Last week’s Ontario budget was the biggest sign so far of what may become a trend across Canada—cutting taxes. Other recent tax-cutting measures:
Saskatchewan's NDP government last year cut its deficit surtax, which cost taxpayers about $250 a year since its introduction in 1992, by $150. That reduced the province’s take by $55 million a year.
> Nova Scotia’s Liberal government announced in its April 25 budget that it plans to cut personal income taxes by two percentage points, from 59.5 to 57.5 per cent of the federal tax, at a cost to the province of $32 million a year. That is to take effect in July, 1997.
> British Columbia’s NDP government announced cuts of two percentage points, over two years, in the provincial income tax rate in the budget it introduced on April 30, hours before calling a general election. The cuts will reduce the provincial rate from 52.5 to 50.5 per cent of the federal tax and cost the treasury $155 million annually. The Opposition Liberals countered by promising cuts totalling eight percentage points by the year 2000, eventually reducing annual revenue by about $1 billion.
The story you want is part of the Maclean’s Archives. To access it, log in here or sign up for your free 30-day trial.
Experience anything and everything Maclean's has ever published — over 3,500 issues and 150,000 articles, images and advertisements — since 1905. Browse on your own, or explore our curated collections and timely recommendations.WATCH THIS VIDEO for highlights of everything the Maclean's Archives has to offer.