This paper provides estimates of the extent to which corporate and personal income taxes are capitalized in bond prices. The methodology yields estimates of the degree of tax capitalization, rather than an implied tax rate. This makes it straightforward to identify the marginal investor and test...

Alberta government needs a revamped resource revenue stabilization fund to overcome the effects of wild swings in resource revenue and spending. Energy prices change substantially and unpredictably, causing revenue planning trouble for the Alberta government. Adjusting to these movements...

This article shows that, contrary to the suggestion of some investment advisers, for an individual Canadian investor subject to personal income taxation, the after-tax yield on a discount bond is always higher than (or, at worst, equal to) the yield on a premium bond. This follows becausethe tax...