Canada is losing billions of dollars to tax avoidance, tax evasion, and tax havens. Corporations and the very wealthy are getting out of paying their fair share for public services all Canadians depend on.
The Alternative Federal Budget shows there was $199 billion of Canadian direct investment in tax havens in 2014 — a quarter of all Canadian direct investment abroad — and that is just what is officially reported in corporate balance sheets.
And recent investigations show that “the precise annual cost to Canadian tax coffers is unknowable. But credible estimates peg Canada’s tax losses to offshore havens at between $6 billion and $7.8 billion each year.”
Tax evasion comes at great cost to the public interest. We need much more progressive tax reform in order to fund the quality public services all Canadians can depend on when they need them most.
Please join us and tell the Federal Finance Minister to support these progressive taxation measures:
- Aggressively tackle tax evasion and tax havens
- Apply a 1 per cent withholding tax on Canadian assets held in tax havens
- Move towards higher taxation of both corporate and capital income
- Eliminate regressive tax loopholes such as the stock option deduction
More progressive tax reforms are needed to build a sustainable economy, particularly in terms of improving public services, generating good jobs for working people and reducing inequality.