InfrastructureIf you walk into a car dealership to buy a new set of wheels, you wouldn’t expect to be taxed at a rate that’s disproportionately higher than the levy imposed on other products and industry sectors, right?
Production taxes on residential construction are by far the highest among the 231 industry sectors in Ontario.A new report by the Canadian Centre for Economic Analysis indicates the tax burden on a new home in Ontario versus the rest of the economy has been growing and has increased generally by 13 per cent over the past decade.
This too is a travesty, as public infrastructure investment funding in Ontario required to support growth trends is 30 per cent below what is required. This only exacerbates the critical need for increased federal public infrastructure investment to help ease housing unaffordability in Ontario. While Ontario’s population has grown by 68 per cent since the 1970s, the number of annual new housing completions has dropped by 23 per cent.
They need federal funding to carry out infrastructure projects but aren’t getting the support they need from the feds. The feds are simply contributing too little compared to the amount of revenue they generate from new housing taxation.
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Source: DCN_Canada - 🏆 17. / 74 Read more »