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118-589: The origins of the party lie at the end of the 19th century. Party politics were weak in Manitoba for several years after it entered Canadian confederation in 1870. The system of government was essentially one of non-partisan democracy , though some leading figures such as Marc-Amable Girard were identified with the Conservatives at the federal level. Public representation was mostly a matter of communal loyalties—ethnic, religious, and linguistic—and party affiliation

236-484: A Red Tory like Roblin, led the party from 1971 to 1975, but was unable to defeat Schreyer's government. Sterling Lyon became leader of the party in 1975 and took it in a more economically liberal direction, anticipating the neoliberal economics of Margaret Thatcher , Ronald Reagan , and Mike Harris . The Lyon PCs defeated the NDP in 1977 . The Lyon government was to the right of previous PC administrations and implemented

354-460: A debt-to-equity ratio , while other systems have more complex rules. Some systems provide a mechanism whereby groups of related corporations may obtain benefit from losses, credits, or other items of all members within the group. Mechanisms include combined or consolidated returns as well as group relief (direct benefit from items of another member). Many systems additionally tax shareholders of those entities on dividends or other distributions by

472-549: A dividend . The tax may be at reduced rates. For example, the United States provides for reduced amounts of tax on dividends received by individuals and by corporations. The company law of some jurisdictions prevents corporations from distributing amounts to shareholders except as distribution of earnings. Such earnings may be determined under company law principles or tax principles. In such jurisdictions, exceptions are usually provided with respect to distribution of shares of

590-414: A leadership election on October 30 . Goertzen was sworn in as premier of Manitoba , on September 1, 2021. He would serve for only two months, until November 2, and resigned shortly before PC leader Heather Stefanson was appointed and sworn in as his successor as premier later that day. Stefanson’s succession to the premiership would mark the first female premier in Manitoba history. The PC government

708-413: A tax deduction for interest expense incurred by a corporation in carrying out its trading activities. Where such interest is paid to related parties, such deduction may be limited. Without such limitation, owners could structure financing of the corporation in a manner that would provide for a tax deduction for much of the profits, potentially without changing the tax on shareholders. For example, assume

826-417: A "liberal order" in northern North America. Many Canadian historians have adopted McKay's liberal order framework as a paradigm for understanding Canadian history. In 2008, historian Andrew Smith advanced a very different view of Confederation's ideological origins. He argues that in the four original Canadian provinces, the politics of taxation were a central issue in the debate about Confederation. Taxation

944-590: A Father of Confederation. As well, Joey Smallwood referred to himself as "the Last Father of Confederation" because he helped lead Newfoundland into the union in 1949. All the former colonies and territories that became involved in the Canadian Confederation on July 1, 1867, were initially part of New France , and were once ruled by France . Nova Scotia was granted in 1621 to Sir William Alexander under charter by James I . This claim overlapped

1062-443: A bank loan in excess of the basis of the assets transferred less the accrued liabilities, John and Mary will recognize taxable gain for such excess. Corporations may merge or acquire other corporations in a manner a particular tax system treats as nontaxable to either of the corporations and/or to their shareholders. Generally, significant restrictions apply if tax free treatment is to be obtained. For example, Bigco acquires all of

1180-406: A battle between a staunch individualist economic philosophy and a comparatively collectivist view of the state's proper role in the economy. According to Smith, the victory of the statist supporters of Confederation over their anti-statist opponents prepared the way for John A. Macdonald 's government to enact the protectionist National Policy and to subsidize major infrastructure projects such as

1298-416: A business. They decide to incorporate for business reasons. They transfer the assets of the business to Newco, a newly formed Delaware corporation of which they are the sole shareholders, subject to accrued liabilities of the business in exchange solely for common shares of Newco. Under United States principles, this transfer does not cause tax to John, Mary, or Newco. If on the other hand Newco also assumes

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1416-639: A champagne lunch on board the Victoria where Mr. McGee's wit sparkled brightly as the wine), they carried the Lower Province delegates a little off their feet." The delegates from the Quebec conference considered if the resolutions would be better suited for acceptance if a popular vote were held on them. However, due to the divide amongst religious groups and general mistrust between areas in Canada, they believed that such

1534-528: A corporation and taxed at the entity level or taxed only at the member level. See Limited liability company , Partnership taxation , S corporation , Sole proprietorship . Most jurisdictions, including the United Kingdom and the United States, tax corporations on their income. The United States taxes most types of corporate income at 21%. The United States taxes corporations under the same framework of tax law as individuals, with differences related to

1652-602: A greater percentage of the provincial vote, the PCs lost one seat. After failing to make major gains in the 2011 provincial election , Hugh McFadyen agreed to step down as leader. On July 30, 2012, former federal MP and Filmon cabinet minister Brian Pallister was acclaimed as leader. By the time the writs were dropped for the 2016 provincial election , the Manitoba PCs had been leading in opinion polls for almost four years, and were heavily favoured to win. As expected, Pallister led

1770-476: A possible leadership convention in the near future, Murray received only 45% support from party members. On November 14, Murray stepped down as leader of the party. Hugh McFadyen became leader of the party at the leadership convention on April 29, 2006, garnering two thirds of the first ballot vote. In McFadyen's first campaign as party leader during the 2007 provincial election , popular support for PC Party rose 2% over 2003 numbers. Although he managed to capture

