Corporate welfare cost Canadian taxpayers more than $350 billion from 2007 to 2019, says a Fraser Institute study.
The study says the total cost of all corporate welfare for every Canadian who filed income taxes from 2007 to 2019 was highest in Saskatchewan at $18,785, followed in descending order by Quebec ; Prince Edward Island ; Alberta ;and New Brunswick .Among the provinces, total provincial subsidies to businesses was highest in Quebec at $79.6 billion, followed by Ontario at $73.4 billion and B.C. at $22.9 billion.
In P.E.I. and Quebec, total provincial subsidies to businesses on average exceeded the amounts they received in provincial corporate income tax revenue by margins of 162.9% and Quebec .Article content In Manitoba, the comparable number was 97.6%; Saskatchewan, 88.6%; B.C., 70.7%; Nova Scotia, 47.6%; and Ontario, 46.1%.business subsidies represented between 30% to 40% of all corporate income tax revenues on average.
“It is important to note that this is not a comprehensive measure of government support to businesses, which would include all amounts delivered through tax expenditures, loan guarantees, direct investment, and regulatory privileges extended to particular firms or industries,” the study says. “The true level of government support to select businesses would be even higher.
“To the extent that subsidies do not foster widespread economic growth — as the literature suggests is the case — business subsidies stand out as a key area for spending reform.”
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