$30 billion in government revenue lost as corporate tax avoidance doubles in 2021
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For Immediate Release: Tuesday, 4 October 2022
Explainer: What are Canada's worst tax loopholes?
The Canadian government loses over 40 billion dollars every year because of tax loopholes.
Most of that money ends up in the pockets of large corporations and very rich people, whose wealth would continue to grow even if those loopholes were closed.
Meanwhile, the public services we all benefit from such as healthcare, education, public transport, and protecting the environment, remain underfunded.
Canada's worst tax loopholes:
Briefing Package: Fair Tax Priorities for Budget 2022
The new Supply and Confidence Agreement between the Liberal Party and the NDP promises quick action on dental care, pharmacare and long-term care to bring about substantially better healthcare for all Canadians. It also ramps up investments in affordable housing and climate action. New funds need to be identified in Budget 2022 and beyond in order to make these commitments a reality.
The federal budget should include immediate action to close tax loopholes and uncover tax cheats, raise the corporate tax rate, and implement a wealth tax.
Exporting Profits
Summary
Report
Introduction
Canada’s hidden tax crisis is stripping $15 billion from the economy every year
Fifteen billion dollars. That’s how much the federal government loses each year to tax haven abuse by big corporations and the ultra-wealthy.
Submission: Pre-Budget Consultations for the 2026/27 Federal Budget
Recommendations:
How Canada’s tax system puts the wealthy above workers
This article was originally published by Social Capital Partners