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Until the 2009–2010 fiscal year, Ontario was the only province to have never received equalization payments. In 2009–2010, due to the global Great Recession, Ontario began to receive equalization payments [16] with its first payment amounting to $347-million. [53] The equalization formula is "based on a three-year average of economic growth".
A sunshine list is a listing of salary, benefit and severance information. [1] Its colloquial name refers to the goal of illuminating government expenditures. [2] In Canada, the list is commonly used for example by provincial or municipal governments to identify any publicly employed person making CA$100,000 salary or higher. [3]
The constitutional authority for the various provincial income taxes is found in section 92 paragraph 2 of the Constitution Act, 1867, which assigns to the legislature of each province the power of "Direct Taxation within the Province in order to the raising of a Revenue for Provincial Purposes". The courts have held that "an income tax is the ...
Assuming a 40-hour workweek and 52 paid weeks per year, the annual gross employment income of an individual earning the minimum wage in Canada is between C$31,200 (in Alberta and Saskatchewan) and C$39,520 (in Nunavut). [4] The following table lists the hourly minimum wages for adult workers in each province and territory of Canada.
In Ontario the corporate capital tax was eliminated July 1, 2010 for all corporations, although it was eliminated effective January 1, 2007, for Ontario corporations primarily engaged in manufacturing or resource activities. In British Columbia the corporate capital tax was eliminated as of April 1, 2010.
Ontario, the country's most populous province, is a major manufacturing and trade hub with extensive linkages to the northeastern and midwestern United States. The economies of Alberta, Saskatchewan, Newfoundland and Labrador and the territories rely heavily on natural resources.
In some of Canada's provinces, census divisions are equivalent to counties.They may also be known by different names in different provinces, or in different parts of provinces.
Ontario's net debt-to-GDP ratio will rise to 40.7% in the year 2019–2020. [4] Ontario is the most populous province of Canada, with a population of approximately 14.19 million permanent residents in 2017. [5] It is Canada's leading manufacturing province, accounting for 46% of the manufacturing GDP in 2017. [6]