Changes

Equalization payments, worth 11.7 billion Canadian dollars are made by the federal government to the provinces from richer provinces (currently Alberta, Newfoundland,<ref>[http://www.cbc.ca/canada/newfoundland-labrador/story/2008/11/03/have-not.html]</ref>  and British Columbia) and the poorer provinces (Ontario,<ref>[http://www.cbc.ca/canada/story/2008/11/03/flaherty-ministers.html]</ref> Nova Scotia, Prince Edward Island, New Brunswick, Quebec, Manitoba and Saskatchewan).  This is to ensure that reasonably uniform standards of services and taxation are kept between the richer and poorer provinces.<ref>[http://www.budget.gc.ca/2007/bp/bpc4e.html Budget 2007]</ref>  These payments have not been without controversy as provinces begin to make more revenues from natural resources they do not want to give up the Equalization payments.

Equalization payments, worth 11.7 billion Canadian dollars are made by the federal government to the provinces from richer provinces (currently Alberta, Newfoundland,<ref>[http://www.cbc.ca/canada/newfoundland-labrador/story/2008/11/03/have-not.html]</ref>  and British Columbia) and the poorer provinces (Ontario,<ref>[http://www.cbc.ca/canada/story/2008/11/03/flaherty-ministers.html]</ref> Nova Scotia, Prince Edward Island, New Brunswick, Quebec, Manitoba and Saskatchewan).  This is to ensure that reasonably uniform standards of services and taxation are kept between the richer and poorer provinces.<ref>[http://www.budget.gc.ca/2007/bp/bpc4e.html Budget 2007]</ref>  These payments have not been without controversy as provinces begin to make more revenues from natural resources they do not want to give up the Equalization payments.

    

    

British Columbia’s combined federal and provincial corporate tax rate is lower than any jurisdiction in the United States.<ref name=tax>{{cite web|url=http://www.britishcolumbia.ca/Invest/Business-Climate/Pages/CompetitiveTaxClimate.aspx|title=Competitive Tax Climate|publisher=British Columbia|accessdate=Aug 12, 2012}}</ref> The BC corporate rate is 10% and the federal rate is 15%.<ref name=tax/>

British Columbia's combined federal and provincial corporate tax rate is lower than any jurisdiction in the United States.<ref name=tax>{{cite web|url=http://www.britishcolumbia.ca/Invest/Business-Climate/Pages/CompetitiveTaxClimate.aspx|title=Competitive Tax Climate|publisher=British Columbia|accessdate=Aug 12, 2012}}</ref> The BC corporate rate is 10% and the federal rate is 15%.<ref name=tax/>

Canada also has a national sales tax, the Goods and Services Tax (GST) of 5% on all purchases. Some provinces add an additional percentage in the form of a Provincial Sales Tax (PST), or a combined Harmonized Sales Tax (HST) combining GST and the Provincial Sales Tax. Based on actual income, and a number of other factors, the government will refund GST/HST to eligible tax payers in quarterly installments on the fifth of the month in July, October, January, and April.

Canada also has a national sales tax, the Goods and Services Tax (GST) of 5% on all purchases. Some provinces add an additional percentage in the form of a Provincial Sales Tax (PST), or a combined Harmonized Sales Tax (HST) combining GST and the Provincial Sales Tax. Based on actual income, and a number of other factors, the government will refund GST/HST to eligible tax payers in quarterly installments on the fifth of the month in July, October, January, and April.

Canada has invested heavily in high-tech, export-oriented businesses, achieving major success in:

Canada has invested heavily in high-tech, export-oriented businesses, achieving major success in:

* Aerospace: Canada’s global share of aerospace activity has tripled in the last 20 years, making Canada the world’s 5th largest aerospace producer.  

* Aerospace: Canada's global share of aerospace activity has tripled in the last 20 years, making Canada the world's 5th largest aerospace producer.  