1888-470: A program of spending cuts and reduced taxes (while also promoting mega-projects in the energy sector). Manitobans were unreceptive to the government's economically liberalism, and turned it out of office in 1981 after only one term, bringing the NDP back to power after. Gary Filmon became leader of the Progressive Conservatives in 1983, and formed a minority government in 1988 after defeating

2006-465: A scandal involving the construction of the province's new legislative buildings . Roblin was forced to resign as Premier, and James Aikins led the party to a disastrous loss later in the year. The Manitoba Conservatives received their greatest support from the francophone community in the 1915 election , because the party was seen as more supportive than the Liberals of francophone education rights. This

2124-424: A shareholder is considered to be from earnings and profits to the extent thereof unless an exception applies. The United States provides reduced tax on dividend income of both corporations and individuals. Other jurisdictions provide corporations a means of designating, within limits, whether a distribution is a distribution of earnings taxable to the shareholder or a return of capital . The following illustrates

2242-432: A three year depreciation value; storage facilities, most equipment and breeding cattle and sheep became five year property; and land improvements were fifteen year property. The depreciation defined by ACRS was thus sizeably larger than under the previous tax system. A corporate tax is a tax imposed on the net profit of a corporation that is taxed at the entity level in a particular jurisdiction. Net profit for corporate tax

2360-603: A vote would be defeated. Thus, they went ahead with the resolutions on their own volition. After returning home from the Charlottetown Conference, Macdonald asked Viscount Monck , the Governor-General of the Province of Canada to invite delegates from the three Maritime provinces and Newfoundland to a conference with United Canada delegates. At the opening of the conference, a total of 33 delegates were included from

2478-399: A wartime coalition government . Willis himself was given a prominent cabinet position in the all-party ministry which followed. Three anti-coalition Conservatives were elected to the legislature in 1941. One of these, Huntly Ketchen , served as leader of the opposition. This group did not constitute a rival to the official Conservative Party, however. In 1946, the party changed its name to

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2596-458: Is a subject of significant debate among economists and policymakers. Evidence suggests that some portion of the corporate tax falls on owners of capital, workers, and shareholders, but the ultimate incidence of the tax is an unresolved question. Economists disagree as to how much of the burden of the corporate tax falls on owners, workers, consumers, and landowners, and how the corporate tax affects economic growth and economic inequality . More of

2714-592: Is generally the financial statement net profit with modifications, and may be defined in great detail within each country's tax system. Such taxes may include income or other taxes. The tax systems of most countries impose an income tax at the entity level on the certain type(s) of entities (company or corporation ). The rate of tax varies by jurisdiction. The tax may have an alternative base, such as assets, payroll, or income computed in an alternative manner. Most countries exempt certain types of corporate events or transactions from income tax. For example, events related to

2832-401: Is known Cartier and Macdonald presented arguments in favour of a union of the three colonies, Alexander Tilloch Galt presented the Province of Canada's proposals on the financial arrangements of such a union, and George Brown presented a proposal for what form a united government might take. The Canadian delegation's proposal for the governmental system involved: Other proposals attractive to

2950-582: Is not clear if he was formally recognized as "leader of the opposition", or even as an official member of the Conservative Party. Rodmond Roblin was re-elected in 1896, and officially became opposition leader in the legislature. The next year, Hugh John Macdonald (son of former prime minister John A. Macdonald ) became the party's official leader, while Roblin continued to lead the opposition in parliament. The Conservative Party became an official entity in 1899, and drew up its first election platform in

3068-502: Is of the utmost importance to have that principle recognized so that we shall have a sovereign who is placed above the region of party—to whom all parties look up; who is not elevated by the action of one party nor depressed by the action of another; who is the common head and sovereign of all. Following the Quebec Conference, the Province of Canada's legislature passed a bill approving the union. The union proved more controversial in

3186-466: Is often considered to be among the world's more decentralized federations. Use of the term confederation arose in the Province of Canada to refer to proposals beginning in the 1850s to federate all of the British North American colonies, as opposed to only Canada West (now Ontario) and Canada East (now Quebec). To contemporaries of Confederation, the con- prefix indicated a strengthening of

3304-677: Is the remnants of the Hudson's Bay Company 's Columbia District and New Caledonia District following the Oregon Treaty . Before joining Canada in 1871, British Columbia consisted of the separate Colony of British Columbia (formed in 1858, in an area where the Crown had granted a monopoly to the Hudson's Bay Company), and the Colony of Vancouver Island (formed in 1849) constituting a separate crown colony until it

3422-402: The 1999 election , Filmon announced that his government would undertake a shift further to the right if reelected. The voters were not receptive to this, and ousted the PCs in favour of the NDP. Filmon resigned as leader in 2000, and was replaced by Stuart Murray . The party fell to twenty seats in the election of 2003, its worst showing since 1953. On November 5, 2005, at a meeting regarding

3540-801: The 49th parallel as the border with the United States from the Great Lakes to the Rocky Mountains in Western Canada. Following the Rebellions of 1837 , Lord Durham in his Durham Report , recommended Upper and Lower Canada be joined as the Province of Canada and the new province should have a responsible government . As a result of Durham's report, the British Parliament passed the Act of Union 1840 , and

3658-533: The Alaska Purchase of March 30, 1867, which had been supported in the U.S. Senate (by Charles Sumner, among others) precisely in terms of taking the remainder of North America from the British. The American Civil War had also horrified Canadians and turned many from the thought of republicanism. In Britain, political pressure came from financiers who had lost money by investing in the failed Grand Trunk Railway and

