- Aug 2010
Forbes ranks Canada #1 for business, cites HST (Oops) - The Globe and MailForbes magazine has ranked Canada as the world's top country for business, up from No. 4 last year, partly because of the introduction of the Harmonized Sales Tax in B.C. and Ontario.
Now, if only the people of B.C. had decided to keep the HST, we might keep that ranking. (That's tongue-in-cheek. I hate paying the HST. I just happen to live in Ontario, rather than B.C.)
In its rankings, Forbes looked at 11 areas in 134 countries, including property rights, innovation, taxes, tech, corruption, personal, trade and monetary freedoms, red tape, investor protection and the performance of stocks.
Forbes noted that the Canadian economy has held up well compared to others, while the U.S. is in the grip of fear and Europe in the midst of a debt crisis, while its banks survived the financial crisis.
"During the run-up to every U.S. presidential election, countless Americans threaten to move to Canada if their preferred candidate does not emerge victorious," Kurt Badenhausen of Forbes writes. "Of course, few follow through with a move north. Maybe it is time to reconsider."
On the issue of its overall tax burden, Canada now ranks ninth, well up from 23rd spot in 2010. But ...
It is a little bit funny that HST was cited as a reason. Ontarians aren't very happy with it either and will probably be getting rid of it, if I'm "up" on my HST drama.