The contents of the federal budget is an annual guessing game.This year the Conservative government has deliberately set out to lower expectations, preferring to save their goodies for next year's pre-election budget.
But a recent KPMG report has suggested there might be further measures to close tax loopholes and curb abuse of tax havens.
Our tax system is riddled with unfair and ineffective loopholes that cost federal and provincial governments a lot of money, complicate the tax system and disproportionately benefit higher income taxpayers.
We should close these tax loopholes because they are:
Tax loopholes cost federal and provincial governments over $20 billion annually. That's money that could be invested in quality public services and prevent cuts to programs that make Canada a safe and healthy place to live.
OTTAWA, November 20, 2013 - Canadians for Tax Fairness called on the federal government to close a number of unfair and ineffective tax loopholes in its presentation to the House of Commons Finance Committee Pre-Budget Consultations.
"The two most important steps the government could take to make our tax system fairer would be to close the unfair and ineffective tax loopholes and tackle the problem of tax evasion facilitated by tax havens," Dennis Howlett, Executive Director of Canadians for Tax Fairness told the Finance Committee.
OTTAWA - Canadian senators who earned $2-million in stock options from non-Senate work didn’t have to pay income tax on 50 per cent of that money. The Globe and Mail reports that at least 12 senators are on the stock option bandwagon are a disturbing example of how both Liberal and Conservative senators could be in a conflict of interest when it comes to deliberating on tax matters.
2 November 2013
By Dennis Howlett
Buried in all the hoopla and drama of this weekend’s Conservative Party policy convention was a policy resolution that spoke volumes about how the Conservative Party views taxes and economic equality.
The resolution said, "We encourage the Conservative Party to move to a less progressive tax system by reducing the number of personal income tax brackets."
It may have received support because many Canadians think the rich are paying too much tax.