Compare the economies of the U. S. and Canada and breakdown the key elements of each.

The economies of Canada and the United States are similar because they are both developed countries and are each other's largest trading partners. However, key differences in population makeup, geography, government policies and productivity all result in different economies. While both countries are in the list of top ten economies in the world in 2018, the US is the largest economy in the world, with US$20.4 trillion, with Canada ranking tenth at US$1.8 trillion.[1][2][3] The population of Canada in July 2018 was 37,058,856[4] while the population of the United States was 328,928,146 in November 2018[5]. According to the Organisation for Economic Co-operation and Development (OECD) 's 2018 report, Canadians pay lower personal income taxes than Americans.[6] According to KPMG the corporate tax rate in Canada was 26.50% compared to 27% in the United States based on January 2018 data.[7] Canada's 2017 debt-to-GDP ratio was 89.7%, compared to the United States at 107.8%. In 2016, Canada ranked 24th and the US 30th out of 35 OECD countries in terms of tax revenue to GDP ratio.[8][9] In the U. S. News & World Report's "2019 Best Countries Report", which ranked 80 countries, Canada ranked 7th on Open for Business compared to the United States which ranked 48th out of the 80 countries. Canada placed first on Quality of Life, 2nd on Citizenship, 6th on Entrepreneurship, and 3rd overall. The US ranked first in terms of Power and fourth in terms of Cultural Influence.[10] [10] Based on a 2019 report, in terms of income distribution, American households at the top of the income distribution earn far more than Canadians; at the lower end of percentiles of the income distribution, Canadian are much better off than their American counterparts. Canadians in the middle of the distribution earn more than their Americans peers-the median household income in Canada was USD$59,438 compared to USD$58,849.[11] The United States on "health outcomes, education levels and other such metrics" scores lower than other rich nations.