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CANADA

Economy

As an affluent, high-tech industrial society, Canada today closely resembles the US in its market-oriented economic system, patterns of production, and high living standards. This overall expansion was mirrored in nearly all facets of the Canadian economy. Canada's continuing economic boom has rippled straight across the nation. Long removed from an economy based almost exclusively on natural resources, Canada is rapidly moving toward a knowledge-based economy built on innovation and technology. Goods-producing industries account for 33% of the national economy, while the Canadian services sector employs three out of four Canadians, and generates two-thirds of the gross domestic product.

Unfortunately, the lure of higher pay, lower taxes, and the immense high-tech infrastructure in the U.S. has goaded Canadian professionals south of the border. Nevertheless, this flow of Canadian nationals has given way to the Canadian Government's new immigration plan - for the next five years and beyond, the government is to emphasize the admission of a greater number of skilled immigrants with abilities to contribute directly to Canada's economic and social development.
See: Visa by Country: Canada-federal Skilled Migration and Business Migration

Goods and Services Tax (GST): The GST is a broad-based tax of 6 per cent on most goods and services you buy.
More information on GST and other taxes: www.ccra-adrc.gc.ca

Corporate Tax rate: 21 per cent.

Income Tax: Highest personal rate is 29%. Personal Income tax is levied on a progressive scale.

Employment: Employment in Canada is stable compare to other Anglo countries. With the stream of skilled workers to the U.S. there are many professional employment vacancies waiting to be filled.
More information: www.jobsetc.ca

Cost of living: In the metropolitan areas of Toronto, Vancouver and Montreal, the Canadian Bureau of Statistics shows that the average household expenditure comes to $CAN65,000 (US$47,000) per year.
More specific expenditures: www.statcan.ca/english/Pgdb/famil10a.htm

* Figures are approximate, in US dollars as at August 2006
Exchange rate: $0.89 Canadian Dollar = $0.72 United States Dollar as at August 2006

CANADA