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SCANDINAVIA VS- CANADA
– SOCIAL AND ECONOMIC
POLICIES
BY: PAUL YOUNG, CPA, CGA
DISCLAIMER
• This presentation is one opinion on differences between Canada and Scandinavia
PAUL YOUNG - PRESENTER
Bio
• CPA/CGA
• 25 years of experience in Academia, Industry and Financial solutions
• Youtube Channel - https://www.youtube.com/channel/UCAArky1bAXPSuV2NLtUnyLg
AGENDA
• GDP
• Corporate Tax
• VAT
• Personal Tax
• Payroll Tax
• Standard of Living
• Income inequality
• Poverty
• Arms production
• Comments
GDP BY INDUSTRY (EXPRESS IN %)
TAX BURDEN / CORPORATECanada NorwayDenmark
``
VAT TAXATION
• Canada VAT 5% (Federal) – (Provincial Rate 8% to 10%)
• Denmark – 25%
• Sweden – 25%
• Finland- 24%
• Norway – 25%
PERSONAL INCOME TAX RATES
• Canada 29% (39-50 combined Provincial/Federal Rates)
• Denmark – 55.41%
• Sweden – 57.00%
• Norway – 47.2%
• Finland – 52.35%
PAYROLL TAXES
• Canada – 7.58%
• Denmark – Lump sum – no rate
• Sweden – 31.42%
• Norway – 14.1%
• Finland- 23.23%
PER CAPITA INCOME
COST OF LIVING
Canada is
Rank 30th
BEST COUNTRIES
INCOME INEQUALITY
• https://www.oecd.org/forum/issues/oecd-
forum-2015-income-inequality-in-
figures.htm
POVERTY RATES
• https://www.oecd.org/forum/issues/oecd-
forum-2015-income-inequality-in-
figures.htm
ARMS PRODUCTION
Source: http://www.businessinsider.com/swedens-dirty-secret-
they-arm-dictators-2014-5
Sweden has weapon systems that
are inexpensive but not cheap.
AIP diesel submarines and an
affordable fighter that can defeat
the best Russian planes are
systems that the US should adopt
to lower the cost of defense
while increasing security. The US
could buy twice as many
submarines while saving half of
the cost. The US could buy twice
as many fighters while saving five
times the cost.
COMMENTS
• Canada is joined at the hip with the USA as such has to be competitive with United States on costs. Payroll taxes are costs for
business as such they have kept in check
• Canada’s economy is driven by commodities, like oil, natural gas, precious metals, agriculture, etc. as such has to depend on
exports. Exports account for 1/3 of GDP and are growing at 4% clip each year
• Scandinavia countries are very expensive for business: http://www.smh.com.au/business/the-economy/australia-the-most-
expensive-country-in-the-g20-20140512-3846v.html. Some Swedish companies are re-looking at their investment due to the
high cost: http://www.bcg.com/media/pressreleasedetails.aspx?id=tcm:12-141488
• Canada competitiveness as slipped, but some of that slipped has to do with bad polices at the provincial level:
http://www.conferenceboard.ca/press/newsrelease/13-09-
04/canada_ranks_14th_in_global_competitiveness_for_the_second_consecutive_year.aspx. Ontario has drove business out
with more regulations as well as high power costs!
• Canada commitment to social programs: http://www.oecd-ilibrary.org/social-issues-migration-health/government-social-
spending_20743904-table1. You will notice that Harper’s government continue put money into social programs.
• Harper has increase the transfers for education as such money has flown to post-secondary education by the provinces:
http://www.stlawrencecollege.ca/news/2014/oecd-report/
• Education - http://www.independent.co.uk/news/world/europe/finland-schools-subjects-are-out-and-topics-are-in-as-country-
reforms-its-education-system-10123911.html
• http://sustainability.thomsonreuters.com/2014/05/11/end-oil-boom-threatens-norways-welfare-model/. Norway has AG
sector, but little else as compare to Canada that has MFG, food processing, lumber, fishing, etc.
• Norway debt to GDP http://www.tradingeconomics.com/norway/government-debt-to-gdp is at 29
• Argument against Norway - http://www.sovereignman.com/expat/why-norway-is-a-bs-argument-for-higher-taxes-8235/
OTHER SOURCES
• Income inequality - http://www.slideshare.net/paulyoungcga/poverty-and-low-income-canada
• Wealthiest - http://www.slideshare.net/paulyoungcga/wealthiest-income-earners-in-canada-taxation-
and-income-redistributiion
• Middle class – http://www.slideshare.net/paulyoungcga/middle-class-and-quality-of-life-canada
• Poverty - http://www.slideshare.net/paulyoungcga/poverty-and-low-income-canada
CONTACT INFORMATION
• Paul_Young_CGA@Hotmail.com

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Scandinavia vs Canada - Economic and Social policies - November 2016

