Finance committee is re-starting probe into shell companies that was shut down five years ago
Services such as Netflix will be spared from the new digital services tax proposed by the Trudeau government.
OTTAWA — New Democrats are condemning the Liberals' inconsistency in wanting to exempt streaming platforms from the promised 3% tax on the revenues of web giants.
Victims of a massive investment fraud that operated for years out of Montreal and siphoned more than $500 million offshore are calling on federal politicians to resume an inquiry into Canadian shell companies set up in the Isle of Man, a popular tax haven used by global accounting firms.
A new 15 per cent tax on companies that made "excess profits" during the COVID-19 pandemic would net nearly $8 billion to the government's coffers, according to the Parliamentary Budget Officer.
"With a pandemic profiteering tax, the PBO has (concluded) that it could raise in one year alone $8 billion of new revenue that we can invest back into small businesses, we can invest back into people," NDP Leader Jagmeet Singh said Tuesday.
The PBO's new report was done at the request of NDP MP Peter Julian, whose party has been advocating for an excess profits tax in addition to a series of new taxes on wealthy individuals and corporations since the early months of the pandemic.
OTTAWA – New Democrats have repeatedly called on the Trudeau government to tax the large corporations and ultra-wealthy who made record profits during the pandemic. A report released today confirms this tax would generate billions of dollars so Canadian families aren’t forced to cover the cost of the pandemic recovery.
OTTAWA _ The parliamentary budget officer says a hypothetical tax on big corporations' excess profits would generate $7.9 billion for the federal government.
The estimate Tuesday by budget officer Yves Giroux, in response to a request from the NDP, was calculated by looking at companies whose profits exceeded their 2020 expectations.
The would-be tax rate on those extra earnings _ determined based on the firms' average five-year profit margin _ would be 15 per cent, on top of the current 15-per-cent corporate tax on all profits.
"The question around the budget really is what does the budget do to match the size and scope of the pandemic, a crisis that we have not seen in scale, size and scope since the Second World War? How does the budget put in place the important provisions for building as Canadians, hopefully in the coming months and years, will come out of this pandemic?"
In a recent Abacus poll, 80 per cent of Canadians agree with a wealth tax but, so far, the Liberals have failed to act
by: Jolson Lim
Here is a letter from Mr. Peter Julian, Member of Parliament for New Westminster - Burnaby, regarding the Office of the Superintendent of Financial Institutions (OSFI)'s consultation on climate-related risks to the financial sector.