The Canadian economy is quite diverse and varies from province to province as all the regions have their different assets. For instance, the western provinces are more into the production of natural resources like lumber, metals and oil; the prairie provinces on the other hand are into the production of industrial, energy and farm products, while the eastern provinces produce more automotive, energy and consumer goods.
Major Sectors of the Canadian Economy
The Canadian service sector covers two-thirds of their economy. Manufacturing, natural resources and real estate are other major sectors of the Canadian economy.
Canadian Tax System
Corporate, property, income and sales tax are some of the taxes available in Canada. Income tax is the Canadian government’s largest source of revenue. It funds more than half of their federal budget, while Sales and Corporate tax both account for about 15% of the federal revenue.
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