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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.

Goods and Services Tax (GST) and the Harmonized Sales Tax(HST): The GST and HST are broad-based taxes on most goods and services you buy. The rates vary according to the different provinces in Canada.

Corporate Tax rate: 15 per cent (as at April 2018).

Income Tax: Highest personal rate is 33%. Personal Income tax is levied on a progressive scale.

Employment: Employment in Canada is stable. With a constant stream of skilled workers to the U.S. there are many professional employment vacancies waiting to be filled.

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 $CAN84,500 (US$65,215 per year )-as at December 2017.

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