Did you know that at least five top Canadian companies pay less than 5 per cent corporate income tax?
BCE (Bell Canada Enterprises), Manitoba Telecom and Canadian National Railways may be Canadian icons – but when it comes to paying their fair share of taxes – well, they set a pretty low bar. Quebec’s Gildan and Saskatchewan’s Cameco are two other members of the “low tax club”. There are lots of ways to join that motley group: tax havens, profit shifting, shell companies, and loopholes. They are all designed to help wealthy corporations avoid paying what is already the lowest corporate tax rate in the G7. And guess what – the money they keep is not being reinvested in research and development. It most often goes right back into the pockets of CEOs and top shareholders.
Plugging loopholes and tackling tax havens are two multi-billion dollar measures that the Liberal government needs to address. Why? Because it recovers money needed for services that benefit all of us.