Ahead of the fall fiscal update, Canadians for Tax Fairness is reminding policymakers that the tax system must play a larger role in confronting many of the country’s economic challenges. More progressivity is needed in Canada’s tax system. A wealth tax on the richest 1 per cent would raise $32 billion annually, enough to pay for universal … Read more
Canada is standing with other rich nations that are preventing a UN tax convention to tackle issues such as multinational corporate tax avoidance and illicit financial flows. “Every year, countries lose $480 billion to global tax abuse. It’s clear the status quo and a decade of OECD-led discussions are not working. Canada likes to think of … Read more
Canadians for Tax Fairness is encouraged by the Parliamentary Budget Officer’s analysis showing a windfall tax on Canada’s large oil and gas corporations would raise $4.2 billion over five years. “Taxing a portion of those profits back could fund needed public investments in climate action that also make life more affordable,” said Katrina Miller, executive director of … Read more
Canada’s tax system is working against the federal government’s efforts to meet climate commitments and combat inequality, according to a new report from Canadians for Tax Fairness (C4TF). “Following a catastrophic summer of wildfires and an affordability crisis, our report shows that the tax system perversely rewards those who contribute the most emissions and benefit the … Read more
The Canadian government should be deeply alarmed by news that the OECD lobbied the Australian government to weaken legislation that would have required multinationals to show where they pay tax – a powerful tool to deter corporate tax avoidance. “What on earth is the OECD doing interfering in the governance of a country – let alone lobbying … Read more
Budget 2023 aims in the right direction with a focus on transitioning to a lower-carbon economy and improving healthcare, but misses an important element: taxes to help pay for it. “This budget only responds to one part of the U.S. Inflation Reduction Act and the race to be globally competitive in the new clean economy. … Read more
Canadian policymakers should look at how the U.S. administration is tackling corporate tax avoidance. In January, the U.S. introduced a minimum tax on reported profits, also known as a book profits tax. “A minimum tax on reported profits makes as much sense here in Canada as it does south of the border,,” said Dr. DT … Read more
Canadians for Tax Fairness congratulates Members of Parliament for taking a step in the right direction and questioning grocery executives about food inflation at today’s Standing Committee on Agriculture and Agri-Food. “While long-overdue, we’re encouraged to see the federal government beginning to acknowledge the role that corporate profits have played in driving up food prices,” said … Read more
Canadians for Tax Fairness is extremely encouraged by a proposed tax on corporate stock buybacks announced in Finance Minister and Deputy Prime Minister Chrystia Freeland‘s (University-Rosedale, Ont.) Nov. 3 fall economic statement. “Stock buybacks primarily benefit the richest Canadians. I’m thrilled to see a proposal to tighten one of the numerous egregious tax and financial loopholes … Read more
National Revenue Minister Diane Lebouthillier (Gaspésie-Îles-de-la-Madeleine, Que.) needs to be transparent with Canadians about how governments lost over $30 billion in revenue last year due to an unexplained doubling in corporate tax avoidance, says Canadians for Tax Fairness in a new report. “This unexplained loss of $30 billion could not come at a worse time,” said Canadians for … Read more