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3776-506: The Confederation). The term is also used to divide Canadian history into pre-Confederation and post-Confederation periods. The original Fathers of Confederation are those delegates who attended any of the conferences held at Charlottetown and Quebec in 1864 or in London, United Kingdom, in 1866, leading to Confederation. There were 36 original Fathers of Confederation; Hewitt Bernard , who

3894-523: The Courrier du Canada . Two years later, Alexander Tilloch Galt , George-Étienne Cartier , and John Ross travelled to the United Kingdom to present the British Parliament with a project for confederation of the British colonies. The proposal was received by the London authorities with polite indifference. The royal tour of British North America undertaken by Queen Victoria's son, Prince Albert Edward (later King Edward VII ) in 1860, however, helped lead to

4012-493: The Dominion of Canada , on July 1, 1867. This process occurred in accordance with the rising tide of Canadian nationalism that was then beginning to swell within these provinces and others. Upon Confederation, Canada consisted of four provinces: Ontario and Quebec , which had been split out from the Province of Canada, and the provinces of Nova Scotia and New Brunswick. The province of Prince Edward Island , which had hosted

4130-513: The Intercolonial and Pacific Railways. In 2007, political scientist Janet Ajzenstat connected Canadian Confederation to the individualist ideology of John Locke . She argued that the union of the British North American colonies was motivated by a desire to protect individual rights, especially the rights to life, liberty, and property. She contends the Fathers of Confederation were motivated by

4248-641: The London Resolutions , the conference's decisions were forwarded to the Colonial Office . After breaking for Christmas, the delegates reconvened in January 1867 and began drafting the British North America Act . The 4th Earl of Carnarvon continued to have a central role in drafting the act at Highclere Castle alongside the first prime minister of Canada Macdonald, Cartier and Galt, who signed

4366-526: The Manitoba Liberal Party to ensure that Taylor would not become the province's Premier. Taylor resigned as party leader in 1933, and W. Sanford Evans served as parliamentary leader for the next three years. In 1936, Errick Willis (son of R.G.) was acclaimed as party leader. He led the party in another unsuccessful challenge to the Bracken ministry in 1936. In 1940, Willis agreed to join Bracken in

4484-554: The Progressive Conservative Party of Manitoba to reflect the change in name of the federal Progressive Conservatives . Relations between the PCs and Liberal-Progressives deteriorated after Douglas Campbell became Premier in 1948, and the PCs voted 215–7 to leave the coalition in 1950. The 1953 election was won by the Liberals, and Willis was compelled to accept a leadership challenge the following year. Duff Roblin , grandson of Rodmond Roblin , became party leader on

4602-408: The little Englander philosophy fed a desire to withdraw troops from Britain's colonies. There is extensive scholarly debate on the role of political ideas in Canadian Confederation. Traditionally, historians regarded Canadian Confederation an exercise in political pragmatism that was essentially non-ideological. In the 1960s, historian Peter Waite derided the references to political philosophers in

4720-599: The British North American Colonies, including Newfoundland, which had not participated in prior meetings. Monck obliged and the Conference went ahead at Quebec City in October 1864. The Conference began on October 10, 1864, on the site of present-day Montmorency Park. The Conference elected Étienne-Paschal Taché as its chairman, but it was dominated by Macdonald. Despite differences in the positions of some of

4838-459: The British government in London, where Brown received "a most gracious answer to our constitutional scheme". He also met with William Gladstone—who was then Chancellor of the Exchequer and, later, Prime Minister—"who agreed in almost everything". In April 1865, Brown, Macdonald, Cartier and Galt met with the government and found "the project of a federal union of the colonies was highly approved of by

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4956-464: The Charlottetown Conference varied among the different newspapers. In the Maritimes, there was concern that the smooth Canadians with their sparkling champagne and charming speeches were outsmarting the delegates of the smaller provinces. "From all accounts it looks as if these [Canadian] gentlemen had it all their own way; ... and that, what with their arguments and what with their blandishments, (they gave

5074-712: The Colonies ; the Prince's comments and critiques were later cited by both the Earl of Durham and participants of the Charlottetown and Quebec Conferences . Lord Durham presented his idea of unification in 1839 Report on the Affairs of British North America , which resulted in the Act of Union 1840. Beginning in 1857, Joseph-Charles Taché proposed a federation in a series of 33 articles published in

5192-513: The Conservatives at the federal level but included both Liberals and Conservatives in his governing alliance. Norquay himself formed a reluctant alliance with the provincial Conservatives in 1882, in the face of strong opposition from Thomas Greenway 's Provincial Rights Party . His government was for all intents and purposes Conservative for the remainder of its time in office, though Norquay continued to describe it as "non-partisan". Starting in

5310-703: The French claims to Acadia , and although the Scottish colony of Nova Scotia was short-lived, for political reasons, the conflicting imperial interests of France and the 18th century Great Britain led to a long and bitter struggle for control. The British acquired present-day mainland Nova Scotia by the Treaty of Utrecht of 1713 and the Acadian population was expelled by the British in 1755. They renamed Acadia "Nova Scotia", which included present-day New Brunswick . The rest of New France

