Canadian governments give away billions of taxpayer dollars every year in subsidies and special tax treatment to the fossil fuel industry, while it makes record profits and worsens the enormous long-term costs of the climate crisis.
Currently, the super-rich pay a smaller proportion of their income and wealth in taxes than the rest of us, while the richest 1% of the population controls 25% of Canada's wealth.
Nine out of ten Canadians, across Party lines, support our calls for a wealth tax on the richest Canadians, and increasing the tax rate on the highest incomes.
An interview with C4TF economist DT Cochrane about how corporate profiteering is fuelling inflation and driving up the cost of living. The Breach, 2 May 2022.
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.