Our tax system is riddled with unfair and ineffective loopholes. Tax loopholes cost the government billions and make inequality worse by providing tax advantages to profitable corporations and wealthy Canadians, not average workers.
We need to close tax loopholes because they are costly, unfair and ineffective. They also complicate the tax system. Closing the most regressive loopholes, such as the stock option deduction would generate at least $16 billion a year -- revenues that could be invested in important public services all Canadians need.