This week, Canadian students facing mountains of debt, are pushing for free tuition at Canada’s universities and colleges. This would benefit students (and their families) and the economy. Businesses benefit from an educated work force. Graduates have more disposable income when not burdened by debt.
So why are we told governments can’t afford it?
It costs $10 billion to offer free post-secondary tuition. Here’s how to pay for it:
• Every year federal and provincial governments lose $8 billion in tax revenues from wealthy corporations and individuals by failing to deal with the growing use of tax havens.
• Every year the federal government forgoes $9 billion because of corporate tax cuts that have failed to boost investment or create jobs
• Every year federal and provincial governments subsidize $1 billion to multinational e-commerce companies like Google and Uber with exemptions for HST/GST or corporate income taxes on profits made in Canada.
• Every year the federal government loses $16 billion in revenue from unfair tax loopholes such as the Stock Option, Capital Gains Exemption and Business Entertainment Deductions.
A good tax system invests in things that matter – to all of us. Investing in our future workforce is doable and provides social and economic returns.