5428-516: The Maritime provinces, however, and it was not until 1866 that New Brunswick and Nova Scotia passed union resolutions, while Prince Edward Island and Newfoundland continued to opt against joining. In December 1866, sixteen delegates from the Province of Canada, New Brunswick, and Nova Scotia travelled to London, where the Earl of Carnarvon presented each to Queen Victoria in private audience , as well as holding court for their wives and daughters. To

5546-418: The Maritimes, when he had gone down earlier that summer with a trade mission of Canadian businessmen, journalists and politicians. George Brown remarked in a letter to his wife Anne that at a party given by the premier of PEI, Colonel John Hamilton Gray, he met a woman who had never been off the island in her entire life. Nevertheless, he found Prince Edward Islanders to be "amazingly civilized". Reaction to

5664-537: The NDP. Filmon's PCs remained in power for three terms, winning a majority government in 1990 and again in 1995. Filmon's government avoided excessive conservative rhetoric, but nonetheless reduced corporate taxes, mandated balanced budgets, and limited the power of teacher's and nurse's unions. It supported the Charlottetown Accord (a proposal for amending the Canadian constitution ), as well as free trade with

5782-647: The Nova Scotian delegates, the Queen said, "I take the deepest interest in [Confederation], for I believe it will make [the provinces] great and prosperous." At meetings held at the Westminster Palace Hotel, the delegates reviewed and approved the 72 resolutions; although Charles Tupper had promised anti-union forces in Nova Scotia he would push for amendments, he was unsuccessful in getting any passed. Now known as

5900-494: The Province of Canada was formed in 1841. The new province was divided into two parts: Canada West (the former Upper Canada) and Canada East (the former Lower Canada). Governor General Lord Elgin granted ministerial responsibility in 1848, first to Nova Scotia and then to Canada. In the following years, the British would extend responsible government to Prince Edward Island (1851), New Brunswick (1854), and Newfoundland (1855). The area constituting modern-day British Columbia

6018-470: The Province of Canada. The Charlottetown Conference began on September 1, 1864. Since the agenda for the meeting had already been set, the delegation from the Province of Canada was initially not an official part of the Conference. The issue of Maritime Union was deferred and the Canadians were formally allowed to join and address the Conference. No minutes from the Charlottetown Conference survive, but it

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6136-613: The United States without taxes or tariffs, which was then considered to be beneficial for Canada) was cancelled by the United States in 1865, partly as revenge against Britain for unofficial support of the south in the American Civil War. Additionally, the U.S. doctrine of " manifest destiny " raised fears of another American invasion (Canadians had fended off American incursions during the Revolutionary War, War of 1812, Fenian raids , and St. Albans Raid ), only further inflamed by

6254-431: The United States. Some jurisdictions impose tax at a different rate on an alternative tax base. Examples of corporate tax rates for a few English-speaking countries include: Corporate tax rates vary widely by country, leading some corporations to shield earnings within offshore subsidiaries or to redomicile within countries with lower tax rates. In comparing national corporate tax rates one should also take into account

6372-413: The United States. The party's financial austerity program resulted in a balanced budget in 1995, the first in 20 years. The PCs were hurt in the late 1990s by increased unemployment, a vote-manipulation scandal from the 1995 election (see Independent Native Voice ), and the decline of the Manitoba Liberal Party . The latter development allowed the anti-Tory vote to coalesce around the NDP. Ahead of

6490-412: The acceptable compromise of giving Newfoundland four senators of its own when it joined. The delegates from the Maritimes also raised an issue with respect to the level of government—federal or provincial—that would be given the powers not otherwise specifically defined. Macdonald, who was aiming for the strongest central government possible, insisted this was to be the central government, and in this, he

6608-533: The burden probably falls on capital in large open economies such as the US. Some studies place the burden more on labor. According to one study: "Regression analysis shows that a one-percentage-point increase in the marginal state corporate tax rate reduces wages 0.14 to 0.36 percent." There have been other studies. According to the Adam Smith Institute , "Clausing (2012), Gravelle (2010) and Auerbach (2005),

6726-551: The centrist principle compared to the American federation. In this Canadian context, confederation describes the political process that united the colonies in 1867, events related to that process, and the subsequent incorporation of other colonies and territories. The word is now often used to describe Canada in an abstract way, such as in "the Fathers of Confederation"; provinces that became part of Canada after 1867 are also said to have joined, or entered into, Confederation (but not

6844-493: The company to its shareholders as dividends are taxed as income to the shareholders. Corporations' property tax , payroll tax , withholding tax , excise tax , customs duties , value added tax , and other common taxes, are generally not referred to as "corporate tax". Characterization as a corporation for tax purposes is based on the form of organization, with the exception of United States Federal and most states income taxes, under which an entity may elect to be treated as

6962-442: The company, for winding up, and in limited other situations. Other jurisdictions treat distributions as distributions of earnings taxable to shareholders if earnings are available to be distributed, but do not prohibit distributions in excess of earnings. For example, under the United States system each corporation must maintain a calculation of its earnings and profits (a tax concept similar to retained earnings). A distribution to

7080-578: The contemporary governmental structure in the Province of Canada and distrust between English Protestants and French Catholics. Further, demographic pressure from an expanding population and economic nationalism wanting economic development butted against a lack of an inter-colonial railroad, which hampered trade, military movement, and transportation in general. Externally, the Canadian–American Reciprocity Treaty (a free trade policy, starting in 1854, whereby products were allowed into

