How Ottawa blew its half-hearted attempts at matching America’s energy tax competitiveness fpcomment
With Canada’s beleaguered oil and gas industry facing challenges to export to other countries, one might think that our governments would focus on some controllable levers to support the industry. That would include taxation, which can have a significant impact on the competitiveness of the industry.
So how do things stack up for the oil and gas industry after the U.S.’s dramatic tax reform and Canada’s less-than-dramatic response? Despite Alberta’s corporate income tax rate of 27 per cent being higher than many important U.S. oil-and-gas-producing states, its overall tax burden is generally lower with the absence of a retail sales tax and lighter resource levies. In the case of oil, Alberta’s tax burden on investment is 23 per cent , well below the U.S. average of 28.6 per cent.
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