For immediate release: October 26, 2023
OTTAWA – 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.
“Oil and gas corporations have enjoyed record profits while benefiting from generous tax breaks. 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 Canadians for Tax Fairness. “It’s time for these large corporations to pay their fair share.”
The PBO’s costing is based on a motion put forward by MP Mike Morrice that would extend the Canada Recovery Dividend, a windfall tax for banks and insurers, to the oil and gas sector’s 2022 profits. Canadians for Tax Fairness supports MP Morrice’s motion and proposes the government go further by expanding the Canada Recovery Dividend to all large profitable corporations.
“Our latest report shows just five of the largest Canadian oil and gas corporations paid over $200 billion to shareholders between 2000 and 2022. Surely, they can afford to send some of their profits back to the public to help fund necessary investments to combat climate change,” Miller pointed out.
Canada’s top fossil fuel distributors of profit 2000-22
|
Company |
Dividends |
Share Buybacks |
Total to Shareholders |
|
Enbridge |
$51.4 |
$2.4 |
$53.9 |
|
Suncor |
$22.5 |
$20.3 |
$42.8 |
|
TC Energy |
$34.3 |
$2.1 |
$36.4 |
|
Imperial Oil |
$10.3 |
$25.5 |
$35.7 |
|
Canadian Natural Resources |
$20.3 |
$11.3 |
$31.6 |
NOTE: Values in billions of CDN$.
Media Contact:
Erika Beauchesne, Communications Coordinator | Coordonnateur aux communications
Canadians for Tax Fairness | Canadiens pour une fiscalité équitable
erika.beauchesne@taxfairness.ca
613-315-8679
Canadians for Tax Fairness is a non-profit organization that advocates for progressive taxes to fund important public services, reduce inequality and strengthen the economy.