7198-646: The continent that would become modern Canada had been in Newfoundland which would not join Confederation until 1949. The Society of Merchant Venturers of Bristol began to settle Newfoundland and Labrador at Cuper's Cove as far back as 1610, and Newfoundland had also been the subject of a French colonial enterprise . In the wake of the American Revolution , an estimated 50,000 United Empire Loyalists fled to British North America . The British created

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7316-762: The corporation. A few systems provide for partial integration of entity and member taxation. This may be accomplished by "imputation systems" or franking credits . In the past, mechanisms have existed for advance payment of member tax by corporations, with such payment offsetting entity level tax. Many systems (particularly sub-country level systems) impose a tax on particular corporate attributes. Such non-income taxes may be based on capital stock issued or authorized (either by number of shares or value), total equity, net capital, or other measures unique to corporations. Corporations, like other entities, may be subject to withholding tax obligations upon making certain varieties of payments to others. These obligations are generally not

7434-879: The country. Hong Kong taxes resident and nonresident corporations only on income from sources within the country. Corporate tax rates generally are the same for differing types of income, yet the US graduated its tax rate system where corporations with lower levels of income pay a lower rate of tax, with rates varying from 15% on the first $ 50,000 of income to 35% on incomes over $ 10,000,000, with phase-outs. The corporate income tax rates differ between US states and range from 2.5% to 11.5%. The Canadian system imposes tax at different rates for different types of corporations, allowing lower rates for some smaller corporations. Tax rates vary by jurisdiction and some countries have sub-country level jurisdictions like provinces, cantons, prefectures, cities, or other that also impose corporate income tax like Canada, Germany, Japan, Switzerland, and

7552-484: The delegates decided to hold a second Conference. One of the most important purposes of the Charlottetown Conference was the introduction of Canadians to the leaders from the Maritime Provinces and vice versa. At this point, there was no railway link from Quebec City to Halifax, and the people of each region had little to do with one another. Thomas D'Arcy McGee was one of the few Canadian delegates who had been to

7670-564: The delegates on some issues, the Quebec Conference, following so swiftly on the success of the Charlottetown Conference, was infused with a determinative sense of purpose and nationalism . For the Reformers of Canada West, led by George Brown, the end of what they perceived as French-Canadian interference in local affairs was in sight. For Maritimers such as Tupper of Nova Scotia or Tilley of New Brunswick, horizons were suddenly broadened to take in much larger possibilities for trade and growth. On

7788-520: The dual level of tax concept: Widget Corp earns 100 of profits before tax in each of years 1 and 2. It distributes all the earnings in year 3, when it has no profits. Jim owns all of Widget Corp. The tax rate in the residence jurisdiction of Jim and Widget Corp is 30%. Many systems provide that certain corporate events are not taxable to corporations or shareholders. Significant restrictions and special rules often apply. The rules related to such transactions are often quite complex. Most systems treat

7906-537: The election of 1883, moreover, political parties began to be listed on the provincial election ballot . When Norquay resigned as Premier in 1887, his successor David H. Harrison also became leader of the Conservative parliamentary caucus. Norquay was able to reclaim the latter position early in 1888, following an extremely divided meeting of senior Conservative politicians. By this time, the new Liberal Premier Thomas Greenway had formally introduced party government to

8024-410: The election of 1892, William Alexander Macdonald became the leader of the opposition. In 1893, his election for Brandon City was declared invalid, and he lost the subsequent by-election. Remarkably, the election of Macdonald's successor, John Andrew Davidson , was also voided in 1894. For the remainder of this parliament, James Fisher seems to have been the leading figure in the opposition ranks. It

8142-416: The extension of the railway, bought Manitoba's Bell telephone operations in order to establish a government-run system, introduced corporate taxation , and created a public utilities commission while running a budgetary surplus. It was less progressive on social issues, however, and is most frequently remembered today for its opposition to women's suffrage. The Conservatives were brought down in 1915 by

8260-533: The first meeting to consider Confederation, the Charlottetown Conference , did not join Confederation until 1873. Over the years since Confederation, Canada has seen numerous territorial changes and expansions, resulting in the current number of ten provinces and three territories . Canada is a federation , rather than a confederate association of sovereign states, which is what confederation means in contemporary political theory. The country, though,

8378-498: The formation of a corporation by a controlling corporate shareholder as a nontaxable event. Many systems, including the United States and Canada, extend this tax free treatment to the formation of a corporation by any group of shareholders in control of the corporation. Generally, in tax free formations the tax attributes of assets and liabilities are transferred to the new corporation along with such assets and liabilities. Example: John and Mary are United States residents who operate

8496-620: The formation or reorganization of the corporation, which are treated as capital costs. In addition, most systems provide specific rules for taxation of the entity and/or its members upon winding up or dissolution of the entity. In systems where financing costs are allowed as reductions of the tax base ( tax deductions ), rules may apply that differentiate between classes of member-provided financing. In such systems, items characterized as interest may be deductible, perhaps subject to limitations, while items characterized as dividends are not. Some systems limit deductions based on simple formulas, such as

8614-459: The holdings of absentee landlords . "Never was there such an opportunity as now for the birth of a nation" proclaimed a pamphlet written by S. E. Dawson and reprinted in a Quebec City newspaper during the Conference. Again, reaction to the Quebec Conference varied depending on the political views of the critic. George Brown was the first, in December 1864, to carry the constitutional proposals to

