Canada's economy is expected to grow by a tepid 1.6 per cent in 2020.
income tax rates
The province’s top marginal PIT rate will increase from 16.8 per cent to 20.5 per cent.
The government’s plan to increase the “basic personal amount” will cost nearly $7 billion annually.
In Canada, 36.1 per cent of people in the top decile in 2017 were not in the top decile five years earlier.
The Trudeau government raised the top income tax rate from 29 per cent to 33 per cent.
Ottawa increased the income tax rate for “top earners" from 29 per cent to 33 per cent.
The federal government's income tax hikes took effect in 2016.
An estimated 2,158 new businesses will not startup in the province due to the higher tax rate.