stilldropin20 wrote:cammac wrote:While not relevant to the USA except as a contrast.
New legislation that takes effect January 1 in Ontario
Minimum wages rise $2.40 to $14.00 and to $15 on January 2019
22.5% cut in corporate tax rate from 4.5% to 3.5% for small businesses to offset raise in minimum wages
OHIP (Ontario Health Insurance Program) will cover people under 25 will get free access to 4400 medications by presenting a health card and valid prescription to a pharmacy.That is in addition to giving seniors medications for a small dispensary fee.
Employees with 5 years with a company qualify for 3 weeks paid vacation from the current 2 weeks granted to everyone from year 1.
Ontario links with Quebec & California in the largest carbon market in North America in a effort to reduce greenhouse gases.
Yes I know a totally different system but which seems to be fairer to the average citizen?
cammac, couple of questions. (And i'm trying to be more "open" to your posts.) How does canada keep their corporate rates so low? 3.5%?/ really? are there offsetting taxes? for example, what are, say, employer contributions for your version of fica/ss/medicare? and what other taxes do your small businesses pay?
Another question(for all posters). Canadian citizens often come to the states for medical care. What is stopping American's from ordering their meds from canada. or going north of the border and bringing the meds back? I'm talking legally with prescriptions..
Valid questions!
The corporate rate quoted is provincial and for federal small businesses corporate rate is 10% going to 8.5%. There are less loopholes in Canadian corporate taxes and for larger companies over 500K profit corporate rate of 15%. Virtually zero corporations ever paid 35% in USA any that did were brain dead most Fortune 500 companies were paying less than 20% and many zero. So now those same companies in the real world will be likely pay 5% or less.
Yes Canadian employers pay a portion of healthcare as well as employees, self employed, etc. and our equivalent to social security does as above.
Canada and the Provinces rarely give corporations grants to put factories in Canada with a few exceptions. Prime example was with Amazon bidding war to put a 2nd head office campus in North America Toronto offered no incentives rather push the city on its obvious advantages for business.
https://www.thestar.com/news/gta/2017/10/20/theres-no-begging-in-torontos-amazon-bid-keenan.htmlCanada also realizes the driver of the economy is smaller business not the mega corporations. Canada also has HST ( harmonized sales tax ) which is a combination of Federal Sales Tax which will vary from Province to Province but still protects low income people with rebates.
In general Canadian individual taxes are higher but our country has a higher % of middle class than the USA. Canadians are taxed as individuals but some limited income sharing is allowed. But taxes are relative it gets down to what you get for your taxes not how much you pay for.
It is a huge industry for Americans to buy Canadian medications.
https://www.cnbc.com/2014/05/23/patients-cross-borders-for-online-deals-on-medications.htmlYes some Canadians do go to the USA for medical services but it would be minimal likely the top 1% because everyone is treated equally in Canada. I know I looked at it since I broke a tooth in November and before I had it extracted looked at same day replacement with implants offered in USA. Looked at results and found a huge negative on results on the net. Took the Canadian more traditional method which after extraction the give time for healing before implants.
- okay, couldn't help myself.
