The old table suggested that these measures would be a wash for the financial sector. The HST would apply to some previously exempt financial services while finance companies would pay less corporate income and capital tax.

The new table reveals a net gain of $590 million for the financial sector. In particular, the estimated cost of eliminating the corporate capital tax for banks has jumped from $520 million to $740 million.

Restoring a capital tax for banks in Ontario is looking more appealing. The great Wall of Saskatchewan’s Maoist government, for example, continues to levy such a tax.

Enjoy and share:

Comments

Comment from janfromthebruce
Time: February 19, 2012, 4:26 pm

McGuinty should really follow the Sask lead – instead children and workers will take the hit and the financial sector again, gets a break.

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