According to a recent study conducted by a member of the Fraser Institute, BC currently has the fourth-highest personal income tax rate in Canada and the U.S.
The personal income tax rate results from a combo of provincial and federal incomes taxes, and BC’s rate is 53.5 percent, which is only 1.3 percent lower than Newfoundland, which has the highest rate between the countries.
The report also says that BC has a lot of issues with tax competitiveness due to policy issues.
Competitive systems help economic growth by getting jurisdictions to attract business investment and skilled workers and while BC has made some changes recently, such as the new doctor payment model, to help with that, there is still work to do.
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