  • 1. SCANDINAVIA VS- CANADA – SOCIAL AND ECONOMIC POLICIES BY: PAUL YOUNG, CPA, CGA
  • 2. DISCLAIMER • This presentation is one opinion on differences between Canada and Scandinavia
  • 3. PAUL YOUNG - PRESENTER Bio • CPA/CGA • 25 years of experience in Academia, Industry and Financial solutions • Youtube Channel - https://www.youtube.com/channel/UCAArky1bAXPSuV2NLtUnyLg
  • 4. AGENDA • GDP • Corporate Tax • VAT • Personal Tax • Payroll Tax • Standard of Living • Income inequality • Poverty • Arms production • Comments
  • 5. GDP BY INDUSTRY (EXPRESS IN %)
  • 6. TAX BURDEN / CORPORATECanada NorwayDenmark ``
  • 7. VAT TAXATION • Canada VAT 5% (Federal) – (Provincial Rate 8% to 10%) • Denmark – 25% • Sweden – 25% • Finland- 24% • Norway – 25%
  • 8. PERSONAL INCOME TAX RATES • Canada 29% (39-50 combined Provincial/Federal Rates) • Denmark – 55.41% • Sweden – 57.00% • Norway – 47.2% • Finland – 52.35%
  • 9. PAYROLL TAXES • Canada – 7.58% • Denmark – Lump sum – no rate • Sweden – 31.42% • Norway – 14.1% • Finland- 23.23%
  • 11. COST OF LIVING Canada is Rank 30th
  • 15. ARMS PRODUCTION Source: http://www.businessinsider.com/swedens-dirty-secret- they-arm-dictators-2014-5 Sweden has weapon systems that are inexpensive but not cheap. AIP diesel submarines and an affordable fighter that can defeat the best Russian planes are systems that the US should adopt to lower the cost of defense while increasing security. The US could buy twice as many submarines while saving half of the cost. The US could buy twice as many fighters while saving five times the cost.
  • 16. COMMENTS • Canada is joined at the hip with the USA as such has to be competitive with United States on costs. Payroll taxes are costs for business as such they have kept in check • Canada’s economy is driven by commodities, like oil, natural gas, precious metals, agriculture, etc. as such has to depend on exports. Exports account for 1/3 of GDP and are growing at 4% clip each year • Scandinavia countries are very expensive for business: http://www.smh.com.au/business/the-economy/australia-the-most- expensive-country-in-the-g20-20140512-3846v.html. Some Swedish companies are re-looking at their investment due to the high cost: http://www.bcg.com/media/pressreleasedetails.aspx?id=tcm:12-141488 • Canada competitiveness as slipped, but some of that slipped has to do with bad polices at the provincial level: http://www.conferenceboard.ca/press/newsrelease/13-09- 04/canada_ranks_14th_in_global_competitiveness_for_the_second_consecutive_year.aspx. Ontario has drove business out with more regulations as well as high power costs! • Canada commitment to social programs: http://www.oecd-ilibrary.org/social-issues-migration-health/government-social- spending_20743904-table1. You will notice that Harper’s government continue put money into social programs. • Harper has increase the transfers for education as such money has flown to post-secondary education by the provinces: http://www.stlawrencecollege.ca/news/2014/oecd-report/ • Education - http://www.independent.co.uk/news/world/europe/finland-schools-subjects-are-out-and-topics-are-in-as-country- reforms-its-education-system-10123911.html • http://sustainability.thomsonreuters.com/2014/05/11/end-oil-boom-threatens-norways-welfare-model/. Norway has AG sector, but little else as compare to Canada that has MFG, food processing, lumber, fishing, etc. • Norway debt to GDP http://www.tradingeconomics.com/norway/government-debt-to-gdp is at 29 • Argument against Norway - http://www.sovereignman.com/expat/why-norway-is-a-bs-argument-for-higher-taxes-8235/
  • 17. OTHER SOURCES • Income inequality - http://www.slideshare.net/paulyoungcga/poverty-and-low-income-canada • Wealthiest - http://www.slideshare.net/paulyoungcga/wealthiest-income-earners-in-canada-taxation- and-income-redistributiion • Middle class – http://www.slideshare.net/paulyoungcga/middle-class-and-quality-of-life-canada • Poverty - http://www.slideshare.net/paulyoungcga/poverty-and-low-income-canada

Editor's Notes

  1. https://www.cia.gov/library/publications/the-world-factbook/fields/2012.html
  2. http://www.itrworldtax.com/Jurisdiction/32/Canada.html
  3. http://www.thehstblog.com/2015/12/articles/gst-general-1/canadian-sales-tax-rates-as-at-january-1-2016/ http://www.vatlive.com/vat-rates/european-vat-rates/eu-vat-rates/ http://www.vatlive.com/global-vat-gst/norway/norway-vat-compliance-and-rates/
  4. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/individual-income-tax-rates-table.html
  5. 1. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/social-security-employer-tax-rates-table.html
  6. http://databank.worldbank.org/data/download/GNIPC.pdf
  7. http://www.insidermonkey.com/blog/10-countries-with-the-highest-cost-of-living-in-the-world-362232/ http://www.numbeo.com/cost-of-living/rankings_by_country.jsp
  8. http://www.usnews.com/news/best-countries/articles/methodology