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OTTAWA — Saskatoon has the most competitive tax rates on business investments of any major city in Canada, beating Calgary for the third straight year following recent tax hikes in the Alberta region, a new report shows.

Policy think-tank C.D. Howe Institute released its annual report card on Wednesday that measures the marginal effective tax rate (METR) on new business investments in Canada’s biggest cities.

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Saskatoon earned the highest score, followed by Calgary and Vancouver in second and third place, respectively. Overall, the highest tax burdens were found in Saint John, Charlottetown and Montreal. Toronto and St. John’s scored around the national average. Saskatoon has led the list since 2015, when it took the top spot from Calgary.

Saskatoon’s overall METR fell to 42.4 per cent in 2017, compared with 45.6 per cent five years earlier, according to the report. Albert’s overall METR, meanwhile, increased from 45.2 per cent to 46.4 per cent over the same period. Vancouver’s overall tax burden has dropped from 54.8 per cent to 48 per cent.