In yet another delay of the progressive tax promises they made back in 2015, the federal Liberals have put off tightening one of the most regressive tax loopholes, the stock option deduction.
MPs and Senators returned to Ottawa last week with the Liberal government delivering a Throne Speech to very mixed reviews.
Election 2019 is over, and our work pushing tax fairness as a priority for Canada’s new parliament is starting again.
Just four of the worst tax loopholes are costing Canada over $24 billion in annual revenues.
Ottawa, September 27, 2017 – Over 14,000 Canadians from across the country have signed the message to Minister Morneau stating: “We support your reforms to start making the wealthy pay their fair share in tax. These loopholes have let a small group of very wealthy Canadians take advantage of a system that wasn't meant to be used as a tax shelter for the rich.“
Tax breaks meant to help small business have instead become a major tax advantage for wealthier Canadians.
If the federal government backs down on its plan to close a tax loophole exploited by high-income earners, the rich people have won.