A new report suggests Canada’s tax rates are “uncompetitive” and are impairing innovation when compared to other similar countries, including the United States.
The report, Taxes, Innovation, and Productivity Growth, released by the Fraser Institute on Feb. 7, found that innovation in Canada, which it called “a key driver of higher living standards,” has declined compared to 15 other relatively similar countries.
Canada’s ranking on the Global Innovation Index was in the top 10 in 2014 but had dropped to 12th place by 2022. Other top countries included in the ranking were the United Kingdom, Netherlands, Switzerland, Germany, Finland, Denmark, Korea, and the U.S….