$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.
The rise and rise of tax havens
Summary
Report
Introduction: Canada has a big tax haven problem
Media release: Use of tax havens by wealthy Canadians and corporations has increased by 165% since 2014
For immediate release: July 16, 2025
Fernando Garci-Crespo Santaló
Fernando Garci-Crespo Santaló is a public policy advocate, scholar, and graduate student at the University of British Columbia. Fernando’s work as a researcher has included projects at UBC, the OECD, and the Global Methane Hub, covering subjects such as food systems, climate change, energy systems, political economy, and, most recently, tax fairness.
Facts
26 June 2025
Big corporations and the ultra-rich are using tax havens to hide hundreds of billions from taxes every year while everyday Canadians are left holding the bag. In 2024 alone, wealthy Canadians and large corporations had at least $682 billion stashed in tax havens — a 165% increase since 2014.
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This article was originally published in Canadian Dimension.
Jared A. Walker
Jared A. Walker has worked for over fifteen years with progressive leaders, organizations, and movements at all levels of government across Canada and the US to show people they are seen, connected, and have the power to change an increasingly uncertain, isolating world. Jared lives in Toronto with his partner, and is probably in the kitchen right now cooking up a storm with a glass of wine in his hand, a song on his lips, and rhythm in his feet.