how much of canada's gdp is oil
Economy of Canada Canada is one of the few developed nations that is a net exporter of energyâ€”in 2009 net exports of energy products amounted to 2.9% of GDP. Most important are the large oil and gas resources centred in Alberta and the Northern Territories, but also present in neighbouring British Columbia and Saskatchewan. The vast Athabasca oil sands give Canada the world's third largest reserves of oil after Saudi Arabia and Venezuela according to USGS. In British Columbia and Quebec, as well as Ontario, Saskatchewan, Manitoba and the Labrador region, hydroelectric power is an inexpensive and relatively environmentally friendly source of abundant energy. In part because of this, Canada is also one of the world's highest per capita consumers of energy.[69][70] Cheap energy has enabled the creation of several important industries, such as the large aluminium industries in British Columbia [71] and Quebec.[72]
Comparison of Canadian and American economies The taxes are applied the same as well. Canada's income tax system is more heavily biased against the highest income earners, thus while Canada's income tax rate is higher on average, the bottom fifty percent of the population is roughly taxed the same on income as in the United States. However, Canada has a national goods and services tax (GST) of 5% on most purchases, while the U.S. federal government does not, increasing the tax burden on Canadian low-income earners due to the proportional nature of a sales tax. Canadian GST does not tax food and other essentials and a GST rebate for low-income earners mitigates regressiveness.[7]