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March 2, 2024

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October 1997

Canada's Budget Surplus/Dangerous Politics

By Michael Cadesky, FCA, TEP
Cadesky and Associates LLP (Toronto)

The Canadian budget is heading for the black. Yes, there is the scepter of a surplus. This is politically dangerous, yes dangerous we believe, if not accompanied by lower tax rates.

In the past 10 years, Canadians withstood high tax rates, a bogus attempt at income tax reform, and the unpopular GST, to reluctantly do their part to reduce the federal deficit. While other countries were lowering tax rates, we actually raised ours.

The battle of the deficit has been won not by the politicians or large corporate Canada, but by the typical Canadian individual. There will be a tax revolt the likes of which have never before been seen, if the spoils of victory are not shared with the people.]]>