An overview of a canadian economy

why is canada a free market economy

Much of the economic growth in Canada today is fueled by small-to mediumsized companies. Andrew Oct 24, am I'm not at all sure what you're on about here.

There are also many secondary and service industries that are directly linked to primary ones. There are several potential problems facing the Canadian economy. This is especially true of the United States. The nation's infrastructure is excellent and most of its factories and manufacturing plants are modern.

Personal income taxes in Canada are progressive, which is to say, people pay a different rate depending on how much income they make. Although these U.

Canadas economic problems

There are also many secondary and service industries that are directly linked to primary ones. Immigrants are generally well integrated, although their earnings are considerably lower than those of the comparable native-born. The second most pressing problem for Canada has been the migration of some of its best educated and trained workers to the United States. The vast majority of these products are exported, mainly to the United States. However, agriculture, natural resources, utilities and construction sectors more than made up for the loss in employment in the manufacturing sector, as the goods-producing sector grew its employment from about 3. Many, if not most, towns in northern Canada, where agriculture is difficult, exist because of a nearby mine or source of timber. Much of this investment takes the form of American corporations setting up shop in Canada. British Columbia is in the Pacific Northwest. Each of the nation's main economic sectors is highly developed. Canada has a highly skilled and productive workforce. After decades of escalating overutilization the cod fishery all but collapsed in the s, and the Pacific salmon industry also suffered greatly. This is especially true of the United States. Should Quebec become independent, it would significantly disrupt the Canadian economy, and the nation would lose a sizable proportion of its GDP. The GST rate is currently set at 5 per cent of purchase price, while PST rates vary from province to province, but is usually a bit higher.

The bulk of the money Canadians give to their government is withdrawn through taxes on incomes and purchases, which are charged at both the national and provincial level.

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Canada Economy