* Ag-biotech: Canadian firms’ revenues exceed those of US agro-based companies and are more than double those of Japan and the UK.  

* Ag-biotech: Canadian firms’ revenues exceed those of US agro-based companies and are more than double those of Japan and the UK.  

* Agri-food: Canada is the world’s fourth-largest exporter of agricultural products.  

* Agri-food: Canada is the world's fourth-largest exporter of agricultural products.  

* Automotive: Canada is among the Top 10 automotive countries and the 3rd largest exporter of automotive products after Japan and the U.S. Most of the output goes to the U.S. market.

* Automotive: Canada is among the Top 10 automotive countries and the 3rd largest exporter of automotive products after Japan and the U.S. Most of the output goes to the U.S. market.

* Biotechnology: Canada is a leader in biotechnology—one of the top five countries in the world.  

* Biotechnology: Canada is a leader in biotechnology—one of the top five countries in the world.  

* Plastics: Canada is the world’s fourth largest exporter of moulds and eighth largest exporter of plastics processing machinery.

* Plastics: Canada is the world's fourth largest exporter of moulds and eighth largest exporter of plastics processing machinery.

* see also [[Canadian railways]]

* see also [[Canadian railways]]

[[File:O-bad-for-canada.jpg|thumb|200px|Leading Canadian newsmagazine evaluates Obama's threat to Canada, June 29, 2009]]

[[File:O-bad-for-canada.jpg|thumb|200px|Leading Canadian newsmagazine evaluates Obama's threat to Canada, June 29, 2009]]

===Energy===

===Energy===

Canada has vast natural resources and is one of the world’s largest producers and exporters of energy. In 2005, Canada produced 19.1 quadrillion British Thermal Units (Btu) of total energy, the fifth-largest amount in the world. Since 1980, Canada’s total energy production has increased by 86%, while its total energy consumption has increased by only 48% during that period. Almost all of Canada’s energy exports go to the United States, making it the largest foreign source of U.S. energy imports: Canada is consistently among the top sources for U.S. oil imports, and it is the largest source of U.S. natural gas and electricity imports.<ref>See Energy Information Administration, [http://www.eia.doe.gov/emeu/cabs/Canada/Background.html "Canada" (2009 report)]</ref>

Canada has vast natural resources and is one of the world's largest producers and exporters of energy. In 2005, Canada produced 19.1 quadrillion British Thermal Units (Btu) of total energy, the fifth-largest amount in the world. Since 1980, Canada's total energy production has increased by 86%, while its total energy consumption has increased by only 48% during that period. Almost all of Canada's energy exports go to the United States, making it the largest foreign source of U.S. energy imports: Canada is consistently among the top sources for U.S. oil imports, and it is the largest source of U.S. natural gas and electricity imports.<ref>See Energy Information Administration, [http://www.eia.doe.gov/emeu/cabs/Canada/Background.html "Canada" (2009 report)]</ref>

In 2005, the largest source of energy consumption in Canada was oil (31%), followed by hydroelectricity (25%) and natural gas (24%). Both coal (12%) and nuclear (7%) constitute a smaller share of the country’s overall energy mix. From 1985-2005, Canada’s overall energy mix has remained relatively stable, though hydroelectricity has decreased from 31%to 25%, as oil drilling is more popular than dam building. As of 2011, the trend has reversed, and Hydroelectricity is making 32% of the country's electricity. The remainder is produced by oil, and renewables.

In 2005, the largest source of energy consumption in Canada was oil (31%), followed by hydroelectricity (25%) and natural gas (24%). Both coal (12%) and nuclear (7%) constitute a smaller share of the country's overall energy mix. From 1985-2005, Canada's overall energy mix has remained relatively stable, though hydroelectricity has decreased from 31%to 25%, as oil drilling is more popular than dam building. As of 2011, the trend has reversed, and Hydroelectricity is making 32% of the country's electricity. The remainder is produced by oil, and renewables.

==History==

==History==