With Canadian sovereignty under threat and the sort of new government Bay Street might’ve designed in a lab, tax justice in Canada has taken some hits this year. It hasn’t always been pretty, but we’ve been fighting every step of the way to hold the line on economic justice. Here’s a look at 2025’s top ten tax fairness highs and lows, in Canada and around the world.
Tax justice here at home
-
From progress to no-gress: Rolling back the DST
In 2024, we applauded the federal government’s proposed Digital Services Tax, which would have finally pulled in some modest tax revenue from grossly under-taxed digital giants like Amazon, Netflix, and Uber. But this 3% tax on the revenue big tech multinationals generate in Canada became a quick casualty of Trump’s trade war. In June, Prime Minister Carney caved, announcing that he would repeal the DST under pressure from Trump and his not-so-merry band of digital broligarchs.
-
Killing capital gains reform
Another tax-justice pivot that gave us whiplash this year: the abrupt 180 pulled by the federal government in cancelling changes to the capital gains inclusion rate. This loophole favours the wealthy by only taxing 50% of income from investments, while 100% of workers’ wages are subject to taxation. The proposed shrinking (but not closing) of the loophole to a 67% inclusion rate would have generated $19 billion in tax revenue over five years. But hey, at least we got…
-
A backwards budget
For tax justice advocates and families across Canada weathering the cost-of-living crisis, the federal budget left much to be desired. Our silver lining in Budget 2025 was a touch of progress on automatic tax filing, which has been moving at a snail’s pace for years. Unfortunately, progress means aiming to roll it out in 2027, leaving millions of Canadians waiting at least another two holiday seasons for benefits they’re already entitled to. What was rolled out this year was a "middle-class" tax break that primarily benefitted the rich, barely moved the needle for most working people, and left the poor worse off overall. Of course, we can't forget a crucial tax break for the neediest among us... people purchasing yachts and private jets.
-
A big win for tax fairness in… Ontario?
In a meaningful step toward closing Canada’s corporate transparency gap, the Government of Ontario announced their commitment to create a beneficial ownership registry for private corporations in November. The End Snow-washing Coalition’s hard work has been paying off, and we’re so proud to be a part of the team! Here’s hoping that 2026 brings continued progress in the fight against tax evasion and money laundering in Canada.
-
How many billion in tax havens?
This July, our eye-popping report on tax havens revealed that Canada’s big corporations and ultra-wealthy individuals had at least $682 billion stashed in tax havens in 2024. That’s a whopping 165% increase over ten years. As a result of tax haven abuse, we’re losing $15 billion a year in tax revenue—enough to fund both our existing national dental care program and a brand new universal pharmacare program. C4TF has taken the fight to end tax haven abuse across the country, from the pages of the Globe and Mail, to Parliament’s Standing Committee on Finance, to thousands of Canadians at town halls and events. And with 2026 on the horizon, we’re just getting warmed up!
Tax justice around the world
-
The world can’t wait for a UN tax convention
2025 was a landmark year for global tax fairness, with negotiations for a UN Tax Convention beginning in earnest. The Global Alliance for Tax Justice (of which C4TF is a proud member) has been working diligently on making this vision a reality for years, by fighting tooth and nail alongside allies around the world to create a robust international tax framework at the UN. This is a crucial part of the effort to end the kinds of race-to-the-bottom tax policies that have become the norm across the globe!
-
Billionaire wealth surges by $2.8 trillion worldwide, with Musk to be first trillionaire
Cartoon villain Elon Musk is on track to become the world’s first trillionaire, taking the abject greed he’s long been notorious for to new lows. In a glaring case of we-told-you-so, Tesla shareholders agreed to grant Musk trillions in shares if the company reaches its financial and operational goals over the next decade. As oligarchs further entrench their power across borders, taxing the ultra-rich and excess profits, as well as taking the fight to corporate monopolies, have become more urgent than ever. Speaking of urgent, this year we learned another thing we wish we hadn’t about Musk.
-
Showing us how it’s done: taxing wealth around the world
After showing us up with their fancy wine, haute couture, and revolutions, France may also soon claim bragging rights to a cutting-edge wealth tax. While hotshot economist (they exist!) Gabriel Zucman’s minimum 2% tax on wealth over €100 million was recently voted down, it gained huge momentum in 2025 and remains a hot-button issue in France’s highly-polarized parliament.
Meanwhile, in the land of sun and samba, Brazilian President Lula da Silva implemented the right kind of tax cut and the best kind of tax hike, passing a bill that raises income tax exemptions to benefit the middle class while introducing a minimum tax on high earners.
And last but not least, the US state of Massachusetts (our ED says “it’s a Commonwealth”, we say whatever) made headlines with their millionaire tax. This tax, which inspired New York City Mayor-elect Zohran Mamdani’s policies, created a $5.7 billion windfall, with the revenue being used to fund bridge repairs, literacy programs, and public transit. In addition to bringing in $3 billion more than projected, the Mass millionaire tax has provided yet another example that capital flight is an imaginary boogeyman perpetuated by the ultra-wealthy.
-
How much proof do they need? Capital flight is not a thing
Speaking of capital flight, the UK’s Tax Justice Network released a damning report this year revealing that capital flight is not just a myth, but is also being spun and exaggerated by the media. In fact, UK millionaires are staying where they are, despite a mind-boggling 18,000 news pieces that claim otherwise being published world-wide last year. The report exposes just how skewed data, murky definitions, and other misinformation is manipulated by the wealthiest among us and their allies to stoke fear around taxing the rich.
-
Australia’s corporate transparency law turns 1
At the end of last year, the Aussies passed public country-by-country reporting into law, requiring big multinationals to make their finances public, including profits, losses, and taxes in each country they operate. This landmark transparency law is part of a new approach to tax avoidance down under that has already made some big waves.
Take the case of Chevron, recently one of Australia’s most notorious tax dodgers. In a stunning 180, Chevron bragged in their (government-mandated) Tax Transparency Report that as the fourth largest payer of company income tax, they're “helping the Australian Government pay for the things that matter, like healthcare, education, cost of living relief, and supporting those in the community who need it most.”
In 2026, we’ll be ramping up the fight for Canada to implement public country-by-country reporting. Together, we can hold multinational mega-corporations that operate in our country accountable and make them pay their fair share.
By all accounts, 2025 has been… a lot. We are so grateful to our allies and supporters working with us to fight for tax fairness in Canada and around the world!
