Provincial spring budgets, 1981/82

"All ten Canadian provinces have now tabled their 1981 /82 budgets . Only the provinces of Ontario, Quebec and British Columbia made more than minor modifications to their tax structures, with both Ontario and Quebec imposing major tax increases. In the past year, the federal budget was also released in the spring. Not so this year: we have that to look forward to in the fall!This month, Tax Notes presents a brief summary of the more significant tax changes introduced at the provinciallevels in the last months.Summary of provincial tax rate changesThe tax changes in this year's provincial budgets were both up and down- but there were far more tax increases than tax cuts.At the corporate tax level, two provinces, New Brunswick and British Columbia, increased their general corporate income tax rate; the former by two percentage points and the latter by one percentage point. Quebec, rather unexpectedly, sharply cut its corporate tax rate on business income, but increased some of its other business taxes at the same time. British Columbia reduced its corporate tax rate on small business income by two percentage points and Saskatchewan by one percentage point."