30 April 2022
As most of us were filing our own taxes, and the links between record-breaking corporate profits and inflation, inequality and the housing crisis were under scrutiny, the federal budget fell short on ensuring corporations pay their fair share. ...
Budget 2022 took some steps in the right direction for tax fairness, especially for corporate transparency. However, it will raise only a fraction of potential revenue from the most profitable corporations, richest individuals and biggest polluters, while leaving major tax loopholes wide open.
Rather than fulfilling numerous Liberals promises on fair taxation made since 2015, Budget 2022 makes more promises to “review” and “study” ways to solve problems for which there are obvious and effective solutions that could be implemented immediately.
Canada confirms an accelerated timeline for registry implementation by 2023.
HIGHLIGHTS
1. Canadian corporate profit margins skyrocketed in 2021.
2. Profit margins have soared for both commodity and non-commodity companies.
Canadian corporations made record profit margins in 2021, which are contributing to inflation and will worsen inequality, according to a new report by Canadians for Tax Fairness:
Dr. DT Cochrane has graduate degrees in economics, and social and political thought. His research and publications have covered a range of topics including pipeline finance, big tech, and corporate power. Raised on a Saskatchewan ranch, he now lives in Peterborough with his partner and children. When not figuring out new ways to use pivot tables, he can be found reading fiction, taking photos, enjoying the outdoors.
Ahead of the 2022 Federal Budget, the Liberal government has delivered on only a fraction of its fair tax promises made over the past six years, including pledges to more fairly tax big corporations, wealthy individuals and carbon pollution, while reducing tax dodging. ...
The End Snow-Washing Coalition applauds the fast-tracking of a publicly accessible beneficial ownership registry by 2023.