How Does Canada’s tax Situation Compare to Other Countries?
We all complain about having to pay taxes, yet we know that it is necessary if we are going to be able to maintain our beautiful country and keep it as a wonderful place to live and work. While we may seem hard done by and some say we are taxed to death, how do we compare with other Countries who also have their own tax laws and regulations? Often the grass looks greener on the side as the saying goes until you get there.
While this may be idle curiosity for most tax payers for those who are looking at starting a business or moving their business the tax implications of a potentially new locale many times becomes a big priority.
In a recent study it showed that Canada can be ranked as one of the most tax friendly locations in the world. While a lot of the Canadian business owners who are struggling to grow their business here may not think so, it does show that according to this study that business tax in other countries is much more hard to take in the other countries.
To break it down even further this study took a look at the individual cities and deemed Toronto, Vancouver, and Montreal as being the three top spots for better business tax situations compared to others.
While reports like this are interesting to the general public they can be highly important to the business industry, who are looking to make the right moves. Countries do not encourage their business industry to re-locate out of the country because it can be harmful for their economy.
While being able to enjoy lower business taxes is certainly beneficial for a Company there are other factors that have to be considered before any final decisions are made. Factors such as the feasibility of their target market, and even the availability of tradespeople or the cost of wages are just a few of the additional areas of concern that must be considered.
Findings such as what these types of studies provide can encourage re-location of businesses within the country, businesses from other countries setting up shop in Canada, as well as encouraging new business development or mergers. All of which is bound to be good for the Canadian economy and stimulating less unemployment.
No matter how good the business tax situation is, every Company has to be astute at ensuring their taxes are properly addressed and this is done by utilizing professional services, like good quality accountants and other bookkeeping services.