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ARTICLE · 28 JANUARY 1999

More Restrictions on Raising Taxes in Canada

PwC Management Services LP
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CanadaAccounting and Audit
More Restrictions on Raising Taxes in Canada

Ontario, Canada's dominant province and "the economic engine of the country", has introduced a Balanced Budget and Taxpayer Protection Act. This legislation will impose restrictions on raising tax rates or introducing new taxes, as well as encouraging governments to run surpluses in good years. The net effect will be greater certainty in government actions and reduced tax volatility.

Balanced Budgets

The law, currently in Bill form, is designed to protect Ontario families and those conducting business or investing in the province from irresponsible government spending that results in deficits and accumulating debt. It provides personal penalties to the Premier and members of the Cabinet in any year in which a deficit occurs.

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