Quote:
Originally Posted by StNorberter
What the hell are you talking about?
Ontario's "Payroll Tax" ( do you mean Health & education Support Levy?) kicks in at $400K, Manitoba's kicks in at $1.25M
Manitoba has the LOWEST corporate tax rate on income under $500K ( the only province to have a $0 rate), and our rate on corporate income over $500K is lower than mos provinces.
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Before you try to spin that as praise for MB....
Yes, Ontario, the province that has the most money and runs the country, has a payroll tax that kicks in sooner than Manitoba's. Except it caps at 1.95% at $400,000+ annually. Manitoba, meanwhile, "only starts" at $1.25M annually, but at 4.3%... so more than double. It teeters off again at $2.5M annually, but to 2.15%, still noticeably higher than Ontario.
Again, this is a province that fails to launch. It takes care of the small, but neglects the reality that businesses want to grow, and it punishes you when they do. Plus, our "medium" is small elsewhere.
As far as corporate taxation goes, Manitoba has the tied highest rates among relevant provinces (if we can call ourselves that. Only Nova Scotia, PEI, Newfoundland and Yukon are higher.
HOWEVER...
These dumpy podunk cities (St. John's, Fredericton, Moncton, Charlottown) all were in the top 7 of the Total Tax Index (TTI) measuring tax competitiveness. Actually, Charlottown was 7th and the others took the top 3! Meanwhile, Winnipeg ranked 14th out of 17, trailed only by Gatineau, Quebec City, and Montreal.
So competitively speaking, we have the worst tax situation in non-french Canada. It must be noted that even Montreal is well regarded INTERNATIONALLY on the TTI, so overall Canada is a great business destination thanks to..... Stephen Harper.
But the problem is that Winnipeg is the lowest among the non-major cities... we are outranked by smaller and larger cities alike. We're not competitive with small or large markets in our own country.