9 April 2020
The federal government has moved with impressive speed and flexibility to “do whatever it takes” to deal with the health and economic impacts of the COVID-19 pandemic—but there’s still much work to do to protect vulnerable workers and businesses, and to safeguard public finances against abuse.
Emergency measures will mean Canada's largest ever deficit at $200 billion.
[This report was originally published on the website of Transparency International Canada, in collaboration with Publish What You Pay Canada. Our three organizations collaborate as The End Snow-Washing Coalition to fight tax-dodging, money-laundering, corruption and financial crime.]
CONTENTS
Introduction: What is beneficial ownership transparency?
"This has the potential to become one of the biggest and most expensive boondoggles in Canadian history. We should be concerned not just about the large cost, but also because wasteful programs undermine confidence in government, and in government programs." ...
10 March 2020
As Canada struggles with low oil prices and the looming threat of a global recession, the federal government has an opportunity to fund climate action with tax justice.
Canada still has one of the largest gender wage gaps of all OECD countries.
Reduce inequalities: The tax system should help reduce inequality, not contribute to it. Unfortunately, decades of tax cuts and tax loopholes have helped corporations and the wealthy avoid taxes. The top 1% now pays a lower overall effective rate of tax than all other income groups. By requiring the rich to pay their fair share, the government can promote greater equality with programs and benefits for lower-income households.
There are a number of interesting developments we can look ahead to, and on which we have taken position.
Despite some positive developments since the last report, Canada continues to play a role in the offshore system. The country still offers a very low effective tax rate for businesses and acts as a regulatory haven for the world’s extractive industries. Canada has a long history in the development of tax havens, but today it is becoming better known as a destination for money laundering (or ‘snow washing’), due to Canada’s weak rules over corporate transparency and beneficial ownership.
"We are the only G7 country without an inheritance tax. The richest 87 families have 4,448 times more wealth than the average Canadian family. By 10:09 a.m., Canada’s top paid 100 CEOs have earned as much as the average worker does all year..."