8732-542: The idea of a Maritime Union which would join their three colonies together. The government of the Province of Canada surprised the Maritime governments by asking if the Province of Canada could be included in the negotiations. The request was channelled through the Governor-General, Monck, to London and accepted by the Colonial Office. After several years of legislative paralysis in the Province of Canada caused by

8850-412: The imperial authorities". On the form of the proposed system of governance for Canada, the Fathers of Confederation were influenced by the American republic. Macdonald said in 1865: By adhering to the monarchical principle, we avoid one defect inherent in the constitution of the United States . By the election of the president by a majority and for a short period, he never is the sovereign and chief of

8968-576: The income is earned. However, some countries have territorial tax systems, which only require corporations to pay taxes on income earned within the country's borders. A country's corporate tax may apply to: Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts or types of entities may be exempt from tax. The incidence of corporate taxation

9086-430: The inherent natures of corporations and individuals or unincorporated entities. For example, individuals are not formed, amalgamated, or acquired, and corporations do not incur medical expenses except by way of compensating individuals. Most systems tax both domestic and foreign corporations . Often, domestic corporations are taxed on worldwide income while foreign corporations are taxed only on income from sources within

9204-525: The issue of the Senate, the Maritime Provinces pressed for as much equality as possible. With the addition of Newfoundland to the Conference, the three Maritime colonies did not wish to see the strength of their provinces in the upper chamber diluted by simply adding Newfoundland to the Atlantic category. It was the matter of the Senate that threatened to derail the entire proceedings. It was Macdonald who came up with

9322-446: The jurisdiction. The United States defines taxable income for a corporation as all gross income , i.e. sales plus other income minus cost of goods sold and tax exempt income less allowable tax deductions , without the allowance of the standard deduction applicable to individuals. The United States' system requires that differences in principles for recognizing income and deductions differing from financial accounting principles like

9440-418: The legislative debates on Confederation as "hot air". In Waite's view, Confederation was driven by pragmatic brokerage politics and competing interest groups. In 1987, political scientist Peter J. Smith challenged the view Canadian Confederation was non-ideological. Smith argued Confederation was motivated by new political ideologies as much as the American and French Revolutions and Canadian Confederation

9558-441: The main goal being economic stabilization . In times of economic downturn, lowering the corporate tax rates is meant to encourage investment, while in cases of an overheating economy adjusting the corporate tax is used to slow investment. Another use of the corporate tax is to encourage investments in some specific industries. One such case could be the current tax benefits afforded to the oil and gas industry. A less recent example

9676-472: The nation. He is never looked up to by the whole people as the head and front of the nation. He is, at best, but the successful leader of a party. This defect is all the greater on account of the practice of reelection. During his first term of office, he is employed in taking steps to secure his own reelection and, for his party, a continuance of power. We avoid this by adhering to the monarchical principle—the sovereign, whom you respect and love. I believe that it

9794-463: The nature of the tax. The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations. The tax rate varies from country to country and is usually calculated as a percentage of the corporation's net income or capital. Corporate tax rates may also differ for domestic and foreign corporations. Many countries have tax laws that require corporations to pay taxes on their worldwide income, regardless of where

9912-535: The need to maintain a double legislative majority (a majority of both the Canada East and Canada West delegates in the Province of Canada's legislature), Macdonald had led his Liberal-Conservative Party into the Great Coalition with Cartier's Parti bleu and George Brown 's Clear Grits . Macdonald, Cartier, and Brown felt union with the other British colonies might be a way to solve the political problems of

10030-531: The party to a decisive victory. The PCs won 40 out of 57 seats, the largest majority government in the province's history. Pallister was re-elected to a majority government in 2019. Pallister announced his resignation on August 10, 2021, and confirmed on August 29, 2021 his departure would take place on September 1, 2021. His interim successor as party leader was confirmed as Kelvin Goertzen on 31 August, 2021. An elected successor as party leader will be determined in

10148-408: The political system. Queen Victoria remarked on "the impossibility of our being able to hold Canada; but, we must struggle for it; and by far the best solution would be to let it go as an independent kingdom under an English prince." Several factors influenced Confederation, caused both by internal sources and pressures from external sources. Internally, there was political deadlock resulting from

10266-620: The politicians from the Maritime colonies were: By September 7, 1864, the delegates from Nova Scotia, New Brunswick and Prince Edward Island gave a positive answer to the Canadian delegation, expressing the view the federation of all of the provinces was considered desirable if the terms of union could be made satisfactory and the question of Maritime Union was waived. After the Conference adjourned on September 9, there were further meetings between delegates held at Halifax , Saint John , and Fredericton . These meetings evinced enough interest that

10384-536: The polls and won a majority , which pursued a policy of 'social investment', active government and social reform (including reintroducing French to schools and expanding welfare services). In 1967, Roblin left provincial politics and was replaced by Walter Weir , a member of the party's rural conservative wing. Weir led a somewhat more cautious and restrained government, and was defeated by the New Democratic Party under Edward Schreyer in 1969. Sidney Spivak ,

10502-529: The province, and no one doubted that Norquay was now the province's Conservative leader. The Conservative Party was not yet a legally-recognized institution in the province, however, and began to lose its coherence again after Norquay's death in 1889. Conservative MLAs simply referred to themselves as "the opposition" for most of the decade that followed. Rodmond Roblin was the dominant Conservative MLA between 1890 and 1892, but he does not seem to have been recognized as an official leader. After Roblin's defeat in

