$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.
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
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The Scandalous Rise of Inequality in Canada
Author(s): Lars Osberg
Publish Date: 2024
There are more billionaires than ever in Canada – and they are capturing an ever-growing share of the country’s wealth. Meanwhile 90% of Canadians are steadily losing ground.
Understanding how and why this is happening has been the focus of a lifetime of research by economist (and C4TF board member) LARS OSBERG. In this book, building on his earlier book The Age of Increasing Inequality, he describes how inequality has grown steadily over decades – but is now accelerating in the post-Covid world.