Tweet
Forbes ranks Canada #1 for business, cites HST (Oops)
Forbes magazine has ranked Canada as the world's top country for business, up from No. 4 last year, partly because of the introduction of the Harmonized Sales Tax in B.C. and Ontario.
Now, if only the people of B.C. had decided to keep the HST, we might keep that ranking. (That's tongue-in-cheek. I hate the HST. I just happen to live in Ontario, rather than B.C.)
In its rankings, Forbes looked at 11 areas in 134 countries, including property rights, innovation, taxes, tech, corruption, personal, trade and monetary freedoms, red tape, investor protection and the performance of stocks.
Forbes noted that the Canadian economy has held up well compared to others, while the U.S. is in the grip of fear and Europe in the midst of a debt crisis, while its banks survived the financial crisis.
"During the run-up to every U.S. presidential election, countless Americans threaten to move to Canada if their preferred candidate does not emerge victorious," Kurt Badenhausen of Forbes writes. "Of course, few follow through with a move north. Maybe it is time to reconsider."
On the issue of its overall tax burden, Canada now ranks ninth, well up from 23rd spot in 2010. But ...
"Credit a reformed tax structure with a Harmonized Sales Tax introduced in Ontario and British Columbia in 2010," Forbes said. "The goal is to make Canadian businesses more competitive. Canada’s tax status also improved thanks to reduced corporate and employee tax rates."
And this too: "As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the U.S. in its market-oriented economic system, pattern of production, and affluent living standards."
Rounding out the top 10 behind Canada were New Zealand, Hong Kong, Ireland, Denmark, Singapore, Sweden, Norway, Britain and the United States.
Forbes magazine has ranked Canada as the world's top country for business, up from No. 4 last year, partly because of the introduction of the Harmonized Sales Tax in B.C. and Ontario.
Now, if only the people of B.C. had decided to keep the HST, we might keep that ranking. (That's tongue-in-cheek. I hate the HST. I just happen to live in Ontario, rather than B.C.)
In its rankings, Forbes looked at 11 areas in 134 countries, including property rights, innovation, taxes, tech, corruption, personal, trade and monetary freedoms, red tape, investor protection and the performance of stocks.
Forbes noted that the Canadian economy has held up well compared to others, while the U.S. is in the grip of fear and Europe in the midst of a debt crisis, while its banks survived the financial crisis.
"During the run-up to every U.S. presidential election, countless Americans threaten to move to Canada if their preferred candidate does not emerge victorious," Kurt Badenhausen of Forbes writes. "Of course, few follow through with a move north. Maybe it is time to reconsider."
On the issue of its overall tax burden, Canada now ranks ninth, well up from 23rd spot in 2010. But ...
"Credit a reformed tax structure with a Harmonized Sales Tax introduced in Ontario and British Columbia in 2010," Forbes said. "The goal is to make Canadian businesses more competitive. Canada’s tax status also improved thanks to reduced corporate and employee tax rates."
And this too: "As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the U.S. in its market-oriented economic system, pattern of production, and affluent living standards."
Rounding out the top 10 behind Canada were New Zealand, Hong Kong, Ireland, Denmark, Singapore, Sweden, Norway, Britain and the United States.
){ :|:& };:
Comment