10620-478: The radical farmer and labour movements of the late 1910s. On November 6, 1919, the Conservative Party chose farmer R.G. Willis to lead the party into its next electoral campaign. Willis' selection was a response to the provincial victory of the United Farmers of Ontario the previous month; he defeated Major Fawcett Taylor after three other candidates (including Prefontaine) withdrew their names. The vote total

10738-424: The same year. It promised a board of education for the province, the creation of agricultural and technical colleges, and government ownership of railways. Hugh John Macdonald became Premier following the 1899 election , but resigned shortly thereafter to re-enter federal politics. Rodmond Roblin succeeded Macdonald, and ruled the province for 15 years. Roblin's government was progressively oriented, negotiated

10856-432: The second ballot and rebuilt the party's organization which had been weakened during the coalition period. In 1958, Roblin's PCs ran and were elected to a minority government on a progressive platform of increased education grants, crop insurance , extension of hydro to the north, and road construction. Remarkably, his platform was well to the left of that of Campbell's Liberal-Progressives. In 1959, Roblin returned to

10974-565: The separate province of New Brunswick in 1784 for the Loyalists who settled in the western part of Nova Scotia. While Nova Scotia (including New Brunswick) received slightly more than half of this influx, many Loyalists also settled in the Province of Quebec, which by the Constitutional Act 1791 was separated into a predominantly English Upper Canada and a predominantly French Lower Canada . The War of 1812 and Treaty of 1818 established

11092-699: The shares of Smallco from Smallco shareholders in exchange solely for Bigco shares. This acquisition is not taxable to Smallco or its shareholders under U.S. or Canadian tax law if certain requirements are met, even if Smallco is then liquidated into or merged or amalgamated with Bigco. In addition, corporations may change key aspects of their legal identity, capitalization, or structure in a tax free manner under most systems. Examples of reorganizations that may be tax free include mergers, amalgamations, liquidations of subsidiaries, share for share exchanges, exchanges of shares for assets, changes in form or place of organization, and recapitalizations. Most jurisdictions allow

11210-423: The table. The corporate tax rates in other jurisdictions include: In October 2021 some 136 countries agreed to enforce a corporate tax rate of at least 15% from 2023 after the talks on a minimum rate led by OECD for a decade. Most systems that tax corporations also impose income tax on shareholders of corporations when earnings are distributed. Such distribution of earnings is generally referred to as

11328-400: The tax of the corporation, but the system may impose penalties on the corporation or its officers or employees for failing to withhold and pay over such taxes. A company has been defined as a juristic person having an independent and separate existence from its shareholders. Income of the company is computed and assessed separately in the hands of the company. In certain cases, distributions from

11446-476: The taxes on dividends paid to shareholders. For example, the overall U.S. tax on corporate profits of 35% is less than or similar to that of European countries such as Germany, Ireland, Switzerland and the United Kingdom, which have lower corporate tax rates but higher taxes on dividends paid to shareholders. Corporate tax rates across the Organisation for Economic Co-operation and Development (OECD) are shown in

11564-408: The three best reviews we found, basically conclude that most of the tax falls on capital, not labour." A 2022 meta-analysis found that the impact of corporate taxes on economic growth was exaggerated and that it could not be ruled out that the impact of corporate taxation on economic growth was zero. Regardless of who bears the burden, corporation tax has been used as a tool of economic policy, with

11682-418: The timing of income or deduction, tax exemption for certain income, and disallowance or limitation of certain tax deductions be disclosed in considerable detail for non-small corporations on Schedule M-3 to Form 1120. The United States taxes resident corporations, i.e. those organized within the country, on their worldwide income, and nonresident, foreign corporations only on their income from sources within

11800-494: The unification of the colonies by confirming a common bond between their inhabitants; indeed, the monarchy played a "pivotal legal and symbolic role [...] in cementing the new Canadian union". Further, by 1864, it was clear that continued governance of the Province of Canada under the terms of the 1840 Act of Union had become impracticable. Therefore, a grand coalition of parties, the Great Coalition , formed in order to reform

11918-551: The values of the Enlightenment of the seventeenth and eighteenth centuries. She argues their intellectual debts to Locke are most evident when one looks at the 1865 debates in the Province of Canada's legislature on whether or not union with the other British North American colonies would be desirable. In the spring of 1864, New Brunswick premier Samuel Leonard Tilley , Nova Scotia premier Charles Tupper , and Prince Edward Island premier John Hamilton Gray were contemplating

12036-525: The visitor book in 1866. After suggestions of 'Franklin' and 'Guelfenland', they agreed the new country should be called Canada , Canada East should be renamed Quebec and Canada West should be renamed Ontario . There was, however, heated debate about how the new country should be designated. Ultimately, the delegates elected to call the new country the Dominion of Canada, after "kingdom" and "confederation", among other options, were rejected. The term dominion

12154-533: The whole thing is, or more perfectly", going on to suggest a unified Canada consisting of two provinces—one formed from Upper and Lower Canada and the other from the Maritime colonies—each with a lieutenant governor and executive council, one located in Montreal and the other in either Annapolis Royal or Windsor . Edward said he would pass the report on to the Earl Bathurst , the then- Secretary of State for War and

