The premier says interest rates are squeezing British Columbians, but so are his tax increases. Read more.
• Corporate income taxes:
The NDP raised the provincial corporate rate from 11 to 12 per cent, which today is four points higher than Alberta, which attracts much more business investment per worker. B.C. companies also pay retail sales taxes on business inputs, making many projects uncompetitive unless subsidies, accelerated depreciation or tax credits are offered to attract hi-tech, forestry and LNG investments.
Overall, B.C.’s taxes and other own-source revenues have risen sharply under the NDP. As a share of GDP, they are up from 18 per cent in 2017 to 22.9 per cent this year, while real per capita own-source revenues have risen from $9,628 to $11,584 . That’s more than 20 per cent in just five years. It’s clear that taxes are the real affordability problem in B.C.
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