Explainer: What are Canada's worst tax loopholes?

By 9 August 2022

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

By 24 March 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.

 

Katrina Miller

Katrina Miller has worked for over twenty years to win environmental and social justice improvements at every level of government, collaborating with a wide array of labour, community, and academic experts, and helping organizations and individuals hone their skills and strategies. She lives in Toronto and can often be found doing Capoeira or engaged in hijinks with her two children.

Facts

13 June 2024

The capital gains exclusion loophole has unfairly advantaged wealthy Canadians for far too long. Since 2000, investors only pay taxes on 50% of their income from the sale of investments, while workers pay taxes on 100% of their earnings. 

No matter how you spin it, it's not fair.

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