TORONTO—The Ontario government’s increase to the province’s top personal income tax rate in 2013 may have prevented more than 2,000 new businesses from starting in the province, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
“Tax hikes by the previous government at Queen’s Park discouraged entrepreneurs from starting thousands of new businesses, which are vital for economic growth and prosperity and drive innovation,” said Charles Lammam, director of fiscal studies at the Fraser Institute.