It's 2.8 per cent. That same Canadian working in the US, filing a tax return as a couple, would only pay a 15 per cent federal tax. The top US tax bracket is 39.6 per cent. And, there are more deductions, like interest paid on a home mortgage. This translates into lower transportation and distribution costs.
Low taxes mean that people have more money to invest.
The Dow Jones Industrial Average in the US has tripled since 1989. The Toronto Stock Exchange average has increased by just 70 per cent. Sales taxes, not even counting the GST, are generally higher in Canada too. The bottom line is that taxes are killing Canada. And, unless Ottawa begins to make significant changes, Canada will find its reputation as a desirable place to live and invest, fading into the sunset.