A majority of Canadians see a need to keep corporate taxes in Canada competitive with those in the U.S., according to a new public opinion poll by Nanos Research Group.

The findings indicate that Canadians are concerned about the potential negative impacts on job creation, investment attraction and the country’s overall competitiveness if business taxes were to rise above those of our southern neighbour.

The poll, conducted between July 29 and Aug. 1, surveyed 1,035 Canadians aged 18 and older. The results found that 77 per cent of respondents believe higher business taxes in Canada compared to the U.S. would have a negative or somewhat negative impact on the nation's ability to attract new investments. The poll was commissioned by Means & Ways.

About 70 per cent of respondents expressed concern that higher taxes would diminish Canada’s global competitiveness, lead businesses to move their headquarters out of Canada and have negative implications for job retention within the country.

“Canadians are clear: they want competitive business tax rates with the U.S. and fear higher taxes could hurt our economic future in terms of foreign investment, jobs and our ability to compete on a global scale,” Nik Nanos, Chief Data Scientist at Nanos Research, said in a statement.

These findings align with recent analyses published by Means & Ways, underscoring concern that recent tax measures adopted by the government threaten to further undermine our competitive edge.

For example, the introduction of higher capital gains taxes, new levies on financial institutions, the winding down of accelerated depreciation incentives and the early adoption of the Global Minimum Tax (GMT) have raised concerns among business leaders and economists alike that Canada is becoming less viable as a destination for businesses and investments.

Just as these new taxes are being introduced, Canada is losing its corporate tax advantage over the U.S.

Canada ranks 24th out of 38 major industrial countries in terms of corporate tax competitiveness, versus 22nd for the U.S., according to the latest figures from Tax Foundation, a U.S. based non-profit organization that provides research and data on tax policies.

A decade ago, Canada ranked 19th, compared with 33rd for the U.S., suggesting our corporate tax regime is becoming less attractive to investors compared to other industrial nations.

The Nanos poll reinforces these concerns, with 54 per cent of Canadians advocating for business taxes in Canada to be on par with those in the U.S. Meanwhile, 21 per cent favor even lower business taxes, and only 15 per cent support higher taxes.

To further discuss these pressing issues, Means & Ways will be hosting a panel on corporate tax competitiveness on Aug. 28. The panel will bring together leading experts and policymakers to explore the implications of current tax policies and what needs to be done to ensure Canada remains an attractive place for business and investment.

Participating will be:

Jack Mintz, a tax expert and President’s Fellow at the University of Calgary’s School of Public Policy
Lisa Raitt, former Conservative cabinet minister, Vice Chair of Global Banking at CIBC and Co-Chair of the Coalition for a Better Future
Jon Lieber, Managing Director at Eurasia Group who will give us some global context
Nik Nanos, Founder and Chief Data Scientist at Nanos Research Group to discuss polling on the issue

The Nanos survey was conducted using a dual-frame (landline and cell) hybrid telephone and online methodology as part of an omnibus survey. The results were weighted by age and gender based on the latest Census data and are geographically stratified to represent the Canadian population accurately.

The margin of error for the survey is 3.1 percentage points, 19 times out of 20. To view the full report, the tabulations and methodology, please visit nanos.co.