Liberal and Conservative cuts mean large corporations continue to pay the lowest tax rates in the postwar era. Canada can’t afford to maintain this, writes C4TF's economist, Dr. DT Cochrane, in the Toronto Star.
Canadians for Tax Fairness has tracked the Liberal government's promises on fair taxation since 2015, most of which remain undelivered, and proposed measures that could be implemented in Budget 2022, to raise over $92 billion for the priorities that the new Liberal/NDP agreement has outlined.
In 2019, the Liberals campaigned on a 10% luxury tax (additional excise tax) on the entire purchase price of luxury cars, boats and personal aircraft that sell for more than $100,000. Now, they’ve proposed draft legislation that falls short of their promise, doesn’t raise as much revenue, and could be better designed.
Today, in response to Vladimir Putin's ongoing attack on Ukraine, the End Snow-Washing Coalition, comprised of Canadians for Tax Fairness, Transparency International Canada, and Publish What you Pay Canada, sent the following letter to the Canadian government, urging immediate coordinated federal and provincial work on a publicly accessible, beneficial ownership registry system, to prevent nefarious actors from authoritarian regimes, including Putin's inner circle, from hiding the proceeds of crime in Canadian entities, while they engage in acts that violate international law or threaten the territorial sovereignty of other nations.
Canada has lost over $1.1 trillion in corporate tax over the last two decades, compared to what we would’ve raised if corporations were paying at the statutory rate of the 1990s. Here's what we could have gotten instead...