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Canada rates best in G8 for taxes

Published by Steve Coleman on February 28, 2012

Canadians may still grumble about paying taxes, but a new report by accounting firm PwC, the World Bank and IFC says they don't have as much to complain about as other countries.

When it comes to the amount of taxes paid and the number of hours it taxes to pay them, Canada was the top-ranked G8 country.

World-wide across 183 countries, businesses made an average of 28.5 tax payments a year and spent 277 hours doing the work for the government. As a global average, taxes took a 44.8 per cent bite out of commercial profits.

In Canada, businesses paid taxes eight times annually and spent 131 hours preparing them. The business tax rate took a 28.8 per cent chunk of profits.

While Canada was the top G8 member country, Paying Taxes 2012 placed the country 11th overall. The United Kingdon was the second-best in the G8, ranked 18th, largely because of its business tax rate.

The United States ranked fourth in the G8, 69th overall and 131st for its business tax rate.

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