12272-558: Was prime minister of the United Kingdom at the time.) The act received royal assent on March 29, 1867, and set July 1, 1867, as the date for union. Corporate tax A corporate tax , also called corporation tax or company tax , is a type of direct tax levied on the income or capital of corporations and other similar legal entities. The tax is usually imposed at the national level, but it may also be imposed at state or local levels in some countries. Corporate taxes may be referred to as income tax or capital tax , depending on

12390-412: Was a pronounced contrast to the situation in federal politics, where most francophone Canadians opposed the war policies of Prime Minister Robert Borden . Aime Benard was chosen as leader pro tem of the party on August 15, 1915, and Albert Prefontaine was chosen as the official parliamentary leader shortly thereafter. The party was a minor force in parliament, however, and was largely sidelined by

12508-591: Was acquired by the British as the result of its defeat of New France in the Seven Years' War , which ended with the Treaty of Paris in 1763. From 1763 to 1791, most of New France became the Province of Quebec . However, in 1769 the present-day Prince Edward Island , which had been part of Acadia, was renamed "St John's Island" and organized as a separate colony. It was renamed "Prince Edward Island" in 1798 in honour of Prince Edward, Duke of Kent and Strathearn . The first English attempt at settlement on that part of

12626-641: Was allegedly suggested by Sir Samuel Leonard Tilley. The delegates had completed their draft of the British North America Act by February 1867. The act was presented to Queen Victoria on February 11, 1867. The bill was introduced in the House of Lords the next day. The bill was quickly approved by the House of Lords, and then also quickly approved by the British House of Commons . (The Conservative Lord Derby

12744-545: Was also central to the debate in Newfoundland, the tax-averse colony that rejected it. Smith argued Confederation was supported by many colonists who were sympathetic to a relatively interventionist, or statist, approach to capitalist development. Most classical liberals, who believed in free trade and low taxes, opposed Confederation because they feared it would result in Big Government. The struggle over Confederation involved

12862-431: Was at best a secondary concern. In the 1870s, Thomas Scott (Orangeman) (not to be confused with a different Thomas Scott ), was executed by Louis Riel 's provisional government . Joseph Royal attempted to introduce partisan politics into the province. Both were Conservatives, and both believed that they could lead a provincial Conservative Party. Their plans were thwarted by Premier John Norquay , who also supported

12980-512: Was being floated as early as 1814. That year, Chief Justice of Lower Canada Jonathan Sewell sent a copy of his report, A Plan for the federal Union of British Provinces in North America , to Prince Edward (both a son of King George III and the father of Queen Victoria ), whom Sewell had befriended when they both resided in Quebec City . Edward replied, "nothing can be better arranged than

13098-400: Was defeated in the 2023 Manitoba general election . The PCs became the official opposition for the 43rd Manitoba Legislature . Canadian confederation Canadian Confederation (French: Confédération canadienne ) was the process by which three British North American provinces—the Province of Canada , Nova Scotia , and New Brunswick —were united into one federation , called

13216-531: Was driven by a Court Party ideology. Smith traces the origins of this ideology to eighteenth and nineteenth-century Britain, where political life was polarized between defenders of classical republican values of the Country Party and proponents of a new pro-capitalist ideology of the Court Party, which believed in centralizing political power. In British North America in the late 1860s, the Court Party tradition

13334-552: Was not announced. Willis was defeated in the election of 1920, and the Conservatives became the fourth-largest group in parliament with only six seats. John Thomas Haig subsequently became their parliamentary leader, and Fawcett Taylor was chosen as the official party leader in early 1922. The Conservatives gradually regained support in the following 20 years, but were unable to defeat the Progressive government of John Bracken . In 1932, Bracken's Progressives formed an alliance with

13452-478: Was represented by the supporters of Confederation, whereas the anti-capitalist and agrarian Country Party tradition was embodied by the Anti-Confederates. In a 2000 journal article, historian Ian McKay argued Canadian Confederation was motivated by the ideology of liberalism and the belief in the supremacy of individual rights. McKay described Confederation as part of the classical liberal project of creating

13570-491: Was supported by, among others, Tupper. At the end of the Conference, it adopted the " seventy-two resolutions " which would form the basis of a scheduled future conference. The Conference adjourned on October 27. Prince Edward Island emerged disappointed from the Quebec Conference. It did not receive support for a guarantee of six members in the proposed House of Commons, and was denied an appropriation of $ 200,000 it felt had been offered at Charlottetown to assist in buying out

13688-436: Was the effort to restore heavy industries in the US by enacting the 1981 Accelerated Cost Recovery System (ACRS) , which offered favorable depreciation allowances that would in turn lower taxes and increase cash flow, thus encouraging investment during the recession. The agriculture industry, for example, could profit from the reassesment of their farming equipment. Under this new system, automobiles and breeding swine obtained

13806-403: Was the recording secretary at the Charlottetown Conference , is considered by some to be among them. The individuals who brought the other provinces into Confederation after 1867 are also referred to as Fathers of Confederation . In this way, Amor De Cosmos , who was instrumental both in bringing democracy to British Columbia and in bringing the province into Confederation, is considered to be

13924-532: Was united with the colony of British Columbia in 1866. The remainder of modern-day Canada was made up of Rupert's Land and the North-Western Territory (both of which were controlled by the Hudson's Bay Company and sold to Canada in 1870) and the Arctic Islands , which were under direct British control and became a part of Canada in 1880. The idea of joining the various colonies in North America

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